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General

Telefonica takes EUR 3 bln charge for early retirement plan

Friday 29 January 2016 | 15:03 CET | News
Telefonica has taken an upfront charge of EUR 2.9 billion to offer its workers an early retirement plan, according to a filing with Spanish market regulator CNMV. The operator said the charge will be reported as part of its fourth-quarter results, but will result in long-term cost savings. "The estimated run rate of savings in direct expenses is approximately EUR 370 million from year two," said the company, adding that "the impact of these measures on Telefonica's cash generation is positive from the first year."

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Categories: General
Companies: Telefonica
Countries: Spain
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