Gross margin on net sales has fallen by 1.2 percentage points to 25.7% compared to previous year’s equivalent figure (2007/2008: 26.9%). After adjusting for profit charges arising from the carve-out (Glossary) (see Note 29), the gross margin is 25.9% (2007/2008: 27.4%).
The decline in the gross margin was mainly attributable to price-related pressures on the demand side. The foreign currency gains and losses of –€26,460k (2007/2008: €11,602k) shown in the Group income statement are essentially comprised within the cost of sales.
