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TOUAX : 2013 revenues of € 349.3 million; Consolidated revenue for Q4 2013: +15 %

February 13, 2014

PRESS RELEASE Paris, 13 February 2014 - 6.20 p.m. TOUAX YOUR OPERATIONAL LEASING SOLUTION 2013 revenues of € 349.3 million Consolidated revenue for Q4 2013: +15 % ANALYSIS OF THE REVENUE The consolidated revenue for 2013 was €349.3 million compared with €358 million in 2012, down 2.4% (-1.9 % at constant exchange rates and excluding changes in the consolidation perimeter). Revenue by Q1 Q2 2013 Q3 Q4 2013 TOTAL Q1 Q2 2012 Q3 Q4 TOTAL type 2013 2013 2012 2012 2012 (Unaudited consolidated data, in thousands of euros) Leasing 51,407 53,042 51,657 49,997 206,103 51,349 55,973 57,682 54,030 219,034 revenue (1) Sales of 8,251 47,555 25,353 62,001 143,160 31,783 48,130 15,474 43,565 138,952 equipment --------------------------------------------------------------------------------------- Consolidated 59,658 100,597 77,010 111,998 349,262 83,132 104,103 73,157 97,594 357,986 revenue --------------------------------------------------------------------------------------- 1. Leasing revenue presented here includes ancillary services. The leasing revenue fell by 5.9% (-4.5% at constant exchange rates and excluding changes in the consolidation perimeter) to €206 million compared with €219 million in 2012, but the sales revenue achieved in 2013 rose by 3% (2.2% at constant exchange rates and excluding changes in the consolidation perimeter) to €143 million compared with €139 million. The leasing revenue fell mainly due to low levels of business in Europe in the Modular Buildings division and the reduction in the fleet of railcars under management. The leasing business of the Shipping Containers and River Barges divisions increased in 2013. Sales rose by 3% due to syndications in the 4(th) quarter in the Shipping Containers division, in spite of a fall in sales of modular buildings and river barges compared with 2012. Sales of shipping containers increased thanks to the dynamism of the market in a context of growth in global flows. Business was up 14.8% in Q4 2013 compared with Q4 2012. Analysis of the contribution of the four Group divisions Revenue by Q1 Q2 2013 Q3 Q4 2013 TOTAL Q1 Q2 2012 Q3 Q4 TOTAL division 2013 2013 2012 2012 2012 Unaudited consolidated data (in thousands of euros) Leasing 21,786 21,559 21,797 22,656 87,798 20,222 21,518 23,323 22,281 87,344 revenue (1) Sales of 2,851 33,968 16,426 47,401 100,646 22,466 27,749 3,990 32,153 86,358 equipment --------------------------------------------------------------------------- Shipping 24,637 55,526 38,224 70,057 188,443 42,688 49,268 27,312 54,434 173,702 containers ----------------------------------------------------------------------------------------   17,094 19,180 17,347 16,629 70,250 17,844 21,015 21,203 18,823 78,885 Leasing revenue (1) Sales of 5,108 8,710 5,303 13,604 32,725 9,125 9,810 9,463 9,329 37,727 equipment --------------------------------------------------------------------------- Modular 22,202 27,890 22,650 30,234 102,976 26,969 30,825 30,666 28,152 116,611 buildings ---------------------------------------------------------------------------------------- Leasing 3,977 3,600 4,054 3,289 14,920 4,104 3,585 3,517 3,509 14,715 revenue (1) Sales of ,59 4,692 3,459 ,668 8,878 2 8,151 1,718 1,248 11,119 equipment --------------------------------------------------------------------------- River barges 4,036 8,292 7,513 3,957 23,797 4,106 11,736 5,235 4,757 25,834 ---------------------------------------------------------------------------------------- Leasing 8,542 8,661 8,521 8,350 34,074 9,158 9,826 9,614 9,279 37,877 revenue (1) Sales of ,233 ,185 ,164 ,328 ,910 ,190 2,420 ,304 ,835 3,749 equipment and misc. --------------------------------------------------------------------------- Freight 8,775 8,846 8,685 8,678 34,984 9,348 12,245 9,918 10,114 41,626 railcars --------------------------------------------------------------------------- Miscellaneous ,8 ,43 ,(62) ,(928) ,(999) ,20 ,30 ,26 ,137 ,213 and unallocated ---------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Consolidated 59,658 100,597 77,010 111,998 349,262 83,132 104,103 73,157 97,594 357,986 revenue ---------------------------------------------------------------------------------------- 1. Leasing revenue presented here includes ancillary services. Shipping containers: The revenue of the shipping containers division amounted to €188.4 million, up 8.5% at the end of 2013 thanks to syndications and sales during the year and in spite of an unfavorable currency effect (+11.6% in constant dollars). Leasing revenues were stable at €87.8 million, up 2.8 % in constant dollars. The increase in the managed fleet made it possible to offset the slight decline in leasing prices. The utilization rate was 93% on average in 2013. Sales of containers proved highly dynamic in the 4(th) quarter with €47.4 million in syndications and sales of used containers. Modular buildings: The division's revenue amounted to €103 million (-11.7%). Excluding changes in the exchange rate and consolidation