FPC revised its 2016 full year guidance when it issued a profit warning December 8 last year. The company should have had good visibility and sales should end up in the specified range of SEK 6.6 to 6.8 billion. FPC also guided for increased inventory levels and we expect cash conversion to be lower than consensus with a significant increase in inventories to be the key driver. A weak Q4 is already discounted by the market and we expect no major deviation from consensus when it comes to sales and operating profit, though as mentioned, we believe cash conversion will fall short of expectations. The market will focus on what the company communicates on the supply chain issues and the competitive situation. We expect a weak Q1 but believe it will be a temporary glitch and expect a return to growth in Q2 followed by a strong second half of 2017. Finally, investors will pay close attention to how FPC sees itself develop over the coming years – in this regard, FPC will provide updated long term financial targets for 2017-2019.