Clasquin: Sharp Increase in Business

Regulatory News:

Clasquin (Paris:ALCLA):

H1 2014 FIGURES
(Unaudited accounts approved by the Board of Directors on 16 September 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.

A GLOBAL MARKET GROWING BY 3% TO 4%

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.

SIGNIFICANT BUSINESS GROWTH/STRONG PRESSURE ON MARGINS

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

• The growth in overseas business by number of shipments (+9.9%) is strong and confirms our ability to outperform the market.

In H1, sea freight business experienced very strong growth both in the number of shipments (+14.8%) and in the number of containers (TEU: + 8.5%). There was slight relief from the strong pressure on margins at the end of the period: after dropping by 0.1% in Q1, gross profit increased by 4.7% in Q2.
Air freight business also experienced significant growth (Number of shipments: 4.9% & Tonnage: +10.3%). While lower than for sea freight, pressure on the margins intensified at the end of the period.

• The Gueppe Clasquin subsidiary, specialising in road haulage of goods and logistics, continues to experience growth (GP: + 2.7%) in an environment that remains difficult.
• Log System, Group subsidiary specialising in software publishing, saw its gross profit stabilise over the period.

PROFITS WHICH REFLECT THE INVESTMENTS MADE IN AN ENVIRONMENT WHERE THERE IS HIGH PRESSURE ON MARGINS

• Current operating income has fallen by 11.6% due to pressure on margins combined with 5.3% growth in external expenses and a payroll increase of 2.9%.
  Measures for lowering the break-even point have already been implemented. The effects should be seen within a few months.

• Consolidated net profit has seen a lower decrease (-7.2%) than that for current operating income due to an improvement in financial profit/loss.
• The net profit group share is following the same trend (-9.8%).

A FINANCIAL SITUATION WHICH REMAINS HEALTHY

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 a few days.

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
Our business growth (number of shipments) in H2 should be significant, margins and profits are likely to remain under pressure.

NEXT KEY EVENTS (publications issued after market closure)

• Thursday 30 October 2014 : Business report as of 30 September 2014
• Thursday 19 February 2015 : Business report as of 31 December 2014
• Wednesday 18 March 2015 : 2014 Annual results
• Wednesday 29 April 2015 : Business report as of 31 March 2015
• Friday 28 August 2015 : Business report as of 30 June 2015
• Wednesday 16 September 2015 : 2015 Half year results
• Thursday 29 October 2015 : Business report as of 30 September 2015