PRESS
RELEASE
Paris, November 14, 2012- 6:00 pm YOUR
OPERATIONAL LEASING SOLUTION
Consolidated
revenue at September 30, 2012 up 18.8%
Consolidated
revenue for Q3 2012: +6%
Fabrice and Raphaël WALEWSKI, Managing Partners of
TOUAX, commented: "The growth in revenue of the TOUAX Group is in
line with the forecast thanks to its international presence, in
particular in emerging countries, and the development of its asset
sales and trading businesses alongside leasing".
ANALYSIS OF
REVENUE
Revenue by
type
(Consolidated and non
audited data, in thousands of euros) |
Q1 2012 |
Q2 2012 |
Q3 2012 |
TOTAL |
Q1 2011 |
Q2 2011 |
Q3 2011 |
TOTAL |
Leasing
revenue (1) |
51,349 |
55,973 |
57,682 |
165,004 |
51,621 |
54,364 |
55,613 |
161,597 |
Sales of equipment |
31,783 |
48,130 |
15,474 |
95,388 |
13,708 |
30,406 |
13,565 |
57,679 |
Consolidated revenue |
83,132 |
104,103 |
73,157 |
260,392 |
65,329 |
84,769 |
69,178 |
219,276 |
(1) Leasing revenue presented here includes
ancillary services and river transport services.
Consolidated revenue for Q3 2012 amounted to €73.2
million compared with €69.2 million in Q3 2011, i.e. an increase of
5.8%.
On an cumulative basis, consolidated revenue at
September 30, 2012 amounted to €260.4 million and increased 18.8%
compared with the first three quarters of 2011 (€219.3 million). On
a constant currency basis and excluding changes in the
consolidation perimeter, the accumulated consolidated revenue at
September 30, 2012 increased by 12.6%.
The increase in revenue in the third quarter of
2012 corresponds to a rise of 3.7% in leasing businesses, and a
rise of 14.1% in sales businesses. In total, the leasing businesses
grew by 2.1% in the first three quarters of 2012 and sales
businesses grew by 65.4%.
Contribution
of the Group's four divisions
Revenue by
division
(Consolidated and non
audited data, in thousands of euros) |
Q1 2012 |
Q2 2012 |
Q3 2012 |
TOTAL |
Q1 2011 |
Q2 2011 |
Q3 2011 |
TOTAL |
Leasing revenue (1) |
20,222 |
21,518 |
23,323 |
65,063 |
19,037 |
18,873 |
19,335 |
57,245 |
Sales of equipment |
22,466 |
27,749 |
3,990 |
54,205 |
7,523 |
22,482 |
844 |
30,849 |
Shipping containers |
42,688 |
49,268 |
27,312 |
119,268 |
26,560 |
41,355 |
20,179 |
88,094 |
Leasing revenue (1) |
17,844 |
21,014 |
21,203 |
60,062 |
18,301 |
20,754 |
22,701 |
61,756 |
Sales of equipment |
9,125 |
9,810 |
9,463 |
28,397 |
4,682 |
4,528 |
6,895 |
16,104 |
Modular buildings |
26,969 |
30,825 |
30,666 |
88,459 |
22,983 |
25,282 |
29,595 |
77,860 |
Leasing revenue (1) |
4,104 |
3,585 |
3,517 |
11,206 |
5,597 |
5,669 |
4,555 |
15,821 |
Sales of equipment |
2 |
8,151 |
1,718 |
9,871 |
2 |
3,166 |
|
3,168 |
River barges |
4,106 |
11,736 |
5,235 |
21,077 |
5,599 |
8,835 |
4,555 |
18,989 |
Leasing revenue (1) |
9,158 |
9,826 |
9,614 |
28,598 |
8,671 |
9,050 |
9,004 |
26,725 |
Sales of equipment and
misc. |
210 |
2,450 |
330 |
2,990 |
1,516 |
248 |
5,844 |
7,608 |
Railcars |
9,368 |
12,275 |
9,944 |
31,588 |
10,187 |
9,297 |
14,849 |
34,333 |
|
|
|
|
|
|
|
|
|
Consolidated revenue |
83,132 |
104,103 |
73,157 |
260,392 |
65,329 |
84,769 |
69,178 |
219,276 |
(1) Leasing revenue presented here includes
ancillary services and river transport services.
