Claranova: Pursuing Debt Reduction
27 May 2024 - 4:00PM
Business Wire
Reimbursement of Euro PP bond for almost
€20m
Regulatory News:
Claranova (Euronext Paris : FR0013426004 - CLA) announces that
on Friday, May 24, it reimbursed the holders of the Euro PP bond
for a total amount of €19.7m, thus continuing to reduce its debt.
As announced1, this reimbursement was made from the Group's own
funds.
In accordance with its commitments, the Group is pursuing the
strengthening of its financial structure and the improvement of its
operational flexibility. By the end of the current financial year,
ending June 30, 2024, Claranova will have reimbursed more than €55m
of its debt (excluding interests) from its own funds. These
repayments include the €29m in ORNANE bonds, €19.7m in Euro PP
bond, and €7m in amortizations of other existing loans. Over the
same period, the Group also refinanced its OCEANE debt, extending
its maturity by 4 years1.
These operations have significantly reduced the Group's level of
debt, lowered the associated financial charges, and allowed to get
closer to a net debt/EBITDA ratio of 3x. They also demonstrate the
Group's ability to efficiently allocate cash and strengthen its
balance sheet to ensure sustainable growth and seize new market
opportunities.
Eric Gareau, CEO of Claranova commented: "After the refinancing
of our OCEANE debt, the repayment of the Euro PP bond marks a new
step in our debt reduction policy and demonstrates our
determination to optimize our financial structure. We will continue
our efforts in this direction, and expect a large proportion of our
debt, excluding OCEANE refinancing, to be reimbursed within a year.
With a reconfigured, leaner debt structure, we will be able to
invest more in our business, with a focus on improving
profitability and creating shareholder value”.
Breakdown of the Group’s financial debt on
May 24, 2024
In €m
Total Debt
Euro PP bond
Other flows(2)
Total Debt
Of which short-term
post refinancing(1)
on May 24, 2024
ORNANE bonds
0
0
Euro PP bond
19.7
-19.7
0
0
OCEANE bonds
0
0
Bonds
19.7
-19.7
0
0
New loan(1)
108
108
Existing borrowings
31.1
4
35.1
19.9
Interest not yet due
2
2
2
Total gross financial debt
160.7
-19.7
4
145.1
21.9
(1) Cf. Press release April 2, 2024
(2) (i) Amortization of existing loans for
more than €2m (PGE, BPI, Cathay) and (ii) short-term revolving
credit facility of €6m.
Financial calendar: August 1, 2024: FY
2023-2024 revenue October 30, 2024: FY 2023-2024 results
About Claranova:
As a diversified global technology company, Claranova manages
and coordinates a portfolio of majority interests in digital
companies with strong growth potential. Supported by a team
combining several decades of experience in the world of technology,
Claranova has acquired a unique know-how in successfully turning
around, creating and developing innovative companies.
Claranova has proven its capacity to turn a simple idea into a
worldwide success in just a few short years. Present in 15
countries and leveraging the technology expertise of its 800+
employees across North America and Europe, Claranova is a truly
international group, with 95% of its revenue derived from
international markets.
Claranova’s portfolio of companies is organized into three
unique technology platforms operating in all major digital sectors.
As an e-commerce leader in personalized objects, Claranova also
stands out for its technological expertise in software publishing
and the Internet of Things, through its businesses PlanetArt,
Avanquest and myDevices. These three technology platforms share a
common vision: empowering people through innovation by providing
simple and intuitive digital solutions that facilitate everyday
access to the very best of technology.
For more information on Claranova Group:
https://www.claranova.com
Disclaimer:
All statements other than statements of historical fact included
in this press release about future events are subject to (i) change
without notice and (ii) factors beyond the Company’s control.
Forward-looking statements are subject to inherent risks and
uncertainties beyond the Company’s control that could cause the
Company’s actual results or performance to be materially different
from the expected results or performance expressed or implied by
such forward-looking statements.
____________________________ 1 Press Release April 2, 2024
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version on businesswire.com: https://www.businesswire.com/news/home/20240526422500/en/
ANALYSTS - INVESTORS +33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATION +33 1 75 77 54 68
ir@claranova.com
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