{"product_id":"essity-pestle-analysis","title":"Essity PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Shortcut to Market Insight Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eGain a strategic edge with our Essity PESTLE Analysis—clear, actionable insights into political, economic, social, technological, legal and environmental forces shaping the company. Perfect for investors and strategists; buy the full report for the complete, editable breakdown and immediate download.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade policies and tariffs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShifts in tariffs on pulp, paper and hygiene goods directly affect Essity’s input costs and retail pricing, pressuring margins across its TENA, Tork and Libero portfolios. Regional trade agreements can expand or restrict market access in Essity’s ~150-country footprint, altering distribution economics. Export controls and sanctions complicate sourcing of pulp and adhesives and can delay shipments. Policy volatility forces diversified sourcing and flexible supply chains and inventory strategies.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHealthcare and public procurement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePublic reimbursement and tenders drive volumes for incontinence and professional hygiene solutions; EU public procurement is about 14% of GDP (~€2 trillion\/year), amplifying tender impact. Changes in healthcare funding—OECD health spending ~10% of GDP—can shift product mix and margins. Increasing public-sector sustainability criteria make transparent value demonstration and health-economics evidence critical for award success.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndustrial and energy policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSubsidies, carbon pricing and energy-market regulation materially affect Essity mill operating costs: the EU ETS traded around €80–90\/t CO2 in 2024–25 and Sweden’s carbon tax was ~SEK 1,190\/t (~€110\/t) in 2024, raising fuel and process costs.\u003c\/p\u003e\n\u003cp\u003eTargeted incentives for biomass, electrification and efficiency investments improve competitiveness by lowering operating energy intensity and enabling fuel-switching.\u003c\/p\u003e\n\u003cp\u003eGrid instability and emergency price caps (used across the EU in 2022–23) shift investment timing and raise risk premia for electrification projects.\u003c\/p\u003e\n\u003cp\u003ePolicy alignment across EU and national roadmaps is essential to de-risk long-term decarbonization planning and capital allocation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eForestry and resource governance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eNational forest policies and certification mandates, notably the EU Deforestation Regulation entering into force with full application in 2025, directly shape fiber availability; certified sourcing channels (FSC: over 200 million ha certified in 2023) become critical. Logging restrictions and biodiversity protections can tighten short-term supply, while government-backed reforestation programs can stabilize long-term sourcing and compliance builds stakeholder trust and brand resilience.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePolicy: EU Deforestation Regulation (2025)\u003c\/li\u003e\n\u003cli\u003eCertification: FSC \u0026gt;200M ha (2023)\u003c\/li\u003e\n\u003cli\u003eRisk: logging\/biodiversity limits supply\u003c\/li\u003e\n\u003cli\u003eMitigation: reforestation programs stabilize sourcing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical disruptions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGeopolitical conflicts, port bottlenecks and sanctions disrupt Essitys inputs and delivery chains across its ~150 markets, increasing lead times and cost volatility. Currency controls and capital restrictions in select countries constrain cash repatriation and investments. Political unrest can shift tissue demand from away-from-home to at-home channels; scenario planning and flexible sourcing mitigate such shocks.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eConflicts: disrupt inputs and delivery\u003c\/li\u003e\n\u003cli\u003ePort bottlenecks: raise lead times and costs\u003c\/li\u003e\n\u003cli\u003eCurrency controls: hinder operations in certain markets\u003c\/li\u003e\n\u003cli\u003eDemand shift: away-from-home to at-home tissue\u003c\/li\u003e\n\u003cli\u003eMitigation: scenario planning and flexible sourcing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTariffs, carbon costs and procurement rules reshape hygiene supply chains and fiber access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eTariffs, trade rules and sanctions raise input and logistics costs across Essity’s 150 markets. Public procurement (~14% of EU GDP, ~€2tn) and OECD health spend (~10% GDP) drive volumes for incontinence and professional hygiene. EU ETS €80–90\/t CO2 (2024–25) and Sweden tax ~SEK1,190\/t (~€110\/t) raise mill costs. EU Deforestation Regulation (2025) and FSC \u0026gt;200M ha (2023) reshape fiber access.