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Chargeurs. 2012 Financial Information

PR Newswire/Les Echos/ 
2012 Financial Information 
In 2012, Chargeurs continued to implement its strategic plan and to strengthen
its balance sheet. In a severely recessionary environment, particularly in
Europe, Chargeurs' businesses made the necessary adjustments. Focused on high
value-added products, the Group is confident of its ability to improve its
earnings performance with the return to growth. 
Revenue 
(in EURm)                    Fourth quarter        Full year 
                         2012      2011      2012     2011 
Chargeurs Protective Films   43.7      40.8     181.4    179.7
Chargeurs Interlining        43.8      42.8     179.0    187.4
Chargeurs Wool               29.2      44.9     164.3    185.0
TOTAL                       116.7     128.5     524.7    552.3 
- Fourth quarter revenue was down by 9.2%. With volumes stable overall compared
  with the year earlier period, the decline reflected the 7.4% negative impact 
  of reductions in the scope of consolidation at Chargeurs Wool, a 3.5% 
  negative price effect and a 1 .9% positive currency effect. 
* Chargeurs Protective Films' volumes rose 7%, confirming the recovery that 
began in the summer. 
* Chargeurs Interlining reported volumes up 10%, marking a reversal of the 


    trend observed in prior qua rters.

  * Chargeurs Wool experienced a 16.5% fall in volumes and was also penalized 
    by the EUR9.5 million negative effect of applying the equity method to 
    account for previously fully consolidated businesses in Uruguay, from 
    October 1, and in Argentina, from December.

- Consolidated revenue for the year was down 5%, in line with forecasts. The
  9.2% negative volume effect and the 1.7% negative impact of changes in the 
  scope of consolidation were partly offset by a 3.6% positive currency effect 
  and a 2.4% positive price effect.

  * Chargeurs Protective Films' volumes held up well over the year, supported 
    by strong sales in the second half.

  * Chargeurs Interlining reported annual sales volume down 5.8%. In response,
    various measures were deployed in 2012 including streamlining sales
    organizations in Europe, North Africa and Asia, and rationalizing 
    production facilities in France and China.

  * Chargeurs Wool's volumes were cut by 20%. Responding to the sharp
    contraction in the wool market and scarcer bank financing, combing capacity
    in China was reduced by over a third, the fixed cost structure in Australia
    was radically slimmed down and Chargeurs sold half of its wool businesses 
    in Uruguay and Argentina, in the latter case by setting up a partnership 


with an Argentine entrepreneur. 
Chargeurs' latest estimates of its 2012 consolidated results are as follows,
based on the preliminary, unaudited financial statements: 
- Consolidated Income Statement 
The Group will report a net loss for the year, estimated at approximately 
EUR16 million. 
The EUR26 million unfavorable swing compared with 2011 reflects a EUR17 million
decline in operating profit - breaking down as EUR9 million due to lower
volumes, EUR5 million due to the negative price effect and EUR3 million
corresponding to non-recurring items -, a EUR4 million loss from discontinued
operations and the previously announced roughly EUR5 million reduction in
deferred tax assets. 
- Financial position  
Throughout 201 2, Chargeurs gave priority to rapidly paying down debt. As a
result, net debt at December 31, 2012 should amount to just EUR32.6 million
versus EUR80.6 million at end-2011, representing an improvement of more than
60%. Of the total EUR48 million decrease, EUR4 million concerned Chargeurs
Protective Films, EUR12 million Chargeurs Interlining and EUR32 million
Chargeurs Wool. This will lead to a sharp improvement in gearing, to an
estimated 1 8% at December 31, 201 2 from 42% at the previous year-end. 
January 21, 2013 
Next announcement: 
2012 Annual Results: March 15, 2013 
Corporate Communication - +33 (0)1 71 72 31 65 
                  
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-0- Jan/21/2013 07:21 GMT
 
 
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