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Adrian SarbuGood afternoon and bonjour. Romana Wyllie Chief Financial Officer, David Sach. David Sach Good afternoon. Romana Wyllie Anthony Chhoy, Executive Vice President, Strategic Planning & Operations. Anthony Chhoy Good afternoon. Romana Wyllie And finally, our General Counsel, Daniel Penn. Daniel Penn Hello. Romana Wyllie Before I turn to Adrian, let me read the usual safe harbor statement. Our presentation today will contain forward-looking statement. For these statements, we claim the protection of the Safe Harbor contained in the U.S. Private Securities Litigation Reform Act of 1995, and refer you to the Forward-looking Statements section in our Form 10-Q filed with the Securities and Exchange Commission earlier today for a list of such statements and the factors which could cause future results to differ from those presented in this call. During this call, we will refer to certain financial information that is not in U.S. GAAP. Please see the appendix to the presentation for a reconciliation to U.S. GAAP financial measures. In addition, our segment financial information that is presented in local currency is not in U.S. GAAP. We do not provide a reconciliation to these numbers as the U.S. GAAP amounts are expressed in U.S. dollars in our financial statements. Additional information on our segment data is provided in Note 17 to our financial statements on Page 26 of our 10-Q. And now, over to Adrian. Adrian Sarbu Good morning and good afternoon, everyone, and thank you for joining us today. We are very pleased with the results of the second quarter. Please turn to Slide 4. Our revenues increased by 24% year-on-year to $250 million, and our OIBDA grew by 36% to $63 million. Our results came in ahead of analyst expectations, putting us firmly on track to deliver on our targets for the full year. CME operations performed better than the advertising markets, which in the second quarter contracted by 3%. The strong results were driven by our powerful brands, leading Golean [ph] shares in broadcasting and fast growth in the Media Pro Entertainment and New Media divisions.
We delivered positive free cash flow in the first 6 months of 2011 and we are on target to deliver positive free cash flow for the full year. We also completed the acquisition of Bontonfilm, a leading theatrical and home entertainment company in the Czech Republic and Slovak Republic, which will have a positive impact on our operating results in the future.For the second half of the year, we foresee a growth trend in all our TV advertising markets based on continuing improvements in macroeconomic indicators. CME is best positioned in the region to take advantage of this trend and deliver growth in revenues, OIBDA and cash flow. And now, over to David who will review the macroeconomic situation in our region and our second quarter consolidated performance. David Sach Thank you, Adrian. Please turn to Slide 5. All six of our markets experienced GDP growth in the second quarter averaging 2% in aggregate. GDP growth continues to be driven by manufacturing and exports but we are now seeing marked improvements in indicators such as wages and employment. As a result, private consumption is now estimated to be positive in our countries although continuing to lag GDP growth. Despite the return to growth of private consumption, our TV advertising markets declined in aggregate by 3% in the second quarter, reversing the positive trend of the first quarter. There was a noticeable and significant drop in spending in the 6 weeks following Easter in most countries when most markets returned to growth in June, and have continued to grow in July. Although advertisers continue to be cautious in their spending due to negative sentiment surrounding local government austerity measures introduced during the past year in our countries, and the sovereign debt crisis in western Europe, we believe that sustained improvement in the macroeconomic indicators will encourage advertisers to spend more, leading to market growth in the second half of the year. Read the rest of this transcript for free on seekingalpha.com