Moving to this following page, as we do quarter, we kind of you give you the profiles of our sales performance starting with obviously kind of showing the 0.5% improvement in terms of performance at the top line. And then from the channel standpoint we have seen a 3% erosion from sales to OE manufacturers. It’s still up sequentially 0.5% versus the last quarter 2011. Again, kind of driving increased content per vehicle through the outperformance but again recognizing that it is in an environment where some of our key markets, particularly in Europe slowed down.
Aftermarket generated 4% growth, we broke another all time record in revenues. However, as you notice, the 4% is below the 8% to 10% that we have been used to in the latest years, and that’s because obviously we are also dealing with this slowdown in the OE activities, particularly in Europe, in aftermarket as we already shared with you. This is usually kind of going in hand in hand with the erosion of OE business even being an indicator of near future evolution of that business.
Sales through our joint ventures is representing mostly our sales to our Meritor WABCO joint venture in the U.S. at 19%. Then when we look at the evolution of our sales by region versus the evolution of the production of commercial vehicles starting with Europe, production was down 3%, our sales were down 4%. Now I would also add that production was down actually 8% versus Q4 2011 which kind of highlights the fact that quarter-to-quarter there has been a pretty strong decrease in production of commercial vehicles in Europe. That again kind of leads to rationalization of inventory of parts of companies like WABCO which obviously explains the fact that we have been lagging this market by 1%.