FIRST-HALF 2012
Chargeurs Resists the Economic Slowdown
The Board of Directors of Chargeurs met on August 29, 2012
under the chairmanship of Eduardo Malone to approve the
consolidated financial statements for the six months ended
June 30, 2012.
CONSOLIDATED RESULTS
(in € millions) | First Half | |
(in € millions) | 2012 | 2011 |
Revenue | 283.1 | 290.7 |
Operating profit | 8.1 | 14.6 |
Attributable net profit | 1.2 | 7.2 |
The Group's business was impacted in the first half by the
slowdown in its markets, particularly in the second quarter
when delivered volumes declined more quickly.
Despite the 13.6% falloff in volumes, consolidated revenue
eased back just 2.6% year-on- year, thanks to the 7.3%
average increase in prices and the positive 3.7% currency
effect.
The lower volumes caused operating profit to decline to €8.1
million and attributable net profit to €1.2 million for the
period.
ANALYSIS BY BUSINESS UNIT
CHARGEURS PROTECTIVE FILMS
(in € millions) | First Half | |
(in € millions) | 2012 | 2011 |
Revenue | 91.8 | 94.8 |
Operating profit | 4.6 | 6.4 |
The 3.2% year-on-year decline in Chargeurs Protective Films'
first-half revenue reflected the impact of lower volumes in
Europe, which was partially offset by sustained demand in the
United States and China, the favorable currency effect and
higher selling prices.
The decline in operating profit, to €4.6 million, was
primarily led by the decrease in delivered volumes in
Europe.
CHARGEURS INTERLINING
(in € millions) | First Half | |
(in € millions) | 2012 | 2011 |
Revenue | 91.3 | 99.1 |
Operating profit | 3.4 | 5.8 |
The 7.9% decline in Chargeurs Interlining's revenue resulted
mainly from lower volumes in
Italy and China, partially offset by the favorable currency
effect and the increase in prices.
The decline in operating profit, to €3.4 million, was
primarily led by the decrease in delivered volumes.
Chargeurs Interlining has deployed a cost-reduction program
that involves optimizing production facilities in France,
consolidating the production units in China and rationalizing
the sales organizations in Spain and Portugal. It is being
financed by the disposal of property assets in France and
Asia.
CHARGEURS WOOL
(in € millions) | First Half | |
(in € millions) | 2012 | 2011 |
Revenue | 100.0 | 96.8 |
Operating profit | 3.1 | 3.7 |
The 3.3% increase in Chargeurs Wool's revenue was driven by
higher prices and the favorable currency effect, which offset
the volume declines in Italy and China.
Operating profit stood at €3.1 million for the period.
FINANCIAL POSITION
Equity excluding minority interests amounted to €189.5
million at June 30, 2012.
Cash flow from operations, in an amount of €12.7 million,
helped to reduce consolidated net debt by €11.8 million, to
€68.8 million at June 30, 2012 from €80.6 million at December
31, 2011.
Of the 415,083 Chargeurs convertible bonds issued for €22.8
million in April 2010,
301,317 were outstanding as of June 30, 2012.
SUBSEQUENT EVENT
Chargeurs has signed a partnership agreement with the OTEGUI
family in Uruguay, whereby they will acquire a 50% interest
in the Chargeurs Wool companies in Uruguay. The transaction
is scheduled to close on September 14, 2012.
OUTLOOK FOR 2012
On the basis of currently available information, Chargeurs
expects to report full-year consolidated revenue of €527
million and operating profit of €15 million.
Financial Calendar | |
Financial Information - Third Quarter 2012 | November 15, 2012 |
August 30, 2012
Corporate Communications Phone: +33 (0)1 71 72 31 65 www.chargeurs.fr
distributed by |