Trasporti
TOUAX : RESULTS - FIRST HALF OF 2018
PRESS RELEASE Paris, 13th September 2018 - 17:45
"Following the sale of the European and US modular buildings activities in December 2017, priority has been given to improving the profitability of the transportation equipment leasing business, refinancing and developing the asset management for third parties, based on the Group's fundamentals: our tangible asset base, our global footprint and our long-standing trusted relationships with our customers. " state Fabrice and Raphael Walewski, managing partners of TOUAX SCA.
"During the first half of 2018, we implemented the first steps of our strategic refocusing action plan around transportation activities. We launched a Change Management program, including the design of a new organization for the Freight Railcar business to continually improve the quality of our service and customer satisfaction. We have completed 110 million euros in asset financing, syndicated 14 million euros of assets to investors and developed third-party management with the signing of an investment agreement of 80 million dollars.
This refocusing allowed us, as at June 30, 2018, to record a strong improvement in net income Group share and strengthen our balance sheet. "
Consolidated revenues for the first half of 2018 amounted to € 74.4 million, compared to € 84.3 million for the same period in 2017. On a like-for-like basis, revenue was down 6%. This decrease concerns the lease revenue of equipment owned by investors and has no significant impact on the Group's profitability.
Lease revenue increased from 76.3 million in the first half of 2017 to 65.2 million over the same period in 2018, -9% at constant scope and exchange rates. This change is mainly due to the Containers division, whose fleet has decreased compared to the previous year.
Equipment sales rose by 21%, reaching 8.3 million euros at June 30, 2018.
Syndication fees were stable (-0.1 million) at 1 million euros over the period.
Rental revenue increased by € 0.7 million to € 25.4 million in June 2018, thanks to the start of a recovery in rental rates and the increase in the utilization rate. The latter averaged 84.2% in the first half of 2018, while it stood at 80.3% a year earlier. These increases underline the operational improvement of the Freight Railcars division.
(1) The EBITDAR (earnings before interest taxes depreciation and amortization and rent) calculated by the Group corresponds to the current operating income. increased by depreciation charges and provisions for capital assets and distributions to investors
(2) EBITDA: EBITDAR after deducting distributions to investors
(3) Including €156.5 million in debt without recourse at 30 June 2018
reached 12.8 million euros at June 30, 2018, stable compared to 13 million euros recorded a year earlier.
The Freight Railcars business is the Group's leading contributor to EBITDA, with a majority of assets owned, while the contribution of the container division is low due to the preponderance of assets managed on behalf of third parties.
EBITDA for the Freight Railcars (+1 million euros) and Containers (+0.5 million euros) divisions improved thanks to the improvement in equipment profitability over the period.
Excluding non-recurring income relating to the resolution of a dispute in South America (€ 1.1 million) in the first half of 2017, the EBITDA of the River Barges business is stable.
EBITDA from other activities was down 0.5 million euros, impacted by general expenses previously allocated to the modular buildings division divested in December 2017, partially offset by the improvement in the residual activity of modular buildings in Africa.
After restatement of non-recurring items in the first half of 2017 and scope effects, the improvement in the operating profitability of the leasing activities of transport equipment and the residual activity of modular buildings in Africa is confirmed.
These financings make it possible to extend the maturity of the Group's debts and resume investments.
The issue of the Bonds is intended to extend the average maturity of the Group's debt.
The net proceeds of the issue will thus be partly used to refinance the bonds maturing on October 2, 2018; the balance being allocated to the general needs of the Group.
The underlying markets for the leasing of transportation equipment remain positive.
Freight Railcars leasing in Europe is benefiting from improved economic conditions and the recovery of private sector demand following the liberalization of Rail Freight.
The River transport market in Europe is driven by the increase in construction and transport of cereals and biomass leading to demand for River Barges.
The global growth of containerized trade forecast at 5% in 2019 (Clarkson, August 2018) is favorable for the leasing of containers.
The Group is continuing its focus on improving its profitability, through increased utilization rates and rental rates, is gradually increasing investments for its own account, and is developing asset management for third parties.
TOUAX confirms an improvement in its results for the whole of 2018.
Contacts:
Fabrice & Raphaël WALEWSKI Ghislaine Gasparetto
touax@touax.com ggasparetto@actifin.fr
www.touax.com Tel : +33 1 56 88 11 11
Tel : +33 1 46 96 18 00
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti