PRESS RELEASE
Paris, 27 March 2014 - 6 p.m.
TOUAX YOUR OPERATIONAL LEASING SOLUTION
Profit before
tax reaches break-even point, excluding impairments of assets and
restructuring provisions totaling €13.3m
Net result
(Group's share): -€15.3m
8% reduction
in indebtedness
7% increase
in shareholders' equity
Main consolidated figures
(in € million - IFRS ) |
2013 |
2012 |
variation
2013-2012 |
Revenue |
349,3 |
358,0 |
-2,4% |
including Shipping containers |
188,4 |
173,7 |
8,5% |
Modular buildings |
103,0 |
116,6 |
-11,7% |
River barges |
23,8 |
25,8 |
-7,8% |
Freight railcars |
35,0 |
41,6 |
-15,9% |
Miscellaneous
and unallocated |
-0,9 |
0,2 |
|
Gross
operating margin - EBITDAR (1) |
102,5 |
118,3 |
-13,3% |
EBITDA
(2) |
50,9 |
61,8 |
-17,6% |
Operating income |
7,3 |
29,0 |
-74,9% |
Profit
before tax |
-13,0 |
11,5 |
-213,0% |
Consolidated net profit (loss) (Group's share) |
-15,3 |
9,1 |
-267,3% |
Net earnings per share (€) |
-2,63 |
1,60 |
-264,4% |
Total
non-current assets |
562,8 |
563,8 |
-0,2% |
Total
assets |
744,6 |
776,1 |
-4,1% |
Total
shareholders' equity |
184,4 |
173,0 |
6,6% |
Net bank borrowing (3) |
399,6 |
432,6 |
-7,6% |
(1) The EBITDAR (earnings before
interest taxes depreciation and amortization and rent) calculated
by the Group corresponds to the current operating income, increased
by depreciation charges and provisions for capital assets and
distributions to investors
(2) EBITDA: EBITDAR after
deducting distributions to investors
(3) Including €177 million in debt
without recourse in 2013
The consolidated accounts on 31 December 2013 were
approved by the Management Board on 26 March 2014 and were audited
by the statutory auditors. The audit reports are in the process of
being issued.
2013
2013 was marked by a weak economic context in
Europe (apart from Germany) which negatively impacted the Modular
Buildings activity, making it necessary to adapt the production
capacities. This adjustment led to closure and restructuring costs
as well as impairment of assets. The dynamism of the Shipping
Containers activity was not enough to offset the weakness of
business in Europe. Impairment of assets and restructuring
provisions were recognized for a total of €13.3 million.
The consolidated revenue for 2013 amounted to
€349.3 million compared with €358 million in 2012, i.e. a fall of
2.4% (-1.9% at constant exchange rates and excluding changes in the
consolidation perimeter).
Leasing and sale of shipping containers were very
dynamic in 2013 in a context of sustained competition and growth in
global flows. On the other hand, the Modular Buildings and to a
lesser extent the Freight Railcars businesses which are mainly
European, suffered the effects of the difficult economic
context.
Excluding changes in the exchange rate, the assets
managed increased by 3%. In total, at the end of 2013 the Group
managed assets worth €1.6 billion, which it leases to over 5,000
customers. Proprietary assets represented 46% of total assets
managed.
The EBITDAR fell by 13.3%, mainly due to a
reduction in the profitability of the Modular Buildings activity
and fewer sales of barges. As a result, the EBITDA fell by 17.6% to
€50.9 million.
The operating income amounted to €7.3 million at
31 December 2013 compared with €29 million at the end of 2012.
Due to the economic context, in 2013 the Group
started to restructure the Modular Buildings business in France,
discontinuing production. For the same reasons, the Group also
recorded impairments of assets for the Modular Buildings activity.
These entries have no impact on cash.
Before these exceptional items, the profit before
tax amounted to €0.3 million.
These exceptional items had a negative impact on
the Group's net income, which amounted to a loss of €15.3 million
in 2013, down compared with a profit of €9.1 million in 2012.
IMPROVED FINANCIAL
SITUATION
The Group's net indebtedness to banks amounted to
€399.6 million compared with €432.6 million in 2012, down 8%. This
reduction is due to a fall in proprietary investment, sales of
assets and an issue of hybrid capital.
TOUAX made net proprietary investments totaling
€40 million in 2013. The average rate of the gross financial debt
at December 31, 2013 was slightly up on 2012 at 3.85% (3.66% at
December 31, 2012). TOUAX had €48 million in available lines
of credit at December 31, 2013.
The Group's consolidated shareholders' equity
increased from €173 million to €184.4 million (+7%).
In 2013 the Group diversified its sources of
financing by issuing hybrid capital (undated deeply subordinated
securities) totaling €32.8 million.
The gearing with recourse (the consolidated
debt/equity ratio excluding non-recourse debt) was 1.20. The
leverage ratio with recourse (ratio of financial debt with recourse
to annual EBITDA) was 4.24. All the ratios were respected.
DIVIDEND PROPOSED: €0.50 PER
SHARE
The Management Board will propose to the General
Meeting of Shareholders on 11 June to set the amount of the
dividend for 2013 at €0.50 per share. Given that an interim
dividend of €0.25 was paid in January 2014, there will be a final
dividend of €0.25 in July 2014.
TOUAX'S
PRIORITIES
The Group's free cash flow* was positive,
increasing from -€22.6 million in 2012 to +€25.3 million in 2013.
The Group intends to continue to increase its free cash flow by the
following means:
-
sales of non-strategic or non-leased assets,
-
financing of growth mainly by third-party investors, and
-
improvement in the utilization rates and optimization of costs
* The free cash flow is the cash flow from
operating activities, after investments and changes in the working
capital requirement.
OUTLOOK FOR
2014
Shipping
containers: Forecasts for growth in containerized traffic
remain good (+6% in 2014 according to Clarkson Research Services
Ltd). The performance of the business will be positive in 2014, but
below the exceptional performance achieved in 2013.
Modular buildings:
Since it is mainly based in Europe, the division will only improve
gradually and remain below the break-even point in 2014. At the
same time the Group is working on its growth drivers and intends to
develop its presence in Africa and South America.
Freight railcars:
There was a slight improvement in rail freight transport in Europe
in 2014. Demand for freight railcars could rise given the low
levels of investment by the sector since 2009 which will need to be
redressed.
River barges: The
adaptations introduced in recent years should enable the division
to achieve a high utilization rate in 2014. Demand for river barges
in South America remains high.
Fabrice and Raphaël WALEWSKI, the Managing
Partners, state that "although the modular
buildings leasing business will continue to have a negative impact
in 2014, the TOUAX Group plans to further increase its free cash
flow in 2014".
UPCOMING DATES
·
April 2, 2014 : Presentation of the 2013
results (SFAF meeting and conference call)
·
May 15, 2014 : Release of Q1 2014 revenue
·
June 11, 2014 : Annual shareholders meeting (Hôtel
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 revenue
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#1772267
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