Interim report 1 January - 31 March 2008

Three months ended 31 March 2008 

  * Local currency sales increased by 26.5% and Euro sales increased
    by 20.7%, to ¤324.2m (¤268.5m).
  * Average size of the sales force increased by 25%, to 2,610,600
    consultants and closing sales force was up by 24%.
  * EBITDA increased by 23%, to ¤57.2m (¤46.4m).
  * Operating margin before restructuring costs, due to the new
    operational platform, was 15.5% (15.4%) resulting in a 22%
    increase in operating profit to ¤50.2m (¤41.3m).
  * Net profit before restructuring costs increased by 22% to ¤37.9m
    (¤31.1m).
  * EPS after dilution and before restructuring costs increased by
    22% to ¤0.67 (¤0.55). Diluted EPS after restructuring costs
    amounted to ¤0.58 (¤0.55).
  * Cash flow from operating activities amounted to ¤3.3m (¤30.4)
    partly due to the cash impact for the restructuring programme and
    an inventory build up.
  * The new operational platform is now fully up and running.

 
The full report including tables can be downloaded from the following
link:
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