Improved profitability for the full year
confirmed
- Record annual revenue: €507m (+7%)
- Strong growth in EBITDA1: €33m (+27%)
- Significant earnings growth by all businesses in H2
- Solid cash flow of €30m and a cash position of €67m
- Shareholders' equity reinforced as debt starts to decline in
H1 2023-20242
This press release presents Group consolidated
figures prepared on the basis of IFRS.
The consolidated financial statements for FY
2022-2023 are in the process of being audited by the statutory
auditors.
The Board of Directors will meet on October 20,
2023 to approve the Group's annual financial statements.
Regulatory News:
Claranova (Paris:CLA):
"In just six years since its creation, Claranova has already
crossed the half-billion euro milestone for revenue in FY
2022-2023, a truly remarkable accomplishment for a French
technology company.
During this period, our efforts were focused primarily on
increasing profitability with EBITDA growing 27% to €33m.
These excellent performances, despite continuing inflation,
reflect the success of our efforts to optimize our costs and
improve our customer acquisition channels, combined with strong
subscription based sales from our software publishing division.
Even our IoT division reached break-even for EBITDA for the first
time since its creation.
The solid foundations laid over the last few years will allow us
to continue to grow and prosper in the years to come and we have
now entered a new growth cycle that should allow us to achieve an
EBITDA margin3 aiming at 10% in FY 2023-20244.”
Pierre Cesarini, Chairman-CEO of Claranova.
Claranova achieved record revenue of €507m for FY 2022-2023 on
7% growth at actual exchange rates, driven by all the Group's
divisions. Exceeding this half-billion euro milestone was
accompanied, as announced, by a strong improvement in Claranova's
profitability. On that basis, Group EBITDA(1) rose 27% to €33m, up
from €26m one year earlier. This strong growth was driven by
remarkable improvements in profitability by all divisions in the
second half. Efforts to reduce PlanetArt's marketing costs,
optimize structure costs, and ramp up SaaS sales for our software
publishing activities all contributed to EBITDA of €15m for H2
2022-2023, compared with €3m for the same period last year. This in
turn improved the EBITDA margin5 which rose to 6.4% for the full
year, compared with 5.4% one year earlier. After net financial
expense of €28m reflecting mainly the impact of unfavorable
exchange rates and the cost of financial debt, the company reported
a net loss for the year of €11m.
However, cash flow remains robust at €30m, and cash and cash
equivalents amount to €67m. Financial debt(6) rose to €179m
following the loan obtained to acquire pdfforge, bringing pre-IFRS
16 net debt to €112m at June 30, 2023.
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Revenue
507
474
EBITDA
33
26
EBITDA margin (% of Revenue)
6.4%
5.5%
Recurring Operating Income
25
19
Net financial income (expense)
(28)
(22)
Net Income (loss)
(11)
(10)
Net income attributable to owners of the
Company
(11)
(11)
Net cash flow from (used in) operating
activities
9
16
Of which Cash flow from operations before
changes in working capital
30
24
Closing cash position
67
100
Earnings forecasts and outlook
As announced, the Group will continue to focus on improving its
profitability7. Based on the positive trend for the Group's
businesses, combined with the cost optimization measures
implemented by our teams, the Group has set a target of 10% for the
EBITDA margin8 for FY 2023-2024. After crossing the €500m milestone
in revenue, the Group should reach €700m in the next few years,
according to the different assumptions mentioned in the amendment
to the URD of June 15, 2023 with respect to the Group's ability to
finance acquisitions already identified.
PlanetArt: profitability improved significantly in H2
PlanetArt, the personalized objects e-commerce subsidiary,
returned to growth this year with annual revenue of €383m, up 4% at
actual exchange rates from the same period last year.
As announced, PlanetArt teams' focus on improving the division's
profitability is clearly illustrated by the H2 results, with EBITDA
of €2m (2% of revenue), compared with a loss of €1m (-1% of
revenue) for the same period last year.
For FY 2022-2023, EBITDA of €15m, was closely in line with last
year's level of €16m. Although we improved our acquisition costs
during this fiscal year which enabled us to acquire more customers
with less marketing investments, these gains were still impacted by
inflation resulting in higher costs for transport (+€4m), raw
materials (+1.5%) and salaries (+€3m).
In the last quarter of this fiscal year, to offset the effects
of this inflation, PlanetArt focused on reducing its structure
costs and is reviewing its pricing policy to better adapt to the
current economic environment and improve profitability starting
next year, while continuing to grow.
