Touax: RESULTS AS OF 30 JUNE 2022: Acceleration in profitability over the half-year

La Defense Cedex, FRANCE

PRESS RELEASE         Paris, 28 September 2022 – 5.45 p.m.



Acceleration in profitability over the half-year

  • Group share of net profit: €7.6 million (x 3.8 versus June 2021)
  • EBITDA up sharply to €29.5 million (+38% year-on-year), driven by the Container and Freight Railcar activities
  • A solid financial structure: high level of equity and longer debt maturity

“The good H1 2022 results are in line with our performance at the end of 2021. The investment strategy implemented in 2021 to meet the needs of our customers made it possible to achieve a significant increase in leasing revenue in 2022. Thanks to the long-term contracts signed with its customers and the quality of the assets acquired, Touax is securing sustainable revenue over the long term and the solidity of its business model, while also validating the relevance of its long-term leasing strategy in sustainable transport,” said Fabrice and Raphaël Walewski, Managing partners of TOUAX SCA.

Touax has confirmed the strong growth in activity already seen during the first quarter of 2022. Restated revenue from activities (*) in H1 2022 came to €78.3 million (€74.1 million at constant scope and currency1), compared with €52.5 million in the same period in 2021, an increase of 49%.

Despite temporary disruptions in the global maritime freight market, the first half of 2022 saw strong business momentum once again in the Containers division, particularly in new built containers trading.

The Group saw an acceleration of its operating performance, with EBITDA of €29.5 million (+38% compared with 30 June 2021).

The Group also continued to improve its financial profile by extending the maturity of its debt and reducing its financial costs.

(*) 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.


Key figures June 2022

June 2021

Dec 2021

(in € million)
Restated revenue from activities78.352.5125.0
Of which Freight railcars26.423.650.3
Of which River barges7.65.112.8
Of which Containers41.316.047.7
Of which Miscellaneous and eliminations3.07.714.2
Operating income16.69.328.7
Profit before taxes9.83.416.8
Consolidated net profit (loss) (Group’s share)
Earnings per share (€)
Total non-current assets353.2342.8358.0
Total assets585.0480.3552.4
Total shareholders’ equity170.2145.7165.0
Net financial debt (a)242.2227.4231.6
Operating cash flow (b)11.0-26.4-25.7
Loan to Value ratio (c)56%57%52%
(a) including €218.3m in debt without recourse at 30 June 2022 and excluding active derivative instruments.  
(b) including €16.3m of net equipment acquisitions (€31.7m end of June 2021) 
(c) Loan to Value ratio: Ratio of consolidated gross financial debt to total assets less goodwill and intangible fixed assets


Restated revenue from activitiesQ1 2022

Q2 2022

H1 2022

Q1 2021

Q2 2021

H1 2021

(in € thousand)
Leasing revenue on owned equipment15,50916,90932,41813,22913,63326,862
Ancillary services5,7324,88410,6162,7453,7476,492
Total leasing activity21,24121,79343,03415,97417,38033,354
Sales of owned equipment14,86214,24929,1117,0858,32815,413
Total sales of equipment14,86214,24929,1117,0858,32815,413
Total of owned activity36,10336,04272,14523,05925,70848,767
Syndication fees02,5222,52217946963
Management fees9789861,9648978911,788
Sales fees3361,3491,685591358949
Total of management activity1,3144,8576,1711,5052,1953,700
Other capital gains on disposals000066
Total Others000066
Total Restated revenue from activities37,41740,89978,31624,56427,90952,473

In a context of high asset utilisation rates, the owned activity increased by €23.4 million (+48%) thanks to:

  • growth in recurring leasing revenue (+€5.6 million) and ancillary services (+€4.1 million)
  • an increase in sales of owned equipment (+€13.7 million), particularly in the Containers division

The management activity was also up by €2.5 million, the bulk of which stemmed from the increase in syndication fees in the Containers (+€1.1 million) and Freight Railcar (+€0.4 million) activities.

