2012 was a key year in Telefónica's transformation process. Various initiatives were introduced during the course of the year that will accelerate the restoring of the Company's growth differential. In the management report on the 2012 results, César Alierta, the Executive Chairman of the Company, highlighted the “progressive improvement quarter by quarter” as a result of a “deep transformation process at Telefónica”, aimed at regaining sustainable growth of organic revenue and a continued increase in margins. Thus, Telefónica Latinoamérica's revenues exceeded those of Telefónica Europe for the first time, remaining along with mobile data revenues as the main growth levers for the Group, with both registering an acceleration in their organic growth rates in the fourth quarter. At the same time, Telefónica Europe regained strong commercial momentum in its main markets thanks to the success of the newly launched tariffs, particularly "Movistar Fusión" in Spain, which reflects a general improvement in the competitive position in the different markets. Furthermore, the fourth quarter is the best in the whole year, discounting exceptional impacts. Thus, for the third quarter in a row there was a sequential improvement in underlying OIBDA in absolute terms across all regions, and in the consolidated OIBDA margin, which returned to year-on-year growth in underlying terms, on the back of the transformational initiatives and cost reduction measures undertaken in several areas. Revenues stood at 62,356 million euros at the end of December driven by the solid growth of mobile data revenues (+12.8% year on year) and the evolution of this item in Latin America (+5.5%).Telefónica’s consolidated OIBDA grew by +5.1% in reported terms to 21,231 million euros, which places the OIBDA margin at 34% (+1.9 p.p.). With regard to operations Telefónica ended the year with a customer base that grew by +3% to 316 million accesses. At the end of 2012 Telefónica’s net income totalled 3,928 million euros. The behaviour of the net profit compared to 2011 (-27.3%) is affected by a number of extraordinary impacts that took away 2,536 million euros from this item during the year. Among them are the adjustment of the value of stakes in Telecom Italia and, above all, Telefónica Ireland, and the effect of the devaluation of the Venezuelan Bolivar. Without these effects, the consolidated net profit stood at 6,465 million euros.