Forward-looking statements consist of all non-historical information, including statements referring to the prospects and future performance of Rockwood. Actual results could differ materially from those projected in our statement due to numerous known and unknown risks and uncertainties, including among other things the risk factors described in our Form 10-K on file with the Securities And Exchange Commission.
We do not undertake any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
With that, I’ll turn it over to Seifi.
Seifi GhasemiThank you, Tim, and good day to all of you. Thanks for taking the time from your busiest schedules to participate in our conference call. We do appreciate your interest in Rockwood. During the call today, we will refer to the presentation material posted on our website. So please turn to page seven of that presentation. I am pleased to report that Rockwood had a good second quarter. Our adjusted earnings per share was $1.24, which is 6% higher than last year. So for the first half of 2012, our earnings per share is 20% higher than the first half of 2011. We achieved these results despite significant headwinds as a result of translation of our earnings from Euros to dollars. As you know, Rockwood does not have much exposure to currency fluctuations from a transaction point of view. The rest of the numbers on page seven are self-explanatory. And on page eight and nine, we have delineated the details of the performance of each one of our business units. I will skip these pages and then start on page 10 by commenting on the specifics of each one of our businesses. I am on page 10 now. Our Lithium business continues to perform very well. The improved margins since both volumes and prices are higher than last year. We have started up our new state of the art lithium hydroxide facility in the United States and are moving ahead with the expansion program we have previously announced in Nevada and Chile that would see us double our production capacity to 50,000 tons per year by 2014. We expect our lithium business to continue to have a strong performance for the balance of the year.