29.08.2008 18:00:00 CET
* { font-family: Arial, Verdana, Helvetica; font-size: 13px;} td { padding: 3px; } }
Interim net attributable income up +58% (ahead of expectations)
2008 income target revised upwards
As European market leader in shipping containers and river barges and close to the top in modular buildings and freight railcars, TOUAX 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. The Group's diversification and the complementarity of its four businesses (barges, railcars, containers and modular buildings) provide it with a stable foundation and major growth potential.
An analysis of the Group's first-half income confirms this: following the announcement of a 12% rise in consolidated revenue (€146 million at 30 June 2008) attributable net income was up 58% at €8.1 million. With a strong international character (89% of its revenue is generated outside France), the Group benefits from excellent structural fundamentals and very good visibility (growth in global trade, deregulation of rail freight in Europe, the need to renew the old rail and river equipment fleet, infrastructure needs in Eastern Europe and environmental awareness).
| Consolidated figures (in € millions - IFRS ) | 30 juin 2008 | 30 juin 2007 | 31 décembre 2007 |
| Revenue | 146,0 | 130,9 | 278,1 |
| o/w Shipping containers | 67,0 | 68,3 | 133,6 |
| Modular buildings | 41,5 | 28,6 | 65,4 |
| River barges | 10,8 | 10,6 | 20,9 |
| Railcars | 26,7 | 23,4 | 58,2 |
| Gross operating margin - EBITDA (1) | 53,6 | 44,0 | 96,2 |
| EBITDA after distribution to investors | 24,0 | 15,0 | 34,6 |
| Operating income before distribution to investors | 46 | 39,0 | 85,0 |
| Operating income after distribution to investors - Operating income (2) | 16,4 | 10,0 | 23,5 |
| Current income before tax | 10,6 | 6,7 | 14,3 |
| Net attributable income | 8,1 | 5,2 | 11,7 |
| Net earnings per share (€) | 1,86 | 1,33 | 3,01 |
| Total non-current assets | 280 | 165,4 | 237,8 |
| Total assets | 476,7 | 309,2 | 377,9 |
| Shareholders' equity | 97,4 | 62,7 | 68,5 |
| Net bank borrowing (3) | 220,9 | 133,1 | 158,7 |
(1) The EBITDA (earnings before interest, tax, depreciation and amortization) calculated by the Group corresponds to the operating income defined by the French Conseil National de la Comptabilité (CNC) plus depreciation, amortization and provisions with regard to non-current assets.
(2) Operating income after distribution to investors corresponds to operating income as defined by the CNC.
(3) Includes €87.9 million in non-recourse debt at 30 June 2008 representing a gearing excluding non-recourse debt of x1.37.
Confirmation of the strength of all Group segments.
The strong visibility of existing contracts (83% of contracts are long-term, namely 3 to 5 years), continued trade globalisation, and the opportunities provided by emerging markets, point to sustained growth at the Shipping Containers division. By expanding its leasing fleet, the division is responding to growing demand from global ship-owners.
The recent positioning of the Modular Buildings division as an assembler/lessor and in profitable regions is contributing significantly to the growth of the business. This growth is marked by a +45% rise in revenue and by the improvement of the division's margins.
In the first half, the River Barges division suffered from the start-up of the Moselle business and a delay in cereal contracts on the Danube but should perform better in the second half. Environmental concerns, fleet renewal needs and the strong global demand for commodities and agricultural products underpin the growth of the business.
PRESS RELEASE Paris, 29 August 2008 - 18:00
The Railcars division continues to benefit from rail freight deregulation and trade liberalisation in Europe, growing revenue +14%.
Upward revision of 2008 income target and 2009 outlook positive for the Group's development
Global growth of +3.7% in 2008, according to the IMF, should be maintained in 2009 with a +9% rise in the volume of containerised traffic (compared to +8% in 2008 - source: Clarkson). The Group benefits from its diversification, which protects it from cycles, its balanced geographic positioning in particular in emerging markets, very good revenue visibility given its long-term contracts, the investments made in 2008 that will bear fruit in 2009 and railroad and river markets that are structurally positive for 2009, 2010 and beyond. During the first quarter of the year the Group successfully 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 issue made it possible to fund growth and the acquisition of new equipment for its own account. The Group also signed subscription pledges with third-party investors for in excess of €115 million to continue to finance the expansion of leasing fleets.
In light of the order book and investments, the Group has no fears for the second half of 2008 and revises upwards its target for net income growth of at least +40% compared to the +30% announced previously.
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
ACTIFIN
Jean-Yves BARBARA
jybarbara@actifin.fr
www.actifin.fr
Tel: +33 (0)1 56 88 11 11