CLASQUIN
ANNUAL RESULTS
March 18th 2020
THE CLIENTS, PROFIT & COMPANY
TABLE OF CONTENTS
2
- GROUP PRESENTATION
- 2019 HIGHLIGHTS
- 2019 ECONOMIC ENVIRONMENT & MARKET
- 2019 CONSOLIDATED ACCOUNTS
- 2020 STRATEGY AND OUTLOOK
- SHAREHOLDERS INFORMATION
- APPENDICES
18/03/2020 | 21 COUNTRIES 65 OFFICES |
3
1. GROUP PRESENTATION
21 COUNTRIES 65 OFFICES
Key | 4 |
Figures | |
2019
CLASQUIN is a pure player in freight forwarding and in Overseas Logistics
CLASQUIN overseas and organizes the cargo flows (import and export) and the overseas logistics for its clients
- Mainly between Europe and the rest of the world
- Particularly to and from Asia-Pacific and North America
- But Aso to and from the Maghreb, the Middle East and Subsaharan Africa
Sole multinational and intermediate-sized company in its sector (as of 31.12.2019)
- 21 countries - 65 worldwide offices (22 in Asia-Pacific)
- 980 employees including more than 50% outside of France, of which more than one-third are in Asia
Evolution 2019 vs 2018 | 2019 | 2019 | % | |
(IFRS 16 | (IFRS 16 | 2018 | ||
Variation | ||||
included) | excluded) | |||
Number of shipments | 273,875 | 273,875 | 264,179 | +3.7% |
Sales (€m) | 331.3 | 331.3 | 308.3 | +7.4% |
Gross Profit (€m) | 76.7 | 76.7 | 68.9 | +11.4% |
Current operating income (€m) | 8.6 | 8.5 | 6.5 | +30.5% |
Cash flow (€m) | 13.3 | 10.4 | 8.3 | +25.8% |
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OUR | 5 | |||
RANGE OF SERVICE | ||||
We build tailor-made solutions | ||||
INTERNATIONAL FREIGHT | ||||
A | IR, | SEA, RAIL, RO/RO, ROAD | ||
BROKERAGE |
Architect and engineer of the entire overseas logistics chain
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- HIGH ADDED-VALUE BUSINESS MODEL
3PL
Logistic Operators
Basic operators
Road and Sea & Air operators
6
« PURE PLAYER »
CLASQUIN selects and oversees a network of subcontractors chosen among the best providers available
3PL examples :
XPO, Géodis, ID Logistics, FM Logistic
Basic operators examples :
Air France cargo, Lufthansa, CMA
CGM, MSC, Maersk, XPO,
Geodis
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A DISTINCTIVE | 7 |
MARKET POSITION | |
The client proximity of a medium-sized company, the expertise of a large group
The only multinational mid-size in the sector
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OUR OFFER: | 8 |
KEY SOLUTIONS BY BUSINESS | |
Architect and engineer of the entire
overseas logistics chain
z | z | z |
AIR | SEA | RAIL | RO/RO | CUSTOMS | OVERSEAS | SUPPLY |
FREIGHT | FREIGHT | FREIGHT | AND | |||
LOGISTICS | CHAIN | |||||
COMPLIANCE | ||||||
CONSULTING | ||||||
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OUR EXPERTISE… | 9 |
CUSTOMIZED SOLUTIONS BY VERTICAL MARKET
- "GENERAL CARGO" Tailor made services
A unique contact point for clients
Design and implementation of door-to-door international transportation flows
Optimisation of costs and transit times
Real-time traceability - digital offer
- Sectoral expertises: Wine & Spirits, Food & Perishables, Retail, Industry,…
-
Solutions for "Niches market" expertises : Arts, Fairs and Exhibitions, Shows,
Personal Effects,…
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GROWTH IN GROSS PROFIT | 10 | |||||||||||
AND SALES | ||||||||||||
350 | 331.3 | 90 | ||||||||||
308.3 | 80 | |||||||||||
300 | 290.6 | |||||||||||
76.7 | 70 | |||||||||||
250 | 234.2 | 235.0 | 68.9 | 60 | ||||||||
62.9 | ||||||||||||
57.5 | ||||||||||||
200 | 55.6 | |||||||||||
179.1 | 50 | |||||||||||
150 | 40 | |||||||||||
42.4 | ||||||||||||
92.3 | 30 | |||||||||||
100 | ||||||||||||
60.9 | 20 | |||||||||||
21.7 | ||||||||||||
50 | ||||||||||||
30.9 | 15.7 | 10 | ||||||||||
15.0 | ||||||||||||
1.5 | 8.0 | |||||||||||
4.3 | ||||||||||||
0 | 0.3 | 0 | ||||||||||
1983 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 |
