Regulatory News:
CLASQUIN (Paris:ALCLA):
9 months | Q3 | Q2 | Q1 | ||||
Sept 2022
| Sept 2021
| Change at
| Q3 2022/
| Q2 2022/
| Q1 2022/
| ||
CONSOLIDATED (unaudited) | |||||||
Number of shipments | 236,962 | 220,455 | +7.5% | +7.7% | +7.1% | +7.7% | |
Sales (€m)* | 699.9 | 498.8 | +40.3% | +15.5% | +44.3% | +73.3% | |
Gross profit (€m) | 107.3 | 83.4 | +28.7% | +12.6% | +32.1% | +45.8% | |
* 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.
MARKET REVIEW
The easing of tension in global supply chains observed towards the end of Q2 2022 continued with increasing effect throughout Q3 2022.
In the sea freight sector, port congestion has fallen 50% since January 2022.
This gradual return to normal is due to a fall in demand related to economic slowdown and high inventory levels.
Sea freight volumes shipped continued to fall in Q3 (down 4-6%) and freight rates fell sharply (down 50% in September 2022 versus January 2022).
Air freight volumes declined significantly in Q3 (down 11-13%) against a backdrop of increasing capacity offered by airlines linked to the resumption of a large number of passenger flights.
As a result, air freight rates also fell but remained high due to rising fuel prices.
BUSINESS VOLUMES AND GROSS PROFIT
Slight fall in volumes shipped by the Group in Q3:
- TEUs (sea freight): down 4.2% in line with market trend and global fall in demand
- Tonnage (air freight): down 2.5%, less than market decline
On the other hand, the number of shipments was up 7.7% in Q3 driven by:
- the 01/07/2022 acquisition of Exaciel (Paris) and CVL (Senegal) (shipments up 4.3% excluding Exaciel and CVL),
- strong development in the Road Brokerage division (up 30.9%),
- the resumption of Fairs Events operations due to the lifting of health measures,
- sustained growth in customs operations (up 60.4%).
Q3 2022 gross profit remains robust (€35.5m), up 12.6%.
As a reminder, Q3 2021 gross profit surged 61.8%.
Gross profit for the first nine months was up 28.7%, driven by:
- market share gains and the completion of development projects, the impact of which accounted for 43.8% of nine-month growth:
- new clients (accounting for 31.5% of growth)
- the July 2022 acquisition of Exaciel and CVL 2022 (accounting for 4.0% of growth)
- the ramp-up of acquisitions (companies and business assets) completed in 2021 (accounting for 8.3% of growth)
- currency gains (accounting for 12.1% of growth)
- core business growth
- favourable market conditions despite the late Q2 and Q3 decrease in freight rates.
Note also the negative impact of the sale of Log System in March 2022: €-1.5m.
BREAKDOWN BY BUSINESS LINE
NUMBER OF SHIPMENTS | GROSS PROFIT (€m) | |||||||
At current scope and exchange rates | 9M 2022 | 9M 2021 | Change 9M 2022/ 9M 2021 | Change Q3 2022/ Q3 2021 | 9M 2022 | 9M 2021 | 9M 2022/ 9M 2021 | Q3 2022/ Q3 2021 |
Sea freight | 103,154 | 103,120 | +0.0% | +1.1% | 60.9 | 45.8 | +32.9% | +12.9% |
Air freight | 55,555 | 58,272 | -4.7% | -3.5% | 30.7 | 23.5 | +30.8% | +22.0% |
Road Brokerage* | 52,262 | 40,460 | +29.2% | +30.9% | 10.8 | 8.3 | +30.1% | +24.5% |
Other (rail, customs, logistics) | 25,991 | 18,603 | +39.7% | +31.2% | 4.6 | 4.0 | +13.3% | -20.3% |
TOTAL OVERSEAS BUSINESS | 236,962 | 220,455 | +7.5% | +7.7% | 106.9 | 81.6 | +31.1% | +14.5% |
Log System (sold on 01/03/2022) | 0.4 | 2.2 | NA | NA | ||||
Consolidation entries | (0.1) | (0.4) | NA | NA | ||||
TOTAL CONSOLIDATED | 107.3 | 83.4 | +28.7% | +12.6% | ||||
* Road brokerage includes the road haulage business previously included in "Other businesses" and the RORO business (roll on/roll off).
VOLUMES | ||||
9M 2022 | 9M 2021 | 9M 2022/ 9M 2021 | Q3 2022/ Q3 2021 | |
Sea freight | 200,505 TEUs* | 200,808 TEUs* | -0.2% | -4.2% |
Air freight | 50,685T** | 48,763T** | +3.9% | -2.5% |
* Twenty-foot equivalent units
** Tons
Q3 2022 HIGHLIGHTS
- Acquisition of a 51% stake in CVL International, Dakar on 1 July 2022.
Annual gross profit of around €0.9m.
First major operation in West Africa fulfilling the Group's declared intention of stepping up its development in the region.
- Acquisition of a 90% stake in Exaciel A.M.C. Logistique, a company based in Paris and Lyon, on 1 July 2022.
Freight forwarder and approved customs operator specialising in humanitarian aid, hazardous products and aeronautics, posting annual gross profit of around €3.0m.
2022 OUTLOOK
Market
International trade estimates (by volume):
- up 3.5% in 2022 (WTO 6 October 2022)
- up 1.0% in 2023 (WTO 6 October 2022)
NB: The WTO states that, if the international situation (inflation, war in Ukraine, etc.) were to deteriorate, global trade could decline 3% in 2023.
CLASQUIN 2022
Business (volumes): outperform market growth
Gross profit forecast: exceed 2021 GP
CLASQUIN does very limited business with Russia and Ukraine (0.1% in 2021).
UPCOMING EVENTS (publication after market closure) | |
| Q4 2022 business report 2022 annual results Q1 2023 business report Q2 2023 business report H1 2023 results Q3 2023 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, organising 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 D. 221-113-5 of the French Monetary and Financial Code established by decree number 2014-283 of 4 March 2014 and with Article L. 221-32-2 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005799/en/
Contacts:
CLASQUIN
Philippe Lons Deputy Managing Director/Group CFO
Domitille Chatelain Group Head of Communication Marketing
CLASQUIN Group 235 cours Lafayette 69006 Lyon
Tel.: +33 (0)4 72 83 17 00 Fax: +33 (0)4 72 83 17 33
