PRESS RELEASE Paris, 28 February 2020 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION
REVENUE FROM ACTIVITIES 2019: +9.4%
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ANALYSIS OF REVENUE FROM ACTIVITIES
Q4 2019 revenue totalled €49.4 million compared with €40.5 million in Q4 2018, an increase of 22%.
Over the 2019 financial year, revenue from activities thus totalled €169 million (€164.2 million at constant scope and currency), up 6.3% compared to 2018.
This good performance was mainly driven by the 11.2% increase in leasing revenue on owned equipment (€50.2 million) and sales of equipment which stood at €32.2 million (€31 million at constant scope and currency), compared with €18.7 million in 2018, notably thanks to trading activity in new and used containers.
Syndication fees and capital gains not linked to recurring activities came to €1.9 million versus €1.3 million the previous year.
Revenue from activities (in € thousands) | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | TOTAL | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | TOTAL | |||
Leasing revenue on owned equipment (1) | 11,641 | 12,243 | 13,008 | 13,319 | 50,211 | 11,525 | 11,171 | 10,474 | 11,975 | 45,145 | |||
Leasing revenue on managed equipment (1) | 16,541 | 16,038 | 15,179 | 15,065 | 62,823 | 17,467 | 17,850 | 19,514 | 17,336 | 72,167 | |||
Ancillary services (2) | 4,594 | 4,876 | 5,726 | 6,615 | 21,811 | 3,474 | 3,678 | 4,724 | 5,352 | 17,228 | |||
Total leasing activity | 32,776 | 33,157 | 33,913 | 34,999 | 134,845 | 32,466 | 32,699 | 34,712 | 34,663 | 134,540 | |||
Sales of owned equipment (3) | 3,271 | 6,925 | 4,604 | 12,548 | 27,348 | 3,247 | 4,475 | 4,284 | 5,214 | 17,220 | |||
Margins on sale of managed equipment (3) | 831 | 1,697 | 1,625 | 741 | 4,894 | 310 | 253 | 338 | 628 | 1,529 | |||
Total sales of equipment | 4,102 | 8,622 | 6,229 | 13,289 | 32,242 | 3,557 | 4,728 | 4,622 | 5,842 | 18,749 | |||
Fees on syndication and Other capital gains on disposals (3) | 389 | 449 | 8 | 1,076 | 1,922 | 323 | 655 | 267 | 7 | 1,252 | |||
Total revenue from activities | 37,267 | 42,228 | 40,150 | 49,364 | 169,009 | 36,346 | 38,082 | 39,601 | 40,512 | 154,541 | |||
(1) The implementation of the new IFRS 16 has no significant impact on the presentation of revenue from activities. (2) Ancillary services include river barge freight activity and rebilling of expenses related to equipment leasing (transport, repairs). (3) Sales of Group-owned equipment to end user customers are recognized fully in the Equipment sales line. The margin or capital gain generated is obtained by deducting the purchase cost from sales. The margin (sale fee) on sales of equipment managed for third parties to end user customers is recognized in the Equipment sales line. The other capital gains are capital gains not linked to recurring equipment sales. |
ANALYSIS OF THE CONTRIBUTION BY DIVISION
Revenue from the Freight Railcars division totalled €61.1 million, a 8.5% increase from €56.3 million the previous year.
Revenue from the River Barges division came to €11.8 million compared to €14.5 million over 2018, during which barges were sold for €2.1 million. Leasing revenue fell to €11.7 million, mainly due to the temporary lacklustre market in South America.
Revenue from the Containers division totalled €81.8 million over 2019, an increase of 7.1%.
Revenue from the sales of modular buildings in Africa presented under the “Miscellaneous” line more than doubled during 2019 to €13.9 million, highlighting the turnaround of the activity.
