Telefonica unveiled better than expected 1Q08 results. 1Q08 results amounted to €13.9bn, up 1%, but organic revenues growth was 7% ; with net profit rose to €1.5bn (+22%) and OIBDA rose 5% to €5.4bn (of which 48% in Spain, 35% in LATAM and 17% in ROE). OIBDA margin increased 1.6pp to 38.7% in the quarter. Growth has been mainly driven by the operator’s fixed and mobile units in LATAM (about 12%), as well as improved efficiency and profitability ratios. Telefonica' sales breakdown is as follow: Spain 37%, LATAM 37%, ROE 25%. Telefonica generated €4bn in operating cash flow in the quarter. 1Q08 capex amounted to €1.3bn. It also said that it completed over 1/3 of its share buyback program.