UK markets closed
  • FTSE 100

    7,204.55
    +14.25 (+0.20%)
     
  • FTSE 250

    22,931.66
    +14.61 (+0.06%)
     
  • AIM

    1,234.19
    -7.18 (-0.58%)
     
  • GBP/EUR

    1.1812
    -0.0049 (-0.41%)
     
  • GBP/USD

    1.3760
    -0.0036 (-0.26%)
     
  • BTC-GBP

    44,319.47
    -1,821.34 (-3.95%)
     
  • CMC Crypto 200

    1,453.34
    -49.69 (-3.31%)
     
  • S&P 500

    4,544.90
    -4.88 (-0.11%)
     
  • DOW

    35,677.02
    +73.94 (+0.21%)
     
  • CRUDE OIL

    83.98
    +1.48 (+1.79%)
     
  • GOLD FUTURES

    1,793.10
    +11.20 (+0.63%)
     
  • NIKKEI 225

    28,804.85
    +96.27 (+0.34%)
     
  • HANG SENG

    26,126.93
    +109.40 (+0.42%)
     
  • DAX

    15,542.98
    +70.42 (+0.46%)
     
  • CAC 40

    6,733.69
    +47.52 (+0.71%)
     

Touax: H1 2021 results

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

PRESS RELEASE Paris, 22 September 2021 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

H1 2021 results

Touax Group continued to deliver a positive performance while the health crisis caused further disruption. Its results were stable against the same period in 2020, with the exception of sales fees, which declined but were partially offset by sales of owned equipment. The growth in the shipping container leasing business, driven by the shortage of containers, limited asset returns and therefore sales of used containers and sales fees.

ANALYSIS OF H1 2021 REVENUE FROM ACTIVITIES

The restated presentation of revenue from activities is as follows:

Restated Revenue from activities
(in € thousand)

Q1 2021

Q2 2021

H1 2021

Q1 2020

Q2 2020

H1 2020

Leasing revenue on owned equipment

13,229

13,633

26,862

13,426

13,336

26,762

Ancillary services

2,745

3,747

6,492

3,044

2,997

6,041

Total leasing activity

15,974

17,380

33,354

16,470

16,333

32,803

Sales of owned equipment

7,085

8,328

15,413

5,872

7,216

13,088

Total sales of equipment

7,085

8,328

15,413

5,872

7,216

13,088

Total of owned activity

23,059

25,708

48,767

22,342

23,549

45,891

Syndication fees

17

946

963

232

231

463

Management fees (a)

897

891

1,788

937

919

1,856

Sales fees

591

358

949

2,128

882

3,010

Total of management activity

1,505

2,195

3,700

3,297

2,032

5,329

Other capital gains on disposals

0

6

6

15

0

15

Total Others

0

6

6

15

0

15

Total Restated Revenue from activities

24,564

27,909

52,473

25,654

25,581

51,235

(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.

In order 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 Groups 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 and the contribution by division is presented in the appendix to the press release.

Total restated revenue from activities in H1 2021 amounted to €52.5 million (€54.2 million at constant scope and currency1), compared to €51.2 million in the same period in 2020, an increase of +2.4%. Owned activities increased by €2.9 million, with an increase in sales of owned equipment, particularly in modular buildings.

The management activity shrank by €1.6 million with a drop in sales fees on investor-owned equipment due to the relatively seasonal nature of these sales and the shortage of available containers owing to the sharp recovery in international trade over the past year.

ANALYSIS OF THE CONTRIBUTION BY DIVISION

Restated Revenue from activities
(in € thousand)

Q1 2021

Q2 2021

H1 2021

Q1 2020

Q2 2020

H1 2020

Leasing revenue on owned equipment

9,152

9,223

18,375

9,199

9,118

18,317

Ancillary services

1,873

1,724

3,597

1,462

2,044

3,506

Total leasing activity

11,025

10,947

21,972

10,661

11,162

21,823

Sales of owned equipment

320

403

723

939

662

1,601

Total sales of equipment

320

403

723

939

662

1,601

Total of owned activity

11,345

11,350

22,695

11,600

11,824

23,424

Syndication fees

0

0

0

214

231

445

Management fees (a)

