Today's report by Formpipe is the sort that should be studied very carefully, and also set in the context of the long-term development of the business. The firm decided to report the part of the business separately which it earlier communicated to be discontinued. This makes a comparison of our estimates to the reported numbers in actuals terms rather useless, since we're talking about 10% of net sales. So we're focusing on the relative developments, adjusted for discontinued operations, instead: sales Q4 grew 7.1% (our estimate 7.9%) and for FY 2015 13.8% (our estimate 11.8%); EBIT margin Q4 came in at 9% where we expected 12.4%. A more detailed analysis will, as ususal, be available soon.