Takko - comment

We are out this morning, but first impressions of Takko’s results are very disappointing. Relative to our expectations, Takko have underperformed by €20m EBITDA, half at GM level and half in expenses, within which we may have underestimated the Other Operating item. We are not immediately seeing any effort of shifting profits into future periods, by booking outsized provisions or inventory revaluations for instance. So the relative weakness thus far appears to be real.