A record performance
- H1 2023-2024 revenue of more than €300m
- EBITDA1 up 67% at constant exchange rates to €27.5m with an
EBITDA margin2 of 9.1%
- Return to positive net income of €2.2m
- Growth in cash flow to €29m and strong net cash inflows from
operating activities of €72m
- EBITDA margin target confirmed at around 10% for FY
2023-2024.
Regulatory News:
Claranova (Paris:CLA):
This press release presents Group consolidated
figures prepared on the basis of IFRS. The statutory auditors are
in the process of carrying out a limited review of the consolidated
financial statements for H1 2023-2024. The Board of Directors will
meet on March 26, 2024, to approve the Group's interim financial
statements.
"H1 2023-2024 results are a testimony to the tremendous work
accomplished by our teams over the past two years and the strength
of our businesses, which have all, without exception, succeeded in
significantly improving their profitability. This momentum resulted
in a record performance by the Group with growth in EBITDA of 67%
at constant exchange rates to €27.5m and a return to net
profit.
These excellent results demonstrate the strength of the Group's
business model. Our focus on profitability is also reflected in our
cash flow generation performance, with cash flow from operating
activities up €24m to €72m.
This positive trend for first-half results enables us to confirm
our EBITDA margin target2 at around 10% for FY 2023-2024. "
Pierre Cesarini, Chief Executive Officer of Claranova
Claranova reported strong sales of €301m for H1 2023-2024 (July
2023 to December 2023) (+1% at constant exchange rates and -4% at
actual exchange rates).
As previously announced, based on the higher-margin revenues
generated by the PlanetArt division, combined with strong growth in
the Avanquest and myDevices divisions, EBITDA rose to €27.5m at
December 31, 2023, up from €17.4m one year earlier, or 67% at
constant exchange rates (+58% at actual exchange rates).
This performance boosted the Group's EBITDA to an all-time high
of 9.1% (compared to 5.5% for H1 2022-2023). Results benefited from
the optimization of PlanetArt's operating expenses, the generation
of high value-added revenues by Avanquest and myDevices'
accelerating sales.
Net income also improved significantly with a return to profit
of €2.2m, compared with a loss of €4.5m one year earlier, and this
despite a net financial expense of €13.5m for the first half.
The Group's financial position has also improved, with a cash
position of €97m, boosted by a twofold increase in cash flow to
€29m and a sharp rise in operating cash flow to €72m driven by the
year-end holiday season. Financial debt3 was reduced by €42m to
€137m ( down from €180m last year), bringing pre-IFRS 16 net debt
to €41m at December 31, 2023.
By leveraging its strong base of diversified activities,
Claranova intends to pursue their development, with a focus on
continuing to improve its profitability.
In €m
H1 23-24
Review in progress
H1 22-23
Revenue
301
315
EBITDA
27
17
EBITDA margin (% of Revenue)
9.1%
5.5%
Recurring Operating Income
24
14
Net financial income (expense)
(14)
(12)
Net Income
2.2
(4.5)
Net cash flow from (used in) operating
activities
72
48
Cash flow from operations
before changes in working capital
29
15
Closing cash position
97
121
PlanetArt: 37% growth in H1 EBITDA
PlanetArt, the personalized objects e-commerce subsidiary,
reported H1 revenue of €235m (-3% at constant exchange rates or -8%
at actual exchange rates), which, despite the adverse
currency effect, highlights the division's efforts to improve
profitability.
The division’s transformation and diversification of its
marketing investments have enabled it to address the challenges
posed by the introduction of ATT4 features, with customer
acquisition costs now under control, particularly on the mobile
side. In addition, by leveraging the multiple acquisition channels
now in place and optimizing operating costs over the first half,
PlanetArt was able to achieve higher-margin sales over the period.
PlanetArt also benefited from the stabilization of raw material and
shipping costs, which returned to normal price levels.
These different factors all contributed to a significant
improvement in EBITDA, which rose to €17m at December 31, 2023, up
37% at constant exchange rates from H1 2022-2023 (31% at actual
exchange rates). This in turn led to an EBITDA margin of 7.1% or an
increase of more than two points compared to H1 2022-2023.
In €m
H1 23-24
Review in progress
H1 22-23
Change
H1 23-24 vs. H1 22-23
Revenue
235
255
- 8%
EBITDA
17
13
+ 31%
EBITDA %
7%
5%
+ 2 pts
Avanquest: Significant improvement in the EBITDA margin to
18%
Avanquest's software publishing division generated revenue of
€61m in H1 2023-2024, up 14% at constant exchange rates
year-on-year (+7% at actual exchange rates).
