For 2012, operating income decreased to €49.0 million from €111.1 million in 2011, primarily due to lower average pulp sales realizations, partially offset by a stronger U.S. dollar relative to the Euro and lower fiber costs.
Interest expense in 2012 decreased to €55.8 million from €59.0 million in 2011, primarily due to reduced debt levels associated with our Stendal mill and the conversion of our remaining convertible notes in 2011.
In 2012, Operating EBITDA decreased to €107.1 million from €167.1 million in 2011. (1 )
We reported a net loss of €12.2 million, or €0.22 per basic and diluted share, for 2012, which included a total non-cash unrealized gain of €2.5 million on Stendal interest rate and pulp price derivatives. In 2011, we reported net income of €50.1 million, or €1.00 per basic and €0.89 per diluted share, which included a non-cash unrealized loss of €1.4 million on the Stendal interest rate derivative._________________________ (1) See page 10 of the financial tables included in the press release for limitations on the use of Operating EBITDA as an analytical tool and a reconciliation of net income (loss) to Operating EBITDA. Liquidity and Capital Resources The following table is a summary of selected financial information as at the dates indicated:
|Year Ended December 31,|
|Cash and cash equivalents||€ 104,239||€ 105,072|
|(1) Principally comprised of German federal government bonds with a maturity of less than one year.|