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Touax: Growth in business activity at end-September 2022

TOUAX
TOUAX

PRESS RELEASE        Paris, 14 November 2022 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Growth in business activity at end-September 2022

Revenue of €120.2 million in the first nine months of the year, up €37.5 million (+45.3%)

The Group's performance remains strong in a more uncertain global economic environment.

Total restated revenue from activities at the end of the third quarter amounted to €120.2 million (€112.8 million at constant scope and currency1), compared with €82.7 million in the same period in 2021, for an increase of €37.5 million (+45.3%). The positive exchange rate effect linked to the dollar and focused on the Containers business was €7.2 million.

Restated Revenue from activities (*)

Q1 2022

Q2 2022

Q3 2022

TOTAL 2022

Q1 2021

Q2 2021

Q3 2021

TOTAL 2021

(in € thousand)

Leasing revenue on owned equipment

15,509

16,909

17,178

49,596

13,229

13,633

14,480

41,342

Ancillary services

5,732

4,884

7,390

18,006

2,745

3,747

5,530

12,022

Total leasing activity

21,241

21,793

24,568

67,602

15,974

17,380

20,010

53,364

Sales of owned equipment

14,862

14,249

15,392

44,503

7,085

8,328

9,132

24,545

Total sales of equipment

14,862

14,249

15,392

44,503

7,085

8,328

9,132

24,545

Total of owned activity

36,103

36,042

39,960

112,105

23,059

25,708

29,142

77,909

Syndication fees

0

2,522

65

2,587

17

946

48

1,011

Management fees

978

986

1,083

3,047

897

891

895

2,683

Sales fees

336

1,349

801

2,486

591

358

181

1,130

Total of management activity

1,314

4,857

1,949

8,120

1,505

2,195

1,124

4,824

Other capital gains on disposals

0

0

6

6

0

6

0

6

Total Others

0

0

6

6

0

6

0

6

Total Restated Revenue from activities

37,417

40,899

41,915

120,231

24,564

27,909

30,266

82,739

(*) The key indicators in the Group’s activity report are presented differently from the IFRS income statement, to enable an understanding of the activities’ performance. As such, no distinction is made in third-party management, which is presented solely in agent form.

This presentation therefore allows a direct reading of syndication fees, sales commissions, and management fees.

This new presentation has no impact on EBITDA, operating income, or net income. The accounting presentation of revenue from activities is presented in the appendix to the press release.

DYNAMIC GROWTH IN OWNED AND MANAGEMENT ACTIVITIES AT END-SEPTEMBER 2022

Owned activities grew by €34.2 million over nine months, with respective increases of €14.2 million for leasing activity and €20.0 million for equipment sales activity thanks to sales of own-account containers, which outperformed.

Management activity grew by €3.3 million, with an increase of €1.6 million in syndication fees (Freight Railcars and Containers activities) and sales fees on used equipment belonging to investors (+€1.4 million in the Containers activity).

ANALYSIS OF CONTRIBUTIONS BY DIVISION

The Freight Railcars activity rose (+11.3%) to €40.4 million in the first nine months:

  • Owned activity expanded by €3.6 million, resulting from an increase in leasing revenue from owned equipment (+15.7%), driven by growth in the utilisation rate (87.1% versus 84.6% over the same period in 2021) and by the leasing of newly acquired railcars.

  • Management activity was also up, with syndication fees increasing by €0.4 million with transactions carried out in June 2022.

The River Barges activity saw a boost in revenue of €5.1 million thanks to the vigorous level of barge chartering in the Rhine basin. The utilisation rate in the third quarter of 2022 was nearly 100% in the division.

The Containers activity posted a sharp increase of €33.9 million. The performance of leasing activity remained strong (+€5.4 million) with an average utilisation rate of 98.1% over the period. However, most of the increase came from sales of owned equipment (new built containers trading activity), which rose by €25.8 million. Management activity increased by €2.8 million, spurred by syndication fees in the second quarter and commissions on the sale of investor equipment.

The Modular Buildings activity in Africa, presented on the "Miscellaneous" line, was down €5.6 million with fewer projects delivered than in 2021.

