Operator: Good day and welcome to the Vivendi (Q4 2012 Conference Call). I would now like to turn the call over to Mr. Bonamy. Please go ahead.
Jean-Michel Bonamy - EVP, IR: Good morning, ladies and gentlemen. Thank you for joining us today for Vivendi's Full Year 2012 Earnings.
Jean-Francois Dubos, Chairman of the Management Board and Chief Executive Officer and Philippe Capron, Member of Vivendi Management Board and Chief Financial Officer. This presentation will be in English with a simultaneous translation. This call is webcast on Vivendi.com where the slides are available for downloads.
We invite you to read the important legal disclaimer at the end of the presentation on Page 54. The full year 2012 financial report and consolidated financial statements will be available on our website (as of today) after market close. You will be able to access a replay of this call for 15 days also on our websites and as usual, this presentation will be followed by a Q&A session.
Now I have the pleasure to introduce our CEO, Jean-Francois Dubos.
Jean-Francois Dubos - Chairman: Good morning, ladies and gentlemen. Pleasure to be presenting to you the Vivendi annual results along with Philippe Capron, Chief Financial Officer and the member of the Management Board. Good morning Philippe.
Despite the challenging economic environment, (multiple speaker) reached their outlook in (2012). This with new market conditions and the intense (multiple speaker) subsidiaries also reorganized their operations and put in place cost reduction program. Activision Blizzard, the (multiple speaker) of successful launches.
So far, (multiple speaker) business model excluding the implementation of a voluntary departure plan in order to maximize its value and stabilized its customer base. SFR was the first operator to offer 4G mobile network generation for both private (indiscernible) and company.
Maroc Telecom recorded strong growth in its international activity. GVTs development was once again confirmed with its network expansion and pay-TV offer. This major strategic transactions (multiple speaker) 2012.
Exhibition of EMI recovered music reinforce Universal Group’s position as worldwide leader in music plus strengthened its position in free-to-air TV in France and in Poland. It consolidated its presence in pay-TV while (operating) in the free-to-air market. These transactions are in line with Vivendi’s desire to strengthen its position in midyear and content.
Vivendi has all the assets needed to assert itself as a European bond global leader. Our ongoing strategic review was defined precisely and as I (know) and appropriate, the right path to increase the overall Group’s value and to best serve shareholder interest.
Looking at the first slide, we are pleased to demonstrate that Vivendi delivered on its commitments in 2012. In terms of operating performance, our businesses achieved results in line or above initial guidance.
Adjusted net income was slightly above upgraded guidance. Net debt was well below guidance.
Concerning acquisitions, the successful disposal of our EMI assets required by Brussels and the strategic acquisitions by Canal+ in Poland has been causes for satisfaction. Last but not least, the process regarding the strategic review is ongoing.