Results from the different regions were inconsistent. Business was not only affected by the performance of the corresponding national economies but also depended upon the extent to which individual banks or retailers and their readiness to invest were hit by the global financial crisis. Although business in Germany and in the strategic growth regions of Asia and the Americas continued to expand, demand in the rest of Europe fell.
In Germany, total net sales rose 7% to around €627 million (2007/2008: €588 million). As a result, the country’s contribution to total Group sales increased to 28% (2007/2008: 25%).
In Europe (excluding Germany), net sales were down 12% to €1,064 million (2007/2008: €1,215 million). As well as a downturn in business in some Western European countries, the main factor here was the particularly severe impact of the economic crisis on the countries of Eastern Europe. At 47% (2007/2008: 53%), Europe (excluding Germany) accounted for the largest share of total Group sales.
Results in the Asia/Pacific/Africa region ended the fiscal year on a positive note. Net sales expressed in euros recorded a substantial 9% rise to €359 million (2007/2008: €329 million), taking the region’s share of total Group sales to 16% (2007/2008: 14%).
Net sales in the Americas were down 4% in U.S. dollars. When converted into euros, however, this was equivalent to growth of 7% to €200 million (2007/2008: €187million), with the result that the region’s share of total Group sales rose to 9% (2007/2008: 8%).
Changes in Regional Sales Trend. €m
