Clariane Se · EURONEXT:CLARI
Clariane — Investor Presentation (November 2023)
13 slides from Clariane's investor presentation, Nov 14, 2023
Slide 1: Strengthening the financial structure
Strengthening the financial structure Refinancing the Group in a deteriorated credit market 14/11/2023
Slide 2: Disclaimer
DISCLAIMER This document does not constitute and shall not be considered as constituting an offer to the public or a purchase offer or aimed at soliciting public interest in view of a transaction by way of a public offer, nor shall there be any sale of securities in any state or jurisdiction in whic
Slide 3: Key Highlights
KEY HIGHLIGHTS • 1.5 billion euros action plan approved by Clariane’s Board of Directors to restore access to financing in the short-term, and strengthen the Group's financial structure, encompassing : • Short-term equity and debt financing of 430 million euros • Asset disposal programme activated f
Slide 4: Clariane continues to deliver resilient operational performance across geographies and activities
CLARIANE CONTINUES TO DELIVER RESILIENT OPERATIONAL PERFORMANCE ACROSS GEOGRAPHIES AND ACTIVITIES 9M2023 Growth Reported Organic by country growth growth All geographies growing well with a strong and France 6.4% 6.1% sustained organic growth in all activities Germany 9.1% 12.7% Benelux 14.0% 14.0%
Slide 5: Credit conditions significantly deteriorating implying no access to debt capital markets
CREDIT CONDITIONS SIGNIFICANTLY DETERIORATING IMPLYING NO ACCESS TO DEBT CAPITAL MARKETS Clariane’s credit spread has widened Access to debt markets is a key pillar of Clariane’s % significantly, creating uncertainty on its financing strategy (July 27, 2023) 14.50 +282pp ability to refinance in the
Slide 6: Q3 publication: revised leverage guidance led to a credit freeze for Clariane
Q3 PUBLICATION : REVISED LEVERAGE FULL YEAR 2023 GUIDANCE LED TO A CREDIT FREEZE FOR CLARIANE • Share price drop after Q3 revenue release, suspended well advanced negotiation on the two real-estate partnerships forecasted for completion in 2023 • The Group decided on 3-Nov, to fully draw its existin
Slide 7: Plan to strengthen the Group's financial structure
PLAN TO STRENGTHEN THE GROUP’S FINANCIAL STRUCTURE Action plan supported by the Group’s main shareholder, with 4 key initiatives aiming to strengthen Clariane’s liquidity and financial structure, enabling the Group to successfully pursue its mission in the new economic environment: “Take care of eac
Slide 8: New long-term real estate equity partnership; €200m real estate debt secured for 2024
1 NEW LONG-TERM REAL ESTATE EQUITY PARTNERSHIP Entry into exclusive negotiation with Crédit Agricole Assurances to finalize new real estate equity partnership alongside a backstop for second new real estate equity partnership • Exclusive negotiations on an attractive portfolio of 9 long-term senior
Slide 9: Asset disposal programme
3 ASSET DISPOSAL PROGRAMME Overview of Clariane’s footprint Strategic considerations • Refocus on geographies where the Group has: • Strong strategic positioning • Exposure to its 3 core activities • Identification of potential disposals representing at least €1bn gross proceeds (opco/propco), based
Slide 10: Proposed €300m rights issue
4 PROPOSED €300M RIGHTS ISSUE Key terms Next steps Amount €300m • EGM to be convened in Q1 2024 to vote new financial authorizations With preferential subscription Structuring rights • Crédit Agricole Assurances' guarantee commitment will be subject to the pre- €200m by Crédit Agricole conditions su
Slide 11: Operational guidance announced during Q3 2023 sales reiterated
OPERATIONAL GUIDANCE ANNOUNCED DURING Q3 2023 SALES REITERATED F Y 2023 ORGANIC REVENUE GROWTH >8% STABLE EBITDAR IN AMOUNT c.3.8x LEVERAGE SUBJECT TO REAL ESTATE MONETISATION TRANSACTIONS Page 11
Slide 12: Strong operational and strategic basis for value creation
STRONG OPERATIONAL AND STRATEGIC BASIS FOR VALUE CREATION Serving 70% of people aged over 65 in Europe Ranking +700 local communities served through a wide local network Long-term care Pan European leader #1 AMSTERDAM LONDON BERLIN DUSSELDORF ANTWERP Ranking BRUSSELS NURNBERG Take C A R E of each pe
Slide 13: Conclusion
CONCLUSION Successful implementation of the announced action plan will enable to improve the Group's financial situation in the short and medium term enabling Clariane to face the key dates of 2026 with confidence : • Coverage of 2024 liquidity requirements • Compliance with financial covenants • Op