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarkets\u003c\/td\u003e\n\u003ctd\u003e~150\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU procurement\u003c\/td\u003e\n\u003ctd\u003e~14% GDP (~€2tn)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU ETS\u003c\/td\u003e\n\u003ctd\u003e€80–90\/t (2024–25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSweden carbon tax\u003c\/td\u003e\n\u003ctd\u003e~SEK1,190\/t (~€110\/t)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFSC\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;200M ha (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental factors uniquely affect Essity across Political, Economic, Social, Technological, Environmental and Legal dimensions, with each section grounded in current data and trends to reveal risks and opportunities. Designed for executives and investors, it reflects regional market and regulatory dynamics and offers forward-looking insights for strategy and scenario planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eEssity PESTLE analysis distills regulatory, economic, social, technological and environmental factors into a succinct, shareable summary that speeds decision-making and aligns teams on external risks and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePulp, energy, and freight costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePulp, electricity, gas and freight volatility materially drives Essity’s margins, with pulp price swings and freight rate spikes historically moving input costs by double-digit percentages; Essity reported SEK 11.5bn operating income in 2024 that remains sensitive to these swings. Hedging and long-term purchasing contracts smooth variability, while efficiency programs and product-mix shifts (higher-margin consumer tissue) protect profitability. Rapid price pass-through to customers during inflationary spikes is critical to preserve margins.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsumer spending and inflation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEssity’s essential hygiene categories show resilience but are not price inelastic; tissue and baby care face higher private‑label substitution risk amid inflation—European private‑label grocery share was about 34% in 2023. High inflation (euro area ~2.6% in 2024) amplifies downtrading pressure, so pricing, pack architecture and value‑tier innovation are used to defend share. Real wage trends (modest recovery in 2024) will constrain or enable category premiumization.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFX exposure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEssity reports in Swedish krona and sells in around 150 countries, creating translation and transaction risk as multi-currency revenues and costs interact.\u003c\/p\u003e\n\u003cp\u003ePulp is globally traded and dollar-priced, so USD-linked pulp costs can squeeze margins when finished goods are sold in weaker local currencies.\u003c\/p\u003e\n\u003cp\u003eEssity uses natural hedges (local sourcing\/pricing) and financial hedging to reduce volatility, and management may reprioritize markets as currency cycles shift.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eChannel mix and HoReCa cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eProfessional Hygiene demand tracks office occupancy, travel, and hospitality; IATA reported 2024 passenger traffic ~90% of 2019 levels, so HoReCa-related dispenser and refill volumes faced cyclical pressure and mid-single-digit declines in several markets in 2024.\u003c\/p\u003e\n\u003cp\u003eOmnichannel retail and e-commerce growth (roughly +10% global e‑commerce in 2024) partially offset sector dips; flexible production and inventory management remained crucial for Essity to rebalance channel mix and service variability.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHoReCa sensitivity\u003c\/li\u003e\n\u003cli\u003eTravel recovery ~90% (IATA 2024)\u003c\/li\u003e\n\u003cli\u003eE‑commerce +≈10% (2024)\u003c\/li\u003e\n\u003cli\u003eNeed flexible production\/inventory\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEmerging-market growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRising incomes in emerging markets—IMF forecasts EM growth ~4.3% in 2025—expand penetration in incontinence, feminine and baby care, driving volume upside for Essity. Infrastructure gaps and high distribution costs can dilute margins; localizing production improves affordability and speed. Tailored smaller and value formats unlock volume without eroding profitability.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEM GDP growth 2025: ~4.3% (IMF)\u003c\/li\u003e\n\u003cli\u003eLocal production cuts landed cost and lead times\u003c\/li\u003e\n\u003cli\u003eSmaller\/value formats boost penetration among lower-income households\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTariffs, carbon costs and procurement rules reshape hygiene supply chains and fiber access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInput-cost volatility (pulp USD linkage, freight, energy) materially affects margins; Essity reported SEK 11.5bn operating income in 2024 and relies on hedging, mix shifts and price pass-through. European private‑label share ~34% (2023) and euro area inflation ~2.6% (2024) drive downtrading risk; HoReCa demand ~90% of 2019 (IATA 2024) and e‑commerce +≈10% (2024) reshape channels. EM growth ~4.3% (IMF 2025) supports volume expansion.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperating income (2024)\u003c\/td\u003e\n\u003ctd\u003eSEK 11.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEuro area inflation (2024)\u003c\/td\u003e\n\u003ctd\u003e≈2.6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU private‑label (2023)\u003c\/td\u003e\n\u003ctd\u003e≈34%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIATA pax (2024)\u003c\/td\u003e\n\u003ctd\u003e≈90% of 2019\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eE‑commerce growth (2024)\u003c\/td\u003e\n\u003ctd\u003e≈+10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEM GDP growth (2025 IMF)\u003c\/td\u003e\n\u003ctd\u003e≈4.3%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003eEssity PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Essity PESTLE Analysis document you’ll receive after purchase—fully formatted, professionally structured, and ready to use. No placeholders or teasers; the content and layout match the downloadable file. After checkout you’ll instantly own this final version for immediate application.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":55675432567161,"sku":"essity-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/essity-pestle-analysis.png?v=1755808470","url":"https:\/\/portersfiveforce.com\/products\/essity-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}