Du är här

2016-02-22

TOUAX : Consolidated revenue at €348.2 million; Improvement of the Modular Buildings division

PRESS RELEASE - Paris, 22 February 2016 - 7.30 p.m.

TOUAX

YOUR OPERATIONAL LEASING SOLUTION

2015 ANNUAL REVENUE

-------------------------------------------------------------------------------
| * Consolidated revenue at €348.2 million |
| * Improvement of the Modular Buildings division (+26.3 %) |
| * Preparation costs and exceptional impairment of the modules impacting the |
| 2015 profitability of the activity |
| * Forecast of a positive operating income in 2016 |
-------------------------------------------------------------------------------
REVENUE ANALYSIS

--------------------------------------------------------------------------------------------------------------------------
| Revenue by type Q1 2015 Q2 2015 Q3 2015 Q4 2015 TOTAL Q1 2014 Q2 2014 Q3 2014 Q4 2014 TOTAL |
| |
| |
|(unaudited data, |
|€ thousands) |
| Leasing revenue (1) 55,420 55,916 56,771 56,867 224,975 48,772 52,034 52,587 52,797 206,189 |
| Sales of equipment 12,808 43,371 20,537 46,549 123,265 23,984 42,565 46,089 59,864 172,502 |
| Including sales to clients 90,118 66,545 |
| Including sales to investors 33,147 105,957 |
| Consolidated revenue 68,228 99,287 77,308 103,417 348,240 72,756 94,599 98,676 112,660 378,691 |
--------------------------------------------------------------------------------------------------------------------------
(1) Leasing revenue includes ancillary services.

The consolidated revenue for the financial year 2015 amounts to €348.2
million, a decrease of 8% due to a decline of syndications by investors in
the Shipping Containers business. At constant currency, the revenue is down
by 16% because of the fall in the euro against the dollar.

Excluding sales to investors who are more volatile from one year to the next,
the consolidated revenue increases by 16% in 2015.

The Modular Buildings business increases significantly (+26.3%).

Leasing revenue has grown by 9% to €225 million (stable at constant currency).
The decrease in the revenue of leasing activity of Shipping Containers is
fully compensated by the recovery of the leasing Modular Buildings in Europe.

The revenue of sales to clients increases significantly by 35% due to the
growth of sales of modular buildings and of used Shipping Containers despite
the lack of sales of river barges. The sales of new and used modular
buildings have significantly increased in Europe and mark the recovery of the
Modular Buildings business as a whole.

The revenue of sales to investors decreased to €33 million. This decrease is
explained by a reduced volume of syndications of Shipping Containers to
investors in 2015, who have preferred to delay their investments in view of
the decline of steel.

Analysis of the contribution of the 4 Group's divisions

---------------------------------------------------------------------------------------------------------------------------
| Revenue by type Q1 2015 Q2 2015 Q3 2015 Q4 2015 TOTAL Q1 2014 Q2 2014 Q3 2014 Q4 2014 TOTAL |
| |
| |
|(unaudited data, |
|€ thousands) |
| Leasing revenue (1) 26,567 26,601 25,702 25,541 104,411 20,949 21,903 22,622 24,905 90,379 |
| Sales of equipment 5,614 30,826 9,073 20,671 66,184 16,520 23,494 38,131 47,343 125,488 |
| Including sales to clients 35,072 19,532 |
| Including sales to investors 31,113 105,957 |
| Shipping containers 32,181 57,427 34,775 46,212 170,595 37,469 45,397 60,754 72,248 215,867 |
| Leasing revenue (1) 17,544 17,583 18,606 18,776 72,509 15,707 17,173 17,451 16,013 66,344 |
| Sales of equipment 6,903 12,246 9,933 17,310 46,392 7,220 4,892 7,064 8,597 27,773 |
| Including sales to clients 46,392 27,773 |
| Modular buildings 24,447 29,829 28,539 36,086 118,901 22,927 22,065 24,514 24,610 94,117 |
| Leasing revenue (1) 3,846 3,661 4,272 4,261 16,041 3,879 3,944 3,922 3,619 15,364 |
| Sales of equipment 19 19 19 341 399 6 3 741 15 2,667 6,429 |
| Including sales to clients 399 6,429 |
| River barges 3,865 3,680 4,291 4,602 16,440 3,885 7,685 3,937 6,286 21,794 |
| Leasing revenue (1) 7,566 8,220 8,251 8,872 32,909 8,261 9,037 8,618 8,334 34,250 |
| Sales of equipment 272 279 1 511 8,227 10,289 238 10,437 879 1,256 12,810 |
| Including sales to clients 8,255 12,810 |
| Including sales to investors 2,034 |
| Freight railcars 7,838 8,499 9,762 17,099 43,198 8,499 19,474 9,497 9,590 47,060 |
| Miscellaneous and unallocated (103) (149) (60) (583) (895) (24) (23) (26) (75) (148) |
| |
| Consolidated revenue 68,228 99,287 77,308 103,417 348,240 72,756 94,599 98,676 112,659 378,691 |
---------------------------------------------------------------------------------------------------------------------------
(1) Leasing revenue includes ancillary services.

