For Q1 12, management reported revenues of €140.2m, all in all broadly stable compared to the same period last year but showing a strong decrease in volumes, -11.6%, while the mix/price effect was 8.7% and FX 2.6%.
For H1 12, Chargeurs has guided for revenues to be around €290m and operating income to be c.€9m.
The group succeeded in further passing on price increases but volumes were negatively impacted by customers’ lack of visibility primarily in the Chargeurs Protective films and Interlining divisions. Europe remained very affected while the US is recovering.
The Wool division performed well at the top line (growth reached +5.9%) driven by the wool price (but the trends are changing with decreasing prices from 175USc/lb in January 2011 to 101USc/lb in April 2012) and selectivity in contracts.
As expected, Chargeurs is not immune from the global deterioration of consumption in Europe since last summer: customers’ lack of confidence in this difficult economic environment with a probable recession in Europe (48% group’s revenues), the increasing pressure on prices as well as the time lag between cost increases and the rise in selling prices and the fluctuations in costs…
We have already taken into account the challenging environment in our forecasts. We will see later on if it is necessary to revise down our figures further.