Sales | Gross Profit |
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1983 - 2019 : | 11 |
CLASQUIN Offices | |
70
60
50
65
62 62 62
55
40
30
20
40
28
12
10
1
0
1983 | 1990 | 2000 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 |
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1983 - 2019 | 12 |
HEADCOUNTS | |
1000 | 980 | ||||||
800 | 762 | 790 | Included | ||||
716 | |||||||
674 | CARGOLUTION | ||||||
acquisition: +91 | |||||||
600 | 528 | ||||||
400 | |||||||
230 | |||||||
200 | |||||||
15 | |||||||
0 | |||||||
1983 | 2000 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 |
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A STRONG PLATEFORM | 13 |
FOR GROWTH | |
TEAM EXPERTISE | « BEST IN CLASS » | INTEGRATED | PRESTIGIOUS | ||
STABLE | AND | STRONG | |||
AND | IS & IT SYSTEM | GLOBAL | |||
MANAGEMENT | DIVERSIFIED | FINANCIAL | |||
COMMITMENT | NETW ORK | ||||
CLIENTS | STRUCTURE | ||||
PORTFOLIO
A sound basis for growth with a unique competitive position
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2019 | 14 |
OUR GLOBAL NETWORK | |
Wherever we are, we are there for you
3 geographical pillars :
33
22
10
offices
in Europe & Africa
offices
in Asia - Pacific
offices
in Americas
CLASQUIN is a founding member of WFA offices located in 172 countries
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15
2. HIGHLIGHTS
2019
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OFFICE OPENINGS, ACQUISITIONS | 16 |
& DEVELOPMENTS | |
▪ Development of new niche markets and strategic segments:
▪ Creation of Food division in Rungis handling controlled temperature overseas transport of food products.
▪ Continued expansion of our network on core regions (Western Europe, Asia, North America):
▪ Acquisition of an 80% equity stake in Canadian freight forwarder Cargolution Inc. on 1 October 2019
▪ Sales: CAD 50m
▪ Team: 91
▪ Opening of an office in Nice (France) ▪ Opening of an office in Tianjin (China)
▪ Acceleration of our development in the United States
▪ Robust growth in North Africa, the Middle East and Sub-Saharan Africa
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17
INFORMATION SYSTEMS
- Successful deployment of new generation Finance IT system (GIFT project/ Group integrated Financial Tool):
- Functional scope : Accounting, reporting, budget, cash flow management, statutory consolidation
- Timing :
-
Accounting, reporting, budget, treasury : deployment all over the group between January and
November 2019 with the exception of the following subsidiaries : Chile, Portugal, Canada, Spain, LOG System, LCI-CLASQUIN - Statutory consolidation : End of 2020
-
Accounting, reporting, budget, treasury : deployment all over the group between January and
- Platforms used
- Accounting, reporting, budget: Workday (USA)
- Cash management : Kyriba (USA)
- Statutory consolidation: selection process in progress
- Total investment at the end of December 2019 since the start of the project : 1.9 €M (1.3 €M in
2019)
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SHAREHOLDING OF | 18 |
MANAGERS | |
- Successful implementation of the CLASQUIN SA share joint investment plan for Managers:
- Free Share allocation program linked to an initial investment in CLASQUIN SA shares by managers
- 5-yearplan (2019-2023) including performance criteria (increase in gross profit, EBIT/GP ratio, share price), a continued employment condition and adherence to a shareholders' agreement
- Purpose: Develop long-term share ownership for managers in order to:
- Rally Group directors and managers around the corporate mission behind Hugues Morin, Group CEO.
- Expand the core group of shareholder-managers to strengthen their loyalty to the Group.
- Encourage directors and managers to focus on the Group's performance objectives.
