Update following the Q4 16 earnings release
EPS CHANGE
CHANGE IN EPS
2016 : € 0.21 vs 0.21 +1.61%
2017 : € 0.26 vs 0.28 -9.28%

Following the Q4 16 earnings release, we have updated our model with the final 2016 figures (except for divisional EBIT figures, which have yet to be communicated). In 2017, the EPS comes in lower due to a higher opex run rate leading to a lower EBIT margin (18.6% vs. 20.1% previously) as well as due to a lower impact of the income from Magellan SAS (€200k vs. €600k). In 2018, we have also integrated a €750k charge in case of an unsuccessful appeal.