2019 Annual Integrated Report

Net financial charges on an IFRS basis were €(242) million versus €(332) million on an underlying basis. The €(90) million adjustment made to IFRS net financial charges consists of:

  • €(13) million for the costs related to the restructuring of the Group financial debt and the reimbursement of the USD800 million bond,
  • €(105) million reclassification of coupons on perpetual hybrid bonds, which are treated as dividends under IFRS, and as financial charges in underlying results,
  • €(18) million reclassification of financial charges and realized foreign exchange result on the €-denominated debt of RusVinyl as net financial charges. The €15 million delta with the adjustment made to EBITDA is attributed to unrealized foreign exchange gains,
  • €20 million for the net impact of decreasing discount rates on the valuation of environmental liabilities in the period.