One of our main strategic moves in 2002 – the refocusing of our business – was designed to improve our competitive position in a challenging market environment: In late October, we merged the former Power Technology Products division with the Utilities division. The new Power Technologies division comprises six business areas, offering a complete portfolio of products, systems, and services under one umbrella. That means a clearer business focus and simpler internal processes. The market environment in which we operated last year was mixed: Western Europe was rather flat, in contrast to Eastern Europe, where the market continued to grow. In the Americas, mainly in the U.S., we saw slightly lower demand. Markets in China, India, the Middle East and North Africa are growing fast. Especially in products, we gained market share due to our very strong market position. Although there were fewer large projects, we saw continued demand, especially from utilities for power transmission products. Light and heavy industries were mixed. What are our performance highlights in the fourth quarter of last year? The actions we took under the Focused Factory strategy have led to a lower cost base and higher productivity. This has strongly contributed to our overall margin improvement, with a rise in base EBIT margin in products from .6.7% to 8.6%. In Q4 we started to apply the Focused Factory concept to the systems business. We call this “Focused Engineering”. This means: matching our engineering capabilities to our customers’ needs. We are, for example, simplifying the engineering process for less complex systems using online configurators. Being on the subject of the major achievements in the fourth quarter, I have to mention Industrial IT: By the end of 2002, all product lines were Industrial IT certified. We also launched ABB’s first fully Industrial IT driven manufacturing plant. This technology has allowed our distribution transformer factory in Lodz, Poland to cut its cycle time in half. If you compare the current situation to four years ago, the achievement is even more remarkable. At that time a transformer required 16 weeks for delivery; today it’s only two weeks. This is just one example of what we mean by the importance and value of speed. What did this mean to our performance data in the fourth quarter of 2002? Despite flat revenues, we managed to increase EBIT by 14%. You can see that our orders went down by about 14%, driven mainly by a reduction in large orders on the utilities side, not an unusual pattern in this type of business. Some of them have been delayed, and are expected to be awarded in the first half of 2003. Turning to the full-year 2002: We managed to increase revenues by 3.3%, driven mainly by double-digit growth in our transmission business. This is more than we promised to the market in November 2002. EBIT increased by 9% and we also met our EBIT margin target: After restructuring, we achieved a nominal EBIT margin of 6%, which is an increase from 5.7% last year. Our ongoing rationalization and productivity improvement programs contributed to this EBIT margin. Increased productivity also means increased efficiency: Last year alone, we reduced jobs by 9%. Over a period of 18 months, there has been a decrease of 13%. During the last two years, our Operating Cash Flow was 55% greater than EBIT. Also in 2002, we met our Operating Cash Flow target of 454 million Dollars. Last but not least, our “Focused Factory” strategy - one of the pillars of our division - also developed in line with our targets. What have we achieved? Over the last two years, we have reduced product lines by nearly one third and production lines by 17%. This successful approach - which has ultimately led to a reduction in total cycle time - is also now being applied to our systems business. Let me now show you some financial results from the full consolidated year 2002: In this period, orders were 8.4% lower. The decrease only happened in the systems business. We were deliberately much more selective in bidding on turnkey projects in order to improve margins in the order backlog, and reduce costs. The successful product business which grew by 4%, couldn’t quite compensate for this order decrease. As of January 2003, the backlog still represents 69% of our expected revenues. In 2002, revenues increased by 3.3% to 7.1 billion Dollars, driven by a good order backlog and strong growth in Asia. EBIT increased more than 9%. And our Base EBIT margin went up to 7% from 6.8%. So much for my comments for 2002. Let me now highlight our strategic priorities in 2003. At the top of our 2003 priorities we have the continued focus on cost savings. I’ll come back to that in a moment. “Speed” in processes and systems will also continue to be a priority, because it makes our customers and ABB more competitive. We will go on with our site and product rationalization, and deploy Focused Engineering to further accelerate our processes – across the entire value chain. IT systems are the enablers of increased speed. Our first priority here is to continue to develop and deploy configurators, both for power technology products and for power systems. We will, of course, continue to take advantage of our number one leadership positions, whether in transmission or distribution, in products, systems or services. No one in the market is able to offer such a comprehensive and complete portfolio for power technologies. ABB is the leading player in the world and we are capitalizing on that unique position. This also includes a deeper relationship with industry customers and so-called channel partners – like OEMs or external system integrators. In this area we aim for a growth rate which is above average. The same applies to our service business. From a regional