2010 annual report - touax group

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Annual report 2010 Revenue by type Unaudited 2010 2009 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) 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 2010 2009 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. 1,120 12 1,132 10,200 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 11,808 15,940 8,860 18,998 55,606 8,657 23,554 9,831 25,704 67,745 inter-industry offsets 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. 130
➜ 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. 28.5. Press release of March 28, 2011 2010 annual nets profits: 13.3 m€ Current operating income up by 6% “In 2010, we got back on track for growth and consolidated our strong positions in our activities. The upturn was particularly encouraging in the shipping containers division, more measured in our three other business areas, and pointed to promising prospects for improvement in 2011”, said Fabrice and Raphaël WALEWSKI, managing partners of TOUAX. Rise in the current operating income at 6% Fiscal year 2010 was marked by a 6% growth of leasing revenue and 27% growth of sales revenue, as well as a rise in our property assets (+3%) and managed assets (+7%). The Group recorded a 9.7% rise in EBITDA (after distribution to investors) at €53.8 million. The current operating income amounted to €30 million on December 31 2010, compared with €28.3 million at the end of 2009, rewarding our close control of expenditure. The net profit of €13.3 million was down by 6% compared with 2009. The restatement of the 2009 net profit to include a onetime reversal of a €2.8 million net of tax provisions in the Railcars activity, would leave a net profit up by 16%. The Group's net bank borrowing was reduced to €292.6 million and TOUAX had over €58 million in lines of credit available at 31 December 2010. The Management Board approved on 24 March 2011 the accounts for the period ending December 31, 2010. The auditors have completed their audit on the accounts. The auditors' report is in progress. Recently released information 131
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010 Annual Report Y o u r o p e r a
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TOUAX, a corporate services provide
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Fabrice Walewski Managing partner T
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Modular buildings A cutting-edge se
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River barges A full range of intern
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a brief history TOUAX, founded in 1
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Breakdown of revenues by activity a
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Contents 1. Persons responsible. .
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2. Statutory Auditors 2.1. Statutor
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4. Risk factors TOUAX has reviewed
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➜ River Barges One of the key com
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4.4.5. Railcar transportation risk
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The risk of losses or damage to tan
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In 2010, the Group made the followi
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Assets managed in the framework of
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7. Organization Chart 7.1. Group or
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The guarantees and other commitment
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8. Real estate, factories and equip
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11. Research and development, paten
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➜ Compensation Summary table of t
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17.2. Profit-sharing and stock opti
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➜ Changes in the shareholding Act
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20. Financial information concernin
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Comprehensive income statement for
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Changes in consolidated Share Premi
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Consolidated cash flow statement at
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tive financial instruments, invento
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management fees for managing the fr
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Leases to customers have been analy
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❙ note 1.18.3. Financial liabilit
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epurchase agreement at a fixed pric
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Company name Address Percentage Met
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note 3. Segment information ➜ not
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➜ note 3.2. Balance Sheet by divi
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December 31, 2008 Shipping Modular
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note 6. Staff Costs 2010 2009 Varia
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note 12. Net financial income (€
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note 14. Net income per share Basic
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note 16. Intangible Fixed Assets (
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Current Financial Assets (in € th
Page 81 and 82: (€ thousands) Shipping Modular Ri
Page 83 and 84: Borrower Touax SCA Touax SCA Touax
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Page 87 and 88: ➜ Issue of equity warrants On Feb
Page 89 and 90: Finance Department. Overall cash fl
Page 91 and 92: the risk of converting the results
Page 93 and 94: ➜ note 28.3. Other commitments re
Page 95 and 96: The Group has no control over the E
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Page 99 and 100: 20.2. Financial statements The cons
Page 101 and 102: 20.6.1. Dividend history Exercices
Page 103 and 104: 21.2.3. Trading levels over the las
Page 105 and 106: In addition, in the event of a capi
Page 107 and 108: ➜ Presentation of the Group's 201
Page 109 and 110: ❙ Distribution to investors The G
Page 111 and 112: Exercices (€) 2009 2008 2007 Net
Page 113 and 114: ➜ Powers delegated by the General
Page 115 and 116: TOUAX’s policy of integrating you
Page 117 and 118: ❙ Social indicators 2010 2009 Geo
Page 119 and 120: Forecasts for 2011 TOUAX wishes to
Page 121 and 122: The managers receive the same condi
Page 123 and 124: majority of the Board's members are
Page 125 and 126: 1.5.8. Sophie SERVATY, member of th
Page 127 and 128: The procedures ensure compliance wi
Page 129 and 130: ❙ Charges and trade accounts paya
Page 131: 28. Recently released information 2
Page 135 and 136: these assets represent a potential
Page 137 and 138: (in €) Exercice 2009 2008 2007 Ne
Page 139 and 140: EIGHTEENTH RESOLUTION (delegation o
Page 141 and 142: TWENTY FIRST RESOLUTION (delegation
Page 143 and 144: Table of contents 1. Persons respon
Page 145 and 146: 21.3. Provisions of the articles of
Page 147: 2 Touax annual RepoRT 2010 Touax To
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