Financial statement - 30 june 2013

PR Newswire/Les Echos/ Dear Shareholders, At its 26 March 2013 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board of Directors, chaired by Mr François Nusse, reviewed and approved the financial statements for the year ended 31 December 2012. > Consolidated results (EUR000) 2012 2011 Revenues 525,742 545,447 Operating profit 482 5,152 Profit/(loss) before tax (267) 4,114 Profit/(loss) after tax (593) 3,341 of which minority interests (1) (5) Group share (594) 3,346 > Sector information (EUR000) Paper Processing Inter-sector Total transactions Revenues 246,261 392,772 (113,291) 525,742 Operating profit/(loss) (excl. goodwill) 3,172 (2,635) (55) 482 Goodwill impairment 421 421 (EUR000) France Europe Outside Europe Total Revenues 342,041 154,865 28,836 525,742 Exacompta Clairefontaine's business covers two sectors: paper and processing. Paper Over the past four years, the slowdown in the economy has had an impact on companies' use of paper. Consumption of printing and office paper has fallen dramatically due to the increased use of documents in electronic form. In France, consumption has dropped by an average of 6% per year since 2008. The price index for uncoated paper for graphic use has remained relatively stable, whereas paper pulp prices fell until mid-20 12, when they began to rise again. The decline in our own sales and our decision not to increase our stocks have engendered machine stoppages. In total, our production has fallen by 9% to 201,484 tonnes. Processing For the same reasons, sales of office stationery have been declining over the past few years. The sector is also affected by a destabilisation of sales prices caused by importation from countries outside the European Union. More recently, new generation mobiles and tablets have started to compete with personal stationery products. Market indices (source: the I + C Institute) show that the paper market remained relatively stable at the beginning of the year but then declined, resulting in an annual decrease of over 3% in manufacturer sales. The resulting excess capacity has impacted our processing business and has driven our margins down. Nevertheless, we have managed to maintain our global sales volumes thanks to the reputation of our product ranges, our quality and our logistics tools. > Group financial results As at 31 December 2012, with revenues of EUR525,742,000, Group borrowings amounted to EUR62,304,000 and shareholders' equity totalled EUR364,754,000. To support its growth, the Group negotiated lines of credit with its banking partners. The outstanding amount on these lines was EUR20 million as at 31 December 2012. The Group also issued commercial paper, which amounted to EUR35 million at year-end out of a global programme of EUR125,000,000. The Group has EUR57,008,000 in cash funds. Its cash flow before change in working capital enabled it to fund its capital expenditure programme without resorting to borrowing. Group net borrowings amounted to EUR5,296,000 at 31 December 2012. The accounts have been audited and the certification reports are under preparation. *************** > The Board announces an Ordinary General Meeting to be held on 29 May 2013, at which it will recommend a dividend of EUR0.50 per share. > The next communication will be issued after the Board meeting called to approve the half-year financial statements, which will be held on 30 August 2013. *************** At the beginning of 2013, the economic climate remains uncertain, while raw material and energy prices continue to edge up. Our efforts are focused on renewing our products to retain our market leading position. THE BOARD OF DIRECTORS Head of Financial Reporting Mr Jean-Olivier Roussat jean-olivier.roussat@clairefontaine.com 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 no.: 505 780 296 000 16 - NAF: 7010Z - RCS EPINAL: B 505 780 296 WEB SITE WWW.EXACOMPTACLAIREFONTAINE.FR - E-MAIL ACTIONNAIRE@CLAIREFONTAINE.COM The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.