United Group - comment

Q3 numbers beat our expectations primarily due to better-than-modelled top-line growth in Bulgaria and Greece. Net debt is €4.1bn, giving leverage of 4.4x. The Bulsatcom purchase will be completed by writing off the outstanding loan to the owner of Bulsatcom, although the transaction is still subject to regulatory approval. There is a call at 1300 GMT, and we will update you on anything interesting afterwards.