Debt

As at 31 December 2022, the Group's net debt stood at Euro 113.4 million (Euro 69.6 million pre-IFRS 16, corresponding to a financial leverage, also pre IFRIC SaaS, of 0.7x), compared to Euro 94.0 million recorded at the end of 2021(Euro 52.8 million pre-IFRS 16).

As at December 31, 2022, the Group’s gross debt amounted to € 191.1 million, composed of:

• a long-term debt position of Euro 152.1 million, made of bank loans for Euro 117.3 million, related to the new Credit Facility signed in September 2022, and an IFRS-16 effect for Euro 34.7 million;

• a short-term debt position of Euro 39.1 million, made of bank loans for Euro 30.0 million, related to the new Credit Facility, and an IFRS-16 effect for Euro 9.1 million;

As at December 31, 2022, the Group’s net cash position amounted of € 77.7 million.

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