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Thank you very much for coming and Philippe as you know now is the head of strategy at Europe, so (inaudible) and Philippe thank you very much for coming this morning. I appreciate your time. So over to you.
Thank you very much. Okay, I will go pretty quickly on the slides and then leave as much time as possible for the Q&A.
Okay. Let's go through this in [indeed]. I hope not to give you too many forward-looking statements today, but ST for those who don't know roughly a $10 billion company in 2011, 50,000 employees, a lot of R&D and manufacturing sites all over the world mainly in Europe, but also in Singapore and China for assembly. And a 25-year old company now. So it’s a very important anniversary for us.
So let's dive quickly in the results of 2011 in particular Q4. As you well know 2011 was quite an interesting year. It started well and then a lot of disasters happened, starting from that tsunami in Japan and also the floods in Thailand affected our industry. And ST had to face particular headwinds linked to the performance of our number one customer. So we went through pretty rough times starting in the middle of 2011. However we managed to perform quite well on the core business, the wholly-owned business with profitability in line with the models we had anticipated. The situation at our 50-50 subsidiary, ST Ericsson has been much more challenging. And the transition from our legacy product and legacy customers particularly Nokia and Sony Ericsson has proven to be more difficult than we felt and although we are developing a lot of new customers, the poor performance of the traditional customer has been affecting the results.