TOUAX : Consolidated revenue of €237.3m at September 30, 2013; Consolidated revenue for Q3 2013: +5%
November 13 2013 - 1:01AM
PRESS RELEASE
Paris, November 13, 2013 - 7:00 am
TOUAX YOUR
OPERATIONAL LEASING SOLUTION
Consolidated
revenue of €237.3m at September 30, 2013
Consolidated
revenue for Q3 2013: +5%
Fabrice and Raphaël WALEWSKI,
Managing Partners of TOUAX, commented that "revenue is in line with our expectations. Development of
the international shipping containers and river barges businesses,
as well as third party asset management, increased revenues by 5%
during the 3rd quarter compared with the
same period last year. On the other hand, the weakness of the
economic situation in Europe continues to affect the modular
buildings and freight railcar businesses. As a result, the Group
has taken measures to adapt to current demand, which is temporarily
affecting the modular buildings business."
ANALYSIS OF
REVENUE
Revenue by
type
(Consolidated and non audited data, in thousands
of euros) |
Q1 2013 |
Q2 2013 |
Q3 2013 |
TOTAL |
Q1 2012 |
Q2 2012 |
Q3 2012 |
TOTAL |
Leasing revenue (1) |
51,407 |
53,042 |
51,657 |
156,106 |
51,349 |
55,973 |
57,682 |
165,004 |
Sales of equipment |
8,251 |
47,555 |
25,353 |
81,158 |
31,783 |
48,130 |
15,474 |
95,388 |
Consolidated revenue |
59,658 |
100,597 |
77,010 |
237,264 |
83,132 |
104,103 |
73,157 |
260,392 |
(1) Leasing revenue presented here includes
ancillary services.
Consolidated revenue in Q3 2013
amounted to €77 million, compared with €73.2 million in Q3 2012,
i.e. a rise of 5.3% resulting mainly from the shipping containers
and river barges leasing businesses, as well as from syndication
agreements with investors during the period.
On an cumulative basis,
consolidated revenue at September 30, 2013 amounted to €237.3
million and decreased 8.9% compared with the first three quarters
of 2012 (€260.4 million). On a constant currency basis and
excluding changes in the consolidation perimeter, the accumulated
consolidated revenue at September 30, 2013 fell by 9.4%.
Accumulated revenue at September
30, 2013 was down 5.4% for leasing businesses, and 14.9% for sales
businesses.
Contribution
of the Group's four divisions
Revenue by
division
(Consolidated and non audited data, in thousands
of euros) |
Q1 2013 |
Q2 2013 |
Q3 2013 |
TOTAL |
Q1 2012 |
Q2 2012 |
Q3 2012 |
TOTAL |
Leasing revenue (1) |
21,786 |
21,559 |
21,797 |
65,142 |
20,222 |
21,518 |
23,323 |
65,063 |
Sales of equipment |
2,851 |
33,968 |
16,426 |
53,245 |
22,466 |
27,749 |
3,990 |
54,205 |
Shipping containers |
24,637 |
55,526 |
38,224 |
118,387 |
42,688 |
49,268 |
27,312 |
119,268 |
Leasing revenue (1) |
17,094 |
19,180 |
17,347 |
53,621 |
17,844 |
21,014 |
21,203 |
60,062 |
Sales of equipment |
5,108 |
8,710 |
5,303 |
19,121 |
9,125 |
9,810 |
9,463 |
28,397 |
Modular buildings |
22,202 |
27,890 |
22,650 |
72,742 |
26,969 |
30,825 |
30,666 |
88,459 |
Leasing revenue (1) |
3,977 |
3,600 |
4,054 |
11,630 |
4,104 |
3,585 |
3,517 |
11,206 |
Sales of equipment |
59 |
4,692 |
3,459 |
8,210 |
2 |
8,151 |
1,718 |
9,871 |
River barges |
4,036 |
8,292 |
7,513 |
19,840 |
4,106 |
11,736 |
5,235 |
21,077 |
Leasing revenue (1) |
8,542 |
8,661 |
8,521 |
25,723 |
9,158 |
9,826 |
9,614 |
28,598 |
Sales of equipment and misc. |
241 |
228 |
102 |
572 |
210 |
2,450 |
330 |
2,990 |
Railcars |
8,783 |
8,889 |
8,623 |
26,295 |
9,368 |
12,275 |
9,944 |
31,588 |
|
|
|
|
|
|
|
|
|
Consolidated revenue |
59,658 |
100,597 |
77,010 |
237,264 |
83,132 |
104,103 |
73,157 |
260,392 |
(1) Leasing revenue presented here includes
ancillary services.
