25.03.2008 18:00:00 CET
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THE TOUAX GROUP CONTINUES TO GROW, POSTING NET INCOME OF +63% IN 2007
Consolidated revenue rose 10% to €278.2 million as of 31 December 2007, with net attributable income up 63% at €11.7 million. With a strong international character (89% of its revenue is generated outside France), the Group is benefiting from excellent structural fundamentals and very good visibility (growth in global trade, deregulation of rail freight in Europe, need to renew the old rail and river equipment fleet, infrastructure needs in Eastern Europe and environmental awareness).
As European market leader in shipping containers and river barges and close to the top in modular buildings and freight railcars, TOUAX, which has been in business for some 150 years, is well positioned to take advantage of the rapid growth in corporate outsourcing of non-strategic assets by offering them speedy and flexible leasing solutions.
| Consolidated data (in € thousands - IFRS - in the process of being audited) | 31 December 2007 | 31 December 2006 |
| Revenue | 278,1 | 253.1 |
| Of which Shipping containers | 133,6 | 120.2 |
| Modular buildings | 65,4 | 53.0 |
| River barges | 20,9 | 30.7 |
| Railcars | 58,2 | 49.2 |
| Gross operating margin - EBITDA (1) | 96,2 | 78.4 |
| EBITDA after distribution to investors | 34.6 | 24.7 |
| Operating income before distribution to investors | 85 | 69.9 |
| Operating income after distribution to investors - Operating income (2) | 23,5 | 15.2 |
| Current income before tax | 14,3 | 10.6 |
| Net attributable income | 11,7 | 7.2 |
| Earnings per share (€) | 3,01 | 1.86 |
| Total non-current assets | 237.8 | 143.2 |
| Total assets | 377.9 | 261.8 |
| Shareholders' equity | 68.5 | 60.5 |
| Net bank borrowing (3) | 158.7 | 85.0 |
(1) The EBITDA (earnings before interest taxes depreciation and amortization) calculated by the Group corresponds to the operating income defined by the French Conseil National de la Comptabilité plus depreciation, amortization and provisions with regard to non-current assets. (2) Operating income after distribution to investors relates to operating income as defined by the CNC. (3) Includes €48.3 million in non-recourse debt.
All of the Group's four divisions contributed to the improved performance.
The global growth in inter-Asia flows and the opening up of emerging market economies to containerised transportation sustain global dynamism and play a role in increasing global trade, something that is positive for the Shipping containers division. By expanding its leasing fleet the division is responding to growing demand from global ship-owners and thereby improving its performance.
The structural needs in Central and Eastern Europe combined with the Group's strategy of controlling the assembly of its modular buildings allow that division to cut costs and improve its productivity while increasing its ability to satisfy customer expectations. As a result, the Modular buildings division enjoyed strong growth in 2007.
Environmental concerns and fleet renewal needs combined with the opening up of Eastern Europe allow the River division to invest for the long-term.
Finally, the deregulation of rail freight in Europe and sizable transportation needs provide the Railcars division with an opportunity to reaffirm its development policy by significantly expanding its leasing assets. This situation enabled the Railcars division to sharply improve its performance in 2007.
The outlook for 2008 is for an international economic climate that continues to be positive for our business activities. During the first quarter of the year the Group carried out a share capital increase with retention of preferential subscription rights and the issue of share warrants for a gross amount of €24 million. This oversubscribed issue is designed to fund the Group's growth and in particular the acquisition of new equipment for its own account.
In light of the order book and investments, the Group expects 2008 to see strong growth with net income up at least 30%.
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 in Paris on NYSE EURONEXT - Euronext Paris Compartment B (ISIN code FR0000033003).
Your media contact Sylvie Jovillard - Sylvie Jovillard Conseil jovillard.conseil.sylvie@wanadoo.fr +33 6 20 50 19 89
Contacts:
TOUAX Fabrice & Raphaël WALEWSKI Managers touax@touax.com www.touax.com Tel: +33 (0)1 46 96 18 00
ACTUS FINANCE Samuel BEAUPAIN sbeaupain@actus.fr www.actus.fr Tel: +33 (0)1 53 67 36 49