PRESS RELEASE Paris, 15 November 2021 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION
Growth in business activity at end-September 2021
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The Group’s performance remains positive against a backdrop of economic recovery worldwide.
Total restated revenue from activities at the end of the third quarter amounted to €82.7 million (€84.6 million at constant scope and currency1), compared with €80.7 million in the same period in 2020, for an increase of €2 million (+2.5%).
ANALYSIS OF REVENUE FROM ACTIVITIES AT END-SEPTEMBER 2021
The restated presentation of revenue from activities is as follows:
| Restated Revenue from activities (in € thousand) | Q1 2021 | Q2 2021 | Q3 2021 | TOTAL 2021 | Q1 2020 | Q2 2020 | Q3 2020 | TOTAL 2020 |
| Leasing revenue on owned equipment | 13,229 | 13,633 | 14,479 | 41,341 | 13,426 | 13,336 | 13,011 | 39,773 |
| Ancillary services | 2,745 | 3,747 | 5,530 | 12,022 | 3,044 | 2,997 | 3,838 | 9,879 |
| Total leasing activity | 15,974 | 17,380 | 20,009 | 53,363 | 16,470 | 16,333 | 16,849 | 49,652 |
| Sales of owned equipment | 7,085 | 8,328 | 9,132 | 24,545 | 5,872 | 7,216 | 10,917 | 24,005 |
| Total sales of equipment | 7,085 | 8,328 | 9,132 | 24,545 | 5,872 | 7,216 | 10,917 | 24,005 |
| Total of owned activity | 23,059 | 25,708 | 29,141 | 77,908 | 22,342 | 23,549 | 27,766 | 73,657 |
| Syndication fees | 17 | 946 | 48 | 1,011 | 232 | 231 | 13 | 476 |
| Management fees (a) | 897 | 891 | 894 | 2,682 | 937 | 919 | 898 | 2,754 |
| Sales fees | 591 | 358 | 181 | 1,130 | 2,128 | 882 | 793 | 3,803 |
| Total of management activity | 1,505 | 2,195 | 1,123 | 4,823 | 3,297 | 2,032 | 1,704 | 7,033 |
| Other capital gains on disposals | 0 | 6 | 0 | 6 | 15 | 0 | 0 | 15 |
| Total Others | 0 | 6 | 0 | 6 | 15 | 0 | 0 | 15 |
| Total Restated Revenue from activities | 24,564 | 27,909 | 30,264 | 82,737 | 25,654 | 25,581 | 29,470 | 80,705 |
(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.
Note: New segmentation of revenue from activities between owned activities and management activities.
To enable a more detailed and more accurate reading of its activities, the Group has adjusted its key indicators:
- Revenue from activities is 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 directly shows syndication fees, management fees and sales fees.
This new presentation has no impact on EBITDA, operating income or net income. The accounting presentation of revenue is presented in the appendix to the press release.
Group owned activities grew by €4.3 million, with an increase in leasing revenue and ancillary services (+€3.7 million in the first nine months).
Sales of equipment in the Modular Buildings activity offset the dip in sales of owned equipment in other asset classes. Limited second-hand assets (containers, barges and railcars) available for sale given the high utilisation rates and strong leasing demand.
For the same reasons, the management activity contracted by €2.2 million owing to a €2.7 million decrease in sales fees on used equipment belonging to investors in the Containers activity.
ANALYSIS OF CONTRIBUTIONS BY DIVISION
| Restated Revenue from activities (in € thousand) | Q1 2021 | Q2 2021 | Q3 2021 | TOTAL 2021 | Q1 2020 | Q2 2020 | Q3 2020 | TOTAL 2020 |
| Leasing revenue on owned equipment | 9,152 | 9,223 | 10,122 | 28,497 | 9,199 | 9,118 | 8,910 | 27,227 |
| Ancillary services | 1,873 | 1,724 | 1,950 | 5,547 | 1,462 | 2,044 | 1,680 | 5,186 |
| Total leasing activity | 11,025 | 10,947 | 12,072 | 34,044 | 10,661 | 11,162 | 10,590 | 32,413 |
| Sales of owned equipment | 320 | 403 | 162 | 885 | 939 | 662 | 354 | 1,955 |
| Total sales of equipment | 320 | 403 | 162 | 885 | 939 | 662 | 354 | 1,955 |
| Total of owned activity | 11,345 | 11,350 | 12,234 | 34,929 | 11,600 | 11,824 | 10,944 | 34,368 |
| Syndication fees | 0 | 0 | 0 | 0 | 214 | 231 | 0 | 445 |
| Management fees (a) | 463 | 470 | 451 | 1,384 | 373 | 395 | 406 | 1,174 |
