Corporate income tax for the first nine months of 2012 totalled 1,358 million euros which, while profit attributable to minority interests dragged net income by 291 million euros in the first nine months of 2012.
As a consequence of the items mentioned above, consolidated net income in the January-September 2012 period stood at 3,455 million euros (+26.4% year-on-year), while basic earnings per share increase to 0.98 euros per share in underlying terms. It should be highlighted that underlying earnings per share registered an important improvement in the third quarter, standing at 0.36 euros per share and growing both sequentially (+4.8%) and year-on-year (+0.5% vs. -20.3% in the second quarter and -25.7% in the first quarter).
CapEx for the first nine months of the year totalled 5,699 million euros. In organic terms, CapEx rose year-on-year by 3.5%. The Company continues to devote the bulk of its investment to growth and transformation projects (81% of total investment), fostering the expansion of high speed broadband services, both fixed and mobile. The CapEx over sales ratio (excluding spectrum investments) was 12.2% in the first nine months of 2012.
Operating cash flow (OIBDA-CapEx), excluding spectrum investment, stood at 10,122 million euros for the first nine months of 2012 (+16.1% year-on-year).