perimeter, revenue fell by 16.2%. Overall, the leasing business was down by 10.9%, penalized by the very weak economic situation in Europe (decline in building and investments by companies and authorities), with a fall in utilization rates and daily prices in 2013 compared with 2012. Equipment sales were down by 13.3% at €32.7 million at 31 December 2013, in view of the Group's desire to refocus on less complex and more profitable sales, particularly in France. On the other hand, sales in Africa are dynamic and represent 28% of the division's sales revenue. River barges: The division's revenue amounted to €23.8 million (down 7.9%) due to fewer sales than in 2012. Leasing revenues continued to increase due to the bringing into service of new barges in South America and in spite of the sale of barges in the USA. Business in the Rhine basin suffered due to the difficult economic situation. Revenue outside Europe represented 39% of the division's revenue at the end of December 2013. Freight railcars: The division's revenue was down 16% at €35 million, compared with the end of December 2012. Leasing revenues fell mainly due to a reduction in the managed fleet of about 10% at the start of 2013 when a customer exercised an option to purchase. There were no syndications in 2013. 2013 RESULTS TOUAX should show an operating result before tax and extraordinary items close to balance at the end of 2013. On the other hand, the Group will publish a net loss in 2013, resulting among other things from the restructuring introduced in the modular buildings business, with for France the discontinuation of production and impairment of assets. Regarding its balance sheet, the Group noted an increase in shareholders' equity, a reduction in indebtedness, and compliance with bank ratios. The Group will publish its results at the close of trading on 27 March. "The exceptional measures introduced to turn around the modular business had a negative impact on the 2013 accounts, but will favor a rapid recovery. The redeployment strategy aimed at high-potential zones and with the financial backing of third-party investors should enable a return to progressive growth from the second half of 2014" state Fabrice and RaphaËl WALEWSKI, Managing Partners of TOUAX SCA. OUTLOOK Shipping containers: Forecasts for growth in container transport amount are up compared to 2013 at 6% in 2014 and 7% in 2015, according to Clarkson Research (January 2014). Demand for new containers should therefore remain high in 2014. Stocks of containers in China fell in the second half of 2013. Shipping companies continue to focus on their core business and are outsourcing their container fleets, enabling the Group to take advantage of investment and leasing opportunities. Modular buildings: The Group does not anticipate a substantial improvement in its results in Europe in the short term, and continued the implementation of its reduction plans to adapt to demand. However, TOUAX notes a recovery in business in certain countries since the final quarter of 2013, in particular in Poland, and the Group's foothold in Africa enables it to develop export sales. River barges: The leasing business continues to develop in South America where TOUAX is the market leader for river barge leasing. The business in Europe is slightly improving. Freight railcars: Given the low level of investment by the sector in Europe since 2009, the Group anticipates a return of the demand for freight railcars over the next two years. It has recently achieved commercial successes and continues to develop its international leasing offers. Given the demand for tangible assets that is not linked to the financial markets and offer recurrent profitability, the Group will mainly finance its growth via third-party investors, leading to a reduction in indebtedness and increasing its future capacities. Due to its diversified and international activities, the Group expects to benefit from the worldwide economic recovery. UPCOMING DATES    -    27 March 2014: FY 2013 annual income    -    2 April 2014: Presentation to the financial analysts and conference call    -    11 June 2014: Shareholders' general meeting (Hotel Pullman - La DÉfense) TOUAX Group leases out tangible assets (shipping-containers, modular buildings, freight railcars and river barges) on a daily basis to more than 5,000 customers throughout the world, for its own account and on behalf of third party investors. With more than two billion dollars under management, TOUAX is one of the European leaders in the operational leasing of this type of equipment. TOUAX is listed in Paris on NYSEEURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid & Small indexes and in SRD Long-only. For more information: www.touax.com Contacts: TOUAX Fabrice & RaphaËl Walewski Managing partners touax@touax.com Tel: +33 (0)1 46 96 18 00 ACTIFIN Ghislaine Gasparetto ggasparetto@actifin.fr Tel: +33 (0)1 55 88 11 11 Touax - 2013 revenues: http://hugin.info/143600/R/1761899/596706.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: TOUAX via GlobeNewswire [HUG#1761899]


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