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4 Chairman%u2019s Report 2013OvervieOur company experienced its best financial performance since the global economic downturn of 2008.The significant factors impacting this performance were the emergence of CNC3 as the leading television station in Trinidad and Tobago, the continued dominance of the radio division in its sector, the generation of new products at our print division and increased revenues from four election campaigns.Whilst the overall economy continued to experience slow growth, and traditional mediaconsumption patterns were rapidly changing, our enhanced competitive position facilitated the company%u2019s improved financial performance. New Media:The growth of the Internet coupled with the launch of a myriad of smart devices, have been rapidlyrevolutionizing the way that information and entertainment are being accessed and consumed.Mindful of the evolving media landscape, in this transient technological era, and its evidential impact on media consumption patterns, we devoted considerable resources during 2013 to the re-engineering of our e-paper. Additionally, we have been making increasing use of social media to communicate with our listeners, viewers and readers, and will seek to optimize these efforts in 2014 and beyond.Our future thrust will be focused on competitive alignment with this technological revolution and we will therefore continue to tailor our products and methods of delivery in line with these trends.Economic Environment:The global economy showed signs of recovery in 2013, albeit at a slower pace than anticipated. In the US, consumer spending levels in the fourth quarter were the highest in three years. The UK economy experienced four consecutive quarters of positive growth. The Eurozone is showing signs of recovery.On the domestic front there was growth in crude oil and gas production in the fourth quarter of the year. Crude oil production increased by 1.2%, whilst natural gas increased by 2.3%. The resurgence in LNG production impacted positively on the production of ammonia (up 11.2%) and methanol (up 19.8%).Headline inflation remained on a downward trend in 2013, despite some uptick in the latter months of the year.Core inflation decreased to 2.0% at the end of 2013. With four elections held in 2013, media played a significantly more important role within the domestic economy, as audiences looked to stay abreast of the hustings and the final results.