Despite a new volume record in 2003 and an 11 percent improvement of net profits before extraordinary items, Hempel's CEO Ditlev Engel is not fully satisfied with the Group result. The major fall in the dollar is the reason that the Group was unable to live up to its own expectations for greater progress. Hempel is now to focus even more on a new balanced strategy. Hempel set a new volume record in 2003 with a total paint sales of 191 million liters. But an unexpected fall in the dollar meant that the Group's turnover fell to 536 million euro, a six percent reduction on the year before. However, post tax profits came to 41 million euro before extraordinary items, an 11% improvement.