Restated revenue from activitiesQ1 2022

Q2 2022

H1 2022

Q1 2021

Q2 2021

H1 2021

(in € thousand)
Leasing revenue on owned equipment10,54411,14221,6869,1529,22318,375
Ancillary services1,8581,1773,0351,8731,7243,597
Total leasing activity12,40212,31924,72111,02510,94721,972
Sales of owned equipment110238348320403723
Total sales of equipment110238348320403723
Total of owned activity12,51212,55725,06911,34511,35022,695
Syndication fees0446446000
Management fees466451917463470933
Total of management activity4668971,363463470933
Total Freight railcars12,97813,45426,43211,80811,82023,628
Leasing revenue on owned equipment1,6191,7893,4081,6881,7453,433
Ancillary services1,8072,3854,1926839721,655
Total leasing activity3,4264,1747,6002,3712,7175,088
Sales of owned equipment00041041
Total sales of equipment00041041
Total of owned activity3,4264,1747,6002,4122,7175,129
Management fees145196612
Total of management activity145196612
Total River Barges3,4404,1797,6192,4182,7235,141
Leasing revenue on owned equipment3,3423,9737,3152,3842,6545,038
Ancillary services2,0701,3253,3951911,0541,245
Total leasing activity5,4125,29810,7102,5753,7086,283
Sales of owned equipment13,20512,57525,7803,4803,5247,004
Total sales of equipment13,20512,57525,7803,4803,5247,004
Total of owned activity18,61717,87336,4906,0557,23213,287
Syndication fees02,0762,07617946963
Management fees4985301,028428415843
Sales fees3361,3491,685591358949
Total of management activity8343,9554,7891,0361,7192,755
Total Containers19,45121,82841,2797,0918,95116,042
Leasing revenue on owned equipment45951116
Ancillary services-3-3-6-2-3-5
Total leasing activity1233811
Sales of owned equipment1,5471,4362,9833,2444,4017,645
Total sales of equipment1,5471,4362,9833,2444,4017,645
Total of owned activity1,5481,4382,9863,2474,4097,656
Other capital gains on disposals000066
Total Others000066
Total Miscellaneous & eliminations1,5481,4382,9863,2474,4157,662
Total Restated revenue from activities37,41740,89978,31624,56427,90952,473

The Freight Railcars division posted an increase of 12% to €26.4 million in H1 2022:

  • The owned activity increased by €2.4 million (+10%), driven by the investment policy implemented in 2021 and ongoing in 2022, and by a continued high fleet utilisation rate (87% on average in H1 2022).
  • The management business grew by €0.4 million (+46%) because of the fees generated by the sale of assets to investors at the end of June 2022.

The River Barges division generated a €2.5 million increase in restated revenue from its activities to €7.6 million. This is attributable to the increase in ancillary services (+€2.5 million) linked to a rise in the chartering of barges in the Rhine basin.

The Containers division saw consolidation of the results of the proprietary trading and investment policy, posting an increase in its revenue from activities of €25.2 million to €41.3 million. Sales of owned equipment related to the trading business rose by a sharp €18.8 million. Invoicing of ancillary services (pick-up charges) rose by €2.1 million. This increase reflects exceptional demand for containers among shipping companies amid the ongoing shortage. This trend was underpinned by leasing revenue, which was up by a sharp 45% over the period to €7.3 million.

The management activity increased by €2.0 million to €4.8 million. Syndication fees were up and commissions on the sale of investor equipment also increased by €0.7 million. Management fees rose by €0.2 million.

The Modular Building activity in Africa presented in the “Miscellaneous” line item failed to replicate its H1 2021 performance, posting a decrease of €4.7 million.


Group EBITDA stood at €29.5 million at 30 June 2022, up sharply (by €8.2 million) on H1 2021.

This performance was mainly due to strong growth in leasing activity in the Freight Railcars and Containers divisions, which was underpinned by a decrease in operating expenses on Freight Railcars and the return of purchases and sales in the container trading activity.
Syndication fees were also up in both divisions, with a significant increase in overall sales volumes in the Containers division.

