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4REPORT OF THE CHAIRMANAlthough we continue to operate in a time when the global economy is still experiencing high political and economic turmoil, I am pleased to report that GML has achieved revenue growth in 2012 of 1%. ECONOMIC ENVIRONMENTThe global economy was still struggling to turnaround after the fallout from the economic crisis of 2008-2009. Following resurgence in growth in 2010 to 5.1 percent, world economic growth has slowed in subsequent years, dropping to 3 percent in 2012. The Trinidad and Tobago economy has also been struggling, recording 4 consecutive years of little or no growth between 2009 and 2012. While overall growth was flat at the sectoral level in 2012, the Distribution sector was the strongest performer, growing by 4 percent according to the latest report by the Central Bank. The Financial sector grew by 2.4 percent; the Energy sector grew by 2.2 percent; Construction by 1.3 percent and Manufacturing by 0.2 percent.FINANCIAL PERFORMANCEThe company has a robust balance sheet and is generating consistent and substantial free cash flow that will enable us to fund vital growth and transformative initiatives in the coming years, increase returns to shareholders and provide financial flexibility. Acknowledging these positive indicators, the Board of Directors has approved an increase of our final dividend from $0.34 to $0.39 per share, taking our 2012 dividend from $0.50 to $0.55, a 10% increase. This is a reflection of the Board%u2019s confidence in our current prospects and in the Company%u2019s future growth.CORPORATE SOCIAL RESPONSIBILTYGuardian Media Limited has commenced a process of stakeholder engagement to help determine what matters most in terms of our sustainable performance and corporate social responsibilities. This %u201cWe continue to be focused on a technology led transformation of our current operations to support a multiplatform media business. This strategy will ensure Guardian Media Limited has the appropriate infrastructure to efficiently drive revenues across print, television, radio and digital media.%u201dGuardian_Media_Annual_Report2012.indd 4 4/17/13 7:31 PM