... TELEFÓNICA, S.A AND SUBSIDIARIES COMPOSING THE TELEFÓNICA GROUP CONSOLIDATED FINANCIAL STATEMENTS (CONSOLIDATED ANNUAL ACCOUNTS) AND CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2011 TELEFÓNICA ... unless otherwise indicated, and therefore may be rounded .The euro is the Group’s reporting currency The accompanying consolidated financial statements for the year ended December 31, 2011 were ... flows and the notes thereto for the year ended December 31, 2010 and, on a voluntary basis, 2009 Comparative information and main changes in the consolidation scope The main events andchanges in the...