PRESS RELEASE
Paris, 13 February 2014 - 6.20 p.m.
TOUAX YOUR
OPERATIONAL LEASING SOLUTION
2013 revenues
of € 349.3 million
Consolidated
revenue for Q4 2013: +15 %
ANALYSIS OF THE
REVENUE
The consolidated revenue for 2013 was €349.3
million compared with €358 million in 2012, down 2.4% (-1.9 %
at constant exchange rates and excluding changes in the
consolidation perimeter).
Revenue by
type
(Unaudited consolidated data, in thousands of
euros) |
Q1 2013 |
Q2 2013 |
Q3 2013 |
Q4 2013 |
TOTAL |
Q1 2012 |
Q2 2012 |
Q3 2012 |
Q4 2012 |
TOTAL |
Leasing
revenue (1) |
51,407 |
53,042 |
51,657 |
49,997 |
206,103 |
51,349 |
55,973 |
57,682 |
54,030 |
219,034 |
Sales of equipment |
8,251 |
47,555 |
25,353 |
62,001 |
143,160 |
31,783 |
48,130 |
15,474 |
43,565 |
138,952 |
Consolidated revenue |
59,658 |
100,597 |
77,010 |
111,998 |
349,262 |
83,132 |
104,103 |
73,157 |
97,594 |
357,986 |
-
Leasing revenue presented here includes
ancillary services.
The leasing revenue fell by 5.9% (-4.5% at
constant exchange rates and excluding changes in the consolidation
perimeter) to €206 million compared with €219 million in 2012, but
the sales revenue achieved in 2013 rose by 3% (2.2% at constant
exchange rates and excluding changes in the consolidation
perimeter) to €143 million compared with €139 million.
The leasing revenue fell mainly due to low levels
of business in Europe in the Modular Buildings division and the
reduction in the fleet of railcars under management. The leasing
business of the Shipping Containers and River Barges divisions
increased in 2013.
Sales rose by 3% due to syndications in the
4th quarter in
the Shipping Containers division, in spite of a fall in sales of
modular buildings and river barges compared with 2012. Sales of
shipping containers increased thanks to the dynamism of the market
in a context of growth in global flows.
Business was up 14.8% in Q4 2013 compared with Q4
2012.
Analysis of the contribution
of the four Group divisions
Revenue by
division
Unaudited consolidated data (in thousands of
euros) |
Q1 2013 |
Q2 2013 |
Q3 2013 |
Q4 2013 |
TOTAL |
Q1 2012 |
Q2 2012 |
Q3 2012 |
Q4 2012 |
TOTAL |
Leasing revenue (1) |
21,786 |
21,559 |
21,797 |
22,656 |
87,798 |
20,222 |
21,518 |
23,323 |
22,281 |
87,344 |
Sales of equipment |
2,851 |
33,968 |
16,426 |
47,401 |
100,646 |
22,466 |
27,749 |
3,990 |
32,153 |
86,358 |
Shipping containers |
24,637 |
55,526 |
38,224 |
70,057 |
188,443 |
42,688 |
49,268 |
27,312 |
54,434 |
173,702 |
Leasing revenue (1) |
17,094 |
19,180 |
17,347 |
16,629 |
70,250 |
17,844 |
21,015 |
21,203 |
18,823 |
78,885 |
Sales of equipment |
5,108 |
8,710 |
5,303 |
13,604 |
32,725 |
9,125 |
9,810 |
9,463 |
9,329 |
37,727 |
Modular buildings |
22,202 |
27,890 |
22,650 |
30,234 |
102,976 |
26,969 |
30,825 |
30,666 |
28,152 |
116,611 |
Leasing revenue (1) |
3,977 |
3,600 |
4,054 |
3,289 |
14,920 |
4,104 |
3,585 |
3,517 |
3,509 |
14,715 |
Sales of equipment |
,59 |
4,692 |
3,459 |
,668 |
8,878 |
2 |
8,151 |
1,718 |
1,248 |
11,119 |
River barges |
4,036 |
8,292 |
7,513 |
3,957 |
23,797 |
4,106 |
11,736 |
5,235 |
4,757 |
25,834 |
Leasing revenue (1) |
8,542 |
8,661 |
8,521 |
8,350 |
34,074 |
9,158 |
9,826 |
9,614 |
9,279 |
37,877 |
Sales of equipment and misc. |
,233 |
,185 |
,164 |
,328 |
,910 |
,190 |
2,420 |
,304 |
,835 |
3,749 |
Freight railcars |
8,775 |
8,846 |
8,685 |
8,678 |
34,984 |
9,348 |
12,245 |
9,918 |
10,114 |
41,626 |
Miscellaneous and unallocated |
,8 |
,43 |
,(62) |
,(928) |
,(999) |
,20 |
,30 |
,26 |
,137 |
,213 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue |
59,658 |
100,597 |
77,010 |
111,998 |
349,262 |
83,132 |
104,103 |
73,157 |
97,594 |
357,986 |
-
Leasing revenue presented here includes
ancillary services.
