Clasquin : Sharp Increase in Business During the First 9 Months of the Year

Regulatory News:

Clasquin (Paris:ALCLA):

*Garnett USA and GAF Germany, acquired at the end of September 2014 will be consolidated as of 1 October 2014.
**Excluding Gueppe-Clasquin, a subsidiary (70% ownership) specialised in road haulage, freighting and logistics.
***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..

• The global sea freight market increased in volume over the first 9 months by 3% to 4%.
  The global air freight market experienced growth over the same period of 2% to 3%.

• Sea freight rates dropped in September after experiencing continued growth in July and August. Air freight rates remained stable.
• In this context, the increase in the number of our shipments (+7.5%) as well as the growth in volumes shipped (+7.4% in sea freight and +8.0% in air freight) once again confirm the capacity of the group to increase its market shares.

DETAILS ON ACTIVITY BY BUSINESS LINE

KEY EVENTS FROM THE FIRST NINE MONTHS OF 2014

Clasquin completed in the end of September the acquisitions of 80% of the share capital of GARNETT LOGISTICS GROUP (USA) and 100% of the share capital of GAF (GÖRITZ AIR FREIGHT GmbH, Germany).

GARNETT LOGISTICS GROUP is specialized in freight forwarding (sea and air), with a strong activity in project cargo.
The company has offices located in New York (New Jersey), Miami and Houston, as well as one subsidiary in Canada and one in Barbados. GARNETT revenues reached over $26m in 2013, with a gross profit of $3.6m.

The company GAF is located in Düsseldorf. Its main business is airfreight forwarding from and to the USA and Asia. GAF revenues exceed €2m, with a gross profit of over €0.7m.

These two acquisitions will favourably impact Q4.

OUTLOOK FOR 2014

Market
Sea freight : + 4 to 5%
Air freight : + 2 to 4%

Clasquin
Sharp increase in business (number of shipments and volumes), pressure on margins.

2015 UPCOMING EVENTS (publications issued after market closure)