Net sales from trading in European logs and sawn timber amounted to EUR 4.5 million, an increase of EUR 0.5 million compared to the same period of the previous year (EUR 4.0 million). The EBITDA margin was 5.7 % (previous year: 13.1 %). The price level of European logs and sawn timber had recovered temporarily, but started to weaken again in March. The market in China was again open for deliveries. Inventory in the Netherlands is still at a very high level because the political situation brought virtually all construction projects to a standstill (nitrogen emissions from construction projects under scrutiny).