PRESS RELEASE - Paris, 22 February 2016
- 7.30 p.m.
TOUAX
YOUR OPERATIONAL
LEASING SOLUTION
2015 ANNUAL
REVENUE
-
Consolidated revenue at €348.2 million
-
Improvement of the Modular Buildings division
(+26.3 %)
-
Preparation costs and exceptional impairment 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 |
Q4 2015 |
TOTAL |
Q1 2014 |
Q2 2014 |
Q3 2014 |
Q4 2014 |
TOTAL |
Leasing revenue (1) |
55,420 |
55,916 |
56,771 |
56,867 |
224,975 |
48,772 |
52,034 |
52,587 |
52,797 |
206,189 |
Sales of equipment |
12,808 |
43,371 |
20,537 |
46,549 |
123,265 |
23,984 |
42,565 |
46,089 |
59,864 |
172,502 |
Including sales to clients |
|
|
|
|
90,118 |
|
|
|
|
66,545 |
Including sales to investors |
|
|
|
|
33,147 |
|
|
|
|
105,957 |
Consolidated revenue |
68,228 |
99,287 |
77,308 |
103,417 |
348,240 |
72,756 |
94,599 |
98,676 |
112,660 |
378,691 |
(1) Leasing revenue includes ancillary
services.
The consolidated revenue for the financial year
2015 amounts to €348.2 million, a decrease of 8% due to a decline
of syndications by investors in the Shipping Containers business.
At constant currency, the revenue is down by 16% because of the
fall in the euro against the dollar.
Excluding sales to investors who are more volatile
from one year to the next, the consolidated revenue increases by
16% in 2015.
The Modular Buildings business increases
significantly (+26.3%).
Leasing revenue has grown by 9% to €225 million
(stable at constant currency). The decrease in the revenue of
leasing activity of Shipping Containers is fully compensated by the
recovery of the leasing Modular Buildings in Europe.
The revenue of sales to clients increases
significantly by 35% due to the growth of sales of modular
buildings and of used Shipping Containers despite the lack of sales
of river barges. The sales of new and used modular buildings have
significantly increased in Europe and mark the recovery of the
Modular Buildings business as a whole.
The revenue of sales to investors decreased to €33
million. This decrease is explained by a reduced volume of
syndications of Shipping Containers to investors in 2015, who have
preferred to delay their investments in view of the decline of
steel.
Analysis of the contribution of
the 4 Group's divisions
Revenue by type
(unaudited data,
€ thousands) |
Q1 2015 |
Q2 2015 |
Q3 2015 |
Q4 2015 |
TOTAL |
Q1 2014 |
Q2 2014 |
Q3 2014 |
Q4 2014 |
TOTAL |
Leasing revenue (1) |
26,567 |
26,601 |
25,702 |
25,541 |
104,411 |
20,949 |
21,903 |
22,622 |
24,905 |
90,379 |
Sales of equipment |
5,614 |
30,826 |
9,073 |
20,671 |
66,184 |
16,520 |
23,494 |
38,131 |
47,343 |
125,488 |
Including sales to clients |
|
|
|
|
35,072 |
|
|
|
|
19,532 |
Including sales to investors |
|
|
|
|
31,113 |
|
|
|
|
105,957 |
Shipping containers |
32,181 |
57,427 |
34,775 |
46,212 |
170,595 |
37,469 |
45,397 |
60,754 |
72,248 |
215,867 |
Leasing revenue (1) |
17,544 |
17,583 |
18,606 |
18,776 |
72,509 |
15,707 |
17,173 |
17,451 |
16,013 |
66,344 |
Sales of equipment |
6,903 |
12,246 |
9,933 |
17,310 |
46,392 |
7,220 |
4,892 |
7,064 |
8,597 |
27,773 |
Including sales to clients |
|
|
|
|
46,392 |
|
|
|
|
27,773 |
Modular buildings |
24,447 |
29,829 |
28,539 |
36,086 |
118,901 |
22,927 |
22,065 |
24,514 |
24,610 |
94,117 |
Leasing revenue (1) |
3,846 |
3,661 |
4,272 |
4,261 |
16,041 |
3,879 |
3,944 |
3,922 |
3,619 |
15,364 |
Sales of equipment |
19 |
19 |
19 |
341 |
399 |
6 |
3 741 |
15 |
2,667 |
6,429 |
Including sales to clients |
|
|
|
|
399 |
|
|
|
|
6,429 |
River barges |
3,865 |
3,680 |
4,291 |
4,602 |
16,440 |
3,885 |
7,685 |
3,937 |
6,286 |
21,794 |
Leasing revenue (1) |
7,566 |
8,220 |
8,251 |
8,872 |
32,909 |
8,261 |
9,037 |
8,618 |
8,334 |
34,250 |
Sales of equipment |
272 |
279 |
1 511 |
8,227 |
10,289 |
238 |
10,437 |
879 |
1,256 |
12,810 |
Including sales to clients |
|
|
|
|
8,255 |
|
|
|
|
12,810 |
Including sales to investors |
|
|
|
|
2,034 |
|
|
|
|
|
Freight railcars |
7,838 |
8,499 |
9,762 |
17,099 |
43,198 |
8,499 |
19,474 |
9,497 |
9,590 |
47,060 |
Miscellaneous and unallocated |
(103) |
(149) |
(60) |
(583) |
(895) |
(24) |
(23) |
(26) |
(75) |
(148) |
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue |
68,228 |
99,287 |
77,308 |
103,417 |
348,240 |
72,756 |
94,599 |
98,676 |
112,659 |
378,691 |
(1) Leasing revenue includes ancillary
services.
