Net financial charges on an IFRS basis were €(194) million versus €(326) million on an underlying basis. The €(131) million adjustment made to IFRS net financial charges consists of:

  • €(112) million reclassification of coupons on perpetual hybrid bonds, which are treated as dividends under IFRS, and as financial charges in underlying results;
  • €(21) million reclassification of financial charges and realized foreign exchange result on the €-denominated debt of RusVinyl as net financial charges. The €9 million delta with the adjustment made to EBITDA is attributed to unrealized foreign exchange losses;
  • €3 million for the net impact of decreasing discount rates on the valuation of environmental liabilities in the period.