Exhibit 99.1

For Immediate Release

MERCER INTERNATIONAL INC. REPORTS STRONG 2011 FIRST QUARTER
RESULTS OF OPERATING EBITDA OF €50.8 MILLION ($69.5 MILLION) AND
NET INCOME OF €29.1 MILLION ($39.8 MILLION) OR €0.66 ($0.90) PER BASIC SHARE

NEW YORK, NY, May 5, 2011 — Mercer International Inc. (Nasdaq: MERC, TSX: MRI.U) today reported strong results for the first quarter ended March 31, 2011. Operating EBITDA in the first quarter of 2011 was €50.8 million ($69.5 million), compared to €31.8 million ($44.0 million) in the first quarter of 2010 and €64.6 million ($87.8 million) in the fourth quarter of 2010. Operating EBITDA is defined on page 4 of this press release and reconciled to net income (loss) on page 7 of the financial tables in this press release.

During the quarter, we generated total revenues of €224.1 million ($306.6 million), compared to total revenues of €180.3 million ($249.5 million) in the comparative quarter of 2010. We reported net income of €29.1 million ($39.8 million), or €0.66 ($0.90) per basic share, for the first quarter of 2011, compared to a net loss of €7.5 million ($10.4 million), or €0.21 ($0.29) per basic share, in the first quarter of 2010 and a net income of €35.3 million ($48.0 million), or €0.84 ($1.14) per basic share in the fourth quarter of 2010.

Summary Financial Highlights

		Q1				Q4				Q1
		2011				2010				2010
		(in millions of Euros, except where otherwise stated)
Pulp revenues		€	210.5			€	232.2			€	171.1
Energy revenues			13.7				13.4				9.1
Operating income (loss)			36.6				50.4				18.0
Operating EBITDA (loss)			50.8				64.6				31.8
Unrealized gain (loss) on derivative instruments			12.2				12.4				(6.5	)
Foreign exchange gain (loss) on debt			1.1				(1.5	)			(5.2	)
Income tax benefit (provision)			(0.8	)			0.2				(0.2	)
Net income (loss) attributable to common shareholders			29.1				35.3				(7.5	)
Net income (loss) per share attributable to common shareholders
Basic		€	0.66			€	0.84			€	(0.21	)
Diluted		€	0.52			€	0.63			€	(0.21	)
Common shares outstanding at period end (000s)			45,386				43,000				36,483

Summary Operating Highlights

		Q1				Q4				Q1
		2011				2010				2010
Pulp Production (‘000 ADMTs)			358.6				356.2				329.5
Scheduled Production Downtime (‘000 ADMTs)			3.7				—				18.2
Pulp Sales (‘000 ADMTs)			349.0				386.0				332.9
NBSK pulp list price in Europe ($/ADMT)			960				957				860
NBSK pulp list price in Europe (€/ADMT)			702				704				621
Average pulp sales realizations (€/ADMT)			593				593				507
Energy Production (‘000 MWh)			407.8				393.0				337.7
Energy Sales (‘000 MWh)			157.9				149.7				107.1
Average Spot Currency Exchange Rates:
€ / $(1)			0.7304				0.7361				0.7240
C$ / $(1)			0.9856				1.0129				1.0401
C$ / €(2)			1.3487				1.3766				1.4406

President’s Comments

Mr. Jimmy S.H. Lee, President and Chairman, stated: “We are pleased with the strong first quarter as, despite a weakening U.S. dollar, we achieved Operating EBITDA of €50.8 million and net income of €29.1 million. Operating EBITDA declined from the record level in the prior quarter, primarily as a result of lower sales volumes resulting from very high shipments in the prior quarter and delays in shipping in the current quarter, the 6% decline of the U.S. dollar versus the Euro during the current quarter and a non-cash stock compensation charge of €2.1 million.”

