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.
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1 Press Release April 2, 2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240526422500/en/
Contacts:
ANALYSTS INVESTORS
+33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATION
+33 1 75 77 54 68
ir@claranova.com
