PRESS RELEASE - Paris, 24 March 2016 - 5:40
p.m.
TOUAX
YOUR OPERATIONAL
LEASING SOLUTION
2015 RESULTS
-
2015 net results impacted by €16.1
million of non-recurring items primarily in the Modular Buildings
business, including €11.6 million of impairment of assets and €4.5m
of net expenses
-
Positive operating result for the transport
equipment leasing business (freight railcars, shipping containers,
river barges)
-
Positive operating cash flow at €41.6
million
-
Loan to value ratio improved from 63% to 61% in
2015
-
Forecast of a positive operating income in
2016
-
Net assets (group share excluding hybrid
capital) of €15.75 per share
|
Main figures
(in € million - IFRS) |
2015 |
2014 |
Variation
2015-2014 |
Revenue |
348.2 |
378.7 |
-8% |
including
Shipping containers |
170.6 |
215.9 |
-21% |
Modular buildings |
118.9 |
94.1 |
+26% |
River barges |
16.4 |
21.8 |
-25% |
Freight railcars |
43.2 |
47.0 |
-8% |
Miscellaneous and unallocated |
-0.9 |
-0.1 |
|
Gross
operating margin - EBITDAR (1) |
96.7 |
94.9 |
+1.8m€ |
EBITDA
(2) |
36.2 |
40.0 |
-3.8m€ |
EBITDA
restated for non-recurring items (*) |
39.9 |
38.0 |
+1.9m€ |
Operating
income |
-13.1 |
4.1 |
-17.2m€ |
Profit
before tax |
-28.4 |
-13.6 |
-14.8m€ |
Profit
before tax restated for non-recurring items (**) |
-12.3 |
-13.9 |
+1.6m€ |
Consolidated net profit (loss) (Group's share) |
-24 |
-12.9 |
-11m€ |
Net earnings per share (€) |
-4.08 |
-2.20 |
|
Total
non-current assets |
523.8 |
542.0 |
-18.2m€ |
Total
assets |
689.5 |
724.6 |
-35m€ |
Total
shareholders' equity |
162.8 |
184.7 |
-21.9m€ |
Net bank
borrowing (3) |
354.5 |
358.0 |
-3.5m€ |
Operating
cash flow |
41.6 |
57.1 |
-15.5m€ |
Loan to Value |
61% |
63% |
|
(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 €186.7 million in debt without recourse in 2015
(*) Non-recurring items included
in the EBITDA relate to €0.7 million of impairment for assets, €1.3
million of contingency provision, €1.6 million of additional costs
for asset preparation related to both re-leasing of modular assets
and rising utilisation rates and €2 million of extraordinary income
in 2014.
(**) Non-recurring items included in the current
before tax profit relate to €11.60 million of impairment for
assets, €1.3 million of contingency provision, €1.6 million of
additional costs for asset preparation related to both re-leasing
of modular assets and rising utilisation rates, €2.4 million of
exceptional refinancing costs reduced by €0.7 million for the "mark
to market" value accounting of the Redeemable Bonds issued in July
2015 and €2 million of extraordinary income reduced by €1.7 million
of impairment for assets in 2014
The consolidated accounts were approved by the
Managing Partners on 23 March 2015 and were submitted to the
Supervisory Board. They were audited by the statutory auditors. The
audit reports are in the process of being issued.
YEAR 2015
Consolidated revenue for the year 2015 reached
€348.2 million compared with €378.7 million in 2014. Despite an
increase in the Modular Buildings business, lower investor
syndications in the Shipping Containers business explain most of
this variation.
The Modular Buildings leasing and sales business
grew strongly in 2015 resulting in a significant increase in
utilisation rates but also generating additional preparation costs.
The leasing and sales business for transportation equipment
(containers, railcars and barges) posted a positive operating
result in 2015 which did not offset the loss of Modular Buildings
business.
In 2015, the Group recorded €11.6 million of
exceptional impairment, of which €10.8 million related to Modular
Buildings in order to accelerate the assets rationalization in
France and the United States.
