Net sales from trading in European sawn timber and roundwood, and sawn timber from Brazil totaled EUR 1.9 million, a decrease of EUR 2.6 million compared to the same period of the previous year (EUR 4.5 million). The EBITDA margin was -14.7 % (previous year: 5.7 %). The heavy rainfall in Northern Europe in spring has significantly reduced the availability of roundwood. The market in Asia and especially in China is also still heavily impacted by the construction credit crisis and many customers are currently experiencing liquidity problems. Inventories in the Netherlands are still at a high level, resulting in high storage and sales costs. While margins on European logs and sawn timber remain good, the destocking in Holland had a negative impact on our earnings.