TOUAX

Consolidated revenue at €162.6 million; Leasing revenue up 2.6%; Confirmation of an operating profit in 2017

PRESS RELEASE  -  Paris, 15 November  2017- 6 p.m.

TOUAX
YOUR OPERATIONAL LEASING SOLUTION

REVENUE FOR Q3 2017^[1]

Consolidated revenue at €162.6 million Leasing revenue up 2.6% Confirmation of an operating profit in 2017

REVENUE ANALYSIS

Revenue by type (unaudited data, € thousands)	Q1 2017	Q2 2017	Q3 2017	TOTAL	Q1 2016	Q2 2016	Q3 2016	TOTAL
Leasing revenue (1)	38,498	37,820	34,414	110,733	36,130	35,202	36,648	107,980
Sales of equipment	15,070	31,123	5,679	51,872	22,538	17,623	17,585	57,747
Including sales to clients	8,947	8,324	5,842	23,113	12,622	13,921	11,783	38,326
Including sales to investors	6,123	22,799	(163)	28,760	9,916	3,702	5,802	19,421
Consolidated revenue	53,568	68,943	40,093	162,605	58,668	52,825	54,233	165,726

(1) Leasing revenue includes ancillary services.

Combined consolidated revenue at the end of September 2017 from retained operations amounted to €162.6 million, compared with €165.7 million in 2016 (-1.9%). At constant scope and exchange rates, revenue decreased by 7.9% with the effect of the dollar.

Leasing revenue continued to grow to €110.7 million (+2.6%), with higher revenue from the River Barges and Freight Railcars businesses. The Shipping Containers business recorded a drop mainly due to currency effects and the reduction in the fleet following the significant sales of used containers in 2016. The market recovered strongly in 2017 and the utilization rate increased significantly, but could not fully offset the effects of 2016.

Sales to customers were down to €23.1 million, with used container sales dropping sharply in 2017 in the context of the market previously mentioned with the significant recovery in the leasing market and utilisation rate. Sales to investors increased by 48.1% with the syndication of railcars to a Luxembourg investment fund carried out during the 2^nd quarter.

Analysis of the contribution of the 3 Group's divisions

Revenue by division (unaudited data, € thousands)	Q1 2017	Q2 2017	Q3 2017	TOTAL	Q1 2016	Q2 2016	Q3 2016	TOTAL
Leasing revenue (1)	11,929	12,826	12,309	37,064	9,102	9,191	9,318	27,611
Sales of equipment	598	24,038	135	24,771	178	2,333	70	2,582
Including sales to clients	434	1,139	135	1,708	178	2,333	70	2,582
Including sales to investors	164	22,899		23,063
Freight railcars	12,527	36,864	12,444	61,835	9,280	11,524	9,388	30,193
Leasing revenue (1)	3,699	3,560	3,624	10,883	3,089	2,768	3,281	9,139
Sales of equipment	6	111	52	169	918	18	18	953
Including sales to clients	6	111	52	169	918	18	18	953
River barges	3,705	3,671	3,676	11,053	4,007	2,786	3,299	10,092
Leasing revenue (1)	22,824	21,572	18,427	62,822	23,828	23,132	23,986	70,946
Sales of equipment	13,480	6,320	4,037	23,837	19,429	13,725	16,970	50,125
Including sales to clients	7,520	6,420	4,200	18 140	9,513	10,023	11,168	30,704
Including sales to investors	5,960	-100	-163	5,697	9,916	3,702	5,802	19,421
Shipping containers	36,304	27,892	22,464	86,659	43,257	36,857	40,956	121,071
Leasing revenue (1)	45	-137	54	-38	111	111	62	284
Sales of equipment	987	653	1,454	3,095	2,013	1,547	527	4,087
Including sales to clients	987	653	1,454	3,095	2,013	1,547	527	4,087
Miscellaneous and unallocated	1,032	516	1,508	3,057	2,124	1,658	589	4,371
Consolidated revenue	53,568	68,943	40,093	162,605	58,668	52,825	54,233	165,726

(1) Leasing revenue includes ancillary services.

Freight Railcars: The Freight Railcars business is the activity in which the Group has made the most of owned investment. Revenues for the Freight Railcars division increased by 104.8% from €30.2 million in September 2016 to €61.8 million at the end of September 2017, mainly due to higher leasing revenues and a syndication to investors. Leasing revenues increased by €9.5 million (or +34.2%) to €37.1 million in September 2017 due to the full consolidation of an asset-holding subsidiary. At the end of September, the average utilisation rate continues to rise in a moderately growing market.

River Barges: Revenues from the River Barges division amounted to €11.1 million, an increase of 9.5%, with increased activity on the Rhine despite the lack of sales.

Shipping Containers: The Shipping Containers business consists mainly of assets managed on behalf of third parties. The leasing market recovered strongly in 2017, with a utilization rate that reached 98.8% on
30 September 2017. Revenue from the Shipping Containers division fell to €86.7 million, mainly due to changes of scope. Half of the drop in leasing revenue in 2017 is due to a lower dollar and the balance is due to a decrease in the fleet and the bankruptcy in 2016 of the 7^th largest shipowner Hanjin. Sales were down in 2017 with lower syndication volumes and lower second-hand sales.

The retained activity of modular buildings sales in Africa grouped under "miscellaneous" shows an improvement in 3^rd quarter which will continue until the end of the year.

 OUTLOOK

European markets should continue to favour the growth of river barges and freight railcars leasing activities on the continent. The shortage of shipping containers appears to be continuing and will favour the high leasing level of our equipment.

The sale of the modular businesses will enable the Group to resume an investment and growth phase in a positive market context.

TOUAX confirms an operating profit for the full year 2017.

UPCOMING DATES

• 22 February 2018:         2017 revenue
• 4 April 2018:                 2017 results
• 5 April 2018:                 Financial analyst presentation and conference call

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
[e-mail]
Tel: [phone]

ACTIFIN
Ghislaine GASPARETTO
[e-mail]
Tel: [phone]
                                                                               

---

^[1] In accordance with IFRS 5, European and US Modular Buildings activities are presented as discontinued operations. In practice, revenues and expenses have been treated as follows:

• The contribution to each line of the TOUAX consolidated income statement is grouped under "Net income from discontinuing operations" over the periods presented;
• In accordance with IFRS 5, these restatements are applied to all periods presented in order to make the information consistent.

Touax - Q3 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