Touax: Stable activity in 1st quarter 2023

PRESS RELEASE        Paris, 15 May 2023 - 5.45 pm


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


(in € thousand)
Leasing revenue on owned equipment17,13915,5091,630
Ancillary services5,0305,732-702
Total leasing activity22,16921,241928
Sales of owned equipment13,05314,862-1,809
Total sales of equipment13,05314,862-1,809
Total of owned activity35,22236,103-881
Syndication fees000
Management fees1,02197843
Sales fees861336525
Total of management activity1,8821,314568
Other capital gains on disposals101
Total Others101
Total Restated Revenue from activities37,10537,417-312

(*) 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.


Restated Revenue from activitiesQ1 2023

Q1 2022


(in € thousand)
Leasing revenue on owned equipment11,12410,544580
Ancillary services1,9381,85880
Total leasing activity13,06212,402660
Sales of owned equipment76110-34
Total sales of equipment76110-34
Total of owned activity13,13812,512626
Management fees53846672
Total of management activity53846672
Total Freight railcars13,67612,978698
Leasing revenue on owned equipment1,8781,619259
Ancillary services2,0721,807265
Total leasing activity3,9503,426524
Total sales of equipment000
Total of owned activity3,9503,426524
Management fees1114-3
Total of management activity1114-3
Total River Barges3,9613,440521
Leasing revenue on owned equipment4,1333,342791
Ancillary services1,0202,070-1,050
Total leasing activity5,1535,412-259
Sales of owned equipment10,21113,205-2,994
Total sales of equipment10,21113,205-2,994
Total of owned activity15,36418,617-3,253
Management fees472498-26
Sales fees861336525
Total of management activity1,333834499
Total Containers16,69719,451-2 754
Leasing revenue on owned equipment440
Ancillary services0-33
Total leasing activity413
Sales of owned equipment2,7661,5471,219
Total sales of equipment2,7661,5471,219
Total of owned activity2,7701,5481,222
Other capital gains on disposals101
Total Others101
Total Miscellaneous and eliminations2,7711,5481,223
Total Restated Revenue from activities37,10537,417-312

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.


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.


  • 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:

Your contacts:
Fabrice & Raphaël WALEWSKI        Ghislaine GASPARETTO

Tel: +33 1 46 96 18 00         Tel : +33 1 56 88 11 11


1-   Accounting presentation of Revenue from activities

Revenue from activitiesQ1 2023

Q1 2022

(in € thousand)
Leasing revenue on owned equipment17,13915,509
Ancillary services6,4366,578
Total leasing activity23,57522,087
Sales of owned equipment13,05314,862
Total sales of equipment13,05314,862
Total of owned activity36,62836,949
Leasing revenue on managed equipment9,48510,819
Syndication fees00
Management fees372270
Sales fees861336
Total of management activity10,71811,425
Other capital gains on disposals 10
Total Others10
Total Revenue from activities47,34748,374

2-   Table showing the transition from summary Accounting presentation to Restated presentation

Revenue from activitiesQ1 2023


RetreatedQ1 2022


(in € thousand)Q1 2023Q1 2022
Leasing revenue on owned     equipment17,139 17,13915,509 15,509
Ancillary services6,436-1,4065,0306,578-8465,732
Total leasing activity23,575-1,40622,16922,087-84621,241
Sales of owned equipment13,053 13,05314,862 14,862
Total sales of equipment13,053013,05314,862014,862
Total of owned activity36,628-1,40635,22236,949-84636,103
Leasing revenue on managed equipment9,485-9,485010,819-10,8190
Syndication fees0 00 0
Management fees3726491,021270708978
Sales fees861 8613360336
Total of management activity10,718-8,8361,88211,425-10,1111,314
Other capital gains on disposals 1 10 0
Total Others101000
Total Revenue from activities47,347-10,24237,10548,374-10,95737,417

1 Based on a comparable structure and on average exchange rates at 31 March 2022



TOUAX PR Revenues Q1 2023