The strategy to reduce the company's own
investments, the sale of non-strategic or non-leased assets and
financing growth through third party investors have created
positive operating cash flows that ensure the objective of reducing
the Group's net debt to be achieved.
The €1.8 million increase in the EBITDAR to reach
€96.7 million in 2015 is related to the growth in the Shipping
Containers business which is marked by the rising US dollar. The
EBITDAR reflects the performance of our business activities and all
the assets managed by the Group. Overall, the Group manages €1.8
billion of assets, 41% of which are owned by the Group. At constant
exchange rates, managed assets were stable.
The EBITDA decreased by €3.8 million, from €40
million in 2014 to €36.2 million in 2015. Restated for
non-recurring items (€0.7 million of impairment for assets, €1.3
million of contingency provision and €1.6 million of additional
costs for asset preparation linked to both re-leasing of modular
assets and rising utilisation rates in 2015 and €2 million of
extraordinary income in 2014), the EBITDA rose by €1.9 million to
€39.9 million, reflecting the Modular Buildings business
recovery.
Distributions to investors increased due to the
Euro-Dollar exchange rate effect.
Overall, operating income decreased by €17.2
million reaching -€13.1 million in 2015. This difference is mainly
explained by the year's exceptional impairment and expenses.
Restated for exceptional items in 2014 and 2015, operating income
was stable (€3.7 million in 2015 compared to €3.8 million in
2014).
Lower average net debt and interest rates have
reduced the weight of the Group's financial burden.
The current profit before tax amounted to -€28.4
million in 2015.
Restated for non-recurring items, the current
profit before tax increased in line with the recovery of the
Modular Buildings business. the non-recurring items
include 11.6 million of impairment for assets, €1.3 million of
contingency provision, €1.6 million of additional costs for asset
preparation related to both re-leasing of modular assets and rising
utilisation rates, €2.4 million of exceptional refinancing costs
reduced by €0.7 million for the "mark to
market" value accounting of the Redeemable Bonds issued in July
2015 and €2 million of extraordinary income reduced by €1.7 million
of impairment for assets in 2014.
Net loss attributable to the Group increased by
€11 million reaching -€24 million in 2015. The result is mainly
affected by the €16.1 million of non-recurring items detailed
above.
FINANCIAL STRATEGY
The Group's financial strategy aims to further
lower its debt in order to create shareholder value, while
improving its operating profitability to maximize free cash flow,
and financing its growth mainly through third party investors.
Net debt decreased slightly, since the Group
purchased €20 million of railcars in 2015 to be sold to investors
but still carried on the balance sheet at 31 December 2015. These
railcars will be sold in 2016.
The Group's net banking debt decreased by €3.5
million (-1%) to €354.5 million in 2015. The average rate of gross
financial debt on 31 December 2015 stood at 3.67% compared with
3.52% at the end of December 2014. Banking ratios were met.
TOUAX has successfully strengthened its financial
resources in 2015 by issuing €23 million of redeemable bonds and by
refinancing its Corporate syndicated loan of €67.5 million for a
period of 4 years.
The Group's free cash (cash flow from operating
activities after investments and changes in working capital) was
positive at €41.6 million at end of December 2015. At the next
Annual General Meeting, the Managing Partners will propose a
dividend of 25 cents per share.
OUTLOOK
We are seeing a stabilisation of steel prices to a
historical low level in the Shipping
Containers business, creating
opportunities for buyers. TOUAX envisages larger container
syndications in 2016 with its investment partners.
As regards the Modular
Buildings business, the strong performance of Germany and
Eastern Europe will have significant positive impacts on the
accounts due to both high demand in these countries and rising
utilisation rates already observed in 2015.
Demand for River Barges
differs according to the countries with an environment that will
largely remain difficult in South America.
The Freight Railcars leasing business in Europe is being
strengthened and Touax should benefit from economies of scale in an
improving market.
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
-
12 May 2016: Q1 2016 revenue
-
9 June 2016: Shareholders' general meeting
(Hotel Hilton La Défense)
-
31 August 2016: Half-year revenue and
results
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 - 2015 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#1997414
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