I am highly satisfied with the results achieved in 2011, a year that saw growth in the residential sector, driven by markets which are expanding considerably for us such as Asia and the United States; the stabilisation of the Contract segment with a focus on higher-margin contracts and progress, to a degree beyond our expectations, in the Interiors in Motion segment, which saw the entrance of new contracts and the development of relations with new partners. Revenues were not the only positive aspect; during the year we saw the full implementation of the goals achieved during the first phase of the plan (2009/2010) in terms of reorganisation and the streamlining of costs, with a substantial increase in EBITDA and the gross operating margin as a result. Finally, the remarkable reduction in the net financial position shows how our Group, although continuing to invest, has been able to improve its financial management and focus on core activities. During the year we opened 12 new Monobrand and Group Multibrand stores, mainly in Asia and America, including the Group’s biggest showroom in the world in Miami. We expect the same number of openings in 2012, with a growing focus on EMEA. In May 2011 the Group signed a strategic distribution agreement with Haworth, world leader in the design and production of flexible and sustainable working environments, for the office segment in the US, with over 600 dealers. Thanks to the broad distribution network of the American brand, which has added the Poltrona Frau Group’s office products to its own, this agreement will enable the Group to further broaden its geographical presence in the US. We are very proud of this partnership because as well as substantially strengthening our presence on the market, it underlines how sustainability and competitiveness are synergic and fundamental factors for distinguishing yourself on the market. 2011 also saw the Group enter new business segments. More specifically, with the aim of further emphasising our craftsmanship and attention to detail, the Poltrona Frau Atelier collection was launched, a new series of products mainly comprising small leather creations that stand out for their craftsmanship and attention to detail. In order to support the growth of the business the Poltrona Frau Group has also experimented with new sales channels and developed new sales support tools, such as the Apps for each of the three brands and the new e-commerce site dedicated to Pelle Frau. Finally, in 2009 we began to outline a sustainability path based on a clear system of values that involves all dimensions of social responsibility. In a coordinated manner, at the end of 2011 we then became one of the first companies in Italy and the world to carry out an assessment in accordance with the guidelines on social responsibility drafted by the ISO. The ISO 26000 guidelines identify seven core subjects: governance, fair operating practices, consumer issues, environment, labour practices, human rights and community involvement. The key issues were identified for each core subject and the subsequent required actions. These actions are those on which our stakeholders can legitimately express their expectations. The company will focus its efforts on the gaps identified, in line with the goals it has set itself in terms of values. CSR governance has also been strengthened with the appointment of a CSR manager, who has the task of facilitating and coordinating all of the company’s main initiatives in the area of sustainability. More specifically, the process of limiting environmental impact in terms of reducing CO2, which began in 2010 with the installation of the photovoltaic plant in Tolentino, has continued. In 2011 structural interventions were made, such as: new videoconferencing infrastructure, the replacement of the diesel fuel boilers at the Meda plant with boilers fuelled by natural gas, and the streamlining of logistics activities. With this report, we have sought for the first time to integrate our 2011 financial report with our sustainability report in a harmonious and substantial manner in an effort to show how social responsibility issues increasingly represent a key element in the support of business development and growth. Happy reading.