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Touax: Q1 2021 restated revenues from activities

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·9-min read
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PRESS RELEASE Paris, 14 May 2021 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Q1 2021 restated revenues from activities

New segmentation of revenues between owned activities and management activities.

In order to enable a more detailed and more accurate reading of its activities, the Group decided to update the key indicators of its quarterly report:

  • Revenues from activities are 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 shows syndication fees, sales fees and now management fees, grouped together under management activity, separate from owned activity.

The accounting presentation of revenue from activities and the contribution by division is presented in the appendix to the press release.

ANALYSIS OF Q1 2021 REVENUES FROM ACTIVITIES

The restated presentation of revenues from activities is as follows:

Restated Revenue from activities
(in € thousand)

Q1 2021

Q1 2020

variation

variation %

Leasing revenue on owned equipment

13,229

13,426

-197

-1.5%

Ancillary services

2,745

3,044

-299

-9.8%

Total leasing activity

15,974

16,470

-496

-3.0%

Sales of owned equipment

7,085

5,872

1,213

20.7%

Total sales of equipment

7,085

5,872

1,213

20.7%

Total of owned activity

23,059

22,342

717

3.2%

Syndication fees

17

232

-215

-92.7%

Management fees (a)

897

937

-40

-4.3%

Sales fees

591

2,128

-1,537

-72.2%

Total of management activity

1,505

3,297

-1,792

-54.4%

Other capital gains on disposals

0

15

-15

-100.0%

Total Others

0

15

-15

-100.0%

Total Restated Revenue from activities

24,564

25,654

-1,090

-4.2%

(a) The “leasing revenue from investor-owned equipment” is replaced by “management fees”.

The total restated revenues from activities in Q1 2021 amounted to €24.6 million, €25.4 million at constant scope and currency1, compared to €25.7 million at the same period in 2020.

Owned activities increased by €0.7 million, with an increase in the sales of owned equipment, particularly in modular buildings, offset by a decline in leasing activity, particularly in river barge freight activity.

Management activity decreased by €1.8 million, with a decline in sales volumes of investor-owned equipment, due to the seasonality of these sales and the shortage of containers.

ANALYSIS OF THE CONTRIBUTION BY DIVISION

Restated Revenue from activities
(in € thousand)

Q1 2021

Q1 2020

variation

variation %

Leasing revenue on owned equipment

9,152

9,199

-47

-0.5%

Ancillary services

1,873

1,462

411

28.1%

Total leasing activity

11,025

10,661

364

3.4%

Sales of owned equipment

320

939

-619

-65.9%

Total sales of equipment

320

939

-619

-65.9%

Total of owned activity

11,345

11,600

-255

-2.2%

Syndication fees

0

214

-214

-100.0%

Management fees (a)

463

373

90

24.1%

Total of management activity

463

587

-124

-21.1%

Freight railcars

11,808

12,187

-379

-3.1%

Leasing revenue on owned equipment

1,688

1,636

52

3.2%

Ancillary services

683

1,246

-563

-45.2%

Total leasing activity

2,371

2,882

-511

-17.7%

Sales of owned equipment

41

0

41

0.0%

Total sales of equipment

41

0

41

0.0%

Total of owned activity

2,412

2,882

-470

-16.3%

Management fees (a)

6

0

6

0.0%

Total of management activity

6

0

6

0.0%

River barges

2,418

2,882

-464

-16.1%

Leasing revenue on owned equipment

2,384

2,578

-194

-7.5%

Ancillary services

191

285

-94

-33.0%

Total leasing activity

2,575

2,863

-288

-10.1%

Sales of owned equipment

3,480

4,064

-584

-14.4%

Total sales of equipment

3,480

4,064

-584

-14.4%

Total of owned activity

6,055

6,927

-872

-12.6%

Syndication fees

17

18

-1

-5.6%

Management fees (a)

428

564

-136

-24.1%

Sales fees

591

2,128

-1,537

-72.2%

Total of management activity

1,036

2,710

-1,674

-61.8%

Containers

7,091

9,637

-2,546

-26.4%

Leasing revenue on owned equipment

5

13

-8

-61.5%

Ancillary services

-2

51

-53

-103.9%

Total leasing activity

3

64

-61

-95.3%

Sales of owned equipment

3,244

869

2,375

273.3%

Total sales of equipment

3,244

869

2,375

273.3%

Total of owned activity

3,247

933

2,314

248.0%

Other capital gains on disposal

0

15

-15

-100.0%

Total Others

0

15

-15

-100.0%

Miscellaneous and eliminations

3,247

948

2,299

242.5%

Total Restated Revenue from activities

24,564

25,654

-1,090

-4.2%

(a) The “leasing revenue from investor-owned equipment” is replaced by “management fees”.

The Freight Railcar activity fell slightly with lower sales but an increase in leasing activity:

  • Owned activity decreased with the decline in sales of owned equipment, partially offset by the increase in owned leasing activity.