| Total of management activity | 463 | 470 | 451 | 1,384 | 587 | 626 | 406 | 1,619 |
| Total Freight railcars | 11,808 | 11,820 | 12,685 | 36,313 | 12,187 | 12,450 | 11,350 | 35,987 |
| Leasing revenue on owned equipment | 1,688 | 1,745 | 1,770 | 5,203 | 1,636 | 1,626 | 1,755 | 5,017 |
| Ancillary services | 683 | 972 | 1,286 | 2,941 | 1,246 | 439 | 1,062 | 2,747 |
| Total leasing activity | 2,371 | 2,717 | 3,056 | 8,144 | 2,882 | 2,065 | 2,817 | 7,764 |
| Sales of owned equipment | 41 | 0 | 0 | 41 | 0 | 0 | 0 | 0 |
| Total sales of equipment | 41 | 0 | 0 | 41 | 0 | 0 | 0 | 0 |
| Total of owned activity | 2,412 | 2,717 | 3,056 | 8,185 | 2,882 | 2,065 | 2,817 | 7,764 |
| Management fees (a) | 6 | 6 | 5 | 17 | 0 | 0 | 0 | 0 |
| Total of management activity | 6 | 6 | 5 | 17 | 0 | 0 | 0 | 0 |
| Total River barges | 2,418 | 2,723 | 3,061 | 8,202 | 2,882 | 2,065 | 2,817 | 7,764 |
| Leasing revenue on owned equipment | 2,384 | 2,654 | 2,572 | 7,610 | 2,578 | 2,581 | 2,335 | 7,494 |
| Ancillary services | 191 | 1,054 | 2,297 | 3,542 | 285 | 642 | 1,098 | 2,025 |
| Total leasing activity | 2,575 | 3,708 | 4,869 | 11,152 | 2,863 | 3,223 | 3,433 | 9,519 |
| Sales of owned equipment | 3,480 | 3,524 | 5,991 | 12,995 | 4,064 | 4,192 | 6,344 | 14,600 |
| Total sales of equipment | 3,480 | 3,524 | 5,991 | 12,995 | 4,064 | 4,192 | 6,344 | 14,600 |
| Total of owned activity | 6,055 | 7,232 | 10,860 | 24,147 | 6,927 | 7,415 | 9,777 | 24,119 |
| Syndication fees | 17 | 946 | 48 | 1,011 | 18 | 0 | 13 | 31 |
| Management fees (a) | 428 | 415 | 438 | 1,281 | 564 | 524 | 492 | 1,580 |
| Sales fees | 591 | 358 | 181 | 1,130 | 2,128 | 882 | 793 | 3,803 |
| Total of management activity | 1,036 | 1,719 | 667 | 3,422 | 2,710 | 1,406 | 1,298 | 5,414 |
| Total Containers | 7,091 | 8,951 | 11,527 | 27,569 | 9,637 | 8,821 | 11,075 | 29,533 |
| Leasing revenue on owned equipment | 5 | 11 | 15 | 31 | 13 | 11 | 11 | 35 |
| Ancillary services | (2) | (3) | (3) | (8) | 51 | (128) | (2) | (79) |
| Total leasing activity | 3 | 8 | 12 | 23 | 64 | (117) | 9 | (44) |
| Sales of owned equipment | 3,244 | 4,401 | 2,979 | 10,624 | 869 | 2,362 | 4,219 | 7,450 |
| Total sales of equipment | 3,244 | 4,401 | 2,979 | 10,624 | 869 | 2,362 | 4,219 | 7,450 |
| Total of owned activity | 3,247 | 4,409 | 2,991 | 10,647 | 933 | 2,245 | 4,228 | 7,406 |
| Other capital gains on disposal | 0 | 6 | 0 | 6 | 15 | 0 | 0 | 15 |
| Total Others | 0 | 6 | 0 | 6 | 15 | 0 | 0 | 15 |
| Total Miscellaneous and eliminations | 3,247 | 4,415 | 2,991 | 10,653 | 948 | 2,245 | 4,228 | 7,421 |
| Total Restated Revenue from activities | 24,564 | 27,909 | 30,264 | 82,737 | 25,654 | 25,581 | 29,470 | 80,705 |
(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.
The Freight Railcars activity posted a slight increase, totalling €36.3 million in the first nine months:
- Group owned activity rose by €0.6 million, mainly resulting from an increase in leasing revenue from owned equipment (+4.7%) driven by growth in the utilisation rate in the third quarter and by the leasing of newly acquired railcars.
- The management activity decreased owing to the lack of syndication since the start of the year (-€0.4 million), while management fees rose €0.2 million.
The River Barges business increased its revenue by €0.4 million, buoyed by owned-asset leasing revenue, which has benefited from an average utilisation rate of 99.2% since the start of 2021.
The Containers activity fell by €2 million owing to the decline in second-hand sales (with no impact on overall profitability, which increased relative to 2020).
Leasing activity performance remained strong (+€1.6 million), fuelled by ancillary services (one-way leasing) relating to new-container trading. The average utilisation rate over the period was 99.7%, reflecting the shortage of containers, but the volume of used containers for sale was very low. As a result, sales of owned equipment decreased by €1.6 million and sales fees on investor equipment by €2.7 million.
