Adler Pelzer - comment

We interpret yesterday’s preliminary release in the context of APG’s ongoing refinancing efforts. We were braced for a Q4 disappointment following Antolin’s results, APG’s statement does reveal a robust margin, and EBITDA has actually come in on target. As previously indicated, management used the positive WC swing to pay down the RCF, even if that should only be briefly. CapEx was more contained than we had modelled, although the preliminary figures released yesterday afternoon seem to contain some netting. Overall, it’s a respectable operating result, even if we consider CapEx well below long-term maintenance.