Mr. Lee continued: “Overall, the NBSK pulp market remains well balanced with NBSK inventories around 24 days. During the first quarter of 2011, NBSK list prices increased by $30 per ADMT in Europe and North America to end the quarter at $980 per ADMT and $990 per ADMT, respectively. In China, list prices increased by $50 per ADMT to end the quarter at $890 per ADMT. Such price increases were largely offset by the weak U.S. dollar. Subsequently, in April, due to continuing favorable market conditions and the weak U.S. dollar, producers implemented a further $30 per ADMT price increase, increasing prices to $1,010 per ADMT in Europe, $1,020 per ADMT in North America and $920 per ADMT in China, respectively.”

Mr. Lee continued: “We are also continuing to implement high return capital projects designed to enhance our mills’ technical capabilities and improve their operating results. During the first quarter of 2011, our Celgar mill finalized a contribution agreement with the Government of Canada for approximately C$9.7 million of grants to improve its fiber line and oxygen delignification process and reduce production costs. The mill also qualified for a C$1.6 million grant under the Canadian government’s Transformative Technologies Program to install a new generator acid purification system designed to reduce the mill’s chemical costs. As a result of such governmental support, we expect both these projects, when completed, to provide very attractive rates of return.”

Mr. Lee concluded: “With our world-class mills and current strong pulp pricing and demand, we are well positioned to generate strong returns and continue to enhance value for our stakeholders in 2011.”

Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010

Total revenues for the three months ended March 31, 2011 increased to €224.1 million ($306.6 million) from €180.3 million ($249.5 million) in the same period in 2010. Pulp revenues for the three months ended March 31, 2011 increased by approximately 23% to €210.5 million from €171.1 million in the comparative period of 2010, due to higher pulp prices, partially offset by a weaker U.S. dollar. Revenues from the sale of excess energy increased by approximately 51% in the first quarter to a record €13.7 million from €9.1 million in the same quarter last year, primarily as a result of energy sales from the Celgar Green Energy Project in 2011.

Pulp production increased to 358,557 ADMTs in the current quarter, from 329,455 ADMTs in the same quarter of 2010, primarily due to only two days of scheduled maintenance downtime at our Stendal mill in the current quarter, compared to ten days at Stendal in the first quarter of 2010.

Pulp sales volume increased to 348,995 ADMTs in the current quarter from 332,869 ADMTs in the comparative period of 2010, primarily as a result of stronger demand. Average pulp sales realizations increased by approximately 17% to €593 per ADMT in the first quarter of 2011, compared to €507 per ADMT in the same period last year, primarily due to higher pulp prices.

Costs and expenses in the first quarter of 2011 increased to €187.5 million from €162.2 million in the comparative period of 2010, primarily due to higher fiber costs.

On average, our per unit fiber costs in the quarter increased by approximately 20% from the same period in 2010, primarily due to low harvesting activity in Germany as a result of the downturn in the lumber industry which has been compounded by demand for fiber from the European wood pellet and particle board industries. As a result, our German mills have been required to source fiber outside their traditional fiber baskets. We currently expect our overall fiber costs to remain stable at these levels in the short- to mid-term.

For the first quarter of 2011, operating income increased by approximately 103% to €36.6 million from €18.0 million in the comparative quarter of 2010, primarily due to higher pulp prices.

Interest expense in the first quarter of 2011 decreased to €15.9 million from €16.4 million in the comparative quarter of 2010, primarily due to reduced levels of debt associated with the Stendal mill.

Our Stendal mill recorded an unrealized gain of €12.2 million on our interest rate derivatives in the current quarter, compared to an unrealized loss of €6.5 million in the same quarter of last year. We recorded a foreign exchange gain on our debt of €1.1 million in the first quarter of 2011 compared to a loss of €5.2 million in the same period last year.

In the first quarter of 2011, the noncontrolling shareholder’s interest in the Stendal mill’s income was €4.5 million, compared to a loss of €3.7 million in the same quarter last year.

In the first quarter of 2011, Operating EBITDA increased by approximately 60% to €50.8 million from €31.8 million in the first quarter of 2010. Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of their operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income or income from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. For a reconciliation of net income (loss) attributable to common shareholders to Operating EBITDA, see page 7 of the financial tables included in this press release.

