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With that, I will hand over the call to Rich.Richard Tobin Thank you, Manfred. Before we get started and Camillo goes through the financial results. Since this is the first call since the – our old CEO, Harold Boyanovsky announce his retirement effective January. On behalf of the management with CNH Group and the CNG Board of Directors, we would like to thank him for his valuable service to the company and wish him a healthy and happy retirement. So with that, I will hand it off to our CFO, Camillo Rossotto to go through the financial results. Camillo Rossotto Thank you, Rich. I will start with slide four with the highlights – financial highlights for both the quarter and the full-year. With net sales up 27% in the quarter to $4.8 billion, and up 25% for the full year to $18.1 billion. Agricultural equipment sales are up 24% in the quarter, and 23% for the full year. Construction equipment sales are up 39% in the fourth quarter, 32% for the full year. Equipment operation operating profit, $238 million in the quarter, that’s a 35% increase versus last year, and $1.5 billion which is 65% versus the full year. That gives us an operating margin in the quarter of 5% compared with 4.7% same quarter last year, and an 8.1% on a full year basis, which is 200 basis points over 2010 operating margin. Net cash position of equipment operation have increased by $700 million, roughly during the year to $2.7 billion and $450 million of debt was generated in the fourth quarter. Now, there is a net income before restructuring and exceptional items worth $189 million in the fourth quarter and $918 million for the year, which is up 85% versus last year. At the bottom of the slide, you can also see the diluted earnings per share and the diluted earnings per share before restructuring and exceptional items, which for the full year is $3.82 a share versus $2.08 last year.
Slide five, I’ll just keep it, just the detail of what they went through the first slide, which brings me to the slide six, where you see the geographic split and spread of our business. The rate of change is positive, pretty much across all jurisdictions, albeit slowing down a bit in the fourth quarter in the Europe, CIS region. But it’s still an overall healthy growth, pretty much distributed across all the jurisdictions like I said. And that makes for a spread of sales of 42% in North America on a full-year basis, and 32% in Europe, 16% in Latin America and APAC being at 10%.Now with that said, I think slide seven shows in terms of net sales evolution split by AG and CE, the strong recovery since the stroll in 2009, both in terms of revenues and operating margin on the right hand side of the table. The AG revenues in 2011 at top levels compared to the last five years, I think it’s important to point out that AG is on a full-year basis at 9.9% operating profit margins, and there is also remarkable swing year-over-year in terms of the construction equipment, operating performance, that’s 320 basis points of improvement year-over-year. Slide eight, it’s sort of the usual waterfall that we present in terms of bridging the full-year performance versus the previous year, and volume and mix of $621 million of this change. Net pricing is net obviously of all the headwinds in terms of increased input costs and increased commodities, and it’s a strong number, $272 million both for AG and CE, and it also makes up for input cost increases, but also Tier 4 cost increases. Read the rest of this transcript for free on seekingalpha.com