cost focused (trading +3.7%) • Sanofi O3 revs & net income light, EPS below, -ve FX fluctuations, sees 2013 EPS towards low end (trading +1.9%) • Volkswagen O3 revs light, EBIT a shade below, EPS miss, strong FCF, confident will o/p the market (trading +4.3%) • Orkla O3 sales inline, EBITDA ahead driven by