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CCC and InPost join forces. Deliveries during Open'er Festival 2024 in just 4 hours
The CCC Group concluded a loan agreement with a consortium of banks for a total amount of PLN 1.8 billion. The financing obtained will be used to refinance the bank debt of the CCC Business Unit (CCC and HalfPrice companies) on better terms than before, as well as to finance the further development of both brands. As part of the new financing, the Group plans to redeem series 1/2018 bonds earlier. The new agreement also provides for an additional pool of funds in the amount of PLN 360 million for the possible repayment of bonds covered by the Polish Development Fund.
– The new financing is a huge success for us because it provides the Group with stability and greater development opportunities. Its structure will now be better adapted to the specific nature of our activities, thanks to, among others: a greater share of reverse factoring, necessary for the most effective, cost-neutral financing of purchases in the Group. Additionally, the more flexible provisions of the new agreement regarding capital expenditure free up opportunities for expansion of our proven and profitable formats – says Dariusz Miłek, president of the CCC Group. – The new financing replaces the existing financing, agreed in a difficult market environment, during the Covid-19 pandemic, on very demanding terms for the company. Obtaining financing was possible mainly due to the consistent, significant improvement in profitability over the last few quarters – he adds.
The purpose of the refinancing was to increase the availability of financing to a higher limit than before. As a result, the banks' involvement increased by 50% (+PLN 600 million), in particular by approximately tripling the limits for reverse factoring, which was a priority for the company.
Dariusz Miłek, president of the CCC Group (photo: press materials)
– The level of new financing is satisfactory for us, and its commercial conditions are very good and adequate for market leaders. It will allow us to fully use the growth potential and ensure a better future for the CCC Group. Sustainable improvement in the profitability of each sign remains our priority. We will continue to develop our unique business model combining full price and off-price – comments Dariusz Miłek.
The terms of the new agreement are linked to the implementation of the Sustainable Development Goals (ESG). For 4 consecutive years, the CCC Group has been recognized as the most sustainable footwear company in the world according to World Finance Magazine and is the only Polish company in the industry with an AA rating in the prestigious MSCI ESG rating.
The Group's next priority will be to further increase factoring limits and thus increase the use of a purchase financing tool standard for the trade industry. As a result, the Group expects continued optimization of financing costs.
CCC is one of the largest European companies in the footwear segment. The group has approximately 90 e-commerce platforms and 1,000 stores in 28 countries under the CCC, e-obuwie.pl and MODIVO brands. Since May 2021, it has also been developing sales in the off-price segment through the HalfPrice store network. The company has been listed on the Warsaw Stock Exchange since 2004.
