But despite more recent restructuring, expenses are still 25 % higher today... fortunately offset by a steady increase in Saga Furs» turnover (
i.e. auction fees) ratio to 12.1 % (vs. 10.2 % in 2010, I've already highlighted this counter-cyclical feature of the business model), so last year's EUR 2.05 EPS ended up much the same as 2010.