UK markets closed
  • NIKKEI 225

    28,283.92
    -467.70 (-1.63%)
     
  • HANG SENG

    23,852.24
    -228.28 (-0.95%)
     
  • CRUDE OIL

    69.39
    +1.24 (+1.82%)
     
  • GOLD FUTURES

    1,786.10
    -2.00 (-0.11%)
     
  • DOW

    35,199.44
    +300.10 (+0.86%)
     
  • BTC-GBP

    43,622.34
    +2,267.02 (+5.48%)
     
  • CMC Crypto 200

    1,453.70
    +24.77 (+1.73%)
     
  • ^IXIC

    15,805.97
    +314.31 (+2.03%)
     
  • ^FTAS

    4,057.63
    +37.25 (+0.93%)
     

Touax: Growth in business activity at end-September 2021

  • Oops!
    Something went wrong.
    Please try again later.
·11-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

PRESS RELEASE Paris, 15 November 2021 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Growth in business activity at end-September 2021

The Group’s performance remains positive against a backdrop of economic recovery worldwide.

Total restated revenue from activities at the end of the third quarter amounted to €82.7 million (€84.6 million at constant scope and currency1), compared with €80.7 million in the same period in 2020, for an increase of €2 million (+2.5%).

ANALYSIS OF REVENUE FROM ACTIVITIES AT END-SEPTEMBER 2021

The restated presentation of revenue from activities is as follows:

Restated Revenue from activities
(in € thousand)

Q1 2021

Q2 2021

Q3 2021

TOTAL
2021

Q1 2020

Q2 2020

Q3 2020

TOTAL
2020

Leasing revenue on owned equipment

13,229

13,633

14,479

41,341

13,426

13,336

13,011

39,773

Ancillary services

2,745

3,747

5,530

12,022

3,044

2,997

3,838

9,879

Total leasing activity

15,974

17,380

20,009

53,363

16,470

16,333

16,849

49,652

Sales of owned equipment

7,085

8,328

9,132

24,545

5,872

7,216

10,917

24,005

Total sales of equipment

7,085

8,328

9,132

24,545

5,872

7,216

10,917

24,005

Total of owned activity

23,059

25,708

29,141

77,908

22,342

23,549

27,766

73,657

Syndication fees

17

946

48

1,011

232

231

13

476

Management fees (a)

897

891

894

2,682

937

919

898

2,754

Sales fees

591

358

181

1,130

2,128

882

793

3,803

Total of management activity

1,505

2,195

1,123

4,823

3,297

2,032

1,704

7,033

Other capital gains on disposals

0

6

0

6

15

0

0

15

Total Others

0

6

0

6

15

0

0

15

Total Restated Revenue from activities

24,564

27,909

30,264

82,737

25,654

25,581

29,470

80,705

(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.

Note: New segmentation of revenue from activities between owned activities and management activities.

To enable a more detailed and more accurate reading of its activities, the Group has adjusted its key indicators:

  • Revenue from activities is restated in order to present owned activities separately from management activities.

  • For management activities, leasing revenue from investor-owned equipment is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance. This presentation directly shows syndication fees, management fees and sales fees.

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

Group owned activities grew by €4.3 million, with an increase in leasing revenue and ancillary services (+€3.7 million in the first nine months).

Sales of equipment in the Modular Buildings activity offset the dip in sales of owned equipment in other asset classes. Limited second-hand assets (containers, barges and railcars) available for sale given the high utilisation rates and strong leasing demand.

For the same reasons, the management activity contracted by €2.2 million owing to a €2.7 million decrease in sales fees on used equipment belonging to investors in the Containers activity.

