Funding has not been an issue as Chargeurs’ management has wisely accumulated excess resources to this end through a combination of private debt placings (Euro PP), the most recent of which launched at the end of 2020 for €100m, and various credit lines, which stood at €141m at the close of December 2020.
The group’s net debt position rose slightly in 2019-20, reaching €127m at end December, while the net debt/EBITDA ratio saw a significant decline due to the solid EBITDA generation in FY20 (€102m), falling from 2.0x the year prior to 1.2x. This low financial leverage should provide plenty of flexibility for future investments and capex to sustain Chargeurs’ ambitious 2025 revenue (€1.5bn) and operating income (€150m) targets.
