Cerba - comment

The call currently is ongoing, but the initial view of the numbers is worse than we expected. Liquidity will remain tight going forward and we fully expect the Company to draw down the remainder of the RCF. We expect lots of questions on Cerba’s pro-forma adjusted EBITDA, which includes €100m of a proactive and “ambitious" cost savings program. We don’t expect any investor will lend credence to these adjustments. We will fully update our model post the call.