Shipping
Containers: The revenue of the shipping containers
division amounted to €118.4 million at September 30, 2013, down
slightly by 0.7% due to an unfavourable currency effect (+2% in
constant dollars). Leasing revenues were stable at €65.1 million,
up 3% in constant dollars. The utilization rate was down slightly
at 93%. Sales of containers were dynamic, with syndications and
sales of used containers totalling €53.2 million compared with
sales of €54.2 million at September 30, 2012.
Modular
Buildings: The division's revenue amounted to €72.7
million (-17.8%). Excluding changes in the exchange rate and
consolidation perimeter, revenue fell by 23.3%. Overall, the
leasing business was down by 10.7%, penalized by the economic
situation in Europe which remains sluggish, with utilization rates
and daily prices generally down compared with the end of September
2012. Equipment sales were down by 32.7% at €19.1 million at the
end of September 2013, in view of the group's desire to refocus on
less complex and more profitable sales. On the other hand, sales in
Africa are dynamic and already represent 34% of the division's
sales revenue.
River
Barges: Leasing revenues increased by 3.8% to €11.6
million, due to the entry into service of new barges in South
America and notwithstanding sales of barges in the USA. Revenue
outside Europe represented 41% of the division's revenue at the end
of September 2013. Revenue in the thirdquarter showed an overall
increase of 43.5%.
Freight
Railcars: The division's revenue was down 16.8% at €26.3
million, compared with September 30, 2012, but has remained stable
since the start of the year. Leasing revenues fell mainly due to a
reduction in the fleet of about 10% at the start of the year when a
customer exercised an option to purchase. Sales correspond to used
equipment, and there were no syndications.
OUTLOOK
Shipping
Containers: Forecasts for
growth in container transport amount to 5% in 2013 and 6% in 2014
according to Clarkson Research (October 2013). Demand for new
containers should therefore remain high in 2014. Stocks of
containers in China, which had increased in the firsthalf of the
year leading to a decline in leasing prices, began to drop
significantly in the thirdquarter, which is favourable for
business. In addition, shipping companies continue to focus on
their core business and are outsourcing their container fleets,
enabling the Group to take advantage of investment opportunities
and offer them to investors.
Modular
Buildings: The Group does
not anticipate an improvement in its results in Europe in the short
term, and has taken steps to adapt to demand (closing agencies,
discontinuing production in France, cost reduction plans) which
will affect profitability in the short term. In the French market,
the Group is refocusing on less complex sales projects and will
continue to offer modular solutions with its managed fleet.
Moreover, TOUAX has noted a recovery in business in certain
countries since the summer of 2013, in particular in Poland. The
Group's foothold in Africa makes it possible to reduce its exposure
in Europe thanks to the development of export sales. TOUAX confirms
its target of achieving 10% of the division's revenue in Africa in
2013.
River
Barges: The leasing
business continues to develop in South America where TOUAX is the
market leader for river barge leasing. The business in Europe is
continually improving.
Freight
Railcars: The Group does
not expect any improvement or decline in this business in Europe in
the short term. Nevertheless it has recently achieved commercial
successes and continues to develop its international leasing
offers.
NEXT
ANNOUNCEMENTS
-
February 13, 2014 : 2013
revenues
-
March 27, 2014: 2013 annual
results
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 - revenue Q3 2013
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Source: TOUAX via Thomson Reuters ONE
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