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2015-08-31

TOUAX : · Recovery in the Modular Buildings business; Half-yearly results impacted principally by the costs of preparing modules; · Return to a positive oper

PRESS RELEASE - Paris, 31 August 2015 - 6 p.m.

TOUAX
YOUR OPERATIONAL LEASING SOLUTION
REVENUE AND RESULTS FOR S1 2015

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| * Stable consolidated revenue at €167.5 million |
| * Recovery in the Modular Buildings business (+20.6 %) |
| * Half-yearly results (€-11,6m) impacted principally by the costs of |
| preparing modules and extraordinary items |
| * Positive free cash flow of €11.4 million |
| * Return to a positive operating income in 2016 |
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The Group's business for the 1sthalf of 2015 reflects the beginning of a
European economic recovery with an increase in utilisation rates for European
business activities (mainly Modular Buildings and Freight Railcars) and a
slowdown, to a lesser extent, in emerging countries, mainly in South America
(River Barges). Sales of modular building in Europe have also shown a strong
recovery. The European recovery is accompanied by costs related to preparing
modules for re-leasing as well as exceptional costs that will impact the
overall 2015 profitability. Concerning the Shipping Container business,
slowed Chinese growth, resulting in lower steel prices, created investment
opportunities in a context of globalised trade, which is still buoyant.

The consolidated accounts on 30 June 2015 were approved by the Management
Board on 28 August 2015. A limited inspection of the financial statements was
carried out by the statutory auditors.

REVENUE ANALYSIS

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| Revenue by type Q1 2015 Q2 2015 TOTAL Q1 2014 Q2 2014 TOTAL |
| |
| S1 2015 S1 2014 |
|( € thousands) |
| Leasing revenue (1) 55,420 55,938 111,358 48,772 52,034 100,806 |
| Sales of equipment 12,808 43,371 56,179 23,984 42,565 66,549 |
| Consolidated revenue 68,228 99,309 167,537 72,756 94,599 167,354 |
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(1) Leasing revenue includes ancillary services.

The consolidated revenue for the 1st half of 2015 was stable at €167.5
million, corresponding to an increase in leasing revenue and lower sales. On
a constant currency basis, revenue fell 10.8%, mainly due to the depreciation
of the euro.

Leasing revenue was up 10.5% to €111.4 million due to favourable changes in
the exchange rate for the dollar impacting the Shipping Container business.
On a constant currency basis, leasing revenue is stable with a recovery in
the Modular Buildings business in Europe offset by the decline in the US
freight railcar leasing business following the sale of its assets in 2014.

Equipment sales dropped 15.6% to €56.2 million with a decrease in shipping
container syndications and an absence of river barge and freight railcar
sales offset by strong growth in modular building sales. On a constant
currency basis, sales fell 26.9%.

Consolidated revenue were up 5% in Q2 2015 compared with Q2 2014.

Analysis of the contribution of the 4 Group's divisions

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| Revenue by division Q1 2015 Q2 2015 TOTAL Q1 2014 Q2 2014 TOTAL |
| |
| S1 2015 S1 2014 |
|(€ thousands) |
| Leasing revenue (1) 26,567 26,601 53,168 20,949 21,903 42,851 |
| Sales of equipment 5,614 30,826 36,440 16,520 23,494 40,014 |
| Shipping containers 32,181 57,427 89,608 37,469 45,397 82,865 |
| Leasing revenue (1) 17,544 17,583 35,127 15,707 17,173 32,880 |
| Sales of equipment 6,903 12,246 19,149 7,220 4,892 12,112 |
| Modular buildings 24,447 29,829 54,276 22,927 22,065 44,992 |
| Leasing revenue (1) 3,846 3,661 7,507 3,879 3,944 7,823 |
| Sales of equipment 19 19 38 6 3,741 3,747 |
| River barges 3,865 3,680 7,545 3,885 7,685 11,570 |
| Leasing revenue (1) 7,566 8,220 15,786 8,261 9,037 17,298 |
| Sales of equipment and misc. 272 301 573 238 10,437 10,675 |
| Freight railcars 7,838 8,521 16,359 8,499 19,475 27,973 |
| Miscellaneous and unallocated -103 -148 -251 -24 -23 -46 |
| |
| Consolidated revenue 68,228 99,309 167,537 72,756 94,599 167,354 |
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(1) Leasing revenue includes ancillary services.

