Certification of the FY 2022-2023 financial
statements with uncertainty with respect to the restructuring of
the OCEANE bond debt
Regulatory News:
Claranova (Paris:CLA) announces the availability of its FY
2022-2023 Universal Registration Document (in French1), including
the annual financial report for the period ended June 30, 2023,
which was filed with the French Financial Market Authority
(Autorité des Marchés Financiers (or AMF) on October 31, 2023.
Claranova also confirms that the Group's consolidated financial
statements for FY 2022-2023 have been approved by the Board of
Directors on October 20, 2023 and certified by the Statutory
Auditors on October 31, 2023.
The FY 2022-2023 Universal Registration Document includes, in
particular:
- the Annual Financial Report,
- the Board of Directors’ report on corporate governance,
- the consolidated financial statements for the period ended June
30, 2023 and the statutory auditors' report thereon,
- and the management report including the non-financial
statement.
This document is being made available to the public in
accordance with applicable regulations and may be consulted on the
Claranova website: www.claranova.com (under Investors / Financial
publications / Financial reports).
Uncertainty with respect to the restructuring of the OCEANE
bond debt
As announced, the Group is currently in discussions to
restructure its OCEANE bond debt, subscribed in August 2021, which
includes a prepayment option at the initiative of the investor on
the 3rd anniversary date of the issue, i.e. August 16, 2024. These
discussions remain ongoing at the time of publication of the URD.
This situation constitutes a material uncertainty with respect to
the Group's continuity as a going concern, which will require its
OCEANE debt to be restructured before the August 16, 2024 maturity
date. However, Claranova remains confident in its ability to
successfully conclude these negotiations and thus ensure the
continuity of its operations.
Financial calendar: November 08, 2023:
Q1 2023-2024 revenue: November 29, 2023: Combined Ordinary and
Extraordinary Annual General Meeting
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.
Appendix:
Selected financial highlights
(in € million)
FY 2022-2023
FY 2021-2022
FY 2020-2021
Revenue
507.0
473.6
470.7
Growth (%)
7%
1%
15%
EBITDA (1) (2) (3)
32.5
25.5
32.9
EBITDA margin (% of Revenue)
6.4%
5.4%
7.0%
Recurring operating income
24.6
18.7
28.0
Net income (loss)
(10.8)
(10.0)
13.2
Net income (loss) attributable to
owners of the Company
(10.6)
(10.6)
9.5
Net income (loss) attributable to
owners of the Company per share
(0.23)
(0.25)
(0.24)
Equity
(16.4)
1.9
82.2
Borrowings and other financial
liabilities
178.8
171.5
65.2
Cash and cash equivalents
66.8
100.3
90.4
Net debt
112.0
71.2
(25.2)
Net debt/Equity ratio (gearing)
(6.8)
37.5
(0.3)
Cash flow from operations before
changes in working capital (4)
28.2
23.9
27.7
Net cash flow from (used in) operating
activities
9.3
16.0
18.7
Net cash flow from (used in) investing
activities
(31.8)
(73.7)
(10.1)
Net cash flow from (used in) financing
activities
(10.0)
62.5
(2.8)
(1) EBITDA is equal to recurring operating
income before the impairment of share-based payments, including
related social security contributions, and the IFRS 16 impact on
the recognition of leases. A reconciliation of recurring operating
income and EBITDA is presented in Section 1.3 of the URD. The IFRS
16 impact is presented in Section 2.5 of the URD.
(2) 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 this to be a relevant indicator of the Group’s operating
and financial performance which is presented for information
purposes because it excludes most non-operating and non-recurring
items from the measurement of business performance.
(3) Since the press release of October 11,
2023, the reclassification between "Employee expenses" and "Other
recurring operating income and expenses” in the amounts of
respectively €73m and €18m to date, compared with €77m and €14m at
the time of publication.
(4) Since the press release of October 11,
2023, changes in "Unrealized foreign exchange losses" resulted in
an adjustment to "Cash flow" and the "Change in WCR" in the amounts
of €28m and -€13m respectively, compared with €30m and -€15m at the
time of publication.
1 The English translation of the original French language
version of Universal Registration Document will be made available
shortly
CODES Ticker: CLA ISIN : FR0013426004
www.claranova.com
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contact@claranova.com FINANCIAL COMMUNICATION +33 1 75 77 54
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