  • Management activity declined with the lack of syndication in Q1 2021 while management fees increased following the syndications in 2020.

The River Barge activity decreased given the ancillary services that posted lower freight revenues over the period, but the average utilisation rate increased to 99.2%.

The Containers activity declined, with a conversion impact linked to the fall in the dollar and temporarily lower equipment sales. The average utilisation rate over the period was 99.6% vs. 95.7% in the first three months of 2020 reflecting the shortage of containers, resulting in lower availability of containers for sale. Management fees decreased with the fall in the dollar but also due to a lower volume of containers under management following the disposal of investor-owned equipment in 2020.

The Modular Buildings activity in Africa, which is presented under “Miscellaneous”, increased with major deliveries made during Q1 2021.

OUTLOOK

The effects of the health crisis remained limited in Q1 2021. The shortage of containers and its limited production resulted in a lower level of sales.

Touax is pursuing its strategy of investing in owned equipment and equipment under management in all its businesses with a significant order book in the process of delivery for more than €100 million.

Its three long-term equipment leasing businesses for sustainable transportation that respect the environment continue to be resilient and promising.

The outlook is favourable with an expected gradual increase in the restated revenue from activities. From a structural and medium to long-term perspective, Europe's “Green Deal” together with the various stimulus packages in the infrastructure sector announced by governments and the tendency towards outsourcing should continue to underpin investment in our asset classes.

UPCOMING EVENTS

  • 23 June 2021: Annual General Meeting

  • 22 September 2021 after market close: H1 2021 results

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 nearly €1.1 billion 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 more information: 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

Summary accounting presentation

Revenue from activities
(in € thousand)

Q1 2021

Q1 2020

Leasing revenue on owned equipment

13,229

13,426

Leasing revenue on managed equipment

11,072

13,681

Ancillary services

3,084

4,579

Management fees on managed assets

157

81

Total leasing activity

27,542

31,767

Sales of owned equipment

7,085

5,872

Margins on sale of managed equipment

591

2,128

Total sales of equipment

7,676

8,000

Fees on syndication

17

232

Other capital gains on disposals

0

15

Total Others

17

247

Total Revenue from activities

35,235

40,014

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

Table for the transition from summary accounting presentation to restated presentation

Revenue from activities
(in € thousand)

Q1 2021

Restatement

Restated Q1 2021

Q1 2020

Restatement

Restated
Q1 2020

Leasing revenue on owned equipment

13,229

13,229

13,426

13,426

Ancillary services

3,084

-339

2,745

4,579

-1,534

3,045

Total leasing activity

16,313

-339

15,974

18,005

-1,534

16,471

Sales of owned equipment

7,085

7,085

5,872

5,872

Total sales of equipment

7,085

0

7,085

5,872

0

5,872

Total of owned activity

23,398

-339

23,059

23,877

-1,534

22,343

Leasing revenue on managed equipment

11,072

-11,072

0

13,681

-13,681

0

Fees on syndications

17

17

232

232

Management fees on managed assets

157

740

897

81

855

936

Margins on sale of managed equipment

591

591

2,128

2,128

Total of management activity

11,837

-10,332

1,505

16,122

-12,825

3,297

Other capital gains on disposals

0

0

15

15

Total Others

0

0

0

15

0

15

Total Restated Revenue from activities

35,235

-10,671

24,564

40,014

-14,359

25,655

APPENDIX 2: Accounting presentation of the contribution by division

Revenue from activities

Q1 2021

Q1 2020

(in € thousand)

Leasing revenue on owned equipment

9,152

9,199

Leasing revenue on managed equipment

3,357

3,483

Ancillary services

2,007

1,619

Management fees on managed assets

124

53

Total leasing activity

14,640

14,354

Sales of owned equipment

320

939

Total sales of equipment

320

939

Fees on syndication

0

214

Total Others

0

214

Freight railcars

14 960

15,507

Leasing revenue on owned equipment

1,688

1,636

Ancillary services

683

1,246

Management fees on managed assets

6

0

Total leasing activity

2,377

2,882

Sales of owned equipment

41

0

Total sales of equipment

41

0

River barges

2,418

2,882

Leasing revenue on owned equipment

2,384

2,578

Leasing revenue on managed equipment

7,715

10,198

Ancillary services

396

1,663

Management fees on managed assets

27

28

Total leasing activity

10,522

14,467

Sales of owned equipment

3,480

4,064

Margins on sales of managed equipment

591

2,128

Total sales of equipment

4,071

6,192

Fees on syndication

17

18

Total Others

17

18

Containers

14,610

20,677

Leasing revenue on owned equipment

5

13

Ancillary services

(2)

51

Total leasing activity

3

64

Sales of owned equipment

3,244

869

Total sales of equipment

3,244

869

Other capital gains on disposal

0

15

Total Others

0

15

Miscellaneous and eliminations

3,247

948

Total revenue from activities

35,235

40,014


1 Based on a comparable structure and average exchange rates in Q1 2020

Attachment