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Chargeurs — Earnings Release 2013
Nov 15, 2013
1197_iss_2013-11-15_e7d3c845-b626-4135-bd7b-e7db2e548c53.pdf
Earnings Release
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CHARGEURS
Financial information – Third Quarter 2013
| Consolidated Revenue
(in € millions) | Third quarter | |
| --- | --- | --- |
| | 2013 | 2012 |
| Chargeurs Protective Films | 47.6 | 45.9 |
| Chargeurs Interlining | 43.1 | 43.9 |
| Chargeurs Wool | 20.5 | 35.1 |
| TOTAL | 111.2 | 124.9 |
| Nine Months | |
| --- | --- |
| 2013 | 2012 |
| 143.5 | 137.7 |
| 132.6 | 135.2 |
| 75.0 | 135.1 |
| 351.1 | 408.0 |
> Consolidated revenue for the third quarter of 2013 was down 11% as reported and a limited 3.9% at constant scope of consolidation, i.e., excluding the Wool business's divestments in South America in 2012.
> Consolidated revenue for the nine months ended September 30, 2013 was down 13.9% as reported and 6.4% at constant scope of consolidation, due to Chargeurs Wool.
Each business's revenue performance confirmed the trends seen since the beginning of the year:
- Chargeurs Protective Films continued to enjoy volume growth.
- Chargeurs Interlining reported an unfavorable currency effect, stemming primarily from the Argentine peso and Brazilian real.
- Chargeurs Wool was mainly impacted by changes in the scope of consolidation (-22.6%), as well as by the cumulative effect of lower volumes (-15.2%) and soft raw wool prices (-6.6%).
> On the basis of its performance to date and currently available economic indicators, Chargeurs confirms its previously announced full-year targets:
- Consolidated revenue of around €460 million.
- Operating profit of at least €14 million, compared with €7 million in 2012.
- A further very significant reduction in net debt.
> Chargeurs Wool has finalized the agreement announced last August to sell part of its wool combing operations in Zhangjiagang, China, thereby reducing its interest in the company to 50% (see Press Release).
> Chargeurs Interlining has decided to withdraw from a non-profitable business line at a total cost of €4 million. This amount will be recognized in the loss from discontinued operations thereby improving Chargeurs Interlining's annual operating profit by €1.5 million.
> Chargeurs Protective Films will have fully repaid its debt covered by the restructuring agreement at the end of November 2013, seven months ahead of schedule.
November 15, 2013
Next announcement: Full-year 2013 revenue: January 21, 2014
Corporate Communications
Phone: +33 01.47.04.13.48
www.chargeurs.fr