Shipping
Containers: Leasing of
shipping containers was up 13.66% at September 30, 2012 and 3.7% on
a constant currency basis. The 10% increase in the managed fleet
was offset by an average drop in leasing rates of 6% since the
start of the year. Utilization rates remained high at 95%, down 1%
compared to December 31, 2011. Container sales remained dynamic at
September 30, 2012 with syndication agreements and sales of used
containers totaling $69.4m compared with sales of $43.3m at
September 30, 2011.
Modular
Buildings: Leasing of
modular buildings was down 2.7% in the first three quarters of 2012
in spite of a 4.5% rise in the average leasing fleet. The modular
buildings business suffered from the economic crisis in Europe with
a drop in average utilization rates of 3.9% to 74.1%, and in
leasing rates of 1.2%. The equipment sales business achieved
growth, with sales totaling €28.4m at September 30, 2012 compared
with €16.1m in 2011.
River
Barges: Operation of river
barges fell temporarily by 29% due to discontinuation of transport
activities in favor of leasing. The trading business has made it
possible to replace the fleet of existing equipment, and achieve
growth in revenue at €9.9m at September 30, 2012 compared with
€3.2m in 2011.
Railcars: Railcar
leasing grew by 7.1% at September 30, 2012 thanks to the increase
in the managed fleet and targeted investments in certain types of
equipment. However, the utilization rate fell by 4% in 2012 to 83%
at the end of September 2012. Leasing rates fell for certain types
of railcars, but remained stable on the whole. Sales of railcars
were lower this year, since demand for new railcars in Europe has
been very low since 2009.
OUTLOOK
Shipping
Containers: According to
the latest forecasts by Clarkson Research (October 2012), growth in
containerized traffic is estimated at 4.8% in 2012, down 2%
compared with 2011, as a result of the low level of traffic to
Europe. However, in view of the recent recovery in traffic to the
United States and the strength of world trade in Asia and Africa,
Clarkson forecasts growth in containerized traffic of 6.6% in 2013.
Leasing and sales of shipping containers should therefore remain
dynamic, and sale and leasebacks and trading in shipping containers
by the Group should increase.
Modular
Buildings: As we are mainly
based in Europe, we cannot avoid the current economic crisis, and
the profitability of our business will be temporarily affected.
However, the Group's sales-oriented approach and its innovations in
terms of new products enable us to maintain growth in revenue. The
acquisition of the Moroccan market leader in sales and leasing of
modular buildings in July 2012 indicates a new strategy focusing on
emerging countries and in particular on Africa.
River
Barges: The leasing
business showed mixed results depending on the zone, with an
improvement in the utilization rate in Europe and average business
in the United States. Business outlook remained good in South
America with new barges intended for leasing currently being
delivered. The division also maintained its target of expanding its
business to include sales and trading in barges a global basis.
Railcars: The Group
does not expect an improvement in rail traffic in Europe in the
short term, and is reducing its investments in favor of releasing
existing equipment. The US market continues to improve, which may
herald an improvement in Europe. The Group is starting to offer its
services in Asia where the outlook remains very good.
The TOUAX Group confirms its target for growth in
revenue higher than that achieved in 2011. However, weak growth in
Europe may temporarily have a negative impact on profitability.
NEXT
ANNOUNCEMENT
·
March 27, 2013: 2012 annual results
The TOUAX Group provides its operational leasing
services to a global customer base, both for its own account and on
behalf of investors. TOUAX is the European leader in shipping
containers and river barges, and no. 2 in modular buildings and
freight railcars (intermodal railcars). TOUAX is well positioned to
take advantage of the rapid growth in corporate outsourcing of
nonstrategic assets and offers efficient and flexible leasing
solutions to more than 5,000 customers daily.
TOUAX is listed in Paris on NYSE EURONEXT -
Euronext Paris Compartment C (Code ISIN FR0000033003) and on the
CAC® Small and CAC® Mid & Small indexes.
Contacts
TOUAX
Fabrice & Raphaël Walewski
Managing partners
touax@touax.com
Tel: +33 (0)1 46 96 18 00
ACTIFIN
Ghislaine Gasparetto
ggasparetto@actifin.fr
Tel: +33 (0)1 55 88 11 11
Q3 2012 TOUAX
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
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(i) the releases contained herein are protected by copyright and
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(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: TOUAX via Thomson Reuters ONE
HUG#1658059
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