FINANCIAL PRESS RELEASE
www.clasquin.com
Lyon, 30 April 2020 (after market closure)
Q1 2020
GROSS PROFIT RESILIENT
IN FACE OF CURRENT CRISIS
Q1 2020 | Q1 2019 | Change at | Change like- | ||||||
current | |||||||||
for-like | |||||||||
scope & | |||||||||
(LFL)** | |||||||||
exch. rates | |||||||||
CONSOLIDATED (unaudited) | |||||||||
Number of shipments | 62,285 | 64,125 | -2.9% | -9.7% | |||||
Sales (€m)* | 87.1 | 77.0 | +13.2% | +3.7% | |||||
Gross profit (€m) | 17.6 | 17.2 | +1.9% | -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. Variations in the number of shipments, the volumes shipped and-in terms of the Group's finances-gross profit are relevant indicators.
** Constant perimeter: excluding Cargolution acquisition on 1 October 2019
MARKET REVIEW
The COVID-19 pandemic and the related lockdown measures have adversely impacted production and consumption, first in China from late January and then in Europe/rest of world from the second half of March, leading to anunprecedented slump in international trade.
All means of transport are operating in reduced mode at international level. Sea freight services are running at reduced frequency due to blank sailing programmes implemented by shipping companies. Roll-on/roll-off services have slowed down. Air freight is the most impacted due to the cancellation of almost all long-haul passenger flights, which normally carry around 75% of global air freight. This drop in capacity has been partly offset by all-cargo charter flights andpassenger aircraft temporarily transformed into all-cargoflights.
The China-Europe rail service is back on track.
2018 | 2019 | 2020 (€m) |
70000 | 21 | |
65000 | 19 | |
60000 | ||
17 | ||
55000 | ||
15 | ||
50000 | ||
13 | ||
45000 | ||
11 | ||
40000 | ||
9 | ||
35000 | ||
30000 | 7 | |
25000 | 5 | |
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 | ||
Gross Profit (€M) | Number of shipments |
In this context, sea freight volumes shipped by the Group have shown resilience: TEU volumes up 1.7% & number of shipments stable (down 3.5% and 4.3% respectively excluding the October 2019 Cargolution acquisition).
Air freight has been the most impacted sector: air freight tonnage down 2.8% and number of shipments down 9.1% (down 8.7% and 19.7% respectively excluding Cargolution acquisition).
Roll-on/roll-off* operations run by Group subsidiary LCI Clasquin also saw a decline in business (number of shipments down 12.1%) with North Africa.
* Transport of trucks and trailers by sea
21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices
FINANCIAL PRESS RELEASE
www.clasquin.com
Overall, the decline in the number of shipments (down 9.7% at constant perimeter) has been offset by the acquisition of Cargolution and the improvement in unit margins leading to a 1.9% increase in gross profit (sea freight up 7.7% and air freight up 0.3%).
BREAKDOWN BY BUSINESS LINE
VOLUMES | NUMBER OF SHIPMENTS | GROSS PROFIT (€m) | |||||||
At current scope | Change | Change | Change | ||||||
Q1 2020 | Q1 2019 | Q1 2020 vs | Q1 2020 | Q1 2019 | Q1 2020 vs | Q1 2020 | Q1 2019 | Q1 2020 vs | |
and exchange rates | |||||||||
Q1 2019 | Q1 2019 | Q1 2019 | |||||||
Sea freight | 48,529 TEUs* | 47,725 TEUs* | +1.7% | 26,652 | 26,658 | 0.0% | 7.9 | 7.4 | +7.7% |
Air freight | 13,186 T** | 13,567 T** | -2.8% | 17,580 | 19,330 | -9.1% | 5.4 | 5.4 | +0.3% |
RO/RO*** | 11,169 | 12,701 | -12.1% | 2.1 | 2.4 | -12.3% | |||
Other | 6,884 | 5,436 | +26.6% | 1.5 | 1.6 | -6.7% | |||
TOTAL OVERSEAS | 62,285 | 64,125 | -2.9% | 17.0 | 16.8 | +1.1% | |||
BUSINESS | |||||||||
Log System | 0.8 | 0.7 | +21.1% | ||||||
Consolidation entries | -0.2 | -0.2 | N/A | ||||||
TOTAL | 17.6 | 17.2 | +1.9% | ||||||
CONSOLIDATED | |||||||||
- Twenty-footequivalent units ** Tons
*** Roll-on/roll-off
Q1 2020 HIGHLIGHTS
The highlight of Q1 2020 was by far the COVID-19 pandemic.
