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CLASQUIN — Earnings Release 2013
Sep 18, 2013
1205_iss_2013-09-18_77c29df4-4ac5-4b64-a267-a2a51a14f72c.pdf
Earnings Release
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H1 2013 Growth in business and near-stable earnings
- Number of shipments* : 73,041 (+ 3.0% vs H1 2012)
- Gross profit : 22.6 €m (+ 4.5% vs H1 2012)
- Current operating income : 1.6 €m (- 1.2% vs H1 2012)
- Net profit Group share : 0.7 €m (- 13.3% vs H1 2012)
H1 2013 figures
(Unaudited accounts approved by the Board of Directors on 17 September 2013).
| Consolidated (unaudited) | H1 2013 | % GP | H1 2012 | % GP | Change |
|---|---|---|---|---|---|
| Number of shipments* | 73,041 | 70,919 | + 3.0% | ||
| Sales (€m) ** | 93.9 | 85.5 | + 9.8% | ||
| Gross profit (€m) | 22.6 | 100.0% | 21.6 | 100.0% | + 4.5% |
| Current operating income (€m) | 1.6 | 7.2% | 1.6 | 7.4% | - 1.2% |
| Consolidated net profit (€m) | 0.8 | 3.5% | 0.8 | 3.9% | - 4.1% |
| Net profit Group share (€m) | 0.7 | 2.9% | 0.8 | 3.5% | - 13.3% |
*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 by changing 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.
Rippling market at the end of Q2
Growth in the market for world trade has continued to slow down throughout H1. However, a few ripples were felt at the end of the period.
In this context, sea and air freight rates fell during Q2.
Business growing
The growth in overseas business in the number of transactions and the gross profit is explained both by our acquisition in Spain* and our ability to outperform the market.
Sea freight business experienced strong growth throughout the half-year while air freight business recovered in Q2 after a difficult Q1.
* Intercargo, freight forwarder with head office in Barcelona; it also has a site in Valencia (sales at 30 June 2013: €7.7m).
- The subsidiary Gueppe Clasquin, specialising in road haulage and logistics, confirmed its good performance with a growth rate of 4.2% in its gross profit in a weak economic environment.
- Log System, Group subsidiary specialised in software publication, recorded strong growth in its gross profit through the acquisition of new clients.
| NUMBER OF SHIPMENTS | GROSS PROFIT (in €M) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| At current exchange rate |
H1 2013 | H1 2012 | Chg H1 2013/ H1 2012 |
Chg Q2 2013/ Q2 2012 |
Chg Q1 2013/ Q1 2012 |
H1 2013 | H1 2012 | Chg H1 2013/ H1 2012 |
Chg Q2 2013/ Q2 2012 |
Chg Q1 2013/ Q1 2012 |
| Sea freight | 37,763 | 35,115 | + 7.5 % | + 7.1 % | + 8.0 % | 9.8 | 8.6 | + 13.8 % | + 9.3 % | + 18.7 % |
| Air freight | 28 863 | 29,688 | - 2.8 % | + 1.0 % | - 6.8 % | 7.4 | 7.9 | - 6.2 % | - 1.0 % | - 12.0 % |
| Other | 6,415 | 6,116 | + 4.9 % | + 13.5 % | - 4.1 % | 1.5 | 1.4 | + 8.6 % | + 7.0 % | + 10.4 % |
| TOTAL OVERSEAS ACTIVITY |
73,041 | 70,919 | + 3.0% | + 5.1 % | + 0.7 % | 18.7 | 17.9 | + 4.5 % | + 4.5 % | + 4.6 % |
| Log System | 1.2 | 1.1 | + 12.9 % | + 17.1 % | + 8.8 % | |||||
| Gueppe-Clasquin | 3.4 | 3.2 | + 4.2 % | + 4.0 % | + 4.3 % | |||||
| Consolidation entries |
- 0.7 | - 0.6 | NS | NS | NS | |||||
| TOTAL CONSOLIDATED |
22.6 | 21.6 | + 4.5 % | + 4.4 % | + 4.7% |
Near-stable earnings
- The current operating income was nearly stable at €1.6m ( -1.2%) as a result of controlled growth in external expenses (+ 3.8%) and the payroll (+ 1.5%) on a like-for-like basis (excluding the acquisition of Intercargo).
- The consolidated net profit followed the same trend at €0.8m (- 4.1%), the financial results and tax charge being essentially identical from one half-year to the other.
- Net profit Group share fell 13.3%, income from minority interests having increased due to good results by the subsidiary Gueppe Clasquin.
| 30.06.2013 30.06.2012 |
|---|
| Working capital requirement (€m) 13.6 11.1 |
| Number of invoicing days 11.7 9.4 |
The average month end WCR was €11.8m for H1 2013 compared with €11.5m for 2012.
| 30.06.2013 | 30.06.2012 | |
|---|---|---|
| Net cash (€m) | -3.1 | -0.1 |
| Long and medium-term debt (€m) | 3.5 | 2.1 |
| 30.06.2013 | 30.06.2012 | |
|---|---|---|
| Shareholders'equity (€m) | 21.0 | 21.1 |
| Net debt (€m) | 6.6 | 2.2 |
| Gearing | 31.5% | 10.4% |
Outlook for H2 2013
Given the growth of our new subsidiaries and developments linked to taking on many new talents, we are confirming our forecast for accelerated growth in H2.
Upcoming events (publications issued after market closure)
- -Wednesday 6 November 2013 : Business report as of 30 September 2013
- Wednesday 19 March 2014 : 2013 Results
- -
- -
- -Wednesday 17 September 2014 : 2014 Half year results
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- Thursday 20 February 2014 : Business report as of 31 December 2013
- Monday 7 May 2014 : Business report as of 31 March 2014
- Thursday 28 August 2014 : Business report as of 30 June 2014
- Thursday 30 October 2014 : Business report as of 30 September 2014
CLASQUIN Contacts
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 Tél : 04 72 83 17 00 – Fax : 04 72 83 17 33 [email protected]
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 Europe and the rest of the world, and more specifically to and from Asia-Pacific and the United States. Its shares are listed on Alternext Paris, ISIN FR0004152882, Reuters ALCLA.PA, Bloomberg ALCLA FP. For more information, see www.clasquin.com or www.clasquinfinance.com