With revenue from core businesses up 26% at constant exchange
rates (18% at actual exchange rates), the division is fully
benefiting from the maturity of its SaaS sales model for its
proprietary software offering for Security (40% year-on-year), PDF
(9%) and Photo (13%) applications. SaaS sales today account for
more than 88% of the division's total revenue and is contributing
to the increasing share of recurring revenue in Avanquest's revenue
mix, which reached 74% at the end of December 2023.
Bolstered by higher-margin revenues from SaaS sales and the
disposal of non-core activities in Europe, the division's EBITDA
rose by 85% to €11m (+72% at actual exchange rates). As a result,
the division's EBITDA margin registered an improvement of 7 points
versus H1 2022-2023 to 18%. With this positive momentum expected to
continue in the second half, the division's profitability is set to
improve over the full year.
In €m
H1 23-24
Review in progress
H1 22-23
Change
H1 FY 24 vs.
H1 FY 23
Revenue
61
57
+ 7%
EBITDA
11
6
+ 73%
EBITDA %
18%
11%
+ 7 pts
myDevices: Revenue growth and a break-even operating
performance
The IoT (Internet of Things) division, myDevices reported
revenue of €5m in H1 2023-2024 or an increase of 78% at constant
exchange rates (66% at actual exchange rates).
This sharp rise in revenue is being driven by large-scale
deployments of the division's IoT solutions with partner companies
combined with the acceleration in sale of sensors as well as the
related installation and commissioning services.
By the end of December, myDevices had 217 partners who are
gradually rolling its solutions, multiplying the number of use
cases. Over the period, the division's annual recurring revenue
(ARR) rose to €3.4m, up 24% (+15% at actual exchange rates) from H1
2022-2023.
As with the other divisions, myDevices' profitability improved
by reaching breakeven for EBITDA compared with a €1.6m loss one
year earlier. Growth in sensor sales and installations in the first
half should lead to an improvement in recurring revenues over the
full year.
To support business development in Europe, the Group created
myDevices Europe, a wholly owned subsidiary of myDevices, which
going forward will drive growth outside the US.
In €m
H1 23-24
Review in progress
H1 22-23
Change
H1 FY 24 vs.
H1 FY 23
Revenue
5
3
+ 66%
EBITDA
0
(1.6)
- 98%
EBITDA %
-1%
-55%
+ 54 pts
Group capital resources and cash flow highlights
Claranova ended H1 2023-2024 with a positive cash position of
€96.5m, even after an outflow of €29m to repay the ORNANE bond.
Cash and cash equivalents rose by nearly €30m compared with June
30, 2023, and despite a €1.8m loss from net foreign exchange
differences during the period.
The business benefited in particular from net inflows from
operating activities of €71.8m, including €29.3m from operations
and €49.3m from changes in working capital, in relation to June 30,
2023.
This increase in working capital reflects the seasonal nature of
PlanetArt’s businesses (significant activity during year-end
festivities generating an exceptional peak in cash flow at the end
of December) and the specific business model of its activities
(BtoC5 distribution which mechanically generates negative WCR).
Net cash flows used in investing activities represented an
outflow of €1.1m at 31 December 2023.
Net cash used in financing activities represented an outflow of
€39.0m at the end of December 2023 which included the €29m
repayment of ORNANE bonds.
In €m
H1 23-24
Review in progress
H1 22-23
Cash flow from operations
before changes in working capital
29.3
14.9
Change in working capital
requirements6
49.3
37.1
Taxes and net interest paid
(6.8)
(4.2)
Net cash flow from (used in) operating
activities
71.8
47.8
Net cash flow from (used in) investing
activities
(1.1)
(25.0)
Net cash flow from (used in) financing
activities
(39.0)
2.8
Change in cash7
31.7
25.6
Opening cash position on July 1
66.6
100.3
Effects of exchange rate fluctuations on
cash and cash equivalents
(1.8)
(4.8)
Closing cash position
96.5
121.2
Financial position, borrowing conditions and financing
structure
At December 31, 2023, Claranova had cash and cash equivalents of
€96.6m and pre-IFRS 16 financial debt of €137.4m, compared with
€66.8m and €178.8m respectively at the end of June 2023.
