PR Newswire/Les Echos/
PRESS RELEASE
2007 RESULTS
Chargeurs: Net Income up 17.5%
in a difficult global environment
The Board of Directors of Chargeurs met on March 4 under the chairmanship of
Eduardo Malone to approve the 2007 consolidated financial statements.
Revenue rose 2.7% over the year to 790 million. Excluding the currency effect,
the increase came to 4.3%.
Operating income grew by 13% to 28.7 million, reflecting improved margins at
Chargeurs Wool and Chargeurs Interlining.
Net income totaled 15.4 million, up 17.5% from the year before.
Chargeurs achieved these results in a very turbulent global environment shaped
by sharp increases in the price of oil and several other raw materials and the
dollar's value persistent decline against the euro.
1 - CONSOLIDATED RESULTS
(in € millions) 2007 2006
Revenue 790 769
Operating income 28.7 25.4
Net income 15.4 13.1
2 - ANALYSIS BY BUSINESS SEGMENT
CHARGEURS WOOL
(in € millions) 2007 2006
Revenue 254 224
Operating incom 5.4 1.9
P.1
Chargeurs Wool's revenue rose by 13.4%, led mainly by higher raw wool prices.
Operating income increased sharply thanks to the competitiveness of the
business' production base.
As part of its industrial consolidation plan, Chargeurs Wool opened up the
capital of its combing unit in Argentina to local wool partner Ituzaingo, at a
price consistent with capital employed.
Under the terms of the agreement, Chargeurs Wool and Ituzaingo jointly control
the Trelew plant in Patagonia on a 50/50 basis. Chargeurs Wool also finalized
efforts to strengthen its combing operations in China, a strategic resource in
this business' extremely competitive environment.
CHARGEURS FASHION
(in € millions) 2007 2006
Revenue 85 90
Operating income 1.5 0.8
The 5.6% decrease in Chargeurs Fashion's revenue was due to lower volumes.
Operating income rose over the year, as a more favorable product mix offset the
decline in volumes.
Chargeurs and Holfipar, the Morocco-based holding company of the Tazi family,
finalized their agreement giving them joint control of Chargeurs Fashion. The
alliance provides Chargeurs Fashion with the know-how, competitiveness and
creative skills it needs to drive a strategy of growth.
CHARGEURS INTERLINING
(in € millions) 2007 2006
Revenue 242 236
Operating income 10.5 8.8
Revenue rose 2.5% over the year.
Operating income increased by 19.3% thanks to reorganization measures that
offset higher raw material costs and the unfavorable dollar/euro exchange rate.
In January 2008, Chargeurs Interlining finalized the acquisition of Bangladesh-
based Etacol, which makes shirt interlining. After adding a plant in Dhaka and
a marketing unit in Savana to its worldwide base, Chargeurs Interlining now
holds 25% of the global shirt interlining market.
P.2
CHARGEURS PROTECTIVE FILMS
(in € millions) 2007 2006
Revenue 208 218
Operating income 16.4 17.7
Although Chargeurs Protective Films enjoyed strong demand in the first half,
full-year revenue declined by 4.6% as the slowdown in the building industry
beginning in Q4 reduced sales.
The decrease in operating income reflects higher prices for petroleum-based
polyethylene, the primary raw material in this business, and, to a lesser extent
, the unfavorable dollar/euro exchange rate.
3 - BALANCE SHEET
Equity amounted to 237.4 million at December 31, 2007, or 23 per share.
Net debt stood at 55 million at year-end, for gearing of 23%.
4 - DIVIDEND
At the Annual Shareholders' Meeting on May 6, 2008, the Board of Directors will
recommend paying a dividend of 0.65 per share for 2007.
March 5, 2008
Communications Department
Phone: +33 (0)1 71 72 31 65
http://www.chargeurs.fr P.3
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