CHARGEURS FINANCIAL INFORMATION THIRD QUARTER 2015
November 10, 2015
In announcing Chargeurs' third-quarter 2015 revenue figures, Chairman and Chief Executive Officer Michaël Fribourg reaffirmed the Group's strategic commitment to improving continuously its operating performance. 'Leveraging its global footprint, Chargeurs is demonstrating its ability to pursue and intensify its operating performance strategy in each of its business units. The strength of the Group's business model is derived from its innovation dynamic, manufacturing excellence, cost discipline and assertive marketing, which play a fundamental role in driving growth for the benefit of its customers and shareholders.'
OPERATING PERFORMANCE AND REVENUE Revenue for the nine months ended September 30, 2015 rose by 2.8% year-on-year to €374.9 million, lifted by a favorable mix and the positive currency effect stemming from the Group's worldwide manufacturing and sales footprint. Third-quarter revenue stood at €118.3 million, in line with full-year forecasts.(in € millions) 2015 2014 2015 2014
Chargeurs Protective Films | 58.1 | 53.1 | 171.7 | 156.6 |
Chargeurs Technical Substrates | 4.1 | 4.1 | 13.9 | 11.8 |
Chargeurs Interlining | 38.3 | 38.5 * | 118.0 | 114.9 * |
Chargeurs Wool | 17.8 | 25.2 | 71.3 | 81.5 |
TOTAL consolidated | 118.3 | 120.9 | 374.9 | 364.8 |
* In 2014, reported revenue, including Chargeurs Technical Substrates, amounted to € 42.6 million in the third quarter and € 126.7 million for the first nine months
By operating segment, nine-month revenue performance may be analyzed as follows:
- Chargeurs Protective Films continues to enjoy robust revenue growth, powered by innovation-led improvements in the product mix and by the more competitive euro.
- Chargeurs Technical Substrates reported higher revenue for the period, reflecting volume gains led by advertising applications. To support this growth, a new extra-wide production line was installed at the unit's Sélestat plant during the third quarter, which will broaden its potential customer base and improve manufacturing productivity.
- Chargeurs Interlining is continuing to selectively focus on contracts offering profitable volumes, in a commitment to improving its product mix and margins. Reported revenue for the period also benefited from the favorable currency effect.
- Chargeurs Wool's revenue contracted over the period due to i) a reduction in tonnages in the third quarter caused by a now-completed shift in the business cycle in New Zealand, which did not have any impact on local results and ii) the decline in raw wool prices, partly offset by the positive currency effect. Thanks to its carefully managed business model, the unit will also report a profit for the year.
On the basis of its performance over the first ten months of the year and currently available economic indicators, the Group has raised its target for 2015 recurring operating profit to €27 million from the previously estimated €26 million.
(in € millions) Revenue | Estimated 2015 490 | Actual 2014 478.3 |
Recurring operating profit | 27 | 22.9 |
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