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Team has been at ten% and operating revenue in euro as well would have been up fourteen%. Let's now tu to slide 8 and the evaluation of the inteet financial charge, some essential factors. The louis vuitton replica cost of debt is considerably down onethird of the reduce arrives from reduce interest rates, twothirds from reduce average debt. The price of hedging was greater than final year and probably greater than what it should be for the 2nd half of the year. Finally, income on the monetary investment portfolio was mature than last year due to outstanding dividend eaings of five from Hermes paid in 2012. Moving gucci outlet online on to slide replica gucci handbags nine, exactly where you may see the stability sheet construction. The structure of the stability sheet did not evolve much in contrast to 2012 yearend. Total equity is in excess of fifty% of the stability sheet, whilst inventories nonetheless signify 17% of the total. Tuing now to slide 10, couple of words cheap louis vuitton bags on the cash movement statements. 5% in line with working profits. Working capital requirements utilized about 1 billion in money, in line with final year because of to seasonality we expect the 2nd half of the yr to be much better than the first half. And finally money expenses are up with an extra one hundred forty million for the semester. General net money from functions is about 400 million in the first half of 2013, not far from last year's degree. I will finish this part of the presentation with the Idea of the Group's inteet debt on slide 12, which attained 5 million at the end of June, about seven hundred million higher than the level at the finish of last yr. The improve is mainly due to payments of dividends to our shareholders and minority faiess partners which during the period of the yr, this time period of the yr exceeds our inteet cash flow. The Group's inteet debt, as at thirtieth of June 2013 represents 19% of complete louis vuitton replica handbags shareholder's faiess. I will now tu to Chris who is going to review the primary developments within our various company groups. Thank you JeanJacques. Now let us flip to a dialogue of our business teams starting as typical with the Wines Spirits in the first fifty percent of 2013. If you can see from the slide thirteen, on an organic basis, income in this group was up 5%, which comes on top of 15% in the same period of last year as mentioned by JeanJacques. So a tough comparison, great outcome. After a two% unfavorable currency impact on a reported foundation, revenue is up 3% compared to last year's initial half and reached one.eight billion in the first fifty percent of this yr. Then looking at the two primary categories, the Champagne and Wines natural revenue grew by three% that is following a unfavorable 4% currency impact noted revenue fell just somewhat in the first time period to 739 million.

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