The FY15 results reported this morning are in line with the P&L items pre-announced on 11th February. 2015 sales came in at EUR16,915m (+16% and +10% FX-n), implying a 12% FX-n in Q4 alone. Adjusted EBIT margin decreased slightly to 6.5% (-10bp) given a huge step up in marketing expenses in Q4 (+31%). At the conference call today (3pm), management should go into further details on the FY16 outlook. Note that FY sales guidance was revised up at the pre-announced 2015 results (to double-digit growth vs. high single-digit previously). Buy recommendation and FV of EUR104 confirmed.
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