Moving on to the next slide, we continue to execute on our growth and operational strategies. Our organic sales growth and EBIT margin were slightly better than expected, despite a 10% light vehicle production drop in Western Europe.

Cash flow rebounded as expected from quarter one and the operating cash flow for the first half of the year was the second best in the history of our company. We also paid a record dividend of $0.47 per share in the quarter and continue to generate strong returns on investment. Looking ahead, we see a more uncertain macro environment. For instance, in our largest market, Europe, light vehicle registration in Western Europe continue to run at a 17-year low and light vehicle production continues to decline. Due to this we announced our capacity alignment program at the start of the year.

Our investments in growth will continue to pay off over the next several quarters. As a result, we expect to outperform the light vehicle production by approximately 5% points during the second half of this year. And lastly, despite the head wins in Europe, we still expect to return to a double digit EBIT margin in the third quarter excluding costs for anti-trust investigations and capacity alignment.

Turning the page, we have some of our key figures for the second quarter. We achieved a new record sale of $2.1 billion for a second quarter and an underlying EBIT margin of 9.4%. Our return on capital employed and return on equity remained strong at 23% and 15% respectively.

Turning the page, we have our cash flow. During the quarter we (inaudible) operating cash flow of $219 million, and our capital expenditures of $85 million was approximately 4.1% of sales. However, the full year 2012 indication remains unchanged at around 4.5% of sales. This level of investment is required to deliver growth rates above the market growth and support our strong order intake.

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