COMMUNIQUÉ RÉGLEMENTÉ

par EXACOMPTA CLAIREFONTAINE (EPA:EXAC)

Financial statements - 30 june 2024

image 

HALF-YEAR

FINANCIAL REPORT

 30 JUNE 2024

SA with share capital of €4,525,920  –  Registered office 88480 ÉTIVAL-CLAIREFONTAINE

                                      RCS EPINAL: B 505 780 296  SIRET No.: 505 780 296 000 16                  NAF: 7010Z

                       Tel. +33 (0)3 29 42 42 42           Fax +33 (0)3 29 42 42 00           Website  www.exacomptaclairefontaine.fr

Contents:                                                                                       page

        Half-year activity report                                                                                           3

        Half-year consolidated financial statements                                                            6

        Statutory auditors’ report                                                                                             

        on the consolidated interim financial statements                                                   24

                                                                           2

Board of Directors

François Nusse, Chairman and Chief Executive Officer

Dominique Daridan

Louise de l’Estang du Rusquet

Céline Goblot

Charles Nusse 

Frédéric Nusse

Gabriel Nusse

Guillaume Nusse

Jérôme Nusse

Laurent Nusse

Monique Prissard

Emmanuel Renaudin

Caroline Tamponnet

Caroline Valentin

Statutory Auditors

BATT AUDIT, 54000 Nancy

Isabelle Sagot

ADVOLIS, 75002 Paris

Nicolas Aubrun – Hugues De Noray

3

To the Shareholders,

1.                    REVIEW AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS

(€000)

H1 2024

H1 2023

Revenue 

408,424

421,860

Operating income

21,156

46,206

Net income before tax

21,670

44,831

Net income after tax

16,504

38,218

Group share

16,504

38,218

First half 2023 earnings were boosted by a €10.5 million capital gain on sale of real estate.

1.1         PAPER PRODUCTION

European sales of printing and writing papers fell by 23% between 2022 and 2023. This year, sales rose 17% driven by excess inventory clearance among customers (source: CEPI).

Paper reel production at our four mills increased by 3%, but our margins fell as a result of the sharp rise in pulp prices. Furthermore, unlike in 2023, we did not benefit from favourable contractual terms for our energy costs.  

1.2        PROCESSING

GfK market research consultants noted a 3.3% drop in revenue from manufactured papers in France and an 8.9% decline in filing item revenue versus first half 2023.

As a result of this sluggish overall consumption, our own sales fell by 4.6%, with volumes down sharply. Margins were also adversely affected by the clearance of inventories built up at high costs in 2023.

1.3         FINANCIAL POSITION - DEBT

At 30 June 2024, gross borrowings stood at €213,058,000 including €46,439,000 of financial liabilities arising from the capitalisation of leases. Consolidated shareholders’ equity was €520,562,000.

The Group has negotiated additional lines of credit with its banks totalling €9,080,000. Commercial paper outstanding at 30 June 2024 amounted to €20 million out of a global programme of €125 million. With gross cash and cash equivalents of €109,539,000 at 30 June 2024, Group net borrowings amounted to €103,519,000.

Excluding financial liabilities generated by the application of IFRS 16, net debt at 30 June 2024 was €57,080,000 compared to €100,137,000 at 30 June 2023.

1.4          SHARE AND SHAREHOLDER INFORMATION

The share listed at €174 on 2 January 2024 and €146 on 28 June 2024. The number of shares traded during first half 2024 was 6,769.

The capital of the parent company is composed of 1,131,480 shares and did not change during the period.  Our principal shareholder, Ets Charles Nusse, held 910,395 shares with double voting rights, representing 80.46% of the capital, at 30 June 2024. LG Invest, a minority shareholder, crossed the 5% ownership threshold on 21 September 2021.

The parent company does not have a share buyback programme and there are no employee shareholders.

4

2.          RISK FACTORS

Risk factors related to economic activity and financial risks are of the same kind as those described in Section 2.4 of the 2023 Annual Report. There were no material changes during first half 2024. Provisions for financial risks at 30 June 2024 are presented in Note 2.6 to the consolidated half-year financial statements.

3.          OUTLOOK

In the second half of the year, while our paper production should benefit from lower raw material prices, there is no guarantee of sustained demand for paper.

In processing, revenue for many product lines is much higher during the second half, when we can also expect to see a better workload in the workshops.

As in the first half, full-year operating income is likely to be well below the 2023 figure of €62 million (excluding real estate gains).

4.          GREENHOUSE GAS EMISSIONS

The 2023 statement of non-financial performance was published prior to the Exacompta Clairefontaine Group Shareholders’ Meeting on 29 May 2024. 

The following information supplements and updates the information provided in this declaration.

The free allowances of CO2 received by the Group amount to 57,813 tonnes for 2024. Any further emissions allowances required are purchased on the European exchange market. Net CO2 emissions during first half 2024 totalled 40,272 tonnes.

5


Exacompta Clairefontaine S.A.