ANALYSIS OF CONTRIBUTIONS BY DIVISION

Restated Revenue from activities
(in € thousand)

Q1 2021

Q2 2021

Q3 2021

TOTAL
2021

Q1 2020

Q2 2020

Q3 2020

TOTAL
2020

Leasing revenue on owned equipment

9,152

9,223

10,122

28,497

9,199

9,118

8,910

27,227

Ancillary services

1,873

1,724

1,950

5,547

1,462

2,044

1,680

5,186

Total leasing activity

11,025

10,947

12,072

34,044

10,661

11,162

10,590

32,413

Sales of owned equipment

320

403

162

885

939

662

354

1,955

Total sales of equipment

320

403

162

885

939

662

354

1,955

Total of owned activity

11,345

11,350

12,234

34,929

11,600

11,824

10,944

34,368

Syndication fees

0

0

0

0

214

231

0

445

Management fees (a)

463

470

451

1,384

373

395

406

1,174

Total of management activity

463

470

451

1,384

587

626

406

1,619

Total Freight railcars

11,808

11,820

12,685

36,313

12,187

12,450

11,350

35,987

Leasing revenue on owned equipment

1,688

1,745

1,770

5,203

1,636

1,626

1,755

5,017

Ancillary services

683

972

1,286

2,941

1,246

439

1,062

2,747

Total leasing activity

2,371

2,717

3,056

8,144

2,882

2,065

2,817

7,764

Sales of owned equipment

41

0

0

41

0

0

0

0

Total sales of equipment

41

0

0

41

0

0

0

0

Total of owned activity

2,412

2,717

3,056

8,185

2,882

2,065

2,817

7,764

Management fees (a)

6

6

5

17

0

0

0

0

Total of management activity

6

6

5

17

0

0

0

0

Total River barges

2,418

2,723

3,061

8,202

2,882

2,065

2,817

7,764

Leasing revenue on owned equipment

2,384

2,654

2,572

7,610

2,578

2,581

2,335

7,494

Ancillary services

191

1,054

2,297

3,542

285

642

1,098

2,025

Total leasing activity

2,575

3,708

4,869

11,152

2,863

3,223

3,433

9,519

Sales of owned equipment

3,480

3,524

5,991

12,995

4,064

4,192

6,344

14,600

Total sales of equipment

3,480

3,524

5,991

12,995

4,064

4,192

6,344

14,600

Total of owned activity

6,055

7,232

10,860

24,147

6,927

7,415

9,777

24,119

Syndication fees

17

946

48

1,011

18

0

13

31

Management fees (a)

428

415

438

1,281

564

524

492

1,580

Sales fees

591

358

181

1,130

2,128

882

793

3,803

Total of management activity

1,036

1,719

667

3,422

2,710

1,406

1,298

5,414

Total Containers

7,091

8,951

11,527

27,569

9,637

8,821

11,075

29,533

Leasing revenue on owned equipment

5

11

15

31

13

11

11

35

Ancillary services

(2)

(3)

(3)

(8)

51

(128)

(2)

(79)

Total leasing activity

3

8

12

23

64

(117)

9

(44)

Sales of owned equipment

3,244

4,401

2,979

10,624

869

2,362

4,219

7,450

Total sales of equipment

3,244

4,401

2,979

10,624

869

2,362

4,219

7,450

Total of owned activity

3,247

4,409

2,991

10,647

933

2,245

4,228

7,406

Other capital gains on disposal

0

6

0

6

15

0

0

15

Total Others

0

6

0

6

15

0

0

15

Total Miscellaneous and eliminations

3,247

4,415

2,991

10,653

948

2,245

4,228

7,421

Total Restated Revenue from activities

24,564

27,909

30,264

82,737

25,654

25,581

29,470

80,705

(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.

The Freight Railcars activity posted a slight increase, totalling €36.3 million in the first nine months:

  • Group owned activity rose by €0.6 million, mainly resulting from an increase in leasing revenue from owned equipment (+4.7%) driven by growth in the utilisation rate in the third quarter and by the leasing of newly acquired railcars.

  • The management activity decreased owing to the lack of syndication since the start of the year (-€0.4 million), while management fees rose €0.2 million.

The River Barges business increased its revenue by €0.4 million, buoyed by owned-asset leasing revenue, which has benefited from an average utilisation rate of 99.2% since the start of 2021.

