Q1`17 results. Revenues declined by 1.9% to CHF2.83bn. Gross profit declined by 1.3% to CHF1.56bn and the gross margin increased from 54.6% to 55%. EBITDA remained broadly stable at around CHF1.07bn (-0.7%). The EBITDA margin increased from 37.5% to 37.9%. EBIT improved by 2.8% to CHF550m and the EBIT margin increased from 18.5% to 19.4%. Net income also increased by 2.8% to CHF373m.