Q4 adjusted EBITDA was €229m (+35% yoy), beating consensus expectations. By division: 1) Refining: EBITDA was €190m (+39% yoy). Net production was at 3.8mt (+11% yoy). The benchmark margin came in at $4.9/bbl (vs. $4.8/bbl in Q1 16 and $5.0/bbl in Q4 16) and the additional margin was $6.2/bbl (Q1 16: $5.4/bbl; Q4 16: $5.9/bbl); 2) Petrochemicals: adj. EBITDA stood at €28m (vs. €25m in Q1 16); 3) Marketing: adj. EBITDA at €13m (broadly stable yoy). The adjusted net inc
