Net sales from trading in European logs and sawn timber amounted to EUR 1.4 million, corresponding to a decrease of 48.8 % (previous year: EUR 2.7 million). The operating profit margin was –7.6 % (previous year: 5.3 %). The oversupply of European logs and sawn timber in Asia, coupled with weak demand for finished products in both the domestic and export markets, was so considerable that prices collapsed. We reduced our activities accordingly. Additional costs for processing our inventories in the Netherlands also led to this collapse in margins.