The Containers activity fell by €2 million owing to the decline in second-hand sales (with no impact on overall profitability, which increased relative to 2020).
Leasing activity performance remained strong (+€1.6 million), fuelled by ancillary services (one-way leasing) relating to new-container trading. The average utilisation rate over the period was 99.7%, reflecting the shortage of containers, but the volume of used containers for sale was very low. As a result, sales of owned equipment decreased by €1.6 million and sales fees on investor equipment by €2.7 million.
Syndication fees contributed €1 million to the division’s revenue from activities.

The Modular Buildings activity in Africa, presented in the "Other" line, grew by €3.2 million, with more deliveries since the start of 2021.

OUTLOOK

Touax is pursuing its strategy of investment in equipment owned and managed across all its business lines. The outlook is positive and restated revenue from activities and profitability are expected to gradually rise.

Our three long-term leasing businesses provide for sustainable, environmentally friendly transportation and continue to show resilience and promise.

From a structural and medium to long-term perspective, the growth of e-commerce, which increases demand for logistics, environmental policies such as Europe's Green Deal, the various government stimulus packages in the infrastructure sector and increased outsourcing, which encourages leasing, and should continue to underpin investment in our three asset classes.

UPCOMING EVENTS

Presentation of 2021 annual financial statements:

  • 23 March 2022: Press release in French and English

  • 23 March 2022: Presentation to SFAF in Paris (in French)

  • 25 March 2022: 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 €1.1 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
(in € thousand)

Q1 2021

Q2 2021

Q3 2021

TOTAL

Q1 2020

Q2 2020

Q3 2020

TOTAL

Leasing revenue on owned equipment

13,229

13,633

14,479

41,341

13,426

13,336

13,011

39,773

Leasing revenue on managed equipment

11,072

10,912

11,420

33,404

13,681

12,739

11,782

38,202

Ancillary services

3,084

3,946

5,888

12,918

4,579

4,489

5,374

14,442

Management fees on managed assets

157

166

165

488

81

84

103

268

Total leasing activity

27,542

28,657

31,952

88,151

31,767

30,648

30,270

92,685

Sales of owned equipment

7,085

8,328

9,132

24,545

5,872

7,216

10,917

24,005

Margins on sale of managed equipment

591

358

181

1,130

2,128

873

787

3,788

Total sales of equipment

7,676

8,686

9,313

25,675

8,000

8,089

11,704

27,793

Fees on syndication

17

946

48

1,011

232

231

13

476

Other capital gains on disposals

0

6

0

6

15

0

0

15

Total Others

17

952

48

1,017

247

231

13

491

Total Revenue from activities

35,235

38,295

41,313

114,843

40,014

38,968

41,987

120,969

Revenues from activities are mainly affected by the decrease in leasing revenue from investor-owned equipment, whose impact on results is limited to the decrease in management fees.

Table showing the transition from summary accounting presentation to restated presentation

Revenue from activities
(in € thousand)

Q3 2021

Restatement

Restated Q3 2021

Q3 2020

Restatement

Restated Q3 2020

Leasing revenue on owned equipment

41,341

41,341

39,773

39,773

Ancillary services

12,918

-896

12,022

14,442

-4,563

9,879

Total leasing activity

54,259

-896

53,363

54,215

-4,563

49,652

Sales of owned equipment

24,545

24,545

24,005

24,005

Total sales of equipment

24,545

0

24,545

24,005

0

24,005

Total of owned activity

78,804

-896

77,908

78,220

-4,563

73,657

Leasing revenue on managed equipment

33,404

-33,404

0

38,202

-38,202

0

Fees on syndications

1,011

1,011

476

476

Management fees on managed assets

488

2,194

2,682

268

2,486

2,754

Margins on sale of managed equipment

1,130

1,130

3,788

15

3,803

Total of management activity

36,033

-31,210

4,823

42,734

-35,701

7,033

Other capital gains on disposals

6

6

15

15

Total Others

6

0

6

15

0

15

Total Restated Revenue from activities

114,843

-32,106

82,737

120,969

-40,264

80,705


1 Based on a comparable structure and average exchange rates at 30 September 2020.

Attachment


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting