Q4 sales continued to suffer from FX headwinds (-8%) bringing it down by 4% to CHF1,526m. Partly benefiting from the lower raw material prices and a mix effect, the gross profit margin improved from 28.8% to 30.0%, but EBITDA clearly dropped 47% to CHF177m. As a reminder, there were some disposal gains (CHF164m) booked in Q4 14. Net profit attributable came in at CHF27m after CHF80m. Q4 operating CF was a bit weaker (CHF306m after CHF321m), but NWC (CHF205m after CHF221m) remained at its high
