Q4 revenues grew by 4% yoy organically and at constant change while the adjusted EBITDA increased by 3.8%. These results are quite similar to those in Q3 and were expected. Note, however, that the Brazilian real has once again weighed on the Brazilian reported figures (with a 9.2% yoy revenue decline despite 3.5% organic growth in local currency). The reported Q4 EBITDA was also affected by an exceptional provision for restructuring of €3.15bn (of which €2.9bn in Spain). This corres
