Leuven, Belgium – 28 May 2024 – 7:30 CET, Crescent NV, Geldenaaksebaan 329, 3001 Heverlee (Euronext Brussels: OPTI)
Crescent acknowledges completion of due diligence processes related to the sale of its 2invision companies. Final offer letters from TSH (Netherlands) have been received and closure is expected to take place before the general assembly scheduled for June 28th.
The proceeds of this transaction will be used to fund a major strategic and operational shift of the group towards IoT systems and products for smart city and smart building applications. Moreover, more than € 5 mio of historic as well as more recent debt obligations will be eliminated freeing up much needed resources to fund growing working capital needs to fuel further profitable growth.
Crescent further announces the publication of its annual accounts featuring € 17 mio in revenues for 2023 with operational profits of 5.5% including 2invision in 2H23.
We refer to our website for the full report but wish to clarify that the final figures as reported under IFRS will exclude substantial contributions from 2invision (as an asset held for sale) and include substantial impairments on goodwill to clean up the balance sheet and rightsize the company for profitable growth. Despite the divestiture from 2invision (minus € 5,7 mio in revenues), Crescent remains cautiously optimistic about realizing similar topline results (€ 17 mio) for 2024. Moreover, some LDA penalties and consolidation losses on the Maro transaction have been included in ebitda reportings for 2023. Adjusted revenues as reported under IFRS will be € 11.4 mio (excl 2invision) and ebitda of minus € 2.2 mio and net results of minus € 7 mio.
CONTACT
Edwin Bex
Geldenaaksebaan 329
B-3001 Leuven, Belgium
TEL: +32 (0) 16 31 74 11
E-mail: investor@option.com
www.option.com
www.crescent-ventures.com