04.08.2008 18:00:00 CET
* { font-family: Arial, Verdana, Helvetica; font-size: 13px;} td { padding: 3px; } }
TOUAX: Consolidated revenues from the first half of 2008 up +12% at €146 million (+14% on a like-for-like basis and at constant dollars).
As European market leader in shipping containers and river barges and close to the top in modular buildings and freight railcars, the TOUAX Group is well positioned to take advantage of the rapid growth in corporate outsourcing of non-strategic assets and their recourse to leasing, by guaranteeing its clients mobility, flexibility and fast availability.
An analysis of the Group's consolidated revenues from the first half confirms this trend: TOUAX posted consolidated revenue growth of +12% to €146 million, 12% up on the first half of 2007 (14% at constant dollars and on a like-for-like basis). Leasing revenues rose 18% and sales revenues 2%.
| Revenues by type | Total | Total | |||||
| (Unaudited consolidated figures, in € thousands) | Q1 2008 | Q2 2008 | 30/06/2008 | Q1 2007 | Q2 2007 | 30/06/2007 | Change |
| Leasing revenues | 45,115 | 47,869 | 92,984 | 38,144 | 40,680 | 78,824 | 18% |
| Sales of equipment and sundry items | 15,324 | 37,708 | 53,032 | 6,026 | 46,069 | 52,095 | 2% |
| Consolidated revenues | 60,439 | 85,577 | 146,016 | 44,170 | 86,749 | 130,919 | 12% |
| Revenues by business segment | Total | Total | |||||
| (Unaudited consolidated figures, in € thousands) | Q1 2008 | Q2 2008 | 30/06/2008 | Q1 2007 | Q2 2007 | 30/06/2007 | Change |
| Leasing revenues | 18,505 | 18,989 | 37,494 | 17,375 | 18,177 | 35,552 | 5% |
| Sales of equipment and sundry items | 10,089 | 19,383 | 29,472 | 12 | 32,745 | 32,757 | -10% |
| Shipping containers | 28,594 | 38,372 | 66,966 | 17,387 | 50,922 | 68,309 | -2% |
| Leasing revenues | 14,010 | 15,774 | 29,784 | 11,055 | 12,046 | 23,101 | 29% |
| Sales of equipment and sundry items | 4,920 | 6,833 | 11,753 | 1,593 | 3,891 | 5,484 | 114% |
| Modular buildings | 18,930 | 22,607 | 41,537 | 12,648 | 15,937 | 28,585 | 45% |
| Leasing revenues | 5,222 | 5,549 | 10,771 | 5,269 | 5,341 | 10,610 | 2% |
| Sales of equipment and sundry items | 33 | 33 | 46 | 46 | -28% | ||
| River barges | 5,222 | 5,582 | 10,804 | 5,315 | 5,341 | 10,656 | 1% |
| Leasing revenues | 7,378 | 7,557 | 14,935 | 4,445 | 5,115 | 9,560 | 56% |
| Sales of equipment and sundry items | 315 | 11,459 | 11,774 | 4,375 | 9,434 | 13,809 | -15% |
| Railcars, sundry items and intersegment eliminations | 7,693 | 19,016 | 26,709 | 8,820 | 14,549 | 23,369 | 14% |
| Consolidated revenues | 60,439 | 85,577 | 146,016 | 44,170 | 86,749 | 130,919 | 12% |
Strong growth across all Group segments...
Market growth remains strong. The growth in inter-Asia and Asia-Europe flows (+10.4% over the first 6 months of 2008 - source FEFC) positively offset the slowdown in the US economy and the fall in imports into North America. The high visibility of the contracts (83% of contracts are long-term, namely 3 to 5 years), continued trade globalisation (forecast growth in volume of containerised traffic of +9% in 2008 - source Clarkson Research Studies June 2008), and the potential offered by emerging markets, point to continued good growth at the Shipping Containers division. The Containers division grew leasing revenues by +5% over the first half of 2008 compared to the first half of 2007, despite the decline in the dollar.
The new positioning of the Modular Buildings division as an assembler and in profitable regions is contributing significantly to the growth of the business. The +45% rise in revenues compared to Q2 2007 reflects this improvement. The assembly business improves the division's competitiveness and makes it possible to diversify into the sales market. Sales revenues rose 114% compared to the first half of 2007.
TOUAX was able to anticipate the requirements of industrial operators and large logistics groups by undertaking the construction of new barges. The division is progressively taking delivery of these new barges, in particular in South America: the fleet is comprised of 170 barges, pushboats and self-propelled vessels compared to 155 as of 31 December 2007. Revenues at the River Barges division are nevertheless stable, given that one part of the product portfolio - finance leasing - was recognised as finance income.
The Railcars division continues to benefit from rail freight deregulation and trade liberalisation in Europe. Numerous contracts have been signed with the leading freight operators and users in Europe enabling TOUAX to cement its growth strategy. Its fleet was up 33.8% as of 30 June 2008 (compared to 30 June 2007) with a fleet of 6,087 railcars. This economic background contributed to the very sharp +56% improvement in leasing revenues. The rail business is an area that offers promising growth potential.
The sharp rise in oil prices has created turmoil in the transportation sector enabling alternative transportation (rail, sea and river) to progressively win market share.
Growth targets confirmed and maintained
The target of increasing consolidated net income by at least 30% compared to 2007, namely in excess of €15.2 million, is confirmed and maintained.
TOUAX will announce its earnings for the first half of 2008 on 29 August. The Group's management will detail the 2008 earnings targets and provide their first estimate for 2009 at the SFAF meeting on 5 September 2008. Continuing on from 2008, the outlook for 2009 looks good.
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 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: +33 (0)1 46 96 18 00
ACTIFIN Jean-Yves BARBARA jybarbara@actifin.fr www.actifin.fr Tel: +33 (0)1 56 88 11 11