PRESS RELEASE
Paris, August 29, 2013 - 6.00 pm
TOUAX YOUR OPERATIONAL LEASING SOLUTION
2013
half-year revenue: €160.3 million
EBITDA: €29.3
million
Half-year net
profit €0.8 million
Raphaël and Fabrice Walewski, Managing Partners of
TOUAX, state that "these results are in line with
our forecasts. The weakness of the economic situation in Europe
continues to affect the profitability of our modular building and
freight railcar leasing businesses. We expect these activities to
remain stable in the short term, requiring the continuation of the
actions aiming to costs reduction. On the other hand, the
development of our international businesses (in particular shipping
containers and river barges) as well as third-party asset
management are promising and we expect an increase in revenue from
sales of equipment in the second half of 2013 compared with the
first half of the year."
ANALYSIS OF THE
REVENUE
The consolidated accounts on 30 June 2013 were
approved by the Management Board on 28 August 2013. A limited
inspection of the financial statements was carried out, after which
the statutory auditors issued a report without reserves.
Revenue by
type
(Audited consolidated data, €
thousands) |
Q1 2013 |
Q2 2013 |
TOTAL
S1 2013 |
Q1 2012 |
Q2 2012 |
TOTAL
S1 2012 |
Leasing
revenue (1) |
51,407 |
53,042 |
104,449 |
51,349 |
55,973 |
107,322 |
Sales of equipment |
8,251 |
47,555 |
55,806 |
31,783 |
48,130 |
79,913 |
Consolidated revenue |
59,658 |
100,597 |
160,254 |
83,132 |
104,103 |
187,235 |
(1) Leasing revenue presented here includes
ancillary.
The consolidated revenue for the first half of
2013 amounted to €160.3 million compared with €187.2 million in the
first half of 2012, i.e. a decline of €26.9 million (-14.4%).
Excluding changes in the exchange rate and consolidation perimeter,
revenue fell by 16.5%.
Leasing revenue, which includes leasing and
ancillary services, amounted to €104.4 million in the first half of
2013, down 2.7% (-2.3% excluding changes in the exchange rate and
consolidation perimeter). This decline corresponds to the reduction
in ancillary services. The leasing business alone showed good
resistance with an increase of 0.4%.
Revenue from sales of equipment amounted to €55.8
million, down due to the combined effect of the fall in sales of
modular buildings in Europe and deferment of syndication agreements
for the shipping containers business to the second half of 2013.
This deferment has now been made good by a sale at the beginning of
July 2013 worth $15 million, and additional syndications totalling
$80 million are expected in the second half of the year.
Analysis of the contribution
of the Group's four divisions
Revenue by
division
(Audited consolidated data, €
thousands) |
Q1 2013 |
Q2 2013 |
TOTAL
S1 2013 |
Q1 2012 |
Q2 2012 |
TOTAL
S1 2012 |
Leasing revenue (1) |
21,786 |
21,559 |
43,345 |
20,222 |
21,518 |
41,740 |
Sales of equipment |
2,851 |
33,968 |
36,819 |
22,466 |
27,749 |
50,215 |
Shipping containers |
24,637 |
55,526 |
80,162 |
42,688 |
49,268 |
91,956 |
Leasing revenue (1) |
17,094 |
19,180 |
36,274 |
17,844 |
21,014 |
38,859 |
Sales of equipment |
5,108 |
8,710 |
13,818 |
9,125 |
9,810 |
18,935 |
Modular buildings |
22,202 |
27,890 |
50,092 |
26,969 |
30,825 |
57,794 |
Leasing revenue (1) |
3,977 |
3,600 |
7,577 |
4,104 |
3,585 |
7,689 |
Sales of equipment |
59 |
4,692 |
4,751 |
2 |
8,151 |
8,153 |
River barges |
4,036 |
8,292 |
12,327 |
4,106 |
11,736 |
15,842 |
Leasing revenue (1) |
8,542 |
8,661 |
17,203 |
9,158 |
9,826 |
18,984 |
Sales of equipment, misc. and inter-industry
offsets |
241 |
228 |
469 |
210 |
2,450 |
2,660 |
Freight railcars |
8,783 |
8,889 |
17,672 |
9,368 |
12,275 |
21,644 |
|
|
|
|
|
|
|
Consolidated revenue |
59,658 |
100,597 |
160,254 |
83,132 |
104,103 |
187,235 |
-
Leasing revenue presented here includes
ancillary.
