Growth in sales and gross profit Fall in earnings
Regulatory News:
Clasquin (Paris:ALCLA):
H1 2024
% GP
H1 2023
% GP
H1 2024/
H1 2023
CONSOLIDATED FINANCIAL
STATEMENTS*
Number of shipments**
174,674
163,301
+7.0%
Sales (€m) ***
310.1
284.3
+9.1 %
Gross profit (€m)
70.6
100.0 %
67.4
100.0 %
+4.7 %
EBITDA (€m)
13.3
18.9 %
16.3
24.2 %
-18.2 %
Current operating income (€m)
7.6
10.8 %
11.0
16.3 %
-30.6 %
Consolidated net profit (€m)
4.4
6.2 %
7.7
11.4 %
-42.9 %
Net profit Group share (€m)
3.7
5.3 %
6.6
9.7 %
-43.3 %
* Unaudited financial statements approved by the Board of
Directors on 16 September 2024 **: The number of shipments does not
include the TIMAR acquisition. *** Please note: 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. NB : The 2024 half-year
report can be downloaded from our website www.clasquin.com, from
the “Investors” section and the “Financial reports”
sub-section.
H1 2024 HIGHLIGHTS
Sale of 42.06% of the share capital of Clasquin to SAS
Shipping Agencies Services Sàrl (“SAS”)
- On 28 March 2024, Yves REVOL, OLYMP and SAS Shipping Agencies
Services Sàrl (“SAS”), an MSC Mediterranean Shipping Company SA
subsidiary, signed a share purchase agreement under which SAS will
acquire 42.06% of Clasquin’s share capital, at EUR 142.03 per
share.
- Completion of the transaction is subject to obtaining
clearances from the competent regulatory authorities1. The current
situation is as follows:
- The procedure for obtaining clearances from the relevant
regulatory authorities as part of merger controls in the European
Union is underway: following the filing of the notification on 2
September 2024, the decision on phase 1 unconditional clearance is
expected to be made, in principle, by 7 October 20242;
- Regulatory clearances as part of merger controls in other
relevant jurisdictions have been lifted, as has the clearance
relating to foreign investment control in France.
- Upon completion of the transaction, SAS will file a tender
offer with the Autorité des Marchés Financiers (the “AMF”)
for the remaining shares in Clasquin’s capital, at the same price
of EUR 142.03 per share (the “Offer”). This draft Offer will
be submitted to the AMF for approval. SAS intends to proceed with a
squeeze-out should applicable conditions be met upon closing of the
Offer. The tender offer is expected to be filed before the end of
October 2024, subject to authorisation by the European authorities
on 7 October.
On 5 June 2024, on the recommendation of the ad hoc committee3,
the Board of Directors of Clasquin appointed Accuracy as the
independent expert, in accordance with Article 261-1 I of the AMF
General Regulation.
The appointment of the independent expert was required in order
to prepare a report on the financial terms of the Offer.
After reviewing this report, including the fairness opinion
issued by the independent expert, Clasquin’s Board of Directors
will issue a reasoned opinion on the Offer and its consequences for
Clasquin, its shareholders and its employees. This reasoned opinion
and the independent expert’s report will be made public in
connection with the draft reply document, whose filing with the AMF
will be announced in a future Clasquin press release.
TIMAR SA*
Following the Mandatory Squeeze-Out Offer on TIMAR SA
shares closed on 27/03/24, the shares of this company were delisted
from the Casablanca Stock Exchange on 10/06/24, as planned.
* Timar: a Moroccan group specialising in the design of
innovative solutions in the fields of international transport,
logistics and goods transit, over which the CLASQUIN Group obtained
control on 28 March 2023.
H1 2024 EARNINGS
The number of shipments (excluding Timar) rose 7.0% in H1
2024, driven by:
- Strong growth in sea freight (up 4.0%) which represents 43.9%
of the Group’s total business activity.
- A sharp increase in air freight shipments (up 12.0%)
- Strong growth in the Road Brokerage business (excluding Timar)
(up 5.3%)
- A rapid upturn in the rail business (x7)
Gross profit was up 4.7% in H1 2024, reflecting:
- Strong growth with the Group’s top 30 clients (up 21%)
- Capacity to grow market share (new clients account for 5% of H1
2024 gross profit)
- A drop in unit margins (Air freight: down 3.4 %/Sea freight:
down 10.5%), stabilised in Q2.