Consolidated financial statements for the year ended

30 JUNE 2024

Half-year consolidated financial statements                                                                                                                 

1.  Consolidated financial statements                                                                                                                                              7

2.  Notes to the consolidated half-year financial statements                                                                                             11

3.  Segment information                                                                                                                                                                      19

4.  Consolidated entities                                                                                                                                                                      22

       1.       Consolidated financial statements

Consolidated financial position

€000

30/06/2024

31/12/2023

NON-CURRENT ASSETS

362,218

361,502

  Goodwill

36,703

34,223

  Intangible assets

21,412

21,114

  Property, plant and equipment

297,874

300,188

  Financial assets

5,255

5,217

  Deferred taxes

974

760

CURRENT ASSETS

598,563

574,582

  Inventories

273,180

272,571

  Trade and other receivables

208,100

132,510

  Advances

3,183

2,292

  Taxes receivable

4,561

111

  Cash and cash equivalents

109,539

167,098

TOTAL ASSETS

960,781

936,084

                                                                                                                                                                                                            Notes

                                                                                                                                                                                                            (2.1.1)

                                                                                                                                                                                                            (2.1.1)

                                                                                                                                                                                                            (2.1.2)

                                                                                                                                                                                                            (2.1.3)

                                                                                                                                                                                                              (2.4)

                                                                                                                                                                                                            (2.2.1)

                                                                                                                                                                                                            (2.2.2)

                                                                                                                                                                                                            (2.2.3)

SHAREHOLDERS’ EQUITY

520,562

512,467

  Share capital

4,526

4,526

  Consolidated reserves

499,532

464,825

  Net income – Group share

16,504

43,116

  Shareholders’ equity – Group share

520,562

512,467

  Minority interests

-

-

NON-CURRENT LIABILITIES

200,125

194,768

  Non-current loans and borrowings

122,320

112,844

  Lease liabilities (IFRS 16)

32,823

38,331

  Deferred taxes

25,131

24,174

  Provisions

19,851

19,419

CURRENT LIABILITIES

240,094

228,849

  Trade payables

90,676

79,901

  Current loans and borrowings

44,299

43,165

  Lease liabilities (IFRS 16) – short term

13,616

14,359

  Provisions

4,954

6,226

  Tax liabilities

982

5,561

  Other payables

85,567

79,637

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES

960,781

936,084

                                                                                                                                                                                                              (2.6)

                                                                                                                                                                                                              (2.6)

                                                                                                                                                                                                              (2.4)

                                                                                                                                                                                                              (2.5)

                                                                                                                                                                                                              (2.6)

                                                                                                                                                                                                              (2.6)

                                                                                                                                                                                                              (2.5)

                                                                                                                                                                                                              (2.9)

Consolidated income statement

€000

H1 2024

H1 2023

Revenue

408,424

421,860

  - Sales of products

400,821

411,479

  - Sales of services

7,603

10,381

Other operating income

10,623

34,267

  - Reversal of depreciation/amortisation

9

-

  - Subsidies

5,097

6,763

  - Other income

5,517

27,504

  Change in inventories of finished products and work-in-progress

4,357

21,098

  Goods and materials used

(202,320)

(220,889)

  External expenses

(61,789)

(60,138)

  Personnel expenses

(102,101)

(102,269)

  Taxes and duties

(5,848)

(5,557)

  Depreciation/amortisation

(25,701)

(24,324)

  Other operating expenses

(4,489)

(17,842)

Operating income – before goodwill impairment

21,156

46,206

  Goodwill impairment / badwill gain

-

-

Operating income – after goodwill impairment

21,156

46,206

  Financial income

3,425

3,312

  Financial expenses

(2,911)

(4,687)

  Net financial items

514

(1,375)

  Income taxes

(5,166)

(6,613)

CONSOLIDATED NET INCOME

16,504

38,218

Notes

(2.1.2,

2.1.3)

                                                                                                                                                                                                            (2.2.1)

(2.1.1,

2.1.2)

                                                                                                                                                                                                            (2.1.3)

                                                                                                                                                                                                            (2.1.1)

                                                                                                                                                                                                              (2.8)

                                                                                                                                                                                                        (2.4, CFS)

Net income – minority share

0

0

Net income – Group share

16,504

38,218

  Net income for the period

16,504

38,218

  Number of shares

1,131,480

1,131,480

Earnings per share (basic and diluted)

14.59

33.78

                                                                                                                                                                                                              (2.3)

Comprehensive income statement

€000

H1 2024

H1 2023

Net income

16,504

38,218

Actuarial gains/losses on post-employment benefits Tax on items not reclassified to profit or loss

798

(199)

1,236 (309)

Items not reclassified to profit or loss

599

927

Currency translation differences arising from foreign entities’ financial statements

Tax on items reclassified to profit or loss

(1,602)

-

580

-

Items reclassified to profit or loss

(1,602)

