PRESS RELEASE
Paris, 27 March 2013 - 6 p.m.
TOUAX YOUR OPERATIONAL LEASING SOLUTION
Group share
of net results for 2012: €9.1m
Main
consolidated figures
(in € million - IFRS ) |
2012 |
2011 |
variation
2012-2011 |
Revenue |
358,0 |
335,8 |
6,6% |
including Shipping containers |
173,7 |
126,4 |
37,4% |
Modular buildings |
116,6 |
111,8 |
4,3% |
River barges |
25,8 |
23,5 |
9,7% |
Freight railcars |
41,8 |
74,0 |
-43,5% |
Gross operating margin (EBITDA)
(1) |
118,3 |
118,9 |
-0,5% |
EBITDA after distribution to
investors |
61,8 |
57,7 |
7,0% |
Operating income |
29,0 |
31,5 |
-7,7% |
Consolidated net attributable
income |
9,1 |
13,4 |
-31,9% |
Net
earnings per share (€) |
1,60 |
2,35 |
-31,9% |
Total non-current assets |
563,8 |
410,6 |
37,3% |
Total assets |
776,1 |
606,6 |
27,9% |
Total shareholders' equity |
173,0 |
146,3 |
18,2% |
Net bank
borrowing (2) |
432,6 |
318,8 |
35,7% |
(1)EBITDA (earnings before
interest taxes depreciation and amortization) calculated by the
Group corresponds to the current operating income plus allowances
for depreciation and provisions for fixed assets.
(2) Including €178.9 million
in debt without recourse in 2012
The consolidated accounts on 31 December 2012 were
approved by the Management Board on 27 March 2013 and were audited
by the statutory auditors. The audit reports are in the process of
being issued.
2012 fiscal
year
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)
The Group has recorded a rise in international
leasing of shipping containers, boosted by the dynamism of the
sector in a context of increased global traffic.
The increase in sales of modular buildings and
river barges corresponds to the acquisition of market shares in
Europe and in the modular building business, to the Group's new
presence in Africa.
At constant parity, assets managed rose by 9%.
Overall, the Group managed 1.6 billion euros in assets at the end
of 2012 (shipping containers, modular buildings, freight railcars
and river barges), which it rents out to over 5,000 clients. The
share of assets owned increased and now constitutes 45% of all
assets managed.
EBITDA before distribution to investors is stable
and EBITDA after distribution to investors rose 7% to 61.8 million
euros.
Operating income was 29 million euros on 31
December 2012 as against 31.5 million euros in 2011.
Net income for the Group was 9.1 million euros for
2012, down from the 13.4 million euros recorded in 2011. This drop
was due to the worsening economic situation in Europe, which is yet
to be compensated for by the Group's international activities.
Analysis of the contribution
of the four divisions of the Group
Shipping containers: The division benefited from a
booming global trade sector in 2012. Demand for shipping containers
remained strong and utilization rates remained high. The Group
increased its fleet under management by 14% compared with 2011,
thus bolstering revenue by 37%. 50% of the revenue is generated
with Asian clients.
Modular buildings: The slowdown in European
economic activity has had an impact on the division's profitability
and results. To counter this situation, the Group took measures
which aim to reduce its costs and optimise its organisation. TOUAUX
also gained a foothold in the African market via the acquisition of
the leading name in the Moroccan modular building market,
consolidating its diversification into emerging countries.
River barges: The Group has accelerated its
presence in South America and continues to develop new services in
most of the regions in which it is present, thereby generating a
10% increase in revenue.
Freight railcars: The economic slowdown in Europe
triggered a drop in investment and thus of railcar sales in 2012,
leading to a drop in revenue to 41.8 million euros.
Financial situation under
control
The Group's net indebtedness amounted 432.6
million euros compared with 318.8 million euros in 2011. This
increase is due partly to the incorporation of SRF Railcar Leasing
Ltd in the consolidation of the Group, and the remainder is largely
due to the financing of the purchase of new equipment and the
Group's development in Africa.
