Net financial charges on an IFRS basis were €(298) million versus €(394) million on an underlying basis. The €(96) million adjustment made to IFRS net financial charges consists of:

  • 32 million on net cost of borrowings, relating mainly to a one-time net debt management cost, i.e. the tender offer on senior bonds in early October.
  • €(111) million reclassification of coupons on perpetual hybrid bonds, which are treated as dividends under IFRS, and as financial charges in underlying results.
  • €(24) million reclassification of financial charges and realized foreign exchange result on the €-denominated debt of RusVinyl as net financial charges. The €3 million delta with the adjustment made to EBITDA is attributed to unrealized foreign exchange losses.
  • 8 million for the net impact of decreasing discount rates on the valuation of environmental liabilities in the period.