Touax: Stable activity in 1st quarter 2023
PRESS
RELEASE Paris, 15
May 2023 - 5.45 pm
YOUR OPERATIONAL LEASING SOLUTION FOR
SUSTAINABLE TRANSPORT
Stable activity
in 1st quarter
2023
-
€37.1
million in revenues for
the first three months of the
year, stable compared to
1st quarter 2022
-
Leasing income up
10.5%
|
Total restated revenue for the 1st quarter 2023
amounts to €37.1 million (€36.4 million at constant currency and
scope1), stable compared to €37.4 million for the same period in
2022.
Restated Revenue
from activities
(*) |
Q1 2023 |
Q1 2022 |
Variation |
(in €
thousand) |
Leasing revenue on owned equipment |
17,139 |
15,509 |
1,630 |
Ancillary services |
5,030 |
5,732 |
-702 |
Total leasing activity |
22,169 |
21,241 |
928 |
Sales of owned equipment |
13,053 |
14,862 |
-1,809 |
Total sales
of equipment |
13,053 |
14,862 |
-1,809 |
Total of owned
activity |
35,222 |
36,103 |
-881 |
Syndication fees |
0 |
0 |
0 |
Management fees |
1,021 |
978 |
43 |
Sales fees |
861 |
336 |
525 |
Total of management activity |
1,882 |
1,314 |
568 |
Other capital gains on disposals |
1 |
0 |
1 |
Total Others |
1 |
0 |
1 |
Total Restated Revenue from activities |
37,105 |
37,417 |
-312 |
(*) To ensure an understanding
of the performance of the activities, the key indicators of the
Group's activity report are presented differently from the IFRS
income statement. For this reason, no distinction is made in the
management of third-party accounts, which is presented exclusively
as an agent.This presentation allows for a direct reading of
syndication fees, sales fees and management fees.This presentation
does not result in any difference in EBITDA, operating profit and
net profit. The accounting presentation of the revenues of the
activities is reported in the annex to the press release.
The decline in new equipment sales was offset by
growth in leasing income and a recovery in used equipment
sales.
Owned activities decrease by €0.9 million
(-2.4%) following a drop in sales of new equipment and ancillary
services (-€2.5 million), offset by a very favourable trend in
leasing income, up by 10.5% (+€1.6 million).
The container market has normalised over 2023
generating a decline in ancillary services and container sales,
these activities having benefited from an exceptional year in
2022.
The recurring leasing business continues to grow
thanks to leasing rate increases, which reflect our ability to
increase the value of our contracts in relation to inflation, and
to the growth of the fleet.
Management activities increased by €0.6 million
due to sales commissions on second-hand equipment owned by
investors.
ANALYSIS OF THE CONTRIBUTION BY
DIVISION
Restated Revenue
from activities |
Q1 2023 |
Q1 2022 |
Variation |
(in €
thousand) |
Leasing revenue on owned equipment |
11,124 |
10,544 |
580 |
Ancillary services |
1,938 |
1,858 |
80 |
Total leasing activity |
13,062 |
12,402 |
660 |
Sales of owned equipment |
76 |
110 |
-34 |
Total
sales of equipment |
76 |
110 |
-34 |
Total of owned
activity |
13,138 |
12,512 |
626 |
Management fees |
538 |
466 |
72 |
Total of management activity |
538 |
466 |
72 |
Total Freight
railcars |
13,676 |
12,978 |
698 |
Leasing revenue on owned equipment |
1,878 |
1,619 |
259 |
Ancillary services |
2,072 |
1,807 |
265 |
Total leasing activity |
3,950 |
3,426 |
524 |
Total
sales of equipment |
0 |
0 |
0 |
Total of owned
activity |
3,950 |
3,426 |
524 |
Management fees |
11 |
14 |
-3 |
Total of management activity |
11 |
14 |
-3 |
Total River Barges |
3,961 |
3,440 |
521 |
Leasing revenue on owned equipment |
4,133 |
3,342 |
791 |
Ancillary services |
1,020 |
2,070 |
-1,050 |
Total leasing activity |
5,153 |
5,412 |
-259 |
Sales of owned equipment |
10,211 |
13,205 |
-2,994 |
Total
sales of equipment |
10,211 |
13,205 |
-2,994 |
Total of owned
activity |
15,364 |
18,617 |
-3,253 |
Management fees |
472 |
498 |
-26 |
Sales fees |
861 |
336 |
525 |
Total of management activity |
1,333 |
834 |
499 |
Total Containers |
16,697 |
19,451 |
-2 754 |
Leasing revenue on owned equipment |
4 |
4 |
0 |
Ancillary services |
0 |
-3 |
3 |
Total leasing activity |
4 |
1 |
3 |
Sales of owned equipment |
2,766 |
1,547 |
1,219 |
Total
sales of equipment |
2,766 |
1,547 |
1,219 |
Total of owned
activity |
2,770 |
1,548 |
1,222 |
Other capital gains on disposals |
1 |
0 |
1 |
Total Others |
1 |
0 |
1 |
Total Miscellaneous
and eliminations |
2,771 |
1,548 |
1,223 |
|
|
|
|
Total Restated Revenue from activities |
37,105 |
37,417 |
-312 |
The Freight
Railcars business grew by 5.4%, driven by leasing
revenues from owned equipment, up by €0.6 million. This increase is
explained by the regular investments initiated since 2021 and by
maintaining a high utilisation rate, at an average of 88.5% in the
1er quarter of 2023.
