Commenting on the company’s results Björn Rosengren, president and CEO of Sandvik said: “In the fourth quarter, demand remained at a high level in the long-cycle mining and energy businesses, although a significant decrease was reported for our short-cycle businesses. Entering the quarter, our clear ambition was to reduce inventories, and I am pleased that all business areas played a part in bringing inventories down to a satisfactory level. Earnings were partially supported by the cost measures initiated and, going forward, we should see savings being increasingly realised as activities are executed. I am pleased we achieved a strong free cash flow of Skr6.6 billion in the quarter, completing a new all-time-high for the year. This further strengthened the balance sheet, enabling a continued healthy pace in M&A activities as Sandvik adds to an already strong platform.