CLARIANE

Renewal of the Revolving Credit Facility and Update on the Refinancing Plan - Seite 2

These factors determine the Group's ability over the next 12 months to honour its financing commitments and comply with its covenant ratios, in particular the financial debt ratios at 30 June 2024 and 31 December 2024, as well as the minimum liquidity required at each RCF renewal date.

As indicated in the press release of 28 February 2024, the Group's gross financial debt (excluding IFRS16 debt) stood at €4,532 million at 31 December 2023, of which €545 million matured during 2024 (excluding the drawn RCF, which is available for renewal until May 2026). The Group's net financial debt rose from €3,775 million at 31 December 2022 to €3,854 million at 31 December 2023 (€3,780 million after taking into account the €74 million receivable from Ages & Vie).

This change in net debt takes into account:

1. Gross borrowings of €4,532 million at 31 December 2023, compared with €4,508 million at 31 December 2022;
2. A cash position of €678 million at 31 December 2023, compared with €734 million at 31 December 2022.

Liquidity risk and the risk of cross-default are described in the Group's Universal Registration Document (Chapter 6 - point 9.2).

Update on the Refinancing Plan

The refinancing plan announced on 14 November 2023 was put in place to deal with the liquidity difficulties presented on that occasion and recalled in the press release of 8 February 2024. These risks are described in the notes to the 2023 financial statements, which are available on the company's website www.clariane.com.

In this respect, the Company wishes to point out that the capital increase is an essential condition of its plan to strengthen its financial structure, and that if it is not carried out, the Company would have to place itself under a protection regime adapted to the renegotiation of its debt with its creditors.

It also notes that the Group's banks and lenders are waiting for the completion of the capital increase before resuming their financing, and that to date it has not been able to secure any corporate or real estate financing, with the exception of a few maturity extensions, in particular from corporate maturities to extensions in secured real estate format. To date, these extensions amount to €55 million, compared with €352 million of debt maturities in the first half.