TOUAX : Consolidated revenue of ?237.3m at September 30, 2013; Consolidated revenue for Q3 2013: +5%
(Thomson Reuters ONE) -
PRESS RELEASE
Paris, November 13, 2013 - 7:00 am
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
Consolidated revenue of ?237.3m at September 30, 2013
Consolidated revenue for Q3 2013: +5%
Fabrice and Raphaël WALEWSKI, Managing Partners of TOUAX, commented that
"revenue is in line with our expectations. Development of the international
shipping containers and river barges businesses, as well as third party asset
management, increased revenues by 5% during the 3(rd) quarter compared with the
same period last year. On the other hand, the weakness of the economic situation
in Europe continues to affect the modular buildings and freight railcar
businesses. As a result, the Group has taken measures to adapt to current
demand, which is temporarily affecting the modular buildings business."
ANALYSIS OF REVENUE
Revenue by
type
(Consolidated
and non
audited data,
in thousands
of euros) Q1 2013 Q2 2013 Q3 2013 TOTAL Q1 2012 Q2 2012 Q3 2012 TOTAL
Leasing
revenue (1) 51,407 53,042 51,657 156,106 51,349 55,973 57,682 165,004
Sales of
equipment 8,251 47,555 25,353 81,158 31,783 48,130 15,474 95,388
-------------------------------------------------------------------------------
Consolidated
revenue 59,658 100,597 77,010 237,264 83,132 104,103 73,157 260,392
-------------------------------------------------------------------------------
(1) Leasing revenue presented here includes ancillary services.
Consolidated revenue in Q3 2013 amounted to ?77 million, compared with ?73.2
million in Q3 2012, i.e. a rise of 5.3% resulting mainly from the shipping
containers and river barges leasing businesses, as well as from syndication
agreements with investors during the period.
On an cumulative basis, consolidated revenue at September 30, 2013 amounted to
?237.3 million and decreased 8.9% compared with the first three quarters of
2012 (?260.4 million). On a constant currency basis and excluding changes in the
consolidation perimeter, the accumulated consolidated revenue at September
30, 2013 fell by 9.4%.
Accumulated revenue at September 30, 2013 was down 5.4% for leasing businesses,
and 14.9% for sales businesses.
Contribution of the Group's four divisions
Revenue by
division
(Consolidated
and non
audited data,
in thousands
of euros) Q1 2013 Q2 2013 Q3 2013 TOTAL Q1 2012 Q2 2012 Q3 2012 TOTAL
Leasing
revenue (1) 21,786 21,559 21,797 65,142 20,222 21,518 23,323 65,063
Sales of
equipment 2,851 33,968 16,426 53,245 22,466 27,749 3,990 54,205
----------------------------------------------------------------
Shipping
containers 24,637 55,526 38,224 118,387 42,688 49,268 27,312 119,268
-------------------------------------------------------------------------------
Leasing
revenue (1) 17,094 19,180 17,347 53,621 17,844 21,014 21,203 60,062
Sales of
equipment 5,108 8,710 5,303 19,121 9,125 9,810 9,463 28,397
----------------------------------------------------------------
Modular
buildings 22,202 27,890 22,650 72,742 26,969 30,825 30,666 88,459
-------------------------------------------------------------------------------
Leasing
revenue (1) 3,977 3,600 4,054 11,630 4,104 3,585 3,517 11,206
Sales of
equipment 59 4,692 3,459 8,210 2 8,151 1,718 9,871
----------------------------------------------------------------
River barges 4,036 8,292 7,513 19,840 4,106 11,736 5,235 21,077
-------------------------------------------------------------------------------
Leasing
revenue (1) 8,542 8,661 8,521 25,723 9,158 9,826 9,614 28,598
Sales of
equipment and
misc. 241 228 102 572 210 2,450 330 2,990
----------------------------------------------------------------
Railcars 8,783 8,889 8,623 26,295 9,368 12,275 9,944 31,588
----------------------------------------------------------------
-------------------------------------------------------------------------------
Consolidated
revenue 59,658 100,597 77,010 237,264 83,132 104,103 73,157 260,392
-------------------------------------------------------------------------------
(1) Leasing revenue presented here includes ancillary services.