On that basis, the Group's net debt was reduced significantly to
€40.8m at the end of December 2023, compared with €112m at June 30,
2023.
As announced, the Group is pursuing discussions to restructure
its OCEANE bond debt, subscribed in August 2021, which provides for
a prepayment option for €93m at the investor's initiative
exercisable on the 3rd anniversary date of the issue, i.e. August
16, 2024. At the date of publication of these estimated half-year
results, these discussions were still underway, and the Group
remains particularly confident about the outcome.
In €m
12/31/24
Review in progress
06/30/23
Bank debt
36.0
41.0
Bonds
99.4
118.8
Other financial liabilities
-
14.5
Accrued interest
2.0
4.3
Bank account overdrafts
0.1
0.2
Total financial liabilities8
137.4
178.8
Available unpledged cash
96.6
66.8
Net debt
40.8
112.0
Availability of the Half-Year Financial Report
Claranova's Half-Year Financial Report for the six-month period
ended December 31, 2023, is scheduled to be filed with the Autorité
des Marchés Financiers (AMF) by the end of March. The Financial
Report will be available on the Company's website on the same date:
https://www.claranova.com/publications
H1 results will be presented today at 6:30 p.m. by
videoconference. Claranova's H1 2023-2024 results presentation will
be available on the Company's website:
https://www.claranova.com/publications
Financial calendar: April 5, 2024:
Combined Ordinary and Extraordinary Annual General Meeting May 7,
2024: Q3 2023-2024 revenue
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.
Appendices
Appendix 1: Consolidated Income Statement
In €m
H1 23-24
Review in progress
H1 22-23
Revenue
300.9
314.6
Raw materials and purchases of goods
(85.9)
(98.2)
Other purchases and external expenses
(134.9)
(146.2)
Taxes, duties and similar payments
(0.5)
(0.1)
Employee expenses
(39.3)
(40.6)
Depreciation, amortization and provisions
(net of reversals)
(6.0)
(5.3)
Other recurring operating income and
expenses
(10.5)
(10.5)
Recurring Operating Income
23.9
13.8
Other operating income and expenses
(1.9)
(2.2)
Operating Profit
21.9
11.6
Net financial income (expense)
(13.5)
(12.4)
Tax expense
(6.2)
(3.6)
Net Income
2.2
(4.5)
Net income attributable to owners of
the Company
1.7
(3.9)
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
H1 23-24
Review in progress
H1 22-23
Recurring Operating Income
23.9
13.8
Impact of IFRS 16 on leases expenses
(2.7)
(2.1)
Share-based payments, including social
security expenses
0.3
0.5
Depreciation, amortization, and
provisions
6.0
5.3
EBITDA
27.5
17.4
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 total assets increased from €264.4million
to €291.9 million between June 30, 2023, and December 31, 2023.
This increase of €27.5 million reflects mainly the significant
growth in cash and cash equivalents of €29.8 million generated by
the Group’s operations in the first half in relation to June 30,
2023.
The increase in liabilities is largely the result of the
seasonal nature of PlanetArt's business, which generates a sharp
rise in trade payables at the end of the calendar year, though
offset by a reduction in financial liabilities following the
repayment of the ORNANE bond issue.
Group balance sheet highlights:
In €m
12/31/23
Review in progress
06/30/23
Goodwill
95.9
97.1
Other non-current assets
39.1
41.8
Right-of-use lease assets
13.9
12.9
Current assets (excl. cash)
46.3
44.3
Cash and cash equivalents
96.6
66.8
Assets held for sale
0.0
1.5
Total assets
291.9
264.4
Equity
1.1
(16.4)
Financial liabilities
137.4
178.8
Lease liabilities
14.4
13.2
Other non-current liabilities
9.6
11.1
Other-current liabilities
129.4
76.1
Liabilities held for sale
0.0
1.6
Total equity and liabilities
291.9
264.4
1 EBITDA (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. 2 EBITDA as a percentage of revenue.
3 Including the IFRS 16 impact on the accounting of leases 4
Apple's App Tracking Transparency feature introducing a consent
mechanism for mobile users. 5 Business-to-Consumer. 6 Change in
Working Capital Requirements in relation to the opening cash for
the fiscal period. 7 Change in cash in relation to the opening cash
position for the fiscal period. 8 Excluding lease liabilities
resulting from the adoption of IFRS 16.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240320667659/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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