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Telefonica S.A. (TEF) | Analysis of Equity Method Investment

Selected Financial Data

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Telefonica S.A.'s selected financial data

USD $ in millions, translated from EUR €

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Share of profit (loss) of associates
chart Investments in associates
   
chart ROA (equity method investments only)1 % % % % %

Source: Based on data from Telefonica S.A. Annual Reports

2011 Calculations

1 ROA (equity method investments only) = 100 × Share of profit (loss) of associates ÷ Investments in associates
= 100 × ÷ = %

Item Description The company
Share of profit (loss) of associates This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Telefonica S.A.'s share of profit (loss) of associates increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Investments in associates This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized. Telefonica S.A.'s investments in associates declined from 2009 to 2010 and from 2010 to 2011.
ROA (equity method investments only) A profitability ratio calculated as share of profit (loss) of associates divided by investments in associates. Telefonica S.A.'s ROA of equity method investments improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Summarized Financial Information

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Summarized financial information for Telefonica S.A.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions, translated from EUR €

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Total assets
chart Total liabilities
chart Equity
chart Liabilities and equity
chart Operating income
chart Profit for the year

Source: Based on data from Telefonica S.A. Annual Reports

Item Description The company
Equity This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable). Equity of Telefonica S.A.'s affiliates, subsidiaries, associates, and joint ventures declined from 2009 to 2010 and from 2010 to 2011.
Profit for the year This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss. Profit for the year of Telefonica S.A.'s affiliates, subsidiaries, associates, and joint ventures declined from 2009 to 2010 and from 2010 to 2011.

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Adjustments to Financial Data: Proportionate Consolidation

Recognition of Telefonica S.A.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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Telefonica S.A., adjustments to financial data

USD $ in millions, translated from EUR €

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Weighted average percentage interest in affiliates % % % % %
  Adjustment to Total Assets
chart Total assets (as reported)
chart Less: Investments in associates (adjustment)
chart Add: Total assets of affiliates (adjustment)
chart Total assets (adjusted)
  Adjustment to Total Liabilities
chart Total liabilities (as reported)
chart Add: Total liabilities of affiliates (adjustment)
chart Total liabilities (adjusted)
  Adjustment to Revenue From Operations
chart Revenue from operations (as reported)
chart Add: Operating income of affiliates (adjustment)
chart Revenue from operations (adjusted)

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Adjusted Ratios: Proportionate Consolidation (Summary)

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Telefonica S.A., adjusted ratios

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Net Profit Margin
chart Reported net profit margin % % % % %
chart Adjusted net profit margin % % % % %
  Total Asset Turnover
chart Reported total asset turnover
chart Adjusted total asset turnover
  Financial Leverage
chart Reported financial leverage
chart Adjusted financial leverage
  Return on Assets (ROA)
chart Reported ROA % % % % %
chart Adjusted ROA % % % % %
Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Telefonica S.A.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Telefonica S.A.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Telefonica S.A.'s adjusted financial leverage increased from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Telefonica S.A.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Adjusted Net Profit Margin

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Profit for the year attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
chart Revenue from operations (USD $ in millions, translated from EUR €)
   
chart Net profit margin1 % % % % %
  Adjusted: from Equity Method to Proportionate Consolidation
chart Profit for the year attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
chart Adjusted revenue from operations (USD $ in millions, translated from EUR €)
   
chart Adjusted net profit margin2 % % % % %

2011 Calculations

1 Net profit margin = 100 × Profit for the year attributable to equity holders of the parent ÷ Revenue from operations
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Profit for the year attributable to equity holders of the parent ÷ Adjusted revenue from operations
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Telefonica S.A.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Adjusted Total Asset Turnover

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Revenue from operations (USD $ in millions, translated from EUR €)
chart Total assets (USD $ in millions, translated from EUR €)
   
chart Total asset turnover1
  Adjusted: from Equity Method to Proportionate Consolidation
chart Adjusted revenue from operations (USD $ in millions, translated from EUR €)
chart Adjusted total assets (USD $ in millions, translated from EUR €)
   
chart Adjusted total asset turnover2

2011 Calculations

1 Total asset turnover = Revenue from operations ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Adjusted revenue from operations ÷ Adjusted total assets
= ÷ =

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Telefonica S.A.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

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Adjusted Financial Leverage

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Total assets (USD $ in millions, translated from EUR €)
chart Equity attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
   
chart Financial leverage1
  Adjusted: from Equity Method to Proportionate Consolidation
chart Adjusted total assets (USD $ in millions, translated from EUR €)
chart Equity attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
   
chart Adjusted financial leverage2

2011 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to equity holders of the parent
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Equity attributable to equity holders of the parent
= ÷ =

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Telefonica S.A.'s adjusted financial leverage increased from 2009 to 2010 and from 2010 to 2011.

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Adjusted Return On Assets (ROA)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Profit for the year attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
chart Total assets (USD $ in millions, translated from EUR €)
   
chart ROA1 % % % % %
  Adjusted: from Equity Method to Proportionate Consolidation
chart Profit for the year attributable to equity holders of the parent (USD $ in millions, translated from EUR €)
chart Adjusted total assets (USD $ in millions, translated from EUR €)
   
chart Adjusted ROA2 % % % % %

1 ROA = 100 × Profit for the year attributable to equity holders of the parent ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Profit for the year attributable to equity holders of the parent ÷ Adjusted total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Telefonica S.A.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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May 24, 2012

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