28.09.2005 18:18:00 CET
* { font-family: Arial, Verdana, Helvetica; font-size: 13px;} td { padding: 3px; } }
Paris, 28 September 2005
YOUR OPERATIONAL LEASING SOLUTION
The TOUAX Group is continuing its global development in the operational leasing of shipping containers, modular buildings, river barges and freight railcars, both for its own account and on behalf of investors.
| IFRS Consolidated figures (in millions of euros) | 30 juin 2005 | 30 juin 2004 | 31 décembre 2004 |
| Operating revenues | 102,1 | 86,8 | 180,6 |
| Shipping containers | 63,9 | 53,0 | 104,0 |
| Modular buildings | 20,3 | 17,8 | 37,1 |
| River barges | 13,2 | 14,2 | 29,1 |
| Railcars | 5,2 | 2,3 | 11,4 |
| Miscellaneous and intersegment | -0,6 | -0,5 | -1,0 |
| Gross operating margin - EBITDA (1) | 29,4 | 24,2 | 49,5 |
| Operating income before distribution to investors | 26,2 | 20,7 | 43,7 |
| Operating income after distribution to investors | 4,6 | 4,2 | 6,8 |
| Current income before tax | 3,5 | 1,8 | 3,1 |
| Net attributable income | 2,2 | 1,5 | 3,2 |
| Net attributable income per share | 0,77 | 0,53 | 1,12 |
| Total non-current assets | 93,4 | 102,0 | 92,2 |
| Total assets | 187,9 | 168,6 | 179,6 |
| Shareholders' equity | 35,9 | 35,2 | 34,0 |
| Net bank borrowing | 38,1 | 48,8 | 40,5 |
(1) The gross operating margin (EBITDA - earnings before interest, taxes, depreciation and amortization) calculated by the Group corresponds to operating income before net distributions to investors less amortization and depreciation charges and transfers to provisions in respect of non-current assets.
In spite of the rise in oil prices, the global economy is expected to continue to grow by 4% in 2005 according to the Managing Director of the International Monetary Fund. The Group, which is firmly focused on international operations (almost 90% of its revenues are generated outside France), is benefiting from this growth.
The shipping containers business is benefiting from the increase in global trade, which the World Bank estimates at 6.5% in 2005 (8.5% in 2004). In the first half of 2005, new leasing contracts were concluded, allowing an increase of almost 10% in the size of the shipping container fleet, taking the total under management to 280,000 TEU (twenty-foot equivalent container units). A temporary decrease in demand and rates of investment in new containers has been observed since the beginning of the second half of 2005, but the utilization rates of the existing fleet remain high at over 95%.
The modular buildings business has increased its investments to meet growing demand in the United States and Europe (Poland, Spain, Germany and France). Only the Benelux countries remain weak. The average utilization rate has again increased, to 77.5%, with a leasing fleet of 20,681 units in the first half of 2005, compared to 74% in 2004. TOUAX continues to position itself in long-term contracts with industrial companies and local authorities.
The river barges business has confirmed its improvement thanks to its repositioning in leasing and long-term contracts driven by the rise in commodities trade. Activity has increased in Eastern Europe (Danube) and the United States. Hurricane Katrina in September disrupted shipping on the Mississippi for several weeks, but the impact is not expected to be significant for the Group and activity is expected to remain buoyant due to price rises.
The railcars business is benefiting from the liberalization of rail transport in Europe and growing demand in the United States. The Group had 2,600 railcars under management as at 30 June 2005, a rise of 5% compared to December 2004. Touax expects its fleet under management to grow by over 30% in 2005.
The Touax Group is budgeting for over E100 million of investments in 2005 across its four businesses, an increase compared to 2004.
To cope with the sustained growth in its business, TOUAX is continuing to attract the resources necessary for its development from investors. This model enables the Group to achieve growth while limiting its borrowings. In addition to its E123 million of assets, TOUAX manages equipment worth E487 million on behalf of third parties under management programs. These programs offer investors attractive returns due to the intrinsic qualities of the investments: mobile and standardized equipment with low obsolescence and good value retention, long-term contracts and recurrent profitability.
In July 2005, the TOUAX parent company was converted into a partnership limited by shares. The group is now working on a capital increase of E25 million to finance its growth, which is scheduled for October 2005, as previously announced.
The outlook for full-year 2005 remains positive. The Group remains confident in the robustness of its long-term growth model, underpinned by the know-how of its workforce, its diversification, its ability to generate new leasing contracts and its capacity to attract investors. TOUAX confirms its targets, with a 5% rise in revenues and net income on a like-for-like basis compared to 2004, subject to the economic situation and the value of the US dollar.
TOUAX is listed on the Paris stock exchange (Eurolist compartment C - ISIN code FR0000033003) and is part of the Next Prime quality segment of EURONEXT.
Contacts:
TOUAX
Fabrice WALEWSKI / Raphaël WALEWSKI
Partners
touax@touax.com
Tel : 01 46 96 18 00
ACTUS FINANCE
Nicole ROFFÉ - Analyst/Investor Relations
nroffe@actus.fr
Sébastien BERRET - Press Relations
sberret@actus.fr
Tel : 01 53 67 36 52
Attachements to the press release is available on http://www.companynewsgroup.com