Net borrowings at September 30, 2011 amounted to € 750 million, which represents a decrease of € 153 million, or 17%, versus € 903 million at the end of September 2010. The decrease was driven by the strong operating cash flow development over the past twelve months. Currency translation had a positive effect in an amount of € 39 million. The Group’s ratio of net borrowings over 12-month rolling EBITDA decreased to 0.6 at the end of September 2011 versus 0.7 in the prior year.