Adrian Sarbu

Good afternoon, and [Foreign Language].

Romana Wyllie

Chief Financial Officer, David Sach.

David Sach

[Foreign Language]

Romana Wyllie

Anthony Chhoy, Executive Vice President, Strategic Planning and Operations.

Anthony Chhoy

Good afternoon.

Romana Wyllie

And our General Counsel, Daniel Penn.

Daniel Penn


Romana Wyllie

Before I turn to Adrian, let me read the usual Safe Harbor statement. Our presentation today will contain forward-looking statements. Actual results may vary material from those expressed or implied due to various factors. These factors are discussed in detail in our SEC filings, including the Form 10-K filed earlier today and posted on our website. During this call, we will refer to certain financial information that is not in U.S. GAAP. Please see the Appendix to the presentation and Note 18 to our financial statements in our Form 10-K for a reconciliation to U.S. GAAP financial measures.

And now please turn to Page 4 of our presentation, and I will pass you over to Adrian.

Adrian Sarbu

Thank you, Romana, and good morning and good afternoon, everyone. In 2011, we outperformed the markets. Our revenues grew by 17% and OIBDA increased by 56%. Our OIBDA margin improved by 4 percentage points to 19%, and our overall market share grew by 1 percentage point. This happened in a challenging year when our TV ad markets remained stressed. We proved again that we have a strong management team that are building powerful brands.

Please turn to Slide 5. We have a history of outperforming the markets, and 2011 was not an exception. Following the successful implementation of our new business model, One Content, Multiple Distribution, we are expanding from a single revenue source to multiple revenue engines. In 2011, we strengthened our leadership across the market, and even if 2012 may not be an easy year, we are confident that we'll successfully face the challenges ahead of us. We built a culture of outperforming.

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