EXACOMPTA CLAIREFONTAINE (EPA:EXAC) - Financial statements - 31 december 2018
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04/04/2019 15:54
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Dear Shareholders,
At its 28 March 2019 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board of
Directors, chaired by Mr François Nusse, reviewed and approved the Company and
Group financial statements for the financial year ended 31 December 2018.
Consolidated results
(EUR000) 2018 2017
Income from continuing
activities (Revenue) 603,099 597,709
Operating income 14,922 22,581
Net income before tax 14,924 19,441
Net income after tax 12,480 12,866
Minority interests 0 0
Group share 12,480 12,866
2018 earnings were impacted by a significant fall in operating income, as well
as:
- a EUR1,800,000 reduction in net financial expense to virtually zero due to
transactions related to currency gains and losses;
- a EUR4,131,000 reduction in tax expense due to (i) a reduced tax base and
(ii) the inclusion of all French companies in the tax group, leading to a
EUR1,582,000 increase in the tax consolidation gain.
No impairment charges were recognised against goodwill or other items.
Segment information
(EUR000) Paper Processing Inter-segment Total
transactions
Revenue 274,042 458,971 (129,914) 603,099
Operating income 5,026 10,299 (403) 14,922
(EUR000) France Europe Outside Europe Total
Revenue 3 82,819 192,117 28,163 603,099
Paper
In 2018, European production of uncoated printing and writing papers fell 1.8%
(source CEPI). Production by our five paper machines increased 1.1% to 232,000
tonnes of paper reel. Once again, the main factor impacting the department's
profitability was the increase in purchased pulp prices. The average price per
tonne was EUR110 higher than in 2017 and EUR170 higher than in 2016. Capital
expenditure totalled EUR12.3 million in 2018, mainly invested in logistics and
specialised manufacturing processes.
Processing
The French stationery market was stable during the first half but was disrupted
towards the end of the year by the repeated demonstrations on Saturdays,
posting an average decline of 1.7% (source I+C). Notwithstanding these events,
sales held up across all product categories and the productivity drive over the
last few years allowed us to maintain our profit margins. Our export market is
also developing due to greater international awareness of our brands. The
processing division incurred capital expenditure of EUR14.1 million in 2018.
Outlook
Rising raw material and energy costs have compelled us to revise our paper and
stationery prices. Despite the somewhat reticent demand, 2019 operating income
could amount to around the average for the previous two years.
We expect to complete two major acquisitions in order to achieve the
diversification and geographical expansion required to drive the Group's
growth.
Group financial results
The Group posted 2018 revenue of EUR603,099,000. At 31 December 2018, gross
borrowings stood at EUR118,423,000 and shareholders' equity totalled
EUR402,269,000.
In order to provide for its growth, the Group has negotiated several lines of
credit with its banks. At the balance sheet date, no commercial paper had been
issued out of a global programme of EUR125 million.
Gross cash and cash equivalents amounted to EUR115,345,000 and the Group was
able to fund capital expenditure from cash flow. Group net borrowings stood at
EUR3,078,000 at 31 December 2018.
The 2018 financial statements have been audited and the certification reports
are currently being prepared.
***************
> The Board is calling an Ordinary General Meeting to be held on 6 June 2018,
at which it will recommend a dividend of EUR2.70 per share.
> The Board is also calling an Extraordinary General Meeting on the same day to
vote on a capital increase reserved for members of a company employee savings
plan and on an amendment to the Articles of Association regarding the
thresholds defining the number of employee representatives on the Board (Art.
10.2.1.)
> The next release will be made after the Board meeting called to approve the
first half 2019 financial statements, scheduled for 12 September 2019.
***************
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