The River Barges activity
increased its turnover by +15.1%. This increase is explained by a
100% utilisation rate in the 1er quarter of 2023, by a fleet that
grew slightly over the year (purchase of four second-hand barges
for the Rhine and Danube basins, and the full effect over the
quarter of leasing income from two new barges rented on the Seine)
and by the growth in chartering activity on the Rhine basin, which
accounts for half of the increase in the value of the division's
revenues.
Revenues in the Container
Division remained strong at €16.7 million, but decreased by €2.8
million, in an overall market that is normalising after two
exceptional years in 2021 and 2022 in terms of prices and volumes
for new containers. In this context, sales of owned containers and
ancillary services (pick-up charges), which had maximised trading
activity in 2022, fell by €3.0 million and €1.1 million
respectively in the quarter.
Recurring leasing income from owned equipment
increased by €0.8 million (+23.7%). Management activity grew by
€0.5 million with an increase in sales commissions on investor
equipment due to the redelivery of older containers by lessees,
leading to an increase in our used container sales activities.
The Modular Buildings in Africa
business, presented in the "Miscellaneous" line, is off to a very
good start in 2023 after the low point of 2022, showing a net
increase of €1.2 million (+79%). The year as a whole looks good,
with a high order backlog.
OUTLOOK
The Touax Group confirms its strategy of regular
investments in quality assets with long term leases in place, while
remaining cautious given the market conditions.
Touax's business continues to do well at a time
when awareness of the need to decarbonise the economy and transport
is growing.
Touax's goal is to better serve its clients with
sustainable transportation services. Our various asset classes
benefit from the development of infrastructure, e-commerce and
intermodal logistics, corresponding to the expectations of
consumers, manufacturers, public authorities, and lenders and
investors, all of whom support green transport.
UPCOMING EVENTS
- 14 June 2023: General Meeting of
Shareholders
- 13 September
2023: Videoconference presentation of the half-year results, in
French
- 14 September
2023: Videoconference presentation of the half-year results, in
English
The TOUAX Group leases
tangible assets (freight railcars, river barges and containers)
every day throughout the world for its own account and for
investors. With €1.3 billion under management, TOUAX is one of
Europe's leading leasing companies for this type of equipment.
TOUAX is listed in
Paris on EURONEXT Compartment C (ISIN Code FR0000033003) and is
included in the CAC® Small CAC® Mid & Small and
EnterNext©PEA-PME 150 indices.
For more information:
www.touax.com
Your
contacts:TOUAX ACTIFINFabrice
& Raphaël
WALEWSKI Ghislaine
GASPARETTOtouax@touax.com ggasparetto@actin.frwww.touax.com
Tel: +33 1 46 96 18
00 Tel : +33 1 56
88 11 11
APPENDIX
1- Accounting presentation of
Revenue from activities
Revenue from
activities |
Q1 2023 |
Q1 2022 |
(in €
thousand) |
Leasing revenue on owned equipment |
17,139 |
15,509 |
Ancillary services |
6,436 |
6,578 |
Total leasing activity |
23,575 |
22,087 |
Sales of owned equipment |
13,053 |
14,862 |
Total
sales of equipment |
13,053 |
14,862 |
Total of owned
activity |
36,628 |
36,949 |
Leasing revenue on managed equipment |
9,485 |
10,819 |
Syndication fees |
0 |
0 |
Management fees |
372 |
270 |
Sales fees |
861 |
336 |
Total of management activity |
10,718 |
11,425 |
Other capital gains on disposals |
1 |
0 |
Total Others |
1 |
0 |
Total Revenue from
activities |
47,347 |
48,374 |
2- Table showing the transition
from summary Accounting presentation to Restated presentation
Revenue from
activities |
Q1 2023 |
Retreatment |
Retreated |
Q1 2022 |
Retreatment |
Retreated |
(in €
thousand) |
Q1 2023 |
Q1 2022 |
Leasing revenue on owned equipment |
17,139 |
|
17,139 |
15,509 |
|
15,509 |
Ancillary services |
6,436 |
-1,406 |
5,030 |
6,578 |
-846 |
5,732 |
Total leasing activity |
23,575 |
-1,406 |
22,169 |
22,087 |
-846 |
21,241 |
Sales of owned equipment |
13,053 |
|
13,053 |
14,862 |
|
14,862 |
Total
sales of equipment |
13,053 |
0 |
13,053 |
14,862 |
0 |
14,862 |
Total of owned
activity |
36,628 |
-1,406 |
35,222 |
36,949 |
-846 |
36,103 |
Leasing revenue on managed equipment |
9,485 |
-9,485 |
0 |
10,819 |
-10,819 |
0 |
Syndication fees |
0 |
|
0 |
0 |
|
0 |
Management fees |
372 |
649 |
1,021 |
270 |
708 |
978 |
Sales fees |
861 |
|
861 |
336 |
0 |
336 |
Total of management activity |
10,718 |
-8,836 |
1,882 |
11,425 |
-10,111 |
1,314 |
Other capital gains on disposals |
1 |
|
1 |
0 |
|
0 |
Total Others |
1 |
0 |
1 |
0 |
0 |
0 |
Total Revenue from
activities |
47,347 |
-10,242 |
37,105 |
48,374 |
-10,957 |
37,417 |
1 Based on a comparable structure and on
average exchange rates at 31 March 2022
- TOUAX PR Revenues Q1 2023
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