30.06.2008 08:00:00 CET
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TOUAX MAINTAINS ITS TARGET OF A RISE OF AT LEAST 30% IN 2008 NET INCOME
Despite the financial crisis and economic crises in some countries, the TOUAX Group, the European leader in operational leasing, is maintaining its growth targets. The complementarity of its four business segments (barges, railcars, containers, and modular buildings) gives the Group a stable base and creates major development potential for TOUAX.
Global containerized traffic volumes have remained very strong, with forecast growth of +9% in 2008 and an expected rise of +10% in 2009 (source: Clarkson Research Studies June 2008). The shipping container leasing business (operated through the subsidiary Gold Container Corporation) took advantage of the growth by investing in 60,300 TEUs in the first half of 2008 (representing a 14% increase in the managed fleet in six months). This equipment has been marketed to the main global shipping lines, particularly in Asia, which accounts for 55% of the volume of containers handled worldwide.
In addition, the good geographic positioning (Central and Eastern Europe) of the modular building leasing and sale business, combined with the strong infrastructure demand in that region, enabled the business to develop significantly in the first half. The slowdown in the United States is real, but the US market accounts for less than 5% of the division's revenues and 1.5% of the Group's forecast revenues in 2008.
In its river barge leasing and transportation business, TOUAX is progressively taking delivery of new barges in 2008 and 2009. This business is benefiting from environmental concerns, fleet renewal needs and growth in Eastern Europe, as well as from buoyant demand for raw materials and agricultural commodities.
Finally, the railcars division continues to take advantage of the deregulation of rail freight and the liberalization of trade in Europe, and the rise in the oil price favors alternative transport modes. A very large number of contracts have been signed with the main operators and users of rail freight in Europe, with the delivery and marketing of around 600 additional new railcars between 1 January and 30 May 2008. On the basis of delivery forecasts, the fleet should total 7,000 railcars by the end of the year (+29%).
The inflation affecting commodity and steel prices is favorable for the Group's activities, since it enhances the value of the fleets under management.
The target set at the SFAF meeting on 21 March 2008 - a rise of at least 30% in consolidated net income compared to 2007, i.e. over €15.2 million - is confirmed and maintained.
TOUAX will announce its results for the first half of 2008 on 29 August, when it will also state more precise 2008 earnings targets and provide the first estimates for 2009. Continuing the trend of 2008, the outlook for 2009 is favorable.
The TOUAX Group has been in existence for over 150 years and 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. Besides the shipping containers business (100% international, accounting for 48% of 2007 revenues), the other businesses are divided between France (11%), Europe excluding France (38%), and the USA (3%).
TOUAX is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment B (ISIN code FR0000033003).
Press Relations 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: 01 46 96 18 00
ACTUS FINANCE Samuel BEAUPAIN sbeaupain@actus.fr www.actus.fr Tel: 01 53 67 36 49