Clasquin : Sustained Business Growth for H1 2014

Regulatory News :

Clasquin (Paris:ALCLA) :

*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 experienced volume growth in H1 of 3% to 4% in an environment where freight rates are both increasing and volatile.
  The global air freight market experienced growth of about 3% over the same period, with much more stable freight rate development.
• In this context, the increase in our sea freight volumes for H1 (number of shipments: +14.8% & TEU: +8.5%), and air freight volumes (number of shipments: +4.9% & tonnage: +10.3%) is clearly satisfactory and confirms our ability to outperform the market.
• While the number of shipments has gone up very significantly, our gross profit has only gone up by 2.6%, impacted primarily by strong pressure on our margins due to the almost continuous rise in freight rates for H1 and to the realities of a globally tense market.

DETAILS ON ACTIVITY BY BUSINESS LINE

*Freight forwarder with its head office in Barcelona, acquired by the Group in September 2012
**Twenty Equivalent Units
*** Tons

ON-GOING ACQUISITION OF TWO FREIGHT FORWARDERS: ONE IN THE USA AND THE OTHER IN GERMANY

We have just entered into 2 share purchase agreements regarding the acquisition of 80% of the share capital of GARNETT LOGISTICS GROUP (USA) and of 100% of the share capital of GAF (GÖRITZ AIR FREIGHT GmbH, Germany). The completion of the transactions is expected in September 2014.

GARNETT LOGISTICS GROUP is specialised 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.

Both companies have a positive profit record.

These operations are expected to bring new business opportunities for Clasquin Group in both America and Germany, and to allow synergies.

OUTLOOK FOR 2014

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

Clasquin
We predict significant business growth in an environment where our margins are likely to remain under pressure.

2014 UPCOMING EVENTS (publications issued after market closure)

• Wednesday 17 September 2014 : 2014 Half year results
• Thursday 30 October 2014 : Business report as of 30 September 2014

www.clasquinfinance.com