Emeria - comment

Management did not comment on the senior equity rumours, but earlier in the call had already floated the idea of resuming M&A activity, now that liquidity is restored. So if that is where management’s head is now, we take that as confirmation.

Otherwise, Q3 was right on target with only a few notable exceptions. The revival of the housing market in France is driving Professional Services and B2C French Sales slightly faster than modelled, but that is outweighed by lower growth in the UK, due to budget uncertainty, which has now been removed. Management is expecting a degree of catch-up there. Working Capital, impacted by the sale of Assurimo, was €24m higher than we thought, and Transformation Costs were €6m higher than expected. The Assurimo cash was - safe for €30m already received before quarter-end, and applied to the RCF.