EXACOMPTA CLAIREFONTAINE (EPA:EXAC) - Financial statement - 30 june 2021
Transparency directive : regulatory news
21/09/2021 18:00
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Dear Shareholders,
At its 16 September 2021 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board
of Directors, chaired by Mr François Nusse, reviewed and approved the Group
financial statements for the six months ended 30 June 2021.
* Consolidated results
(EUR000) H1 2021 H1 2020
Revenue 332,380 313,515
Operating income/(loss) 9,753 (3,013)
Net income/(loss) before tax 9,885 (4,148)
Net income/(loss) after tax 7,571 (3,530)
Group share 7,332 (3,005)
First half 2021 was marked by soaring raw material prices, particularly pulp
prices. We managed to maintain 2020 profit margins thanks to relatively
sustained demand for the vast majority of our products and the inventories we
had already built up.
* Segment information
Inter-segment
(EUR000) Paper Processing transactions Total
Revenue 142,707 255,602 (65,929) 332,380
Operating income/(loss) 10,252 (339) (160) 9,753
(EUR000) France Europe Outside Europe Total
Revenue 181,892 136,482 14,006 332,380
Paper
European production of printing and writing papers was up 6.3% versus first
half 2020 (CEPI statistics) but down 6.2% versus first half 2019.
Our five paper machines produced 122,000 tonnes of paper reels, similar to
previous first half volumes. The proportion of printing papers made from
recycled fibres and specialty products increased significantly.
Processing
According to GfK market research consultants, sales of manufactured papers and
filing articles in France rose by over 11% versus first half 2020. Again,
however, sales fell short of first half 2019 levels, down 5.5% and 13.4%
respectively.
Our own sales in this sector were up nearly 3% and the second half is showing a
positive trend so far, both in France and abroad.
* Outlook
Rising raw material prices will weigh significantly on second half profit
margins despite our policy of passing price increases on to customers.
Full-year operating income is expected to be close to the 2020 figure of
EUR14,727,000.
* Group financial results
At 30 June 2021, gross borrowings stood at EUR287,532,000 including
EUR41,747,000 of financial liabilities arising from the capitalisation of
leases. Consolidated shareholders' equity was EUR427,414,000.
The Group has negotiated additional lines of credit with its banks totalling
EUR17.5 million. The Group also issued commercial paper amounting to EUR50
million at 30 June 2021, out of a global programme of EUR125 million.
With gross cash and cash equivalents of EUR139,419,000 at 30 June 2021, Group
net borrowings amounted to EUR148,113,000.
Excluding financial liabilities generated by the application of IFRS 16, net
debt amounted to EUR106,366,000, down from 30 June 2019 and 2020.
THE BOARD OF DIRECTORS
Head of Financial Reporting
Jean-Marie Nusse - Executive Vice President
F 88480 ETIVAL-CLAIREFONTAINE - TEL. +33 (0)3 29 42 42 42 -
FAX +33 (0)3 29 42 42 00
SA WITH CAPITAL OF EUR4,525,920 - SIRET: 505 780 296 000 16 -
NAF: 7010Z - RCS EPINAL: B 505 780 296 WEBSITE WWW.EXACOMPTACLAIREFONTAINE.FR -
EMAIL ACTIONNAIRE@CLAIREFONTAINE.COM