2012-02-14 18:02:13 -
PRESS RELEASE Paris, 14 February 2012 - 6
p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
Strong growth in the 4(th) quarter: +30%
Higher than targeted increase in revenue 2011: +11%
· Strong progression in sales in 2011: +21%
· Increase in the leasing business: +7%
TOUAX: 2011 revenue of €336 million
Fabrice and Raphaël WALEWSKI, Managing Partners, are pleased "with the growth in
revenue in 2011 and in particular the very high level of business in the final
quarter, making it possible to achieve a higher than targeted increase of 11%.
In spite of the difficult economic situation in some European countries, TOUAX
was able to take advantage of very good diversification in a global market. The
utilization rate and daily rates increased encouragingly with a slow positive
effect for our businesses in 2012".
Revenue by
type
(Unaudited
consolidated
data, in
thousands of Q1 Q2 Q3 Q1 Q2 Q3 Q4
euros) 2011 2011 2011 Q4 2011 TOTAL 2010 2010 2010 2010 TOTAL
Leasing 59,821 52,976
revenue (1) 51,621 54,364 55,613 221,419 47,241 52,162 55,408 207,787
Sales of 56,716 36,683
equipment 13,708 30,406 13,565 114,395 13,610 31,830 12,483 94,606
-------------------------------------------------------------------------------------
Consolidated 116,537 89,659
revenue 65,329 84,770 69,178 335,814 60,851 83,992 67,891 302,393
-------------------------------------------------------------------------------------
(1) Leasing revenue presented here includes ancillary services and river
transport services.
Consolidated revenue in 2011 amounted to €335.8 million compared with €302.4
million in 2010, i.e. an increase of 11.1% (+13.4% on a constant currency
basis).
This rise was the result of an increase in syndication (sales of equipment to
investors) in particular in Q4 by the Railcars division, as well as an increase
in sales of modular buildings and river barges.
TOUAX's leasing businesses continued to grow thanks to effective management of
its rental fleet. Leasing revenue, which includes revenue from leasing and
services associated with leasing (transport, maintenance etc.), was up by 6.6%
in 2011 (8.7% on a constant currency basis).
The acceleration in growth in revenue in Q4 (+30% compared with the same period
in 2010) was mainly due to two syndications finalized in December.
In view of these results, the Group distributed an interim dividend of €0.50 per
share on 10 January, identical to the previous year.
Analysis of the contribution of the four Group divisions
Revenue by
division
Unaudited
consolidated
data (in
thousands of Q1 Q2 Q3 Q1 Q2 Q3 Q4
euros) 2011 2011 2011 Q4 2011 TOTAL 2010 2010 2010 2010 TOTAL
Leasing 19,692 19,510
revenue (1) 19,037 18,873 19,335 76,937 17,697 20,158 20,880 78,245
Sales of 18,613 20,575
equipment 7,523 22,482 844 49,462 5,854 21,125 2,169 49,723
-------------------------------------------------------------------------
Shipping 38,305 40,085
containers 26,560 41,355 20,179 126,399 23,551 41,283 23,049 127,968
-------------------------------------------------------------------------------------
20,334 18,071
Leasing
revenue (1) 18,301 20,754 22,701 82,090 16,745 18,382 20,337 73,535
Sales of 13,644 6,592
equipment 4,682 4,526 6,895 29,746 4,216 3,075 9,090 22,973
-------------------------------------------------------------------------
Modular 33,976 24,662
buildings 22,983 25,282 29,595 111,836 20,962 21,457 29,427 96,508
-------------------------------------------------------------------------------------
Leasing 4,549 5,902
revenue (1) 5,597 5,669 4,555 20,370 4,530 5,312 5,434 21,178
Sales of 2 12
equipment 2 3,166 3,170 1,120 1,132
-------------------------------------------------------------------------
River barges 5,599 8,835 4,555 4,551 23,540 4,530 5,312 6,554 5,914 22,310
-------------------------------------------------------------------------------------
Leasing 15,163 9,439
revenue (1) 8,686 9,067 9,022 41,938 8,268 8,310 8,756 34,773
Sales of 24,543 9,560
equipment
and misc. 1,501 230 5,827 32,101 3,540 7,630 104 20,834
-------------------------------------------------------------------------
Freight
railcars
10,187 9,297 14,849 39,706 74,039 11,808 15,940 8,860 18,999 55,607
-------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Consolidated 116,537 89,659
revenue 65,329 84,770 69,178 335,814 60,851 83,992 67,891 302,393
-------------------------------------------------------------------------------------
(1) Leasing revenue presented here includes ancillary services and river
transport services.
