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Revenue was down 1 percent. All our businesses were affected by the deepening economic crisis in Europe and have experienced substantial volume decline, with the Southern Europe (France, Spain, Italy and Greece) being the most affected. In response to the declining volumes and revenue, we carried out restructuring activities and various operational efficiency improvement programs throughout the year. However, their benefits were outpaced by the weaker demand in the relevant housing markets. As a result, more restructuring activities were undertaken towards the end of 2012.

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