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TOUAX : 2012 revenue: up 7% at €358 million


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2013-02-26 18:09:30 -

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Paris, 26 February 2013 - 6 p.m.




                                     TOUAX

                       YOUR OPERATIONAL LEASING SOLUTION


2012 revenue: up 7% at €358 million

The consolidated revenue for 2012 was 358 million Euros compared to 336 million
Euros for 2011, an increase of 7% (+1% at constant exchange rates and for a
comparable scope of consolidation).


 Revenue by
 type

 (Unaudited
 consolidated
 data, in
 thousands of     Q1 
Q3 Q4 Q1 Q2 Q3 euros) 2012 Q2 2012 2012 2012 TOTAL 2011 2011 2011 Q4 2011 TOTAL Leasing revenue (1) 51,349 55,973 57,682 54,030 219,034 51,621 54,364 55,613 59,821 221,419 Sales of equipment 31,783 48,130 15,474 43,565 138,952 13,708 30,406 13,565 56,716 114,395 --------------------------------------------------------------------------------------- Consolidated revenue 83,132 104,103 73,157 97,594 357,986 65,329 84,770 69,178 116,537 335,814 --------------------------------------------------------------------------------------- 1. Leasing revenue presented here includes ancillary services. Leasing revenue decreased by 1% to €219 million in 2012 compared with €221 million in 2011, but sales revenue increased by 21% to €139 million in 2012 compared with €114 million. The leasing revenue was affected by the discontinuation of river transportation and by a temporary drop in the utilisation rate of the modular buildings and railcars activities, caused by the weak European economy which was particularly pronounced in the second semester of 2012. However, this drop is limited to 1% due to the increase of the international leasing activities in the shipping containers. The increase in sales revenue by 21% corresponds to a rise of syndications of shipping containers to investors and sales of modular buildings and river barges. Sales of shipping containers increased due to the dynamism of their market in a context of growth in global flows. Sales of modular building and river barges corresponds to new market shares won in Europe and to the Group's new presence in Africa. Analysis of the contribution of the four Group divisions Revenue by division Unaudited consolidated data (in thousands of Q1 Q3 Q4 Q1 Q2 Q3 euros) 2012 Q2 2012 2012 2012 TOTAL 2011 2011 2011 Q4 2011 TOTAL Leasing revenue (1) 20,222 21,518 23,323 22,281 87,344 19,037 18,873 19,335 19,692 76,937 Sales of equipment 22,466 27,749 3,990 32,153 86,358 7,523 22,482 844 18,613 49,462 -------------------------------------------------------------------------- Shipping containers 42,688 49,268 27,312 54,434 173,702 26,560 41,355 20,179 38,305 126,399 --------------------------------------------------------------------------------------- Leasing revenue (1) 17,844 21,015 21,203 18,823 78,885 18,301 20,754 22,701 20,334 82,090 Sales of equipment 9,125 9,810 9,463 9,329 37,727 4,682 4,526 6,895 13,644 29,746 -------------------------------------------------------------------------- Modular buildings 26,969 30,825 30,666 28,152 116,611 22,983 25,282 29,595 33,976 111,836 --------------------------------------------------------------------------------------- Leasing revenue (1) 4,104 3,585 3,517 3,509 14,715 5,597 5,669 4,555 4,549 20,370 Sales of equipment 2 8,151 1,718 1,248 11,119 2 3,166   2 3,170 -------------------------------------------------------------------------- River barges 4,106 11,736 5,235 4,757 25,834 5,599 8,835 4,555 4,551 23,540 --------------------------------------------------------------------------------------- Leasing revenue (1) 9,158 9,826 9,614 9,279 37,877 8,686 9,067 9,022 15,163 41,938 Sales of equipment and misc. 210 2,450 330 971 3,962 1,501 230 5,827 24,543 32,101 -------------------------------------------------------------------------- Freight railcars 9,368 12,275 9,944 10,251 41,839 10,187 9,297 14,849 39,706 74,039 -------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Consolidated revenue 83,132 104,103 73,157 97,594 357,986 65,329 84,770 69,178 116,537 335,814 --------------------------------------------------------------------------------------- 1. Leasing revenue presented here includes ancillary services. The steady growth of emerging markets has continued to boost the Shipping Container market in 2012.  This activity has supported new investments. Revenue for the division increased by 37% (27% in constant dollars).  The container fleet increased by 14% compared to the end of December 2011, and the leasing revenue increased by €10.4 million in 2012. Leasing rates decreased slightly but the utilization rates remained high at 95%. Sales rose to €86 million compared with €49 million in 2011. The economic situation in Europe in 2012 had a negative impact on the market for Modular Buildings and the division's profitability. The leasing revenue fell be 4% (i.e. €3.2 million) while sales increased by 27% to €38 million in 2012. Further to the acquisition in July 2012 of the Moroccan leader for modular buildings, the first results of the division's establishment in Africa will be felt in 2013. Rail freight transport in Europe declined in 2012, negatively impacting the Freight Railcars leasing business and the division's profitability. Selective investments were made, but in view of the smaller volumes there were no sales to investors, resulting in a fall in sales of €23.6 million in Q4 2012. In the United States, business remained good with utilization rates that remain high. The River Barges business continues to deploy its new strategy. The discontinuation of the transport business frees assets which are put up for lease or sale. Consequently the leasing revenue, which includes transport revenue, fell by €6 million, but sales increased by €8 million.  