AlmaViva - Showing resilience in the current market.

All,

AlmaViva have released their Q numbers prior to conference call at 3pm.  Numbers are broadly in line if a little stronger than our model.  Will update post the conference call, but highlights include:

  • Leverage remains under 3.0x at 2.7x

  • Increased number of IT services contracts executed in Q1 including the extension in February of the Gruppo Ferrovie contract until Dec-21.  

  • Extension of the Palermo site agreement with further discussions over the Summer to explore the possibility of the “restoring of volumes in the coming months”.  So kicking the can further down the road.  

    • Palermo is a problem for AlmaViva, but sometimes analysts focus too much on this small part of the business 

  • Strong performance in the CRM International segment.  

Overall positive - have some outstanding questions in relation to the positive cashflow versus movement in short term debt.  

Happy to discuss further, update post call this afternoon.

Tomas 

Tomás MannionALMAVIVA