• Revenues up 3% organically [1]


  • Gross margin down 20 bps to 18.7%


  • EBITA [2] excluding one-offs [3] EUR 320 million


  • EBITA margin excluding one-offs 5.5%, down 30 bps


  • Revenues in September up 4%, organically and adjusted for trading days


  • DSO down 1 day to 52 days; net debt [4] to EBITDA ratio [5] 1.0x


[1] Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and divestitures


[2] EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.


[3] One-offs comprise restructuring costs of EUR 23 million and integration costs of EUR 3 million in Q3 2016, and integration costs of EUR 3 million in Q3 2015.


[4] Net debt is a non-US GAAP measure and comprises short-term and long-term debt less cash and cash equivalents and short-term investments.


[5] Net debt to EBITDA ratio is calculated as net debt at September 30, 2016 divided by last 4 quarters of EBITDA excluding one-offs.