- Key figures:
- 33 managers have invested, including 10 overseas managers
- Managers' initial investment: €1.6m (€43.8K in share purchases or contributions)
- Maximum number of free shares vested after 5 years: €39,4 K (1.7% of share capital)
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19
GROUP FINANCING
- Closing of a €60.8 million initial syndicated loan with a pool of eight banks.
- This funding strengthens the Group's financial structure and is divided into three parts:
- A €17.8 million loan to refinance part of the Group's existing bank loans, repayable over a 7-year term;
- A €13 million investment credit facility to finance future acquisitions, repayable over a 7-year term;
- A €30 million 5-yearrevolving credit facility to fund Group working capital & current investments, subject to optional extension for two further one-year terms.
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20
3. ECONOMIC ENVIRONMENT, MARKET
2019
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21
2019 ENVIRONMENT & MARKET
- Slower growth in international trade, mainly because of the "Sino-American" trade war
- Expected global volume growth 2019 :
Sea freight | Air freight |
1 to 2% | -3.3% |
(number of containers) | (tonnage) |
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EVOLUTION OF SEA FREIGHT RATES | 22 |
ON ASIA-EUROPE TRADE | |
FREIGHT RATE IN USD$/SHIPMENTS 20'
110
100
90
80
70
60
50
40
30
20
10
0
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
December |
2020 |
On a pricing
basis set at
100 in January
2008
janv-08mai-08sept-08janv-09mai-09sept-09janv-10mai-10sept-10janv-11mai-11sept-11janv-12mai-12sept-12janv-13mai-13sept-13janv-14mai-14sept-14janv-15mai-15sept-15janv-16mai-16sept-16janv-17mai-17sept-17janv-18mai-18sept-18janv-19mai-19sept-19
HONG KONG -> EUROPE AVERAGE FREIGHT RATE
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EVOLUTION OF AIR FREIGHT RATES | 23 |
ON ASIA-EUROPE TRADE | |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
120 | ||||||||
110 | ||||||||
100 | ||||||||
90 | December | |||||||
80 | 2019 | |||||||
70 | ||||||||
60 | ||||||||
50 | ||||||||
40 | ||||||||
30 | On a pricing | |||||||
20 | basis set at | |||||||
100 in | ||||||||
10 | ||||||||
January | ||||||||
0 | 2012 |
Hong Kong - Shanghai -> Europe average freight rate
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24
4. CONSOLIDATED ACCOUNTS
2019
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EXPERTISE :
SEA FREIGHT
2019
Number of containers (TEUs*)
2019 vs 2018
Market
1% to 2%
+9.1% +13.7%
Current scope | Constant scope |
** | ||||
217,530 | ||||
** | ||||
200 000 | 199,473 | |||
** | ||||
178,488 | ||||
150 000 | 144,147 | |||
100 000 | ||||
50 000 | ||||
2016 | 2017 | 2018 | 2019 |
- Twenty-footequivalent units
- Includes grouping containers
Number of shipments
2019 vs 2018
-2.8%+0.2%
Current scope and | LFL |
exchange rates | |
120 000 | 119,246 | 115,858 | |
111,946 | |||
110 000 | |||
100,765 | |||
100 000 | |||
90 000 | |||
80 000 | |||
70 000 | |||
60 000 | |||
50 000 | |||
2016 | 2017 | 2018 | 2019 |
25
Gross profit
2019 vs 2018
+9.8% | +13.2% | |
Current scope and | ||
LFL | ||
exchange rates | ||
35 | 33.5 | |||
33 | ||||
31 | 30.2 | 30.5 | ||
29 | 27.7 | |||
27 | ||||
25 | ||||
23 | ||||
21 | ||||
19 | ||||
17 | ||||
2016 | 2017 | 2018 | 2019 |
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EXPERTISE :
AIR FREIGHT
2019
Tonnage
2019 vs 2018
Market :
-3.3%
- 9.5% - 10.7%
Current scope | Constant scope |
70 000 | 69,466 | ||
63,446 | 62,865 | ||
60 000 | |||
53,402 | |||
50 000 | |||
40 000 | |||