In €m
H1
FY 2023
(Audit in progress)
H2
FY 2023
(Audit in progress)
FY 2023
(Audit in progress)
H1
FY 2022
H2
FY 2022
FY 2022
Reported basis
Revenue
255
128
383
227
139
366
EBITDA
13
2
15
17
(1)
16
EBITDA %
5%
2%
4%
8%
-1%
4%
Avanquest: EBITDA up 48%
Avanquest, the Group's software publishing division, continued
to grow, and achieved record annual revenue of €116m, up 14% at
actual exchange rates.
The resulting high rate of recurring revenue fuelled growth in
the division’s EBITDA to €17m, up from €12m one year earlier (+48%
at actual exchange rates). On this basis, the EBITDA margin rose 4
points to 15% , despite the adverse impact of non-core activities
on profitability.
As announced, discussions are thus in progress with a view to
selling these non-core activities.
Restated to exclude these non-core activities, Avanquest's core
businesses (proprietary software for security, PDF and photography)
generated annual revenue of €97m, up 21% at actual exchange rates,
and an EBITDA margin of more than 20%.
In €m
H1
FY 2023
(Audit in progress)
H2
FY 2023
(Audit in progress)
FY 2023
(Audit in progress)
H1
FY 2022
H2
FY 2022
FY 2022
Reported basis
Revenue
57
59
116
50
52
102
EBITDA
6
11
17
7
5
12
EBITDA %
11%
19%
15%
13%
10%
11%
myDevices: breakeven even for EBITDA reached for the first
time since its creation
Annual revenue for myDevices, the IoT (Internet of Things)
division ended the full year up 57% at actual exchange rates (+46%
at constant exchange rates) at €8m. This trend is driven by the
growing number of partnerships (206) and the 34% year-on-year
increase in Annual Recurring Revenue (ARR) (at constant exchange
rates) to €4m by June 30, 2023.
After a very good second half, myDevices achieved EBITDA of
€0.1m for FY 2022-2023, thus breaking even for the first time since
its creation.
The division's commercial ramp-upand the deployment of myDevices
solutions by major groups will contribute to revenue growth in the
years ahead.
In €m
H1
FY 2023
(Audit in progress)
H2
FY 2023
(Audit in progress)
FY 2023
(Audit in progress)
H1
FY 2022
H2
FY 2022
FY 2022
Reported basis
Revenue
3
5
8
2
3.2
5.2
EBITDA
(1.6)
1.7
0.1
(1.6)
(0.8)
(2.4)
EBITDA %
-55%
34%
1%
-72%
-25%
-46%
Group capital resources and cash flow highlights
Claranova ended FY 2022-2023 with a cash position of €67m and
cash flow of €30m, showing a marginal improvement on the previous
year. After a €10m reduction in working capital, cash flow from
operating activities amounted to €9m.
Net cash flow from (used in) investing activities represented an
outflow of €32 million at June 30, 2023. This includes in
particular the impact of the acquisitions of pdfforge and Scanner
App.
Net cash flow from (used in) financing activities represented an
outflow of €10m at the end of June 2023 corresponding to payments
relating to the Group's debt.
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Cash flow from operations before changes
in working capital
30
24
Change in working capital requirements
9
(15)
3
Taxes and net interest paid
(6)
(11)
Net cash flow from (used in) operating
activities
9
16
Net cash flow from (used in) investing
activities
(32)
(74)
Net cash flow from (used in) financing
activities
(10)
63
Increase (decrease) in cash10
(33)
5
Opening cash position on July 1
100
90
Effects of exchange rate fluctuations on
cash and cash equivalents
(1)
5
Closing cash position on June
30
67
100
Financial position, borrowing conditions and financing
structure
Available unpledged cash and cash equivalents amounted to €67m
and financial debt (excluding the impact of IFRS 16 on lease
accounting) to €179m, compared with €100m and €172m respectively at
the end of June 2022.
The increase in the Group's financial debt mainly includes the
new €20m bank financing obtained by Claranova SE to support the
acquisition of pdfforge.
On that basis, the Group's net debt at June 30, 2023 amounted to
€112m, up from €71m one year earlier.
The Group is currently in talks to restructure its OCEANE debt,
subscribed in August 2021, which includes a prepayment option at
the initiative of the investor on the 3rd anniversary date of the
issue.
At June 30, 2023, the Group had negative shareholders' equity of
€16m.11 After the end of the financial year, the Group completed a
€18.51m capital increase, which included a €15m set-off against
Lafayette Investment Holdings debt. On that basis, after this
capital increase, shareholders' equity is again positive at €1.3m,
and net debt amounted to €97m.