In 2012 TOUAX made net investments for in own
behalf of 103.9 million euros and incorporated almost 80 million
euros' worth of additional assets via the acquisition of SRF
Railcar Leasing Ltd. The average rate of the gross financial
debt as at 31 December 2012 was lower than for 2011 at 3.66% (3.73%
at 31 December 2011). TOUAX had 59 million euros' worth of lines of
credit available on 31 December 2012.
The Group's consolidated equity capital went from
146.5 million euros to 173 million euros.
In 2012, the Group diversified its sources of
financing, issuing 22 million euros in bonds, 11 million in
disintermediated asset financing and 10 million dollars in
financing for development projects with minority partners.
The gearing with recourse ratio (financial debt
with recourse / shareholders' equity) was 1.47. The leverage with
recourse ratio (financial debt with recourse / annual EBITDA) was
4.01.
Proposed dividend: €0.50 per
share and distribution of free shares
The Management Board has decided to propose to the
General Meeting of Shareholders to be held on June 11, allocation
of a dividend of €0.5 per share for 2012. Given that an interim
dividend of the same amount was paid in January 2013, no further
amount will be paid.
To remunerate its shareholders, the Management
Board has decided to propose to the General Meeting of Shareholders
a distribution of free shares for an amount equivalent to €0.5 per
share via a capital increase through the incorporation of
reserves.
Outlook
Shipping containers: In light of the Group's
purely international orientation, it should benefit from a
favourable environment for growth. In the wake of a 3.7% rise in
2012, the latest growth forecasts for container traffic from
Clarkson Research Services Ltd are 6.1% for 2013 and 6.8% for
2014.
Modular buildings: Given its European
localisation, the division is not expected to enjoy a favourable
economic environment in 2013. To tackle this situation, the Group
intends to pursue its installation in Africa and shore up its
competitiveness in Europe.
Freight railcars: Rail transport of goods in
Europe is not expected to improve in 2013 but demand for freight
railcars could grow significantly in 2014, given the low level of
investments made by the industry since 2009.
River barges: The structural recovery of river
transport in Europe and the USA as well as the high needs in terms
of transporting raw materials in South America, should promote
growth in both leasing and sales of river barges businesses.
Raphaël and Fabrice WALEWSKI, Managing Partners,
are expecting "European business to stagnate, leading to a weak
first half of 2013, and thus no change from the second half of
2012. On the other hand, revenue is expected to rise in 2013 and
2014 in light of growth and investments in emerging countries".
Strengths of
TOUAX
The TOUAX Group's value creation strategy is
chiefly based on recurring revenues (70% of leasing revenue
-excluding services - comes from multi-year contracts),
diversifying its business and an international development
strategy:
·
Diversification in our leasing and sales businesses covering four
types of assets (shipping containers, modular buildings, river
barges and freight railcars) and two types of management
(management for our own and for third parties).
·
A structurally buoyant demand on assets: growth forecasts for
global trade (+3.5%, IMF January 2013) and transport are positive,
which is favorable for the leasing of shipping containers; the need
for flexibility, short delivery times and cost effectiveness
favours modular buildings over traditional construction;
environmental awareness, the increase in transport of raw materials
and agricultural goods, and the liberalisation of rail freight
transport in many countries all promote the leasing of river barges
and railcars internationally.
·
Owned fleet of assets (710 million euros of assets owned) of
standardised and mobile equipment, with a long lifespan of between
15 and 50 years, makes it possible to achieve a recurring revenue
streams via long-term contracts. These assets show low
obsolescence, which constitutes a potential source of value for the
Group over time by providing opportunities for capital gains.
·
Assets managed on behalf of third parties (871 million euros of
assets managed for third parties under long-term management
contracts) to improve the Group's profitability of equity capital
without tying up capital, accompany the Group's growth and demand
from clients.
·
A development policy with a strong international focus in order to
benefit from global exchanges and new growth zones (over 50% of the
revenue was generated outside Europe as at 31 December 2012). TOUAX
is present on all five continents.
Upcoming events
-
April 2, 2013: presentation of the 2012 results
(SFAF meeting and conference call)
-
May 15, 2013: release of Q1 2013 revenue
-
June 11 2013: Annual shareholders meeting (Hôtel
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 results
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information contained therein.
Source: TOUAX via Thomson Reuters ONE
HUG#1688725
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