perspective, we will continue to grow in India and China. I’ll come back to those areas later. What kind of cost savings have we planned? Over the next 18 months, we are committed – as a group – to saving costs equal to 4% of revenues. Underlying this program is an action plan that has been developed from the bottom-up. This means that the cost savings are fully agreed with all our countries and operational units – and most of the plans are already under way. The EBIT impact will amount to 100 million Dollars in 2003. The remaining amount will mainly be absorbed by additional restructuring costs. Optimizing our business also means sticking to the way we have been implementing our strategy for more than two years now. As I have already mentioned, we are on track with our factory and product rationalization. Our success story with the Focused Factory program will now be extended to our systems business, our “Focused Engineering” program. Our strong base is not only in market share, but also in R&D and IT. They are necessary for “Focused Engineering”. We will use existing configurators for the product business, and we are developing new configurators for the systems business to ensure we achieve cycle time reduction in both manufacturing and engineering. We have already achieved a lot. For example, our “Collaborate IT Quotation and Pricing Systems” allow customers to receive an offer in minutes rather than in days or weeks – a dramatic increase in speed. This is also becoming a reality for our systems customers. Using product configurators, our customers can design the product they need easily, quickly and to their exact specifications. For them “speed” means: flexible decision-making and early investment payback. For us speed means: increased cash flow and strong competitive edge. From a market perspective, we are very much aware of the uncertainties: We have the Iraq crisis and its potential impact. Nevertheless, we see real opportunities for growth in our businesses. We clearly intend to strengthen our position. One example is the high-margin service business: Increasingly, our customers want to be able to rely on our expertise for the servicing of their products and systems. ABB has by far the largest installed base in power transmission and distribution. Customer demand for service is growing rapidly due to an ageing infrastructure: These assets require maintenance, repair and retrofit, creating business and profit for ABB. Our expansion with key channel partners will also be accelerated, resulting in above average growth rates. OEMs and EPCs account for an increasing portion of our business. ABB is already the clear leader in the high-growth countries of China and India, which today account for around 15% of our business. We have an excellent position in Asia, and expect this region to contribute further to the growth of our business. High-voltage direct current technology is also providing further opportunities for expansion. We are confident of success with our target projects. In most business areas, we are larger than our number 2 and 3 competitors combined. Depending on the type of business, we have the right strategic position to exploit market opportunities and capitalize on our strengths. This leads to our conviction that we can grow market share by about 5 percent per year, in a market that is growing by two to three percent. We will take market share. With our transmission products, for example, we will leverage channel partners; with distribution equipment, we will outperform smaller competitors who cannot keep up with our speed and process improvements. And in our system business, we will build on our strengths like HVDC where we won 6 of the 7 projects tendered in 2002. What do we expect for 2003? We see a mixed economic environment in Europe .. with some good growth in Eastern Europe. The U.S. business climate is likely to stabilize, and Latin America will pick up, especially in large infrastructure projects. Asia will perfom well, driven by strong development in China and India. The Middle East and Africa will also remain positive – though the Iraq crisis may have an impact. Utilities and Industries are expected to be stable, depending on region and market segment. Overall, we expect sufficient demand to meet our growth projections. The targets for 2003 and 2005 reflect our growth strategy: This year, revenues are expected to increase by 5.3% and the EBIT margin after restructuring is anticipated to be 7%. The compound average growth rate from 2002 to 2005 is also expected to reach around 5%, the EBIT margin 10%. In 2002, we have proven that we are able to meet our targets, and we are confident that this will also be the case in 2003 and the coming years. Let me end my presentation by reinforcing our most important strategy elements. We will continue to take out costs. Cost reduction projects are now under way in all our businesses and are expected to contribute to our profitability over the next 18 months. We have already achieved significant cost gains and are confident we can deliver on this one. We will build on our well-proven strategy, called speed through Focused Factories plus Focused Engineering Information Technology will be the enabler, the catalyst, that ensures speed. Here, we are focusing on configurators for products and systems. Efficient account management, and channel management, will bring us even closer to our customers. Our leading market position, our complete portfolio provides value for our customers and we will capitalize on that. In performance data, this means that the Power Technologies division in 2003 will grow EBIT by 20%, generate 100 million Dollars more EBIT than in 2002, and have an Operating Cash Flow greater than EBIT. I would like to thank you for your attention.