We reported net income attributable to common shareholders of €29.1 million, or €0.66 per basic and €0.52 per diluted share, for the first quarter of 2011, which included non-cash unrealized gains of €12.2 million on the Stendal interest rate derivatives and a €1.1 million non-cash foreign currency translation gain on our debt, partially offset by a non-cash charge for stock compensation of €2.1 million. In the first quarter of 2010, we reported a net loss attributable to common shareholders of €7.5 million, or €0.21 per basic and diluted share, which included non-cash unrealized losses of €6.5 million on the Stendal interest rate derivatives and a non-cash foreign exchange loss of €5.2 million on our debt.

Liquidity and Capital Resources

The following table is a summary of selected financial information for the periods indicated:

		As at March 31,				As at December 31,
		2011				2010
		(in thousands)
Financial Position
Cash and cash equivalents		€	123,241			€	99,022
Working capital			210,980				231,683
Property, plant and equipment			830,095				846,767
Total assets			1,207,287				1,216,075
Long-term liabilities			795,118				877,315
Total equity			257,308				213,563

As at March 31, 2011, we had approximately €26.4 million and C$35.0 million available under our Rosenthal and Celgar facilities, respectively. During the first quarter of 2011, we repaid and discharged €30.4 million of debt primarily by redeeming the balance of our 9.25% 2013 senior notes of approximately €15.2 million ($20.5 million) and repaying €14.6 million of principal under our Stendal mill’s loan facility. At March 31, 2011, the principal amount outstanding under the Stendal loan facility was €486.1 million. In addition, in the first quarter of 2011, we reduced borrowings under our Celgar mill’s revolving credit facility by €14.7 million (C$20.0 million).

As at March 31, 2011, we had outstanding €26.1 million in 2012 convertible subordinated notes which are redeemable by us commencing July 15, 2011. We currently expect to give notice of their redemption in the second quarter of 2011.

Restricted Group

The following table is a summary of selected financial information for the Restricted Group for the periods indicated.

		As at March 31,				As at December 31,
		2011				2010
		(in thousands)
Restricted Group Financial Position
Cash and cash equivalents		€	57,202			€	50,654
Working capital			127,551				150,667
Property, plant and equipment			350,034				362,274
Total assets			648,588				662,944
Long-term liabilities			252,060				312,631
Total equity			315,155				289,141

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for Friday, May 6, 2011 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived through June 6, 2011, over the Internet at http://investor.shareholder.com/media/eventdetail.cfm? eventid=95580&CompanyID=MERC&e=1&mediaKey=1AE35D7DABC3EC
D95E2779DA87354812 or through a link on the Company’s Investors/News Releases page at http://www.mercerint.com/s/ NewsReleases.asp. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. A replay of this call will be available approximately two hours after the live call ends until June 6, 2011 through a link on the Company’s Investors/News Releases page at http://www.mercerint.com/s/NewsReleases.asp.

Mercer International Inc. is a global pulp manufacturing company. To obtain further information on the company, please visit its web site at http://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:

Jimmy S.H. Lee
Chairman & President
(604) 684-1099

David M. Gandossi
Executive Vice-President &
Chief Financial Officer
(604) 684-1099

-FINANCIAL TABLES FOLLOW-

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands of Euros)

		March 31,				December 31,
		2011				2010
ASSETS
Current assets
Cash and cash equivalents		€	123,241			€	99,022
Receivables			112,991				121,709
Inventories			96,408				102,219
Prepaid expenses and other			10,787				11,360
Deferred income tax			22,414				22,570
Total current assets			365,841				356,880
Long-term assets
Property, plant and equipment			830,095				846,767
Deferred note issuance and other			10,461				11,082
Note receivable			890				1,346
			841,446				859,195
Total assets		€	1,207,287			€	1,216,075
LIABILITIES
Current liabilities
Accounts payable and accrued expenses		€	108,765			€	84,873
Pension and other post-retirement benefit obligations			703				728
Debt			45,393				39,596
Total current liabilities			154,861				125,197
Long-term liabilities
Debt			713,422				782,328
Unrealized interest rate derivative losses			38,730				50,973
Pension and other post-retirement benefit obligations			23,412				24,236
Capital leases and other			11,607				12,010
Deferred income tax			7,947				7,768
			795,118				877,315
Total liabilities		€	949,979			€	1,002,512
EQUITY
Shareholders’ equity
Share capital			227,588				219,211
Paid-in capital			(5,877	)			(3,899	)
Retained earnings (deficit)			18,097				(10,956	)
Accumulated other comprehensive income			35,458				31,712
Total shareholders’ equity			275,266				236,068
Noncontrolling interest (deficit)			(17,958	)			(22,505	)
Total equity			257,308				213,563
Total liabilities and equity		€	1,207,287			€	1,216,075

