2010 revenue14.02.2011 18:00:00 CET
PRESS RELEASE - Paris, 14 February 2011 - 6pm
Annual revenue in 2010: + 11%
Great increase in sales: +27%
Improvement in the leasing revenue: +6%
Revenue of €302m in 2010
Managing partners, Fabrice and Raphaël WALEWSKI, are very pleased about "the increase in TOUAX's revenue in 2010, which reflects the improved economic conditions. TOUAX has been able to leverage signs of recovery in each of its businesses to support the Group's core business, leasing, and to develop its sales. Profitability should increase in 2011, thanks to growth in sales, higher daily rates and a better equipment utilization rate".
| Revenue by type | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | TOTAL | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | TOTAL |
| Leasing revenue (1) | 52 001 | 53 528 | 56 726 | 57 496 | 219 751 | 51 898 | 50 121 | 54 746 | 50 053 | 206 818 |
| Sales of equipment &c. | 8 850 | 30 463 | 11 165 | 32 164 | 82 642 | 3 444 | 29 835 | 5 741 | 25 934 | 64 954 |
| Consolidated revenue | 60 851 | 83 991 | 67 891 | 89 660 | 302 393 | 55 342 | 79 957 | 60 487 | 75 987 | 271 772 |
(1) Leasing revenue presented here includes ancillary services and river transport services.
Consolidated revenue in 2010 amounted to €302.4m, compared with €271.8m in 2009, i.e. an increase of 11.3% (+8.5% excluding changes in the exchange rates and consolidation perimeter).
This increase is mainly due to the recovery in equipment sales and syndications for investors in the shipping containers business.
TOUAX was also able to continue to increase its leasing business thanks to effective management of its leasing fleet and the development of new markets. Leasing revenue, which includes income from leasing and income from services associated with leasing (transport, maintenance etc.) has been rising continually since early 2010. This increase is also reinforced by the favourable impact of the exchange rates.
The accelerated growth in revenue in the last quarter confirms the effective policy for leasing and sales activities (+18% compared with the last quarter of 2009).
In view of these results, the Group distributed an interim dividend on 11 January for the same amount as last year.
Analysis of the contribution of the four Group divisions
| Revenue by division | ||||||||||
| Unaudited consolidated data (in thousands of euros) | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | TOTAL | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | TOTAL |
| Leasing revenue (1) | 22 458 | 20 757 | 22 100 | 23 726 | 89 041 | 23 211 | 21 267 | 21 738 | 21 222 | 87 438 |
| Sales of equipment &c. | 1 093 | 20 526 | 949 | 16 360 | 38 928 | 219 | 342 | 162 | 906 | 1 629 |
| Shipping containers | 23 551 | 41 283 | 23 049 | 40 086 | 127 969 | 23 430 | 21 609 | 21 900 | 22 128 | 89 067 |
| Leasing revenue (1) | 16 745 | 19 149 | 20 435 | 18 374 | 74 704 | 15 552 | 16 716 | 20 913 | 16 078 | 69 259 |
| Sales of equipment &c. | 4 216 | 2 307 | 8 992 | 6 288 | 21 804 | 3 083 | 4 147 | 4 383 | 7 196 | 18 809 |
| Modular buildings | 20 962 | 21 456 | 29 428 | 24 662 | 96 508 | 18 635 | 20 863 | 25 296 | 23 274 | 88 068 |
| Leasing revenue (1) | 4 530 | 5 312 | 5 434 | 5 902 | 21 178 | 4 620 | 3 731 | 3 460 | 4 877 | 16 688 |
| Sales of equipment &c. | 0 | 0 | 1 120 | 12 | 1 132 | 0 | 10 200 | 0 | 4 | 10 204 |
| River barges | 4 530 | 5 312 | 6 554 | 5 914 | 22 310 | 4 620 | 13 931 | 3 460 | 4 881 | 26 892 |
| Leasing revenue (1) | 8 268 | 8 310 | 8 756 | 9 494 | 34 828 | 8 515 | 8 407 | 8 635 | 7 876 | 33 433 |
| Sales of equipment &c. | 3 540 | 7 630 | 104 | 9 504 | 20 778 | 142 | 15 146 | 1 196 | 17 828 | 34 312 |
| Railcars, misc. and inter-industry offsets | 11 808 | 15 940 | 8 860 | 18 998 | 55 606 | 8 657 | 23 554 | 9 831 | 25 704 | 67 745 |
| Consolidated revenue | 60 851 | 83 991 | 67 891 | 89 660 | 302 393 | 55 342 | 79 957 | 60 487 | 75 987 | 271 772 |
(1) Leasing revenue presented here includes ancillary services and river transport services.
