The slight decrease in the Group’s revenue in the first quarter of the business year 2013/14 (April 1 to June 30, 2013) is due to the weaker economy in comparison to the previous year on one hand, and on the other, to lower raw materials prices. At EUR 2.94 billion, revenue was only slightly below the previous year’s level (−3.8% compared to Q1 2012/13: EUR 3.05 billion), with this decline being distributed equally among the divisions. As far as results are concerned, the company was able to successfully escape the negative market trend due to the aforementioned reasons. At EUR 366 million, the operating result (EBITDA) in the quarter under review varied only slightly compared to the previous year's figure of EUR 372 million (−1.6%). Due to slightly lower revenue, the EBITDA margin rose from 12.2% in the previous year to 12.5%. Profit from operations (EBIT) followed an analogous pattern with only a slight decrease of 2.1% year-over-year, going from EUR 228 million to EUR 223 million. The EBIT margin went up from 7.5% to 7.6%. It should be noted that all divisions increased their margins compared to the first quarter of the previous year both with regard to operating result and profit from operations.
Profit before tax (EBT) came to EUR 180 million (−2.8%, previous year: EUR 185 million); profit for the period amounted to EUR 139 million (−4.3% compared to 2012/13 at EUR 145 million), not least due to a slightly higher tax rate in a year-to-year comparison. Compared to EUR 5.1 billion as of March 31, 2013, equity rose to EUR 5.2 billion (+1.7%) as of June 30, 2013. At EUR 2.3 billion, net financial debt remained largely stable, with the gearing ratio (net financial debt in percent of equity) dropping to 44%.