Kem One - comment

Kem One released its Annual Report this morning and will hold a conference call tomorrow (Thursday) afternoon at 2:30 pm. As part of the cleansing presentation, Kem One released preliminary numbers, including EBITDA of €9m. The Annual Report states €1m of EBITDA and €20m of adjusted EBITDA. We will read the Annual Report in detail to find the discrepancy, but it is broadly irrelevant. The main focus will be on prospects and expect questions relating to tariff impacts and liquidity concerns on tomorrow's call. 

The Annual Report confirms that Kem One sold its €30m face bonds in Q4, at above 90% (a price not seen since!), to improve its liquidity.