Strong FCF generation in 2016, rest in-line Q1 results weak but shares supported by yield Weak Q4 growth likely outweighs strong cash flow A better year-end and better start Diversification is back Solid FY16 volumes and sensible FY17 guidance, but organic sales and EPS below expectations 2017 EBIT outlook significantly below consensus expectations Weaker 4Q16 operating trends, with solvency below expectations 1H17 Result: Pre-commitment grinding higher Q4 2016 results: Lacklustre profits, in line guidance but selectivity hits