30 000 | |||
20 000 | |||
2016 | 2017 | 2018 | 2019 |
18/03/2020 |
Number of shipments
2019 vs 2018
+5.1% | +3.0% | |
Current scope and | ||
LFL | ||
exchange rates | ||
90 000 | ||||
85,607 | ||||
85 000 | 81,437 | |||
80,153 | ||||
80 000 | ||||
75 000 | 72,820 | |||
70 000 | ||||
65 000 | ||||
60 000 | ||||
55 000 | ||||
50 000 | ||||
2016 | 2017 | 2018 | 2019 |
26
Gross Profit
2019 vs 2018
-8.2% | +6.7% | |
Current scope and | ||
LFL | ||
exchange rates | ||
25.4 | ||||
25 | 23.5 | |||
20.7 | ||||
20 | 18.4 | |||
15 | ||||
10 | ||||
5 | ||||
2016 | 2017 | 2018 | 2019 |
21 COUNTRIES 65 OFFICES
RO / RO (Roll On / Roll Off* - Business of LCI-CLASQUIN) | 27 |
2019
Number of operations | Gross Profit |
2019 vs 2018 | ||||
+14.2% | ||||
50 000 | 46,374 | |||
45 000 | 40,596 | |||
40 000 | 38,299 | |||
35 000 | 33,913 | |||
30 000 | ||||
25 000 | ||||
20 000 | ||||
15 000 | ||||
10 000 | ||||
5 000 | ||||
0 | ||||
2016 | 2017 | 2018 | 2019 |
2019 vs 2018 | ||||
+19.3% | ||||
9,0 | 8.5 | |||
8,5 | ||||
8,0 | Doubling of activities in | |||
7,5 | Morocco since December 2018. | |||
7.2 | Opening of Lille and Nantes | |||
7,0 | 6.7 | offices. | ||
6.6 | Strengthening the Paris and | |||
6,5 | Marseille offices. | |||
6,0 | ||||
5,5 | ||||
5,0 | ||||
4,5 | ||||
4,0 | ||||
2016 | 2017 | 2018 | 2019 |
18/03/2020 | * : Transportation by road and by boat on dedicated vessels |
21 COUNTRIES 65 OFFICES |
OTHERS
2019
Fairs & Events / Overseas Logistics /
Road Brokerage / Others
28
LOG System*
Number of operations
2019 vs 2018 | |||
+13.7% | |||
26,036 | |||
23 000 | 22,900 | ||
18 000 | 16,259 | ||
14,492 | |||
13 000 | |||
8 000 | |||
3 000 | |||
2016 | 2017 | 2018 | 2019 |
Gross Profit
2019 vs 2018 | ||||
+20.3% | ||||
7.1 | ||||
7 | ||||
6 | 5.9 | |||
5 | ||||
4.2 | ||||
4 | 3.6 | |||
3 | ||||
2 | ||||
2016 | 2017 | 2018 | 2019 |
Gross Profit
2019 vs 2018 | |||
+13.7% | |||
3.2 | |||
3,0 | |||
2.8 | |||
2.6 | |||
2.5 | |||
2,5 | |||
2,0 | |||
2016 | 2017 | 2018 | 2019 |
* Software publisher and related services
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Preamble: | 29 |
IMPACTS OF IFRS 16 | |
- Principle:
- Restatement of all rental contracts whose residual term on 01/01/19 is more than 12 months and whose value of the underlying asset is more than 5 K €
- Affected contracts in the group
- Real estate rental contracts
- Vehicle rental contracts
- Restatements made
- Recognition of a right of use (€ 7.8 million)
- Recognition on the liabilities side of a debt corresponding to the present value of future payments (€ 7.9 million) (+ impact on equity corresponding to 2018 prepaid expenses on rental canceled under IFRS 16: - € 0.1 million)
- Cancellation in the income statement of the corresponding rents (€ 2.9 million) and recognition of depreciation charges (€ 2.7 million) and financial charges (€ 0.15 million)
=> No impact on turnover & gross profit. No significant impact on consolidated net profit and net profit group share
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GROWTH | 30 |
IN THE NUMBER OF SHIPMENTS | |
300 000 | ||||
273,875 | ||||
264,179 | ||||
250 000 | 246,657 | |||
2019 vs 2018 : | ||||
221,990 | ||||
200 000 | + 3.7 % | + 4.1% | ||
Current scope | ||||
and exchange | LFL | |||
rates | ||||
150 000 | ||||
100 000 | ||||
2016 | 2017 | 2018 | 2019 | |
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SALES | 31 |
EVOLUTION (€M)*
2019
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. Variations in the number of shipments, the volumes shipped and-in terms of the Group's finances-gross profit are relevant indicators..
