PRESS RELEASE
Paris, 26 February 2013 - 6
p.m.
TOUAX YOUR OPERATIONAL LEASING SOLUTION
2012 revenue: up 7% at €358
million
The consolidated revenue for 2012 was 358 million
Euros compared to 336 million Euros for 2011, an increase of 7%
(+1% at constant exchange rates and for a comparable scope of
consolidation).
Revenue by
type
(Unaudited consolidated data, in thousands of
euros) |
Q1 2012 |
Q2 2012 |
Q3 2012 |
Q4 2012 |
TOTAL |
Q1 2011 |
Q2 2011 |
Q3 2011 |
Q4 2011 |
TOTAL |
Leasing
revenue (1) |
51,349 |
55,973 |
57,682 |
54,030 |
219,034 |
51,621 |
54,364 |
55,613 |
59,821 |
221,419 |
Sales of equipment |
31,783 |
48,130 |
15,474 |
43,565 |
138,952 |
13,708 |
30,406 |
13,565 |
56,716 |
114,395 |
Consolidated revenue |
83,132 |
104,103 |
73,157 |
97,594 |
357,986 |
65,329 |
84,770 |
69,178 |
116,537 |
335,814 |
-
Leasing revenue presented here includes
ancillary services.
Leasing revenue decreased by 1% to €219 million in
2012 compared with €221 million in 2011, but sales revenue
increased by 21% to €139 million in 2012 compared with €114
million.
The leasing revenue was affected by the
discontinuation of river transportation and by a temporary drop in
the utilisation rate of the modular buildings and railcars
activities, caused by the weak European economy which was
particularly pronounced in the second semester of 2012. However,
this drop is limited to 1% due to the increase of the international
leasing activities in the shipping containers.
The increase in sales revenue by 21% corresponds
to a rise of syndications of shipping containers to investors and
sales of modular buildings and river barges. Sales of shipping
containers increased due to the dynamism of their market in a
context of growth in global flows. Sales of modular building and
river barges corresponds to new market shares won in Europe and to
the Group's new presence in Africa.
Analysis of the contribution
of the four Group divisions
Revenue by
division
Unaudited consolidated data (in thousands of
euros) |
Q1 2012 |
Q2 2012 |
Q3 2012 |
Q4 2012 |
TOTAL |
Q1 2011 |
Q2 2011 |
Q3 2011 |
Q4 2011 |
TOTAL |
Leasing revenue (1) |
20,222 |
21,518 |
23,323 |
22,281 |
87,344 |
19,037 |
18,873 |
19,335 |
19,692 |
76,937 |
Sales of equipment |
22,466 |
27,749 |
3,990 |
32,153 |
86,358 |
7,523 |
22,482 |
844 |
18,613 |
49,462 |
Shipping containers |
42,688 |
49,268 |
27,312 |
54,434 |
173,702 |
26,560 |
41,355 |
20,179 |
38,305 |
126,399 |
Leasing revenue (1) |
17,844 |
21,015 |
21,203 |
18,823 |
78,885 |
18,301 |
20,754 |
22,701 |
20,334 |
82,090 |
Sales of equipment |
9,125 |
9,810 |
9,463 |
9,329 |
37,727 |
4,682 |
4,526 |
6,895 |
13,644 |
29,746 |
Modular buildings |
26,969 |
30,825 |
30,666 |
28,152 |
116,611 |
22,983 |
25,282 |
29,595 |
33,976 |
111,836 |
Leasing revenue (1) |
4,104 |
3,585 |
3,517 |
3,509 |
14,715 |
5,597 |
5,669 |
4,555 |
4,549 |
20,370 |
Sales of equipment |
2 |
8,151 |
1,718 |
1,248 |
11,119 |
2 |
3,166 |
|
2 |
3,170 |
River barges |
4,106 |
11,736 |
5,235 |
4,757 |
25,834 |
5,599 |
8,835 |
4,555 |
4,551 |
23,540 |
Leasing revenue (1) |
9,158 |
9,826 |
9,614 |
9,279 |
37,877 |
8,686 |
9,067 |
9,022 |
15,163 |
41,938 |
Sales of equipment and misc. |
210 |
2,450 |
330 |
971 |
3,962 |
1,501 |
230 |
5,827 |
24,543 |
32,101 |
Freight railcars |
9,368 |
12,275 |
9,944 |
10,251 |
41,839 |
10,187 |
9,297 |
14,849 |
39,706 |
74,039 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue |
83,132 |
104,103 |
73,157 |
97,594 |
357,986 |
65,329 |
84,770 |
69,178 |
116,537 |
335,814 |
-
Leasing revenue presented here includes
ancillary services.
The steady growth of emerging markets has
continued to boost the Shipping
Container market in 2012. This activity has
supported new investments. Revenue for the division increased by
37% (27% in constant dollars). The container fleet increased
by 14% compared to the end of December 2011, and the leasing
revenue increased by €10.4 million in 2012. Leasing rates decreased
slightly but the utilization rates remained high at 95%. Sales rose
to €86 million compared with €49 million in 2011.
