...MADRID (S&P Global Ratings) May 21, 2021--S&P Global Ratings said today that Germany-based health care group GHD Verwaltung GesundHeits GmbH Deutschland (GHD) should be able to improve its cash flow generation in 2021, thanks to management's ongoing focus on cash and working capital management. GHD was able to realize 8 million of working capital inflows in the first quarter of 2021, versus an outflow of 6 million over the same period last year. Having said that, we do not rule out a deviation from our base case because the COVID-19 pandemic continues to affect GHD's sales and profitability due to the extension of lockdowns in Germany. We expect a stronger recovery in operating performance in second half of the year as the pandemic eases. Overall, we expect GHD to post a stable S&P Global Ratings-adjusted EBITDA margin of about 10% and adjusted debt to EBITDA of above 10x in 2021. We do not deduct cash from our leverage calculation and include GHD's 220 million shareholder loan in our debt...
