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July 26, 2012 3:00 am ET
Paulus Gerardus Josephus Maria Polman - Chief Executive Officer and Executive Director
Raoul Jean-Marc Sidney Huet - Chief Financial Officer and Executive Director
Celine AH Pannuti - JP Morgan Chase & Co, Research Division
Marco Gulpers - ING Groep N.V., Research Division
Harold Thompson - Deutsche Bank AG, Research Division
Robert Waldschmidt - BofA Merrill Lynch, Research Division
Martin John Deboo - Investec Securities (UK), Research Division
Jeremy Fialko - Redburn Partners LLP, Research Division
PresentationPaulus Gerardus Josephus Maria Polman
Well hello, everybody, and welcome to Unilever's Second Quarter and Half Year Results Presentation, being presented to you on the eve of the London 2012 Olympics. It's actually a great time to be in Sunny [ph] London, and with [ph] everybody well in what promises to be a really exciting period for the city and, hopefully, for the country as well.
With all the noise around the global economic and political situation, I believe it's important not to lose sight of the essential principles that underpin the Olympic Games, which is actually to unite the peoples of the world through fierce but friendly competition may [ph] it long last. Today, we will keep it brief so that we can get to the questions and the discussions, which I know you most of you value most.
But let me start with the usual disclaimer relating to the forward-looking statements and the non-GAAP measures. Now before we talk about the results, let's briefly remind ourselves of the wider [ph] context in which we operate. A further deterioration of the macroeconomic climate, increased volatility in commodities and currencies that frankly doesn't seem to get less. And last but not least, the competitive environment that remains challenging despite all the noises out there to the contrary sometimes.