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Bank debt
41
31
Bonds
119
105
Other financial liabilities12
14
31
Accrued interest
4
4
Total financial liabilities
179
172
Available unpledged cash
67
100
Net debt
112
71
The annual results will be presented today at 6:30 p.m. by
videoconference.
Claranova's FY 2022-2023 results presentation is available on
the Company's website: https://www.claranova.com/publications
Financial calendar: November 08, 2023:
Q1 2023-2024 revenue: November 29, 2023: Combined Ordinary and
Extraordinary Annual General Meeting
Telephone number for individual shareholders
available from Tuesday to Thursday between 2 p.m. and 4 p.m. for
calls within France: 0805 29 10 00 (local rate).
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 or
https://twitter.com/claranova_group
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.
Appendices
Appendix 1: Consolidated Income Statement
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Revenue
507
474
Raw materials and purchases of goods
(152)
(138)
Other purchases and external expenses
(231)
(218)
Taxes, duties and similar payments
2
(1)
Employee expenses
(77)
(71)
Depreciation, amortization and provisions
(net of reversals)
(12)
(10)
Other recurring operating income and
expenses
(14)
(18)
Recurring Operating Income
25
19
Other operating income and expenses
(5)
(1)
Operating Profit
19
18
Net financial income (expense)
(28)
(22)
Tax expense
(2)
(6)
Net Income
(11)
(10)
Net income attributable to owners of
the Company
(11)
(11)
Appendix 2: Calculation of EBITDA and Adjusted net
income
EBITDA and Adjusted net income are non-GAAP measures and should
be viewed as additional information. They do not replace Group IFRS
aggregates. Claranova’s Management considers these measures to be
relevant indicators of the Group’s operating and financial
performance. It presents them for information purposes, as they
enable most non-operating and non-recurring items to be excluded
from the measurement of business performance.
The transition from Recurring Operating Income to EBITDA is as
follows:
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Recurring Operating Income
25
19
Impact of IFRS 16 on leases expenses
(1)
(0)
Share-based payments, including social
security expenses
1
1
Depreciation, amortization and
provisions
8
6
EBITDA
33
26
Appendix 3: Simplified Statement of Financial
Position
The size of Claranova's balance sheet remains limited given the
technological profile and mainly fabless nature of the Group's
operations. Claranova's assets are comprised mainly of available
cash and goodwill, reflecting the Group's external growth strategy.
Total assets accordingly decreased from €270m to €264m between the
end of June 2022 and the end of June 2023.
Group balance sheet highlights:
In €m
FY 2023
(Audit in progress)
FY 2022
Reported basis
Goodwill
97
82
Other non-current assets
42
28
Right-of-use lease assets
13
13
Current assets (excl. cash)
44
47
Cash and cash equivalents
67
100
Assets held for sale
2
Total assets
264
270
Equity
(16)
2
Financial liabilities
179
171
Lease liabilities
13
13
Non-current liabilities
5
4
Current liabilities
83
80
Liabilities held for sale
2
Total equity and liabilities
264
270
After the end of the financial year, the Group completed a
€18.51m capital increase, which included a €15m set-off against
Lafayette Investment Holdings debt. On that basis, after this
capital increase, shareholders' equity is again positive at €1.3m,
and net debt amounted to €97m.
CODES Ticker : CLA ISIN : FR0013426004
www.claranova.com
____________________________ 1EBITDA (earnings before interest,
taxes, depreciation and amortization) is a non-GAAP aggregate used
to measure the operating performance of the businesses. It is equal
to Recurring Operating Income before depreciation, amortization and
share-based payments including related social security expenses and
the IFRS 16 impact on the recognition of leases. Details on the
calculation of EBITDA are provided in the Appendix. 2See Section
"Financial position, borrowing conditions and financing structure"
and Appendix 3 of this press release. 3Defined in terms of EBITDA
as a percentage of revenue. 4Contingent on the Group’s ability to
finance acquisitions already identified. 5EBITDA as a percentage of
revenue 6Excluding the IFRS 16 impact on the accounting of leases
7Defined in terms of EBITDA as a percentage of revenue. 8EBITDA as
a percentage of revenue. 9Change in Working Capital Requirements in
relation to the opening cash for the fiscal period. 10Change in
cash in relation to the opening cash position for the fiscal
period. 11Appendix 3 12Excluding lease liabilities resulting from
the adoption of IFRS 16.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231011128675/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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