Financial Section

Income statement
€ million	Q1/08	Q1/07
Revenues	1,213.0	944.7
Cost of sales	711.5	624.6
Gross profit	501.5	320.1
Gross margin in %	41.3	33.9
Selling expenses	216.0	203.8
General and administrative expenses	23.1	20.0
Research and development costs	4.3	4.0
Other operating income/expenses	(32.0)	10.8
Income from investments, net	0.2	0.2
Operating earnings (EBIT I)	226.3	103.3
Operating EBIT margin in %	18.7	10.9
Market value changes from hedging transactions	(107.7)	3.0
Earnings after market value changes (EBIT II)	118.6	106.3
Interest income, net	(12.1)	(9.1)
Other financial result	9.8	(0.7)
Financial result	(2.3)	(9.8)
Earnings before income taxes	116.3	96.5
Earnings before income taxes, adjusted*	224.0	93.5
Taxes on income	31.5	31.9
- of which deferred taxes	12.9	4.6
Earnings after taxes	84.8	64.6
Minority interests in earnings	–	0.1
Group earnings after taxes and minority interests	84.8	64.5
Elimination of market value changes after taxes	77.8	(1.9)
Group earnings after taxes, adjusted*	162.6	62.6
Earnings per share in € (undiluted = diluted)	2.06	1.57
Earnings per share in €, adjusted*	3.95	1.52
Average number of shares (million)	41.21	41.21

*   adjusted for the effect of market value changes in hedging transactions; for adjusted Group earnings, the resulting tax effects were also eliminated

 

Statement of changes in equity	Subscribed capital	Additional paid-in capital	Profit retained/ revenue reserves	Differences from foreign currency translation	Revaluation reserve	Minority interests	Equity
€ million
Balance as of 1 January 2008	108.8	7.6	829.8	(35.4)	20.2	0.8	931.8
Consolidation-related effects	–	–	0.6	–	–	–	0.6
Other neutral changes	–	–	(7.2)	(27.0)	(20.3)	–	(54.5)
Total	–	–	(6.6)	(27.0)	(20.3)	–	(53.9)
Earnings after taxes for the period	–	–	84.8	–	–	–	84.8
Balance as of 31 March 2008	108.8	7.6	908.0	(62.4)	(0.1)	0.8	962.7
Balance as of 1 January 2007	108.8	7.9	997.5	(15.7)	25.3	0.6	1,124.4
Market valuation of securities	–	–	–	–	(0.2)	–	(0.2)
Other neutral changes	–	–	–	(12.7)	0.1	–	(12.6)
Total	–	–	–	(12.7)	(0.1)	–	(12.8)
Earnings after taxes for the period	–	–	64.5	–	–	0.1	64.6
Balance as of 31 March 2007	108.8	7.9	1,062.0	(28.4)	25.2	0.7	1,176.2