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Touax: 2023 RESULTS


PRESS RELEASE        Paris, 21 March 2024 – 17 h 45



A profitable and resilient business model within the context of rising interest rates and normalisation of the containerised traffic

  • Business volume of €157.1m, down slightly (-€4.3m) due to the normalisation of the container market
  • Limited impact on EBITDA (€55.3m, -€2.6m) thanks to growth of other activities (freight railcars, river barges, modular buildings)
    • Group share of net profit: €3.6m

« TOUAX’s results in 2023 confirm the resilience of its business model despite the normalisation of the container market, after two exceptional years in 2021 and 2022.
The almost-stability of our EBITDA demonstrates the quality of our international network, combined with the diversification of our activities, which enable us to benefit from growth opportunities while limiting the impact of economic cycles. With its position in a fast-growing market at the heart of sustainable transport infrastructure, a solid financial structure and long-term partners and investors, the group is well positioned to pursue its growth » remarked Fabrice and Raphaël Walewski, Touax SCA’s managing partners.

Consolidated EBITDA at end-December 2023 amounts to €55.3 million, a -€2.6 million decrease, due to a slight contraction in business volumes (decrease of restated revenues from activities by -€4.3 million). The group share of net profit amounts to €3.6 million (vs. €7.5 million in 2022), mainly impacted by the lower contribution of the container business and the increase in financial expenses due to higher interest rates (-€5.6 million).

In 2023 TOUAX SCA completed two financing operations (Euro PP bond and banking club deal), totalling €45 million and extending the debt maturity to 2027.

The net book value per share is €10.97. Based on the market value of the assets, the revalued NAV1 per share came to €20.59, as of December 31, 2023.

At the Annual General Meeting, the managing partners will propose a dividend of 12 cents per share (corresponding to c.25% of net profit for the year), up 20% on last year.

The consolidated financial statements for the period ended December 31, 2023, were approved by the Management Board on March 20, 2024, and were submitted to the Supervisory Board on March 21, 2024. The auditing of these statements is underway.


Key figures 2023


(in € million)
Restated Revenue(*) from activities157.1161.5
Of which Freight railcars58.356.1
Of which River barges15.017.5
Of which Containers66.981.4
Of which Miscellaneous and eliminations16.96.4
Operating income28.331.1
Financial result-21.0-15.4
Profit before taxes7.315.7
Corporate tax-1.5-6.3
Consolidated net profit (loss) (Group’s share)3.67.5
Earnings per share (€)0.521.07
Total non-current assets406.3394.6
Total assets563.4571.7
Total shareholders’ equity147.6153.7
Net financial debt (a)285.7273.0
Operating cash flow (b)21.1-1.5
Loan to Value ratio (c)59.1%59.5%
(a) including €231.8m in debt without recourse at 31 Dec. 2023.
The Net financial debt takes into account the mark-to-market values of debt derivatives
(b) including €29.6m of net equipment acquisitions (€60.0m end of Dec 2022)
c) Loan to Value ratio : Ratio of consolidated gross financial debt to total assets less goodwill and intangible fixed assets

(*) 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 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.


Restated revenue from activities over 2023 totalled €157.1 million (€159.6 million at constant scope and currency), down by -2.7% compared with 2022 (-1.2% at constant scope and currency).

The owned activity, which came to €147.9 million at the end of 2023, is down by -€2.6 million.
The leasing revenues continue to grow over the year (+€3.9 million; +5.8%) confirming their recurring contribution to group revenues. The freight railcar (88.7%), river barge (100%) and container (95.1%) average utilisation rates were at a high level in 2023.
Ancillary services declined by -€4.9 million, impacted by the normalisation of container pick-up charges related to the container sales activity, and by the lower chartering activity on the Rhine basin (whose impact on the profitability is limited).
Sales of owned equipment also declined by -€1.6 million (-2.7%), with a significant drop in sales of owned containers (-€11 million) but partly offset by sales within Modular Buildings activity.

The management activity amounts to €9.2 million with a decrease of -€1.7 million over the year, impacted by lower syndication volumes but partially compensated by commissions on the sale of investor equipment.


The restated revenue from the Freight Railcars division reached €58.3 million in 2023, an increase of +€2.0 million (+3.8%).
Leasing income rose by +6% (+€3.1 million) to €55.3 million over the year, supported by an average utilisation rate rising to 88.7% in 2023 (87.6% in 2022) and with new asset acquisition generating additional revenue. Sales of owned equipment decreased by -€1.1 million.

The restated revenue from the River Barges division is down by -€2.4 million to €15 million, impacted by the lower chartering activity on the Rhine basin after the dynamism of 2022 (-€2.9 million). The leasing revenue is up by +6% (+€0.4 million) taking advantage from investments made in Europe in 2022 and the full invoicing of barge rentals in South America in 2023.

The restated revenue from the Containers division came to €66.9 million at the end of December 2023, a decrease of -€14.5 million (-17.8%) due to the normalisation of the sector after two exceptional years in 2021 and 2022.
This change is mainly due to the decline of revenue from the sale of new containers (-€11 million for sales of owned equipment and -€2.8 million for ancillary services), with a fall in price in 2023. However, the leasing revenue took advantage of recurrent investments and increases by +€1.2 million.
The management activity is down by -€1.9 million, with a fall in syndication fees (-€1.4 million) and management fees (-€0.9 million, due to the decline in the fleet). Meanwhile, commissions on sales of investor equipment rose by +€0.4 million.

