Table:
|  |  | Year ended December 31, |  |
| --- | --- | --- | --- |
| (EUR million) | 2018 | 2019 | % Change |
| Backlog at the beginning of the year | 176.3 | 301.5 | 71% |
| New orders | 942.1 | 1,328.9 | 41% |
| Revenue | (818.1) | (1,283.9) | 57% |
| FX-effect | 6.3 | 4.7 |  |
| Adjustment IFRS 15 | (5.1) | – |  |
| Backlog as per reporting date | 301.5 | 351.2 | 16% |
| Book-to-bill ratio (new orders divided by net sales) | 1.2 | 1.0 |  |
Paragraphs:
BOOKINGS
The following table shows new orders levels for 2019 and the backlog for 2018:
The backlog includes orders for which purchase orders or letters of intent have been accepted, typically for up to one year. Historically, orders have been subject to cancellation or rescheduling by customers. In addition, orders have been subject to price negotiations and changes in specifications as a result of changes in customers’ requirements. Due to possible customer changes in delivery schedules and requirements, and to cancellations of orders, our backlog at any particular date is not necessarily indicative of actual sales for any subsequent period.
For the year in total, our new bookings increased by 24% in 2019 to €1,170 million, excluding the proceeds from the settlements. The book-to-bill, as measured by orders divided by revenue, was 1.0 in 2019. Equipment bookings were led by the foundry segment, followed by logic and memory. Bookings strengthened in the course of the year, excluding the settlement gains, from €235 million in the first quarter to €270 million in the second quarter, €292 million in the third quarter and finished at a new record high of €373 million in the fourth quarter. We also finished the year with a record high order backlog of €351 million, an increase of 16% compared to the end of 2018.
Question:
What is the percentage change in Bookings, excluding the settlement gains, of the first two quarters 2019 to last two quarters?
Answer: (373+292-270-235)/(235+270) = 31.68