PRESS RELEASE  -  Paris, 12 May 2016 - 6 p.m.






  • Revenues for Q1 2016, up by 28.5% at €87.7 million
  • Sharp increase in sales revenue (+168 %)
  • Return of shipping container syndications
  • Positive operating income for the year 2016


Revenue by type

(Unaudited consolidated data, € thousands)
Q1 2016 Q1 2015 Variation
Leasing revenue (1) 53,380 55,420 -3.7%
Sales of equipment 34,273 12,808 167.6 %
Including sales to clients 24,357 12,708 91.7 %
Including sales to investors 9,916 100  
Consolidated revenue 87,653 68,228 28.5 %

 (1) Leasing revenue includes ancillary services.

Consolidated revenue for Q1 2016 was up by 28.5% at €87.7 million when compared to €68.2 million for the 1st quarter of 2015 (+27.4% in currency on a like-for-like basis). This increase results from the return of syndications in the Shipping Container division and a good volume of sales primarily in the Modular Buildings and Shipping Container divisions.

The leasing revenue was €53.4 million, down by 3.7% (-4.4% on a constant currency) due to a decrease of Shipping Container activity which was not compensated by the other three activities.

The equipment sales revenue is up sharply at 167.6%, due to both the return of containers syndications to investors at the beginning of the year and the sustained dynamic of sales of containers and modules to our clients (+91.7%). Sales revenue stands at €34.3 million.

Group EBITDA for Q1 2016 improved to €11.3 million compared to €5.4 million in the 1st quarter of 2015, and the operating income was positive at €2.5 million compared to €-5.4 million for Q1 2015 (based on unaudited accounts). 


Revenue by division

(Unaudited consolidated data, € thousands)
Q1 2016 Q1 2015 Variation
Leasing revenue (1) 23,828 26,567 -10.3%
Sales of equipment 19,429 5,614 246.1%
Including sales to clients 9,513 5,514    
Including sales to investors 9,916 100    
Shipping containers 43,257 32,181 34.4 %
Leasing revenue (1) 17,451 17,544 -0.5%
Sales of equipment 13,751 6,903 99.2%
Including sales to clients 13,751 6,903    
Modular buildings 31,202 24,447 27.6%
Leasing revenue (1) 3,090 3,846 -19.7%
Sales of equipment 918 19  
Including sales to clients 918 19    
River barges 4,008 3,865 3.7%
Leasing revenue (1) 9,102 7,566 20.3%
Sales of equipment 174 272 -36%
Including sales to clients 174 272    
Freight railcars 9,276 7,838 18.3%
Miscellaneous and unallocated (90) (103)  
Consolidated revenue 87,653 68,228 28.5%

(1) Le chiffre d'affaires locatif inclut les prestations de services annexes.

Shipping containers: Revenue for the division increased by 34% to €43.3 million compared to €32.2 million in Q1 2015 (+31.6% at constant dollars). This increase is explained by the strength of container sales to clients as well as the completion of syndications. TOUAX completed a sale and leaseback operation in Q1 2016, which was larger than the syndications completed during the full year 2015, of which only the commission is recorded as revenue. Leasing operations were down slightly at €23.8 million because of a deflationary market. We have however observed since March 2016 a recent increase of steel and the purchase price of containers in China, which will have a positive effect on leasing rates.

Modular Buildings: The revenue of the Modular Buildings division increased by 27.6% to €31.2 million compared to Q1 2015. Leasing revenue is stable to €17.5 million. Equipment sales were sustained, confirming the recovery in business activities, and improved by 99% to reach €13.8 million.

River Barges: Revenue for the River Barges division was €4 million, slightly up. Leasing activities were affected by a decline in business on the Rhine basin, and TOUAX sold a push boat in the 1st quarter.

Freight Railcars: Revenue for the Freight Railcars division improved by 18.3% at €9.3 million. This increase can be primarily explained by the acquisition of the management of a fleet of railcars in the last quarter of 2015.


We forecast a positive operating income for the year 2016.

The Group will continue to apply a cash flow growth strategy with stabilisation of its assets, an increase of management assets on behalf of third parties, and the improvement of utilisation rates.

No dividends shall be proposed to the General Meeting on the 9 June 2016. The Managing Partners will propose a dividend at a General Meeting in view of the improvement of the financial statements which will be confirmed upon releasing of the half-year accounts at the end of August 2016.


  • 9 June 2016:                 Combined shareholders meeting (Hôtel Hilton La Défense - CNIT)
  • 31 August 2016:           Revenue and income at 30 June 2016


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 €1.8 billion under management, TOUAX is one of the European leaders in the operational leasing of this type of equipment.

TOUAX is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid & Small indexes and in EnterNext PEA-PME.

For more information:



Fabrice & Raphaël Walewski

Managing partners

Tel: +33 (0)1 46 96 18 00




Tel: +33 (0)1 55 88 11 11