I haven’t read the report, so this might be a repetition of the same thoughts.
Regarding the dividend and the somewhat unusual scheduling adjustment, a few thoughts come to mind: the cash position is really stretched so thin that there won’t be a sufficient safety margin until H2, and/or the syndicate loan terms are restricting dividend payments, and/or there is some semi-interesting potential M&A target. Of course, one would think Teleste itself would be more of an acquisition target, if anything.
However, if we take the baseline scenario that the train keeps chugging steadily forward, improving a little all the time, the financing conditions should improve significantly from 8/27 onwards, when the syndicate ends and they will surely be able to negotiate a new, lighter one to replace it. At that point, shouldn’t they be able to pay significantly higher compensation to shareholders than what is currently estimated in the model? @Atte_Riikola