With good luck, someone would buy the entire operation for the price of the car inventory. But if we consider a more difficult scenario, I believe the cars should be sold at roughly their book value. In this case, the problem would mainly be leased premises and employees. Germany’s fixed costs (largely these two items) are around EUR 9 million this year. I’m not familiar with German practices, but if you multiply that by 1.5-2x, I would think you could get rid of employees and premises, so roughly EUR 15 million. This is probably close to a “worst-case” scenario, as it would, of course, be smarter to gradually wind down operations in a more planned manner, so that lease agreements would be ending and there would be fewer salespeople when the doors are finally closed.
It’s good to remember, however, that even though Sweden had zero EBIT in Q3, losses are expected to continue there, at least in our forecasts. And it’s only a little over a year ago that Germany was making a small profit and seemed to be in better shape than Sweden. And, of course, even with zero EBIT, value is destroyed. So there is still quite a lot of work to be done more broadly in these international operations.