Financially, we generated rebased revenue and OCF growth at around 5% for the full year. And we achieved or exceeded all of our public guidance targets as Bernie will outline for you later. Strategically as you know, we’re focused on rebalancing our business into Europe. And we made good progress in that goal in 2011 with the addition of KBW in Germany, and Aster in Poland. We also expect to complete the sale of our Australian business in the second quarter, and over the last seven years we’ve completed well over $20 billion in M&A transactions and accretive to our growth opportunity. Well priced and more recently geared towards building scale in Europe. And then lastly we’re committed to delivering levered equity returns to shareholders, which starts with a balance sheet.We ended 2011 with $3.5 billion of total liquidity, including $1.7 billion of consolidated cash of course those figures do not include the $1 billion of proceeds that we expect to receive from the Austar sale, which would bring total liquidity to over $4.5 billion. Our access to capital markets remains very strong with over $15 billion in financings completed in the last two years, most of which in lengthening the average duration of our debt structure, which now sits at seven years and minimizing debt repayments in the medium term.
Liberty Global's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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