Restated Revenue from activities

Q1 2022

Q2 2022

Q3 2022

TOTAL 2022

Q1 2021

Q2 2021

Q3 2021

TOTAL 2021

(in € thousand)

Leasing revenue on owned equipment

10,544

11,142

11,292

32,978

9,152

9,223

10,123

28,498

Ancillary services

1,858

1,177

1,820

4,855

1,873

1,724

1,951

5,548

Total leasing activity

12,402

12,319

13,112

37,833

11,025

10,947

12,074

34,046

Sales of owned equipment

110

238

369

717

320

403

162

885

Total sales of equipment

110

238

369

717

320

403

162

885

Total of owned activity

12,512

12,557

13,481

38,550

11,345

11,350

12,236

34,931

Syndication fees

0

446

1

447

0

0

0

0

Management fees

466

451

507

1,424

463

470

451

1,384

Total of management activity

466

897

508

1,871

463

470

451

1,384

Total Freight railcars

12,978

13,454

13,989

40,421

11,808

11,820

12,687

36,315

Leasing revenue on owned equipment

1,619

1,789

1,869

5,277

1,688

1,745

1,770

5,203

Ancillary services

1,807

2,385

3,788

7,980

683

972

1,286

2,941

Total leasing activity

3,426

4,174

5,657

13,257

2,371

2,717

3,056

8,144

Sales of owned equipment

0

0

0

0

41

0

0

41

Total sales of equipment

0

0

0

0

41

0

0

41

Total of owned activity

3,426

4,174

5,657

13,257

2,412

2,717

3,056

8,185

Management fees

14

5

11

30

6

6

5

17

Total of management activity

14

5

11

30

6

6

5

17

Total River Barges

3,440

4,179

5,668

13,287

2,418

2,723

3,061

8,202

Leasing revenue on owned equipment

3,342

3,973

4,013

11,328

2,384

2,654

2,572

7,610

Ancillary services

2,070

1,325

1,779

5,174

191

1,054

2,297

3,542

Total leasing activity

5,412

5,298

5,792

16,502

2,575

3,708

4,869

11,152

Sales of owned equipment

13,205

12,575

12,967

38,747

3 480

3,524

5,991

12,995

Total sales of equipment

13,205

12,575

12,967

38,747

3,480

3,524

5,991

12,995

Total of owned activity

18,617

17,873

18,759

55,249

6,055

7,232

10,860

24,147

Syndication fees

0

2,076

64

2,140

17

946

48

1,011

Management fees

498

530

565

1,593

428

415

439

1,282

Sales fees

336

1,349

801

2,486

591

358

181

1,130

Total of management activity

834

3,955

1,430

6,219

1,036

1,719

668

3,423

Total Containers

19,451

21,828

20,189

61,468

7,091

8,951

11,528

27,570

Leasing revenue on owned equipment

4

5

4

13

5

11

15

31

Ancillary services

-3

-3

3

-3

-2

-3

-4

-9

Total leasing activity

1

2

7

10

3

8

11

22

Sales of owned equipment

1,547

1,436

2,056

5,039

3,244

4,401

2,979

10,624

Total sales of equipment

1,547

1,436

2,056

5,039

3,244

4,401

2,979

10,624

Total of owned activity

1,548

1,438

2,063

5,049

3,247

4,409

2,990

10,646

Other capital gains on disposals

0

0

6

6

0

6

0

6

Total Others

0

0

6

6

0

6

0

6

Total Miscellaneous and eliminations

1,548

1,438

2,069

5,055

3,247

4,415

2,990

10,652

 

 

 

 

 

 

 

 

 

Total Restated Revenue from activities

37,417

40,899

41,915

120,231

24,564

27,909

30,266

82,739

OUTLOOK

In the current context of inflationary pressures and rising interest rates, Touax continues to roll out its activities, thanks to a resilient business model and recurring revenues based on long-term contracts. The Group plans to seize new asset acquisition opportunity over the coming months, while also adopting a prudent investment policy. The current inflationary environment has a positive effect on the valuation of the portfolio of assets. However, prices have normalised in the container business, with the purchase price of new containers returning to the average levels of 2020.