		Three Months Ended
		March 31,
		2011				2010
Revenues
Pulp		€	210,458			€	171,121
Energy			13,677				9,131
			224,135				180,252
Costs and expenses
Operating costs			163,355				140,409
Operating depreciation and amortization			14,076				13,724
			46,704				26,119
Selling, general and administrative expenses			10,230				8,095
Purchase (sale) of emission allowances			(170	)			—
Operating income (loss)			36,644				18,024
Other income (expense)
Interest expense			(15,906	)			(16,423	)
Investment income (loss)			327				94
Foreign exchange gain (loss) on debt			1,111				(5,231	)
Gain (loss) on extinguishment of debt			—				(929	)
Gain (loss) on derivative instruments			12,243				(6,546	)
Total other income (expense)			(2,225	)			(29,035	)
Income (loss) before income taxes			34,419				(11,011	)
Income tax benefit (provision) — current			(819	)			(204	)
— deferred			—				—
Net income (loss)			33,600				(11,215	)
Less: net loss (income) attributable to noncontrolling interest			(4,547	)			3,669
Net income (loss) attributable to common shareholders		€	29,053			€	(7,546	)
Net income (loss) per share attributable to common shareholders
Basic		€	0.66			€	(0.21	)
Diluted		€	0.52			€	(0.21	)

		Three Months Ended
		March 31,
		2011				2010
Cash flows from (used in) operating activities
Net income (loss) attributable to common shareholders		€	29,053			€	(7,546	)
Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities
Loss (gain) on derivative instruments			(12,243	)			6,546
Foreign exchange (gain) loss on debt			(1,111	)			5,231
Loss (gain) on extinguishment of debt			—				929
Depreciation and amortization			14,138				13,821
Accretion expense (income)			470				431
Noncontrolling interest			4,547				(3,669	)
Stock compensation expense			2,068				506
Pension and other post-retirement expense, net of funding			(14	)			194
Other			684				1,003
Changes in current assets and liabilities
Receivables			7,177				(17,144	)
Inventories			4,313				(5,259	)
Accounts payable and accrued expenses			25,388				7,955
Other			359				(1,281	)
Net cash from (used in) operating activities			74,829				1,717
Cash flows from (used in) investing activities
Purchase of property, plant and equipment			(8,069	)			(5,850	)
Proceeds on sale of property, plant and equipment			353				387
Notes receivable			396				(84	)
Net cash from (used in) investing activities			(7,320	)			(5,547	)
Cash flows from (used in) financing activities
Repayment of notes payable and debt			(30,351	)			(8,250	)
Repayment of capital lease obligations			(855	)			(1,004	)
Proceeds from (repayment of) credit facilities, net			(14,652	)			—
Proceeds from government grants			4,112				9,415
Net cash from (used in) financing activities			(41,746	)			161
Effect of exchange rate changes on cash and cash equivalents			(1,544	)			1,070
Net increase (decrease) in cash and cash equivalents			24,219				(2,599	)
Cash and cash equivalents, beginning of period			99,022				51,291
Cash and cash equivalents, end of period		€	123,241			€	48,692

The terms of the indenture governing our 9.5% senior unsecured notes require that we provide the results of operations and financial condition of Mercer International Inc. and our restricted subsidiaries under the indenture, collectively referred to as the “Restricted Group”. As at and during the three months ended March 31, 2011 and 2010, the Restricted Group was comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills. The Restricted Group excludes the Stendal mill.

