CLASQUIN : Q2 2023_Business Report

FINANCIAL PRESS RELEASE

www.clasquin.com

Lyon, 27 July 2023 (after market closure)

Q2 2023

STRONG BUSINESS GROWTH

GROSS PROFIT HOLDING UP WELL

Half-year

	H1 2023	H1 2022	Change
CONSOLIDATED
(unaudited)
Number of	163,301	154,435	+5.7%
shipments**
Sales (€m)*	284.3	463.1	-38.6%
Gross profit (€m)	67.4	71.8	-6.1%

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(lfl)***

+2.7%

-45.0%

-16.1%

Quarters

Q2 2023/	Q1 2023/
Q2 2022	Q1 2022

+6.8%	+4.6%
-36.7%	-40.5%
+1.4%	-14.1%

• Sales is not a relevant indicator of business in our sector, as it is greatly impacted by changing air and sea freight rates, fuel surcharges, exchange rates (particularly versus USD), etc. Changes in the number of shipments, volumes shipped and, in financial terms, gross profit are relevant indicators.
• The number of shipments does not include the Timar acquisition.
• Constant consolidation scope: excluding acquisitions of Exaciel (01/07/22), CVL (01/07/22), Timar (28/03/23) and Log System (01/03/22)

Q2 2023 HIGHLIGHTS

• Integration of the Timar group following Clasquin's acquisition of 63.52% of the share capital on 28 March 2023.

1. Reminder:
2. • Timar is a Moroccan group specialising in the design of innovative solutions in the fields of international transport, logistics and goods transit. The group is listed on the Casablanca Stock Exchange.
   • 14 companies, 18 offices in 9 countries in North Africa (Morocco, Tunisia, Mauritania), West Africa (Senegal, Mali, Ivory Coast) and Europe (France, Spain, Portugal).
   • Headcount: 424 people (30/06/2023).

1. Several projects have been launched and are proceeding according to plan (cross-selling, financial reporting, IT security, HR policies, etc.).

1. Furthermore, the mandatory takeover bid launched on 9 June 2023 was completed on 28 June 2023.
   At 17 July 2023, the Group held 66.01% of Timar's capital.

FINANCIAL PRESS RELEASE

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MARKET AND BUSINESS REVIEW

The fall in demand combined with increased market capacity, for both air and sea, continued to weigh on freight rates in Q2. The sea freight market has returned to pre-COVIDlevels, while air freight rates, although also down sharply, remain higher than in the pre-pandemicperiod.

Against this backdrop, as in Q1 2023, the Group succeeded in maintaining significant business volumes in Q2, with a 6.8% increase in the number of shipments (excluding the Timar acquisition).

The air freight business (excluding the Timar acquisition), up 25.0% in terms of number of shipments and up 15.3% in terms of tonnage, made a significant contribution to this growth thanks to new client acquisitions.

The sea freight business (excluding the Timar acquisition), up 3.4% in terms of number of shipments and down 1.0% in terms of number of containers shipped, performed well amid a significant fall in volumes.

The Road brokerage business (mainly Europe from and North Africa) grew 5.2% (excluding the Timar acquisition), consolidating its position in the automotive industry.

Despite unit margins declining in both air freight (down 27.2%) and sea freight (down 23.4%), consolidated gross profit rose

1.4% in Q2, driven by:

• The acquisitions of CVL (July 2022), Exaciel (July 2022) and Timar (consolidated from 1 April 2023); Growth at constant scope & exchange rates: down 15.6%;
• New client acquisitions, which accounted for 8.1% of total gross profit in H1 2023 (excluding the Timar acquisition).

Moreover, the Timar Group's Q2 gross profit amounted to €5.8m, in line with expectations.

This was underpinned by:

• The acquisition of new clients in the Overseas (air/sea) business;
• The strength of Road brokerage flows between Europe and North Africa, driven by a buoyant Euromed market.

Europe-Africa flows accounted for 22% of the Group's gross profit in H1 2023 (versus 12% for FY 2022).

BREAKDOWN BY BUSINESS LINE

At current scope and exchange rates

Sea freight

Air freight

Road brokerage*

Other (rail, customs, logistics)

TOTAL OVERSEAS BUSINESS

Log System**

Consolidation entries

TOTAL CONSOLIDATED

NUMBER OF SHIPMENTS (excl. Timar)	GROSS PROFIT (€m)

		Change	Change			Change	Change
H1 2023	H1 2022	H1 2023/	Q2 2023/	H1 2023	H1 2022	H1 2023/	Q2 2023/
		H1 2022	Q2 2022			H1 2022	Q2 2022
65,951	66,929	-1.5%	+3.4%	33.3	39.8	-16.3%	-19.6%
42,595	35,361	+20.5%	+25.0%	18.2	20.9	-13.1%	-5.6%
37,245	35,273	+5.6%	+5.2%	12.1	7.4	+63.4%	+105.3%
17,510	16,872	+3.8%	-11.1%	3.8	3.3	+15.3%	+57.5%
163,301	154,435	+5.7%	+6.8%	67.4	71.4	-5.7%	+1.5%
				-	0.4	N/A	N/A
				-	(0.1)	N/A	N/A
				67.4	71.8	-6.1%	+1.4%

• Road brokerage includes the road haulage business previously included in "Other businesses" and the RORO business (roll on/roll off: combined road + sea transport (trailers or trucks on ships))
• Disposal of LOG System on 01/03/2022

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			VOLUMES
				Change	Change
	H1 2023	H1 2022		H1 2023/	Q2 2023/
				H1 2022	Q2 2022
Sea freight	129,409 TEUs*	134,441 TEUs*		-3.7%	-1.0%
Air freight	33,472T**	33,572T**		-0.3%	+15.3%

• Twenty-footequivalent units
• Tons

2023 OUTLOOK

2023 MARKET

• International trade by volume: up 1.0% (source: WTO)

• Air freight by volume: down 4.3% (source: IATA)

• Sea freight by volume: down 2.5-5%

CLASQUIN 2023

Business (volumes): outperform market growth

Unit margins: return to normalised margin

UPCOMING EVENTS		CLASQUIN CONTACTS
(publication after-market closure)
▪ Wednesday 13 September 2023	H1 2023 results	Philippe LONS - Deputy Managing Director/Group CFO
▪ Tuesday 07 November 2023	Q3 2023 business report	Domitille CHATELAIN - Group Head of Communication & Marketing
		CLASQUIN Group - 235 cours Lafayette - 69006 Lyon
		Tel.: [phone]

CLASQUIN is an air and sea freight forwarding and overseas logistics specialist. The Group designs and manages the entire overseas transport and logistics chain, organising and coordinating the flow of client shipments between France and the rest of the world and, more specifically, to and from Asia-Pacific, North America, North Africa and sub-Saharan Africa.

Its shares are listed on EURONEXT GROWTH, ISIN FR0004152882, Reuters ALCLA.PA, Bloomberg ALCLA FP. Read more at www.clasquin.com.

CLASQUIN confirms its eligibility for the share savings plan for MSCs (medium-sized companies) in accordance with Article D. 221-113-5 of the French Monetary and Financial Code established by decree number 2014-283 of 4 March 2014 and with Article L. 221-32-2 of the French Monetary and Financial Code, which set the conditions for eligibility (less than 5,000 employees and annual sales of less than €1,500m or balance sheet total of less than €2,000m).

CLASQUIN is listed on the Enternext© PEA-PME 150 index.

LEI: 9695004FF6FA43KC4764