The ballpark is correct, but it must be noted that Duell’s business is highly seasonal, and net debt is always at its lowest at the end of the fiscal year and currently at its highest. Thus, at the end of the fiscal year, when the 12-month adjusted EBITDA is €3.4 million, net debt will also likely be almost €10 million lower, depending on how much inventory can be sold. Currently, the EBITDA for the last 12 months is even higher.
Foreign capital is always highest at this point in the fiscal year when inventories are full for the summer season. Of course, the net debt situation currently looks better than reality, as accounts receivable were a couple of million lower than a year ago, and accounts payable were €1.5 million higher, respectively.