Its net loss was attributable entirely to provisions covering the fine meted out by the European Commission and to an impairment charge related to the Magnets division. As a result of these decisions, we have now put these two issues behind us.
2004 will mark the beginning of a new period of earnings growth for Carbone Lorraine. We forecast improvement in the Groups margins this year, even if business conditions remain the same. And if the economic recovery does occur, our earnings growth will be even stronger.