In the second quarter 2011 financial result increased by 14.4% from a negative amount of EUR 46.9 million to a negative amount of EUR 53.6 million.
Net interest expense amounted to EUR 49.2 million and remained almost unchanged in comparison to the second quarter of 2010. Foreign exchange differences turned from a gain of EUR 1.5 million in the first quarter of 2010 to a loss of EUR 0.6 million due to the devaluation of the Belarus Ruble.
A decline in EBITDA comparable and higher restructuring charges resulted in a lower income before income tax. Income tax expense declined by 38.5% to EUR 11.4 million in the second quarter 2011 due to lower operating results and hence a lower taxable income. In the second quarter 2011 net income declined to EUR 20.0 million compared to EUR 68.7 million in the same period of the previous year.
Basic and diluted earnings per share fell from EUR 0.16 in the second quarter 2010 to EUR 0.05 in the second quarter 2011.