TOUAX : 2014 revenue up 8.4% at ?378.7 million; Big increase in sales: +20.5 %; Leasing revenue stable
(Thomson Reuters ONE) -
PRESS RELEASE
Paris, 26 February 2015 - 6.00 p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
2014 revenue up 8.4% at ?378.7 million
Big increase in sales: +20.5 %
Leasing revenue stable
ANALYSIS OF THE REVENUE
Consolidated revenue in 2014 amounted to ?378.7 million compared with ?349.3
million in 2013, up by 8.4%. The average euro/dollar exchange rate remained
stable during the year and did not have any impact on revenue.
Revenue by type
(Unaudited
consolidated
data, in
thousands of
euros) Q1 2014 Q2 2014 Q3 2014 Q4 2014 TOTAL Q1 2013 Q2 2013 Q3 2013 Q4 2013 TOTAL
Leasing revenue
(1) 48,772 52,034 52,587 52,797 206,189 51,407 53,042 51,657 49,997 206,103
Sales of
equipment 23,984 42,565 46,089 59,864 172,502 8,251 47,555 25,353 62,001 143,160
-------------------------------------------------------------------------------------------------
Consolidated
revenue 72,756 94,599 98,676 112,660 378,691 59,658 100,597 77,010 111,998 349,262
-------------------------------------------------------------------------------------------------
(1) Leasing revenue includes ancillary services.
The leasing revenue was stable in 2014 at ?206 million compared with 2013.
Leasing revenue from the three transport divisions (shipping containers, river
barges and freight railcars) increased and offset the fall recorded in the
Modular Buildings division, still suffering from the weakness of the European
economy.
Sales revenue increased in 2014 by 20.5% to ?172.5 million compared with ?143
million in 2013. This increase is due to an increase in shipping container
syndication volumes driven by strong demand from investors and sales of railcars
in the USA which offset the drop in sales of modular buildings and river barges.
Analysis of the contributions of the Group's four divisions
Revenue by division
Unaudited
consolidated data
(in thousands of
euros) Q1 2014 Q2 2014 Q3 2014 Q4 2014 TOTAL Q1 2013 Q2 2013 Q3 2013 Q4 2013 TOTAL
Leasing revenue (1) 20,949 21,903 22,622 24,905 90,379 21,786 21,559 21,797 22,656 87,798
Sales of equipment 16,520 23,494 38,131 47,343 125,489 2,851 33,968 16,426 47,401 100,646
--------------------------------------------------------------------------------
Shipping containers 37,469 45,397 60,754 72,248 215,868 24,637 55,526 38,224 70,057 188,443
-----------------------------------------------------------------------------------------------------
Leasing revenue (1) 15,707 17,173 17,451 16,013 66,344 17,094 19,180 17,347 16,629 70,250
Sales of equipment 7,220 4,892 7,064 8,597 27,773 5,108 8,710 5,303 13,604 32,725
--------------------------------------------------------------------------------
Modular buildings 22,927 22,065 24,514 24,610 94,117 22,202 27,890 22,650 30,234 102,976
-----------------------------------------------------------------------------------------------------
Leasing revenue (1) 3,879 3,944 3,922 3,619 15,364 3,977 3,600 4,054 3,289 14,920
Sales of equipment 6 3,741 15 2,667 6,429 59 4,692 3,459 668 8,878
--------------------------------------------------------------------------------
River barges 3,885 7,685 3,937 6,287 21,794 4,036 8,292 7,513 3,957 23,797
-----------------------------------------------------------------------------------------------------
Leasing revenue (1) 8,261 9,037 8,618 8,334 34,250 8,542 8,661 8,521 8,350 34,074
Sales of equipment
and misc. 238 10,437 879 1,256 12,810 233 185 164 328 910
--------------------------------------------------------------------------------
Freight railcars 8,499 19,474 9,497 9,590 47,060 8,775 8,846 8,685 8,678 34,984
--------------------------------------------------------------------------------
Miscellaneous and
unallocated (24) (23) (26) (75) (148) 8 43 (62) (928) (999)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Consolidated revenue 72,756 94,599 98,676 112,660 378,691 59,658 100,597 77,010 111,998 349,262
-----------------------------------------------------------------------------------------------------
(1) Leasing revenue presented here includes ancillary services.
Shipping Containers: The revenue of the shipping containers division amounted to
?215.9 million, up 14.6% at the end of 2014 mainly thanks to an increase in the
fleet and in syndication volumes. Leasing revenue was up 3% at ?90.4 million.
