Strong growth in number of shipments and gross profit
Regulatory News:
Clasquin (Paris:ALCLA)
FY
Q4
Q3
Q2
Q1
2023
2022
Change at current scope &
exch. rates
Like
For like ***
Q4 2023/ Q4 2022
Q3 2023/ Q3 2022
Q2 2023/ Q2 2022
Q1 2023/ Q1 2022
CONSOLIDATED (unaudited)
Number of shipments**
334,889
315,742
+6.1%
+4.6%
+10.5%
+2.5%
+6.8%
+4.6%
Sales (€m) *
562.1
877.1
-35.9%
-42.9%
-18.1%
-44.0%
-36.7%
-40.5%
Gross profit (€m)
143.1
140.0
+2.2%
-8.5%
+22.4%
+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*. ***
Excluding acquisitions of Exaciel (01/03/2022), CVL (01/07/2022),
TIMAR* (28/03/2023) and Log System disposal (01/03/2022) and at
constant exchange rates.
BUSINESS VOLUMES AND GROSS PROFIT
The market conditions for the sea freight business
observed since the beginning of 2023, characterised by weak demand
and increasing supply, intensified in Q4 2023. Against this
backdrop, sea freight rates returned to the low levels of 2020 (10
times lower than at the start of 2022). However, freight rates
began to rebound at the end of the period, heralding a sharp rise
in January 2024 due to the attacks on vessels in the Red Sea.
The air freight market picked up slightly in Q4 2023
across outbound flows from Asia due to supplies for the festive
season, which led to an increase in freight rates.
In this environment, the Group delivered an excellent
performance.
Overall, the number of shipments (excluding TIMAR*) rose by
10.5% in Q4 2023, reaching a record level for a quarter
(over 87,000). Gross profit (including TIMAR*) was bolstered
by this high level of activity, up 22.4% in Q4.
The Group posted strong growth across all its businesses,
once again confirming its ability to outperform the
market and win new market share.
In the sea freight business, the number of shipments
(excluding TIMAR*) rose by 11.1% in Q4, while gross profit
increased by 1.3%, reflecting the impact of lower freight rates on
unit margins.
The number of shipments (excluding TIMAR*) in the air freight
business rose sharply in Q4 (up 14.7%). Gross profit surged
24.8% thanks to solid unit margins, boosted by positive market
conditions and a favourable basis for comparison.
The Road Brokerage division posted 9.7% growth in the
number of shipments (excluding TIMAR*) in Q4 and a spectacular
116.7% increase in gross profit thanks to the acquisition of the
TIMAR Group (up 22.3% excluding TIMAR*).
Over the year,
- the number of shipments across all business lines (excluding
TIMAR*) rose by 6.1%.
- gross profit exceeded the record level reached in 2022 (up
2.2%), despite pressure on unit margins due to market
conditions, thanks to:
- the TIMAR Group acquisition (11% of 2023 gross profit);
- the acquisition of new clients (10% of 2023 gross profit);
- business development with key accounts (gross profit of the top
30 clients: up 11% versus 2022).
* TIMAR is a Moroccan group acquired on 28 March 2023,
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).
BREAKDOWN BY BUSINESS LINE
NUMBER OF SHIPMENTS
GROSS PROFIT (€m)
At current scope
and exchange rates
2023
2022
2023/
2022
Q4 2023/ Q4 2022
2023
2022
2023/
2022
Q4 2023/ Q4 2022
Sea freight
137,610
134,771
+2.1%
+11.1%
68.9
79.3
-13.1%
+1.3%
Air freight
88,715
76,214
+16.4%
+14.7%
38.6
39.3
-1.7%
+24.8%
Road Brokerage*
74,013
69,959
+5.8%
+9.7%
27.5
14.7
+87.6%
+116.7%
Other (rail, customs, logistics)
34,551
34,798
-0.7%
-0.2%
8.1
6.4
+27.2%
+23.1%
TOTAL OVERSEAS BUSINESS
334,889
315,742
+6.1%
+10.5%
143.1
139.6
+2.5%
+22.4%
Log System
(sold on 01/03/22)
N/A
0.4
N/A
N/A
Consolidation entries
N/A
-0.1
N/A
N/A
TOTAL CONSOLIDATED
143.1
140.0
+2.2%
+22.4%
* 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)).
VOLUMES
2023
2022
2023/2022
Q4 2023/ Q4 2022
Sea freight
260,716 TEUs*
263,796 TEUs*
-1.2%
+1.2%
Air freight
70,452T**
68,893T**
+2.3%
+2.4%
* Twenty-foot equivalent units ** Tons
Q4 2023 HIGHLIGHTS
TIMAR SA On 1 November 2023, the Group exceeded the
threshold of 95% of TIMAR SA’s share capital. A mandatory
squeeze-out offer for the TIMAR shares was filed by Financière
Clasquin Euromed on 7 November 2023 with the Moroccan Capital
Market Authority (AMMC), which declared the project admissible on 9
February 2024. The final schedule for the transaction will be set
at a later date.
MSC Beginning of exclusive negotiations on 4 December
2023 with SAS Shipping Agencies services SÀRL (SAS), a subsidiary
of MSC Mediterranean Shipping Company SA, regarding the sale of
all the shares owned by Yves Revol and OLYMP (42% of the share
capital of Clasquin SA).
Subject to the positive findings of the audit currently
underway, SAS would grant Yves Revol and OLYMP a put option during
the first quarter of 2024. The purchase price of the shares would
be determined on the basis of an enterprise value of €325m and
after taking into account adjustments to be agreed between the
parties.
The final legal documentation relating to the acquisition would
be concluded after completion of the information and consultation
procedures with the relevant staff representative bodies.
Completion of the transaction would be subject to authorisations
from the relevant authorities, including antitrust clearance.
Following the acquisition of the controlling interests of Yves
Revol and OLYMP, SAS would file a public tender offer for the
remaining shares in CLASQUIN SA with the French Financial Markets
Authority (AMF).
The Clasquin Group would continue to operate with its own teams
and under the Group’s brands.
CLASQUIN SA will inform the market in due course of the progress
of the negotiations.
2024 OUTLOOK
2024 market
- International trade by volume: up 3.3% (WTO – October
2023)
- Air freight by volume: up 4.5% (IATA – December 2023)
- Sea freight by volume: up 3-4%
CLASQUIN 2024 Business (volumes): outperform market
Growth.
UPCOMING EVENTS (publication after
market closure)
- Wednesday 20 March 2024
- Thursday 25 April 2024
- Thursday 25 July 2024
- Tuesday 17 September 2024
- Tuesday 29 October 2024
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
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version on businesswire.com: https://www.businesswire.com/news/home/20240221915944/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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