Shipping
containers: Leasing revenues increased by 3.8% (5.2% in
constant dollars) to €43.3 million, thanks to the dynamism of the
market and the increase in the managed fleet. Sales totalled €36.8
million, of which one third corresponds to sales of used
containers. The sales do not include a syndication agreement worth
$15 million at the start of July 2013. Overall, the division's
revenue amounted to €80.2 million, down 12.8% (-11.7% in constant
dollars). The Group continues to buy portfolios of containers by
sale-and-leaseback agreements with large shipping companies. The
utilization rate (93%) was slightly down at the end of June 2013,
but has been rising again since July.
Modular buildings:
The division's revenue amounted to €50.1 million (-13.3%).
Excluding changes in the exchange rate and consolidation perimeter,
revenue was down 22.2% (-7% for leasing and -53% for sales). The
division's European exposure had a negative impact on the leasing
business in almost all countries, with utilization rates and daily
prices down compared with the first half of 2012. The difficult
economic situation also resulted in a fall in sales in most
countries apart from Germany. On the other hand, the outlook for
growth in Africa is promising, and sales achieved there already
represent 36% of sales of equipment in the first half of 2013.
River barges:
Leasing revenue amounted to €7.6 million, down slightly due to the
lack of dynamism of the European business. Sales of assets in North
America and Europe were offset by leasing of new barges in South
America. The leasing business in South American countries now
represents 31% of the division's leasing revenues.
Freight railcars:
The division's revenue was down 18.4% at €17.7 million, compared
with the first half of 2012. Leasing revenues only fell due to the
sale of about 10% of the fleet at the start of the year to a
customer who held an option to purchase. Sales correspond to used
equipment, and there were no syndications in the first half of
2013. Business in Europe, at a low level since 2009, remained
stable.
ANALYSIS OF THE HALF-YEAR
RESULTS
Key
figures
(audited consolidated data,
€ million) |
30/06/2013 |
30/06/2012 |
31/12/2012 |
Revenues |
160,3 |
187,2 |
358,0 |
of which Shipping containers |
80,2 |
92,0 |
173,7 |
of which Modular Buildings |
50,1 |
57,8 |
116,6 |
of which River Barges |
12,3 |
15,8 |
25,8 |
of which Railcars Division |
17,7 |
21,6 |
41,8 |
Gross operating margin - EBITDAR (1) |
55,8 |
61,7 |
118,3 |
EBITDA (2) |
29,3 |
35,0 |
61,8 |
Current operating income |
12,4 |
19,2 |
29,0 |
Net income (Group's
share) |
0,8 |
8,6 |
9,1 |
Net profit per share (€) |
0,14 |
1,51 |
1,60 |
Total non-current assets |
558,8 |
507,6 |
563,8 |
Total balance sheet |
773,9 |
729,3 |
776,1 |
Total shareholders' equity |
169,8 |
173,3 |
173,0 |
Net bank borrowing (3) |
415,9 |
384,7 |
432,6 |
(1) the EBITDAR (earnings before
interest taxes depreciation amortization and rent) calculated by
the Group corresponds to the operating income before tax and
extraordinary items, increased by depreciation charges, provisions
for capital assets and distributions to investors (previously
called EBITDA before distribution to investors)
(2) EBITDA corresponds to the
EBITDAR after deducting distributions to investors (previously
called EBITDA after distribution to investors)
(3) Including €183.6 million in
non recourse debts at the end of June 2013
EBITDA of €29.3
million
EBITDAR (previously called EBITDA before
distribution to investors) amounted to €55.8 million and EBITDA
amounted to €29.3 million.
