TOUAX : Increased consolidated revenues at ?171.5 million (+2.3%); EBITDA of ?21.9 million up by 44%; Positive operating income of ?3.9 million ; Half-yearly net result improved by 62%
(Thomson Reuters ONE) -
PRESS RELEASE - Paris, 31 August 2016 - 6 p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
REVENUE AND RESULTS FOR S1 2016
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* Increased consolidated revenues at ?171.5 million (+2.3%)
* EBITDA of ?21.9 million up by 44%
* Positive operating income of ?3.9 million
* Half-yearly net result of ?-4.4 million improved by 62%
* Confirmation of a positive operating income for 2016
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The consolidated accounts on 30 June 2016 were approved by the Management Board
on 30 August 2016 and submitted to the Supervisory Board. A limited inspection
of the financial statements was carried out by the statutory auditors. Their
report is being issued.
REVENUE ANALYSIS
Revenue by type TOTAL TOTAL
( ? thousands) Q1 2016 Q2 2016 S1 2016 Q1 2015 Q2 2015 S1 2015
Leasing revenue (1) 53,380 53,987 107,367 55,420 55,938 111,358
Sales of equipment 34,273 29,822 64,095 12,808 43,371 56,179
Including sales to clients 24,357 26,120 50,477 12 708 21 499 34 207
Including sales to investors 9,916 3,702 13,618 100 21 872 21 972
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Consolidated revenue 87,653 83,809 171,462 68,228 99,309 167,537
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(1) Leasing revenue includes ancillary services.
The consolidated revenue for the 1(st) half of 2016 increased by 2.3% to ?171.5
million mainly due to a rise in sales revenue. At constant exchange rates,
revenues increased by 2.8%, since the change in the dollar was slight.
Leasing revenues fell slightly to ?107.4 million due to lower activity in the
Shipping Containers division offset by the good performance of the Modular
Buildings and Freight Railcars divisions. The Group's leasing business during
the 1(st) half of 2016 confirms a recovery in Europe with both improved
utilisation rates in the Modular Buildings business and growth of Freight
Railcars business. The average utilisation rate of Shipping Containers fell
between the two first half-years of 2015 and 2016, but has been increasing again
from March 2016.
Equipment sales increased by 14% to ?64.1 million.
Sales to customers were up 48%, driven by strong performances in the 4
businesses. In particular, TOUAX is developing its sales business of used
containers and new modules, and is continuing to rationalize its fleet of used
modular buildings when in excess in some countries.
The number of containers sold to investors increased significantly with over
53,000 containers (20-foot equivalent) sold during the 1(st) half of 2016
compared to about 12,000 containers during the 1(st )half of 2015. However, this
increased volume is not recorded under revenues of which only the sales margin
is accounted in some cases, for in commission under IFRS standards.
Analysis of the contribution of the 4 Group's divisions
Revenue by division TOTAL TOTAL
(? thousands) Q1 2016 Q2 2016 S1 2016 Q1 2015 Q2 2015 S1 2015
Leasing revenue (1) 23,828 23,132 46,960 26,567 26,601 53,168
Sales of equipment 19,429 13,725 33,154 5,614 30,826 36,440
Including sales to clients 9,513 10,023 19,536 5 514 8 954 14 469
Including sales to investors 9,916 3,702 13,618 100 21 872 21 972
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Shipping containers 43,257 36,857 80,114 32,181 57,427 89,608
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Leasing revenue (1) 17,451 18,996 36,447 17,544 17,583 35,127
Sales of equipment 13,751 13,756 27,507 6,903 12,246 19,149
Including sales to clients 13,751 13,756 27,507 6 903 12 246 19 149
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Modular buildings 31,202 32,752 63,954 24,447 29,829 54,276
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Leasing revenue (1) 3,090 2,768 5,858 3,846 3,661 7,507
Sales of equipment 918 17 935 19 19 38
Including sales to clients 918 17 935 19 19 38
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River barges 4,008 2,785 6,793 3,865 3,680 7,545
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Leasing revenue (1) 9,102 9,191 18,293 7,566 8,220 15,786
Sales of equipment and misc. 178 2,334 2,512 272 301 573
Including sales to clients 178 2,334 2,512 272 301 573
Including sales to investors
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Freight railcars 9,280 11,525 20,805 7,838 8,521 16,359
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Miscellaneous and unallocated -94 -110 -204 -103 -148 -251
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Consolidated revenue 87,653 83,809 171,462 68,228 99,309 167,537
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(1) Leasing revenue includes ancillary services.
Shipping containers: Revenues for the River Barges division fell to ?80.1
million. The decrease in leasing activity is due to lower utilisation rates
during 2015. Since the beginning of 2016, the utilisation rate has increased
again to reach 90.2% on 31 July 2016. Despite higher equipment syndications,
more numerous in 2016, net sales revenue is falling due to the accounting method
that only takes into account the margin of sales when buying/selling
transactions are concomitant. Sales of used containers to customers remain very
strong with an increase of 35%.