580

Items of other comprehensive income

-

-

Total comprehensive income

15,501

39,725

Attributable to:

-   the Group

-   minority interests

15,501

-

39,725

-

Statement of changes in consolidated shareholders’ equity

€000

image

image

image

image

image

image

image

image

Shareholders’ equity at 31/12/2022

4,526

92,745

367,818

619

5,661

471,369

-

471,369

Dividends distributed

(4,979)

(4,979)

(4,979)

Net income for the period

43,116

43,116

43,116

Items of other comprehensive income

476

3,175

3,651

3,651

Reclassification of actuarial gains/losses

619

(619)

-

-

Other restatements

(690)

(690)

(690)

Shareholders’ equity at 31/12/2023

4,526

92,745

405,884

476

8,836

512,467

-

512,467

Dividends distributed

(7,581)

(7,581)

(7,581)

Net income for the period

16,504

16,504

16,504

Items of other comprehensive income

599

(1,602)

(1,003)

(1,003)

Reclassification of actuarial gains/losses

476

(476)

-

-

Other restatements

175

175

175

Shareholders’ equity at 30/06/2024

4,526

92,745

415,458

599

7,234

520,562

-

520,562

Statement of consolidated cash flows

€000

H1 2024

H1 2023

Total consolidated net income

16,504

38,218

•       Depreciation, amortisation and provisions

•       Gains or losses on sales

•       Currency translation adjustments

25,593 (528)

(514)

25,707

(10,442) (562)

Cash flow before cost of borrowings and tax

41,055

52,921

•       Cost of borrowings

•       Tax charge for the period and deferred taxes

1,781

5,166

1,573

6,613

Cash flow after cost of borrowings and tax

48,002

61,107

              Change in operating working capital

(69,618)

(79,040)

(1)  Net cash flow from operating activities

(21,616)

(17,933)

•       Purchases of fixed assets

•       Sales of fixed assets

•       Changes in consolidation

(27,236)

1,288

(3,018) 

(28,089)

23,727 (2,468)

(2)  Net cash flow from investing activities

(28,966)

(6,830)

•       New borrowings

•       Loans repaid

•       Lease liability payments

•       Change in interest paid

•       Dividends paid

15,080

(15,073)

(7,366)

(1,647)

(7,581)

18,073

(17,187)

(7,005)

(1,400)

(4,979)

(3)  Net cash flow from financing activities

(16,587)

(12,498)

(4)  Currency effect on cash

(794)

317

(1+2+3+4) Total cash flow

(67,963)

(36,944)

Notes

(2.1.4 to

                                                                                                                                                                                                         2.1.6, 2.5)

(2.4)

Balance

sheet

(2.1.4 to

2.1.6)

(Change in

shareholders’

equity)

Opening cash

155,165

86,432

Closing cash

87,202

49,488

Change in cash

(67,963)

(36,944)

Change in cash

€000

30/06/2024

31/12/2023

Change

30/06/2023

Reported cash and cash equivalents

109,539

167,098

(57,558)

79,343

Bank overdrafts  

(22,337)

(11,933)

10,404

(29,855)

Net cash and cash equivalents

87,202

155,165

(67,963)

49,488

Presentation of the consolidated financial statements

1-      General principles – statement of compliance

The EXACOMPTA CLAIREFONTAINE Group consolidated financial statements are prepared in accordance with IFRS (International Financial Reporting Standards), as adopted within the European Union. The Exacompta Clairefontaine Group summary consolidated half-year financial statements were prepared in accordance with IAS 34 – Interim financial reporting. They were approved by the Board of Directors on 19 September 2024.

No changes were made compared to the accounting rules and methods applied to the 2023 full-year consolidated financial statements.

2-      Adoption of new standards

The Group did not opt for early application of any standard, amendment or interpretation that is not mandatory in 2024.

3-      Consolidated entities

On 27 February 2024, the Group acquired a controlling interest in Flock One, a company specialising in flocking for all types of decorative and technical application. Recorded goodwill amounted to €2.5 million.

       2.       Notes to the consolidated half-year financial statements

2.1  Non-current assets

2.1.1 INTANGIBLE ASSETS AND GOODWILL

At 30 June 2024 (€000)

Goodwill

Concessions, licences,

trademarks and similar rights

Other

Total intangible assets

Gross value b/fwd

53,219

66,781

9,208

75,989

Purchases

2,480

2,336

773

3,109

Sales

(580)

(5)

(585)

Changes in consolidation scope

61

61

Currency translation adjustments

(575)

(19)

(594)

Transfers and other changes

130

(78)

52

Gross value c/fwd

55,699

68,153

9,879

78,032

Amortisation and write-downs b/fwd

18,996

47,574

7,301

54,875

Sales

(580)

(2)

(582)

Changes in consolidation scope

54

54

Amortisation

2,610

218

2,828

Write-downs

Reversals

(1)

(1)

Currency translation adjustments

(529)

(25)

(554)

Transfers and other changes

Amortisation and write-downs c/fwd

18,996

49,128

7,492

56,620

Net book value b/fwd

34,223

19,207

1,907

21,114

Net book value c/fwd

36,703

19,025

2,387

21,412

Trademarks

“Concessions, licences, trademarks and similar rights” includes trademarks totalling €5,367,000. No impairment was recorded in the first half 2024 financial statements.

