• Touax: Growth in business activity at end-September 2022

    来源: Nasdaq GlobeNewswire / 14 11月 2022 10:45:00   America/Chicago

    PRESS RELEASE        Paris, 14 November 2022 – 5.45 p.m.

    YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

    Growth in business activity at end-September 2022

    Revenue of €120.2 million in the first nine months of the year, up €37.5 million (+45.3%)

    The Group's performance remains strong in a more uncertain global economic environment.

    Total restated revenue from activities at the end of the third quarter amounted to €120.2 million (€112.8 million at constant scope and currency1), compared with €82.7 million in the same period in 2021, for an increase of €37.5 million (+45.3%). The positive exchange rate effect linked to the dollar and focused on the Containers business was €7.2 million.

    Restated Revenue from activities (*)Q1 2022

     
    Q2 2022

     
    Q3 2022

     
    TOTAL 2022

     
    Q1 2021

     
    Q2 2021

     
    Q3 2021

     
    TOTAL 2021

     
    (in € thousand)
    Leasing revenue on owned equipment15,50916,90917,17849,59613,22913,63314,48041,342
    Ancillary services5,7324,8847,39018,0062,7453,7475,53012,022
    Total leasing activity21,24121,79324,56867,60215,97417,38020,01053,364
    Sales of owned equipment14,86214,24915,39244,5037,0858,3289,13224,545
    Total sales of equipment14,86214,24915,39244,5037,0858,3289,13224,545
    Total of owned activity36,10336,04239,960112,10523,05925,70829,14277,909
    Syndication fees02,522652,58717946481,011
    Management fees 9789861,0833,0478978918952,683
    Sales fees3361,3498012,4865913581811,130
    Total of management activity1,3144,8571,9498,1201,5052,1951,1244,824
    Other capital gains on disposals00660606
    Total Others00660606
    Total Restated Revenue from activities37,41740,89941,915120,23124,56427,90930,26682,739

    (*) 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.

    DYNAMIC GROWTH IN OWNED AND MANAGEMENT ACTIVITIES AT END-SEPTEMBER 2022

    Owned activities grew by €34.2 million over nine months, with respective increases of €14.2 million for leasing activity and €20.0 million for equipment sales activity thanks to sales of own-account containers, which outperformed.

    Management activity grew by €3.3 million, with an increase of €1.6 million in syndication fees (Freight Railcars and Containers activities) and sales fees on used equipment belonging to investors (+€1.4 million in the Containers activity).

    ANALYSIS OF CONTRIBUTIONS BY DIVISION

    The Freight Railcars activity rose (+11.3%) to €40.4 million in the first nine months:

    • Owned activity expanded by €3.6 million, resulting from an increase in leasing revenue from owned equipment (+15.7%), driven by growth in the utilisation rate (87.1% versus 84.6% over the same period in 2021) and by the leasing of newly acquired railcars.
    • Management activity was also up, with syndication fees increasing by €0.4 million with transactions carried out in June 2022.

    The River Barges activity saw a boost in revenue of €5.1 million thanks to the vigorous level of barge chartering in the Rhine basin. The utilisation rate in the third quarter of 2022 was nearly 100% in the division.

    The Containers activity posted a sharp increase of €33.9 million. The performance of leasing activity remained strong (+€5.4 million) with an average utilisation rate of 98.1% over the period. However, most of the increase came from sales of owned equipment (new built containers trading activity), which rose by €25.8 million. Management activity increased by €2.8 million, spurred by syndication fees in the second quarter and commissions on the sale of investor equipment.

    The Modular Buildings activity in Africa, presented on the "Miscellaneous" line, was down €5.6 million with fewer projects delivered than in 2021.

