26.03.2007 18:46:00 CET
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PRESS RELEASE
Paris, 26 March 2007, 6.00pm
TOUAX: 2006 net attributable income exceeds forecasts with a 76% increase compared to 2005
| Consolidated figures (in millions of euros - under IFRS - currently being audited) | 31 December 2006 | 31 December 2005 |
| Revenues | 253.1 | 222.0 |
| Shipping containers | 120.2 | 114.9 |
| Modular buildings | 53.0 | 45.3 |
| River barges | 30.7 | 31.0 |
| Railcars | 49.2 | 30.8 |
| Gross operating margin - EBITDA (1) | 78.4 | 62.8 |
| Operating income before distribution to investors | 69.9 | 55.3 |
| Operating income after distribution to investors (2) | 15.2 | 8.6 |
| Current income before tax | 10.6 | 6.0 |
| Net attributable income | 7.2 | 4.1 |
| Net earnings per share (€) | 1.86 | 1.40 |
| Total non-current assets | 143.2 | 122.5 |
| Total assets | 261.8 | 206.3 |
| Shareholders' equity | 60.5 | 56.2 |
| Net bank borrowing | 85.0 | 65.4 |
(1) The EBITDA (earnings before interest, taxes, depreciation and amortization) calculated by the Group corresponds to the operating income as defined by the CNC plus amortization and depreciation charges and transfers to provisions in respect of fixed assets.
(2) The operating income after distribution to investors corresponds to the operating income as defined by the CNC.
The Touax Group is pursuing its growth in the operational leasing of shipping containers, modular buildings, river barges and freight railcars, supported by a trend towards outsourcing among its customers. Consolidated revenues amounted to €253.1 million as at 31 December 2006, representing an increase of 14.0%, and net attributable income amounted to €7.2 million, an increase of 76.3%. The Group, which is firmly focused internationally (90% of its revenues are generated outside France), is benefiting from the performance of international trade (+9.7% in 2006 - source World Bank) and from the structural growth in its businesses.
The shipping container leasing business recorded a rise in revenues (+5%) resulting from an increase in the size of the fleet, which comprises almost 370,000 TEU (twenty-foot equivalent container units). It continues to benefit from the increase in global trade, particularly with China. The utilization rates was as in 2005 stable at 95.2%.
The modular buildings business returned to growth, with new investments in Europe and the United States. The managed fleet grew 11%, with around 25,000 units, enabling revenues to advance 17%. TOUAX continues to develop its business with industrial companies, local authorities and the construction and public works sector.
The river barges business benefited from sustained activity on the Mississippi and continues to improve its profitability following the disposal of a non-strategic business.
The liberalization of rail freight in Europe is enabling the railcar leasing business to accelerate its growth with numerous new investments. The Group had 4,191 railcars under management at the end of 2006, an increase of over 35% compared to 2005.
The prospects for the global economy in 2007 are favorable for the Group's businesses. The recent €40.4 million issue of bonds with redeemable stock warrants (March 2007) will enable the Group to increase its owned assets and finance its growth. These investments will have an accretive effect, with a significant rise in net income expected in 2007. The 2007 targets will be presented on 24 april 2007. The managing partners will propose at the next annual shaerholders meeting the distribtuion of 0.75 € per share (of which a payment of 0.35€ per share was made on January 5th, 2007).
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TOUAX is listed on Euronext Paris (Eurolist Compartment C - ISIN code FR0000033003) and is part of the Next Prime quality segment of EURONEXT.
Contacts:
TOUAX Fabrice WALEWSKI / Raphaël WALEWSKI Managers touax@touax.com Tel: 01 46 96 18 00 www.touax.com
ACTUS FINANCE Sébastien BERRET sberret@actus.fr Tel: 01 53 67 36 52