350 | 331.3 | ||||
308.3 | |||||
300 | 290.6 | 2019 vs 2018 : | |||
250 | 235.0 | +7.4% | +7.4% | ||
Current scope | |||||
and exchange | LFL | ||||
rates | |||||
200 | |||||
150 | |||||
100 | |||||
2016 | 2017 | 2018 | 2019 |
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GROSS | 32 |
PROFIT EVOLUTION (€M) | |
2019 | |||||
80 | 76.7 | ||||
70 | 68.9 | 2019 vs 2018 : | |||
62.9 | |||||
60 | 57.5 | +11.4% | +10.7% | ||
Current scope | |||||
and exchange | LFL | ||||
rates | |||||
50 | |||||
40 | |||||
30 | |||||
2016 | 2017 | 2018 | 2019 | ||
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GROSS PROFIT
EVOLUTION PER ZONE (€M)*
33
2019
America
8.9
7.6
2019 vs 2018
(at current scope):
+16.7%
2019 vs 2018
(at constant perimeter) :
+37.1%%
* : at constant exchange rate
France
38.6
34.8
2019 vs 2018 :
+11%
Europe
(without France)
7.7
6.8
2019 vs 2018 :
+12.7%
ASPAC
17.718.3
2019 vs 2018 :
+3.1%
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OPERATIONAL | 34 |
EXPENSES EVOLUTION (€M)
2019
70 | |
+4,9% | 65.9 |
63.1 | |
59.6 | |
60 | |
50 | |
40 | |
30 | |
20 |
Operating expenses 2018 | Operating expenses 2019 except | Operating expenses 2019 with |
IFRS 16 | IFRS 16 |
2019 IFRS 16 excluded versus 2018
+10.6%
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EBITDA (€M)
2019 | ||||
15 | ||||
13.9 | ||||
13 | ||||
11 | 11.0 | |||
9.3 | ||||
9 | ||||
7.1 | 7.4 | |||
7 | ||||
5 | ||||
3 | ||||
2016 | 2017 | 2018 | 2019 IFRS 16 excluded | 2019 published |
18/03/2020 |
35
2019 IFRS 16 excluded versus 2018
+19.0%
21 COUNTRIES 65 OFFICES
CURRENT | 36 |
OPERATING INCOME (€M) | |
2019 | ||||
9 | 8.5 | 8.6 | ||
8 | 2019 IFRS 16 excluded versus 2018 | |||
+30.5% | ||||
7 | 6.5 | |||
6 | 5.9 | |||
5.2 | ||||
5 | ||||
4 | ||||
3 | ||||
2 | ||||
2016 | 2017 | 2018 | 2019 IFRS 16 excluded | 2019 Published |
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CONSOLIDATED | 37 |
NET PROFIT (€M) | |
2019 | |||
5 | |||
4.5 | |||
4 | 2019 vs 2018 | ||
3.4 | + 32.4% | ||
3 | 2.9 | IFRS 16 impact is not significant | |
2.6 | |||
2 | |||
1 | |||
0 | |||
2016 | 2017 | 2018 | 2019 |
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NET PROFIT GROUP SHARE (€M) | 38 | ||
2019 | |||
4 | 3.9 | ||
2019 vs 2018 | |||
+ 39.0% | |||
3 | 2.8 | ||
2.5 | IFRS 16 impact is not significant | ||
2.2 | |||
2 | |||
1 | |||
0 | |||
2016 | 2017 | 2018 | 2019 |
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OPERATIONAL CASH FLOW (€M)
39
2019 | ||||
14 | 13.3 | |||
12 | ||||
10.4 | ||||
10 | ||||
8.3 | ||||
8 | 7.5 | |||
7.1 | ||||
6 | ||||
4 | ||||
2 | ||||
2016 | 2017 | 2018 | 2019 IFRS 16 excluded | 2019 published |
18/03/2020 |
2019 IFRS 16 excluded vs 2018 :
+25.8%
21 COUNTRIES 65 OFFICES
WCR AND CASH FLOW KPI
40
2019 | 2019 | 2018 | 2017 | ||||
Published | IFRS 16 excluded | ||||||
Total billing in €M | 563 | 563 | 540 | 553 | |||
WCR intensity at period end (in €M) | 7.7 | 7.7 | 13.2 | 11.5 | |||
WCR intensity | 1.4% | 1.4% | 2.4% | 2.1% | |||
2019 | 2018 | 2017 | |||||
DSO | 49 | 50 | 45 | ||||
DPO | 26 | 27 | 29 | ||||
Delta (DSO-DPO) | 23 | 23 | 16 | ||||
21 COUNTRIES 65 OFFICES
41
CASH FLOW AND EVOLUTION IN WCR
2019 | 2019 | ||||||||
In €M | IFRS 16 | 2018 | 2017 | ||||||
published | |||||||||
excluded | |||||||||
* Whose : | |||||||||
CAF | |||||||||
+13.28 | +10.39 | +8.26 | +7.46 | Software: -1.8 €M, of which | |||||
- Workday/Kiriba -1.3 €M | |||||||||
