1H inline; solid EMS orders to drive growth acceleration ahead Costs were lower but so was the topline Regional Morning Notes 1H17 behind; new energy bus sales pick-up in sight Yet to see overall improvement despite significant margin expansion Strong sales to continue; de-gearing in good progress, but fair valuation 2H17 outlook - potentially a more stabilized outlook In-line 2Q17, lens on their way Hold: On track for cooperation synergies Hold: Weak results, not a surprise