Oslo 8 November 2022 – Xplora Technologies AS The company has entered into a NOK 100m supply-chain financing facility with Nordea Bank Abp, filial i Norge (“Nordea”). The agreement will optimize Xplora’s working capital by better matching payment schedules in the Company’s supply chain.
The Nordea financing facility consists of a NOK 90m supply-chain financing agreement and a NOK 10m revolving credit facility. The financing facility is on favorable commercial terms for a three-year period with annual renewal.
The supply chain financing will optimize Xplora’s working capital in the period from procurement of goods through sales, often up to six months, thus better matching payment schedules between suppliers and customers.
- We are very pleased with the significant commitment Nordea, a leading Nordic banking group, is providing Xplora through a competitively priced financing facility. The financing agreement with Nordea is another significant step in securing and managing Xplora’s growth, and further substantiates Xplora’s robust financial position” says Sten Kirkbak, CEO and founder of Xplora.
Xplora’s business model is working capital intensive. High sales growth and longer lead times have increased working capital needs in recent years.
- With this agreement Xplora gets another tool to optimize its capital structure and invest in profitable growth initiatives” says Mikael Clement, CFO of Xplora.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
About Xplora: Xplora is a platform and services company and an industry leader in the market for children’s smartwatches. Xplora was founded to give children a safe onboarding to the digital life and a better balance between screen time and physical activity. Xplora’s vision is to enable children around the world to experience how their everyday activities can create value and make a positive change in the world. The company is headquartered in Norway with operations in leading European markets. Xplora is listed on Euronext Growth under the ticker symbol XPLRA.