euros in the prior-year quarter. Earnings per preferred share increased from 0.23 euros to 0.39 euros. The adjusted figure was 0.55 euros compared to 0.59 euros in the prior-year quarter. Thanks to a strong cash flow performance, net debt was further reduced compared to the end of the second quarter of 2009 by some 700 million euros to 3.2 billion euros.
Good progress was also made with regard to working capital management: compared to the prior-year period, the ratio of net working capital to sales improved from 12.8 percent to 10.3 percent.
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