Operator: Good morning ladies and gentlemen and welcome to the Bombardier Conference Call. Please be advised that this call is being recorded.
I would now like to turn the meeting over to Ms. Shirley Chenier, Senior Director, Investor Relations. Please go ahead Ms. Chenier.
Shirley Chenier - Director, IR: Thank you, operator. Good morning and welcome to Bombardier's Conference Call intended for investors and financial analysts.
I also welcome the media representatives who are with us today. You will have an opportunity to ask questions later during this call when we open the media question period.
Shortly Mr. Pierre Beaudoin, President and Chief Executive Officer, and Mr. Pierre Alary, Senior Vice President and Chief Financial Officer will discuss Bombardier's financial results for the fourth quarter and fiscal year ended December 31, 2011.
This conference call is broadcast live on the Internet and is also interpreted in French and in English.
You can access the broadcast on our website at www.bombardier.com and the webcast archive of the integral version of this call should be available within the next 24 hours. Slides for this presentation in English and French are equally available on our website. All dollar values expressed during this conference call are in U.S. dollars unless stated otherwise.
I also wish to remind you that during the course of this conference call we may make projections or other forward-looking statements regarding future events or the future financial performance of the corporation. Several assumptions were made by Bombardier in preparing these statements and we wish to emphasize that there are risks that actual events or results may differ materially from these statements. For additional information on such assumptions please refer to the MD&A released today. Please also note that I'm making these cautionary statements on behalf of each speaker whose remarks today will contain forward-looking statements.
Pierre Beaudoin will now begin the presentation.
Pierre Beaudoin - President and CEO: Hello and welcome to the conference call. Before we answer your questions I would like to make a few comments on our results.
As you have noted we delivered good financial results.
Revenues of $18.3 billion versus $18.9 billion, net income of $837 million versus $775 million and a great improvement in EPS of $0.47 versus $0.42 last year. We have strong EBITDA of $1.5 billion giving us a cash position of $3.4 billion and a total liquidity level of $4.1 billion.
This is all supported by a strong backlog of $53.9 billion giving us great visibility on our revenue. Now if we look more specifically at Aerospace, we had 249 orders last year versus 201 orders the year before and 245 total delivery, which gives us a book-to-bill of one in line with our guidance. For the 8th consecutive year, we attained market leadership in business aircraft in terms of revenue with 37% market share, which is an increase again this year.
If we look at the CSeries, we have now 300 orders, letters of intent and options with 138 firm orders giving us a skyline – four skylines for deliveries for the first two and a half year. On the regional front, we had low level of orders in 2011, but we are off to a good start in 2012 with 40 orders in option and many more campaigns in the pipeline.