I am both proud and honored, but above all aware of the difficulties of the task that lies ahead.
Circumstances are extremely grave.
For several quarters now, we have seen a deterioration in the automotive market. The downturn in the market in United States started in July 2000, closely followed by markets in Asia and then, over the last few months, by a slowdown in growth in Europe. The Asian market is also expected to fall sharply while in Europe the decline will be less marked. Furthermore, too many transversal projects with doubtful profitability shifted the focus of our teams from their operational missions. The first quarter 2001 must mark the low point in this deterioration.