PRESS RELEASE Paris, 22 February 2018 - 6.00 p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
2017 ANNUAL REVENUE
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REVENUE ANALYSIS
| Revenue by type (unaudited data, € thousands) | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | TOTAL | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | TOTAL |
| Leasing revenue (1) | 38,498 | 37,820 | 34,414 | 35,371 | 146,103 | 36,130 | 35,202 | 36,648 | 39,132 | 147,112 |
| Sales of equipment | 15,070 | 31,123 | 5,679 | 13,954 | 65,826 | 22,538 | 17,623 | 17,585 | 27,802 | 85,549 |
| Including sales to clients | 8,947 | 8,324 | 5,842 | 14,033 | 37,146 | 12,622 | 13,921 | 11,783 | 15,082 | 53,408 |
| Including sales to investors | 6,123 | 22,799 | (163) | (79) | 28,680 | 9,916 | 3,702 | 5,802 | 12,720 | 32,141 |
| Consolidated revenue | 53,568 | 68,943 | 40,093 | 49,325 | 211,929 | 58,668 | 52,825 | 54,233 | 66,934 | 232,660 |
(1) Leasing revenue includes ancillary services.
Over the full 2017 financial year, consolidated revenue amounted to €211.9 million compared to €232.7 million in 2016, a decrease of 8.9% due to lower Shipping Container sales partially offset by higher Freight Railcar sales. At constant exchange rates, revenue decreased by 13.4% mainly due to the falling value of the US dollar.
Leasing revenue was stable at €146.1 million. The fall in Shipping Container activity mainly due to currency effects and a decreased managed fleet is offset by the increase in the River Barges and Freight Railcars leasing activities.
Customer sales were down at €37.1 million. Used container sales decreased in 2017 in a buoyant leasing market context with a 99% utilisation rate as few containers were available for sale.
Few investments and therefore syndications to investors were made in 2017 in the Shipping Containers division to focus on improving utilisation rates and the leasing of unused containers. Following the launch in 2017 of a special partnership with an investment fund in real assets, sales of freight railcars to investors rose by 177% in a favourable European market.
Analysis of the contribution of the 3 Group's divisions
| Revenue by type (unaudited data, € thousands) | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | TOTAL | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | TOTAL |
| Leasing revenue (1) | 11,929 | 12,826 | 12,309 | 13,861 | 50,925 | 9,102 | 9,191 | 9,318 | 9,891 | 37,501 |
| Sales of equipment | 598 | 24,038 | 135 | 3,260 | 28,031 | 178 | 2,333 | 70 | 8,786 | 11,368 |
| Including sales to clients | 434 | 1,139 | 135 | 3,260 | 4,969 | 178 | 2,333 | 70 | 469 | 3,051 |
| Including sales to investors | 164 | 22,899 | 23,063 | 8,317 | 8,317 | |||||
| Freight railcars | 12,527 | 36,864 | 12,444 | 17,121 | 78,957 | 9,280 | 11,524 | 9,388 | 18,677 | 48,869 |
| Leasing revenue (1) | 3,699 | 3,560 | 3,624 | 3,457 | 14,341 | 3,089 | 2,768 | 3,281 | 3,707 | 12,846 |
| Sales of equipment | 6 | 111 | 52 | 53 | 222 | 918 | 18 | 18 | 71 | 1,024 |
| Including sales to clients | 6 | 111 | 52 | 53 | 222 | 918 | 18 | 18 | 71 | 1,024 |
| River Barges | 3,705 | 3,671 | 3,676 | 3,510 | 14,563 | 4,007 | 2,786 | 3,299 | 3,778 | 13,870 |
| Leasing revenue (1) | 22,824 | 21,572 | 18,427 | 17,616 | 80,439 | 23,828 | 23,132 | 23,986 | 25,647 | 96,594 |
| Sales of equipment | 13,480 | 6,320 | 4,037 | 5,061 | 28,898 | 19,429 | 13,725 | 16,970 | 16,166 | 66,290 |
| Including sales to clients | 7,520 | 6,420 | 4,200 | 5,140 | 23,281 | 9,513 | 10,023 | 11,168 | 11,762 | 42,466 |
| Including sales to investors | 5,960 | (100) | (163) | (79) | 5,618 | 9,916 | 3,702 | 5,802 | 4,403 | 23,824 |
| Shipping containers | 36,304 | 27,892 | 22,464 | 22,678 | 109,337 | 43,257 | 36,857 | 40,956 | 41,813 | 162,884 |
| Leasing revenue (1) | 45 | (137) | 54 | 436 | 399 | 111 | 111 | 62 | (114) | 171 |
| Sales of equipment | 987 | 653 | 1,454 | 5,579 | 8,674 | 2,013 | 1,547 | 527 | 2,780 | 6,866 |
| Including sales to clients | 987 | 653 | 1,454 | 5,579 | 8,674 | 2,013 | 1,547 | 527 | 2,780 | 6,866 |
| Miscellaneous and unallocated | 1,032 | 516 | 1,508 | 6,016 | 9,073 | 2,124 | 1,658 | 589 | 2,666 | 7,037 |
| Consolidated revenue | 53,568 | 68,943 | 40,093 | 49,325 | 211,929 | 58,668 | 52,825 | 54,233 | 66,934 | 232,660 |
(1) Leasing revenue includes ancillary services.
