2011 Annual report - touax group

➜ Results
Variation
(€ thousands) 2011 2010 2011/ 2010
SHIPPING CONTAINERS
Gross operating margin (EBITDA) 57,322 53,755 3,567
Segment result before distribution to investors 56,208 52,525 3,683
Leasing income due to investors (50,319) (46,938) (3,381)
Segment current operating income 5,889 5,587 302
MODULAR BUILDINGS
Gross operating margin (EBITDA) 38,410 35,666 2,744
Segment result before distribution to investors 19,925 19,336 589
Leasing income due to investors (2,008) (3,065) 1,057
Segment current operating income 17,917 16,271 1,646
RIVER BARGES
Gross operating margin (EBITDA) 6,388 5,109 1,279
Segment result before distribution to investors 3,266 2,104 1,162
Leasing income due to investors (23) 23
Segment current operating income 3,266 2,081 1,185
FREIGHT RAILCARS
Gross operating margin (EBITDA) 16,238 16,177 61
Segment result before distribution to investors 13,122 13,192 (70)
Leasing income due to investors (8,787) (7,582) (1,205)
Segment current operating income 4,335 5,610 (1,275)
TOTAL
Gross operating margin (EBITDA) 118,358 110,707 7,451
Segment result before distribution to investors 92,596 87,577 5,019
Leasing income due to investors (61,114) (57,609) (3,505)
Segment current operating income 31,408 29,549 1,859
Other (sundries and centrally-managed costs) 74 419 (345)
Other operating revenues and expenses
Operating result 31,482 29,967 1,515
Financial result (14,434) (12,715) (1,719)
Shares for profit/(loss) of associates 37 29 8
Profit before tax and extraordinary items 17,085 17,280 (195)
Taxes (4,135) (4,001) (134)
CONSOLIDATED NET INCOME 12,950 13,280 (330)
Minority interests 485 (6) 491
NET INCOME (GROUP’S SHARE) 13,435 13,274 161
❙ Shipping Containers Division
On December 31, 2011 the Shipping Containers division posted
an increase of ¤3.5 million EBITDA (+6.6%) and a 5.4%
increase in the segment current operating income. The variation
is explained by tightly controlled operational expenditure
set against a slight downturn in revenue.
❙ Modular Buildings Division
The gross operating margin of the Modular Buildings division
rose by €2.7 million in 2011 (i.e. 7.7 %). The margin rose thanks
to the development of sales and the increase in the fleet, as well
as effective control of operational expenses. The segment current
operating income rose by €1.6 million.
❙ River Barges Division
The gross margin of the River Barges division increased by
€1.3 million (i.e. 25%) in 2011 and the segment current operating
income rose by €1.2 million (i.e. 57%). These increases were
mainly due to the sales achieved by the division.
❙ Freight Railcars Division
The gross operating margin of the Railcars Division was
stable in 2011. The segment current operating income fell by
€1.3 million. This decrease was due to an increase in distributions
to investors and in equipment maintenance and repair costs
related to bringing the equipment back into service.
Reports of the Managing Partners
113