Operating profit before amortization of product know-how (EBITA) improved by € 21 million to € 137 million (previous year: € 116 million), representing a rise of 17 %. Return on sales at EBITA level was up 0.5 percentage points to 7.9 % (previous year: 7.4 %). This good performance was the combined result of the rise in net sales revenue and the leveraging of economies of scale in products and the “ProImprove” profit enhancement program.

We counter exchange rate fluctuations that could have adverse effects on profit through comprehensive natural hedging techniques such as vendor selection and location-related decisions. We also make use of financial derivatives.

Financial results were negative, showing a net result of € 20 million (previous year: € 19 million). Of that, € 11 million was interest paid on debt.

The interest expenses of € 7 million (previous year: € 6 million) for pension commitments and retirement provision and also the accounting profit of € 1 million (previous year: € 1 million loss) arising from changes in interest rates and other parameters are reported in the financial result, among others. Last year, these profits/losses were reported under functional costs.

Profit before taxes increased to € 91 million (previous year: € 66 million). This € 25 million improvement is the result of the significant rise in net sales revenue and cost savings.

The Group’s effective rate of tax in the year under review was 39 % (previous year: 33 %).

Net profit for the period rose by € 11 million to € 55 million (previous year: € 44 million). Net profit for the period before amortization of product know-how increased by € 10 million to € 71 million (previous year: € 61 million). The product know-how was created at the Company’s carve-out from the Siemens Group in 1999. Expressed as a return on sales, net profit improved to 3.2 % from 2.8 % the previous year.