Groupe current operating income was up sharply at €608m, mainly driven by very favourable price development in manganese, but also by productivity gains of €99m (i.e. a total of €405m over the 2014 – 2017 period, in line with the raised target).Net income Groupe share was positive at €203m whereas a loss of €179m was reported for 2016.Net debt stood at €376m at 31 December 2017, versus € 836m at end-2016. Free Cash-Flow, which has been positive over the past three semesters, amounted to €476 m in 2017. It includes a non-recurring effect of €25 m linked to disposal of the Groupe’s headquarters situated in the Tour Montparnasse. Relocation of the Groupe’s headquarters in Paris is scheduled for June 2018.