Adler Pelzer - comment

We are slightly puzzled about what Adler Pelzer need €185m minimum cash for, but the entrance of the Hayashis and the partially drawn RCF suggest, and now the CFO himself admits, that there is no excess cash in the business. The call also brought to light the reason WC was €30m low - the upstream loan had not yet been transferred. So post-transfer cash is at its bare minimum. When we add to that the non-cash element in the EBITDA and the risks we perceive in German vehicle production volumes over the coming six months, we remain very much concerned. As per strategy, we will be waiting for the bonds to come down to close out our short (currently o.o.m.) before Christmas, but look forward to resetting it in the new year.