Goodwill

Goodwill mainly pertains to the businesses of the Digital department (€13.2 million) and Manufactured Papers (€19.6 million).

The segment information shows the breakdown of goodwill by business and geographic segment.

Given the levels of performance observed in first half 2024 and the seasonal factors to which some departments are exposed, the Group identified no indications of impairment at 30 June 2024. As such, the projections drawn up at the 2023 balance sheet date were maintained at 30 June 2024 and, therefore, no impairment testing was carried out as part of the 2024 half-yearly closing procedure.

2.1.2  Property, plant and equipment

No changes in useful life leading to a material change in the accounting estimates were identified during the period.

IFRS 16 – Leases

As it is not possible to determine the interest rates implicit in the leases, the Group uses its incremental borrowing rate to measure the lease liability. It is established by reference to the interest rates of loans, whether taken out or not, that have similar maturities and payment profiles. In particular, it is established based on 7-10 year maturities applicable to real estate leases, which represent almost 90% of Group leases in terms of right-of-use asset value.

Low-value asset leases were excluded.

Lease categories at 30/06/2024

€000

Real estate

Industrial equipment

Other

Total

Right-of-use assets

86,595

4,645

4,618

95,858

Depreciation

44,906

2,182

2,662

49,750

Net amount

41,689

2,463

1,956

46,108

In the first half 2024 income statement, the depreciation charge on right-of-use assets amounts to €7,396,000 and lease interest payments amount to €192,000.

Leases are aggregated in the tables of changes in property, plant and equipment.

At 30 June 2024 (€000) Incl. IFRS 16 right-of-use assets

Land and buildings

Plant and equipment

Other PP&E

Advances and PP&E in progress

Total

Gross value b/fwd

290,690

588,649

65,862

24,270

969,471

Purchases

2,277

6,844

1,693

10,820

21,634

Sales

(1,767)

(21,043)

(1,777)

(24,587)

Changes in consolidation scope

145

205

66

416

Currency translation adjustments

216

(399)

(152)

(335)

Transfers and other changes

1,232

6,308

(38)

(7,553)

(51)

Gross value c/fwd

292,793

580,564

65,654

27,537

966,548

Depreciation and write-downs b/fwd

163,959

453,692

51,632

0

669,283

Sales

(1,123)

(20,462)

(1,660)

(23,245)

Changes in consolidation scope

35

156

38

229

Depreciation

9,108

11,510

2,256

22,874

Write-downs

Reversals

(8)

(1)

(9)

Currency translation adjustments

155

(476)

(137)

(458)

Transfers and other changes

101

(101)

Depreciation and write-downs c/fwd

172,235

444,412

52,027

0

668,674

Net book value b/fwd

126,731

134,957

14,230

24,270

300,188

Net book value c/fwd

120,558

136,152

13,627

27,537

297,874

2.1.3  Financial assets

At 30 June 2024 (€000)

Unconsolidated equity interests

Loans

Other receivables

Total

Gross value b/fwd

1,348

1,075

4,004

6,427

Purchases

2

252

254

Sales

(117)

(9)

(126)

Changes in consolidation scope

1

1

Currency translation adjustments

(70)

(70)

Transfers and other changes

Gross value c/fwd

1,348

960

4,178

6,486

Write-downs b/fwd

1,210

0

0

1,210

Purchases/sales

Changes in consolidation scope

Write-downs

21

Reversals

Currency translation adjustments

Transfers and other changes

Write-downs c/fwd

1,231

0

0

1,231

Net book value b/fwd

138

1,075

4,004

5,217

Net book value c/fwd

117

960

4,178

5,255

Unconsolidated equity interests and other long-term investments are stated at cost if there is no reliable fair value.

Intercompany receivables, loans and other financial assets are valued at amortised cost. The book value is equal to the fair value.

Other receivables mainly comprise deposits and guarantees totalling €3,902,000.