Taxes paid | -2.68 | -2.68 | -2.23 | -2.34 | - | Cargowise - 0.3€M | |||
- | Materials and fixtures: -7.1€M | ||||||||
Change in WCR (restated for currency | +5.52 | +5.64 | -1.60 | -2.72 | |||||
effects) | |||||||||
**Whose : | |||||||||
Net cash flows from operating activities | +16.12 | +13.35 | +4.43 | +2.40 | Dividends for Clasquin SA and minority | ||||
shareholders from integrated | |||||||||
companies: -1.7 €M | |||||||||
2019 | 2019 | Borrowings (net): + 18.0 €M included | |||||||
In €M | IFRS 16 | 2018 | 2017 | RCF: +15.0 €M | |||||
published | |||||||||
excluded | |||||||||
Net cash flow from operating activities | +16.12 | +13.35 | +4.43 | +2.40 | |||||
Cash flow from investment activities | -9.46 | -9.48* | -5.28 | -3.74 | |||||
Cash flow from financing activities | +13.37 | +16.16** | -1.71 | -3.92 | |||||
Change in exchange rates | +0.21 | +0.21 | +0.08 | -1.08 | |||||
Change in net cash | +20.24 | +20.24 | -2.48 | -6.35 | |||||
Net Cash at closing | +25.50 | +25.50 | +5.25 | +7.73 | |||||
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FINANCIAL STRUCTURE (€M)
31/12/2018 | 31/12/ 2019 IFRS 16 excluded |
42
31/12/2019 PUBLISHED
Equity | Non-current | |
Non-current assets | 24.47 | |
assets | ||
30.31 (1) | ||
30.17 (1) | ||
Provisions 0.85
Tax assets 0.74 (2) | Tax assets 0.61 (2) | |||
Financial debts | ||||
WCR 7.66 | ||||
WCR 13,22 | ||||
24.08 | ||||
Net cash | Net cash | |||
5.25 | 25.49 | |||
Fin. Inst. 0.12 | ||||
- Of which DTA (Differed tax assets)
- Tax receivables - DTP (Differed tax payable) - taxes payable
- Put debts: 4.98€M on minority interests linked to acquisitions
Equity 26.97
Provisions 1.07
Financial debts
44.05 (3)
Fin. Inst. 0.12
Non-current
assets
46.12 (1)
whose
Usage rights relating to rental
contracts 7.77
Tax assets 0.71 (2)
WCR 7.66
Net cash
25.49
Equity 26.84
Provisions 1.07
Financial debts
44.05 (3)
Rental debts
7.95
Fin. Inst. 0.12
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GEARING EVOLUTION & LEVERAGE (€M)
Net debt (M€) | EBITDA (M€) | Equity (M€) | ||
26.97 | 26.51 | 26.84 |
24.47
22.88
18.94
18.56
15.81
13.88
11.02
9.26
7.37
43
*Including 4.98€M of put debts
on minority interests linked to acquisitions
- Proforma leverage : 1,6 (Cargolution 12 months)
31.12.2019 | 31.12.2019 | ||||
30.12.2017 | 31.12.2018 | IFRS 16 | |||
With IFRS 16 | |||||
excluded | |||||
Leverage | 2.1 | 2.0 | 1.7** | 1.9 | |
Net debt / EBITDA | |||||
Gearing | 69.1% | 77.4% | 68.8% | 98.8% | |
Net debt / Equity | |||||
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44
5. 2020 STRATEGY & OUTLOOK
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GROWTH STRATEGY
45
- Continue our historical growth strategy
- Expand our network on our 3 pillars: WEST EUROPE / ASIA / NORTH AMERICA
- Gain market shares everywhere we are present
- Extension of our offering to value-added services and towards supply chain management
- Network extension: Middle East, Maghreb, Sub saharan Africa
- Vertical market approach/ Strategic segments and niche markets
- Fine Arts, Fairs & Events, Food & Beverage
- Development of our Overseas Logistics offer over all our network
- Acquisitions
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2020 OUTLOOK
46
- Market
-
The health crisis related to the COVID-19 pandemic will very likely lead to a recession this year, which will have a significant impact on global trade.
