Maxeda - comments

Bonds won’t be moving much, considering the information cleansing inherent in the report today (we have the presentation, but can’t find the report yet). Revenues in the quarter to 1st of February were softer than we expected, and in all divisions. Margins were stable, so EBITDA reflected the weakness and aside from flat WC (we had a mild inflow), cash flow items remained in line. To fund the ca. €15m shortfall, Maxeda had to draw its RCF. The call will be held at 2 pm London time today.