Strong growth in business and gross profit despite a fall in
unit margins* * At constant scope
Regulatory News:
Clasquin (Paris:ALCLA):
Q1 2024
Q1 2023
Change at current scope &
exch. rates
Change lfl***
CONSOLIDATED (unaudited)
Number of shipments**
86,066
77,770
+10.7%
+10.7%
Sales (€m)*
149.3
139.2
+7.3%
-3.5%
Gross profit (€m)
34.7
30.1
+15.4%
+2.0%
* 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 Timar acquisition (28/03/2023) and at constant exchange
rates.
MARKET AND BUSINESS REVIEW
The sea freight market was severely disrupted in Q1 2024
by the events in the Red Sea, which led to a sharp rise in sea
freight rates in January and February. At the end of the period,
the market resumed a less turbulent rhythm, reflected in the fall
in rates, which nevertheless remained significantly higher than in
2023.
The air freight market benefited both from the transfer
of certain sea freight shipments to air due to the disruption in
the Red Sea and from the boom in e-commerce exports from China (70
to 80% of airline load capacity), masking the sluggish demand for
general cargo.
Against this backdrop, the Group saw strong growth in its
business (up 10.7% in the number of shipments on a
like-for-like basis) and in volumes shipped, particularly by
air (tonnage: up 26.5%).
Gross profit rose by 15.4%, benefiting from the
acquisition of the Timar group on 01/04/23 (Impact +14.9%) and from
the development of the Group’s key accounts.
Despite sustained growth in the sea freight business
(number of shipments up 9.0%), Q1 was marked by a fall in the unit
margin (down 15.3%), which nonetheless remained well above the
level of the pre-Covid period (> +50%). Overall, gross profit
for sea freight was down 7.7%.
The extremely buoyant air freight business in Q1 2024
(number of shipments up 15.9%) also saw a fall in unit margins
(down 7.0%), which, as with sea freight, remained well above the
pre-Covid period (>30%), leading to a 10.3% increase in gross
profit for air freight.
At constant scope, the road brokerage business grew by
5.3% in Q1 2024 in terms of number of shipments, with gross profit
remaining stable. The contribution from the Timar group acquisition
boosted gross profit in this business line by 79.9%.
BREAKDOWN BY BUSINESS LINE
NUMBER OF SHIPMENTS
GROSS PROFIT (€m)
At current scope
and exchange rates
Q1 2024
Q1 2023
Change Q1 2024/
Q1 2023
Q1 2024
Q1 2023
Change Q1 2024/
Q1 2023
Sea freight
33,917
31,125
+9.0%
15.5
16.6
-6.6%
Air freight
23,096
19,932
+15.9%
9.5
8.6
+10.3%
Road Brokerage
19,391
18,416
+5.3%
7.0
3.9
+79.9%
Other*
9,662
8,297
+16.5%
2.7
1.0
+168.8%
TOTAL CONSOLIDATED
86,066
77,770
+10.7%
34.7
30.1
+15.4%
*: Other businesses: Rail/Customs/Logistics
VOLUMES
At current scope and exchange
rates
Q1 2024
Q1 2023
Q1 2024/ Q1 2023
Sea freight
59,087 TEUs*
58,925 TEUs*
+0.3%
Air freight
20,217T**
15,986T**
+26.5%
*: Twenty-foot equivalent units **: Tons
Q1 2024 HIGHLIGHTS
Signing of the sale agreement for the acquisition of 42.06%
of the share capital of Clasquin by SAS Shipping Agencies Services
Sàrl (“SAS”)
Following the press releases dated 4 December 2023 and 21 March
2024 and after completion of the information and consultation
procedures with the relevant employee representative bodies of
Clasquin, which issued a favourable opinion, on 28 March 2024, Yves
Revol, OLYMP and SAS Shipping Agencies Services Sàrl (“SAS”), a
subsidiary of MSC Mediterranean Shipping Company SA, signed a sale
agreement for the acquisition of 42.06% of the share capital of
Clasquin by SAS, at a price of EUR 142.03 per share.
Note that:
- completion of the transaction, which will be subject to
obtaining clearances from the competent regulatory authorities, is
expected to happen by year end.
- Upon completion of the transaction, SAS will file a tender
offer with the Autorité des Marchés Financiers (AMF) for the
remaining shares in the capital of Clasquin, at the same price of
EUR 142.03 per share. This draft offer will be submitted to the AMF
for approval.
- The transaction is supported by the Chief Executive Officer of
Clasquin and other key management team members, who have committed
to tender all of their Clasquin shares into SAS’ tender offer,
representing in aggregate c.8.5% of the share capital.
- The name of the independent expert tasked with preparing a
report on the financial terms of the offer will be communicated
immediately after their appointment by the Clasquin Board of
Directors, on the recommendation of the ad hoc committee comprising
a majority of independent directors. The CLASQUIN SA Board of
Directors will meet again to issue a substantiated opinion on the
offer, after having reviewed the independent expert’s report, the
ad hoc committee’s recommendation and the opinion of the CLASQUIN
SA Social and Economic Committee (see Clasquin press release of 21
March 2024).
The CLASQUIN Group would retain its head office in Lyon and
would continue to operate together with its teams and under the
Group’s brands (CLASQUIN, Timar, LCI-Clasquin Cargolution, CVL,
Exaciel, Art Shipping International and Transports Petit in
particular).
TIMAR SA
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), and closed on 27/03/24.
As a result, the Group now holds 99% of the shares in Timar SA. The
delisting of Timar SA shares is scheduled for 10/06/24.
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 05 June 2024: Combined Annual General Meeting
- Thursday 25 July 2024: Q2 2024 business report
- Tuesday 17 September 2024: H1 2024 results
- 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,
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/20240425099755/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
Clasquin (EU:ALCLA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Clasquin (EU:ALCLA)
Gráfica de Acción Histórica
De May 2023 a May 2024
