Volvo’s revenue of SEK432bn was in-line with our expectation while EBIT of SEK48bn was above our SEK42.7bn. The group’s profits clearly benefited from currency tail-wind. All divisions suffered falling order volumes in the last year. The rates of decline were between -1% (Construction Equipment) and -21% (Volvo Penta). Trucks saw its orders fall by 29%, but the rate of decline moderated to -10% in the last quarter. This is a clear indication that 2020 will be much tougher.