TOUAX : 2014 revenue up 8.4% at €378.7 million; Big increase in sales: +20.5 %; Leasing revenue stable

PRESS RELEASE

Paris, 26 February 2015 - 6.00 p.m.

TOUAX

YOUR OPERATIONAL LEASING SOLUTION

2014 revenue up 8.4% at €378.7 million

Big increase in sales: +20.5 %

Leasing revenue stable

ANALYSIS OF THE REVENUE

Consolidated revenue in 2014 amounted to €378.7 million compared with €349.3 million in 2013, up by 8.4%. The average euro/dollar exchange rate remained stable during the year and did not have any impact on revenue.

(1) Leasing revenue includes ancillary services.

 The leasing revenue was stable in 2014 at €206 million compared with 2013. Leasing revenue from the three transport divisions (shipping containers, river barges and freight railcars) increased and offset the fall recorded in the Modular Buildings division, still suffering from the weakness of the European economy.

Sales revenue increased in 2014 by 20.5% to €172.5 million compared with €143 million in 2013. This increase is due to an increase in shipping container syndication volumes driven by strong demand from investors and sales of railcars in the USA which offset the drop in sales of modular buildings and river barges.

Analysis of the contributions of the Group's four divisions

(1)            Leasing revenue presented here includes ancillary services.

Shipping Containers: The revenue of the shipping containers division amounted to €215.9 million, up 14.6% at the end of 2014 mainly thanks to an increase in the fleet and in syndication volumes. Leasing revenue was up 3% at €90.4 million. The increase in the managed fleet made it possible to offset the drop in leasing prices and the utilization rate, which was over 90% on average in 2014. The resilience of the activity and the context of low interest rates made it possible to increase syndication volumes, with third-party investors still showing marked interest.

Modular Buildings: The division's revenue amounted to €94 million, down 8.6%. The leasing business, down 5.6% at €66.3 million is still penalized by its European exposure, affecting utilization rates and/or daily prices, in a context of strong competition between leasing companies. The expiry of a certain number of leases in Germany also had a negative impact on the leasing business. Sales of equipment were also down at €27.8 million, due to a decline in business in Morocco. Business in Poland showed a marked recovery, anticipating the recovery in Europe.

River Barges: The division's revenue amounted to €21.8 million, down 8.4% due to fewer sales of barges than in 2013. Leasing revenue continued to grow by 3% to €15.4 million thanks to an average utilization rate in 2014 of nearly 95% and a good level of business on the Rhine. Business is diversified in the main global basins and revenue outside Europe represented 44% of the division's revenue at the end of December 2014.

Freight Railcars: The division's revenue was up 34.5% at €47 million, compared with the end of December 2013. The leasing business continued to improve slightly in Europe in 2014 but it is offset by the fall in revenue in the United States due to sales of railcars. This resulted in an increase in sales. The utilization rate of our railcars in Europe has continued to rise slowly but continuously since the start of 2014.

2014 RESULTS

TOUAX continues to be affected by the low level of business in the modular buildings sector, exposed to difficulties in the construction industry in western Europe, but there was an improvement in operating income compared with 2013, in particular due to the recovery in certain countries including Poland. The three other businesses of leasing and sales of transport equipment (containers, railcars and barges) took advantage of better geographic diversification, and showed positive operating income at 31 December 2014.

As a result, there was a positive operating income for the group as a whole, but TOUAX expects a net loss for the fiscal year 2014, which begins to reverse compared to 2013.

We are continuing to implement our strategy of increasing utilization rates, selling non-leased and non-strategic assets, stabilising proprietary investments and financing growth through investments on behalf of third parties. This strategy had a positive impact on cash flow from operating activities (free cash flow), which was up compared with 2014 with a level of indebtedness down.

OUTLOOK

Shipping Containers: Growth of 7% in 2015 and 2016 is forecast for container transport according to Clarkson Research (January 2015). Demand for new containers should therefore remain high in 2015, even if it continues to depend on global economic growth, which was revised downwards by the International Monetary Fund (+3.5% in 2015 and 3.7% in 2016). We do not expect a rise in leasing prices in the short/medium term while Dollar interest rates and the price of steel remain low.

Modular Buildings: We are continuing to liquidate our excess equipment capacities in Europe, in a market characterised by a slow recovery in the construction industry, even if the situation is more favourable in eastern Europe. Leasing of modular buildings should improve slowly due to the slight recovery in activity in Europe but will continue to have a negative impact on the Group's profitability in 2015. We expect business to remain below the break-even point in 2015.

River Barges: In spite of high utilization rates at the start of the year, 2015 remains uncertain due to a significant decline in the raw and agricultural materials sectors. Nevertheless, as market leader for barge leasing in South America the Group remains confident that it will continue to develop in that zone. Business improved in Europe, where the Group continued to adapt its fleet to demand.

Freight Railcars: The European market has shown continuous signs of recovery for several months, but we expect slow growth in the leasing business. Requirements for freight railcars in Europe are increasingly marked by a growing need to replace equipment following low investment for many years. In addition, the Group continues to develop its international leasing offers.

UPCOMING DATES:

• 13 March 2015: FY 2014 annual income
• 13 March 2015: Presentation to the financial analysts
• 16 March 2015: Conference call
• 14 May 2015:    Release of Q1 2015 revenue
• 11 June 2015: Shareholders' general meeting (Hotel Pullman - La Défense)