Emeria - comment

Crucially the company has not yet released the Q4 financial statements. Revenues are right on target and cost management has been some €10m worse than expected. WC improvement of €60m were guided and CapEx should have been benign. On that basis cash should have been in the €80m at least. But the cash figure is only €15m, leaving us hunting for €65m. The company has made P&L adjustments for €44m of discontinued operations including Germany (€24m) and Siitra (€20m). The latter should have been a non-cash event. The former may partially explain the cash difference. We are waiting for the call at 10am.