We have increased the total number of shares (from 13.6m at year-end 2018 to 18.4m in March 2019) following the conversion of all convertible bonds issued last year, which by the way confirms shareholders’ confidence in the company. The valuation does not significantly change (dilution on one side, a lower net debt position on the other one), but of course the apparent loss per share is smaller over the next two years. No other changes to our model.