Shipping Containers: The
revenue for 2015 for this division is down by 21% at
€171 million mainly resulting from a decrease of the
syndications compensated partially by leasing activity and used
containers sales. At constant dollar, the revenue fell by 34%. The
year 2015 was marked by a decline in the growth of global trade and
the price of raw materials. The drop in the steel price and
consequently in the purchase price of new containers has brought
about an erosion of both leasing rates and sale price of used
containers. Touax has prioritised the protection of its leasing
rates and adapted its fleet to the demand with a major increase in
second-hand sales. The leasing revenue stands out at
€104 million, a 16% rise, thanks to the appreciation of the
dollar but it is down by 4% at constant dollar. The average
utilization rate is close to 88%.
Modular buildings: The
revenue of the division increases by 26% to €119 million (+24%
at constant currency), confirming the trend observed since the
beginning of 2015. This recovery of activity is driven by strong
dynamism in construction in Germany, Poland and Czech Republic,
particularly with the temporary and permanent needs for
accommodation for refugees. Demand in Germany is far higher than
the whole of Eastern Europe's modular industry. There is
furthermore a turnaround of the business in countries where Touax
has a more limited presence and in which the Group has succeeded in
conquering market shares. This results in a rise in the leasing
revenue of 9% to €72.5 million due to both utilization rates
and leasing prices increases. In parallel, sales of new and used
equipment continue to grow strongly to achieve €46 million
(+67%).
River barges: The lack of
sales of second-hand barges during 2015 explains the fall in
revenue of the division by 25% to €16.4 million. However,
leasing activity is up by 4.4%, driven principally by Europe, and
reached €16 million in 2015. Due to the downturn of the
economic activity in South America, leasing activity has not
continued. The average utilization rate is nearly 95%.
Freight railcars: The 2015
revenue of the division reached €43 million (-8%). The drop in
leasing revenue resulting from sales of railcars in the United
States last year is partially compensated by a continuous
improvement in leasing activity in Europe, the commissioning of new
railcars built for the European and Asian market, as well as the
sale of used railcars in Europe.
2015 RESULTS
The 2015 financial year was adversely affected by
exceptional items. In certain countries, particularly France and
the United States, the rationalization of modular building fleets
has generated exceptional assets impairment. The sharp increase of
the utilization rates of modular buildings in other countries has
prompted a significant volume of modules preparation costs with a
view to their leasing, the rental income of these new contracts
being spread out until the end of the contracts, whereas the
accounting of these costs is immediate.
Consequently, the Modular Buildings business
remained under break-even point in 2015. The leasing and sale
business of transport equipment (containers, railcars and barges)
shows a positive current operational income at 31 December 2015.
The consistent profitability of the Group excluding exceptional
items is improving.
OUTLOOK
Shipping Containers: We
observe a halt to the drop of the steel price, which stabilised at
a low point, creating opportunities due to the weak purchase price
of the new containers. TOUAX envisages greater investments in new
containers in 2016 in association with its investors partners. The
recent concentration of the industry should benefit the Group with
the willingness of our clients to seek out alternative offers. The
growth of containerised traffics is expected to be positive in
2016, China's decrease being compensated by increases in South East
Asia, Europe and North America.
Modular Buildings: The
dynamism of the market observed in Germany and in Eastern Europe is
expected to continue in 2016 with positive impacts expected on the
business account. The sales orders of new modular buildings in
Europe registered at the beginning of the year are high.
River barges: We anticipate
difficult market conditions in South America, which is adversely
affected by the decrease in iron ore shipments, and we expect
stabilisation in Europe.
Freight railcars: Due to the
acquisition of an additional fleet of around 2,000 railcars, Touax
is diversifying its wagons fleet, reinforcing its position in
Germany and establishing in the United Kingdom. The European
intermodal railway transport market continues its steady increase
since 2014. The lack of investments for the past several years in
the sector created the need to replace the fleet of railcars, a
large part of which will be financed by the lessors.
The Group continues to implement a growth strategy
of its operating cash flows with a stabilisation of its own assets,
a growth of its assets under third-party asset management and
improved utilization rates. TOUAX anticipates a positive
operational income in 2016.
UPCOMING DATES
-
24 March 2016:
2015 results
-
24 March
2016:
Financial analyst presentation and conference call
-
12 May 2016 :
Q1 2016 revenue
-
9 June
2016 :
Shareholders meeting
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
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 - annual 2015
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#1988250
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