2.1.4  Table of maturities of other financial assets

At 30 June 2024 (€000)

< 1 year

1-5 years

> 5 years

Total

  Loans

119

184

657

960

  Other financial assets  

898

2,092

1,188

4,178

Financial assets and receivables

1,017

2,276

1,845

5,138

2.2  Current assets

2.2.1  Inventories by type

At 30 June 2024 (€000)

Raw materials

Work-in-progress

Semi-finished and finished goods

Total

Gross value b/fwd

112,984

30,356

149,110

292,450

Change

(4,361)

(1,022)

5,313

(70)

Changes in consolidation scope

720

149

869

Gross value c/fwd

109,343

29,334

154,572

293,249

Write-downs b/fwd

11,428

1,646

6,805

19,879

Additions

9,568

1,509

5,162

16,239

Reversals

(9,449)

(1,601)

(5,075)

(16,125)

Changes in consolidation scope

38

51

89

Currency translation adjustments and other

(5)

(5)

(3)

(13)

Write-downs c/fwd

11,580

1,549

6,940

20,069

Net book value b/fwd

101,556

28,710

142,305

272,571

Net book value c/fwd

97,763

27,785

147,632

273,180

2.2.2  Write-down of other current assets

€000

Write-downs b/fwd

Additions

Reversals

Changes in consolidation

scope and other differences

Write-downs c/fwd

Trade receivables

2,250

375

(322)

12

2,315

Other receivables

241

241

  Total

2,491

375

(322)

12

2,556

Statement of maturities of trade and other receivables

€000

< 1 year

1-5 years

> 5 years

Total 

  Trade and similar receivables

185,712

185,712

  Taxes and social security contributions receivable

15,138

15,138

  Other receivables

3,751

3,751

204,601

204,601

  Impairment

(2,556)

Financial assets

202,045

  Prepaid expenses                                                                                                                                               

6,055

Reported trade and other receivables                                                                                                               

208,100

2.2.3  Cash and cash equivalents

€000

30/06/2024

31/12/2023

Change

Cash at bank

46,459

64,654

(18,195)

Cash equivalents

63,080

102,444

(39,364)

Total

109,539

167,098

(57,559)

Financial assets held for trading (marketable securities) are assets valued at fair value through profit or loss. The book value of €63,080,000 equals the market value at 30 June 2024. The book value is equal to the fair value.

2.3  Shareholders’ equity

The parent company’s share capital consists of 1,131,480 shares with a par value of 4 euros each, totalling €4,525,920, and did not change during the period. A double voting right is granted to each fully paid-up share which has been registered for at least two years in the name of the same shareholder. ETABLISSEMENTS CHARLES NUSSE holds 80.46% of the share capital.

2.4  Deferred taxes

The principal sources of deferred taxes are trademarks, regulated provisions, public subsidies, internal profits on inventories and provisions.

Change in deferred taxes

€000

30/06/2024

31/12/2023

Change

Deferred tax assets

974

760

214

Deferred tax liabilities

25,131

24,174

957

Net deferred tax

24,157

23,414

743

Breakdown of tax charge

€000

H1 2024

H1 2023

Current tax

(4,417)

(8,923)

Deferred taxes

(749)

2,310

Tax income/(charge)

(5,166)

(6,613)

       2.5     Provisions

€000

Provisions b/fwd

Additions

Reversals

Other changes

Provisions c/fwd

Post-employment benefits

19,419

1,563

(407)

(724)

19,851

Non-current provisions

19,419

1,563

(407)

(724)

19,851

Provisions for contingent liabilities

4,098

209

(1,362)

3

2,948

Other provisions for charges

2,128

38

(160)

2,006

Current provisions

6,226

247

(1,522)

3

4,954

Provisions for post-employment benefits are provisions for pensions and similar obligations. The other changes correspond to actuarial adjustments recorded under comprehensive income.

Post-employment benefits mainly consist of retirement indemnities. 

They are calculated at each closing date according to the following main parameters:

                   probability of retirement, staff turnover and mortality;

                   projected salary increases;

                   discounting the resulting liability at 3.67%.

The amounts paid to insurance organisations are deducted from provisions.

Net change in the provision for pensions and similar obligations

€000

H1 2024

H1 2023

Liability b/fwd

19,419

20,269

Cost of services rendered

1,213

1,328

Financial expense

694

641

Changes for the period

(677)

(1,410)

                         o/w new recruits

34

12

                         o/w departures during the period

(711)

(1,422)

Liability excluding actuarial gains and losses

20,649

20,828

Actuarial gains and losses under comprehensive income

(798)

(1,236)

Liability c/fwd

19,851

19,592

The recorded liability includes €15,858,000 of obligations under the plan applicable to French companies and €3,993,000 under plans applicable to foreign companies.

       2.6       Loans, borrowings and lease liabilities

Statement of liquidity risk

€000

< 1 year

1-5 years

> 5 years

Total

Loans from financial institutions

19,755

64,161

15,159

99,075

Lease liabilities

13,616

27,541

5,282

46,439

Other borrowings

3

3

Bank loans and overdrafts

22,337

22,337

Subtotal

55,711

91,702

20,441

167,854

Shareholder loan accounts (credit balance)

2,021

43,000

45,021

Accrued interest

183

183

Total

57,915

91,702

63,441

213,058

Medium and long-term financing excluding IFRS 16 lease liabilities consists of loans negotiated at fixed rates.

The fair value of borrowings is equal to the book value.

