Emeria - comment

Revenue was spot on, and EBITDA even beat our estimates by as much as €10m. However, the Assurimo sale saw a smaller departure of WC than we had anticipated, and LfL WC outflow was €-8m worse than expected, which lead to ultimately €17m less liquidity. 

Germany looks like it turned around in H225, while Switzerland is disappointing our forecast.

Laurent Carrozzi is now CFO, coming from ATALIAN and Technicolor of all places. We like the company, but feel that the capital structure needs adjustment. The call is today at 11 am London time.