The economic situation in Europe in 2012 had a
negative impact on the market for Modular
Buildings and the division's profitability. The leasing
revenue fell be 4% (i.e. €3.2 million) while sales increased by 27%
to €38 million in 2012. Further to the acquisition in July 2012 of
the Moroccan leader for modular buildings, the first results of the
division's establishment in Africa will be felt in 2013.
Rail freight transport in Europe declined in 2012,
negatively impacting the Freight
Railcars leasing business and the
division's profitability. Selective investments were made, but in
view of the smaller volumes there were no sales to investors,
resulting in a fall in sales of €23.6 million in Q4 2012. In the
United States, business remained good with utilization rates that
remain high.
The River Barges
business continues to deploy its new strategy. The discontinuation
of the transport business frees assets which are put up for lease
or sale. Consequently the leasing revenue, which includes transport
revenue, fell by €6 million, but sales increased by €8 million.
The division's revenue increased by 10%. At the end of the
year, the utilization rates were nearly 90%. 2012 marks a new
momentum in the River Barges business with new investments in South
America and the development of trade in river assets.
Outlook
Shipping
Containers: The latest studies by Clarkson Research in
January 2013 forecast growth in containerized traffic of 6.1% in
2013 and 6.8% in 2014, after a rise of 3.7% in 2012. The dynamism
of the leasing business and sales of shipping containers should
continue, in particular thanks to its geographic positioning (over
50% of its leasing revenues come from Asian customers).
Modular Buildings:
The division's current base with 95% of its activity in Europe
makes it impossible to avoid the economic crisis there, and the
profitability of the business will continue to be affected.
To rise up to this challenging situation, in 2013
the Group launched an action plan which aims to strengthen its
development and reduce its costs, particularly by:
·
optimising factories to increase productivity and lower break even
points to increase flexibility;
·
rationalising the network of agencies to share resources and
optimise operational costs;
·
sales of second-hand equipment to improve utilisation rates;
·
the launch of new "low cost" products and the development of new
market segments to increase sales margins;
·
creation of an "Eastern Europe" cluster to increase synergies and
strengthen our development in this area to increase sales
volumes.
Touax is also continuing to develop
internationally and the recent acquisition of the Moroccan leader
in modular buildings has opened a strong growth potential in
Africa, which will contribute over 10% of the department turnover
in 2013. In 2013, the division will continue growing in emerging
countries.
Freight Railcars:
Rail freight transport does not show any improvement in the short
term in Europe and therefore the group does not expect any
improvement in profitability in 2013. Faced with this situation,
the following measures will be implemented:
·
slowing down of investments in Europe by being highly selective of
new investments,
·
optimising management and maintenance costs in partnership with
rail workshops,
·
tailored marketing strategy that gives priority to re-leasing
existing equipment,
·
development of a new range of services focusing on leasing (sale
& lease back, technical management of fleets belonging to end
users, trade of new and second-hand railcars).
The manufacturing of new railcars will be far
below the structural replacement threshold for the fifth
consecutive year in Europe. We therefore expect a recovery of the
market and demand for rail equipment in Europe as from 2014. The
division has continued to diversify geographically, by setting up
business in Asia, with very promising forecasts. 2013 should be
marked by the first investment in this area, which will be the
subject of specific announcements. The Group also intends to profit
from the recovery of the American economy by starting new
investments in railcars through CFCL-Touax our U.S. rail
joint-venture.
River Barges: The
new positioning of the business will result in the development of
the leasing business in Europe and South America, and the
development of new services, including trade in river assets in
Europe, South America and Africa.
The Group's EBITDA after distribution to investors
(as defined in the reference document), is forecast (before audit)
to rise by 7%, nearing 62 million € in 2012, and the net group
share result is approximately 9 million €, dropping compared to
2011 (13 million €). The Group expects an activity in Europe still
weak in 2013 and an improvement from 2014.
Fabrice and Raphaël Walewski, the managers of
TOUAX have added: "despite the weak European economy, the Group is
still making a profit. We are actively working towards recovery in
this area as forecasts show an improvement in 2014, and we are
continuing our international growth strategy by diversifying in the
emerging Asian, South American and African economies."
TOUAX distributed an interim dividend, similar as
the previous year, of €0.50 per share on 11 January 2013.
Upcoming dates:
-
27 March 2013: FY 2012 annual income
-
2 April 2013: presentation to the financial analysts
-
11 June 2013: Shareholders' general meeting (Hotel Pullman - La
Défense)
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 in the CAC® Small and CAC® Mid & Small
indexes and in the SRD Long only.
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
Touax - 2012 revenue
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: TOUAX via Thomson Reuters ONE
HUG#1681212
Touax (EU:TOUP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Touax (EU:TOUP)
Historical Stock Chart
From Jul 2023 to Jul 2024