TOUAX: 2017 annual revenue: Annual consolidated revenue at €212 million; Stable leasing activity; Confirmation of an operating profit in 2017

PRESS RELEASE Paris, 22 February 2018 - 6.00 p.m.

TOUAX
YOUR OPERATIONAL LEASING SOLUTION

2017 ANNUAL REVENUE

Annual consolidated revenue at €212 million Stable leasing activity Confirmation of an operating profit in 2017

REVENUE ANALYSIS

Revenue by type (unaudited data, € thousands)	Q1 2017	Q2 2017	Q3 2017	Q4 2017	TOTAL	Q1 2016	Q2 2016	Q3 2016	Q4 2016	TOTAL
Leasing revenue (1)	38,498	37,820	34,414	35,371	146,103	36,130	35,202	36,648	39,132	147,112
Sales of equipment	15,070	31,123	5,679	13,954	65,826	22,538	17,623	17,585	27,802	85,549
Including sales to clients	8,947	8,324	5,842	14,033	37,146	12,622	13,921	11,783	15,082	53,408
Including sales to investors	6,123	22,799	(163)	(79)	28,680	9,916	3,702	5,802	12,720	32,141
Consolidated revenue	53,568	68,943	40,093	49,325	211,929	58,668	52,825	54,233	66,934	232,660

(1) Leasing revenue includes ancillary services.

Over the full 2017 financial year, consolidated revenue amounted to €211.9 million compared to €232.7 million in 2016, a decrease of 8.9% due to lower Shipping Container sales partially offset by higher Freight Railcar sales. At constant exchange rates, revenue decreased by 13.4% mainly due to the falling value of the US dollar.

Leasing revenue was stable at €146.1 million. The fall in Shipping Container activity mainly due to currency effects and a decreased managed fleet is offset by the increase in the River Barges and Freight Railcars leasing activities.

Customer sales were down at €37.1 million. Used container sales decreased in 2017 in a buoyant leasing market context with a 99% utilisation rate as few containers were available for sale.

Few investments and therefore syndications to investors were made in 2017 in the Shipping Containers division to focus on improving utilisation rates and the leasing of unused containers. Following the launch in 2017 of a special partnership with an investment fund in real assets, sales of freight railcars to investors rose by 177% in a favourable European market.

Analysis of the contribution of the 3 Group`s divisions

Revenue by type (unaudited data, € thousands)	Q1 2017	Q2 2017	Q3 2017	Q4 2017	TOTAL	Q1 2016	Q2 2016	Q3 2016	Q4 2016	TOTAL
Leasing revenue (1)	11,929	12,826	12,309	13,861	50,925	9,102	9,191	9,318	9,891	37,501
Sales of equipment	598	24,038	135	3,260	28,031	178	2,333	70	8,786	11,368
Including sales to clients	434	1,139	135	3,260	4,969	178	2,333	70	469	3,051
Including sales to investors	164	22,899			23,063				8,317	8,317
Freight railcars	12,527	36,864	12,444	17,121	78,957	9,280	11,524	9,388	18,677	48,869
Leasing revenue (1)	3,699	3,560	3,624	3,457	14,341	3,089	2,768	3,281	3,707	12,846
Sales of equipment	6	111	52	53	222	918	18	18	71	1,024
Including sales to clients	6	111	52	53	222	918	18	18	71	1,024
River Barges	3,705	3,671	3,676	3,510	14,563	4,007	2,786	3,299	3,778	13,870
Leasing revenue (1)	22,824	21,572	18,427	17,616	80,439	23,828	23,132	23,986	25,647	96,594
Sales of equipment	13,480	6,320	4,037	5,061	28,898	19,429	13,725	16,970	16,166	66,290
Including sales to clients	7,520	6,420	4,200	5,140	23,281	9,513	10,023	11,168	11,762	42,466
Including sales to investors	5,960	(100)	(163)	(79)	5,618	9,916	3,702	5,802	4,403	23,824
Shipping containers	36,304	27,892	22,464	22,678	109,337	43,257	36,857	40,956	41,813	162,884
Leasing revenue (1)	45	(137)	54	436	399	111	111	62	(114)	171
Sales of equipment	987	653	1,454	5,579	8,674	2,013	1,547	527	2,780	6,866
Including sales to clients	987	653	1,454	5,579	8,674	2,013	1,547	527	2,780	6,866
Miscellaneous and unallocated	1,032	516	1,508	6,016	9,073	2,124	1,658	589	2,666	7,037
Consolidated revenue	53,568	68,943	40,093	49,325	211,929	58,668	52,825	54,233	66,934	232,660

(1) Leasing revenue includes ancillary services.

Freight railcars: The Freight Railcar activity that accounts for most of the Group`s investments is the most significant contributor to EBITDA. Revenues for the Freight Railcars division increased by 61.6% from €48.9 million to €79 million at the end of December 2017, mainly due to higher leasing revenues and syndications to investors. Leasing revenues increased by €13.4 million (or +35.8%) to reach €50.9 million as of 31 December 2017 due to the full consolidation of an asset-holding subsidiary. At the end of December, the average utilisation rate rose in a growing market.

River Barges: Revenues for the River Barges division totalled €14.6 million, an increase of 5% thanks to improved activity on the Rhine and despite the lack of sales in 2017 compared to 2016.

Shipping containers: The Shipping Containers activity consists mainly of assets managed on behalf of third parties. The leasing market recovered strongly in 2017 with a utilisation rate of 99% at the end of 2017. Revenues in the Shipping Containers division decreased to €109.3 million mainly due to scope effects. Half of the fall in leasing revenues in 2017 is due to the falling value of the dollar while the other half is due to the decreased fleet. Sales are down in 2017 with a lower volume of used sales and the almost absence of syndication.

The retained activity of modular buildings sales in Africa grouped under "miscellaneous" shows an improvement in 4^th quarter due to the completion of many projects started during the previous quarters.

OUTLOOK

Following the transfer of the modular building sale and leasing business in Europe and the United States for a combined disposal value of approximately €170 million, the Group is finalizing its strategic refocusing on its three transport equipment leasing activities in a favourable market environment. This sale will allow TOUAX to increase its investment capacity.

The Freight Railcars leasing activity in Europe and Asia continues to grow in line with the growth of trade and GDP in these two areas, allowing TOUAX to strengthen its partnership with real asset and infrastructure funds.

Demand for River Barges varies depending on the country, with low demand in South America, but increasing requirements in Europe.

With global GDP growth of 3.9% expected in 2018, the growth in world trade and hence demand for Shipping Containers should continue and promote the high leasing level of our equipment. In order to meet the needs of its customers in 2018, TOUAX plans to invest in shipping containers for its own account and in partnership with third-party investors.

TOUAX confirms an operating profit for the full year 2017.

UPCOMING DATES

• 28 March 2018: 2017 results

• 28 March 2018: Financial analyst presentation

• 29 March 2018: Investors conference call

• 15 May 2018: Q1 2018 revenue

• 20 June 2018: Annual shareholders meeting

TOUAX Group leases out tangible assets (freight railcars, river barges and shipping-containers) on a daily basis throughout the world, for its own account and on behalf of third party investors. With close to €1.3 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 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: 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 - 2017 revenue

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TOUAX via GlobeNewswire
HUG#2168904