TOUAX

Current operating income up 34% to €7.6 million; Positive net income from retained operations excluding modular buildings; Debt reduction of €155.7 million, down by 46%

PRESS RELEASE -  Paris, 28 March 2018 - 5.40 p.m.

TOUAX

YOUR OPERATIONAL LEASING SOLUTION

2017 RESULTS

Current operating income up 34% to €7.6 million Net income includes losses from the discontinued operations and the depreciation of the goodwill of the Moroccan activity

Positive net income from retained operations excluding modular buildings

Debt reduction of €155.7 million, down by 46%

Main figures (in € million - IFRS)	2017	2016	Variation 2017-2016
Revenue	211.9	232,7	-8.9 %
including Freight railcars	79.0	48.9	61.6 %
River barges	14.6	13.9	5 %
Shipping containers	109.4	162.9	-32.9 %
Miscellaneous and unallocated	9.0	7.0	28.9 %
Gross operating margin - EBITDAR (1)	88.7	81.1	€+7.6 m
EBITDA (2)	26.9	23.2	€+3.6 m
Current operating income	7.6	5.6	€+2.0 m
Profit before tax	-8.5	-5.6	€-2.9 m
Consolidated net profit (loss) (Group's share)	-18.0	-11.6	€-6.5 m
Including income from retained operations excluding modular buildings	0.6	0.6	-
Including income from retained operations of the modular buildings	-5.9	-4.5	€-1.4 m
Including income from discontinued operations	-12.7	-7.7	€-5 m
Net earnings per share (€)	-2.58	-1.82
Total non-current assets	307.8	503.9	€-196 m
Total assets	398.2	633.3	€-235.1 m
Total shareholders' equity	136.7	156.8	€-20.1 m
Net bank borrowing (3)	181.1	336.8	€-155.7 m
Operating cash flow	31.1	30.2	€+0.9 m
Loan to Value	54 %	60 %

(1) the EBITDAR (earnings before interest taxes depreciation and amortization and rent) calculated by the Group corresponds to the operating income increased by depreciation charges and provisions for capital assets and distributions to investors