As stated in our 21 April 2020 press release:
We have, as a first step, taken the required measures to ensure the safety of our employees and the continuity of our shipments.
In order to adjust operations to the level of business, a drastic plan has been put in place to lower the Company's breakeven point: short-time work, salary cuts for directors and managers, renegotiating rent and operating costs, while preserving our expertise and ability to bounce back when the time comes.
Meanwhile, we have safeguarded our cash requirements.
As announced earlier, we secured our short and medium-term funding by signing a syndicated loan with a pool of 8 banks in November 2019. These arrangements include a confirmed €30m short-term revolving credit facility.
21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices
FINANCIAL PRESS RELEASE
www.clasquin.com
Our banks have also allowed us to postpone all payment dates by six months and several authorities have postponed deadlines for payment of charges.
Besides managing the crisis, we have:
- Recruited our new Group CIO, Frédéric Serra (October 2019), formerly CIO of the Bolloré Logistics division responsible for digital solutions, TMS, CRM, WMS, etc.
- Strengthened our IT team with regard to digital solutions for our customers
- Continued the deployment of our Finance IS (CLASQUIN Spain in February),
- Opened a second office in Germany (Hamburg).
2020 OUTLOOK
Market
At the present time, it is impossible to precisely evaluate the scale or duration of the crisis.
For information purposes, the WTO forecasts a 13-32% decline in international goods trade in 2020.
CLASQUIN
Naturally, the CLASQUIN Group has taken the current recessionary environment into account in its 2020 outlook.
In light of the dramatic fall in international trade following the lockdown imposed in most countries worldwide (over 3 billion people), we forecast a sharp decline in business in Q2.
Against this backdrop, the Group will continue to take the necessary measures to adjust its breakeven point and safeguard its cash requirements.
With all these measures in place, we are confident in our ability to pull through the current economic crisis, the impacts of which do not undermine the Group's fundamentals and growth strategy, which remain robust over the medium and long term.
UPCOMING EVENTS (publication after market closure) | CONTACTS CLASQUIN |
Thursday 27 August 2020: Q2 2020 business report | Philippe LONS - Deputy Managing Director/Group CFO |
Marie Aline BOURDON - VP Communication & Marketing | |
Wednesday 23 September 2020: H1 2020 results | |
Thursday 29 October 2020: Q3 2020 business report | Groupe CLASQUIN - 235 cours Lafayette - 69006 Lyon |
Tél : 04 72 83 17 00 - Fax : 04 72 83 17 33 | |
CLASQUIN est un spécialiste de l'ingénierie en transport aérien et maritime et en logistique overseas. Le Groupe se positionne en architecte et maître d'œuvre de toute la chaîne de transport et de logistique overseas : il pilote et organise les flux de marchandises de ses clients, entre la France et le monde et plus particulièrement de et vers l'Asie Pacifique et les Etats Unis.
Le titre est coté sur EURONEXT GROWTH, ISIN FR0004152882, Reuters ALCLA.PA, Bloomberg ALCLA FP. Pour plus d'information merci de
consulter notre site www.clasquin.com.
CLASQUIN est éligible au PEA PME conformément à l'article D221-113-5 du Code Monétaire et Financier créé par le décret n°2014-283 du 4 mars 2014 et à l'article L221-32-2 du Code Monétaire et Financier fixant les conditions d'éligibilité (moins de 5 000 salariés et chiffre d'affaires annuel n'excédant pas 1 500 millions d'euros ou total de bilan n'excédant pas 2 000 millions d'euros)."
Clasquin fait partie de l'indice EnterNext© PEA-PME 150.
21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices - 21 countries - 66 offices
Attachments
- Original document
- Permalink
Disclaimer
Clasquin SA published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 16:43:02 UTC