Clasquin
Q1 2022
Regulatory News:
CLASQUIN (Paris:ALCLA):
|
Q1 2022 |
Q1 2021
Change at
current
scope &
exch. rates
Like for like
(lfl)**
CONSOLIDATED (unaudited)
Number of shipments
74,374
69,050
+7.7%
+7.6%
Sales (€m)*
233.9
135.0
+73.3%
+67.8%
Gross profit (€m)
35.0
24.0
+45.8%
+39.8%
* Reminder: 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.
** lfl: at constant exchange rate & excluding the acquisition of Transports Petit
MARKET REVIEW
Successive lockdowns in China prompted by the spread of Omicron and the country’s zero-COVID policy, coupled with the Russia-Ukraine conflict, caused further disruption to world trade and international logistics chains during Q1, particularly towards the end of the period.
Sea freight:
While the highly automated Chinese port terminals stayed open, land transport was hampered by bottlenecks caused by the drastic lockdown measures implemented by local authorities.
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Furthermore,
- the blank sailing policies pursued by shipping companies in an attempt to maintain an acceptable level of service, and
- the shift of China/Europe rail operations towards sea freight caused further disruption to international logistics chains.
Despite the demand driven by restrictions, operating conditions for sea freight remained challenging in Q1 2022, marked by high freight rates, limited space and extended transit times
Air freight:
Air transport between Asia and Europe was severely impacted by the Russia-Ukraine conflict in two ways:
- flight paths over Russia had to be diverted, and
- Russian airline capacity on the market had to be cancelled due to international sanctions.
Moreover, lockdowns in Shenzhen and Shanghai considerably reduced departure capacity from these two cities, leading to an increase in freight rates.
BUSINESS VOLUMES AND GROSS PROFIT
Despite the ongoing severe disruptions, volumes shipped by the Group continued to increase throughout the period, with:
- sea freight up 5.6% (number of containers) amid a declining market
- air freight up 11.2% (tonnage) amid a flat market
driven by:
- continued strong growth in the Group’s core business,
- the energy and commitment of our sales force (7% of Q1 2022 gross profit generated by new clients),
- the use of alternative solutions to offset market shortfalls (use of secondary airports, etc.).
Furthermore,
- the Group posted robust growth in the Europe/North Africa trade business (shipments up 30%) fuelled by market share gains and the acquisition of a new major automotive client.
Gross profit continued to soar (up 45.8%), driven by:
- the volume increase,
- the ramp-up of special operations (project cargo, factory emergency assistance, aircraft chartering, etc.),
- persisting exceptional market conditions.
BREAKDOWN BY BUSINESS LINE
|
NUMBER OF SHIPMENTS |
GROSS PROFIT (€m) |
||||
At current scope and exchange rates |
Q1 2022 |
Q1 2021 |
Change Q1 2022/ Q1 2021 |
Q1 2022 |
Q1 2021 |
Change Q1 2021/ Q1 2020 |
Sea freight |
33,255 |
32,333 |
+2.9% |
18.9 |
12.3 |
+53.7% |
Air freight |
17,233 |
17,636 |
-2.3% |
10.7 |
7.3 |
+46.5% |
RORO* |
14,830 |
11,399 |
+30.1% |
2.8 |
2.2 |
+23.8% |
Other |
9,056 |
7,682 |
+17.9% |
2.2 |
1.5 |
+43.5% |
TOTAL OVERSEAS BUSINESS |
74,374 |
69,050 |
+7.7% |
34.6 |
23.4 |
+47.9% |
Log System |
|
|
|
0.4** |
0.7 |
-40.1% |
Consolidation entries |
|
|
|
(0.1) |
(0.1) |
N/A |
TOTAL CONSOLIDATED |
|
|
|
35.0 |
24.0 |
+45.8% |
* Roll-on/roll-off
** 2 months of operations
|
VOLUMES |
||
At current scope and exchange rates |
Q1 2022 |
Q1 2021 |
Change Q1 2021/ Q1 2020 |
Sea freight |
63,255 TEUs* |
59,911 TEUs* |
+5.6% |
Air freight |
18,409 T** |
16,551 T** |
+11.2% |
* Twenty-foot equivalent units
** Tons
Q1 2022 HIGHLIGHTS
-
Late Q1 2022 launch of 5,900 m² logistics platform at Paris CDG, a new hub for managing:
- cross docking operations,
- air shipments,
- transport to and from North Africa.
The platform is designed to support development of the Group’s operations in the luxury and high-tech sectors (TAPA certification in progress).
- 1 March 2022 disposal of CLASQUIN SA’s 70% stake in subsidiary Log System, an asset that ceased to be strategic following the overhaul of Group information systems.
2022 OUTLOOK
Market
International trade estimates (by volume): up 2.4-3.0% (WTO – 15 April 2022) (versus 4.7% previously).
NB: The surge in inflation partly due to the Russia-Ukraine conflict could prompt the WTO to further curtail its estimates.
CLASQUIN
Business (volumes): outperform market growth
CLASQUIN does very limited business with Russia and Ukraine (0.1% in 2021).
UPCOMING EVENTS (publication after market closure) |
|
|
Combined Annual General Meeting |
|
Q2 2022 business report |
|
H1 2022 results |
|
Q3 2022 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/20220428005815/en/