463

470

933

373

395

768

Total of management activity

463

470

933

587

626

1,213

Total Freight railcars

11,808

11,820

23,628

12,187

12,450

24,637

Leasing revenue on owned equipment

1,688

1 745

3,433

1,636

1,626

3,262

Ancillary services

683

972

1,655

1,246

439

1,685

Total leasing activity

2,371

2 717

5,088

2,882

2,065

4,947

Sales of owned equipment

41

0

41

0

0

0

Total sales of equipment

41

0

41

0

0

0

Total of owned activity

2,412

2 717

5,129

2,882

2,065

4,947

Management fees (a)

6

6

12

0

0

0

Total of management activity

6

6

12

0

0

0

Total River barges

2,418

2 723

5,141

2,882

2,065

4,947

Leasing revenue on owned equipment

2,384

2,654

5,038

2,578

2,581

5,159

Ancillary services

191

1,054

1,245

285

642

927

Total leasing activity

2,575

3,708

6,283

2,863

3,223

6,086

Sales of owned equipment

3,480

3,524

7,004

4,064

4,192

8,256

Total sales of equipment

3,480

3,524

7,004

4,064

4,192

8,256

Total of owned activity

6,055

7,232

13,287

6,927

7,415

14,342

Syndication fees

17

946

963

18

0

18

Management fees (a)

428

415

843

564

524

1,088

Sales fees

591

358

949

2,128

882

3,010

Total of management activity

1,036

1,719

2,755

2,710

1,406

4 116

Total Containers

7,091

8,951

16,042

9,637

8,821

18,458

Leasing revenue on owned equipment

5

11

16

13

11

24

Ancillary services

(2)

(3)

(5)

51

(128)

(77)

Total leasing activity

3

8

11

64

(117)

(53)

Sales of owned equipment

3,244

4,401

7,645

869

2,362

3,231

Total sales of equipment

3,244

4,401

7,645

869

2,362

3,231

Total of owned activity

3,247

4,409

7,656

933

2,245

3,178

Other capital gains on disposal

0

6

6

15

0

15

Total Others

0

6

6

15

0

15

Total Miscellaneous and eliminations

3,247

4,415

7,662

948

2,245

3,193

Total Restated Revenue from activities

24,564

27,909

52,473

25,654

25,581

51,235

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

The Freight Railcars business declined by €1 million (-4.1%), mainly due to a temporary decrease in railcar sales to customers and investors:

  • The Group-owned asset business contracted with a €0.9 million fall in owned equipment sales, while the owned asset leasing activity held up well.

  • Management activity declined as no syndication was carried out in the first half of 2021. Management fees nevertheless increased compared to H1 2020.

The River Barges business increased its revenue by €0.2 million, buoyed by owned asset leasing revenue, which recorded an average utilisation rate of 99.3% over the first half of 2021.

The Containers business contracted by €2.4 million despite an exceptional performance by the leasing activity. The average utilisation rate over the period was 99.7%, reflecting the shortage of containers, but the volume of containers for sale was very low. As a result, sales of Group-owned equipment and syndication fees fell.

The Modular Buildings activity in Africa, presented in the “Other” line, grew by €4.4 million, with a higher number of deliveries during the first half of 2021.

ANALYSIS OF THE FIRST HALF RESULTS

Key figures (in € million)

06/2021

06/2020

12/2020

Restated Revenue from activities

52.5

51.2

111.6

Of which Freight railcars

23.6

24.6

47.2

Of which River barges

5.1

4.9

11.8

Of which Containers

16.0

18.5

39.8

Of which Miscellaneous and eliminations

7.7

3.2

12.7

EBITDA

21.3

22.6

46.8

Current operating income

9.3

10.8

23.3

Operating income

9.3

10.8

23.2

Profit before taxes

3.4

4.6

10.0

Consolidated net profit (loss) (Group’s share)

