Elan said that its sales declined by between 8 and 10 percent for last year, after reporting turnover of about €90 million in 2011. The Slovenian company's wind energy division raised its sales, but that could not compensate for sales declines in the group's ski and marine division. The turnover of the ski division is estimated to have shrunk by about 10 percent, with a larger drop for its OEM business than for sales of Elan-branded skis. Elan's ski sales improved in Eastern Europe, Russia and Asia, but they declined slightly in central Europe and North America, and more so in Italy and Spain. Exact figures will become known after the company's board meeting later this month. As reported in our previous issue, Elan should be privatized in the coming months, as the group's state-related shareholders have signed a letter of intent to sell their stakes to Argus Capital, a private equity fund focusing on investments in central and Eastern Europe.

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