At present it is impossible to estimate the duration and impact of the COVID-19 crisis.
-
The health crisis related to the COVID-19 pandemic will very likely lead to a recession this year, which will have a significant impact on global trade.
- CLASQUIN
- Naturally, Clasquin is gearing its 2020 targets to this recession environment.
The Group has taken the required steps to ensure staff safety and business continuity.
Obviously, the Group is implementing all possible measures to lower its breakeven point while maintaining production facility operation in order to continue to support customers once the crisis is over.
The effects of the present health crisis will not jeopardise the Group's fundamentals and growth strategy, which remain solid over the medium and long term.
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47
7. SHAREHOLDERS INFORMATION
21 COUNTRIES 65 OFFICES
CLASQUIN GROUP SHARE
OWNERSHIP
CLASQUIN share ownership
31.12.2019
Yves Revol +
Olymp 45.7%
Public 41.0%
Others 1.0% | Employees |
12.3% |
48
CLASQUIN freefloat distribution
May 2019
Institutional
Private
23.5%
76.5%
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CLASQUIN SHARE EVOLUTION
49
44 | |
42 | |
40 | +16.7 % |
38 | |
36 | |
34 | 31/12/2019 |
32 | 35.0 € |
30 | |
28 | 31/12/2018 |
30.0 € | |
26
02/01/2019 02/02/2019 02/03/2019 02/04/2019 02/05/2019 02/06/2019 02/07/2019 02/08/2019 02/09/2019 02/10/2019 02/11/2019 02/12/2019 02/01/20
Additional information : | |
Capitalisation (31.12.18) | : 69.2 M€ |
Capitalisation (31.12.19) | : 80.7 M€ |
Free float (31.12.2019) | : 41.3% |
Average trade for 2019 | : 685 shares/day |
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NEXT EVENTS
50
▪ | Thursday April 30, 2020 | Q1 2020 Activity |
▪ | Thursday August 27, 2020 | Q2 2020 Activity |
▪ Wednesday, September 23, 2020 | Half-year results 2020 | |
▪ Thursday October 29, 2020 | Q3 2020 Activity |
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THIS IS CLASQUIN
THE CLIENTS, PROFIT & COMPANY
52
7. CONSOLIDATED FINANCIAL STATEMENTS
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EVOLUTION OF SEAFREIGHT UNIT MARGINS (GP/file) | 53 | ||
From 2014 to December 2019 | |||
300 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||
290 | 285 | 285 | 288 | 285 | 295 | ||||||||||||||||||
278 | 289 | ||||||||||||||||||||||
287 | |||||||||||||||||||||||
280 | 281 | 272 | |||||||||||||||||||||
274 | |||||||||||||||||||||||
270 | 266 | 275 | 269 | 269 | 262 | 276 | |||||||||||||||||
263 | (5 years) | ||||||||||||||||||||||
260 | 267 | 263 | 265 | 261 | 259 | 256 | |||||||||||||||||
250 | |||||||||||||||||||||||
240 | 245 | 248 | |||||||||||||||||||||
234 | 241 | ||||||||||||||||||||||
230 | |||||||||||||||||||||||
220 | 227 | ||||||||||||||||||||||
210 | |||||||||||||||||||||||
200 | |||||||||||||||||||||||
T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 |
Average annual unit margin | Seafreight unit margin | Average unit margin over 5 years | ||||
