CSM: Responding to a challenging environment

Increasing selling prices to compensate for higher costs remained the most important focus in the first half of 2011, resulting in an average price increase of 7.4% driving an organic sales growth of 4.3%. The time-lag in adjusting selling prices to compensate for higher raw material costs, combined with a volume development impacted by increased selling prices as well as negative currency effects, resulted in an EBITA of � 80.2 million, in line with the guidance in our trading update published 5 July 2011.

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