Adler Pelzer - comment

Adler Pelzer beat our expectations in Q2, primarily due to lower tooling business than last year. Otherwise, the quarter looked in line with overall development and close to model, with only a higher, but seasonally justified investment in WC. The company is now squeezing CapEx as it is looking to refinance its bonds, for which the HY window seems at best ajar again. Still, as a result of that lower tooling expense (which can be erratic - and will come another time), the company for now has €17m more cash.