Change in borrowings

€000

31/12/2023

Cash flows

Non-cash items

30/06/2024

Changes in consolidation scope

New leases 

Foreign exchange losses

Bank loans and overdrafts

11,933

10,404

-

-

-

22,337

Loans from financial institutions

104,803

(5,861)

132

-

1

99,075

Lease liabilities

52,690

(8,076)

-

2,022

(197)

46,439

Total bank borrowings

169,426

(3,533)

132

2,022

(196)

167,851

Shareholder loans

39,021

6,000

-

-

-

45,021

Other payables 

69

(66)

-

-

-

3

Total other borrowings

39,090

5,934

-

-

-

45,024

Accrued interest

183

-

-

-

-

183

Total borrowings

208,699

2,401

132

2,022

(196)

213,058

2.7  Issuance & financial instruments programmes

Commercial paper

Short-term needs are financed by commercial paper issued by Exacompta Clairefontaine. A fixed rate determined at the moment of issue is paid on the commercial paper, which has a maximum term of 365 days.

At the interim balance sheet date, €20 million of commercial paper had been issued out of a maximum authorised outstanding amount of €125 million.

Lines of credit

Lines of credit are in place with several banks for a total amount of €145 million, with maturities not exceeding five years. Lines of credit are indexed to Euribor and the average commitment fee charged is 0.23%. Drawdowns are charged on the basis of the amount and the maturity date of each line of credit. The term of drawdowns ranges from ten days to twelve months. No amounts were drawn as at 30 June 2024.

Related covenants are not relevant to the half-year financial statements, as the associated ratios are calculated on the basis of the annual consolidated financial statements. 

Financial instruments 

The Group may use options contracts to hedge forecast transactions, in particular for purchases of raw materials in US dollars which constitute its main exposure to currency risk. The Group implemented no currency hedging arrangements during the first half. Other transactions performed to hedge exchange rate risks are non-material.

       2.8         Financial income and expenses

€000

H1 2024

H1 2023

  Income from other receivables and marketable securities

1,546

651

  Other financial income

321

142

  Reversal of provisions and write-downs

-

-

  Foreign exchange losses

1,558

2,519

 Total financial income 

3,425

3,312

  Increase in provisions and write-downs

21

21

  Interest and financial expenses

1,973

1,771

  Foreign exchange losses

911

2,878

  Other financial expenses

6

17

 Total financial expenses 

2,911

4,687

2.9  Other current liabilities

€000

30/06/2024

31/12/2023

Advances and down payments received

789

444

Taxes and social security contributions payable

53,048

47,963

Fixed asset payables

4,259

8,520

Other liabilities

25,268

20,387

Deferred income

2,203

2,323

Total

85,567

79,637

2.11 Related parties

Group companies benefit from the leadership provided by Ets Charles Nusse and pay a fee equal to 0.6% of the added value for the previous year.

Manufacturing, logistics and office facilities are leased to certain Group companies on arm’s length terms. These leases have been adjusted following the application of IFRS 16.

Transactions carried out by the Group with Etablissements Charles Nusse.

€000

30/06/2024 (six months)

30/06/2023 (six months)

  Balance sheet

Current account balances:

     Financial liabilities

     Financial liabilities (short-term)

43,000

2,000

37,000

2,000

  Income statement

  Financial expenses

749

517

  Fees

918

867

  Leases excluding expenses

4,494

4,221

       3.      Segment information

As in the financial statements, segment information is presented for the prevailing consolidation scope at each balance sheet date. 

Correspondence with the consolidated balance sheet:

-          “Other assets allocated” includes inventories and advances;

-          “Unallocated assets” consists of tax receivable and deferred tax assets.

Ø      Segment information by business – 30/06/2024 (6 months)

€000

Paper

Processing

Inter-segment transactions

Total

             Segment income statement                                                                                                                               

  Revenue

188,327

287,693

(67,596)

408,424

  Depreciation/amortisation (net of reversals)

7,303

18,389

25,692

  Write-downs and provisions

639

(593)

46

  Operating income/(loss) (excl. goodwill impairment)

23,166

(2,521)

511

21,156

  Goodwill impairment

             Segment assets                                                                                                                                                  

  Net PP&E and intangible assets

125,530

193,756

319,286

     o/w capex

10,234

12,487

22,721

  Goodwill

36,703

36,703

  Trade receivables

61,410

157,380

(35,393)

183,397

  Other receivables

7,513

17,896

(706)

24,703

Balance sheet total

68,923

175,276

(36,099)

208,100

  Other assets allocated

95,548

186,511

(5,696)

276,363

  Unallocated assets

5,535

 Total assets

290,001

592,246

(41,795)

845,987

             Segment liabilities                                                                                                                                             

  Current provisions

2,220

2,734

4,954

  Trade payables

38,226

88,165

(35,715)

90,676

  Other payables

31,482

54,898

(813)

85,567

  Unallocated liabilities

982

  Total liabilities

71,928

145,797

(36,528)

182,179

Ø      Segment information by geographic area – 30/06/2024 (6 months)