Revenue from activities (in € thousands) | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | TOTAL | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | TOTAL | ||||
Leasing revenue on owned equipment (1) | 8,536 | 9,240 | 8,994 | 9,552 | 36,322 | 8,749 | 8,473 | 7,639 | 8,727 | 33,588 | ||||
Leasing revenue on managed equipment (1) | 3,422 | 3,507 | 3,453 | 3,460 | 13,842 | 2,462 | 2,410 | 4,169 | 3,534 | 12,575 | ||||
Ancillary services (2) | 1,437 | 2,141 | 1,965 | 2,676 | 8,219 | 1,565 | 1,777 | 1,584 | 2,331 | 7,257 | ||||
Total leasing activity | 13,395 | 14,888 | 14,412 | 15,688 | 58,383 | 12,776 | 12,660 | 13,392 | 14,592 | 53,420 | ||||
Sales of owned equipment (3) | 88 | 61 | 677 | 838 | 1,664 | 100 | 789 | (229) | 1,565 | 2,225 | ||||
Total sales of equipment | 88 | 61 | 677 | 838 | 1,664 | 100 | 789 | (229) | 1,565 | 2,225 | ||||
Fees on syndication | 1,076 | 1,076 | 662 | 25 | 687 | |||||||||
Freight railcars | 13,483 | 14,949 | 15,089 | 17,602 | 61,123 | 12,876 | 14,111 | 13,188 | 16,157 | 56,332 | ||||
Leasing revenue on owned equipment (1) | 1,523 | 1,650 | 1,644 | 1,410 | 6,227 | 1,833 | 1,658 | 1,504 | 1,483 | 6,478 | ||||
Ancillary services (2) | 1,317 | 1,243 | 1,601 | 1,287 | 5,448 | 1,196 | 1,140 | 2,109 | 1,513 | 5,958 | ||||
Total leasing activity | 2,840 | 2,893 | 3,245 | 2,697 | 11,675 | 3,029 | 2,798 | 3,613 | 2,996 | 12,436 | ||||
Sales of owned equipment (3) | 42 | 106 | 148 | 1,020 | 1,020 | 25 | 2,065 | |||||||
Total sales of equipment | 42 | 106 | 148 | 1,020 | 1,020 | 25 | 2,065 | |||||||
River barges | 2,882 | 2,893 | 3,245 | 2,803 | 11,823 | 4,049 | 2,798 | 4,633 | 3,021 | 14,501 | ||||
Leasing revenue on owned equipment (1) | 1,558 | 1,331 | 2,356 | 2,339 | 7,584 | 901 | 1,001 | 1,300 | 1,737 | 4,939 | ||||
Leasing revenue on managed equipment (1) | 13,119 | 12,531 | 11,726 | 11,605 | 48,981 | 15,005 | 15,440 | 15,345 | 13,802 | 59,592 | ||||
Ancillary services (2) | 1,818 | 1,490 | 2,168 | 2,786 | 8,262 | 424 | 670 | 835 | 1,536 | 3,465 | ||||
Total leasing activity | 16,495 | 15,352 | 16,250 | 16,730 | 64,827 | 16,330 | 17,111 | 17,480 | 17,075 | 67,996 | ||||
Sales of owned equipment (3) | 1,833 | 3,009 | 3,416 | 3,425 | 11,683 | 1,436 | 1,809 | 1,692 | 1,599 | 6,536 | ||||
Margins on sales of managed equipment (3) | 831 | 1,697 | 1,625 | 741 | 4,894 | 310 | 253 | 338 | 628 | 1,529 | ||||
Total sales of equipment | 2,664 | 4,706 | 5,041 | 4,166 | 16,577 | 1,746 | 2,062 | 2,030 | 2,227 | 8,065 | ||||
Fees on syndication and Other capital gains on disposals (3) | 389 | (7) | 8 | 390 | 309 | 5 | 9 | (13) | 310 | |||||
Containers | 19,548 | 20,051 | 21,299 | 20,896 | 81,794 | 18,385 | 19,178 | 19,519 | 19,289 | 76,371 | ||||
Leasing revenue on owned equipment (1) | 24 | 22 | 14 | 18 | 78 | 42 | 39 | 31 | 28 | 140 | ||||
Ancillary services (2) | 22 | 2 | (8) | (134) | (118) | 289 | 91 | 196 | (28) | 548 | ||||
Total leasing activity | 46 | 24 | 6 | (116) | (40) | 331 | 130 | 227 | 688 | |||||
Sales of owned equipment (3) | 1,308 | 3,855 | 511 | 8,179 | 13,853 | 691 | 1,877 | 1,801 | 2,025 | 6,394 | ||||
Total sales of equipment | 1,308 | 3,855 | 511 | 8,179 | 13,853 | 691 | 1,877 | 1,801 | 2,025 | 6,394 | ||||
Other capital gains on disposal (3) | 456 | 456 | 14 | (12) | 233 | 20 | 255 | |||||||
Miscellaneous and eliminations | 1,354 | 4,335 | 517 | 8,063 | 14,269 | 1,036 | 1,995 | 2,261 | 2,045 | 7,337 | ||||
Total revenue from activities | 37,267 | 42,228 | 40,150 | 49,364 | 169,009 | 36,346 | 38,082 | 39,601 | 40,512 | 154,541 | ||||
(1) The implementation of the new IFRS 16 has no significant impact on the presentation of revenue from activities. (2) Ancillary services include river barge freight activity and rebilling of expenses related to equipment leasing (transport, repairs). (3) Sales of Group-owned equipment to end user customers are recognized fully in the Equipment sales line. The margin or capital gain generated is obtained by deducting the purchase cost from sales. The margin (sale fee) on sales of equipment managed for third parties to end user customers is recognized in the Equipment sales line. The other capital gains are capital gains not linked to recurring equipment sales. |
OUTLOOK
The strategic refocusing on the three long-term transport equipment leasing businesses is reaping rewards and business is continuing to grow.
Global economic growth remains positive at 3.3% in 2020* which should continue to support equipment transportation activities and equipment leasing demand.
It remains too early to determine the impact of the Coronavirus, although current analyses point to a weaker activity during the first quarter of 2020 followed by a recovery during the second half of the year. Long-term leasing activities are generally relatively unaffected by temporary fluctuations due to public health crisis.
*source IMF 20/01/2020.
UPCOMING EVENTS
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 €1.2bn in assets under management, TOUAX is one of the leading European players in the leasing of such equipment.
TOUAX SCA 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
Managing partners 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
1 Revenue corresponds to revenue from activities that generate leasing revenue, sales of equipment, syndication fees and other capital gains.
2 Based on a comparable structure and 2018 average exchange rates.
3 CQGR = 10%.
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