Maxeda - comment

Everything is better. Strong performance from BeNeLux DIY this morning. Figures are altogether very close to model, but at each juncture slightly better. Revenue beats ours by a mere €8m, or 2.1%. Costs are slightly lighter, leaving EBITDA at €34m (we had €31m). Taxes are lighter; even WC is €300k better; Other Operating is €2m better; CapEx is €3m lighter; the company sold €4m vs. our assumption of zero. In summary, that meant Maxeda could pay down the RCF, as flagged on the previous call and holds €58m in cash. We look forward to the call this afternoon at 2 pm UK time and are happy shadow holders of these bonds.