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NOTES TO INVESTORS

increased operating leverage and sustainable momentum

gross margin and opex % revenue

50%

40%

30%

20%

10%

0%

1.0%

42%

10.9%

34%

6.5%

36%

5.6%

37%

1.9%

39%

42.6%

44.7%

42.1%

42.8%

40.9%

FY2011

FY2012

FY2013

FY2014

FY2015

20%

16%

12%

8%

4%

0%

adj. operating margin

​  adj. opex (% revenue)        adj. gross margin        adj. operating margin

Improved profitability as revenue growth is coupled
with strong gross margins and improved opex levels

annual report 2015