Earnings Release • Mar 19, 2015
Earnings Release
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Financial press release 18 March 2015 Publication issued after market closure
The Statutory Auditors have completed their audit procedures on these accounts and the report relating to certification of the consolidated accounts will be issued when the annual report is published.
| Consolidated audited accounts | 2014 | % GP | 2013 | % GP | 2014/2013 Change |
|---|---|---|---|---|---|
| Number of shipments* | 171,300 | 156,375 | + 9.5% | ||
| Sales (€m) ** | 211.5 | 198.1 | + 6.7% | ||
| Gross profit (€m) | 50.4 | 100.0 % | 47.4 | 100.0 % | + 6.3% |
| Current operating income (€m) | 4.3 | 8.6% | 4.6 | 9.7% | - 6.0% |
| Consolidated net profit (€m) | 2.5 | 4.9% | 2.5 | 5.3% | - 1,3% |
| Net profit group share (€m) | 2.1 | 4.2% | 2.2 | 4.7% | - 3.5% |
| Operational cash flow | 4.7 | 9.3% | 4.4 | 9.4% | +5.8% |
*Excluding Gueppe-Clasquin, a subsidiary (70% ownership) specialised in road haulage, freighting and logistics.
**Note: Sales is not a relevant indicator for assessing activity in our business, because it is greatly impacted bychanging sea and air freight rates, fuel surcharges, exchange rates (especially versus the \$), etc. Variations in the number of shipments, the volumes shipped and—in terms of the Group's finances—gross profit are relevant indicators.
After growth of 2.8% in 2013, world trade increased in value by 4% to 5% in 2014.
International shipping volumes measured in TEU (Twenty-foot Equivalent Units) increased by approximately 4%. Sea freight rates remained particularly volatile.
International air freight volumes expressed in tonnage grew by approximately 3%.
The good growth in 2014 of the number of shipments excluding acquisitions (+ 7.0%) is linked both to growth in the market and to winning new customers. Once again, it confirms the quality of our offering.
The gross profit, until Q3 impacted by pressure on margins, finished the year with strong organic growth (Q4 + 8.6%).
Two acquisitions made at the end of September have contributed to accelerating the Group's growth observed in Q4 (number of shipments: +15.2% - Gross profit: + 18.1%) :
| GROSS PROFIT (in €m) | ||||
|---|---|---|---|---|
| At current exchange rate | 2014 | 2013 | Chg 2014/ 2013 |
|
| Sea freight | 22.5 | 20.6 | + 9.3 % | |
| Air freight | 16.6 | 15.7 | + 5.9 % | |
| Others | 3.4 | 3.3 | + 3.0 % | |
| TOTAL OVERSEAS ACTIVITY |
42.5 | 39.6 | + 7.4 % | |
| TOTAL CONSOLIDATED with Log System and Gueppe Clasquin |
50.4 | 47.4 | + 6.3 % |
| VOLUMES (w/o acquisitions) | ||||
|---|---|---|---|---|
| 2014 | 2013 | Chg 2014/ 2013 |
||
| Sea freight | 90,727 TEUs* | 85,138 TEUs* | + 6.6 % | |
| Air freight | 47,977 T** | 44,792 T** | + 7.1 % |
*TEUs = Twenty Equivalent Units ** T = tons
After a difficult H1, income in 2014 was largely maintained due to performance in the last quarter of the year.
Current operating income finished the year at - 6.0% due to growth of 26% in Q4. Consolidated net profit was practically stable (- 1.3%) due to a 48% rise in the last quarter. The Group share of net profit limited its fall to - 3.5% over the whole year due to a rise of 45% in Q4.
Despite two acquisitions made in 2014, net debt as at 31 December 2014 remained close to 0. This is due to good control of working capital requirement and good growth in operational cash flow of + 5.8%.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Shareholders'equity (€m) | 23.3 | 22.2 | 22.3 |
| Net debt (in €m) | 0.7 | -0.1 | -0.2 |
| Gearing | 3.1% | -0.5% | -0.8% |
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Working capital requirement (€m) | 5.7 | 8.1 | 8.1 |
| WCR intensity | 1.1% | 1.7% | 1.8% |
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Operational cash flow (€m) | 4.7 | 4.4 | 4.4 |
| % Gross profit | 9.3% | 9.4% | 9.8% |
On 10 March 2015 the Group signed a protocol to acquire 80% of the equity in LCI (Lafont-Chavent International), a company specialised in freight forwarding between France, North Africa and Turkey.
LCI has 3 sites in France and 3 subsidiaries and interests in Tunisia.
Total sales and Gross Profit as at 30 September 2014 (12 months) were €18.1m and €6.8m, respectively.
The closing of the acquisition is planned on 31 March 2015.
Increase in volume: from 4 to 5%.
Very, very significant growth in business and profit.
The Board of Directors at its meeting on 17 March 2015 has decided to offer at the Annual General Meeting on 8 June 2015 a dividend of €0.80 per share with release of payment on 15/06/2014.
Yves REVOL – Chairman and CEO Philippe LONS – Deputy Managing Director and CFO Stéphanie CHALANDON –Financial Reporting and Logistics Manager CLASQUIN Group – 235 cours Lafayette – 69006 Lyon Phone : 04 72 83 17 00 – Fax : 04 72 83 17 33
Clasquin is an air and sea freight forwarding and overseas logistics specialist.
The Group designs and manages the entire overseas transport and logistics chain, organising and coordinating the flow of client shipments between France and the rest of the world, and more specifically to and from Asia-Pacific and the United States.
For more information, see www.clasquinfinance.com.
CLASQUIN confirms its eligibility for 2015 for the new share savings plan for MSCs (medium-sized companies) in accordance with Article D221-113-5 of the French Monetary and Financial Code established by decree number 2014-283 of 4 March 2014 and with Article L221-32-2 of the French Monetary and Financial Code which set the conditions for eligibility (less than 5,000 employees and annual sales of less than 1,500 million euros or total balance sheet of less than 2,000 million euros).
Clasquin is part of Enternext©PEA-PME 150 index
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