Rekeep - comment

Best to ignore the headlines which compare FY23 and Q4 23 versus prior year as these are distorted by the tax credits received last year to compensate for the energy price rises.  Excluding tax credits, EBITDA grow versus prior years.  In line with our expectations, there was a full reversal of working capital accumulated during the year, resulting in leverage settling at 4.0x including the fine.  Backlog has increased to 2.6x LTM revenue due to some contract renewals coupled with c.€200m of new wins.  

Company has started conversations with financial advisers re: asset sales and refinancing but these are at early stages with management unwilling to add much additional comment.  Bonds have resettled in the low 90s at 13% yield.