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Before handing over to Marijn, I’d also like to draw your attention to the Safe Harbor statement. Thank you. Marijn?Marijn Dekkers Thank you, Alexander. Ladies and gentlemen, good afternoon. It’s my pleasure to share some good numbers and developments with you. In the third quarter of this year, we delivered 5% organic sales growth. We delivered higher earnings and improved margins. Also we continue to make good strategic progress. Our Pharma Innovation pipeline delivered exciting clinical results and good regulatory progress. In the emerging markets we continue to generate significant growth and our restructuring plans are well underway and contributed to the performance improvements of the group. Based on our achievements so far than our expectations for the remainder of the year, we confirm that our total Group outlook – we confirm our total Group outlook for 2011. In comparison to the last quarter, we are now incrementally a little more positive on the earnings outlook for HealthCare and CropSciences and somewhat more negative on MaterialScience. But importantly net has mentioned contents that we will achieve our communicated times. So, let me now elaborate on some key figures for the third quarter. As always I will concentrate on the sales data adjusted for portfolio and currency effect. As I said already the third quarter was a good quarter overall. We achieved 5% organic growth and improved adjusted EBITDA by 8%. The increase in earnings was due to cost reductions at Pharma and higher volumes at CropSciences. MaterialScience came in below the prior year quarter because of higher raw material and energy costs that were not compensated by higher selling price. Reported EBIT almost doubled to €1.1 billion due to the improved operating performance and lower special charges. Earnings in the quarter were diminished by net special charges of €75 million mainly for restructuring. However, earnings in the prior year quarter were hampered by special charges of €436 million in connection with litigation.
Net income in the quarter more than doubled to €642 million. Earnings per share rose $0.78 while core earnings per share moved ahead by 18% to €1.12.We are pleased to report good growth momentum for our business in the emerging markets. Sales in these countries rose by nearly 10% with all subgroups contributing to the increase. In the U.S., business came 3% and in Western Europe sales were basically flat. Healthcare posted 8% and CropSciences 15% sales growth in the emerging market. MaterialScience expanded its business in the emerging markets by 8% with a particularly strong growth in Latin America and Eastern Europe. Q3 business in China was up 3% year-on-year and picked up strongly versus the second quarter of 2011. Sequentially, Q3 over Q2 2011 we recorded 12% growth. Gross cash flow in the third quarter climbed by 50% to €1.3 billion as a result of the improved operating performance and lower special charges. Net cash flow was leveled year-on-year at €1.6 billion and free operating cash flow came in at €1.2 billion. This put us in a position to further reduce our debt. Net financial debt fell from €7.4 billion at the end of the second quarter to €7.0 billion at the end of the third quarter despite negative currency effects of €0.3 billion. Now, let’s move on to the performance of our subgroups. Sales of the HealthCare subgroup came in at €4.2 billion, an improvement of 2% over the same period of last year. This improvement was mainly driven by the positive development of the Consumer Health segment. Sales in the Pharmaceutical segment were flat with the prior year quarter at €2.7 billion, increases in the emerging countries especially China and Brazil were almost fully offset by sale declines in North America and Western Europe, which were partly caused by the negative effect of healthcare reforms in those markets. Read the rest of this transcript for free on seekingalpha.com