TOUAX : Consolidated annual revenue at €363.5 million, up

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News Desk 2018

Feb 23, 2017 at 12:30 PM 114

TOUAX : Consolidated annual revenue at €363.5 million, up by 4.4%;Improvement in the Modular Buildings business (+16.6%); 16.9% increase in sales

PRESS RELEASE - Paris, 23 February 2017 - 6 p.m.

TOUAX

YOUR OPERATIONAL LEASING SOLUTION

2016 ANNUAL REVENUE

Consolidated annual revenue at €363.5 million, up by 4.4% Improvement in the Modular Buildings business (+16.6%) 16.9% increase in sales 2016 objectives confirmed for both positive operating profit and free cash

REVENUE ANALYSIS

Revenue by type (unaudited data, € thousands)	Q1 2016	Q2 2016	Q3 2016	Q4 2016	TOTAL	Q1 2015	Q2 2015	Q3 2015	Q4 2015	TOTAL
Leasing revenue (1)	53,380	53,987	55,086	57,041	219,494	55,420	55,938	56,749	56,867	224,975
Sales of equipment	34,273	29,822	30,594	49,361	144,050	12,808	43,371	20,537	46,549	123,265
Including sales to clients	24,357	26,120	24,792	36,640	111,909	12,708	21,499	20,509	35,402	90,118
Including sales to investors	9,916	3,702	5,802	12,720	32,141	100	21,872	28	11,147	33,147
Consolidated revenue	87,653	83,809	85 ;680	106,402	363,543	68,228	99,309	77,286	103,417	348,240

(1) Leasing revenue includes ancillary services.

Q4 2016 revenues grow by 2.9% with an important level of sales of modular buildings (+41%).

The consolidated revenue for the year 2016 increased by 4.4% to €363.5 million, driven in particular by a good momentum of the Modular Building and Freight railcar businesses. At constant exchange rates, revenues increased by 4.5% with low impact from exchange rates.

A detailed analysis shows leasing revenues of €219.5 million in 2016, slightly down (-2.4%). This decrease is explained mainly by a slowdown in the leasing activities of the Shipping container and River barge divisions which was not compensated by the other two businesses.

Equipment sales revenues increased by 16.9% to €144 million in 2016, driven by improved sales in the 4 divisions.

Revenue from sales to customers rose by 24.2%. In particular, TOUAX is developing its sales business of used containers and new modules, and is continuing to rationalise its fleet by selling used modular buildings in some supplementary countries.

Sales to investors are also growing with over 61,000 containers (20-foot equivalent) sold in 2016 compared to around 18,000 containers in 2015. However, only the sales margin is accounted for as commission in some cases in 2017 due to accounting standards and this therefore impacts revenue.

Analysis of the contribution of the 4 Group's divisions

Revenue by type (unaudited data, € thousands)	Q1 2016	Q2 2016	Q3 2016	Q4 2016	TOTAL	Q1 2015	Q2 2015	Q3 2015	Q4 2015	TOTAL
Leasing revenue (1)	23,828	23,132	23,986	25,647	96,594	26,567	26,601	25,702	25,541	104,411
Sales of equipment	19,429	13,725	16,970	16,166	66,290	5,614	30,826	9,073	20,671	66,184
Including sales to clients	9,513	10,023	11,168	11,762	42,466	5,114	8,954	9,045	11,558	35,072
Including sales to investors	9,916	3,702	5,802	4,403	23,824	100	21,872	28	9,113	31,113
Shipping containers	43,257	36,857	40,956	41,813	162,884	32,181	57,427	34,775	46,212	170,595
Leasing revenue (1)	17,451	18,996	18,581	18,150	73,177	17,544	17,583	18,606	18,776	72,509
Sales of equipment	13,751	13,756	13,552	24,342	65,401	6,903	12,246	9,933	17,310	46,392
Including sales to clients	13,751	13,756	13,552	24,342	65,401	6,903	12,246	9,933	17,310	46,392
Modular buildings	31,202	32,752	32,132	42,491	138,578	24,447	29,829	28,539	36,086	118,901
Leasing revenue (1)	3,090	2,768	3,281	3,707	12,846	3,846	3,661	4,272	4,261	16,041
Sales of equipment	918	17	18	71	1,024	19	19	19	341	399
Including sales to clients	918	17	18	71	1,024	19	19	19	341	399
River barges	4,008	2,785	3,299	3,778	13,870	3,865	3,681	4,292	4,602	16,440
Leasing revenue (1)	9,102	9,191	9,318	9,891	37,501	7,566	8,220	8,251	8,872	32,909
Sales of equipment	174	2 323	55	8,782	11,334	272	279	1,511	8,227	10,289
Including sales to clients	174	2 323	55	465	3,017	272	279	1511	6,193	8,255
Including sales to investors				8,317	8,317				2,034	2,034
Freight railcars	9,276	11,514	9,373	18,673	48,835	7,838	8,499	9,762	17,099	43,198
Miscellaneous and unallocated	(90)	(99)	(80)	(354)	(624)	(103)	(126)	(82)	(583)	(895)

