The company reported solid 2016 results, although net revenues declined 1.2% to CHF16.5bn. The gross margin improved from 37.4% to 39.6% and EBITDA increased 6.6% to CHF1.11bn, meeting our estimates. The EBITDA margin improved from 6.2% to 6.8% and the EBIT margin from 5.1% to 5.6%. Net income rose 6.2% to CHF718m. Management proposed a dividend increase of 10% to CHF5.50 per share. The total payout ratio will reach around 92%. The two business divisions, Seafreight and Airfreight, contribute ....