* As a reminder, 2022 was an exceptional year for the entire air
and sea freight sector
Regulatory News:
CLASQUIN (Paris:ALCLA):
FINANCIAL STATEMENTS APPROVED BY THE BOARD OF DIRECTORS ON 19
MARCH 2023
The Statutory Auditors have completed their audit procedures on
these accounts and the report relating to certification of the
consolidated financial statements will be issued when the annual
report is published.
Consolidated financial
statements
2023
% GP
2022
% GP
2023/
2022
Number of shipments **
334,889
315,742
+6.1%
Sales (€m)*
562.1
877.1
-35.9%
Gross profit (€m)
143.1
100.0%
140.0
100.0%
+2.2%
EBITDA (€m)
36.1
25.2%
40.3
28.8%
-10.4%
Current operating income (€m)
29.5
20.6%
33.4
23.9%
-11.7%
Consolidated net profit (€m)
19.9
13.9%
23.7
17.0%
-16.0%
Net profit Group share (€m)
18.3
12.8%
21.8
15.6%
-16.2%
* 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*.
ANNUAL BUSINESS VOLUMES AND EARNINGS
The number of shipments (excluding TIMAR*) rose 6.1%,
reflecting a sustained performance throughout the year:
- Sea: +2.1%
- Air: +16.4%
- Road brokerage (excluding TIMAR*): +5.8%
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) (gross
profit excluding TIMAR*: down 8.8%);
- 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).
EBITDA saw a limited 10.4% decline to €36.1m
thanks to a 4.2% reduction in expenses (excluding
TIMAR*).
Having reached a record level in 2022, mainly bolstered by
exceptional market conditions, current operating income remained
very high (€29.5m / down 11.7%), giving an EBIT/GP ratio of
20.6%.
Net profit Group share came to €18.3m, down 16.2%
impacted by a 20.3% increase in the cost of debt, which
nevertheless remains under tight control (€0.8m). The nominal tax
rate remains virtually unchanged at 27.8%.
FINANCIAL POSITION
2023
2022
2021
Gross operating cash flow (€m)
38.9
41.1
35.7
% of gross profit
27.2%
29.3%
29.3%
Net cash flow from operating
activities
25.1
66.9
15.5
Working capital (€m)
9.6
2.7
36.8
Shareholders’ equity (€m)
63.8
59.9
45.4
EBITDA (€m)
36.1
40.7
38.2
Net debt (€m)
15.1
(0.7)
33.2
Leverage (net debt/EBITDA)
0.4
(0.0)
0.9
Shareholders’ equity (excl. IFRS 16)
(€m)
64.6
60.6
45.7
EBITDA (excl. IFRS 16) (€m)
30.4
36.2
34.9
Net debt (excl. IFRS 16) (€m)
(5.4)
(20.8)
22.1
Leverage (excl. IFRS 16)
-0.2
-0.6
0.6
Despite a slight increase in working capital due
to the rise in freight rates at the end of the year, Group net
debt (excluding lease liabilities) remained negative at 31
December 2023, enabling the Group to continue to post highly
favourable leverage of below 0.
This sound financial position reflect the Group’s ability to
pursue its development strategy through both organic growth and
acquisitions.
PAYMENT OF DIVIDENDS
On 19 March 2023, the Board of Directors decided to propose to
the 5 June 2024 Combined Annual General Meeting that no dividend be
distributed due to the current negotiations between CLASQUIN and
SAS Shipping Agencies Services SARL, a subsidiary of MSC
Mediterranean Shipping Company SA.
2023 HIGHLIGHTS & POST BALANCE SHEET EVENTS
TIMAR SA*
Acquisition of a controlling interest (63.52%) in the TIMAR
Group on 28 March 2023
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).
Crossing of the 95% shareholding threshold of TIMAR SA’s
share capital on 1 November 2023.
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 and approved the offer
memorandum on 28 February 2024. The schedule for the transaction is
as follows:
- Offer launch: 08/03/2024
- Offer closing: 27/03/2024
- Settlement and delivery: 09/04/2024
- Delisting of TIMAR SA shares: 10/06/2024
THE CURRENT NEGOTIATIONS BETWEEN CLASQUIN AND SAS SHIPPING
AGENCIES SERVICES SARL, a subsidiary of MSC Mediterranean
Shipping Company SA, are ongoing and a press release will be
published on the matter shortly.
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)
Q1 2024 business report
Combined Annual General Meeting
Q2 2024 business report
- Tuesday 17 September 2024
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/20240320190736/en/
CLASQUIN Philippe LONS – Deputy Managing Director/Group
CFO Domitille CHATELAIN – Group Head of Communication &
Marketing Tel.: +33 (0)4 72 83 17 00
Clasquin (EU:ALCLA)
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