Sarria News - Nordex, Intralot, Steinhoff

All,
- Nordex reported much as expected yesterday. Most importantly, management pledged a frugal approach to pre-producing turbines, which could quickly put their balance sheet under enormous pressure. 2019 guidance is for margins to fall, although somewhat less than per our model. We will update soon.
- Intralot have disclosed that Totolotek will be sold for E5m, +E2m for certain conditions subsequent and another E2m if certain licenses are renewed this year. Its a strong outcome for -E5m of Ebitda.
- Steinhoff are selling their stake in KAP for nearly E300m. Its a mere liquidation of holdings. The figure largely corresponds to the value investors had it marked at. So there is no material change in valuation.
- Steinhoff also extended the deadline for the consent to tomorrow.
Wolfgang