Actual results could differ materially from those projected in our forward-looking statements, due to numerous known and unknown risks and uncertainties, including the risk factors described in our 10-K and other filings with the SEC. We do not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any statement is made or to reflect the occurrence of unanticipated events.
That’s all I have and now I will turn it over to Seifi Ghasemi.
Thanks Tim, and good morning. Thank you for taking the time from your busy schedule to listen to our presentation. During our discussion we will be referring to the material we have posted on our website rocksp.com.I’m very pleased to report that Rockwood had an excellent performance in 2011. In line with our commitment to create shareholder value, we more than doubled our earnings to $4.02 per share. We are a specialty chemical company with unique products and services. We are focused on maintaining our high profit margins. Therefore, we are proud that we delivered an adjusted EBITDA margin of 23.5% of sales in 2011 compared to 19.9% in 2010. Even in the fourth quarter, despite the seasonal downturn in volumes in general and a significant decrease in volumes in our TiO2 business due to destocking by our customers, we still delivered an adjusted EBITDA margin of 24% of sales. Now, please refer to Page 8 of our presentation material. Sales for the quarter were up by 2% and for the year they were up by 15%. Later on the presentation I will give you the breakdown of sales growth in terms of pricing, foreign exchange, and volumes. Our adjusted EBITDA margin, as you will note on line 3, was a record high of 23.5% for 2011. We are very focused in maintaining this kind of margin as we move forward. And as you will note on the last line of Page 8, earnings per share was $0.91 for the quarter and $4.02 for the year, both of them increased more than 100% over the corresponding values for last year. We are very proud of this accomplishment, which is the result of excellent performance by our business units and prudent restructuring of our balance sheet to reduce interest cost.