In Europe, revenue was up 3 percent (4 percent in constant currencies). It was a mixed performance across the region with a solid start to the year but a significant slow-down in the second half of 2011 in those countries most impacted by the euro crisis. Revenue in the more mature markets showed modest growth, mainly on the back of price increases under weak market conditions, while Turkey, Poland and Russia delivered stronger revenue growth. There were share gains in some of our key markets and a strong performance from our Building Adhesives business. All regions reported revenue growth, with the exception of the Southern region. Margins in the year were under pressure due to raw material price increases and – in the non-euro markets – currency effects. To mitigate these effects, the business implemented active margin management. Costs for the year were slightly up on the back of some store related acquisitions, specific IT ERP-related costs and brand investments supporting share growth in some key growth markets.
In Q4, revenue was in line with 2010. Revenue was impacted by the worsening of the euro crisis. Margins continued to be under pressure due to raw material costs increases, but were partly offset by margin management.