Frankfurt-listed Scout24 Group made yet another voluntary debt repayment – the second this year and the third since listing in Q4 of last year.

The latest reminder of the strong cash-generating power of Scout24 Group came when it repaid €60 million ($67 million U.S.) to cut its total outstanding debt from €742 million to €681 million. The step reduced the company’s annual interest cost by €2.1 million.

This is Scout 24’s second, voluntary repayment this year. It repaid €40 million on April 5, according to its annual report, to bring total debt down from €782 million to €742 million and reduce the annual interest bill by €1.5 million.

Shortly after Scout24 Group’s listing on the Frankfurt Stock Exchange on Oct. 1 last year, the company used some of the proceeds to reduce the debt from €950 million to €782 million. That step reduced the annual interest account by €9 million and moved the major credit rating agencies to upgrade their credit ratings of the company.

So, roughly eleven months after listing on Oct. 1, the company’s debt stood €269 million lower than the €950 million it had listed with, and the annual interest cost was €12.6 million lower than on Oct. 1.

According to a news release, the company was well on its way to the set target of net debt to operating EBITDA of 2.5 to 1 in the last 12-month period.

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