Business Year 2009/10 

In the current business year 2009/10, we do not assume an improvement in market conditions, but rather expect further significant price pressure as well as a decline in turnover. Thus, we foresee a further reduction in value-added sales.

The earnings situation will improve due to the cost reduction measures being implemented; the full impact of these measures will, however, be felt in subsequent years only. Further charges will be incurred from the reductions in capacity decided last summer as well from the centralization of management and administrative functions and the simplification of the corporate structure decided last autumn. Consequently, for the business year 2009/10, we expect again a negative EBT in significant figures, both prior and after restructuring charges.

With respect to the financial condition during the current year, the securing of liquidity is most important. The successful negotiations with our lenders and shareholders will secure liquidity until the end of 2012 on the basis that business conditions and developments will be as stated in the business plan.