11.11.2005 18:00:00 CET

TOUAX : Consolidated revenues in the first nine months of 2005: €146.9 million (+19%)

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Paris, 11 November 2005

Consolidated revenues in the first nine months of 2005 amounted to E146.9 million, a rise of 19% compared to the end of September 2004. On a like-for-like basis and at a constant dollar exchange rate, revenues rose 21%. Revenues for the third quarter alone amounted to E44.9 million, a rise of 22.7% compared to the third quarter of 2004 (E36.6 million).

The shipping containers business continued to grow in the third quarter of 2005, with an accumulated rise of 22% in spite of lower demand for new equipment from China. The utilization rate remains above 95%. Accumulated leasing revenues grew 17% and accumulated sales of equipment rose 27% as at 30 September 2005 compared to the first nine months of 2004. In the third quarter of 2005 alone, the shipping containers business grew 27% compared to the third quarter of 2004.

The modular buildings business confirmed its growth with an accumulated rise of 17% in the first nine months of 2005. Revenues in the third quarter of 2005 alone rose 23%. The increase in the modular buildings business was due to growth in long-term contracts with local and regional authorities and industrial operators.

The river barges business is stable. It has remained buoyant in Eastern Europe (Danube) and in the United States (Mississippi) in spite of Hurricane Katrina. It remains average in Western Europe (Rhine). The river barges business is benefiting from economic and ecological interest in an environment in which sustainable development is becoming a major challenge for industrial operators.

The railcars business recorded a rise of 80% as at 30 September 2005. In the third quarter alone, the railcars business grew 15%. As a result of deregulation of European rail transport, new investments are bearing fruit and sales of railcars are growing rapidly.

Operational leasing across four business segments once again enabled the Group to maintain steady organic growth in the third quarter of 2005, sustained by a trend towards outsourcing and subcontracting among its customers. The revenue growth achieved in the third quarter of 2005 bears out the development policy pursued by Touax. By implementing this policy, the Group intends to deliver additional growth potential for its shareholders.

To support this growth, the group has initiated a capital increase totaling E25 million. The prospectus describing this operation (AMF authorization no. 05-747 of 28 October 2005) can be obtained from the website of the Autorité des Marchés Financiers (www.amf-france.org) and from Touax (www.touax.com). The proceeds of the capital increase will enable the Group to purchase 49% of the shares of TOUAX Rail Ltd held by Almafin, at a price of E8.1 million. The balance will be used to invest in owned equipment. This capital increase is fully in line with the Group's strategy of developing its market capitalization, providing improved liquidity, enhancing the value of the stock and pursuing a policy of regular dividend distribution.

TOUAX is listed in Paris on EURONEXT - Eurolist Compartment C (ISIN code FR0000033003) and is part of the Next Prime quality segment of EURONEXT.

Contacts:

TOUAX

Fabrice WALEWSKI / Raphaël WALEWSKI

touax@touax.com

ACTUS FINANCE

Sébastien BERRET

sberret@actus.fr