Modular Buildings: Revenues in the Modular Buildings division increased by
17.8% to ?64 million compared to the 1(st )quarter of 2015. Leasing revenues
increased by 3.8% (?36.4 million) in most countries where we operate with quite
marked increases in value in the three main countries (Poland, France, Germany).
There has been an increase in utilisation rates and leasing prices. Sales of new
and used equipment remain high, confirming the recovery of the business, and
increased by 43.6% to reach ?27.5 million.
River barges: Revenues in the River Barges division stood at ?6.8 million, down
due to lower activity on the Rhine. The barge leasing activity remains steady
with an average utilisation rate of almost 92%. TOUAX has completed the
refocusing of its barge leasing business by realizing the sale of its last
pusher boat, with the Group now operating no more pusher boats or self-propelled
barges.
Freight railcars: Revenue for the Freight Railcars division increased by 27.2 %
to ?20.8 million. This increase is mainly explained by an increase in the fleet
and strong leasing activity during the 1(st) half of 2016 compared to 2015, with
growth of the business. TOUAX has also achieved sales of used railcars to the
value of ?2.5 million.
ANALYSIS OF HALF-YEAR RESULTS
Main figures
(in ? million - IFRS) 30/06/2016 30/06/2015 12/2015
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Revenue 171.5 167.5 348.2
including Shipping containers 80.1 89.6 170.6
Modular buildings 64 54.3 118.9
River barges 6.8 7.5 16.4
Freight railcars 20.8 16.4 43.2
Miscellaneous and unallocated -0.2 -0.3 -0.9
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Gross operating margin - EBITDAR (1) 51.5 46.9 96.7
EBITDA (2) 21.9 15.2 36.2
Operating income 3.9 -5.7 -13.1
Profit before tax -3.4 -13.2 -28.4
Consolidated net profit (loss) (Group's share) -4.4 -11.6 -24
Net earnings per share (?) -0.74 -1.96 -4.08
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Total non-current assets 512.4 547.8 523.8
Total assets 642.6 702.8 689.5
Total shareholders' equity 154.7 174.1 162.8
Net bank borrowing (3) 367.6 364.8 354.5
Operating cash flow -7.3 11.4 41.6
Loan to Value 63% 60% 61%
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(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 ?178.6 million in debt without recourse at 30 June 2016
EBITDA reached ?21.9 million, up by 44%. This recovery is due to the increase in
revenues and the decrease in preparation costs related to the re-leasing of
modular buildings.
Operating income is positive at ?3.9 million compared with -?5.7 million at end
of June 2015 in line with the ongoing recovery in the Modular Buildings
business.
The Group's net income share amounted to -?4.4 million, a significant
improvement of 62%.
At constant exchange rate, assets managed by the Group were slightly down
compared with end December 2015. The Group managed assets worth nearly ?1.8
billion, which it leases to over 5,000 customers. Owned assets represented 41%
of total assets managed.
FINANCIAL STRATEGY
The Group's free cash flow was negative at ?7.3 million with positive operating
cash of ?17.3 million but a net change in working capital of -?13.5 million
(temporary impact mainly related to payments early in the year for 2015) and net
investments of -?11.1 million (in particular for pre-financing assets in order
for their syndication to investors).
Over the full year, the Group continued to implement its strategy to increase
its operating cash flow with a stabilization of its own assets, a growth in its
assets under management for third parties and its improved utilisation rates,
and is therefore predicting positive free cash for the year 2016.
The Group's net bank debt is stable at ?367.6 million compared to ?364.8 million
at the end of June 2015. It is expected to fall in 2016. Bank ratios applicable
on 30 June 2016 have been respected.
In July 2016 the Group signed a first syndication of railcars to a Luxembourg
fund (SICAV-SIF) intended exclusively for investment in rental equipment, with
an expected closing this September.
In July 2016, the Group strengthened its equity by providing a capital increase
of ?11.2 million, underwritten by the Walewski family, historical shareholders
and institutional investors.
OUTLOOK
In our Shipping Containers business, we expect improved utilisation rates and
continuing positive demand supported by the growth prospects of global trade of
about 3%. Moreover, after a continuous decline in steel prices in 2015 that
impacted the price of shipping containers and leasing rates, since April 2016 we
have been seeing an increase that is able to positively impact the business.
The Modular Buildings business continues its recovery with a good performance in
Germany and Eastern Europe and the improved 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.
TOUAX confirms a positive operating income over the full year 2016.
UPCOMING DATES
* 1(st) September 2016: Financial analyst presentation and investors
conference call
* 14 November 2016: Q3 2016 revenue
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(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 - 2016 half-year income and result:
http://hugin.info/143600/R/2038761/759852.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2016 - 18:00 Uhr
Sprache: Deutsch
News-ID 492070
Anzahl Zeichen: 16215
contact information:
Town:
Paris-la-Défense
Kategorie:
Business News
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