Maxeda - comment

Q1 was largely on target, delivering €1m more EBITDA than expected and zero net cash flow, as per model. The annual tax charge came again in Q1 and was financed with slightly higher WC inflow. However, the company interestingly generated a little less Gross Margin than we thought, which it offset with better cost management. We will be looking into that. The call is this afternoon at 2 pm.