AI assistant
Chargeurs — Interim / Quarterly Report 2010
Nov 10, 2010
1197_10-q_2010-11-10_1f96d54e-f832-41f3-9346-0b0384f853cc.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Financial Information - Third Quarter 2010
Business and revenue
| Revenue | Third quarter | Nine months | ||
|---|---|---|---|---|
| (in € millions) | 2010 | 2009* | 2010 | 2009* |
| Chargeurs Protective Films | 45.8 | 36.7 | 133.8 | 101.5 |
| Chargeurs Interlining | 45.6 | 39.3 | 137.2 | 123.5 |
| Chargeurs Wool | 36.4 | 33.9 | 112.7 | 109.1 |
| TOTAL | 127.8 | 109.9 | 383.7 | 334.1 |
* Excluding discontinued operations.
Third quarter consolidated revenue was up 16.3% on the same period last year, with all three businesses contributing to the increase. Revenue at Chargeurs Protective Films rose by a strong 24.8%, reflecting higher volumes and prices and, to a lesser extent, a favorable currency effect. Chargeurs Interlining reported 16% revenue growth, led by increased volumes and a favorable currency effect. Revenue at Chargeurs Wool was 7.4% higher, with the decline in sales volumes stemming from the policy of carefully selecting contracts offset by a favorable price effect.
Consolidated revenue for the nine months ended September 30 grew 14.8% compared with the prior-year period. The increase reflected the recovery in volumes, higher sales prices and favorable exchange rates which benefited the Protective Films and Interlining businesses. At Chargeurs Wool, the decline in volumes was offset by the effect of price increases.
Financial position
Net bank debt stood at €63.1 million at September 30, down by €4.4 million from €67.5 million at June 30, 2010.
During the first nine months, 21% of the 415,083 Chargeurs convertible bonds with a total value of €22.8 million were converted into Chargeurs ordinary shares, lifting the number of ordinary shares to 12,731,227. Following these conversions, 327,893 convertible bonds were outstanding at September 30, 2010.
Outlook
Based on the information currently available, Chargeurs is maintaining its full year objective of reporting revenue of €485 million and operating income of €18.5 million.
| Investor Calendar | 2011 |
|---|---|
| 2010 revenue | January 21 |
| 2010 results | March 11 |
| Annual Shareholders' Meeting | May 5 |
| Financial Information - First Quarter 2011 | May 6 |