At its 8 September 2016 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board of Directors, chaired by Mr François Nusse, reviewed and approved the Group financial statements for the 6 months ended 30 June 2016.
Consolidated results
(€000)
H1 2016
H1 2015
Revenue
294,761
277,033
Operating income
7,363
4,240
Net income before tax
7,332
5,276
Net income after tax
6,020
3,683
Minority interests
(60)
95
Group share
6,080
3,588
The first half 2015 results are those calculated after the application of IFRIC 21, as presented in the 2015 half-year financial report.
First half 2016 earnings were impacted by a €863,000 badwill gain arising from the acquisition of a subsidiary.
Segment information
(€000)
France
Europe
Outside Europe
Total
Revenue
187,286
91,692
15,783
294,761
(€000)
Paper
Processing
Inter-segment transactions
Total
Revenue
142,916
222,644
(70,799)
294,761
Operating income
6,717
965
(319)
7,363
Paper
Whilst deliveries of printing and writing papers seem to have declined in Western Europe, our five machines continued to operate at satisfactory capacity thanks to the development of new products, with production up 5%.
Changes in raw material prices did not have a material impact on our cost prices, contrary to first half 2015.
Revenue increased by 3.9% compared to first half 2015. The division posted operating income of €6,717,000, up from €4,456,000 in first half 2015.
Processing
Stationery consumption in France appears stable, with relatively strong demand from general customers (source I+C).
Our global offering of cardboard and paper products, as well as new product lines and the service we provide to our customers via our automated logistics centres, have contributed to our growth in sales.
Revenue rose 7.2% compared to first half 2015. The division posted operating income of
€965,000 compared to a €168,000 operating loss in first half 2015.
Group financial results
As at 30 June 2016, with revenue of €294,761,000, Group gross borrowings amounted to €126,190,000 and shareholders' equity totalled €383,135,000.
The Exacompta Clairefontaine Group has negotiated several lines of credit with its banks. The Group also issued commercial paper amounting to €50 million at 30 June 2016, out of a global programme of €125 million.
With cash of €68,989,000 at 30 June 2016, Group net borrowings amounted to
€57,201,000.
Outlook
Current economic uncertainties have had little to no effect on paper and stationery consumption. Nonetheless, we must continue our efforts to renew our product range and streamline costs.
Operating income for the year is expected to exceed 2015 operating income of €16,425,000.
SA WITH CAPITAL OF €4,525,920 - SIRET: 505 780 296 000 16 - NAF: 7010Z - RCS EPINAL: B 505 780 296 WEBSITE WWW.EXACOMPTACLAIREFONTAINE.FR - EMAIL ACTIONNAIRE@CLAIREFONTAINE.COM
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Exacompta Clairefontaine specializes in the production and marketing of printing and writing papers, diaries and paper items for offices, archives, classrooms, and leisure activities. Net sales (including intragroup) break down by activity as follows:
- processing and sales of papers and paper items (62.5%): record books, notebooks, card stock, pocket planners, archiving items, folders, envelopes, reams, stationery, etc. primarily sold under the Exacompta, Clairefontaine, Quo Vadis and Rhodia brands;
- paper production (37.5%).
Net sales are distributed geographically as follows: France (52%), Europe (44.4%) and other (3.6%).
EXACOMPTA CLAIREFONTAINE 