Takeaways from the report
Q4'22 was in line with our sales estimates but somewhat below on our earnings estimates. During the conference call management highlighted that the business had been operating with some excess working capital, which has now been released, and that there was caution with respect to tying up unnecessary working capital assets. We understand that price negotiations have not been easy but that the implementation of the price increases will start carrying an effect starting mid-February '23 and finishing in late April '23.
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