    Restated Revenue from activitiesQ1 2022

     
    Q2 2022

     
    Q3 2022

     
    TOTAL 2022

     
    Q1 2021

     
    Q2 2021

     
    Q3 2021

     
    TOTAL 2021

     
    (in € thousand)
    Leasing revenue on owned equipment10,54411,14211,29232,9789,1529,22310,12328,498
    Ancillary services1,8581,1771,8204,8551,8731,7241,9515,548
    Total leasing activity12,40212,31913,11237,83311,02510,94712,07434,046
    Sales of owned equipment110238369717320403162885
    Total sales of equipment110238369717320403162885
    Total of owned activity12,51212,55713,48138,55011,34511,35012,23634,931
    Syndication fees044614470000
    Management fees 4664515071,4244634704511,384
    Total of management activity4668975081,8714634704511,384
    Total Freight railcars12,97813,45413,98940,42111,80811,82012,68736,315
    Leasing revenue on owned equipment1,6191,7891,8695,2771,6881,7451,7705,203
    Ancillary services1,8072,3853,7887,9806839721,2862,941
    Total leasing activity3,4264,1745,65713,2572,3712,7173,0568,144
    Sales of owned equipment0000410041
    Total sales of equipment0000410041
    Total of owned activity3,4264,1745,65713,2572,4122,7173,0568,185
    Management fees145113066517
    Total of management activity145113066517
    Total River Barges3,4404,1795,66813,2872,4182,7233,0618,202
    Leasing revenue on owned equipment3,3423,9734,01311,3282,3842,6542,5727,610
    Ancillary services2,0701,3251,7795,1741911,0542,2973,542
    Total leasing activity5,4125,2985,79216,5022,5753,7084,86911,152
    Sales of owned equipment13,20512,57512,96738,7473 4803,5245,99112,995
    Total sales of equipment13,20512,57512,96738,7473,4803,5245,99112,995
    Total of owned activity18,61717,87318,75955,2496,0557,23210,86024,147
    Syndication fees02,076642,14017946481,011
    Management fees4985305651,5934284154391,282
    Sales fees3361,3498012,4865913581811,130
    Total of management activity8343,9551,4306,2191,0361,7196683,423
    Total Containers19,45121,82820,18961,4687,0918,95111,52827,570
    Leasing revenue on owned equipment454135111531
    Ancillary services-3-33-3-2-3-4-9
    Total leasing activity12710381122
    Sales of owned equipment1,5471,4362,0565,0393,2444,4012,97910,624
    Total sales of equipment1,5471,4362,0565,0393,2444,4012,97910,624
    Total of owned activity1,5481,4382,0635,0493,2474,4092,99010,646
    Other capital gains on disposals00660606
    Total Others00660606
    Total Miscellaneous and eliminations1,5481,4382,0695,0553,2474,4152,99010,652
             
    Total Restated Revenue from activities37,41740,89941,915120,23124,56427,90930,26682,739

    OUTLOOK

    In the current context of inflationary pressures and rising interest rates, Touax continues to roll out its activities, thanks to a resilient business model and recurring revenues based on long-term contracts. The Group plans to seize new asset acquisition opportunity 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. However, prices have normalised in the container business, with the purchase price of new containers returning to the average levels of 2020.

    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.

    UPCOMING EVENTS

    • 22 March 2023: Press release on annual results (English/French)
    • 22 March 2023: Presentation of annual results to financial analysts in Paris (in French)
    • 23 March 2023: 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 €1.3 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 activitiesQ1 2022

     
    Q2 2022

     
    Q3 2022

     
    TOTAL 2022

     
    Q1 2021

     
    Q2 2021

     
    Q3 2021

     
    TOTAL 2021

     
    (in € thousand)
    Leasing revenue on owned equipment15,50916,90917,17849,59613,22913,63314,48041,342
    Ancillary services6,5788,6328,88624,0963,0843,9465,88712,917
    Total leasing activity22,08725,54126,06473,69216,31317,57920,36754,259
    Sales of owned equipment14,86214,24915,39244,5037,0858,3289,13224,545
    Total sales of equipment14,86214,24915,39244,5037,0858,3289,13224,545
    Total of owned activity36,94939,79041,456118,19523,39825,90729,49978,804
    Leasing revenue on managed equipment10,81910,91711,38233,11811,07210,91211,42033,404
    Syndication fees02,522652,58717946481,011
    Management fees 270286364920157166165488
    Sales fees3361,3498012,4865913581811,130
    Total of management activity11,42515,07412,61239,11111,83712,38211,81436,033
    Other capital gains on disposals 00660606
    Total Others00660606
    Total Revenue from activities48,37454,86454,074157,31235,23538,29541,313114,843

    Table showing the transition from summary accounting presentation to restated presentation

           
    Revenue from activitiesQ3 2022Restatement

     
    Restated Q3 2022Q3 2021Restatement

     
    Restated Q3 2021
    (in € thousand)    
    Leasing revenue on owned equipment49,596 49,59641,342 41,342
    Ancillary services24,096-6,09018,00612,917-89512,022
    Total leasing activity73,692-6,09067,60254,259-89553,364
    Sales of owned equipment44,503 44,50324,545 24,545
    Total sales of equipment44,503 44,50324,545 24,545
    Total of owned activity118,195-6,090112,10578,804-89577,909
    Leasing revenue on managed equipment33,118-33,118033,404-33,4040
    Syndication fees2,587 2,5871,011 1,011
    Management fees 9202,1273,0474882,1952,683
    Sales fees2,486 2,4861,130 1,130
    Total of management activity39,111-30,9918,12036,033-31,2094,824
    Other capital gains on disposals 6 66 6
    Total Others606606
    Total Revenue from activities157,312-37,081120,231114,843-32,10482,739



    1 Based on a comparable structure and average exchange rates at 30 September 2021.

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