PRESS RELEASE - Paris, 31 August
2015 - 6 p.m.
TOUAX YOUR OPERATIONAL
LEASING SOLUTION
REVENUE AND
RESULTS FOR S1 2015
-
Stable consolidated revenue at €167.5
million
-
Recovery in the Modular Buildings business
(+20.6 %)
-
Half-yearly results (€-11,6m) impacted
principally by the costs of preparing modules and extraordinary
items
-
Positive free cash flow of €11.4 million
-
Return to a positive operating income in
2016
|
The Group's business for the 1st half
of 2015 reflects the beginning of a European economic recovery with
an increase in utilisation rates for European business activities
(mainly Modular Buildings and Freight Railcars) and a slowdown, to
a lesser extent, in emerging countries, mainly in South America
(River Barges). Sales of modular building in Europe have also shown
a strong recovery. The European recovery is accompanied by costs
related to preparing modules for re-leasing as well as exceptional
costs that will impact the overall 2015 profitability. Concerning
the Shipping Container business, slowed Chinese growth, resulting
in lower steel prices, created investment opportunities in a
context of globalised trade, which is still buoyant.
The consolidated accounts on 30 June 2015 were
approved by the Management Board on 28 August 2015. A limited
inspection of the financial statements was carried out by the
statutory auditors.
REVENUE ANALYSIS
Revenue by type
( € thousands) |
Q1 2015 |
Q2 2015 |
TOTAL
S1 2015 |
Q1 2014 |
Q2 2014 |
TOTAL
S1 2014 |
Leasing revenue (1) |
55,420 |
55,938 |
111,358 |
48,772 |
52,034 |
100,806 |
Sales of equipment |
12,808 |
43,371 |
56,179 |
23,984 |
42,565 |
66,549 |
Consolidated revenue |
68,228 |
99,309 |
167,537 |
72,756 |
94,599 |
167,354 |
(1) Leasing revenue includes ancillary
services.
The consolidated revenue for the 1st half of
2015 was stable at €167.5 million, corresponding to an increase in
leasing revenue and lower sales. On a constant currency basis,
revenue fell 10.8%, mainly due to the depreciation of the euro.
Leasing revenue was up 10.5% to €111.4 million due
to favourable changes in the exchange rate for the dollar impacting
the Shipping Container business. On a constant currency basis,
leasing revenue is stable with a recovery in the Modular Buildings
business in Europe offset by the decline in the US freight railcar
leasing business following the sale of its assets in 2014.
Equipment sales dropped 15.6% to €56.2 million
with a decrease in shipping container syndications and an absence
of river barge and freight railcar sales offset by strong growth in
modular building sales. On a constant currency basis, sales fell
26.9%.
Consolidated revenue were up 5% in Q2 2015
compared with Q2 2014.
Analysis of the contribution of the 4 Group's
divisions
Revenue by division
(€ thousands) |
Q1 2015 |
Q2 2015 |
TOTAL
S1 2015 |
Q1 2014 |
Q2 2014 |
TOTAL
S1 2014 |
Leasing revenue (1) |
26,567 |
26,601 |
53,168 |
20,949 |
21,903 |
42,851 |
Sales of equipment |
5,614 |
30,826 |
36,440 |
16,520 |
23,494 |
40,014 |
Shipping containers |
32,181 |
57,427 |
89,608 |
37,469 |
45,397 |
82,865 |
Leasing revenue (1) |
17,544 |
17,583 |
35,127 |
15,707 |
17,173 |
32,880 |
Sales of equipment |
6,903 |
12,246 |
19,149 |
7,220 |
4,892 |
12,112 |
Modular buildings |
24,447 |
29,829 |
54,276 |
22,927 |
22,065 |
44,992 |
Leasing revenue (1) |
3,846 |
3,661 |
7,507 |
3,879 |
3,944 |
7,823 |
Sales of equipment |
19 |
19 |
38 |
6 |
3,741 |
3,747 |
River barges |
3,865 |
3,680 |
7,545 |
3,885 |
7,685 |
11,570 |
Leasing revenue (1) |
7,566 |
8,220 |
15,786 |
8,261 |
9,037 |
17,298 |
Sales of equipment and misc. |
272 |
301 |
573 |
238 |
10,437 |
10,675 |
Freight railcars |
7,838 |
8,521 |
16,359 |
8,499 |
19,475 |
27,973 |
Miscellaneous and unallocated |
-103 |
-148 |
-251 |
-24 |
-23 |
-46 |
|
|
|
|
|
|
|
Consolidated revenue |
68,228 |
99,309 |
167,537 |
72,756 |
94,599 |
167,354 |
(1) Leasing revenue includes ancillary
services.
Shipping Containers: Sales
for the division rose 8.1% to €89.6 million thanks to the
significant appreciation of the dollar. On a constant dollar basis,
sales fell 12%. Leasing revenue amounted to €53.2 million, up 24.1%
(+1% on a constant dollar basis). Furthermore, since the beginning
of the year, we have noted a drop in steel prices for new
containers, resulting in pressure on rental rates and a decline in
the selling prices of used containers. The average utilisation rate
is 88.2%. Sales revenue, amounting to €36.4 million, was down 8.9%
(-26% on a constant dollar basis) due to fewer sales and leaseback
operations than in the 1st half of
2014.
