Operator: Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Nokia Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
I would now like to turn the conference over to Matt Shimao, Head of Investor Relations. Sir, you may begin.
Matt Shimao - Head of IR: Ladies and gentlemen, welcome to Nokia's second quarter 2012 conference call. I am Matt Shimao, Head of Nokia Investor Relations. Stephen Elop, President and CEO of Nokia; and Timo Ihamuotila, CFO of Nokia are here in Espoo with me today.
During this call, we'll be making forward-looking statements regarding the future business and financial performance of Nokia and its industry. These statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect.
Factors that could cause such differences can be both external; such as general, economic and industry conditions, as well as internal operating factors. We have identified these in more detail on Pages 13 through 47 of our 2011 20-F, and in our quarterly results press release issued today.
Please note that our quarterly results press release, the complete interim report with tables, and the presentation on our website include non-IFRS results information in addition to the reported results information. A complete interim report with tables available on our website includes a detailed explanation of the content of the non-IFRS information and a reconciliation between the non-IFRS and the reported information.
With that, Steven, over to you.
Stephen Elop - President and CEO: Thank you, Matt, and thank you for joining us for the Q2 2012 earnings call. First and foremost, we are taking actions to manage through this transition period. While Q2 was a difficult quarter, we are demonstrating our determination to carefully manage our financial resources, improve our operating model, and improve our competitiveness.
This afternoon I'll provide perspective on each of these three topics. First, regarding the management of our cash situation. We held our net cash resources at a steady level after adjusting for the annual dividend payment to our shareholders. We ended the quarter with net cash and other liquid assets at €4.2 billion, down from €4.9 billion at the end of Q1 and up from €3.9 billion at the end of Q2, 2011. This follows a €742 million annual dividend payment to shareholders.
Our gross cash was €9.4 billion at the end of Q2, down from €9.8 billion at the end of Q1 and up from the end of Q2, 2011. Thus both gross and net cash were higher year-on-year.
As demonstrated this quarter, we are focusing on ensuring that we continue to have the physical strength to manage through our transition. We continue to look at opportunities to sell non-core assets such as real estate properties. We plan to prudently take advantage of the strength of our patent portfolio and we are focusing heavily on the management of our networking capital in support of this effort.