Shipping Containers
: The revenue for 2015 for this division is down by 21% at €171 million mainly
resulting from a decrease of the syndications compensated partially by
leasing activity and used containers sales. At constant dollar, the revenue
fell by 34%. The year 2015 was marked by a decline in the growth of global
trade and the price of raw materials. The drop in the steel price and
consequently in the purchase price of new containers has brought about an
erosion of both leasing rates and sale price of used containers. Touax has
prioritised the protection of its leasing rates and adapted its fleet to the
demand with a major increase in second-hand sales. The leasing revenue stands
out at €104 million, a 16% rise, thanks to the appreciation of the dollar but
it is down by 4% at constant dollar. The average utilization rate is close to
88%.

Modular buildings
: The revenue of the division increases by 26% to €119 million (+24% at
constant currency), confirming the trend observed since the beginning of
2015. This recovery of activity is driven by strong dynamism in construction
in Germany, Poland and Czech Republic, particularly with the temporary and
permanent needs for accommodation for refugees. Demand in Germany is far
higher than the whole of Eastern Europe's modular industry. There is
furthermore a turnaround of the business in countries where Touax has a more
limited presence and in which the Group has succeeded in conquering market
shares. This results in a rise in the leasing revenue of 9% to €72.5 million
due to both utilization rates and leasing prices increases. In parallel,
sales of new and used equipment continue to grow strongly to achieve €46
million (+67%).

River barges
: The lack of sales of second-hand barges during 2015 explains the fall in
revenue of the division by 25% to €16.4 million. However, leasing activity is
up by 4.4%, driven principally by Europe, and reached €16 million in 2015.
Due to the downturn of the economic activity in South America, leasing
activity has not continued. The average utilization rate is nearly 95%.

Freight railcars
: The 2015 revenue of the division reached €43 million (-8%). The drop in
leasing revenue resulting from sales of railcars in the United States last
year is partially compensated by a continuous improvement in leasing activity
in Europe, the commissioning of new railcars built for the European and Asian
market, as well as the sale of used railcars in Europe.

2015 RESULTS

The 2015 financial year was adversely affected by exceptional items. In
certain countries, particularly France and the United States, the
rationalization of modular building fleets has generated exceptional assets
impairment. The sharp increase of the utilization rates of modular buildings
in other countries has prompted a significant volume of modules preparation
costs with a view to their leasing, the rental income of these new contracts
being spread out until the end of the contracts, whereas the accounting of
these costs is immediate.

Consequently, the Modular Buildings business remained under break-even point
in 2015. The leasing and sale business of transport equipment (containers,
railcars and barges) shows a positive current operational income at 31
December 2015. The consistent profitability of the Group excluding
exceptional items is improving.

OUTLOOK

Shipping Containers
: We observe a halt to the drop of the steel price, which stabilised at a low
point, creating opportunities due to the weak purchase price of the new
containers. TOUAX envisages greater investments in new containers in 2016 in
association with its investors partners. The recent concentration of the
industry should benefit the Group with the willingness of our clients to seek
out alternative offers. The growth of containerised traffics is expected to
be positive in 2016, China's decrease being compensated by increases in South
East Asia, Europe and North America.

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.