Freight railcars: The Freight Railcar activity that accounts for most of the Group's investments is the most significant contributor to EBITDA. Revenues for the Freight Railcars division increased by 61.6% from €48.9 million to €79 million at the end of December 2017, mainly due to higher leasing revenues and syndications to investors. Leasing revenues increased by €13.4 million (or +35.8%) to reach €50.9 million as of 31 December 2017 due to the full consolidation of an asset-holding subsidiary. At the end of December, the average utilisation rate rose in a growing market.
River Barges: Revenues for the River Barges division totalled €14.6 million, an increase of 5% thanks to improved activity on the Rhine and despite the lack of sales in 2017 compared to 2016.
Shipping containers: The Shipping Containers activity consists mainly of assets managed on behalf of third parties. The leasing market recovered strongly in 2017 with a utilisation rate of 99% at the end of 2017. Revenues in the Shipping Containers division decreased to €109.3 million mainly due to scope effects. Half of the fall in leasing revenues in 2017 is due to the falling value of the dollar while the other half is due to the decreased fleet. Sales are down in 2017 with a lower volume of used sales and the almost absence of syndication.
The retained activity of modular buildings sales in Africa grouped under "miscellaneous" shows an improvement in 4th quarter due to the completion of many projects started during the previous quarters.
OUTLOOK
Following the transfer of the modular building sale and leasing business in Europe and the United States for a combined disposal value of approximately €170 million, the Group is finalizing its strategic refocusing on its three transport equipment leasing activities in a favourable market environment. This sale will allow TOUAX to increase its investment capacity.
The Freight Railcars leasing activity in Europe and Asia continues to grow in line with the growth of trade and GDP in these two areas, allowing TOUAX to strengthen its partnership with real asset and infrastructure funds.
Demand for River Barges varies depending on the country, with low demand in South America, but increasing requirements in Europe.
With global GDP growth of 3.9% expected in 2018, the growth in world trade and hence demand for Shipping Containers should continue and promote the high leasing level of our equipment. In order to meet the needs of its customers in 2018, TOUAX plans to invest in shipping containers for its own account and in partnership with third-party investors.
TOUAX confirms an operating profit for the full year 2017.
UPCOMING DATES
- 28 March 2018: 2017 results
- 28 March 2018: Financial analyst presentation
- 29 March 2018: Investors conference call
- 15 May 2018: Q1 2018 revenue
- 20 June 2018: Annual shareholders meeting
TOUAX Group leases out tangible assets (freight railcars, river barges and shipping-containers) on a daily basis throughout the world, for its own account and on behalf of third party investors. With close to €1.3 billion under management, TOUAX is one of the European leaders in the operational leasing of this type of equipment.
TOUAX is listed in Paris on EURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid & Small indexes and in EnterNext PEA-PME.
For more information: www.touax.com
Contacts:
TOUAX
Fabrice & Raphaël Walewski
Managing partners
touax@touax.com
Tel: +33 (0)1 46 96 18 00
ACTIFIN
Ghislaine GASPARETTO
ggasparetto@actifin.fr
Tel: +33 (0)1 55 88 11 11