Shipping Containers
: Sales for the division rose 8.1% to €89.6 million thanks to the significant
appreciation of the dollar. On a constant dollar basis, sales fell 12%.
Leasing revenue amounted to €53.2 million, up 24.1% (+1% on a constant dollar
basis). Furthermore, since the beginning of the year, we have noted a drop in
steel prices for new containers, resulting in pressure on rental rates and a
decline in the selling prices of used containers. The average utilisation
rate is 88.2%. Sales revenue, amounting to €36.4 million, was down 8.9% (-26%
on a constant dollar basis) due to fewer sales and leaseback operations than
in the 1sthalf of 2014.

Modular Buildings
:
The division's revenue rose 20.6% to €54.3 million compared to the 1st half of
2014 (+18% on a constant currency basis), thanks to a marked recovery in
business, particularly in Germany and Poland, where housing needs for
refugees are boosting business, and despite challenging business in France.
This resulted in an increase in leasing revenue by 6.8% to €35.1 million,
thanks to higher utilisation rates and leasing prices. Equipment sales rose
to €19.1 million (+58.1%).

River Barges
: The base effect related to the sale of river barges in the 1sthalf of 2014
(€3.7 million) impacted the division's business in 2015. Consequently, the
division's revenue stood at €7.5 million, down 34.8%, with leasing activity
decreasing by 4%. In Europe, the average utilisation rate is close to 94%.
Business in South America is more challenging due to the region's decline in
economic activity.

Freight railcars
: The base effect related to the sale, in 2014, of freight railcars in the
United States (€10.4 million) impacted revenue in the 1st half of 2015, which
stood at €16.4 million (-41.5%). Leasing revenue fell to €15.8 million, given
the drop in rental income due to the sale of railcars in 2014. The leasing
business in Europe increased with a rise in the utilisation rate.
ANALYSIS OF HALF-YEAR RESULTS

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| Main figures 30/06/2015 30/06/2014 2014 |
| |
| |
|(in € million - IFRS) |
| Revenue 167.5 167.4 378.7 |
| including Shipping containers 89.6 82.9 215.9 |
| Modular buildings 54.3 45 94.1 |
| River barges 7.5 11.6 21.8 |
| Freight railcars 16.4 28 47.0 |
| Miscellaneous and unallocated -0.3 -0.05 -0.1 |
| Gross operating margin - EBITDAR (1) 46.9 48.1 94.9 |
| EBITDA (2) 15.2 21.9 40.0 |
| Operating income -5.7 4.4 4.1 |
| Profit before tax -13.2 -4.5 -13.6 |
| Consolidated net profit (loss) (Group's share) -11.6 -4.6 -12.9 |
| Net earnings per share (€) -1.96 -0.79 -2.20 |
| Total non-current assets 547.8 550.1 542.0 |
| Total assets 702.8 766.9 724.6 |
| Total shareholders' equity 174.1 192.5 184.6 |
| Net bank borrowing (3) 364.8 361.2 358.0 |
| Operating cash flow 11.4 30.5 57.1 |
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(1) The EBITDAR (earnings before interest taxes depreciation and amortization
and rent) calculated by the Group corresponds to the current operating
income, increased by depreciation charges and provisions for capital assets
and distributions to investors

(2) EBITDA: EBITDAR after deducting distributions to investors
(3) Including €175.4 million in debt without recourse at 30 June 2015

EBITDA reached €15.2 million. It includes preparation costs related to the
re-leasing of modular buildings and is impacted by an increase in
distributions to investors resulting from the favorable dollar exchange rate.

The operating income amounted to €-5.7 million against €4.4 million at end of
June 2014. It was impacted by exceptional charges (€2.3 million) relating to
the withdraw of a bond financing operation and an impairment of € 0.8
million.

Net income Group share stood at €-11.6 million.

At constant exchange rate, assets managed by the Group were stable compared
with end June 2014. The Group managed assets worth nearly €1.8 billion, which
it leases to over 5,000 customers. Owned assets represented 41% of total
assets managed

FINANCIAL STRATEGY

The Group's free cash flow was positive at €11.4 million.

The Group's net bank indebtness reached €364.8 million compared to €358
million at the end of December 2014. On a constant currency basis, the debt
is stable; the rise exclusively reflects the revaluation of debt in dollars.
The average rate of gross financial debt on 30 June 2015 remained competitive
and stood at 3.2% compared with 3.52% at the end of December 2014.

Banking ratios applicable at 30 June 2015 were met.

In June and July 2015, the Group successively refinanced a €55 million
s...

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