As you know, actual results may differ materially from these expectations as a result of many factors, examples of which can be found in our company’s Form 10-K and quarterly reports, including our second quarter 2012 Form 10-Q which was filed this morning with the SEC.
Lastly, some of our remarks contain non-GAAP financial measures as defined by the SEC. Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are attached as an appendix to this presentation and to our press release from this morning, both of which are posted on our website.
I’ll now turn the call over to Jacques.
Jacques EsculierThank you, Jason. Good morning, good afternoon to everybody and welcome to our Q2 reporting call. We are now actually half way plus this year 2012, and the second quarter proved again that 2012 was a year of uncertainty, what I called during our first call in Q1 a year of transition. When you look at the this Q2, the global reduction of trucks across the world was down 9% year-over-year, actually production levels in Europe and North America were slightly adverse to what we had forecasted and what really surprised us is a very strong decline we have seen in emerging markets, particularly you look at minus 38% production levels in Brazil versus 2011 Q2, minus 23% in China, minus 13% in India. So I would be happy to say that the stronger leadership that WABCO has built around the years in North American markets this time and obviously for the first time negatively impacted our overall growth performance. But as you will see today in this environment WABCO has made actually new records, new quality records in margins, gross profit margin, operating margin and EBIT. So now going to page three and looking at things in little bit more detail.