CSM Q1 2012 Interim Management Statement
In a difficult trading environment, CSM increased its sales by 5.1%. Organic growth in the first quarter of 2012 increased with 1.8% mainly by further improving pricing to cover raw material cost increases. Volumes in Bakery Supplies were lower compared to the same quarter last year, due to continuing weakness in consumer spending. However, the rate of decline was less than in the second half of last year. In Purac, after two successive quarters of declining volumes, volumes in Q1 2012 increased. We are adapting our cost base to a lower level through the CSM-wide "Relevance" restructuring program. Group EBITA excluding one-off costs in Q1 2012 amounted to �32.3 million, a decline of 26.3% compared to Q1 last year. The restructuring actions being taken will increase profitability over the course of 2012.
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