PR Newswire/Les Echos/
Financial Information - Third Quarter 2009
Business and revenue
Revenue Third quarter Nine months
(in EUR millions) 2009 2008 2009 2008
Chargeurs Protective Films 37 49 102 153
Chargeurs Interlining 40 54 126 171
Chargeurs Wool 34 38 109 152
TOTAL 111 141 337 476
Third-quarter 2009 consolidated revenue, down 21.3% on the year-earlier period,
reflected a slight recovery in the markets relative to first-half 2009
(down 32.5%).
For the nine months ended September 30, 2009, consolidated revenue fell by
29.2% compared with the prior-year period, mainly due to lower volumes.
Significant event
On October 9, Chargeurs withdrew from its former clothing fabrics business by
selling its equity interest in Fashion Company to its joint shareholder
Holfipar. Chargeurs and Holfipar became equal partners in Fashion Company in
July 2007 when Chargeurs sold 50% of its interest to Holfipar.
Financial position
Net bank debt stood at EUR73.1 million at September 30, 2009, down by
EUR13.2 million from EUR86.3 million at June 30, 2009.
The Group pursued negotiations with its main banks to consolidate its financial
structure by restructuring certain facilities. These negotiations, which also
concern debt repayments due in the second half, are expected to conclude before
the end of 2009. At the same time, plans are being pursued to raise equity
capital on the financial markets, with the issue expected to occur during the
first quarter of 2010.
Outlook
Based on currently available information, Chargeurs confirms the consolidated
results target for 2009, as follows:
- Revenue: EUR445 million
- Operating loss: - EUR29 million
- Net loss: - EUR48 million
These results include the EUR24 million cost of restructuring measures
implemented in the first half of the year to enable the Group to adjust to its
contracting markets and consolidate the return to operating profit observed in
September 2009.
November 13, 2009
Corporate Communication Phone: +33 (0)1.71.72.31.65 - www.chargeurs.fr
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