2.0

2.5

5.9

Including net income from continuing activities

2.0

2.5

6.0

Including net income from discontinued activities

0.0

0.0

- 0,1

Earnings per share (€)

0.28

0.35

0.84

Total non-current assets

342.8

347.6

334.5

Total assets

480.3

458.0

474.0

Total shareholders’ equity

145.7

123.7

146.7

Net financial debt (a)

227.0

208.0

189.6

Operating cash flow of the retained operations (b)

- 26.3

0.6

- 1.2

Loan-to-value ratio

57%

54%

54%

(a) including €192.4 million in debt without recourse at 30 June 2021.
(b) including purchases and sales of equipment

Group EBITDA stood at €21.3 million at 30 June 2021, down slightly (by €1.2 million) from H1 2020.
The decrease in syndications and sales fees in the Freight Railcars and Containers divisions was partially offset by the increase in owned asset sales in the Modular Buildings business. There was also a one-off increase in operating expenses in the Railcars business, with more repairs and servicing completed to make assets available for leasing more quickly.

The Group share of net income came to €2.0 million for H1 2021 (vs. €2.5 million a year earlier).

FINANCIAL STRUCTURE

The balance sheet total stood at €480 million at 30 June 2021, compared with €474 million at 31 December 2020.

As expected and following the €81.9 million capital increase carried out by Touax Rail on 30 September 2020 the Group is continuing its investment program. Tangible assets (non-current assets excluding goodwill + inventories) amounted to €390 million versus €364 million at 31 December 2020.

In light of the investment policy, nominal gross debt increased to €269 million versus €252 million at 31 December 2020, while Group net debt came to €227 million versus €190 million at the end of 2020.

At 30 June 2021, the Group’s loan-to-value ratio was 57% compared with 54% at end-December 2020. This slight increase was due to the increase in investments in new equipment over the period (particularly in the Freight Railcars division) – by nature, a larger portion of these investments is financed by lenders.

Shareholders’ equity, Group share increased to €93.7 million over the period, compared with €92.3 million at 31 December 2020.

OUTLOOK

Touax is pursuing its strategy of investing in owned assets and equipment under management in all its businesses with a significant order book for more than €77.6 million at 30 June 2021. The outlook is positive and restated revenue from activities is expected to gradually rise.

The three long-term leasing businesses for sustainable, environmentally-friendly transportation are resilient and promising.

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, should continue to underpin investment in our three asset classes.

UPCOMING EVENTS

  • 22 September 2021: SFAF webcast to present the 2021 interim financial statements

  • 24 September 2021: Webcast to present the 2021 interim financial statements (in English)

  • 15 November 2021: Q3 2021 revenue from activities

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 code: 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 1: Accounting presentation of revenue from activities

Revenue from activities
(in € thousand)

Q1 2021

Q2 2021

TOTAL

Q1 2020

Q2 2020

TOTAL

Leasing revenue on owned equipment

13,229

13,633

26,862

13,426

13,336

26,762

Leasing revenue on managed equipment

11,072

10,912

21,984

13,681

12,739

26,420

Ancillary services

3,084

3,946

7,030

4,579

4,489

9,068

Management fees on managed assets

157

166

323

81

84

165

Total leasing activity

27,542

28,657

56,199

31,767

30,648

62,415

Sales of owned equipment

7,085

8,328

15,413

5,872

7,216

13,088

Margins on sale of managed equipment

591

358

949

2,128

873

3,001

Total sales of equipment

7,676

8,686

16,362

8,000

8,089

16,089

Fees on syndication

17

946

963

232

231

463

Other capital gains on disposals

0

6

6

15

0

15

Total Others

17

952

969

247

231

478

Total Revenue from activities

35,235

38,295

73,530

40,014

38,968

78,982

Revenue from activities was mainly affected by the decrease in leasing revenue from investor-owned equipment, the impact of which was limited to a decline in restated management fees, and in revenue from ancillary services.