Syndication fees contributed €1 million to the division’s revenue from activities.
The Modular Buildings activity in Africa, presented in the "Other" line, grew by €3.2 million, with more deliveries since the start of 2021.
OUTLOOK
Touax is pursuing its strategy of investment in equipment owned and managed across all its business lines. The outlook is positive and restated revenue from activities and profitability are expected to gradually rise.
Our three long-term leasing businesses provide for sustainable, environmentally friendly transportation and continue to show resilience and promise.
From a structural and medium to long-term perspective, the growth of e-commerce, which increases demand for logistics, environmental policies such as Europe's Green Deal, the various government stimulus packages in the infrastructure sector and increased outsourcing, which encourages leasing, and should continue to underpin investment in our three asset classes.
UPCOMING EVENTS
Presentation of 2021 annual financial statements:
- 23 March 2022: Press release in French and English
- 23 March 2022: Presentation to SFAF in Paris (in French)
- 25 March 2022: 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 €1.1 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 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: Accounting presentation of revenue from activities
| Revenue from activities (in € thousand) | Q1 2021 | Q2 2021 | Q3 2021 | TOTAL | Q1 2020 | Q2 2020 | Q3 2020 | TOTAL |
| Leasing revenue on owned equipment | 13,229 | 13,633 | 14,479 | 41,341 | 13,426 | 13,336 | 13,011 | 39,773 |
| Leasing revenue on managed equipment | 11,072 | 10,912 | 11,420 | 33,404 | 13,681 | 12,739 | 11,782 | 38,202 |
| Ancillary services | 3,084 | 3,946 | 5,888 | 12,918 | 4,579 | 4,489 | 5,374 | 14,442 |
| Management fees on managed assets | 157 | 166 | 165 | 488 | 81 | 84 | 103 | 268 |
| Total leasing activity | 27,542 | 28,657 | 31,952 | 88,151 | 31,767 | 30,648 | 30,270 | 92,685 |
| Sales of owned equipment | 7,085 | 8,328 | 9,132 | 24,545 | 5,872 | 7,216 | 10,917 | 24,005 |
| Margins on sale of managed equipment | 591 | 358 | 181 | 1,130 | 2,128 | 873 | 787 | 3,788 |
| Total sales of equipment | 7,676 | 8,686 | 9,313 | 25,675 | 8,000 | 8,089 | 11,704 | 27,793 |
| Fees on syndication | 17 | 946 | 48 | 1,011 | 232 | 231 | 13 | 476 |
| Other capital gains on disposals | 0 | 6 | 0 | 6 | 15 | 0 | 0 | 15 |
| Total Others | 17 | 952 | 48 | 1,017 | 247 | 231 | 13 | 491 |
| Total Revenue from activities | 35,235 | 38,295 | 41,313 | 114,843 | 40,014 | 38,968 | 41,987 | 120,969 |
Revenues from activities are mainly affected by the decrease in leasing revenue from investor-owned equipment, whose impact on results is limited to the decrease in management fees.
Table showing the transition from summary accounting presentation to restated presentation
| Revenue from activities (in € thousand) | Q3 2021 | Restatement | Restated Q3 2021 | Q3 2020 | Restatement | Restated Q3 2020 |
| Leasing revenue on owned equipment | 41,341 | 41,341 | 39,773 | 39,773 | ||
| Ancillary services | 12,918 | -896 | 12,022 | 14,442 | -4,563 | 9,879 |
| Total leasing activity | 54,259 | -896 | 53,363 | 54,215 | -4,563 | 49,652 |
| Sales of owned equipment | 24,545 | 24,545 | 24,005 | 24,005 | ||
| Total sales of equipment | 24,545 | 0 | 24,545 | 24,005 | 0 | 24,005 |
| Total of owned activity | 78,804 | -896 | 77,908 | 78,220 | -4,563 | 73,657 |
| Leasing revenue on managed equipment | 33,404 | -33,404 | 0 | 38,202 | -38,202 | 0 |
| Fees on syndications | 1,011 | 1,011 | 476 | 476 | ||
| Management fees on managed assets | 488 | 2,194 | 2,682 | 268 | 2,486 | 2,754 |
| Margins on sale of managed equipment | 1,130 | 1,130 | 3,788 | 15 | 3,803 | |
| Total of management activity | 36,033 | -31,210 | 4,823 | 42,734 | -35,701 | 7,033 |
| Other capital gains on disposals | 6 | 6 | 15 | 15 | ||
| Total Others | 6 | 0 | 6 | 15 | 0 | 15 |
| Total Restated Revenue from activities | 114,843 | -32,106 | 82,737 | 120,969 | -40,264 | 80,705 |
1 Based on a comparable structure and average exchange rates at 30 September 2020.
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