CLX Communications AB (publ): CLX Communications AB announces revised financial leverage policy
Stockholm, Sweden - CLX Communications AB (publ) - XSTO: CLX
The Board of CLX Communications AB (publ) today announces a change to the company's financial leverage policy. The new policy is as follows:
CLX's target is that net debt over time shall be below 2.5 times adjusted EBITDA (measured on a rolling twelve month basis).
The phrase 'over time' means that leverage may temporarily exceed the targeted level in the near term following an acquisition. Before today's announcement, the policy was that net debt over time should be below two times adjusted EBITDA (measured on rolling twelve months).
CLX Communications' other financial targets remain unchanged:
Growth in adjusted EBITDA per share shall be 20 per cent per year.
Dividend policy: The Board continues to see good growth opportunities through acquisitions over the next few years, and therefore proposes that the company's earnings primarily are reinvested.
Oscar Werner, President and CEO, comments on the revised policy: "CLX Communications has made a number of successful acquisitions that have increased our profitability and strengthened our product offering. We see opportunities to make further value-accretive acquisitions also in the future, and our revised leverage policy makes us better placed to execute on our M&A strategy".
For further information, please contact
Chief Strategy Officer & Head of Investor Relations
CLX Communications AB (publ)
About CLX Communications
CLX Communications (CLX) is a leading global provider of cloud-based communication services and solutions to enterprises and mobile operators. CLX's mobile communication services enable businesses to quickly, securely and cost-effectively reach their customers through mobile messaging, voice and video. CLX's solutions power business-critical communications throughout the world, and the company has grown profitably since its foundation in 2008. The Group is headquartered in Stockholm, Sweden, and has presence in a further 20 countries. CLX Communications' shares are traded at NASDAQ Stockholm: XSTO: CLX.
This communication may contain certain forward-looking statements. Such statements are all statements that do not relate to historical facts and include expressions such as "believe", "estimate", "anticipate", "expect", "assume", "predict", "intend", "may", "presuppose", "should" or similar. The forward-looking statements in this release are based on various estimates and assumptions that in several cases are based on additional assumptions. Although CLX believes these assumptions were reasonable when made, such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that are difficult or impossible to predict and that are beyond CLX's control. Such risks, uncertainties and important factors could cause the actual results to differ materially from the results expressly or implicitly indicated in this communication through the forward-looking statements. The information, perceptions and the forward-looking statements in this release apply only as of the date of this release and may change without notice.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation. This information is information that CLX Communications AB (publ) is obliged to make public pursuant to the EU market abuse regulation and was submitted for publication under the auspices of the above contact on 6 November 2018 at 07:20 CET.