CapEx in 2012 reached 9,458 million euros. It is important to highlight that in 2012 this item included 586 million euros mainly relating to the cost of the spectrum in Brazil, Ireland, and Venezuela. The Company continued to devote the bulk of its investments on growth and transformation projects (81% of total investment), fostering the expansion of high-speed broadband services, both fixed and mobile. The CapEx to sales ratio (excluding spectrum) for 2012 stood at 14.2%, in line with 2011.Consequently, operating cash flow (OIBDA-CapEx), excluding spectrum, stood at 12,360 million euros in 2012 (+9.6% year-on-year) (*) Guidance criteria 2013: 2013 guidance assumes constant exchange rates as of 2012 (average FX in 2012), excludes hyperinflationary accounting in Venezuela in both years and considers constant perimeter of consolidation. OIBDA level guidance for 2013 excludes write-offs, capital gains/losses from companies’ disposals, towers sales and other significant exceptionals. CapEx excludes spectrum acquisition. 2012 adjusted bases exclude:
- Capital gains/losses from companies’ disposals: Capital gains/losses from China Unicom, Atento, Hispasat and Rumbo and impairment of T. Ireland.
- Homogeneous perimeter: 2012 adjusted figures exclude results of Atento, Rumbo and small changes in T. Digital perimeter and homogeneous accounting treatment of Joint Ventures.
- Tower sales.
- Change in contractual commercial model for contract handsets in Chile.
- Organic revenues 2012: 61,084 million euros.
- OIBDA margin erosion ex-towers: -1.4 percentage points.
- Organic CapEx/Sales ex-spectrum: 14.1%.