Here are Thomas’s quick comments on Martela’s Q4 results. 
Following the profit warning issued in December, the figures for Martela’s challenging Q4 were already largely known. In recent years, Martela has significantly reduced its cost structure, which enabled a slightly profitable operating result in Q4 despite a low revenue level relative to the industry’s seasonality. The guidance pointing toward a profitable operating result met our expectations, but the guidance for slightly declining revenue was more cautious than our forecasts. Due to Martela’s tight liquidity situation, the company’s risk profile is now markedly elevated during the seasonally challenging start of the year.