Iceland

All,

It just occurs to us that the numbers below referred to Q3 next year, not this one. 

The numbers reported are good and substantially meet our expectations. 

- Sales are on par.

- EBITDA is marginally ahead.

- CF from WC is 20m lower than we had expected. To be analysed. 

- The company opened 15 stores instead of the 9 we had anticipated.

- CapEx is just marginally higher than expected. 

- Cash is 20m lower than expected - due to the WC movement. 

- No material effect on leverage as a result.

Further:

Announcement to redeem @ par 9.5m of the 2020s by Mach 20th.

Company claims it has seen an improvement in sales performance since Christmas.

Please see our forecast financials below (copy from the model as you have it) - and attached again.

More to come soon, but just to let you know that the numbers quoted in our mail this morning were erroneously picked from nest year.

Best,

Wolfgang