Q1 revenue declined by 26% (broadly in line with our estimates), to €441m. NTM backlog stood at €1.2bn (-27% yoy, -9% qoq). The EBIT margin was negative, low single-digit, due to both Q1 seasonal weakness and revenues contracting quicker than costs. Outlook 2016 confirmed: - positive cash flow; - further cost reductions; - severe pressure on margins (vs. “continuing pressure” at FY2015 results).