		March 31, 2011
		Restricted				Unrestricted								Consolidated
		Group				Subsidiaries				Eliminations				Group
ASSETS
Current assets
Cash and cash equivalents		€	57,202			€	66,039			€	—			€	123,241
Receivables			63,063				49,928				—				112,991
Inventories			59,663				36,745				—				96,408
Prepaid expenses and other			6,582				4,205				—				10,787
Deferred income tax			22,414				—				—				22,414
Total current assets			208,924				156,917				—				365,841
Property, plant and equipment			350,034				480,061				—				830,095
Deferred note issuance and other			6,437				4,024				—				10,461
Due from unrestricted group			82,303				—				(82,303	)			—
Note receivable			890				—				—				890
Total assets		€	648,588			€	641,002			€	(82,303	)		€	1,207,287
LIABILITIES
Current liabilities
Accounts payable and accrued expenses		€	53,444			€	55,321			€	—			€	108,765
Pension and other post-retirement benefit obligations			703				—				—				703
Debt			27,226				18,167				—				45,393
Total current liabilities			81,373				73,488				—				154,861
Long-term liabilities
Debt			213,711				499,711				—				713,422
Due to restricted group			—				82,303				(82,303	)			—
Unrealized interest rate derivative losses			—				38,730				—				38,730
Pension and other post-retirement benefit obligations			23,412				—				—				23,412
Capital leases and other			6,990				4,617				—				11,607
Deferred income tax			7,947				—				—				7,947
Total liabilities			333,433				698,849				(82,303	)			949,979
EQUITY
Total shareholders’ equity (deficit)			315,155				(39,889	)			—				275,266
Noncontrolling interest (deficit)			—				(17,958	)			—				(17,958	)
Total liabilities and equity		€	648,588			€	641,002			€	(82,303	)		€	1,207,287

		December 31, 2010
		Restricted				Unrestricted								Consolidated
		Group				Subsidiaries				Eliminations				Group
ASSETS
Current assets
Cash and cash equivalents		€	50,654			€	48,368			€	—			€	99,022
Receivables			70,865				50,844				—				121,709
Inventories			60,910				41,309				—				102,219
Prepaid expenses and other			6,840				4,520				—				11,360
Deferred income tax			22,570				—				—				22,570
Total current assets			211,839				145,041				—				356,880
Long-term assets
Property, plant and equipment			362,274				484,493				—				846,767
Deferred note issuance and other			6,903				4,179				—				11,082
Due from unrestricted group			80,582				—				(80,582	)			—
Note receivable			1,346				—				—				1,346
Total assets		€	662,944			€	633,713			€	(80,582	)		€	1,216,075
LIABILITIES
Current liabilities
Accounts payable and accrued expenses		€	44,015			€	40,858			€	—			€	84,873
Pension and other post-retirement benefit obligations			728				—				—				728
Debt			16,429				23,167				—				39,596
Total current liabilities			61,172				64,025				—				125,197
Long-term liabilities
Debt			273,473				508,855				—				782,328
Due to restricted group			—				80,582				(80,582	)			—
Unrealized interest rate derivative losses			—				50,973				—				50,973
Pension and other post-retirement benefit obligations			24,236				—				—				24,236
Capital leases and other			7,154				4,856				—				12,010
Deferred income tax			7,768				—				—				7,768
Total liabilities			373,803				709,291				(80,582	)			1,002,512
EQUITY
Total shareholders’ equity (deficit)			289,141				(53,073	)			—				236,068
Noncontrolling interest (deficit)			—				(22,505	)			—				(22,505	)
Total liabilities and equity		€	662,944			€	633,713			€	(80,582	)		€	1,216,075

