Turnover fell by 3% to €4.26bn in the last quarter but both EBIT (+1.3% to €530m) and pre-tax earnings (+3.8% to €441m) were slightly up. At the same time, cash from operations (based on management’s definition) was up by 19% to €883m. In fact, this was the highest first quarter cash generation ever. The sales and profit numbers were very much in line with our projections while cash generation was, at a glance, clearly better.
29 Apr 2016
Q1 revenue slightly down, profits slightly up
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Q1 revenue slightly down, profits slightly up
Turnover fell by 3% to €4.26bn in the last quarter but both EBIT (+1.3% to €530m) and pre-tax earnings (+3.8% to €441m) were slightly up. At the same time, cash from operations (based on management’s definition) was up by 19% to €883m. In fact, this was the highest first quarter cash generation ever. The sales and profit numbers were very much in line with our projections while cash generation was, at a glance, clearly better.