On the financial side, we have taken decisive actions to improve the balance sheet and diffuse potential risk, including an exceptional use demand of remuneration policy, which allow us to have a full year refinance maturity behind the end of 2013. We are managing productively our portfolio of assets, with visible results year-to-date. And we have decided next actions, including preparation for an IPO of Telefónica Germany in the fourth quarter. And we continue making significant progress to enhance our growth profile and capture the significant growth opportunities arising in the digital space.
Let me now review, with more detail, our first half performance starting with the summary of the key financials on Slide #4. In the first half of both 2012 and 2011, we look at several significant exceptional items. So to better understand the underlying performance of the company, we are providing a P&L, excluding those nonrecurring effects and noncash impacts.
January-June revenue grew 0.3 year-on-year to reach almost EUR 31 billion euros, while underlying OIBDA to EUR 15 billion, with a better performance in the second quarter. OIBDA-CapEx operating cash flow gained close to EUR 7 billion. Underlying net income was over EUR 2.8 billion and earnings per share is EUR 0.62 in the first half. Let me mention that those metrics significantly improved the year-on-year performance in the second quarter. CapEx to sales was 12%.
The emerging highlight of the second quarter results is the quarter-on-quarter increase in OIBDA across the main ratios and key operations, as you can see clearly on the Slide #5. As a result, the consolidated OIBDA margin stood at 34.6 in the second quarter and expanded 180 basis points sequentially, leaving a significant lower year-on-year erosion versus the previous quarter. In my opinion, EBITDA reached the bottom in the first quarter of the year, and I want to underline that. It is my total condition that the OIBDA reached the bottom in the first quarter of this year. And improved trends will consolidate in the second half of the year. And I'd like to highlight the better performance in Spain, where OIBDA was up 3% versus the first quarter of the year.