		Three Months Ended March 31, 2011
		Restricted				Unrestricted								Consolidated
		Group				Subsidiaries				Eliminations				Group
Revenues
Pulp		€	115,226			€	95,232			€	—			€	210,458
Energy			5,846				7,831				—				13,677
			121,072				103,063				—				224,135
Operating costs			85,991				77,364				—				163,355
Operating depreciation and amortization			7,614				6,462				—				14,076
Selling, general and administrative expenses and other			6,191				3,869				—				10,060
			99,796				87,695				—				187,491
Operating income (loss)			21,276				15,368				—				36,644
Other income (expense)
Interest expense			(7,273	)			(9,851	)			1,218				(15,906	)
Investment income (loss)			1,279				266				(1,218	)			327
Foreign exchange gain (loss) on debt			1,111				—				—				1,111
Gain (loss) on derivative instruments			—				12,243				—				12,243
Total other income (expense)			(4,883	)			2,658				—				(2,225	)
Income (loss) before income taxes			16,393				18,026				—				34,419
Income tax benefit (provision)			(524	)			(295	)			—				(819	)
Net income (loss)			15,869				17,731				—				33,600
Less: net (income) loss attributable to noncontrolling interest			—				(4,547	)			—				(4,547	)
Net income (loss) attributable to common shareholders		€	15,869			€	13,184			€	—			€	29,053

		Three Months Ended March 31, 2010
		Restricted				Unrestricted								Consolidated
		Group				Subsidiaries				Eliminations				Group
Revenues
Pulp		€	106,417			€	64,704			€	—			€	171,121
Energy			3,375				5,756				—				9,131
			109,792				70,460				—				180,252
Operating costs			81,665				58,744				—				140,409
Operating depreciation and amortization			7,213				6,511				—				13,724
Selling, general and administrative expenses and other			4,841				3,254				—				8,095
			93,719				68,509				—				162,228
Operating income (loss)			16,073				1,951				—				18,024
Other income (expense)
Interest expense			(7,320	)			(10,264	)			1,161				(16,423	)
Investment income (loss)			1,239				16				(1,161	)			94
Foreign exchange gain (loss) on debt			(5,231	)			—				—				(5,231	)
Gain (loss) on extinguishment of debt			(929	)			—				—				(929	)
Gain (loss) on derivative instruments			—				(6,546	)			—				(6,546	)
Total other income (expense)			(12,241	)			(16,794	)			—				(29,035	)
Income (loss) before income taxes			3,832				(14,843	)			—				(11,011	)
Income tax benefit (provision)			(161	)			(43	)			—				(204	)
Net income (loss)			3,671				(14,886	)			—				(11,215	)
Less: net (income) loss attributable to noncontrolling interest			—				3,669				—				3,669
Net income (loss) attributable to common shareholders		€	3,671			€	(11,217	)		€	—			€	(7,546	)

		Three Months Ended
		March 31,
		2011				2010
Net income (loss) attributable to common shareholders		€	29,053			€	(7,546	)
Net income (loss) attributable to noncontrolling interest			4,547				(3,669	)
Income taxes (benefits)			819				204
Interest expense			15,906				16,423
Investment (income) loss			(327	)			(94	)
Foreign exchange (gain) loss on debt			(1,111	)			5,231
Loss (gain) on extinguishment of debt			—				929
Loss (gain) on derivative instruments			(12,243	)			6,546
Operating income (loss)			36,644				18,024
Add: Depreciation and amortization			14,138				13,821
Operating EBITDA(1)		€	50,782			€	31,845

COMPUTATION OF RESTRICTED GROUP OPERATING EBITDA
(Unaudited)
(In thousands of Euros)

		Three Months Ended
		March 31,
		2011				2010
Restricted Group
Net income (loss) attributable to common shareholders(1)		€	15,869			€	3,671
Income taxes (benefits)			524				161
Interest expense			7,273				7,320
Investment (income) loss			(1,279	)			(1,239	)
Foreign exchange (gain) loss on debt			(1,111	)			5,231
Loss (gain) on extinguishment of debt			—				929
Operating income (loss)			21,276				16,073
Add: Depreciation and amortization			7,676				7,310
Operating EBITDA(2)		€	28,952			€	23,383

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