{"id":3350,"date":"2023-09-11T11:30:03","date_gmt":"2023-09-11T10:30:03","guid":{"rendered":"https:\/\/chargeurs.com\/boursier-com-interview-de-michael-fribourg\/"},"modified":"2025-05-15T14:36:32","modified_gmt":"2025-05-15T12:36:32","slug":"boursier-com-interview-de-michael-fribourg","status":"publish","type":"post","link":"https:\/\/chargeurs.com\/en\/boursier-com-interview-de-michael-fribourg\/","title":{"rendered":"Boursier.com - Interview with Micha\u00ebl Fribourg"},"content":{"rendered":"

Source: Boursier.com<\/a><\/p>\n

Boursier.com: Why did sales in the Technology division fall sharply in the first half of the year?<\/b><\/p>\n

M.F.: As the many analysts who follow Chargeurs unanimously emphasised in their ratings, and as we anticipated at the end of July, 2023 is a year of transition for Chargeurs. Some business lines are doing well, while others are being penalised by the economic climate, while remaining profitable. That's what economic cycles are all about, and in the face of these cycles, which are not a long, quiet river, Chargeurs has a portfolio of leading and protective businesses, all of which remain profitable even when the weather is unfavourable. This was already the case during the Covid peaks. Among our businesses, our new performance drivers (PCC Fashion Technologies) and our Luxury Goods division (Museum Studio, Luxury Fibers and Personal Goods), which together account for 60 % of our sales, are doing well, and on the whole their business is holding up or growing, their margins are being maintained despite inflation and their performance is good. One of our businesses, Chargeurs Advance Materials, which has historically been a growth driver and will gradually become one again, and which is also a major contributor to profitability in normal times, is suffering: this comes as no surprise, even though its second quarter of 2023 was already better than the first.<\/p>\n

<\/div>\n

Boursier.com: Precisely, your Advance Materials business has suffered, and is now gradually recovering. Can you tell us more about it?<\/b><\/p>\n

M.F. : This is temporary and transitory. Overall, compared with 2022, the first half was down 23 %, well below its ordinary volumes. 2022 was a record basis of comparison for this business. But above all, this business suffered the shock of the energy crisis in Q3 2022, which put many of our customers in a cautious, wait-and-see position. We said as much back in Q4 2022. We believe, as do our major customers, that we are out of this energy crisis. Another shock followed in quick succession: the accelerated rise in interest rates, which froze the construction market. Residential construction accounts for only 25 % of the trade's outlets, but there was a major impact. The trade's other outlets, i.e. renovation, industrial equipment, infrastructure and top-of-the-range equipment, also took a wait-and-see attitude at first, but are gradually picking up again. All the more so as they are being encouraged by governments or made essential by demographics. Our priority for the rebound is to focus on these 75 % outlets, where structural demand is growing fastest. We need to be patient and take advantage of this to speed up green innovation and product launches. That's what we're doing. Every crisis creates winners and losers. It's easier to come out on top when you remain profitable and are the world leader. This will be the case. Even with a fall in volumes of 25 %, this business has, I would remind you, remained profitable. Not many industries could have withstood such shocks. If one day the giants of the tech or luxury industries were to suffer a sudden and temporary drop of 25 % in their business, I'd be curious to know whether they'd stay in the black. Over the last 7 years, Chargeurs Advance Materials has generated a cumulative operating profit of \u20ac210m, while remaining profitable in all circumstances. So, the current economic situation is obviously penalising us, but the gradual recovery in volumes will be another opportunity to demonstrate the strong normative profitability and high return on capital employed of this world-leading and innovative business, which brings together some very strong industrial talents. As things stand, we assume that the Advance Materials division has grounds to return in 2024 to its 2022 sales level, which started very strongly before being exceptionally penalised at the end of 2022. Our customers have historically and abnormally low inventory levels. They will need to replenish them. This is a highly diversified business in terms of offerings, customers and geography, so there are always areas and business segments that are doing better and recovering faster. So we're expecting a J-shaped recovery. We are cautious but flexible, confident and demanding.<\/p>\n

Boursier.com: How did the luxury goods business perform over the period?<\/b><\/p>\n

M.F.: Our Luxury Goods division, which comprises three businesses, is doing well. Its sales rose by 16 % in gross terms, and by 4 % in organic terms. Excluding the sanitaryware business, PCC Fashion Technologies saw its sales remain broadly stable despite the confinements in Asia at the start of 2023. Its operating margin has risen despite inflation, and its new green and innovative products are in great demand worldwide. This is an asset. Our fibres business is more selective in its marketing, and focuses on profitable service and technical product offerings around the Nativa ranges. As for Museum Studio, it's a superb success. The business achieved sales of over \u20ac60m in the first half of this year, with organic growth of almost...50 1Q3. This demonstrates the capacity for growth that we have given to this business, whose profitability is also improving. This is only the beginning. It shows that it takes time to build a world leader. This year, 2023, Museum Studio should achieve sales of at least 120 million, and next year 150 million. We have won and are in the process of completing some of the world's finest projects, including the Space Museum in Washington, the White House Museum, which will have a global profile, the Abrahamic Accords Museum in Abu Dhabi, and the Burell Museum in Glasgow, which was voted European Museum of the Year. We are only at the beginning of this adventure. We should be proud to have a French group, family-owned, thinking long-term, which has taken the position of world leader in these fast-growing markets where a lot of capital is flowing in.<\/p>\n