€000

France

Europe

Outside Europe

Total

  Revenue

209,627

181,337

17,460

408,424

  Net PP&E and intangible assets

271,519

36,776

10,991

319,286

     o/w capex

20,264

1,546

911

22,721

  Goodwill

19,558

17,145

36,703

  Trade receivables

150,068

31,554

1,775

183,397

  Other receivables

18,370

4,078

2,255

24,703

Balance sheet total

168,438

35,632

4,030

208,100

  Other assets allocated

233,245

33,156

9,962

276,363

  Unallocated assets

5,535

  Total assets

692,760

122,709

24,983

845,987

Ø      Segment information by business – 30/06/2023 (6 months)

€000

Paper

Processing

Inter-segment transactions

Total

             Segment income statement                                                                                                                               

  Revenue

202,348

303,345

(83,833)

421,860

  Depreciation/amortisation (net of reversals)

6,779

17,545

24,324

  Write-downs and provisions

3,292

(1,093)

2,199

  Operating income/(loss) (excl. goodwill impairment)

31,623

15,696

(1,113)

46,206

  Goodwill impairment

             Segment assets                                                                                                                                                  

  Net PP&E and intangible assets

114,495

192,426

306,921

     o/w capex

8,210

17,325

25,535

  Goodwill

44,266

44,266

  Trade receivables

63,040

166,224

(37,965)

191,299

  Other receivables

4,891

18,943

(743)

23,091

Balance sheet total

67,931

185,167

(38,708)

214,390

  Other assets allocated

94,710

218,941

(6,883)

306,768

  Unallocated assets

1,034

 Total assets

277,136

640,800

(45,591)

873,379

             Segment liabilities                                                                                                                                             

  Current provisions

3,177

1,040

4,217

  Trade payables

31,446

88,102

(37,965)

81,583

  Other payables

30,199

58,814

(743)

88,270

  Unallocated liabilities

5,224

  Total liabilities

64,822

147,956

(38,708)

179,294

Ø      Segment information by geographic area – 30/06/2023 (6 months)

€000

France

Europe

Outside Europe

Total

  Revenue

219,198

185,022

17,640

421,860

  Net PP&E and intangible assets

257,023

40,666

9,232

306,921

     o/w capex

20,493

1,117

3,925

25,535

  Goodwill

27,122

17,144

44,266

  Trade receivables

156,299

32,690

2,310

191,299

  Other receivables

16,175

4,289

2,627

23,091

Balance sheet total

172,474

36,979

4,937

214,390

  Other assets allocated

259,639

37,039

10,090

306,768

  Unallocated assets

1,034

  Total assets

716,258

131,828

24,259

873,379

       4.      Consolidated entities

All companies are fully consolidated and wholly owned.

Name

Address

EXACOMPTA CLAIREFONTAINE

88480 ETIVAL CLAIREFONTAINE

A.F.A.

132 Quai de Jemmapes - 75010 PARIS

CARTOREL

384 Rue des Chênes Verts - 79410 ECHIRE

CFR Ile Napoléon

RD 52 - 68490 OTTMARSHEIM

PAPETERIES DE CLAIREFONTAINE

19 Rue de l’Abbaye - 88480 ETIVAL CLAIREFONTAINE

CLAIREFONTAINE RHODIA

RD 52 - 68490 OTTMARSHEIM

CLAIRCELL

ZI – Rue de Chartres - 28160 BROU

COGIR 

10 Rue Beauregard - 37110 CHATEAU-RENAULT

REGISTRES LE DAUPHIN

27 Rue George Sand - 38500 VOIRON

MADLY

6 Rue Henri Becquerel - 69740 GENAS

EVERBAL

2 Route d’Avaux - 02190 EVERGNICOURT

EXACOMPTA

138-140 Quai de Jemmapes - 75010 PARIS

LAVIGNE 

6 Rue Dewoitine - 78140 VELISY-VILLACOUBLAY

PAPETERIE DE MANDEURE

14 Rue de la Papeterie - 25350 MANDEURE

MANUCLASS

ZI d’Etriché - 49500 SEGRE-EN-ANJOU-BLEU

CLAIRCELL INGENIERIE

ZI – Rue de Chartres - 28160 BROU

EDITIONS QUO VADIS

14 Rue du Nouveau Bêle - 44470 CARQUEFOU

RAYNARD

6 Rue de la Peltière - 35130 LA GUERCHE DE BRETAGNE

RAINEX

Lieudit Saint-Mathieu – ZI - 78550 HOUDAN

ROLFAX

ZI Route de Montdidier - 60120 BRETEUIL

PAPETERIES SILL 

Rue du Moulin - 62570 WIZERNES

PAPETERIES DU COUTAL

ZI du Coutal - 24120 TERRASSON-LAVILLEDIEU

PHOTOWEB

1 Rue des Platanes - 38120 SAINT-EGREVE

INVADERS CORP

144 Quai de Jemmapes - 75010 PARIS

FIZZER

15 Rue Edouard Herriot - 14160 DIVES-SUR-MER

PAPIER TIGRE

5 Rue des Filles du Calvaire - 75003 PARIS

FLOCK ONE

Parc d’activité de la Vigogne – 62600 BERCK

DIGITAL VALLEY PORTUGAL

Rua Saraiva de Carvalho 1, n°1C - 1250-240 LISBOA

BRAUSE PRODUKTION (Germany)

