TOUAX : Consolidated revenue at €244.8 million
November 12 2015 - 12:01PM
PRESS RELEASE - Paris, 12 November
2015 - 6 p.m.
TOUAX
YOUR OPERATIONAL
LEASING SOLUTION
REVENUE FOR Q3
2015
-
Consolidated revenue at €244.8 million
-
Recovery in the Modular Buildings business
(+19.1%)
-
Preparation costs of the modules impacting the
2015 profitability of the activity
-
Forecast of a positive operating income in
2016
|
REVENUE ANALYSIS
Revenue by
type
(unaudited data,
€ thousands) |
Q1 2015 |
Q2 2015 |
Q3 2015 |
TOTAL |
Q1 2014 |
Q2 2014 |
Q3 2014 |
TOTAL |
Leasing revenue (1) |
55,420 |
55,916 |
56,771 |
168,108 |
48,772 |
52,034 |
52,587 |
153,392 |
Sales of equipment |
12,808 |
43,371 |
20,537 |
76,716 |
23,984 |
42,565 |
46,089 |
112,638 |
Consolidated revenue |
68,228 |
99,287 |
77,308 |
244,823 |
72,756 |
94,599 |
98,676 |
266,030 |
(1) Leasing revenue includes ancillary
services.
Consolidated total revenue at end of September
2015 dropped to €244.8 million (-8%) because of a decline in
syndications in the Shipping Containers business (sales of
containers to investors). Syndications activity is less recurring
than the leasing business and is therefore subject to variations
from one quarter to another. On a constant currency basis, revenue
fell by 16.3%, mainly due to the appreciation of the dollar against
the Euro.
Leasing revenue was up by 9.6% to €168.1 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 slightly positive due to a recovery of
the Modular Buildings business in Europe.
Equipment sales are down and stood at €76.7
million. This decrease is explained by lower syndications of
shipping containers and the absence of sales of river barges and
freight railcars, partially offset by strong growth in sales of
modular buildings. On a constant currency basis, sales fell by
39.3%.
Analysis of the contribution of the 4 Group's
divisions
Revenue by division
(unaudited data,
€ thousands) |
Q1 2015 |
Q2 2015 |
Q3 2015 |
TOTAL |
Q1 2014 |
Q2 2014 |
Q3 2014 |
TOTAL |
Leasing revenue (1) |
26,567 |
26,601 |
25,702 |
78,870 |
20,949 |
21,903 |
22,622 |
65,474 |
Sales of equipment |
5,614 |
30,826 |
9,073 |
45,513 |
16,520 |
23,494 |
38,131 |
78,146 |
Shipping containers |
32,181 |
57,427 |
34,775 |
124,383 |
37,469 |
45,397 |
60,754 |
143,620 |
Leasing revenue (1) |
17,544 |
17,583 |
18,606 |
53,733 |
15,707 |
17,173 |
17,451 |
50,331 |
Sales of equipment |
6,903 |
12,246 |
9,933 |
29,082 |
7,220 |
4,892 |
7,064 |
19,175 |
Modular buildings |
24,447 |
29,829 |
28,539 |
82,815 |
22,927 |
22,065 |
24,514 |
69,506 |
Leasing revenue (1) |
3,846 |
3,661 |
4,272 |
11,779 |
3,879 |
3,944 |
3,922 |
11,745 |
Sales of equipment |
19 |
19 |
19 |
57 |
6 |
3,741 |
15 |
3,762 |
River barges |
3,865 |
3,680 |
4,291 |
11,836 |
3,885 |
7,685 |
3,937 |
15,507 |
Leasing revenue (1) |
7,566 |
8,220 |
8,251 |
24,037 |
8,261 |
9,037 |
8,618 |
25,916 |
Sales of equipment |
272 |
279 |
1 511 |
2,062 |
238 |
10,437 |
879 |
11,554 |
Freight railcars |
7,838 |
8,499 |
9,762 |
26,099 |
8,499 |
19,474 |
9,497 |
37,470 |
Miscellaneous and unallocated |
(103) |
(149) |
(60) |
(311) |
(24) |
(23) |
(26) |
(73) |
|
|
|
|
|
|
|
|
|
Consolidated revenue |
68,228 |
99,287 |
77,308 |
244,823 |
72,756 |
94,599 |
98,676 |
266,030 |
(1) Leasing revenue includes ancillary
services.
Shipping Containers: Revenue
of the division fell by 13.4% to €124.4 million with a decrease in
the amount of syndications partially offset by the leasing
business. In constant dollars, revenue fell by 27.4%. Leasing
revenue amounted to €78.9 million, up 20.5% (+1% on a constant
dollar basis). The decline in the steel prices of new containers
since the beginning of the year is putting pressure on leasing
rates and is lowering the sale price of second-hand containers. The
average utilisation rate remains satisfactory at 88%.
Modular Buildings: Revenue in
the division rose by 19.1% to €82.8 million (+17% at constant
exchange rates), thanks to a marked recovery of activity in
Germany, Poland and the Czech Republic where requirements for
housing for refugees are boosting business. The Group also achieved
some commercial successes in the United States and Belgium. This
resulted in an increase in leasing revenue of 6.8% to €53.7
million, with higher utilisation rates and leasing prices.
Equipment sales rose strongly to reach €29.1 million (+51.7%).
River Barges: The effect of
the sale of river barges in the first 3 quarters of 2014 (€3.7
million) impacted the division's revenue which was down by 23.7% at
€11.8 million as of 30 September 2015, with leasing business
remaining stable. In Europe, the average utilisation rate is close
to 94%. Business in South America is more challenging due to the
region's declining economic activity.
Freight Railcars: The effect
of the sale of freight railcars in the United States in 2014
impacted the total revenue on 30 September 2015, which stood at
€26.1 million (-30.3%). Leasing revenue fell to €24 million, taking
into consideration the drop in leasing income due to the sale of
railcars in 2014. Leasing activity in Europe increased with a rise
in the utilisation rate since the beginning of the year.
OUTLOOK
Shipping Containers: We are
expecting relatively similar market conditions to those at present,
with a low purchase price for new containers due to the drop of
steel price. Since TOUAX as manager currently owns a limited fleet,
this price drop will not have a significant impact on the Group's
accounts. Currently, the forecast for global growth in container
shipping remains positive and stands at 3.7% in 2015 and 5.5% in
2016. TOUAX focused on sales of used containers sales in the first
3 quarters of 2015. Investments in new containers should be higher
in 2016 due to the stabilization of the purchase price of new
containers at attractive levels. TOUAX investments are made with
its partner investors.
Modular Buildings: Market
prospects in Germany and Central Europe remain favourable with
expected positive impacts on the business accounts from 2016. The
recovery in 2015 is accompanied by significant module preparation
costs with a view to their leasing and sale, which weighs on the
EBITDA. We expect business below the break-even 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
-
22 February 2016:
2015 revenue
-
24 March 2016:
2015 results
-
24 March
2016:
Financial analyst presentation and conference call
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 - revenue for Q3
2015
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#1966537
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