Table showing the transition from summary accounting presentation to restated presentation

Revenue from activities

H1 2021

Restatement

Restated H1 2021

H1 2020

Restatement

Restated

(in € thousand)

H1 2020

Leasing revenue on owned equipment

26,862

26,862

26,762

26,762

Ancillary services

7,030

-539

6,491

9,068

-3,025

6,043

Total leasing activity

33,892

-539

33,353

35,830

-3,025

32,805

Sales of owned equipment

15,413

15,413

13,088

13,088

Total sales of equipment

15,413

0

15,413

13,088

0

13,088

Total of owned activity

49,305

-539

48,766

48,918

-3,025

45,893

Leasing revenue on managed equipment

21,984

-21,984

0

26,420

-26,420

0

Fees on syndications

963

963

463

463

Management fees on managed assets

323

1,465

1,788

165

1,689

1,854

Margins on sale of managed equipment

949

949

3,001

9

3,010

Total of management activity

24,219

-20,519

3,700

30,049

-24,722

5,327

Other capital gains on disposals

6

6

15

15

Total Others

6

0

6

15

0

15

Total Restated Revenue from activities

73,530

-21,057

52,473

78,982

-27,747

51,235

APPENDIX 2: Accounting presentation of the contribution by division

Revenue from activities

H1 2021

Restatement

H1 2021

H1 2020

Restatement

H1 2020

(in € thousand)

Restated

Restated

Leasing revenue on owned equipment

18,375

18,375

18,317

18,317

Ancillary services

3,792

-196

3,596

3,757

-250

3,507

Total leasing activity

22,167

-196

21,971

22,074

-250

21,824

Sales of owned equipment

723

723

1,601

1,601

Total sales of equipment

723

0

723

1,601

0

1,601

Total of owned activity

22,890

-196

22,694

23,675

-250

23,425

Leasing revenue on managed equipment

6,718

-6,718

0

6,852

-6,851

1

Fees on syndication

0

0

445

445

Management fees on managed assets

257

677

934

109

658

767

Total leasing activity

6,975

-6,041

934

7,406

-6,193

1,213

Freight railcars

29,865

-6,237

23,628

31,081

-6,444

24,637

Leasing revenue on owned equipment

3,433

3,433

3,262

3,262

Ancillary services

1,655

1,655

1,685

1,685

Total leasing activity

5,088

0

5,088

4,947

0

4,947

Sales of owned equipment

41

41

0

0

Total sales of equipment

41

0

41

0

0

0

Total of owned activity

5,129

0

5,129

4,947

0

4,947

Management fees on managed assets

12

12

0

0

Total leasing activity

12

0

12

0

0

0

River barges

5,141

0

5,141

4,947

0

4,947

Leasing revenue on owned equipment

5,038

5,038

5,159

5,159

Ancillary services

1,588

-342

1,246

3,703

-2,775

928

Total leasing activity

6,626

-342

6,284

8,862

-2,775

6,087

Sales of owned equipment

7,004

7,004

8,256

8,256

Total sales of equipment

7,004

0

7,004

8,256

0

8,256

Total of owned activity

13,630

-342

13,288

17,118

-2,775

14,343

Leasing revenue on managed equipment

15,266

-15,266

0

19,568

-19,568

0

Fees on syndication

963

963

18

18

Management fees on managed assets

54

788

842

56

1,031

1,087

Margins on sales of managed equipment

949

949

3,001

9

3,010

Total leasing activity

17,232

-14,477

2,755

22,643

-18,529

4,114

Containers

30,862

-14,820

16,042

39,761

-21,303

18,458

Leasing revenue on owned equipment

16

16

24

24

Ancillary services

-5

-5

-77

-77

Total leasing activity

11

0

11

-53

0

-53

Sales of owned equipment

7,645

7,645

3,231

3,231

Total sales of equipment

7,645

0

7,645

3,231

0

3,231

Total of owned activity

7,656

0

7,656

3,178

0

3,178

Other capital gains on disposal

6

6

15

15

Total Others

6

0

6

15

0

15

Miscellaneous and eliminations

7,662

0

7,662

3,193

0

3,193

Total revenue from activities

73,530

-21,057

52,473

78,982

-27,747

51,235


1 Based on a comparable structure and average exchange rates for H1 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