Operator: Ladies and gentlemen, good morning or good afternoon. Welcome to the ABB Fourth Quarter and Full Year 2011 Results Analyst and Investor Conference Call. I am Myra, the Chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. After the presentation, there will be a Q&A session.
At this time, it's my pleasure to hand over to Mr. Joe Hogan, CEO of ABB and Mr. Michel Demare, CFO of ABB. Please go ahead, gentlemen.
Joseph Hogan - CEO: Good afternoon or good morning, depending on where you are and I want to thank you for joining us. I'd also let you know that the presentation, we're going to refer to here in initial part of this presentation is on abb.com. I'd also call your attention to our safe harbor statement that's on Chart 2 regarding just forecast and statements on the business, but I'd like to start off on chart 4.
We feel despite I think initial market reactions here, we feel pretty good about our performance in 2011. We reported double-digit increase in orders, double-digit increase in revenues and also significant increase in operational EBITDA for the quarter and then despite some concerns on cash flow that we expressed to you, Michel and I collectively, in the third quarter that seems really came in through very strongly in the sense of delivering strong fourth quarter cash flow. We can start to give you and Michel's specific where he can give you some of the details of that in a sense that how that came through.
So, I'd like to turn now to Chart 5, Chart 5 gives you the representation of orders and revenues in different parts of our income statement. It's a real breakthrough for us to hit $40 billion in orders. This is the first time this business really in any configuration of ABB since its inception, that's reached over $40 billion in orders which is a really good indication of the future for the business. We delivered a solid EPS; much improved project execution, both in Power Systems and continued in Process Automation last year. We executed on our $1 billion cost out, and hope that's clear to everyone when you look at our waterfall in this presentation as far as what that means to the business in this sense of maintaining margin within the parameters that we have expressed to the investment community.
Overall net income up $600 million, so of EPS of $1.38 per share, and Michel will tell you some of the ins and outs of that and how that's configured. Then an 8% increase in dividend that we just announced, and more than anything we want to show the confidence that we have in this business and rewards shareholders for what we think was a very strong performance in 2011.
So moving to Chart 6, Chart 6 is the normal regional chart that we used to express our demand order patterns. You could see starting from the left where the America is up 50%, obviously on the back of Baldor. It sounds fairly well, Baldor itself grew significantly but ex-Baldor we still are able to record about 20% growth for the Americas in the year. You see it split between power and automation in that sense too.