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Revenue in Europe was down 6 percent. All regions continue to be affected by the region’s economic crisis, but due to a strong quarter in the UK, volume increased by 1 percent. Countries such as Germany, Austria, Belgium, and the Netherlands were most affected, while growth was still evident in some high growth countries such as Russia. Restructuring measures and various operational efficiency improvement programs led to a lower cost base, but the ongoing restructuring spend meant that total operational costs were higher. As a result, operating income was lower than the previous year. In Germany, we decided to divest the stores to independent wholesalers to sharpen the distribution focus.

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