PR Newswire/Les Echos/
FIRST HALF 2010
* Revenue up 13%
* EUR12.7 million in operating profit
* Full-year 2010 objectives revised upwards
The Board of Directors of Chargeurs met on August 26 under the chairmanship of
Eduardo Malone to approve the consolidated financial statements for the six
months ended June 30, 2010.
First-half 2010 consolidated revenue was 13% higher than in the prior-year
period. Growth was led by a sharp 35.8% increase in revenue from Chargeurs
Protective Films and a 6.1% increase in revenue from Chargeurs Interlining.
The return to operating profit in the three businesses was confirmed throughout
the first half, resulting in consolidated operating profit of EUR12.7 million
and net profit of EUR6.8 million for the period.
First Half
(in EUR millions) 2010 2009
Revenue 255.9 226.4
Operating profit/(loss) 12.7 (14.7)
Net profit/(loss) 6.8 (26.4)
2 - ANALYSIS BY BUSINESS SEGMENT
CHARGEURS PROTECTIVE FILMS
(in EUR millions) First Half
2010 2009
Revenue 88.0 64.8
Operating profit/(loss) 5.7 (6.8)
The sharp 35.8% rise in revenue at Chargeurs Protective Films compared with
first-half 2009 was attributable to higher sales volumes, which accounted for
two-thirds of the increase, and to the price effect, for one-third.
The return to operating profit was achieved thanks to rightsizing measures
implemented in 2009 and improved volumes in surface protection markets.
CHARGEURS INTERLINING
(in EUR millions) First Half
2010 2009
Revenue 91.7 86.4
Operating profit/(loss) 5.7 (7.7)
Revenue at Chargeurs Interlining rose by 6.1%, with higher volumes and the price
effect each accounting for half of the increase.
The return to operating profit was attributable to 2009 cost-reduction programs
and a recovery in sales volumes.
CHARGEURS WOOL
(in EUR millions) First Half
2010 2009
Revenue 76.2 75.2
Operating profit/(loss) 2.5 (0.7)
Revenue at Chargeurs Wool was up 1.3%. The overall increase integrates lower
sales volumes stemming from the policy of carefully selecting contracts,
combined with a favourable price effect linked to raw material prices.
Operating profit was satisfactory.
3 - FINANCIAL POSITION
Net bank debt amounted to EUR67.5 million at June 30, 2010 compared with EUR89.1
million at December 31, 2009.
During the first half, 1 9.8% of the 41 5,083 Chargeurs convertible bonds with a
total value of EUR22.8 million were converted into Chargeurs ordinary shares,
lifting the number of ordinary shares to 12,590,557. Following these
conversions, 333,103 convertible bonds were outstanding at June 30, 2010.
4 - OUTLOOK FOR 2010
In light of its satisfactory first-half performance, the Group is revising its
full-year revenue and earnings objectives upwards. If the economic situation
holds firm, consolidated revenue is expected to reach EUR485 million for an
operating profit of EUR1 8.5 million.
August 27, 2010
Corporate Communications
Phone: +33 (0)1 71 72 31 65
The press release is available at www.chargeurs.fr
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