Shipping
containers: The revenue of the shipping containers
division amounted to €188.4 million, up 8.5% at the end of 2013
thanks to syndications and sales during the year and in spite of an
unfavorable currency effect (+11.6% in constant dollars). Leasing
revenues were stable at €87.8 million, up 2.8 % in constant
dollars. The increase in the managed fleet made it possible to
offset the slight decline in leasing prices. The utilization rate
was 93% on average in 2013. Sales of containers proved highly
dynamic in the 4th quarter with
€47.4 million in syndications and sales of used containers.
Modular buildings:
The division's revenue amounted to €103 million (-11.7%). Excluding
changes in the exchange rate and consolidation perimeter, revenue
fell by 16.2%. Overall, the leasing business was down by 10.9%,
penalized by the very weak economic situation in Europe (decline in
building and investments by companies and authorities), with a fall
in utilization rates and daily prices in 2013 compared with 2012.
Equipment sales were down by 13.3% at €32.7 million at 31 December
2013, in view of the Group's desire to refocus on less complex and
more profitable sales, particularly in France. On the other hand,
sales in Africa are dynamic and represent 28% of the division's
sales revenue.
River barges: The
division's revenue amounted to €23.8 million (down 7.9%) due to
fewer sales than in 2012. Leasing revenues continued to increase
due to the bringing into service of new barges in South America and
in spite of the sale of barges in the USA. Business in the Rhine
basin suffered due to the difficult economic situation. Revenue
outside Europe represented 39% of the division's revenue at the end
of December 2013.
Freight railcars:
The division's revenue was down 16% at €35 million, compared with
the end of December 2012. Leasing revenues fell mainly due to a
reduction in the managed fleet of about 10% at the start of 2013
when a customer exercised an option to purchase. There were no
syndications in 2013.
2013 RESULTS
TOUAX should show an operating result before tax
and extraordinary items close to balance at the end of 2013. On the
other hand, the Group will publish a net loss in 2013, resulting
among other things from the restructuring introduced in the modular
buildings business, with for France the discontinuation of
production and impairment of assets.
Regarding its balance sheet, the Group noted an
increase in shareholders' equity, a reduction in indebtedness, and
compliance with bank ratios. The Group will publish its results at
the close of trading on 27 March.
"The exceptional measures introduced to turn
around the modular business had a negative impact on the 2013
accounts, but will favor a rapid recovery. The redeployment
strategy aimed at high-potential zones and with the financial
backing of third-party investors should enable a return to
progressive growth from the second half of 2014" state Fabrice and
Raphaël WALEWSKI, Managing Partners of TOUAX SCA.
OUTLOOK
Shipping
containers: Forecasts for
growth in container transport amount are up compared to 2013 at 6%
in 2014 and 7% in 2015, according to Clarkson Research (January
2014). Demand for new containers should therefore remain high in
2014. Stocks of containers in China fell in the second half of
2013. Shipping companies continue to focus on their core business
and are outsourcing their container fleets, enabling the Group to
take advantage of investment and leasing opportunities.
Modular
buildings: The Group does
not anticipate a substantial improvement in its results in Europe
in the short term, and continued the implementation of its
reduction plans to adapt to demand. However, TOUAX notes a recovery
in business in certain countries since the final quarter of 2013,
in particular in Poland, and the Group's foothold in Africa enables
it to develop export sales.
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
slightly improving.
Freight
railcars: Given the low
level of investment by the sector in Europe since 2009, the Group
anticipates a return of the demand for freight railcars over the
next two years. It has recently achieved commercial successes and
continues to develop its international leasing offers.
Given the demand for tangible assets that is not
linked to the financial markets and offer recurrent profitability,
the Group will mainly finance its growth via third-party investors,
leading to a reduction in indebtedness and increasing its future
capacities.
Due to its diversified and international
activities, the Group expects to benefit from the worldwide
economic recovery.
UPCOMING DATES
-
27 March 2014: FY 2013 annual income
-
2 April 2014: Presentation to the financial analysts and conference
call
-
11 June 2014: Shareholders' general meeting (Hotel Pullman - La
Défense)
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 revenues
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: TOUAX via Globenewswire
HUG#1761899
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