Clasquin: Q2 2023
27 Juli 2023 - 5:45PM
Business Wire
Strong Business Growth
Gross Profit Holding up Well
Regulatory News:
Clasquin (Paris:ALCLA):
Half-year
Quarters
H1 2023
H1 2022
Change
Like for like (lfl)***
Q2 2023/
Q2 2022
Q1 2023/
Q1 2022
CONSOLIDATED (unaudited)
Number of shipments**
163,301
154,435
+5.7%
+2.7%
+6.8%
+4.6%
Sales (€m)*
284.3
463.1
-38.6%
-45.0%
-36.7%
-40.5%
Gross profit (€m)
67.4
71.8
-6.1%
-16.1%
+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. ***
Constant consolidation scope: excluding acquisitions of Exaciel
(01/07/22), CVL (01/07/22), Timar (28/03/23) and Log System
(01/03/22)
Q2 2023 HIGHLIGHTS
- Integration of the Timar group following Clasquin’s
acquisition of 63.52% of the share capital on 28 March 2023.
- Reminder:
- Timar is a Moroccan group specialising in the design of
innovative solutions in the fields of international transport,
logistics and goods transit. The group is listed on the Casablanca
Stock Exchange.
- 14 companies, 18 offices in 9 countries in North Africa
(Morocco, Tunisia, Mauritania), West Africa (Senegal, Mali, Ivory
Coast) and Europe (France, Spain, Portugal).
- Headcount: 424 people (30/06/2023).
- Several projects have been launched and are proceeding
according to plan (cross-selling, financial reporting, IT security,
HR policies, etc.).
- Furthermore, the mandatory takeover bid launched on 9 June 2023
was completed on 28 June 2023. At 17 July 2023, the Group held
66.01% of Timar’s capital.
MARKET AND BUSINESS REVIEW
The fall in demand combined with increased market
capacity, for both air and sea, continued to weigh on
freight rates in Q2.
The sea freight market has returned to pre-COVID levels, while
air freight rates, although also down sharply, remain higher than
in the pre-pandemic period.
Against this backdrop, as in Q1 2023, the Group succeeded in
maintaining significant business volumes in Q2, with
a 6.8% increase in the number of shipments (excluding the
Timar acquisition).
The air freight business (excluding the Timar
acquisition), up 25.0% in terms of number of shipments and
up 15.3% in terms of tonnage, made a significant contribution to
this growth thanks to new client acquisitions.
The sea freight business (excluding the Timar
acquisition), up 3.4% in terms of number of shipments and
down 1.0% in terms of number of containers shipped, performed well
amid a significant fall in volumes.
The Road brokerage business (mainly Europe from and North
Africa) grew 5.2% (excluding the Timar acquisition),
consolidating its position in the automotive industry.
Despite unit margins declining in both air freight (down 27.2%)
and sea freight (down 23.4%), consolidated gross profit rose
1.4% in Q2, driven by:
- The acquisitions of CVL (July 2022), Exaciel
(July 2022) and Timar (consolidated from 1 April 2023);
Growth at constant scope & exchange rates: down 15.6%;
- New client acquisitions, which accounted for 8.1% of
total gross profit in H1 2023 (excluding the Timar
acquisition).
Moreover, the Timar Group’s Q2 gross profit amounted to
€5.8m, in line with expectations.
This was underpinned by:
- The acquisition of new clients in the Overseas (air/sea)
business;
- The strength of Road brokerage flows between Europe and
North Africa, driven by a buoyant Euromed market.
Europe-Africa flows accounted for 22% of the Group’s gross
profit in H1 2023 (versus 12% for FY 2022).
BREAKDOWN BY BUSINESS LINE
NUMBER OF SHIPMENTS (excl.
Timar)
GROSS PROFIT (€m)
At current scope
and exchange rates
H1 2023
H1 2022
Change
H1 2023/
H1 2022
Change
Q2 2023/
Q2 2022
H1 2023
H1 2022
Change
H1 2023/
H1 2022
Change
Q2 2023/
Q2 2022
Sea freight
65,951
66,929
-1.5%
+3.4%
33.3
39.8
-16.3%
-19.6%
Air freight
42,595
35,361
+20.5%
+25.0%
18.2
20.9
-13.1%
-5.6%
Road brokerage*
37,245
35,273
+5.6%
+5.2%
12.1
7.4
+63.4%
+105.3%
Other (rail, customs, logistics)
17,510
16,872
+3.8%
-11.1%
3.8
3.3
+15.3%
+57.5%
TOTAL OVERSEAS BUSINESS
163,301
154,435
+5.7%
+6.8%
67.4
71.4
-5.7%
+1.5%
Log System**
-
0.4
N/A
N/A
Consolidation entries
-
(0.1)
N/A
N/A
TOTAL CONSOLIDATED
67.4
71.8
-6.1%
+1.4%
* Road brokerage includes the road haulage business previously
included in “Other businesses” and the RORO business (roll on/roll
off: combined road + sea transport (trailers or trucks on ships))
** Disposal of LOG System on 01/03/2022
VOLUMES
H1 2023
H1 2022
Change
H1 2023/
H1 2022
Change
Q2 2023/
Q2 2022
Sea freight
129,409 TEUs*
134,441 TEUs*
-3.7%
-1.0%
Air freight
33,472T**
33,572T**
-0.3%
+15.3%
* Twenty-foot equivalent units ** Tons
2023 OUTLOOK
2023 MARKET
- International trade by volume: up 1.0% (source: WTO)
- Air freight by volume: down 4.3% (source: IATA)
- Sea freight by volume: down 2.5-5%
CLASQUIN 2023
Business (volumes): outperform market growth Unit margins:
return to normalised margin
UPCOMING EVENTS
(publication after-market closure)
- Wednesday 13 September 2023
- Tuesday 07 November 2023
H1 2023 results
Q3 2023 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/20230727931599/en/
CLASQUIN Philippe LONS – Deputy Managing Director/Group
CFO Domitille CHATELAIN – Group Head of Communication &
Marketing Tel.: +33 (0)4 72 83 17 00
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