In contrast with the Spanish group, Brasil Telecom has debts corresponding to 45% of net worth (6.1 billion reals) but largely (82%) denominated in local currency. Telemar?s debts amount to 8bn reals, 82% of net worth and about 60% in dollars. Tele Centro Oeste Celular has debts of 600m reals and cashflow of 800m reals. Like Telefonica, Telecom Italia Mobile is also 100% hedged against exchange-rate risk.