Active financing policyDuring 2012, Telefónica's financing activity, excluding short-term Commercial Paper Programmes activity, stood at around 15,000 million equivalent euros and has exceeded the amount raised in fiscal year 2011, improving significantly the Company’s liquidity position. The financing activity was focused on financing in advance debt maturing in 2012, and on smoothing the debt maturity profile for 2013 and 2014 at the Holding level. Therefore, the Company maintains a debt maturity profile that, along with cash flow generation expectations, is covered beyond 2014. At the end of December 2012, bonds and debentures represented 68% of consolidated financial debt breakdown, while debt with financial institutions represented 32%. Corporate income tax for 2012 totalled 1,461 million euros, which, over an income before taxes of 5,864 million euros, implied an effective tax rate of 24.9%, mainly due to the recognition of tax losses in several countries during the fourth quarter. Profit attributable to minority interests dragged net income by 475 million euros in 2012. As a result of the above items, consolidated net income in 2012 was 3,928 million euros (-27.3% year-on-year) and the basic earnings per share 0.87 euros. The behaviour of net profit in 2012 compared to 2011 (-27.3%) is affected by a number of extraordinary impacts, which last year reduced this item by 2,536million euros. These included the adjustment of the value of the stakes in Telecom Italia and 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, while basic earnings per share was 1.44 euros. It is important to underline the significant improvement in the fourth quarter, in which net profit reached 2,051 million and 0.46 euros per share in underlying terms, showing strong sequential growth (+28.5% vs. the third quarter of 2012) and remaining virtually stable in year-on-year terms.