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Touax: Growth in business in the first quarter of 2022 (+52.3%)

·8 minuto per la lettura
TOUAX
TOUAX

PRESS RELEASE Paris, 12 May 2022 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Growth in business in the first quarter of 2022 (+52.3%)

  • Restated revenue from activities of €37.4 million in the first three months of the year, up €12.9 million (+52.3%)

  • Growth in all transport activities, with the Containers business outperforming

  • Good resilience in the context of war in Ukraine and inflation

Touax confirmed the growth in its revenue that began in the second half of 2021.

Total restated revenue from activities at the end of the first quarter of 2022 amounted to €37.4 million (€36.0 million at constant scope and currency1), compared with €24.6 million in the same period of 2021, up by €12.9 million (+52.3%).

This strong increase stems from the sustained investment strategy begun at the end of 2020 in its three business lines consisting of the long-term leasing of environmentally friendly equipment for sustainable transportation.

ANALYSIS OF REVENUE FROM ACTIVITIES AT END-MARCH 2022

Restated Revenue from activities (*)
(in € thousand)

Q1 2022

Q1 2021

Variation

Leasing revenue on owned equipment

15,509

13,229

2,280

Ancillary services

5,733

2,745

2,988

Total leasing activity

21,242

15,974

5,268

Sales of owned equipment

14,862

7,085

7,777

Total sales of equipment

14,862

7,085

7,777

Total of owned activity

36,104

23,059

13,045

Syndication fees

0

17

(17)

Management fees

978

897

81

Sales fees

336

591

(255)

Total of management activity

1,314

1,505

(191)

Other capital gains on disposals

0

0

0

Total Others

0

0

0

Total Restated Revenue from activities

37,418

24,564

12,854

(*) Income restated for the Groups activities is presented differently from the IFRS income statement, to enable a better understanding of its level of activity. As such, no distinction is made in third-party management, which is presented solely in agent form: the leasing revenue from equipment owned by passive investors is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Groups performance.

This presentation shows syndication fees, sales fees and management fees, grouped together under management activity, separate from owned activity.

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.

In a context where asset utilisation rates remain high, owned activity increased by €13.0 million (+56.6%) due to:

  • the growth in recurring leasing revenue (+€2.3 million) and ancillary services (+€3.0 million).

  • the increase in sales of owned equipment (+€7.8 million)

The management activity was down slightly by €0.2 million due to the drop in sales fees on investor equipment, with equipment leased and unavailable for sale.

ANALYSIS OF CONTRIBUTIONS BY DIVISION

Restated revenue from activities
(in € thousand)

Q1 2022

Q1 2021

Variation

Leasing revenue on owned equipment

10,544

9,152

1,392

Ancillary services

1,858

1,873

(15)

Total leasing activity

12,402

11,025

1,377

Sales of owned equipment

110

320

(210)

Total sales of equipment

110

320

(210)

Total of owned activity

12,512

11,345

1,167

Management fees

466

463

3

Total of management activity

466

463

3

Total Freight railcars

12,978

11,808

1,170

Leasing revenue on owned equipment

1,619

1,688

(69)

Ancillary services

1,807

683

1,124

Total leasing activity

3,426

2,371

1,055

Sales of owned equipment

0

41

(41)

Total sales of equipment

0

41

(41)

Total of owned activity

3,426

2,412

1,014

Management fees

14

6

8

Total of management activity

14

6

8

Total River Barges

3,440

2,418

1,022

Leasing revenue on owned equipment

3,342

2,384

958

Ancillary services

2,418

191

2,227

Total leasing activity

5,760

2,575

3,185

Sales of owned equipment

13,205

3,480

9,725

Total sales of equipment

13,205

3,480

9,725

Total of owned activity

18,965

6,055

12,910

Syndication fees

0

17

(17)

Management fees

498

428

70

Sales fees

336

591

(255)

Total of management activity

834

1,036

(202)

Total Containers

19,799

7,091

12,708

Leasing revenue on owned equipment

4

5

(1)

Ancillary services

(350)

(2)

(348)

Total leasing activity

(346)

3

(349)

Sales of owned equipment

1,547

3,244

(1,697)

Total sales of equipment

1,547

3,244

(1,697)

Total of owned activity

1,201

3,247

(2,046)

Total Miscellaneous & eliminations

1,201

3,247

(2,046)

Total Restated Revenue from activities

37,418

24,564

12,854

The Freight Railcars division posted an increase of 9.9% to €13.0 million in the first quarter:

  • Rental business increased by €1.4 million (+12.5%), driven by the investment policy carried out in 2021 and the increase in the fleet utilisation rate (to 88% on average in Q1 2022).

