Debt

As at December 31, 2023, the Group's net debt decreased to Euro 82.7 million (Euro 43.7 million pre-IFRS 16, corresponding to a financial leverage, also pre-IFRIC SaaS, of 0.48x), from Euro 113.4 million (Euro 69.6 million pre-IFRS 16) recorded at the end of December 2022.

As at December 31, 2023, the Group’s gross debt amounted to € 157.6 million, composed of:

• a long-term debt position of Euro 117.7 million, made of bank loans for Euro 88.3 million, related to the Credit Facility signed in September 2022, and an IFRS-16 effect for Euro 29.4 million;

• a short-term debt position of Euro 39.9 million, made of bank loans for Euro 30.3 million, related to the Credit Facility, and an IFRS-16 effect for Euro 9.6 million.

As at December 31, 2022, the Group’s net cash position amounted of € 74.9 million.

The Group net financial position does not include the valuation of derivative financial instruments and the option liability on the minority interests.