The operating income totalled €12.4 million at
June 30, 2013 compared with €19.2 million at the end of June
2012.
The fall in the EBITDA and operating income
reflects the decline in business in Europe since the second half of
2012, particularly visible in the Modular Buildings business. This
decrease was only partly offset by the dynamism of the global
shipping containers leasing business.
Net income amounted to €0.8 million, in line with
forecasts and in keeping with the results for the second half of
2012.
Excluding changes in the exchange rate, the assets
managed by the Group were stable compared with the end of December
2012. The Group managed assets worth €1.6 billion (shipping
containers, modular buildings, freight railcars and river barges)
leased to over 5,000 customers Proprietary assets represented 46%
of total assets managed.
Controlled financial
situation
The Group's net indebtedness to banks was reduced
thanks to cash flows generated by the Group. It amounted to €415.9
million compared with €432.6 million at the end of December
2012.
Net proprietary investments by TOUAX were small,
and overall it reduced investments during this
half year. The average rate of the gross financial debt was 3.85%
at the end of June 2013 (3.66% at December 31, 2012). TOUAX had
€63 million in available lines of credit at December 31,
2013.
The banking ratios were respected. The recourse
gearing (the consolidated debt/equity ratio excluding non-recourse
debt) was 1.37 compared with an authorized ratio of 1.9. The
recourse leverage ratio (ratio of financial debt with recourse to
annual EBITDA) was 4.04 compared with an authorized ratio of
4.90.
To finance its international activities and
investments in tangible assets, at the beginning of August the
Group successfully finalized an issue of hybrid securities worth
€20.5 million, thereby strengthening its equity and liquidity.
OUTLOOK
Shipping
containers: Demand for new
containers remains high thanks to global growth, and demand by
shipping companies for sale-and-leaseback arrangements is not
expected to fall. Forecasts for growth in container transport
amount to 5% in 2013 and 6% in 2014 according to Clarkson Research
(July 2013).
Modular buildings:
As it expects business to remain stable in Europe in the short
term, TOUAX is continuing to take action to adapt its costs, in
particular in its two European plants and its network of agencies.
The Group is also reducing its exposure in Europe thanks to its
development in Africa where the outlook for sales is promising.
TOUAX therefore confirms its target of achieving 10% of the
division's revenue in Africa in 2013. The Group has also carried
out its first modular building leasing and sales operations in
South America.
River Barges: The
leasing business continues to develop in South America where TOUAX
has become the market leader for barge leasing.
Freight railcars:
The Group does not expect any improvement or decline in this
business in the short term, in particular in Europe. Nevertheless
the Group recently achieved commercial successes that will enable
it to improve its utilization rate in the second half of 2013. In
addition, TOUAX continues to develop its international businesses,
in particular in the USA and Asia.
On the whole, after 2013 which is seen as a
difficult year although mixed depending on the business, TOUAX
expects all its businesses to return to growth in 2014, with the
European economy showing signs of improvement, and thanks to its
international development.
NEXT EVENTS:
·
September 3, 2013: SFAF meeting at Euronext
·
October 2 and 3, 2013: Participation in the Midcap Event in
Paris
·
November 14, 2013: Q3 2013 revenue
TOUAX
Group leases out tangible assets (shipping-containers, modular
buildings, freight railcars and river barges) on a daily basis to
more than 5,000 customers throughout the world, for its own account
and on behalf of third party investors. With more than two billion
dollars under management, TOUAX is one of the European leaders in
the operational leasing of this type of equipment.
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 and in SRD Long-only.
For
more information: www.touax.com
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 - 2013 half-year
revenue
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information contained therein.
Source: TOUAX via Thomson Reuters ONE
HUG#1725869
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