(2) Gross Profit on Sales

Gross margin is 26.4 % (previous year: 27.3 %) of net sales. After adjusting for profit charges arising from the carve-out (see "Carve-out"), the gross margin is 27.9 % (previous year: 29.0 %).

The currency profits/losses of € 13,397k (previous year € –1,609k) shown in the statement of income after set-off are essentially comprised within the cost of sales.