Consolidated revenue	87,653	83,809	85,680	106,402	363,543	68,228	99,309	77,286	103,417	348,240

(1) Leasing revenue includes ancillary services.

Shipping containers : Revenue in the division fell by 4.5% to €162.9 million (-4.6% with a constant dollar exchange rate) due to a decrease in rental activity following a contraction in rental rates over 2016. Sales revenue was down due to the accounting method that only takes into account the margin of sales when the buying/selling transactions are concurrent. Sales of used containers to customers remain very strong with an increase of 21%. The utilisation rate increased from the 2^nd quarter of 2016 to reach 94% at end of December 2016 and continues to grow in 2017.

Modular Buildings : Revenue in the division increased by 16.6% to €138.6 million in 2016 (+17.3% at constant currency exchange rates). Leasing revenues increased slightly due to higher utilisation rates and rental rates combined with a rationalisation of the fleet. Equipment sales were very high particularly in Germany for new sales and in France for used sales. This results in a 41% increase for a total of €65.4 million on 31 December 2016.

River Barges : Revenue in the division totalled €13.9 million, down due to the lower activity on the Rhine while activity remained stable in the other basins. 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 in the Freight Railcars division rose by 13% to €48.9 million on 31 December 2016. This rise is explained by an increase in the fleet and improved utilisation rates in the rental business. During the last quarter, TOUAX achieved sales/syndication of materials for €8.9 million, explaining the increase in sales revenue of 10.2%.

The Group has continued its strategic review of assets and activities with the closure of its modular buildings business in Brazil and Central America, and of important sales of targeted non-leased assets.

TOUAX confirms the achievement of a positive operating profit and positive free cash for the year 2016.

OUTLOOK

Negative factors were reversed on the Shipping containers market with a significant increase in steel prices resulting in a de facto increase in leasing rates and prices of new and used containers. The current weakness of container production in China will generate a temporary shortage of equipment. The requirements for new equipment combined with global trade growth of about 3% should benefit the Shipping Containers business.

The Modular buildings business continues to have favourable activity in Germany and Eastern Europe, and 2016 marks the restart of the business in France with a positive balance of new equipment rental that is expected to continue in 2017, driven by the construction sites linked to the Grand Paris.

Demand for River barges varies depending on the country, with low demand in South America, but increasing requirements in Europe, particularly along the Seine.

The Freight Railcars leasing business in Europe continues to improve gradually enabling TOUAX to strengthen and develop third-party asset management.

The Group continues to implement a strategy of positive free cash, of stabilising its own assets and increasing its assets under management for third parties, enabling it to reduce its debt and improve its profitability.

UPCOMING DATES

29 March 2017: 2016 results
30 March 2017: Financial analyst presentation and conference call
15 May 2017: Q1 2017 revenue
21 June 2017: Shareholders meeting

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@touax.com

Tel: +33 (0)1 46 96 18 00

ACTIFIN

Ghislaine GASPARETTO

ggasparetto@actifin.fr

Tel: +33 (0)1 55 88 11 11

Attachments:

http://www.globenewswire.com/NewsRoom/Attachm...5b73972e37

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