- More complicated market conditions with North Africa than in H1
2023 (significant decline by Timar)
EBITDA of €13.3m, down 18.2% primarily due to:
- An increase in operating expenses linked to investments in the
Group’s digital tools, which will drive future growth.
- A decline in performance by Timar Group entities (challenging
basis for comparison).
Current operating income amounted to €7.6m (down 30.6%)
due to a 7% increase in depreciations/provisions and other current
income and expenses.
Net profit Group share of €3.7m (down 43.3%) was impacted
by an increase in the cost of debt (up €0.4m) and a rise in the
nominal tax rate (31.6%) related to the contribution on the
value-added tax (CVAE) and non-capitalised tax losses.
FINANCIAL POSITION
H1 2024
(6 months)
2023
(12 months)
H1 2023
(6 months)
Gross operating cash flow (€m)
11.7
38.9
15.3
% of gross profit
16.5 %
27.2 %
22.7 %
Net cash flow from operating
activities
-6.0
25.1
11.6
Working capital (€m)
25.6
9.6
4.8
Shareholders’ equity (€m)
67.7
63.8
56.0
EBITDA (€m)*
26.7
36.1
32.6
Net debt (€m)
26.7
15.1
18.9
Leverage (net debt/EBITDA)
1.0
0.4
0.6
Shareholders’ equity (excl. IFRS 16)
(€m)
68.5
64.6
56.7
EBITDA (excl. IFRS 16) (€m)*
20.6
30.4
27.2
Net debt (excl. IFRS 16) (€m)
5.7
-5.4
-3.0
Leverage (excl. IFRS 16)
0.3
-0.2
-0.1
* H1 2023 and H1 2024 EBITDA doubled.
H1 2024 saw a sharp increase in working capital (up
€16.0m), as a direct result of the rise in freight rates.
Following market conditions in 2023 that gave rise to an
exceptional reduction in working capital, 2024 saw a return to
much more normal levels.
Net debt (excluding IFRS 16) remains very low at €5.7m,
resulting in leverage of close to 0 (0.3), leaving the
Group’s ability to finance future growth, both organic and via
acquisitions, intact.
2024 OUTLOOK
2024 market
- International trade by volume: up 3.3% (WTO – October
2023)
- Air freight by volume: up 6.9% (source: IATA June 2024)
- Sea freight by volume: up 2.1% on average between 2024 and 2028
(source: Global Sovereign Advisory – March 2024)
CLASQUIN 2024 Business (volumes): outperform market
growth.
UPCOMING EVENTS (publication after-market closure)
- Tuesday 29 October 2024: 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 and
Bloomberg ALCLA FP. Read more at www.clasquin.com.
CLASQUIN confirms for FY 2023 the eligibility
of its share for the PEA-PME share savings plan (Article L.
221-32-2 of the French Monetary and Financial Code).
LEI: 9695004FF6FA43KC4764
___________________________________ 1 Other conditions precedent
for the completion of the transaction have been defined, including
the absence of any material adverse events (these conditions being
for the benefit of the buyer, who may waive them at its
discretion), as well as other customary conditions precedent.
Third-party consent on important matters, as agreed upon between
the parties to the transaction, have been obtained. 2 It being
specified that the 25-business day timeframe may be suspended by
the Commission for the purposes of collecting information. 3 The
members of the ad hoc committee are Ms Ma Fan, Ms Claude Revel, Mr
Laurent Fiard, independent directors, and Mr Philippe Lons,
director and Clasquin Group Chief Financial Officer. The absence of
any significant financial, contractual, family, or close
relationship liable to impact the independent judgement of the
members of the ad hoc committee was confirmed with regard to the
company’s independent Board members and with regard to all of SAS’s
committee members.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240917995378/en/
CLASQUIN
Philippe LONS – Deputy Managing Director/Group CFO Domitille
CHATELAIN – Group Head of Communication & Marketing
CLASQUIN Group – 235 cours Lafayette – 69006 Lyon Tel.: +33 (0)4
72 83 17 00
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