51149 KÖLN

EXACLAIR GmbH (Germany)

51149 KÖLN

RODECO (Germany)

51149 KÖLN

PUBLIDAY MULTIDIA (Morocco)

Parc industriel de Bouskoura, n°4 - 20180 BOUSKOURA

ERNST STADELMANN (Austria)

Bahnhofstrasse 8 - 4070 EFERDING

EXACLAIR (Spain)

08110 MONTCADA I REIXAC

EXACLAIR (Belgium)

Boulevard Paepsem, 18D - 1070 ANDERLECHT

EXACLAIR Inc. (USA)

143 West 29th Street - NEW YORK

EXACLAIR Ltd (UK)

Oldmedow Road - KING’S LYNN, Norfolk PE30 4LW

QUO VADIS International Ltd (Canada)

240 Rue Amand-Majeau – Saint-Roch-de-l’Achigan - QUEBEC J0K 3H0

EXACLAIR Italia Srl (Italy)

Via Soperga 36 - 20127 MILANO

QUO VADIS Japon Co Ltd (Japan)

Sangenjaya Combox 4F 1–32–3 Kamjuma Setagaya-Ku, TOKYO

QUO VADIS Editions Inc (USA)

120 Elmview Avenue - HAMBURG, NY 14075-3770

SCHUT PAPIER (Netherlands)

Kabeljauw 2 - 6866 HEELSUM

BIELLA SCHWEIZ (Switzerland)

Erlenstrasse 44 - 2555 BRÜGG

FALKEN (Germany)

Am Bahnhof 5 - 03185 PEITZ

DELMET PROD (Romania)

Industriei 3 - 070000 BUFTEA

EUROWRAP AB (Sweden)

Hamilton Advokatbyrå, Box 715 - 101 33 STOCKHOLM

EUROWRAP A/S (Denmark)

Odinsvej 30 - 4100 RINGSTED

EUROWRAP Ltd (UK)

Unit 2 Pikelaw Place, West Pimbo Industrial Estate - SKELMERSDALE WN8 9PP

TCPF (Belgium)

3 Rue du Dossey - 4020 WANDRE

I’D (Belgium)

3 Rue du Dossey - 4020 WANDRE

 

                                      ADVOLIS                                                                   BATT AUDIT

                                 Statutory Auditor                                                              Statutory Auditor

Member of the Paris Institute of Statutory Auditors       Member of the East Region Institute of Statutory Auditors

                             38 Avenue de l’Opéra                                                    58 Boulevard d’Austrasie

                                     75002 PARIS                                                                  54000 NANCY

Statutory Auditors’ limited review report on the consolidated interim financial statements

Period from 1 January to 30 June 2024

                                                EXACOMPTA CLAIREFONTAINE

                                              A French limited company (société anonyme)

                                                     88480 ETIVAL CLAIREFONTAINE

                                       Epinal Trade and Companies Registry No. 505 780 296

STATUTORY AUDITORS’ LIMITED REVIEW REPORT ON THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Period from 1 January to 30 June 2024

       image        

                                                EXACOMPTA CLAIREFONTAINE

                                              A French limited company (société anonyme)

                                                     88480 ETIVAL CLAIREFONTAINE

To the Chairman of the Board of Directors,

In our capacity as statutory auditors of EXACOMPTA CLAIREFONTAINE and in response to your request, we have conducted a limited review of the attached consolidated interim financial statements of your company for the period from 1 January to 30 June 2024.

The consolidated interim financial statements were prepared under the responsibility of the Board of Directors. It is our responsibility, based on our limited review, to express an opinion on these consolidated interim financial statements. 

We conducted our limited review in accordance with professional standards applicable in France and the professional policies of the Compagnie Nationale des Commissaires aux Comptes (French National Institute of Statutory Auditors) relating to such engagements. A limited review mainly involves the conducting of interviews with the senior executives responsible for accounting and financial matters and the implementation of analytical procedures. The work is of limited scope compared to the work required for an audit performed in accordance with auditing standards applicable in France. Accordingly, a limited review provides only a moderate degree of assurance, less than that provided by an audit, that the consolidated interim financial statements, taken as a whole, are free from material misstatements.

On the basis of our limited review, we did not identify any material misstatements that cause us to question the compliance of the consolidated interim financial statements with IFRS standard IAS 34 - Interim financial reporting, as adopted by the European Union.

Paris and Nancy, 25 September 2024

The Statutory Auditors,

                                ADVOLIS                                                                 BATT AUDIT

            Hugues de Noray        Nicolas Aubrun                                              Isabelle Sagot

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