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 FY16 EPS 4.5% ahead but expect consensus to remain unchanged given input cost guidance 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 European Utilities Comps Sheet – 16 February 2017