First of all, thank you all for coming to this year's AGM - it's good to see such a strong turnout. The management, staff and directors of the Performing Right Society all appreciate the time you take to be with us and for giving me the opportunity to bring you up to date on how we are "maximising your income, minimising costs and protecting your rights", as our new chairman so eloquently put it.

And, on that note, I'd like ...