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    ALCLA   FR0004152882

CLASQUIN

(ALCLA)
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CLASQUIN: Q4 2020: Strong Upturn in Business Volumes and Gross Profit

02/24/2021 | 12:12pm EDT

Regulatory News:

CLASQUIN (Paris:ALCLA):

CONSOLIDATED

(unaudited)

2020

2019

Change
at current
scope &
exch. rates

Change
like for like
(lfl)**

 

Q4 2020/
Q4 2019
(lfl)

Q3 2020/
Q3 2019
(lfl)

Q2 2020/
Q2 2019
(lfl)

Q1 2020/
Q1 2019
(lfl)

Number of shipments

251,561

273,875

-8.1%

-12.1%

 

-3.5%

-9.2%

-26.4%

-9.7%

Sales (€m)*

392.0

331.3

+18.3%

+13.4%

 

+26.3%

+8.4%

+13.7%

+3.7%

Gross profit (€m)

76.2

76.7

-0.7%

-4.8%

 

-0.5%

-4.6%

-8.7%

-6.0%

* Note: Sales is not a relevant indicator for assessing activity in our business, because it is greatly impacted by changing sea and air freight rates, fuel surcharges, exchange rates (especially versus the $), etc.
Changes in number of shipments, volumes shipped and—in terms of the Group’s finances—gross profit are relevant indicators.
** Constant consolidation scope: excluding Cargolution acquisition on 1 October 2019

The sea freight market improved in Q4 (up 3-5%) as rates rose sharply due to a deep imbalance between total disruption in services and strong recovery in demand.

The air freight market also improved (down 8-10% in Q4) after reaching a low point in Q2 (down 25-30%), without regaining pre-COVID levels. Freight rates remained high.

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

Against this backdrop, the Group’s sea freight business saw a sharp upswing in Q4 (TEU up 22.4%; number of shipments up 12.7%) primarily due to the overall recovery in volumes on the Asia-Europe route.
However, the strong increase in sea freight rates towards the end of the year (x3-x4) temporarily impacted unit margins (GP in Q4: up 2.6%).

The Group’s air freight business continued an upward trend in Q4 (tonnage up 1.3%; number of shipments down 16.5% versus 24.8% in Q3 and -45.1% in Q2 (lfl) driven by the multi-clients charters organised by the Group to offset the decline in the standard airline offering. Gross profit rose 4.9% driven by robust unit margins.

The roll-on/roll-off business (RORO), which specialises in trade with North Africa and Turkey, continued to recover throughout Q4 (down 5.7% after Q3 down 17.2% and Q2 down 35.2%).

Amid a heavy economic recession, the Group managed to ensure an equivalent full-year gross profit compared to 2019 through:

  • Expanding its range of services (regular multi-clients charters flights)
  • Increasing market share thanks to the commitment of its sales and operations 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 growth profit)

* lfl

The Group continues to work on development and acquisition projects.

BREAKDOWN BY BUSINESS LINE

 

NUMBER OF SHIPMENTS

current scope and exchange rates

GROSS PROFIT (€m)

current scope and exchange rates

 

2020

2019

2020/2019

Q4 2020/
Q4 2019

2020

2019

2020/2019

Q4 2020/
Q4 2019

Sea freight

119,392

115,858

+3.1%

+12.7%

34.7

33.5

+3.5%

+2.6%

Air freight

67,376

85,607

-21.3%

-16.5%

27.0

25.4

+6.2%

+4.9%

RORO*

38,483

46,374

-17.0%

-5.7%

6.9

8.5

-19.4%

-13.2%

 

Other

26,310

26,036

+1.1%

-21.6%

5.4

7.1

-22.8%

-32.7%

TOTAL FORWARDING
& LOGISTICS

251,561

273,875

-8.1%

-3.5%

74.0

74.5

-0.7%

-2.3%

LOG System

 

 

 

 

2.9

3.2

-10.1%

-20.7%

Consolidation entries

 

 

 

 

-0.7

-1.0

N/A

N/A

TOTAL
CONSOLIDATED

 

 

 

 

76.2

76.7

-0.7%

-2.4%

* Roll-on/roll-off

 

VOLUMES

 

2020

2019

2020/2019

Q4 2020/
Q4 2019

Sea freight

233,554 TEUs*

217,530 TEUs*

+8.3%

+22.4%

Air freight

58,113 T**

62,865 T**

-7.6%

+1.3%

* Twenty-foot equivalent units
** Tons

2021 OUTLOOK

Market
International trade estimates (by volume): up 8%

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

CLASQUIN
Outperform market growth

UPCOMING EVENTS (publication after market closure)

 

■ Wednesday 24 March 2021:

■ Thursday 29 April 2021:

■ Wednesday 1 September 2021:

■ Wednesday 22 September 2021:

■ Thursday 28 October 2021:

 

2020 annual results

Q1 2021 business report

Q2 2021 business report

H1 2021 results

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


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Financials
Sales 2021 410 M 485 M 485 M
Net income 2021 6,55 M 7,75 M 7,75 M
Net Debt 2021 12,2 M 14,4 M 14,4 M
P/E ratio 2021 17,3x
Yield 2021 3,42%
Capitalization 112 M 133 M 133 M
EV / Sales 2021 0,30x
EV / Sales 2022 0,28x
Nbr of Employees 925
Free-Float 36,5%
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Technical analysis trends CLASQUIN
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Last Close Price 49,00 €
Average target price 55,50 €
Spread / Average Target 13,3%
EPS Revisions
Managers and Directors
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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