4Q results a miss, partly due to execution of turnaround strategy Buy: 4Q15 miss on one off; dividend payout cut FY15:revenues miss,restructuring charges higher FY15 Result First Take - EBIT 4% above JPMf + Announces JV with Descente Painful transition Buy:Stronger for longer Revising down 2016 Kospi target range Daily Breakfast Spread Sales pick up in Jan + Feb; potential for more deals Tougher operating environment and higher impairment costs driving lower EPS