Givaudan reported earnings results for the year 2017. For the year, the company achieved sales of CHF 5 billion, a growth of 4.9% on the like-for-like basis and 8.3% in Swiss francs. The underlying EBITDA increased to 23.3% from 22.8% in 2016. The net income increased by 11.7% to CHF 720 million. The EBITDA was CHF 1,089,000,000 in 2017, including CHF 107 million of cost related to the implementation of GBS. The operating income declined slightly to CHF 869 million in 2017, mainly as a result of the cost related to GBS. The net income before tax increased to CHF 785 million -- CHF 795 million versus CHF 784 million in 2016. The net income increased to CHF 720 million or 14.2% of sales compared to 13.8% in the previous year, and basic EPS increased to CHF 78.18 versus CHF 69.95 a year ago. Operating cash flow increased by 7% versus 2016 to CHF 861 million.