The division's revenue increased by 10%. At the end of the year, the utilization rates were nearly 90%. 2012 marks a new momentum in the River Barges business with new investments in South America and the development of trade in river assets. Outlook Shipping Containers: The latest studies by Clarkson Research in January 2013 forecast growth in containerized traffic of 6.1% in 2013 and 6.8% in 2014, after a rise of 3.7% in 2012. The dynamism of the leasing business and sales of shipping containers should continue, in particular thanks to its geographic positioning (over 50% of its leasing revenues come from Asian customers). Modular Buildings: The division's current base with 95% of its activity in Europe makes it impossible to avoid the economic crisis there, and the profitability of the business will continue to be affected. To rise up to this challenging situation, in 2013 the Group launched an action plan which aims to strengthen its development and reduce its costs, particularly by:   ·       optimising factories to increase productivity and lower break even points to increase flexibility;   ·       rationalising the network of agencies to share resources and optimise operational costs;   ·       sales of second-hand equipment to improve utilisation rates;   ·       the launch of new "low cost" products and the development of new market segments to increase sales margins;   ·       creation of an "Eastern Europe" cluster to increase synergies and strengthen our development in this area to increase sales volumes. Touax is also continuing to develop internationally and the recent acquisition of the Moroccan leader in modular buildings has opened a strong growth potential in Africa, which will contribute over 10% of the department turnover in 2013. In 2013, the division will continue growing in emerging countries. Freight Railcars: Rail freight transport does not show any improvement in the short term in Europe and therefore the group does not expect any improvement in profitability in 2013. Faced with this situation, the following measures will be implemented:   ·       slowing down of investments in Europe by being highly selective of new investments,   ·       optimising management and maintenance costs in partnership with rail workshops,   ·       tailored marketing strategy that gives priority to re-leasing existing equipment,   ·       development of a new range of services focusing on leasing (sale & lease back, technical management of fleets belonging to end users, trade of new and second-hand railcars). The manufacturing of new railcars will be far below the structural replacement threshold for the fifth consecutive year in Europe. We therefore expect a recovery of the market and demand for rail equipment in Europe as from 2014. The division has continued to diversify geographically, by setting up business in Asia, with very promising forecasts. 2013 should be marked by the first investment in this area, which will be the subject of specific announcements. The Group also intends to profit from the recovery of the American economy by starting new investments in railcars through CFCL-Touax our U.S. rail joint- venture. River Barges: The new positioning of the business will result in the development of the leasing business in Europe and South America, and the development of new services, including trade in river assets in Europe, South America and Africa. The Group's EBITDA after distribution to investors (as defined in the reference document), is forecast (before audit) to rise by 7%, nearing 62 million € in 2012, and the net group share result is approximately 9 million €, dropping compared to 2011 (13 million €). The Group expects an activity in Europe still weak in 2013 and an improvement from 2014. Fabrice and Raphaël Walewski, the managers of TOUAX have added: "despite the weak European economy, the Group is still making a profit. We are actively working towards recovery in this area as forecasts show an improvement in 2014, and we are continuing our international growth strategy by diversifying in the emerging Asian, South American and African economies." TOUAX distributed an interim dividend, similar as the previous year, of €0.50 per share on 11 January 2013. Upcoming dates:    -    27 March 2013: FY 2012 annual income    -    2 April 2013: presentation to the financial analysts    -    11 June 2013: Shareholders' general meeting (Hotel Pullman - La Défense) The TOUAX Group provides its operational leasing services to a global customer base, both for its own account and on behalf of investors. TOUAX is the European leader in shipping containers and river barges, and no. 2 in modular buildings and freight railcars (intermodal railcars). TOUAX is well positioned to take advantage of the rapid growth in corporate outsourcing of nonstrategic assets and offers efficient and flexible leasing solutions to more than 5,000 customers daily. TOUAX is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and in the CAC® Small and CAC® Mid & Small indexes and in the SRD Long only. 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 - 2012 revenue: hugin.info/143600/R/1681212/549533.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: TOUAX via Thomson Reuters ONE [HUG#1681212]


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