In Q4 we did publish results in line with the guidance, however we had to face pretty severe fab underloading. So our fabs were not full and therefore this affected our gross margin in a very significant way. Now all in all, we have a very strong financial position and our own financial position is close to $1.3 billion net cash.

So it was tough environment, but we have managed to adapt and keep a very strong financial position. This is the way our business is organized. I am in charge of the digital sector, so that part of the company plus Corporate Strategy Officer and we have also the automotive business, the analog and microcontroller business which includes what we call extreme analog, the MEMS and also we have the power discrete and the wireless business is what we have in our joint venture with Ericsson

Total revenue, you can see here a lot of structural changes in the way our business has been structured. The pink part here is the former Flash Memory Business which has been carved out first in a joint venture with Intel, (inaudible) and then acquired by Micron.

So we’re totally out of the Flash Memory Business and here you see the 2009 crisis and the proportion of wireless going down basically in our portfolio, so a very strong 2010 year. You see the whole-owned business growth was really very strong in 2010.

You see a stable 2011 wholly-owned business and slight growth even despite the very tough market condition. However, you see a continuous decrease of the wireless business, the ST Ericsson business. So that slide shows really the few, very few graphs, the fundamental evolution of our business.

So the challenge of course is to continue to outperform the market on the wholly-owned business and to turnaround the ST Ericsson business. That’s the job in front of us.

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