Shipping Containers: The revenue of the shipping containers division amounted to
?118.4 million at September 30, 2013, down slightly by 0.7% due to an
unfavourable currency effect (+2% in constant dollars). Leasing revenues were
stable at ?65.1 million, up 3% in constant dollars. The utilization rate was
down slightly at 93%. Sales of containers were dynamic, with syndications and
sales of used containers totalling ?53.2 million compared with sales of ?54.2
million at September 30, 2012.
Modular Buildings: The division's revenue amounted to ?72.7 million (-17.8%).
Excluding changes in the exchange rate and consolidation perimeter, revenue fell
by 23.3%. Overall, the leasing business was down by 10.7%, penalized by the
economic situation in Europe which remains sluggish, with utilization rates and
daily prices generally down compared with the end of September 2012. Equipment
sales were down by 32.7% at ?19.1 million at the end of September 2013, in view
of the group's desire to refocus on less complex and more profitable sales. On
the other hand, sales in Africa are dynamic and already represent 34% of the
division's sales revenue.
River Barges: Leasing revenues increased by 3.8% to ?11.6 million, due to the
entry into service of new barges in South America and notwithstanding sales of
barges in the USA. Revenue outside Europe represented 41% of the division's
revenue at the end of September 2013. Revenue in the thirdquarter showed an
overall increase of 43.5%.
Freight Railcars: The division's revenue was down 16.8% at ?26.3 million,
compared with September 30, 2012, but has remained stable since the start of the
year. Leasing revenues fell mainly due to a reduction in the fleet of about 10%
at the start of the year when a customer exercised an option to purchase. Sales
correspond to used equipment, and there were no syndications.
OUTLOOK
Shipping Containers: Forecasts for growth in container transport amount to 5% in
2013 and 6% in 2014 according to Clarkson Research (October 2013). Demand for
new containers should therefore remain high in 2014. Stocks of containers in
China, which had increased in the firsthalf of the year leading to a decline in
leasing prices, began to drop significantly in the thirdquarter, which is
favourable for business. In addition, shipping companies continue to focus on
their core business and are outsourcing their container fleets, enabling the
Group to take advantage of investment opportunities and offer them to investors.
Modular Buildings: The Group does not anticipate an improvement in its results
in Europe in the short term, and has taken steps to adapt to demand (closing
agencies, discontinuing production in France, cost reduction plans) which will
affect profitability in the short term. In the French market, the Group is
refocusing on less complex sales projects and will continue to offer modular
solutions with its managed fleet. Moreover, TOUAX has noted a recovery in
business in certain countries since the summer of 2013, in particular in Poland.
The Group's foothold in Africa makes it possible to reduce its exposure in
Europe thanks to the development of export sales. TOUAX confirms its target of
achieving 10% of the division's revenue in Africa in 2013.
River Barges: The leasing business continues to develop in South America where
TOUAX is the market leader for river barge leasing. The business in Europe is
continually improving.
Freight Railcars: The Group does not expect any improvement or decline in this
business in Europe in the short term. Nevertheless it has recently achieved
commercial successes and continues to develop its international leasing offers.
NEXT ANNOUNCEMENTS
* February 13, 2014 : 2013 revenues
* March 27, 2014: 2013 annual 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 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(at)touax.com
Tel: +33 (0)1 46 96 18 00
ACTIFIN
Ghislaine Gasparetto
ggasparetto(at)actifin.fr
Tel: +33 (0)1 55 88 11 11
Touax - revenue Q3 2013:
http://hugin.info/143600/R/1742582/585891.pdf
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Source: TOUAX via Thomson Reuters ONE
[HUG#1742582]
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Datum: 13.11.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 315745
Anzahl Zeichen: 11044
contact information:
Town:
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Kategorie:
Business News
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