Full-year revenue in Europe was down 10 percent. The divestment of Building Adhesives and the sale of the German stores had an impact of 8 percent. Volumes were stronger in Eastern Europe and the UK, but demand in continental Europe remained weak.
In Q4, revenue was down 6 percent due to the sale of the German stores and weak demand in continental Europe. The consequences of the weakening currency in Russia are becoming visible in the revenue development, despite significant price increases. A two-year restructuring program to increase operational efficiency in Europe was successfully concluded. This has led to a structurally lower cost base.