3Q11 - Zon
3Q11 - Zon
3Q11 - Zon
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908070605040302045%43%41%39%37%35%33%31%29%27%280230180130803010%90%80%70%60%50%40%30%20%10%0%Continued strong margin improvementEBITDA and EBITDA Margin <strong>3Q11</strong>/ 3Q10 [Millions of Euros, %]EBITDA and EBITDA Margin 9M11/ 9M10 [Millions of Euros, %]EBITDA Margin q.o.q.[%]+1.4pp+3.7%37.1% 37.1% 37.2%229.1237.635.3%35.9%79.535.9%73.333.2%79.5 78.5 79.637.1% 37.1% 37.2%35.2%37.2%34.3%31.7%33.3%34.1%33.2%30.1%3Q10 4Q10 1Q11 2Q11 <strong>3Q11</strong>9M109M111Q 2Q 3Q 4QEBITDA Margin 2009 EBITDA Margin 2010 EBITDA Margin 201117
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