The pension plans for Telefónica employees achieved good annual
yields for their participants. Specifically, the Plan for Employees
of Telefónica de España achieved a net return of 5.6%, exceeding
its theoretical benchmark by 0.5% and almost three times the
inflation rate in Europe. In the case of Fonditel B, which includes
the employee plans for the rest of the group’s companies in Spain,
the profitability offered to participants amounted to 9.38%, in
other words a surplus yield of 1.94% over its theoretical reference
indices. And these results were achieved with full respect at all
times for the risk-control measures agreed by consensus with the
respective monitoring committees.
The volume of assets managed by Fonditel was, at the close of
the 2006 financial year, 4,462 million euros in the Plan for
Employees of Telefónica de España, i.e. an increase of 4.2% with
respect to the previous year. As for the assets in Fonditel B, the
managed volume of the fund increased by 4.5% over the year to 217.9
million euros.
With regard to the rest of the individual plans managed by
Fonditel, all of them have also achieved excellent results in 2006,
thus consolidating one year more their position among the leaders
of the respective rankings in Spain for the three- and five-year
categories.
