telephone, the Spanish communications giant which owns 46% of Telco, which in turn owns 22,4% of Telecom Italia, it closed 2011 with a net profit of 5,4 billion, down 47% on the previous year. However, it should be noted that in 2010 the Group benefited from the positive impact of 3,4 billion from the revaluation of its stake in the Brazilian operator Vivo. Excluding this effect, the decrease in profits would have been approximately 16%.
Slightly increasing revenues which recorded a +3,5% to 62,8 billion euros. Telefonica also announced that in 2012 it will freeze, for the second consecutive year, the fixed remuneration of its board of directors and at the same time reduce the variable remuneration of the chairman, Cesar Alierta, and top managers by 13%.
