Net financial charges on an IFRS basis were € (339) m versus € (469) m on an underlying basis. The € (130) m adjustment made to IFRS net financial charges consists of:

  • € (26) m reclassification of financial charges and realized foreign exchange result on the euro-denominated debt of RusVinyl as net financial charges. The € 42 m delta with the adjustment made to EBITDA is attributed to unrealized foreign exchange gains;
  • € (111) m reclassification of coupons on perpetual hybrid bonds, which are treated as dividends under IFRS, and as financial charges in underlying results;
  • € 12 m for the net impact of decreasing discount rates on the valuation of environmental liabilities in the period;
  • € (5) m for the “Result from available-for-sales financial assets”.