Robust Q4 sales match guidance

Chargeurs releases robust Q4 2017 sales in line with its previous guidance. It once again confirms the strength of its Protective Films business.

The above sales total will not be a departure from management guidance.

Essential comments will be about the impressive growth pace posted by Protective Films quarter after quarter (+9% over Q4), the ability to defend flat yearly sales in Fashion Technologies while 2016 was a high base and the adverse US$ impact at c.-1.3% over the year.

The lfl 7% annual growth of Protective Film sales is significant not only because it is Chargeurs most important business and cash flow machine but also because it has coped easily with a stream of acquisitions that could have been disrupting its operational performance.

We understand that this division management has found the daily tweaks to face tighter capacity usage in a strong demand context.

Recurring earnings are indicated at at least €43m.

This matches our recently trimmed forecast which stood above earlier guidance.

While this is extremely satisfactory, it is increasingly clear that the ambitious growth plans involving heavy opex and capex will mean that the next two year bottom line growth will be more measured. We do not change our numbers before the 2017 release (7-03-2017).

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