CLASQUIN 
By Regulatory News:
Clasquin (Paris:ALCLA) :
2013 figures
(Financial statements approved by the Board of Directors on 18 March 2014)
| Consolidated audited acccounts | 2013 | % GP | 2012 | % GP | Change 2013/2012 | Change H1 2013/ | Change H2 2013/ | ||||||||
| Number of shipments* | 156,375 | 146,324 | + 6.9% | +3.0% | +10.5% | ||||||||||
| Sales (€m) ** | 198.1 | 184.6 | + 7.3% | +9.8% | +5.2% | ||||||||||
| Gross profit (€m) | 47.4 | 100.0 % | 45.1 | 100.0 % | + 5.1% | +4.5% | +5.6% | ||||||||
| Current Operating income (€m) | 4.6 | 9.7% | 4.3 | 9.4% | + 8.0% | -1.2% | +13.7% | ||||||||
| Consolidated net profit (€m) | 2.5 | 5.3% | 2.3 | 5.2% | + 7.6% | -4.1% | +14.1% | ||||||||
| Net profit group share (€m) | 2.2 | 4.7% | 2.1 | 4.7% | + 4.8% | -13.3% | +15.2% |
*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.
After a flat H1, our markets are gradually returning to growth in H2
The year 2013 has come to end on an optimistic note with an upturn in the international trade.
After a distinctly gloomy first half of the year which continued the slowdown trend observed in 2012, the second half of the year marks a gradual return to growth in international trade.
The international shipping volumes for the whole year measured in TEU
(Twenty-foot Equivalent Units) increased by approximately 2-3%.
In
such a context, the sea freight rates were especially volatile and ended
the year with strong growth (x 2.4, between September and December 2013).
Air volumes (+1.0% in tonnage) and freight rates remained stable throughout 2013.
From the second half of the year our business increases considerably
| NUMBER OF SHIPMENTS | GROSS PPROFIT (in €m) | ||||||||||||||||||||
| At current exchange rate | 2013 | 2012 | Chg 2013/ 2012 | Chg H1 2013/ | Chg H2 2013/ | 2013 | 2012 | Chg 2013/ 2012 | Chg | Chg | |||||||||||
| Sea freight | 81,595 | 73,487 | + 11.0% | +7.5% | +14.2% | 20.6 | 18.5 | + 11.3% | +13.8% | +9.2% | |||||||||||
| Air freight | 61,275 | 59,896 | + 2.3% | -2.8% | +7.3% | 15.7 | 16.2 | - 3.4% | -6.2% | - 0.8% | |||||||||||
| Other | 13,505 | 12,941 | + 4.4% | +4.9% | +3.9% | 3.3 | 2.9 | + 12.8% | +8.6% | +16.5% | |||||||||||
| TOTAL OVERSEAS ACTIVITY | 156,375 | 146,324 | + 6.9% | +3.0% | +10.5% | 39.6 | 37.7 | + 5.1% | +4.5% | +5.6% | |||||||||||
| Log System | 2.4 | 2.3 | + 4.0% | +12.9% | -3.9% | ||||||||||||||||
| Gueppe-Clasquin | 6.8 | 6.4 | + 6.3% | +4.2% | +8.5% | ||||||||||||||||
| Consolidation entries | -1.4 | -1.3 | NS | NS | NS | ||||||||||||||||
| TOTAL CONSOLIDE | 47.4 | 45.1 | + 5.1% | +4.5% | + 5.6% | ||||||||||||||||
| VOLUMES (Wo Intercargo) | ||||||||||
| 2013 | 2012 | Chg 2013/ | Chg H1 2013/ | Chg H2 2013/ | ||||||
| Sea freight | 85,138 TEU* | 84,895 TEU* | + 0.3 % | - 6.4 % | +7.1% | |||||
| Air freight | 44,792 T** | 41,659 T** | + 7.5 % | - 2.9 % | +17.3% | |||||
* TEU = Twenty Equivalent Unit containers
** T =
tons
In 2013, as in previous years, the CLASQUIN group develops faster
than the market.
The growth in our air volumes is manifest
in H2 (+17.3%) and by the end of the year it is beginning to benefit
from our strategy for export recovery on the EUROPE>ASIA route and
EUROPE>NORTH AMERICA route.
Our shipping volumes also
experience strong growth in H2 (+7.1%). However, there was high
pressure on our margins in Q4 due to the surge in sea freight rates.
The consolidation on a full-year basis of INTERCARGO1 was a success, which is confirmed by its performance.
1Freight forwarder acquired by the Group in September 2012 and whose head office is in Barcelona.
A year of investments, bearer of future developments
The acquisition of new clients and capturing of market shares is achieved first and foremost through the integration of technical and commercial expertise.
The year 2013 was particularly rich in this area with the hiring of a dozen “sales executives” and talented managers who came to strengthen our teams in Europe and Overseas.
At the same time, we have continued with the deployment of a whole new generation of IT tools enabling us, on the one hand, to continue to improve our operational productivity and management tools on an ongoing basis and, on the other, to develop our range of client services grouped under the name “E-Client Solutions”.
All these investments will continue to stimulate growth and future performance.
Profits back in growth
Despite falling profits in H1, we ended the year in growth thanks to an
excellent improvement in H2, notwithstanding the pressure on margins.
Our
current operating income has risen by 8% to €4.6M (+13.7% in H2).
The
Group share of net profit has risen by 5% to €2.2 M (+15.2% in
H2).
A financial situation, which remains healthy
| 2013 | 2012 | 2011 | ||||
| Shareholders’equity (€m) | 22.2 | 22.3 | 22.3 | |||
| Net debt (€m) | -0.1 | -0.2 | -5.8 | |||
| Gearing | -0.5% | -0.8% | -26.1% | |||
| 2013 | 2012 | 2011 | ||||
| Working Capital Requirement (€m) | 8.1 | 8.1 | 5.2 | |||
| WCR intensity | 1.7% | 1.8% | 1.3% | |||
| 2013 | 2012 | 2011 | ||||
| Operationnal cash flow (€m) | 4.4 | 4.4 | 5.7 | |||
| Gross profit % | 9.4% | 9.8% | 12.7% |
Outlook for 2014
Market
We are reasonably
optimistic about the continuing recovery of the international trade.
Clasquin
In this context and
taking account of the significant expansion of our sales force effected
in 2012 and 2013 and the rising power of our new subsidiaries (Germany,
Italy, India), we expect our business to continue to grow.
Payment of dividends
The Board of Directors at its meeting on 18 March 2014 has decided to offer at the Annual General Meeting on 5 June 2014 a dividend of €0.80 per share with release of payment on 13/06/2014.
2014 upcoming events (publications issued after market closure)
- Wednesday 7 May 2014 : Business report as of 31 March 2014
- Thursday 28 August 2014 : Business report as of 30 June 2014
- Wednesday 17 September 2014 : 2014 Half year results
- Thursday 30 October 2014 : Business report as of 30 September 2014
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
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