10.09.2007 18:00:00 CET
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PRESS RELEASE Paris, 11 September 2007 - 6pm
YOUR OPERATIONAL LEASING SOLUTION
First-half results exceed forecasts: Net attributable income rise +55 %
| IFRS consolidated figures (in millions of euros) | 30 June 2007 | 30 June 2006 | 31 December 2006 |
| Operating revenues | 130,9 | 122,9 | 253,1 |
| Shipping containers | 68,3 | 50,7 | 120,3 |
| Modular buildings | 28,6 | 22,7 | 52,9 |
| River barges | 10,7 | 17,8 | 30,7 |
| Railcars | 23,3 | 31,7 | 49,2 |
| Intersegment and miscellaneous | |||
| Gross operating margin - EBITDA (1) | 44,0 | 37,0 | 78,4 |
| Operating income | 10,0 | 7,2 | 15,2 |
| Pre-tax underlying earnings | 6,7 | 5,0 | 10,6 |
| Net attributable income | 5,2 | 3,3 | 7,2 |
| Net earnings per share in euros | 1,33 | 0,87 | 1,40 |
| Total non-current assets | 165,4 | 128,3 | 143,2 |
| Total assets | 309,2 | 257,4 | 261,8 |
| Shareholders' equity | 62,7 | 57,5 | 60,5 |
| Net bank borrowing | 133,1 | 61,4 | 85,0 |
| Debt without recourse | 30,6 | 23,4 | 14,3 |
| Net indebtedness excluding debt without recourse | 102,5 | 38,0 | 70,7 |
(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.
The Group reaffirmed its growth strategy by completing investments worth over €90 million in the first half of 2007, both for its own account and on behalf of third parties. This development is based on the purchasing and leasing of new equipment in its four business segments and is underpinned by structural market growth. The new investment provides a significant improvement in the Group's operating margin (+62.8%), as a result of the increase in its wholly owned leasing fleet and the economies of scale achieved.
The Shipping Containers division is being driven by the globalization of trade. The Group's fleet amounted to 400,000 TEU (twenty-foot equivalent container units) at the end of June 2007. This increase (22%) was accompanied by the signing of operational leasing contracts with the main global shipping lines in the first half of 2007, leading to an increase of 29% in leasing revenues.
The Modular Buildings division is being sustained by the need for flexibility among its customers. Since the beginning of 2007, the Group has signed significant contracts with large industrial groups, local authorities and major players in the construction industry, contributing to a 26% increase in its revenues.
The River Barges division is benefiting from the ageing of fleets in the European market. To meet the demand for modernization, the TOUAX Group has placed orders for 22 barges in China for the Rhine and Danube basins and for 12 barges in South America for the Parana-Paraguay Basin.
The Railcars division, buoyed by the liberalization of rail freight in Europe, signed a major contract with Deutsche Bahn in the first half of 2007 for the supply of 915 railcars, representing an investment of €50 million. The Group's fleet exceeded 4,500 railcars at the end of June 2007, and outstanding orders exceeded 3,000 railcars. These new investments contributed to a 23% increase in leasing revenues.
The financing strategy is to optimize the TOUAX Group's debt capacity through the use of recourse and non recourse financing. This enables Touax to increase its financing possibilities and its income without increasing the risk for the shareholder.
The good results up to the end of June 2007 (55% increase in net attributable income) enable the group to maintain its forecasts: the increase in net income for full-year 2007 will be at least 40%.
In view of the completion of new contracts and investments, 2008 presents a favorable outlook and will show a marked advance compared to 2007.
The specific targets for 2008 will be provided to the market in December 2007.
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The TOUAX Group provides operational leasing of shipping containers, modular buildings, river barges and freight railcars for a global customer base, both for its own account and on behalf of investors.
TOUAX is listed on NYSE EURONEXT Paris (Eurolist compartment C, Next Prime - TOUP.FP / ISIN FR0000033003) and is part of the Next Prime quality segment of NYSE EURONEXT.
Contacts:
Fabrice Walewski / Raphaël Walewski Managers touax@touax.com Tel: 01 46 96 18 00 www.touax.com
Sébastien Berret sberret@actus.fr Tel: 01 53 67 36 52