From a structural and medium- to long-term perspective, the business outlook in the long-term leasing of equipment for sustainable transportation is positive. Our various asset classes are benefiting from developments in relation to infrastructures, e-commerce and intermodal logistics as they keep pace with the expectations of consumers, industrial groups, public authorities, lenders and investors around green transport.

UPCOMING EVENTS

  • 22 March 2023: Press release on annual results (English/French)

  • 22 March 2023: Presentation of annual results to financial analysts in Paris (in French)

  • 23 March 2023: Investor call (in English)

TOUAX Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis worldwide, both on its own account and for investors. With €1.3 billion in assets under management, TOUAX is a European leader in the leasing of this type of equipment.

TOUAX is listed on the EURONEXT stock market in Paris – Euronext Paris Compartment C (ISIN: FR0000033003) – and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For further information please visit: www.touax.com

Contacts:
TOUAX        ACTIFIN
Fabrice & Raphaël Walewski        Ghislaine Gasparetto
touax@touax.com        ggasparetto@actifin.fr
www.touax.com        Tel: +33 1 56 88 11 11
Tel: +33 1 46 96 18 00

APPENDIX: Accounting presentation of revenue from activities

 

 

 

 

 

 

 

 

 

Revenue from activities

Q1 2022

Q2 2022

Q3 2022

TOTAL 2022

Q1 2021

Q2 2021

Q3 2021

TOTAL 2021

(in € thousand)

Leasing revenue on owned equipment

15,509

16,909

17,178

49,596

13,229

13,633

14,480

41,342

Ancillary services

6,578

8,632

8,886

24,096

3,084

3,946

5,887

12,917

Total leasing activity

22,087

25,541

26,064

73,692

16,313

17,579

20,367

54,259

Sales of owned equipment

14,862

14,249

15,392

44,503

7,085

8,328

9,132

24,545

Total sales of equipment

14,862

14,249

15,392

44,503

7,085

8,328

9,132

24,545

Total of owned activity

36,949

39,790

41,456

118,195

23,398

25,907

29,499

78,804

Leasing revenue on managed equipment

10,819

10,917

11,382

33,118

11,072

10,912

11,420

33,404

Syndication fees

0

2,522

65

2,587

17

946

48

1,011

Management fees

270

286

364

920

157

166

165

488

Sales fees

336

1,349

801

2,486

591

358

181

1,130

Total of management activity

11,425

15,074

12,612

39,111

11,837

12,382

11,814

36,033

Other capital gains on disposals

0

0

6

6

0

6

0

6

Total Others

0

0

6

6

0

6

0

6

Total Revenue from activities

48,374

54,864

54,074

157,312

35,235

38,295

41,313

114,843

Table showing the transition from summary accounting presentation to restated presentation

 

 

 

 

 

 

 

Revenue from activities

Q3 2022

Restatement

Restated Q3 2022

Q3 2021

Restatement

Restated Q3 2021

(in € thousand)

 

 

 

 

Leasing revenue on owned equipment

49,596

 

49,596

41,342

 

41,342

Ancillary services

24,096

-6,090

18,006

12,917

-895

12,022

Total leasing activity

73,692

-6,090

67,602

54,259

-895

53,364

Sales of owned equipment

44,503

 

44,503

24,545

 

24,545

Total sales of equipment

44,503

 

44,503

24,545

 

24,545

Total of owned activity

118,195

-6,090

112,105

78,804

-895

77,909

Leasing revenue on managed equipment

33,118

-33,118

0

33,404

-33,404

0

Syndication fees

2,587

 

2,587

1,011

 

1,011

Management fees

920

2,127

3,047

488

2,195

2,683

Sales fees

2,486

 

2,486

1,130

 

1,130

Total of management activity

39,111

-30,991

8,120

36,033

-31,209

4,824

Other capital gains on disposals

6

 

6

6

 

6

Total Others

6

0

6

6

0

6

Total Revenue from activities

157,312

-37,081

120,231

114,843

-32,104

82,739


1 Based on a comparable structure and average exchange rates at 30 September 2021.

Attachment