Wat ik wel interessant vond was de vraag van ING over de multiple van 10 x Ebitda voor de Mexicaanse fabriek die verkocht wordt. Dat impliceert een zeer lage of zelfs negatieve Ebitda van de andere entiteiten in 'growing markets'. Wat dan weer betekent dat ze moeilijk verkoopbaar zijn.
"The next question comes from the line of Reginald Watson from ING. Please go ahead.
Reginald Watson
Hi, Peter. So could you clarify something for me, please? I'm a little confused. And I think I heard you say that the Mexican business have been sold for Softys for 10 times last 12 months EBITDA multiple. But if I look at the last 12 months, EBITDA for the entire emerging markets discontinued business, it comes to €9.3 million. So I don't understand quite how we get to 10 times.
Peter Vanneste
Yeah, I was waiting for a second question. But all right. Yes, I started partly answering that question already, Mexican business has already recovered substantially from the drop that we've seen across the emerging markets, and thereby has been the driver of the rapid recovery of those emerging markets. You need to be aware in your calculation that these numbers do not reflect the full group cost allocation. And therefore the EBITDA you calculate by making the difference as you've done for the remaining activities is not fully representative.
Now having said that, we do have more catch-up to do on the Brazilian and the Middle East activities, keep in mind that especially Middle East, it's always been a very good region also, in terms of profitability, and of course, we're facing the hyperinflation which takes -- like in Europe, actually, it's time to recover because the level of inflation is really, really huge there. So there's some catch up to do there. And, but don't just compare the numbers naked because they're not exactly comparable.
Reginald Watson
Okay, thank you. Now, for that makes sense. And a question for Esther. Esther, could you give us an update, please, on the discussions with AIP?
Esther Berrozpe
Yeah, unfortunately, I cannot comment. There's nothing that I can say at this point.
Reginald Watson
Okay, but that's still ongoing, they haven’t closed at this point?
Esther Berrozpe
Nothing to comment, to be honest.
Reginald Watson
Okay. And then, and then, sorry, given the no comment. I hope you don't mind if I sneak a third question and then, this is for both of you. Given the success you've had with the sale of the Mexican assets, should we expect other assets sales to be at similar multiples?
Esther Berrozpe
Yeah, I mean, we are as we communicated, the objective was to basically execute the portfolio strategy within two years. So ’22 and ’23, I am really pleased with the speed with which we have executed the first step and we are progressing very well with the other files. We have received binding offers for the different businesses, excuse me, non-binding offers, and we are in the process of due diligence. So I hope more to come in the next quarters, but things are progressing well and we will communicate as we make progress.
Now, regarding the multiples, it's too early to say whether we will be able to execute at the levels within same multiples, but of course, our focus is to create value for the company. And we will make sure that that will be the case in each of the files."