Below expectations:Lower margin at GL. DPS cut a disappointment Interim DPS increase a positive Poor 4Q+weak dividend=Negative Divi cut in FY15,likely more cuts in FY16;cut TP by 13% Low-end noodle+new beverages=single-digit 2016 growth First Take:2H15 above expectations,but future orders to slow 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