FPC’s fourth profit warning means Q4 EBIT of SEK -41 million or SEK -10 million adjusted for non-recurring items and inventory provisions. We had expected an EBIT of SEK 46 million. Primarily, the difference is related to sales being SEK 128 million worse than our estimates. However, the gross margin of 21 percent was also substantially weaker than our estimate of 36.6 percent. Making matters worse, adding back the inventory provisions of 10 percentage points, the adjusted gross margin is still only 31 percent. This equals an astonishing 5 percentage point drop from last quarter.