Let me start with the highlights. We have seen Q3 with group financial results that were broadly in line with our expectations. Within that, it’s clear that Consume Wireless is in a transitional period. In The Netherlands, we made further progress to strengthen the business. We launched multi-screen IPTV and see an increasing TV market share. In Consumer Wireless, we implemented the new mobile tariffs.Furthermore, we have made good progress with the restructuring program in our Getronics segment where we are aligning costs with the lower revenue level. Getronics is renamed Corporate Market in our reporting structure and rebranded to KPN in the Netherlands to create full synergies. We are pleased to have seen another quarter with very good performances of our German and Belgium businesses. With all of this, we remain on track to realize our outlook for the year. Let me move on to the financial highlights for the third quarter. Revenues and other income were down 3.4% to €3.3 billion. This included a regulation impact of 3.4%. EBITDA, excluding restructuring costs, was down 5.5% to €1.3 billion. This included a regulation impact of 3.5%. Furthermore, we have taken €85 million restructuring costs in Q3. Free cash flow was €555 million for the quarter with €1,538 million year-to-date. We have displayed industry-leading shareholder returns in Q3. We have finalized our €1 billion share repurchase program for 2011 in September following an acceleration in May. We pay our interim dividend of €0.28 per share, up 3.7% year-on-year. This reflects our full-year dividend target of at least €0.85 per share. Total cash returned to shareholders year-to-date was €2.2 billion, up 22% year-on-year. I will now take you through the outlook for 2011. We confirm the outlook for the full-year. We are confident to reach the full-year 2011 EBITDA outlook of more than €5.3 billion and a free cash flow outlook of growth compared to 2010. We expect a solid EBITDA in Q4. Carla will take you through the details as part of the group financial review.
KPN remains committed to food and financing and sustainable shareholder remuneration, including a growing dividend per share. The outlook for dividend per share is at least $0.85 for the full year 2011, $0.90 in 2012, and $0.95 in 2013.Let me now hand over to Carla, who will take you through the group financial review. Carla Smits-Nusteling Thank you, Eelco. Good morning, everyone. We start with the group results. Our group results are in line with expectations to achieve our outlook of more than €5.3 billion of EBITDA, excluding restructuring costs. Revenues in the third quarter are down 3.4% year-on-year, and which is an increased downward trend compared to the first two quarters of this year. And this results from a decline in revenues in consumer wireless and in Getronics. We were pleased to see that Mobile International continued its strong performance. And furthermore, we have seen a severe regulatory impact on the group, but, however, this is in line with the first two quarters of 2011. If we look at the operating expenses, they include, first of all, the restructuring provision for Getronics to accelerate the process of aligning its cost base with the decreasing revenues we’ve seen. And secondly, investment in growth at Mobile International and Dutch Telco. Our financial costs and taxes due to tax facilities have again been lower in this quarter. And if we look at profit after tax in the third quarter, it’s lower, but excluding the restructuring provision of €85 million, profit after tax would have increased year-on-year. As Eelco indicated, we expect to achieve the EBITDA excluding restructuring cost outlook of more than €5.3 billion for the full year. Read the rest of this transcript for free on seekingalpha.com