Slide #6 outlines how we are finally enhancing our geographical diversification. We have increased our exposure to Latin America significantly in the last 12 months, represent [indiscernible] 50% of key financial metrics of our results, with significant contributions from the individual markets. And as you can see, we have not only highly diversified in terms of regions, but also in currency terms, with the risk exception that is totally decoupled with the fundamentals of our business. Our exposure to Southern Europe or even to the euro is well below the exposure of other European carriers, [indiscernible] are not in Spain. And importantly, our operating cash flow in Spain remains pretty stable quarter-on-quarter.Our revenues' results in operating cash flow and clearly one with the March spread and diversified of the whole industry, and it's shown very clearly in this slide.
TelefÃ³nica, S.A. Management Discusses H1 2012 Results - Earnings Call Transcript
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