  • Management fees remained stable, while sales of owned equipment recorded a slight decline of €0.2 million.

The River Barges division posted an increase in income restated from its activities of €1.0 million, to €3.4 million, due to the €1.1 million increase in ancillary services (chartering in the Rhine basin).

Leasing revenue from Group-owned equipment decreased slightly at the beginning of the year, due to a temporary drop in the utilisation rate in January and February, corrected in March (utilisation rate of 98.9% at end-March).

The Containers division confirmed the performance of its trading and investment policy in owned activity, posting a sharp increase in its revenue of €12.7 million, to €19.8 million.

Sales of Group-owned equipment related to the trading business posted a sharp increase of €9.7 million. Meanwhile, pick-up charges improved by €2.2 million. Rental revenue supported this trend, posting a significant increase of +40.2% over the quarter to €3.3 million.

The management activity was down slightly by €0.2 million due to the drop in sales fees on investor equipment, reflecting the persistent lack of available-for-sale containers.

The Modular Construction business in Africa, presented in the “miscellaneous” line, decreased by €1.7 million due to an unfavourable comparison basis (significant deliveries took place in Q1 2021).

OUTLOOK

From an economic viewpoint in the short term, the global macroeconomic environment is volatile and uncertain due to the current armed conflict in Ukraine. However, Touax is not directly exposed to this conflict or the economic sanctions on Russia, as it has no subsidiaries, customers or leased transport assets (with the possible exception of a few non-material containers in transit) in Ukraine or Russia. Indirectly, this conflict may have consequences that are difficult to ascertain in terms of rising inflation, impact on European economic growth, logistical disruptions, shortages of equipment, spare parts and raw materials in certain industrial sectors (including the rail sector) and rising interest rates. We note that our assets are gaining value during this inflationary period.

From a structural and medium/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 the development of infrastructure, e-commerce and intermodal logistics, as well as the support of public authorities, consumers, lenders and investors for green transport.

UPCOMING EVENTS

  • 22 June 2022: Annual General Meeting

  • 28 September 2022: Publication of H1 results and videoconferencing presentation

  • 29 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 €1.2 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: 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

1- Accounting presentation of revenue from activities

Revenue from activities
(in € thousand)

Q1 2022

Q1 2021

Leasing revenue on owned equipment

15,509

13,229

Ancillary services

6,579

3,084

Total of leasing activity

22,088

16,313

Sales of owned equipment

14,862

7,085

Total sales of equipment

14,862

7,085

Total of owned activity

36,950

23,398

Leasing revenue on managed equipment

10,819

11,072

Syndication fees

0

17

Management fees

270

157

Sales fees

336

591

Total of managed activity

11,425

11,837

Total Revenue from activities

48,375

35,235

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

Revenue from activities
(in € thousand)

Accounting Q1 2022

Restatement

Restated
Q1 2022

Accounting
Q1 2021

Restatement

Restated
Q1 2021

Leasing revenue on owned equipment

15,509

15,509

13,229

13,229

Ancillary services

6,579

-846

5,733

3,084

-339

2,745

Total of leasing activity

22,088

-846

21,242

16,313

-339

15,974

Sales of owned equipment

14,862

14,862

7,085

7,085

Total sales of equipment

14,862

0

14,862

7,085

0

7,085

Total of owned activity

36,950

-846

36,104

23,398

-339

23,059

Leasing revenue on managed equipment

10,819

-10,819

0

11,072

-11,072

0

Syndication fees

0

0

17

17

Management fees

270

708

978

157

740

897

Sales fees

336

336

591

0

591

Total of managed activity

11,425

-10,111

1,314

11,837

-10,332

1,505

Other capital gains on disposals

0

0

0

0

Total Others

0

0

0

0

0

0

Total Revenue from activities

48,375

-10,957

37,418

35,235

-10,671

24,564


1 Based on a comparable structure and average exchange rates at end-March 2021

Attachment


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