Touax: Growth in business activity at end-September 2022

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        ACTIFINFabrice & Raphaël Walewski        Ghislaine Gasparettotouax@touax.com        ggasparetto@actifin.frwww.touax.com        Tel: +33 1 56 88 11 11Tel: +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

  • TOUAX PR Q3 2022 VA
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