Boursier.com: How do you see the economy developing?<\/b><\/p>\n

M.F. : The energy price shock has subsided. As for inflation, it is slowing down. The United States, which directly and indirectly accounts for 40 % of our outlets, is seeing inflation slow down. It was logical that after the very accommodating monetary policies of the Covid period, there should be a tightening. We are cautious but confident. In our opinion, the United States, which is and will remain for a long time to come the locomotive of the global economy, and the locomotive of Chargeurs, will be the first to recover, and that's all to the good. Europe, on the other hand, whose economic policies are hurting businesses and households alike, will continue to wait and see. That's why, in addition to the United States, we're betting on the major new emerging countries, notably India, Mexico, Brazil, Indonesia and Vietnam. These are countries where we have significant market share, and where business is growing fast. So we're going to step on the accelerator there. As for China, we are cautious. It is an economy that accounts for only 7 % of our sales, and we are moving our industrial centres out of China, even though we remain commercially very strong and ambitious there. We believe that tomorrow China will cease to be the world's factory. Chargeurs is present in 100 countries, and this geographical diversity means we can capture growth wherever it occurs.<\/p>\n

Boursier.com: You have a reasonable level of debt at Chargeurs and little or no debt at Columbus, the Group's reference shareholder. Is this an advantage in the current climate?<\/b><\/p>\n

M.F.: That's absolutely true for both Chargeurs and Columbus. It's a choice, a protection and a freedom at every level. At Chargeurs, we have self-financed all our growth. Between 2015 and this first half of 2023, Chargeurs has generated a cumulative \u20ac320 million in cash flow, which has enabled us to invest in our existing businesses, in new businesses to build global leaders and diversify our sectors of exposure - the benefits of which were clear to see during Covid as well as in the current economic climate - while maintaining a recurring policy of distributing dividends to shareholders. Chargeurs' banking partners have once again reaffirmed their confidence in the Group's prospects and potential by extending existing financing and providing new resources, all of this, it should be remembered, without any debt\/Ebidta leverage covenant. This is unusual for an industrial company. As for Colombus, as for my Family Group, we have always been cautious about taking on debt, even when interest rates were low, because we want to be free and avoid speculation, we are not dependent on the dividend or the share price or its evolution - we have no margin calls, for example -, And we never hesitate to increase our stake in Chargeurs when economic conditions and stock market regulations allow us to do so - there are, I would remind you, so-called 'negative window' periods which, legitimately, prevent us from buying shares in certain circumstances. I would go even further: both Colombus and our Family Group have the means, the resources and the partners to support the Chargeurs Group's development over the very long term. Once again, this is a choice, a privilege for Chargeurs and an advantage for all the Group's shareholders, both private and institutional.<\/p>\n

Boursier.com: What is your assessment of the share price, which has been penalised even though all analysts are buying?<\/b><\/p>\n

M.F. : As far as prices are concerned, we've been penalised since the start of the conflict in Ukraine. It's obvious and frustrating. More recently, we undoubtedly overreacted to the announcement of our half-year results, which were nonetheless expected and even better than some analyst forecasts. All this took place against a confused macroeconomic backdrop, forgetting that Chargeurs now has several profitability drivers and that our Advance Materials business is set to bounce back. Chargeurs is a truly global group, which generates 95 % of its sales outside France. As an entrepreneur and as a reference shareholder in Chargeurs, I prefer that 95 % of the Group's revenues are not dependent on France and that 60 % of the Group's revenues are not dependent on Europe. Some free-float shareholders, both institutional and individual, who have left the Group over the last 18 months may come back if the price becomes clearly attractive again. This has already happened on several occasions. That's life and opportunity in the markets. As you can see, all the analysts are stressing the Group's favourable prospects and its potential for value creation, whatever the valuation methods used. Their valuations and target prices are well above the current share price. They know us well, they have followed the company for several years, and they are familiar with our rigour and the demands of our management model. When the share price is abnormally low in relation to the Group's fundamentals, as it is at present, this obviously creates opportunities for the markets to buy the stock. Assuming a gradual recovery at Advance Materials, we are aiming for sales of \u20ac800 million in 2024, and an EBIDTA margin of between 9 and 10 %. The current share price does not reflect the Group's fundamental value or its potential for value creation.<\/p>\n

Boursier.com: Can your strategic acquisition project for your Luxury Goods division be a catalyst, and can Columbus, the long-term asset structure you control, play a particular role?<\/b><\/p>\n

