Chargeurs

The very healthy set of 2014 earnings is now fully accounted for which provides the basis for yet another increase in the SOTP.

EPS adjustments reflect essentially continuing financing costs as the group retains excess financing above its consolidated net cash position. Strong earnings on Protective-Films are partly offset by a more cautious view on the Wool subsidiaries.

The improved SOTP is derived from higher year-end valuations of the three main units (partly derived from provision reversals) and an improved net cash position.

The DCF fully captures a drop in spreads of 50bp to 150bp, an improved net cash situation and a higher starting point with 2014 EBITDA above expectations.