The Group share of net profit came to €7.6 million in H1 2022 (vs. €2.0 million a year earlier).


On 28 June 2022, Touax SCA issued a sustainability-linked bond of €33.3 million over 5 years, in order to:
- repay part of its existing debt in the amount of €10 million and extend its maturity by 2 years to 2027;
- reduce the cost of its financial resources by €0.9 million per year by buying back the full €26.6 million in undated deeply subordinated bonds.

At 30 June 2022, the Group’s loan-to-value ratio was 56% compared with 52% at end-December 2021. This increase can be explained in part by the increase in investments in new equipment during the first six months of the year (in the Containers division in particular), the financing ratio of which is higher, and by a portion of the buyback of the undated deeply subordinated bonds as of 30 June 2022 (€8.5 million repaid at that date, while the balance of €18.1 million was repaid on 1 August 2022).

The Group’s net debt stood at €242 million, up €11 million year-to-date.

Total shareholders’ equity at 30 June 2022 amounted to €170.2 million compared with €165.0 million at 31 December 2021. This figure includes €8.5 million in repayment on the hybrid capital.


Touax is not directly exposed to the Russia-Ukraine conflict, as it has no subsidiaries, customers or leased transport assets (with the possible exception of a few non-significant containers in transit) in Ukraine or Russia.

In the current context of inflationary pressures and rising interest rates, Touax continues to roll out its activities with confidence, backed by a resilient business model and recurring revenues based on long-term contracts. The Group plans to continue to seize         new asset acquisition opportunities 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.

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.


  • 29 September 2022: Video conference call to present the H1 results in French
  • 30 September 2022: Video conference call to present the H1 results in English
  • 14 November 2022: Q3 revenue from activities

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 more than €1.3 billion of assets under management, TOUAX is one of the leading European players in the leasing of such 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:

Fabrice & Raphaël Walewski        Ghislaine Gasparetto        Tel: +33 1 56 88 11 11
Tel: +33 1 46 96 18 00        


  1. Accounting presentation of revenue from activities

Revenue from activitiesQ1 2022

Q2 2022

H1 2022

Q1 2021

Q2 2021

H1 2021

(in € thousand)
Leasing revenue on owned equipment15,50916,90932,41813,22913,63326,862
Ancillary services6,5788,63215,2103,0843,9467,030
Total leasing activity22,08725,54147,62816,31317,57933,892
Sales of owned equipment14,86214,24929,1117,0858,32815,413
Total sales of equipment14,86214,24929,1117,0858,32815,413
Total of owned activity36,94939,79076,73923,39825,90749,305
Leasing revenue on managed equipment10,81910,91721,73611,07210,91221,984
Syndication fees02,5222,52217946963
Management fees270286556157166323
Sales fees3361,3491,685591358949
Total of management activity11,42515,07426,49911,83712,38224,219
Other capital gains on disposals000066
Total Others000066
Total Revenue from activities48,37454,864103,23835,23538,29573,530

2- Table showing the transition from summary accounting presentation to restated presentation

Revenue from activitiesH1 2022


Restated H1 2022

H1 2021


Restated H1 2021

(in € thousand)
Leasing revenue on owned equipment32,418032,41826,862026,862
Ancillary services15,210-4,59410,6167,030-5396,491
Total leasing activity47,628-4,59443,03433,892-53933,353
Sales of owned equipment29,111029,11115,413015,413
Total sales of equipment29,111029,11115,413015,413
Total of owned activity76,739-4,59472,14549,305-53948,766
Leasing revenue on managed equipment21,736-21,736021,984-21,9840
Syndication fees2,52202,5229630963
Management fees5561,4081,9643231,4651,788
Sales fees1,68501,6859490949
Total of management activity26,499-20,3286,17124,219-20,5193,700
Other capital gains on disposals000066
Total Others000066
Total Revenue from activities103,238-24,92178,31673,530-21,05752,473

1 Based on a comparable structure and average exchange rates in the first half of 2021



20220928 - EN TOUAX PR H1 2022