On an adjusted basis, i.e. excluding Ferrari, FCA’s deliveries fell by slightly less than 1% to 1,086k vehicles. As the ASPs were, except for EMEA, up in all regions, revenue increased by 3% to €26.6bn. This translated into EBIT of €1.31bn (+88%) and net profit of €478m (from €27m in Q1 15). While the volume and the revenue numbers both fell short of our projections, earnings were higher.