CLASQUIN: Q3 2023 Business* and Gross Profit up Slightly Versus Q3 2022
November 07 2023 - 10:45AM
Business Wire
*: number of shipments and volumes
Regulatory News:
CLASQUIN (Paris:ALCLA):
9 months
Quarters
Sept 2023 9 months
Sept 2022 9 months
Change
Like for like (lfl)***
Q3 2023/
Q3 2022
Q2 2023/
Q2 2022
Q1 2023/
Q1 2022
CONSOLIDATED (unaudited)
Number of shipments**
247,861
236,962
+4.6%
+2.6%
+2.5%
+6.8%
+4.6%
Sales (€m)*
417.0
699.9
-40.4%
-46.7%
-44.0%
-36.7%
-40.5%
Gross profit (€m)
103.1
107.3
-3.9%
-14.1%
+0.6%
+1.4%
-14.1%
* Sales is not a relevant indicator of business in our sector,
as it is greatly impacted by changing air and sea freight rates,
fuel surcharges, exchange rates (particularly versus USD), etc.
Changes in the number of shipments, volumes shipped and, in
financial terms, gross profit are relevant indicators. ** The
number of shipments does not include the TIMAR acquisition. ***
Like for like: excluding acquisitions of Exaciel (01/07/2022), CVL
(01/07/2022), TIMAR (28/03/2023) and Log System disposal
(01/03/2022) & constant exchange rates.
BUSINESS VOLUMES AND GROSS PROFIT
The market conditions experienced in H1 2023 persisted in
Q3:
- Fall in demand due to pressure on household purchasing
power and persistently high inventory levels
- Increased supply for:
- shipping companies through a major delivery programme for new
vessels;
- airlines following the return to service of almost all
passenger flights in summer 2023.
This dual trend continued to weigh on sea freight rates,
which returned to and sometimes dipped below pre-COVID levels,
particularly on European export routes.
Air freight rates continued to show stronger resistance
and remained higher than in the pre-pandemic period.
Against this backdrop, the Group continued to outperform the
market, maintaining overall growth of 2.6% (excluding the
acquisition of the TIMAR Group*) in the number of shipments in
Q3 (up 4.6% for the first 9 months).
The air freight business was particularly buoyant,
bolstered by a 7.1% increase in volumes shipped in Q3, an 11.0%
rise in the number of shipments (excluding the TIMAR Group*) and
virtually stable gross profit, down 0.6% due to a highly
challenging basis for comparison in terms of unit margins,
which nonetheless remained higher than in the pre-COVID
period (up at least 30%).
Sea freight volumes also increased in Q3: volumes shipped
up 1.9% and number of shipments (excluding the TIMAR Group*) up
0.9%. However, as in the air freight business, the decline in
unit margins due to the exceptional performance in 2022
impacted sea freight gross profit, down 19.3% in Q3.
Gross profit for the road brokerage business doubled in
Q3 (up 107%) driven by the TIMAR Group* acquisition and the
7.9% expansion of the historic consolidation scope.
For the second consecutive quarter and despite a highly
challenging basis for comparison, Group gross profit remained
above the exceptional level reached in 2022 thanks to:
- the TIMAR Group* acquisition;
- the acquisition of new clients;
- business development with key accounts.
Furthermore, TIMAR Group* Q3 gross profit amounted to
€4.9m, down from Q2 2023 due to seasonal trends, as the summer
months are traditionally sluggish in North Africa.
* TIMAR: a Moroccan group in which the CLASQUIN Group acquired a
controlling interest on 28 March 2023
BREAKDOWN BY BUSINESS LINE
NUMBER OF SHIPMENTS**
GROSS PROFIT (€m)
At current scope
and exchange rates
9M 2023
9M 2022
Change
9M 2023/
9M 2022
Change
Q3 2023/
Q3 2022
9M 2023
9M 2022
9M 2023/
9M 2022
Q3 2023/
Q3 2022
Sea freight
102,485
103,154
-0.6%
+0.9%
50.3
60.9
-17.3%
-19.3%
Air freight
65,013
55,555
+17.0%
+11.0%
27.9
30.7
-9.1%
-0.6%
Road Brokerage*
54,603**
52,262
+4.5%
+2.2%
19.1
10.8
+77.1%
+107.0%
Other (rail, customs, logistics)
25,760
25,991
-0.9%
-9.5%
5.9
4.6
+28.9%
+63.8%
TOTAL OVERSEAS BUSINESS
247,861
236,962
+4.6%
+2.5%
103.1
106.9
-3.6%
+0.6%
Log System (sold on 01/03/2022)
N/A
0.4
N/A
N/A
Consolidation entries
N/A
(0.1)
N/A
N/A
TOTAL CONSOLIDATED
103.1
107.3
-3.9%
+0.6%
* Road brokerage includes the road haulage business previously
included in “Other businesses” and the RORO business (roll on/roll
off). ** Excluding the TIMAR Group
VOLUMES
9M 2023
9M 2022
9M 2023/
9M 2022
Q3 2023/
Q3 2022
Sea freight
196,697 TEUs*
200,505 TEUs*
-1.9%
+1.9%
Air freight
51,804T**
50,685T**
+2.2%
+7.1%
* Twenty-foot equivalent units ** Tons
POST-Q3 2023 HIGHLIGHTS
On 1 November 2023, the Group exceeded the threshold of 95%
of TIMAR SA’s share capital. A mandatory squeeze-out offer
was filed on 7th November with the Moroccan Capital Market
Authority (AMMC).
2023 OUTLOOK
2023 MARKET International trade by volume: up 0.8% (WTO – Oct
2023)
CLASQUIN 2023 Business (number of shipments and volumes):
outperform market growth
UPCOMING EVENTS (publication after
market closure)
- Wednesday 21 February 2024
- Wednesday 20 March 2024
- Thursday 25 April 2024
- Thursday 25 July 2024
- Tuesday 17 September 2024
- Tuesday 29 October 2024
Q4 2023 business report
2023 annual results
Q1 2024 business report
Q2 2024 business report
H1 2024 results
Q3 2024 business report
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 France and the rest of the world and, more specifically, to
and from Asia-Pacific, North America, North Africa and sub-Saharan
Africa.
Its shares are listed on EURONEXT
GROWTH, ISIN FR0004152882, Reuters ALCLA.PA, Bloomberg ALCLA FP.
Read more at www.clasquin.com.
CLASQUIN confirms its eligibility
for the share savings plan for MSCs (medium-sized companies) in
accordance with Article D. 221-113-5 of the French Monetary and
Financial Code established by decree number 2014-283 of 4 March
2014 and with Article L. 221-32-2 of the French Monetary and
Financial Code, which set the conditions for eligibility (less than
5,000 employees and annual sales of less than €1,500m or balance
sheet total of less than €2,000m).
CLASQUIN is listed on the
Enternext© PEA-PME 150 index.
LEI: 9695004FF6FA43KC4764
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107768264/en/
CLASQUIN Philippe LONS – Deputy Managing Director/Group
CFO Domitille CHATELAIN – Group Head of Communication &
Marketing Tel.: +33 (0)4 72 83 17 00 – Fax: +33 (0)4 72 83 17
33
Clasquin (EU:ALCLA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Clasquin (EU:ALCLA)
Historical Stock Chart
From Apr 2023 to Apr 2024