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EVOLUTION OF AIRFREIGHT UNIT MARGINS (GP/file) | 54 |
From 2014 to December 2019 | |
310 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
300 | 295 | 300 | 297 | ||||||||||||||||||
290 | 288 | ||||||||||||||||||||
280 | 285 | 281 | 280 | ||||||||||||||||||
273 | 273 | ||||||||||||||||||||
270 | 269 | 273 | 271 | 262 | 267 | 269 | (5 years) | ||||||||||||||
260 | 258 | 253 | 261 | 259 | |||||||||||||||||
250 | 254 | 255 | 256 | ||||||||||||||||||
254 | |||||||||||||||||||||
244 | 246 | 248 | |||||||||||||||||||
240 | 242 | ||||||||||||||||||||
240 | |||||||||||||||||||||
230 | |||||||||||||||||||||
T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 | T3 | T4 | T1 | T2 |
Average annual unit margin | Average unit margin over 5 years | |||||
Airfreight unit margin | ||||||
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GROSS PROFIT DISTRIBUTION PER ZONE IN %
55
2018
Europe (except France)
9.4%
France
40.0%Asia pacific
25.4%
LOG System | Americas | |
LCI | 10.9% | |
4.1% | ||
CLASQUIN | ||
10.2% |
France 39.1%
LOG System
4.1%
2019
Europe (except
France)
9.5%
LCI
CLASQUIN
11.0%
Asia Pacific
24.4%
Americas
11.9%
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INCOME STATEMENT BALANCE (€K) | 56 | |||||||||||||||||
Income statement balance | 2019 | 2019 | Variation | |||||||||||||||
% GP | IFRS 16 | % GP | 2018 | % GP | ||||||||||||||
Published | 19/18 | |||||||||||||||||
excluded | ||||||||||||||||||
Sales | 331,277 | 331,277 | 308,341 | +7.4% | ||||||||||||||
Gross profit | 76,732 | 100% | 76,732 | 100% | 68,886 | 100% | +11.4% | |||||||||||
External charges | -14,326 | -18.7% | -17,189 | -22.4% | -16,258 | -23.6% | +5.7% | |||||||||||
Labor costs | -48,750 | -63.5% | -48,750 | -63.5% | -43,369 | -63.0% | +12.4% | |||||||||||
EBITDA | 13,882 | 18.1% | 11,020 | 14.4% | 9,259 | 13.4% | +19.0% | |||||||||||
Net provisions and amortizations | -5,577 | -2,836 | -2,836 | |||||||||||||||
Other current operating income / expenses | 301 | 301 | 79 | |||||||||||||||
Current operating income | 8,606 | 11.2% | 8,485 | 11.1% | 6,502 | 9.4% | +30.5% | |||||||||||
Non current operating income | -354 | -352 | -722 | |||||||||||||||
Operating income | 8,252 | 10.8% | 8,132 | 10.6% | 5,780 | 8.4% | +40.7% | |||||||||||
Financial income | -649 | -505 | -328 | |||||||||||||||
Income from equity affiliates | 32 | 32 | 54 | |||||||||||||||
Profit before tax | 7,634 | 9.9% | 7,660 | 10,0% | 5,506 | 8.0% | +39.1% | |||||||||||
Income taxes | -3,164 | -3,171 | -2,115 | |||||||||||||||
Group consolidated net profit | 4,470 | 5.8% | 4,488 | 5,8% | 3,391 | 4.9% | +32.4% | |||||||||||
Minority interest | 593 | 593 | 588 | |||||||||||||||
Net profit Group share | 3,877 | 5.1% | 3,895 | 5,1% | 2,803 | 4.1% | +39.0% | |||||||||||
18/03/2020 | 21 COUNTRIES 65 OFFICES |
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Clasquin SA published this content on 18 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2020 17:52:07 UTC