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    ALCLA   FR0004152882

CLASQUIN

(ALCLA)
  Report
Real-time Quote. Real-time Euronext Paris - 06/14 11:35:27 am
48 EUR   +1.91%
04/30GLOBAL MARKETS LIVE : Nestlé, Schindler, Credit Suisse
03/24CLASQUIN : 2020
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03/24CLASQUIN  : Annual results
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CLASQUIN: 2020

03/24/2021 | 11:46am EDT

Outstanding performance

amid a chaotic environment

Regulatory News:

CLASQUIN (Paris:ALCLA):

FINANCIAL STATEMENTS APPROVED BY THE BOARD OF DIRECTORS ON 23 MARCH 2021

The Statutory Auditors have completed their audit procedures on these accounts and the report relating to the certification of the consolidated financial statements will be issued when the annual report is published.

 

 

2020

2019

2020/
2019

2020
(excl. IFRS 16)

2019
(excl. IFRS 16)

 

2020/
2019
(excl. IFRS 16)

 

Number of shipments

251,561

273,875

-8.1%

251,561

273,875

-8.1%

Sales (€m)*

392.0

331.3

+18.3%

392.0

331.3

+18.3%

Gross profit (€m)

76.2

76.7

-0.7%

76.2

76.7

-0.7%

EBITDA (€m)

16.7

13.9

+20.3%

13.8

11.0

+24.8%

% GP

21.9%

18.1%

 

18.1%

14.4%

 

Current operating income (€m)

9.5

8.6

+10.4%

9.5

8.5

+11.8%

% GP

12.5%

11.2%

 

12.5%

11.1%

 

Consolidated net profit (€m)

5.4

4.5

+21.7%

5.4

4.5

+20.8%

Net profit Group share (€m)

5.1

3.9

+32.3%

5.1

3.9

+31.2%

* Note: 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.

2020 HIGHLIGHTS

Management of the health crisis impact:

A highly disrupted market:

  • Erratic changes in volumes: very sharp drop in volumes in Q2 and gradual recovery from Q3
  • Disruption of global supply chains
  • Sea: shortage of equipment and soaring prices in Q4
  • Air: drastic reduction in load capacities and soaring prices

The Group implemented measures focused on four areas:

  • Ensuring employees’ health and safety
  • Guaranteeing the continuity of operations by adapting business solutions
  • Implementing a plan to reduce costs
  • Securing cash resources

Exceptional commitment by teams to serve clients:

  • Immediate adaptation to a new environment (telework, etc.)
  • Design of new operational solutions (multi-customer charter solution, strengthening of the rail offer, alternative road transport solution for China/Europe, etc.)
  • Implementation of new channels to listen and communicate with our customers (Webinars, expert meetings, etc.)

Launch of “Live by CLASQUIN”, the Group’s digital platform based on a hub of reliable and predictive data accessible in real time.

  • This platform gives our clients a secure, single point of access, enabling them to:
    • Communicate with the CLASQUIN teams in collaborative mode,
    • Track their shipments in real time,
    • Access an interactive space dedicated to decision-making reports (financial, flow analysis, management by exception, personalised reports, etc.).
  • It was developed by pooling the most advanced technologies and drawing on a strategic partnership with Wakeo, tech start-up and leader in real-time visibility of international transport flows.
  • Around 70 clients are currently connected, representing 16% of the Group’s gross profit.

Successful integration of Cargolution (Canadian company acquired on 01/10/2019):

  • Cultural affinities between the two companies
  • Access to new markets for the CLASQUIN Group
  • Integration of operational and financial systems into the Group architecture (Cargowise, Workday, Kyriba)

Increasing manager share ownership:

  • Acquisition of a 20% equity stake in the US subsidiary by Matt Ingram, Managing Director of Clasquin USA

ANNUAL BUSINESS VOLUMES AND EARNINGS

In 2020, international trade was down 9-10% in volume, with sea freight down 4-5% and air freight down 14%.

In a deep recession, the Group managed to maintain its gross profit at a level equivalent to that of 2019 through:

  • Its capacity to adapt its offer to market conditions and to expand it (regular multi-customer charters, rail, etc.)
  • Market share gains linked to the commitment of its sales & operational teams
  • Robust growth in certain regions (Germany up 62%*, South Korea up 59%* and China up 11%*)
  • Successful integration of Cargolution (6% contribution to Group gross profit)

* at constant exchange rates

EBITDA (excluding the IFRS 16 impact) was up 24.8% at €13.8 million thanks to a €3.3 million reduction in operating expenses at current scope and a €6 million reduction at constant scope (excluding nine months of Cargolution).

These cost reductions were achieved through the implementation of:

  • Measures to reduce working hours
  • Reduction in manager and senior executive salaries
  • Deferral of all non-essential expenses (travel, etc.)
  • Subsidies obtained to maintain operations in France and internationally

Current operating income (excluding the IFRS 16 impact) was up 11.8% at €9.5 million and the conversion ratio (current operating income/GP) was 12.5%.

Net profit Group share (excluding the IFRS 16 impact) surged by 31.2% to €5.1 million due to:

  • A decrease in the nominal tax rate, bringing it close to the target rate. By contrast, the 2019 rate was high due to prudent positions involving non capitalization of certain tax losses.
  • The Group’s purchase of 15% of Financière LCI shares, increasing its stake from 80% to 95%.

FINANCIAL POSITION

The financial position is sound and improving steadily:

 

2020

2019

Gross operating cash flow (€m)

15.1

13.3

% of gross profit

19.8%

17.3%

Shareholders’ equity (€m)

30.9

26.8

Net debt (€m)

31.6

28.2

Leverage (net debt/EBITDA)

1.9

2.0

Shareholders’ equity (excl. IFRS 16) (€m)

31.1

27.0

Net debt (excl. IFRS 16) (€m)

22.6

18.6

Leverage (excl. IFRS 16)

1.6

1.7

PAYMENT OF DIVIDENDS

On 23 March 2021, the Board of Directors decided to propose a dividend of €1.30 per share to the 9 June 2021 Combined Annual General Meeting.

2021 OUTLOOK

Market

International trade estimates (by volume): +8%

Sea freight market estimates (by volume): +5%
Air freight market estimates (by volume): +7%

CLASQUIN

Outperform market growth

UPCOMING EVENTS (publication after-market closure)

 

 

 

 

• Thursday 29 April 2021:

Q1 2021 business report

 

• Wednesday 1 September 2021:

Q2 2021 business report

• Wednesday 22 September 2021:

H1 2021 results

• Thursday 28 October 2021:

Q3 2021 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, organizing 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 D221-113-5 of the French Monetary and Financial Code established by decree number 2014-283 of 4 March 2014 and with Article L221-32-2 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


© Business Wire 2021
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Financials
Sales 2021 410 M 497 M 497 M
Net income 2021 6,55 M 7,94 M 7,94 M
Net Debt 2021 12,2 M 14,8 M 14,8 M
P/E ratio 2021 17,1x
Yield 2021 3,46%
Capitalization 111 M 134 M 134 M
EV / Sales 2021 0,30x
EV / Sales 2022 0,27x
Nbr of Employees 925
Free-Float 36,5%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Average target price 55,50 €
Last Close Price 48,40 €
Spread / Highest target 15,7%
Spread / Average Target 14,7%
Spread / Lowest Target 13,6%
EPS Revisions
Managers and Directors
NameTitle
Hugues Morin Group Chief Executive Officer, MD & Director
Philippe Lons Chief Financial Officer, Director & Deputy MD
Yves Revol Executive Chairman
Frederic Serra Group Chief Information Officer
Benoit Comte Chief Operating Officer-France South
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