M.F.: Yes, in terms of acquisitions, we have made progress because we have identified targets that make sense, while being very selective in terms of the quality of the asset, its complementary nature, its growth potential and its values of sustainable excellence. Not to mention its sense of place, because Chargeurs is a global group that is committed to its local communities and to protecting and developing exceptional know-how. We have done well to be patient, because the values of certain assets are becoming reasonable again, and we are aiming for the 'right price' to maximise future value and synergies. The context clearly offers opportunities. And yes, I can confirm that Columbus, which is committed to Chargeurs as a very long-term reference shareholder, can play a special role for the benefit of all shareholders, without Chargeurs needing additional financing to guarantee the implementation of such a project. We favour the best assets and the most value-creating schemes over the long term for all shareholders, which are obviously accretive in relation to the current share price, without calling on the market or adding to Chargeurs' debt. Let me stress: there is no need for Chargeurs to take on additional debt or go to the market. If we succeed, it will change the face of the Group. Some analysts and investors have realised that this could be an opportunity to re-rate Chargeurs, but they also realise that we can only complete and finalise an acquisition if it makes sense and ticks absolutely all the boxes that serve the Group's interests. It's a demanding and meticulous process. As we said at the beginning of the year, this is one of our objectives for the coming months. Chargeurs is a family-owned, entrepreneurial group, committed to its market presence and the diversity of its shareholder base. In addition to new institutional investors, our free float includes a growing number of individual shareholders, and we would like to thank them all for their loyalty and their confidence in the future. Investing in Chargeurs is also investing in a company that is trying to give meaning to what it does and to its leadership. Tech companies aren't the only ones building the world of tomorrow. Companies in the conventional economy can reinvent themselves and also build the future, as Chargeurs is doing. But it takes time. Easy changes are all too often fragile changes. We are advancing through the cycles, step by step, with the commitment of our thousands of employees, whom we honour and recognise, the trust of our growing number of customers around the world and the support of all our partners, with vision, method, prudence and determination.<\/p>\n

Boursier.com: When you talk about luxury, can you tell us more?<\/b><\/p>\n

M.F. : The luxury that interests us has nothing to do with fashion or with marketing-intensive activities that require expensive creative teams and a costly real estate presence. We focus more on business profiles that produce products or services designed to last, to leave a lasting impression on customers' lives. Our Nativa sustainable fibres brand, which is a component of a growing number of other brands of excellence, already falls into this category, as does our Museum Studio business, which creates memorable museum experiences around the world: a child who visits the Space and NASA Museum in Washington, refurbished by our US subsidiary, with his or her family will create memories to last a lifetime and will return with their own children. Some experts sum up these categories of business by talking about \"quiet luxury\". In short, understated excellence that is world-renowned, recognised and desirable, profitable and accretive, anything but ostentatious, and capable of disseminating know-how on a large scale. Swaine, in our business portfolio - which has been around since 1750! - clearly falls into this category, as an article in the Financial Times recently pointed out. The idea is to produce and distribute products that are made to last, that are passed on, the opposite of ephemeral consumption. Our ambition is a business on a higher scale, a first division leader, at the right price, prudent, significantly enriching the Group's equity story.<\/p>","protected":false},"excerpt":{"rendered":"

Source : Boursier.com Boursier.com\u00a0: Pourquoi le chiffre d’affaires du p\u00f4le technologies est-il en fort repli sur ce premier semestre\u00a0? M.F.\u00a0: Comme les nombreux analystes qui suivent Chargeurs l’avaient unanimement soulign\u00e9 dans leurs notes, et encore anticip\u00e9 fin juillet, l’ann\u00e9e 2023 est une ann\u00e9e de transition pour Chargeurs. Certains m\u00e9tiers se portent bien, d’autres sont p\u00e9nalis\u00e9s […]<\/p>\n","protected":false},"author":1,"featured_media":3349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,11],"tags":[248],"class_list":["post-3350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-actualites","tag-248"],"acf":[],"yoast_head":"\nBoursier.com - Interview de Micha\u00ebl Fribourg - Compagnie Chargeurs Invest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chargeurs.com\/en\/boursier-com-interview-de-michael-fribourg\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boursier.com - Interview de Micha\u00ebl Fribourg - Compagnie Chargeurs Invest\" \/>\n<meta property=\"og:description\" content=\"Source : Boursier.com Boursier.com\u00a0: Pourquoi le chiffre d’affaires du p\u00f4le technologies est-il en fort repli sur ce premier semestre\u00a0? M.F.\u00a0: Comme les nombreux analystes qui suivent Chargeurs l’avaient unanimement soulign\u00e9 dans leurs notes, et encore anticip\u00e9 fin juillet, l’ann\u00e9e 2023 est une ann\u00e9e de transition pour Chargeurs. 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M.F.\u00a0: Comme les nombreux analystes qui suivent Chargeurs l’avaient unanimement soulign\u00e9 dans leurs notes, et encore anticip\u00e9 fin juillet, l’ann\u00e9e 2023 est une ann\u00e9e de transition pour Chargeurs. 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