Modular Buildings: The division's revenue rose 20.6% to €54.3 million
compared to the 1st half of 2014 (+18% on a constant currency
basis), thanks to a marked recovery in business, particularly in
Germany and Poland, where housing needs for refugees are boosting
business, and despite challenging business in France. This resulted
in an increase in leasing revenue by 6.8% to €35.1 million, thanks
to higher utilisation rates and leasing prices. Equipment sales
rose to €19.1 million (+58.1%).
River Barges: The base effect
related to the sale of river barges in the 1st half
of 2014 (€3.7 million) impacted the division's business in 2015.
Consequently, the division's revenue stood at €7.5 million, down
34.8%, with leasing activity decreasing by 4%. In Europe, the
average utilisation rate is close to 94%. Business in South America
is more challenging due to the region's decline in economic
activity.
Freight railcars: The base
effect related to the sale, in 2014, of freight railcars in the
United States (€10.4 million) impacted revenue in the 1st half of
2015, which stood at €16.4 million (-41.5%). Leasing revenue fell
to €15.8 million, given the drop in rental income due to the sale
of railcars in 2014. The leasing business in Europe increased with
a rise in the utilisation rate.
ANALYSIS OF HALF-YEAR
RESULTS
Main figures
(in € million - IFRS) |
30/06/2015 |
30/06/2014 |
2014 |
Revenue |
167.5 |
167.4 |
378.7 |
including
Shipping containers |
89.6 |
82.9 |
215.9 |
Modular buildings |
54.3 |
45 |
94.1 |
River barges |
7.5 |
11.6 |
21.8 |
Freight railcars |
16.4 |
28 |
47.0 |
Miscellaneous and unallocated |
-0.3 |
-0.05 |
-0.1 |
Gross
operating margin - EBITDAR (1) |
46.9 |
48.1 |
94.9 |
EBITDA
(2) |
15.2 |
21.9 |
40.0 |
Operating
income |
-5.7 |
4.4 |
4.1 |
Profit
before tax |
-13.2 |
-4.5 |
-13.6 |
Consolidated net profit (loss) (Group's share) |
-11.6 |
-4.6 |
-12.9 |
Net earnings per share (€) |
-1.96 |
-0.79 |
-2.20 |
Total
non-current assets |
547.8 |
550.1 |
542.0 |
Total
assets |
702.8 |
766.9 |
724.6 |
Total
shareholders' equity |
174.1 |
192.5 |
184.6 |
Net bank
borrowing (3) |
364.8 |
361.2 |
358.0 |
Operating cash flow |
11.4 |
30.5 |
57.1 |
(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 €175.4 million in debt without recourse at 30 June
2015
EBITDA reached €15.2 million. It includes
preparation costs related to the re-leasing of modular buildings
and is impacted by an increase in distributions to investors
resulting from the favorable dollar exchange rate.
The operating income amounted to €-5.7 million
against €4.4 million at end of June 2014. It was impacted by
exceptional charges (€2.3 million) relating to the withdraw of a
bond financing operation and an impairment of € 0.8 million.
Net income Group share stood at €-11.6
million.
At constant exchange rate, assets managed by the
Group were stable compared with end June 2014. The Group managed
assets worth nearly €1.8 billion, which it leases to over 5,000
customers. Owned assets represented 41% of total assets managed
FINANCIAL STRATEGY
The Group's free cash flow was positive at €11.4
million.
The Group's net bank indebtness reached €364.8
million compared to €358 million at the end of December 2014. On a
constant currency basis, the debt is stable; the rise exclusively
reflects the revaluation of debt in dollars. The average rate of
gross financial debt on 30 June 2015 remained competitive and stood
at 3.2% compared with 3.52% at the end of December 2014.
Banking ratios applicable at 30 June 2015 were
met.
In June and July 2015, the Group successively
refinanced a €55 million syndicated credit facility without
recourse for rail assets and issued an ORNANE bond (bond redeemable
in cash and/or shares) for €23 million. €77.5 million of revolving
credit facilities due within one year are being renewed and a
banking committee agreement has been obtained.
OUTLOOK
Shipping containers: We
expect relatively similar market conditions to those at present,
with the purchase price of new containers low and a competitive
leasing market. Since TOUAX is a manager who owns little, this
price drop will not have a significant impact on the Group's
accounts. Conversely, this deflation presents investment
opportunities for investors, thus creating additional management
revenue for TOUAX. Currently, the forecast for global growth in
container shipping remains positive and reaches 4.6% in 2015 and
5.9% in 2016.
Modular buildings: Market
prospects in Germany and Poland remain favourable with positive
impacts expected in 2016 across the entire business, despite a
challenging market in France. In 2015, the recovery is accompanied
by significant preparation costs weighing on the EBITDA, and we
expect business below the breakeven point in 2015.
River Barges: Business in
Europe and the United States remains favourable. South America was
impacted by reduced transport of iron ore, but with good resistance
in grain transport.
Freight Railcars: The
European intermodal rail transport market continues to progress
slowly and low investments for many years in the industry have
created the need to renew the railcar fleet, much of which will be
financed by the lessors.
The Group is continuing to implement a growth
strategy for its operating cash flow with a stabilisation of its
own assets, growth of its assets under third-party asset management
and improved utilisation rates. TOUAX anticipates a positive
operating income in 2016.
UPCOMING DATES
-
3 September 2015:
Financial analyst presentation and
investors conference
-
12 November 2015:
Q3 2015 revenue
-
22 February
2016: FY 2015
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 €1.8 billion
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 EnterNext PEA-PME.
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 - half-year 2015 revenue and
results
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#1948802
Touax (EU:TOUP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Touax (EU:TOUP)
Historical Stock Chart
From Jul 2023 to Jul 2024