1H16 results first take – good recovery in sales growth 2Q new orders accelerating, solid growth will continue; maintaining Buy Buy: Confident tone about beating sales target First ever loss driven by impairment, good job on cost control Strong 1H16 results; Buy Upgrade to Buy: margin rebound will continue 1H16 in line — Cost cutting and production surprise positively Reduce: Outlook has not brightened Expecting growth recovery in 2H16 NDR takeaway - solid traffic, more M&As and stable dividends