Heimstaden AB - comment

Please find our updated model here.  

We had wrongly assumed that the contingency payment for the Icelandic assets had already been received and was included in the reported numbers.  Heimstaden AB announced this morning they will receive the net deferred purchase price of c. SEK 750m in cashflow, by the end of March, subject to approval by the Icelandic Competition Authority.  

This c.€75m boosts cash balances at Heimstaden AB ensuring sufficient cash for FY24 but doesn’t change the overall conclusion of our analysis.  The additional monies are likely to be used for liability management and continuing deleveraging at Heimstaden AB.