The increase in the managed fleet made it possible to offset the drop in leasing
prices and the utilization rate, which was over 90% on average in 2014. The
resilience of the activity and the context of low interest rates made it
possible to increase syndication volumes, with third-party investors still
showing marked interest.
Modular Buildings: The division's revenue amounted to ?94 million, down 8.6%.
The leasing business, down 5.6% at ?66.3 million is still penalized by its
European exposure, affecting utilization rates and/or daily prices, in a context
of strong competition between leasing companies. The expiry of a certain number
of leases in Germany also had a negative impact on the leasing business. Sales
of equipment were also down at ?27.8 million, due to a decline in business in
Morocco. Business in Poland showed a marked recovery, anticipating the recovery
in Europe.
River Barges: The division's revenue amounted to ?21.8 million, down 8.4% due to
fewer sales of barges than in 2013. Leasing revenue continued to grow by 3% to
?15.4 million thanks to an average utilization rate in 2014 of nearly 95% and a
good level of business on the Rhine. Business is diversified in the main global
basins and revenue outside Europe represented 44% of the division's revenue at
the end of December 2014.
Freight Railcars: The division's revenue was up 34.5% at ?47 million, compared
with the end of December 2013. The leasing business continued to improve
slightly in Europe in 2014 but it is offset by the fall in revenue in the United
States due to sales of railcars. This resulted in an increase in sales. The
utilization rate of our railcars in Europe has continued to rise slowly but
continuously since the start of 2014.
2014 RESULTS
TOUAX continues to be affected by the low level of business in the modular
buildings sector, exposed to difficulties in the construction industry in
western Europe, but there was an improvement in operating income compared with
2013, in particular due to the recovery in certain countries including Poland.
The three other businesses of leasing and sales of transport equipment
(containers, railcars and barges) took advantage of better geographic
diversification, and showed positive operating income at 31 December 2014.
As a result, there was a positive operating income for the group as a whole, but
TOUAX expects a net loss for the fiscal year 2014, which begins to reverse
compared to 2013.
We are continuing to implement our strategy of increasing utilization rates,
selling non-leased and non-strategic assets, stabilising proprietary investments
and financing growth through investments on behalf of third parties. This
strategy had a positive impact on cash flow from operating activities (free cash
flow), which was up compared with 2014 with a level of indebtedness down.
OUTLOOK
Shipping Containers: Growth of 7% in 2015 and 2016 is forecast for container
transport according to Clarkson Research (January 2015). Demand for new
containers should therefore remain high in 2015, even if it continues to depend
on global economic growth, which was revised downwards by the International
Monetary Fund (+3.5% in 2015 and 3.7% in 2016). We do not expect a rise in
leasing prices in the short/medium term while dollar interest rates and the
price of steel remain low.
Modular Buildings: We are continuing to liquidate our excess equipment
capacities in Europe, in a market characterised by a slow recovery in the
construction industry, even if the situation is more favourable in eastern
Europe. Leasing of modular buildings should improve slowly due to the slight
recovery in activity in Europe but will continue to have a negative impact on
the Group's profitability in 2015. We expect business to remain below the break-
even point in 2015.
River Barges: In spite of high utilization rates at the start of the year, 2015
remains uncertain due to a significant decline in the raw and agricultural
materials sectors. Nevertheless, as market leader for barge leasing in South
America the Group remains confident that it will continue to develop in that
zone. Business improved in Europe, where the Group continued to adapt its fleet
to demand.
Freight Railcars: The European market has shown continuous signs of recovery for
several months, but we expect slow growth in the leasing business. Requirements
for freight railcars in Europe are increasingly marked by a growing need to
replace equipment following low investment for many years. In addition, the
Group continues to develop its international leasing offers.
UPCOMING DATES:
* 13 March 2015: FY 2014 annual income
* 13 March 2015: Presentation to the financial analysts
* 16 March 2015: Conference call
* 14 May 2015: Release of Q1 2015 revenue
* 11 June 2015: Shareholders' general meeting (Hotel Pullman - La Défense)
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 ?1.6 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 - 2014 revenues:
http://hugin.info/143600/R/1897793/673651.pdf
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Source: TOUAX via GlobeNewswire
[HUG#1897793]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 18:09 Uhr
Sprache: Deutsch
News-ID 374658
Anzahl Zeichen: 12488
contact information:
Town:
Paris-la-Défense
Kategorie:
Business News
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