In the first three months of 2009 Cognis saw its sales volumes decline by about 18 % in comparison to the Q1 of 2008. Compared with the Q4 of 2008 volumes actually increased by 5 %, driven by growth in North America and Asia. Cognis' operating result (adjusted Ebitda) fell by 19.3 % to €73 million. Return on sales (adjusted Ebitda as a percentage of sales) for the Q1 was 11 %. EBIT decreased by €21 million to €35 million. The company made a net loss including exceptional items of €33 million for the period (minus €43 million). Operating cash flow in the period improved significantly and was up by €95 million to €101 million. Overall, Cognis' cash position increased substantially, to €241 million.