Chargeurs

EPS adjustments are essentially the by-product of 2017 final numbers highlighting rising central costs and a higher than expected interest bill (excess resources). This new base as well as an allowance for 2018 negative USD impacts explain the bulk of the downgrades which are thus not related to operations.

Earnings adjustments essentially below the EBIT line matter less than the upgrades to the NAV after yet another strong year.

The NAV allows for the upgrade of the Protective Films business after yet another very strong performance and solid growth perspectives. The value of the tax assets has been reappraised as the improved earnings outlook makes them more certain.