Shipping Containers: the revenue of the Shipping Containers division fell
slightly by 1.2% due to the currency effect, but grew by 3.6 % in constant
dollars. There was high demand from shipping companies for containers throughout
the year, and the average utilization rate in 2011 was 97%. The daily rates
continued to rise in 2011. In constant dollars, sales of containers to investors
increased by 4.4% compared with 2010. The Group signed major syndication
agreements in Q1, Q2 and Q4.
Modular Buildings: the revenue of the Modular Buildings division was up 16%.
Growth was driven by an increase in sales of 29.5% in 2011 as a result of
TOUAX's expansion into new market segments in Europe, and the positioning that
TOUAX has maintained for several years. The leasing business (up 11.6%)
continued to grow on the whole compared with 2010 thanks to an increase in daily
rates and the utilization rate. The dynamism of the Central Europe zone as well
as Germany and France offset lower results in countries where market conditions
are more difficult. The division managed to conquer new markets in a difficult
European context, and continues to diversify its businesses, markets and
products.
River Barges: the revenue of the River Barges division was up 6%. The temporary
fall in leasing revenue was due to the gradual shutdown of the transport
business in favour of strategic refocusing of the division towards leasing. The
utilization rate of the Group's fleet is almost 90% at 31 December, the fleet
being leased to manufacturers or logistics groups. Demand for river barges is
strong in all basins where TOUAX is present. The Group achieved sales of
equipment totalling €3.2 million compared with €1.1 million in 2010.
Railcars: the revenue of the Railcars division was up 33%. This increase was
mainly due to the rise in sales to investors in Q4 compared with 2010 when there
were fewer syndications. The increase in leasing revenues of 20.6% was due to
growth in the fleet in certain buoyant segments. However the tonnage transported
by rail in Europe has not regained its pre-crisis levels, which curbed the
increase in leasing revenues for the existing fleet in 2011.
2012 Outlook
Although it is moderate, the forecast for growth in world trade is 3.3% in 2012
(source: IMF, January 2012). In this context, thanks to the strength of its
economic model based on long-term contracts and diversified businesses, in
particular in emerging countries, TOUAX anticipates continued growth in 2012.
Shipping Containers: according to the latest forecasts by Clarkson Research
Services, (January 2012), growth in containerized transport is estimated at
7.7% in 2012 driven by growth in north-south traffic in particular to Africa
(+9.5%) and inter-Asia traffic (+9%). The Group therefore anticipates demand for
containers from shipping companies, growth in its rental fleet and syndications,
and utilization rates that should remain high.
Modular Buildings: The leasing and sales businesses should continue to grow in
most countries where the Group is present. TOUAX has developed new products
intended for sale in high-potential markets such as site facilities intended for
export etc. The division also intends to expand in emerging countries in order
to take advantage of development opportunities.
River Barges: in 2012 the Group will benefit from its conversion into a river
equipment leasing company in the basins where it is present. Demand for river
transport equipment remains high due to the increasing need for raw materials
and agricultural products, since barges are the most environment-friendly and
economical means of transport for certain types of products. To support its
growth, TOUAX will choose to invest in high-potential zones. The Group has
started to trade in river transport equipment, which is highly complementary to
its leasing business, and expects significant growth in its sales of barges in
2012.
Railcars: the Group has noted a recovery in the American rail market linked to
the energy and agricultural sector, and will increase its rental stock there.
Selective investments will be made in Europe according to demand. The Group is
also considering extending its businesses to other geographic zones.
More specific targets for 2012 will be given when the 2011 financial statements
are presented to financial analysts, on April 2, 2012.
Upcoming dates:
- 28 March 2012: FY 2011 annual income
- 2 April 2012: presentation to the financial analysts
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
Jean-Yves Barbara
jybarbara@actifin.fr
Tel: +33 (0)1 55 88 11 11
CA2011 eng:
hugin.info/143600/R/1585572/496467.pdf
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Source: TOUAX via Thomson Reuters ONE
[HUG#1585572]
