TOUAX : Revenue for Q1 2015 at €68.2 million; Increase in leasing revenue of 13.6%; Recovery of the Modular Building business

PRESS RELEASE - Paris, 13 May 2015 - 6 p.m.

TOUAX
YOUR OPERATIONAL LEASING SOLUTION

REVENUE FOR Q1 2015

(1) Leasing revenue includes ancillary services.

The consolidated revenue for the 1^st quarter of 2015 amounted to €68.2 million compared with €72.8 million in the 1^st quarter of 2014, down by 6.2%. With exchange rates and scope remaining constant, revenue decreased by 14.9% mainly due to the variation of the US dollar.

Leasing revenue amounted to €55.4 million, up by 13.6% (+3.2% with constant exchange rates), marked by a rise in the value of the Dollar in the Shipping Containers business and a recovery of the Modular Buildings business.

Revenue related to equipment sales amounted to €12.8 million and showed a decrease in 46.6% due to a change in accounting for the syndications to investors of shipping containers managed by the Group.

Revenue previously included syndications of shipping containers which were not carried out on the Group's balance sheet (build-up period). Now syndications margin is only recognised in revenue. In March 2015, the Group syndicated €6.4 million of new containers without carrying them in stock which as a result has not been recognised as revenue. If this syndication had been recognised in the revenue as it was last year, the Group's consolidated revenue would have increased by 2.5%.

ANALYSIS OF THE CONTRIBUTIONS OF THE GROUP'S 4 DIVISIONS

(1) Leasing revenue includes ancillary services.

Shipping Containers: Sales in the division stood at €32.2 million compared with €37.5 million in Q1 2014, down by 14.1% (-29.4% at a constant US dollar rate). As explained previously, sales of equipment decreased due to the change in accounting. Leasing revenue recorded an increase of 26.8% (+4.3% at a constant US dollar rate), at €26.6 million, primarily as a result of the increased fleet under management. The shipping containers business remains strong with a growing market. The decline in steel prices has resulted in a reduction of the purchase price of new and second-hand containers as well as leasing rates. The decline in new shipping container prices has made investment especially attractive.

Modular Buildings: Revenue in the Modular Buildings division increased by 6.6% to €24.4 million compared to Q1 2014 (+5% with a constant exchange rate). The increase in leasing revenue by 11.7% to €17.5 million results from a recovery in the activity of all countries except France, with marked growths in Poland, Germany, Benelux and the United States. Sales are also rising in most countries, particularly Poland, Germany, Czech Republic and Morocco but were down in France due to the strategy to focus on the leasing activity. The recovery of the leasing business generates re-leasing costs that will continue to weigh on the EBITDA of the division in 2015.

River Barges: Revenue in the River Barges division stood at €3.9 million just as in Q1 2014. The leasing business is stable and there was no sale of materials. In Europe, the utilisation rate was close to 94% at the end of March 2015. Activity is expected to remain at a high level.

Freight railcars: Revenue in the Freight Railcars division was €7.8 million (-7.8%) compared with €8.5 million in Q1 2014. This decrease is mainly explained by the decrease in the fleet of owned railcars in the United States following the sales completed in 2014 in order to take advantage of favourable valuations. The Group continues to develop its leasing offer abroad.

OUTLOOK

We anticipate an increase in the Group's leasing business in 2015 especially in Europe in Modular Buildings and Freight Railcars businesses. The recovery in the Modular Buildings leasing activity results in re-leasing costs that will continue to impact the Group's EBITDA and income in 2015.

The Group is continuing to implement a strategy of growing its operating cash flow with a stabilisation of its own assets, growth of its assets under third-party asset management and improved utilisation rates.

UPCOMING DATES

• 11 June 2015:               Shareholders' general meeting (Hotel Pullman - La Défense)
• 31 August 2015:           Revenue and income at 30 June 2015

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