Shipping Containers: leasing revenue of the Shipping Containers division increased by 1.8% (-3% in constant dollars). Excluding ancillary services, the leasing revenue increased by 7.2% compared with 2009. This good performance is the result of an average utilization rate in 2010 of 95% and an increase in the daily rate. The recovery in global traffic in 2010 resulted in heavy demand for containers by the shipping companies, which benefited leasing companies. The recovery in sales of containers marked the return of investors in 2010 with new equipment syndications arranged in the final quarter.
Modular Buildings: revenue for the Modular Buildings division was up 9.6%. The sales were mainly achieved in France and Germany, and increased by 16% as a result of the Group's sales development strategy. The leasing revenue (+7.9%; +6.4% assuming constant exchange rates) continues to increase overall compared with 2009 thanks to a slight increase in the daily rate and to the dynamism of Germany and Poland. The division was able to conquer new markets in a difficult context and to diversify its businesses, markets and products.
River Barges: the 27% increase in leasing and transport revenue reflects the stability in the leasing business and a strong recovery in the transport and chartering business (+31%) in the European zones, in particular on the Danube and the Rhine. Since barge sale is a non-recurring business, this amounted to €1.1m compared with €10.2m in 2009.
Railcars: leasing revenue was up 4.2%. 2010 was marked by very strong pressure on prices in the first half-year, which began to tail off late in 2010. Sustained demand for certain types of railcars was not sufficient to offset the decrease in the utilization rate for other existing equipment. On the other hand, sales to investors made it possible to reduce the drop in sales revenue compared with 2009. Revenues for the Railcars division fell by 17.9% in an economic context that is still not very favourable. At the end of 2010 TOUAX took over management of about 700 railcars located in Hungary and Slovakia, in order to continue to diversify geographically and with new types of railcars.
Business outlook for 2011: Return to growth and positive signs of increased profitability
Business in the final quarter of 2010 points to signs of recovery in all of the divisions thanks to the improvement in utilization and leasing rates. The combined effects of these elements will favour an increase in profitability in 2011. The market outlook is positive with forecasts of growth in world trade in 2011 revised upwards at +4.4 %. (Source IMF, January 2011).
Shipping Containers: according to the latest forecasts from the Clarkson Institute, growth in containerized transport is estimated at about 9.7% in 2011. The recovery in world trade is accompanied by demand for new containers by shipping companies. The Group signed new orders that will contribute to the increase in its fleet and leasing revenues in 2011. The return of investors should be confirmed with significant syndication deals.
Modular Buildings: the increase in the leasing and sales business should continue or even accelerate in view of the development of new products intended for sale on markets with high potential such as collective accommodation, site facilities intended for export etc. The division also intends to expand in emerging countries in order to harness development opportunities in these countries.
River Barges: river transport showed signs of recovery at the end of 2010, with transport volumes increasing on the Danube and the Rhine. Demand for leasing is still high, since barges are the most environment-friendly and economical method of transport for certain types of products.
Railcars: in late 2010 the Group noted a gradual recovery in the utilization rates of the existing fleet as well as steady demand for certain types of railcars in Europe. In this context, the signing of new orders will contribute to the growth in leasing and sales revenues in 2011, as will the takeover of the management of about 700 railcars in Eastern Europe.
Targets for 2011 will be provided with the release of the 2010 financial statements scheduled for March 25, 2011.
The TOUAX Group provides its operational leasing services to a global customer base, both for its own account and on behalf of investors. TOUAX is the European leader in shipping containers and river barges, and no. 2 in modular buildings and freight railcars (intermodal railcars). TOUAX is well positioned to take advantage of the rapid growth in corporate outsourcing of non-strategic assets and every day offers efficient and flexible leasing solutions to more than 5,000 customers.
TOUAX is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment B (ISIN code FR0000033003) and is part of the SBF 250 Index and CAC Small90.
Contacts:
TOUAX
Fabrice & Raphaël Walewski
Managing partners
touax@touax.com
Tel: +33 (0)1 46 96 18 00
ACTIFIN
Jean-Yves Barbara
jybarbara@actifin.fr
Tel: +33 (0)1 55 88 11 11