Pro-Gest - It's not in the numbers

All,

Pro-Gest figures were well guided for only a few weeks ago and we are still lacking the presentation, which generally holds some vital data for us. 

YoY P&L figures may look inflated, but even when adjusting for the acquisition of Tolentino as well as one-off gains and CFs from machine sales, payments to mini-bondholders, banks and competition authorities, we find the operating metrics still exceed our expectations. 

We continue to see the coming six months critically as the ramp-up of the Mantova plant will surely consume precious cash (see 2019) and the site in Monza is unlikely to be sold in time. But the company almost has the license for the plant in hand now and we struggle to see how in such a momentous moment stakeholders would close the taps. 

We will finalise our model over the weekend and make an investment decision shortly. 

Wolfgang