Revenue from the Modular Buildings division presented under "Miscellaneous” strongly increased in 2023 to €16.9 million (+€10.5 million) with more orders delivered following the end of the Covid crisis.


EBITDA came to €55.3 million, a decrease of -€2.6 million (-4.5%).

EBITDA in the Freight Railcars division rose to €31.4 million (+3%) compared with €30.6 million in 2022, supported by higher leasing revenue. However, the operating expenses are also higher due to the +€0.9 million increase in maintenance and repair costs.
The River Barges division posted an EBITDA of €5.3 million over the year, giving a slight increase of +€0.3 million (+6%).
EBITDA in the Containers division fell by a substantial -€7.6 million to €15.2 million (-33%) with the contraction of container sales.
This unfavourable trend was partially offset by the recovery in sales for the Modular Buildings division.

The group’s depreciation and amortization increased by +€2.6 million with the new investments made in 2022 and 2023.

Operating income reached €28.3million, down by -€2.8 million compared with 2022, after taking into account the net exceptional income of €2.4 million (linked on the one hand to accounting income of €3.5 million relating to the purchase in January 2023 of minority interests in the Modular Buildings business in Africa, and on the other hand to a $1.0 million conviction in the United States for the former subsidiary of Modular Buildings for an old dispute).

Financial income came to -€21 million, compared with -€15.4 million in 2022. The increase in net interest expense is 85% explained by the interest rate rising, partially offset by hedging in place. As the net debt only slightly increases, the volume effect is limited on the financial income.

Corporate income tax amounted to -€1.5million, +€4.8 million compared with 2022 when an exceptional tax provision of €3.8 million was accounted (no cash impact) in the Containers division.

Net income Group share amounted to €3.6 million (compared with €7.5 million in 2022), mainly explained by the increase of interest rates, while our diversified business model limits cycle impacts of our activities.


The strength of the TOUAX’s balance sheet is reflected in the Loan to Value ratio of 59.1% as of end-December 2023, compared with 59.5% in 2022.
The financial structure has been reinforced by the debt refinancing carried out by the parent company Touax SCA, providing greater certainty over the debt profile until mid-2027 (EuroPP issuance of €5.4 million and implementation of a club-deal bank financing of €40 million).

Shareholders' equity amounts to €147.6 million, compared with 153.7 million euros at the end of December 2022.
At the group level, the allocation of the full-year profit of €3.6 million was offset by distributions (dividend and payment to general partners) totalling -€1.5 million, by a negative change in reserves mainly due to translation adjustments and decrease in hedge value amounting to -€5.2 million, and by a -€1.7 million reduction in minority interests in the Freight Railcars business.

The level of cash on the balance sheet at 31 December 2023 remains comfortable, at €39.0 million.


In the short term TOUAX remains cautious with the current economic challenges: uneven growth by geographical area, high interest rates, major geopolitical risks.

Despite turbulences, trade volumes remain at a satisfactory level 2. The year-end utilisation rates (88% for freight railcars, 100% for river barges and 97% for containers) demonstrate the resilience of the economies and markets where the group operates.

In an uncertain environment, the flexibility provided by our leasing solutions is sought by our clients and creates investment opportunities.

The requirement for fleet renewal and fleet modernization remain important, particularly as part of our customers objectives for reducing CO2 emissions. With its expertise in the intermodal, rail and river transport sectors, TOUAX benefits from a unique position at the heart of sustainable transport infrastructure, and increases its commitment to Corporate and Social Responsibility, for a low-carbon economy.

The strengthening of TOUAX's CSR commitment has been confirmed by the increase in its extra-financial ratings. TOUAX was awarded the EcoVadis3 2023 Gold Medal (72/100) and now belongs to the top 5% of companies in all sectors.

On the asset management business for third-party investors, committed funds from infrastructure funds (available in 2024) have reached €134 million and will support TOUAX’s growth.


  • March 22, 2024:         Video conference call to present the annual results in English
    • May 15, 2024:                Q1 2024 revenue from activities
  • June 12, 2024:                 Annual General Meeting

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 €1.2 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 code: FR0000033003) - and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For further information please visit:

Contacts :

Fabrice & Raphaël WALEWSKI        Ghislaine Gasparetto        Tel : +33 1 56 88 11 22 +33 1 46 96 18 00        


1 – Analysis of revenue from activities

Restated Revenue from activities Q1 2023

Q2 2023

Q3 2023

Q4 2023

TOTAL 2023

Q1 2022

Q2 2022

Q3 2022

Q4 2022

TOTAL 2022

(in € thousand)
Leasing revenue on owned equipment17,13917,51017,41218,98571,04615,50916,90917,17817,53067,126
Ancillary services5,0304,2715,2995,12419,7245,7324,8847,3906,60724,613
Total leasing activity22,16921,78122,71124,10990,77021,24121,79324,56824,13791,739
Sales of owned equipment13,05316,89513,02414,20657,17814,86214,24915,39214,28258,785
Total sales of equipment13,05316,89513,02414,20657,17814,86214,24915,39214,28258,785
Total of owned activity35,22238,67635,73538,315147,94836,10336,04239,96038,419150,524
Syndication fees0544-26671,20902,522651502,737
Management fees 1,0211,0181,0241,0184,0819789861,0831,6554,702
Sales fees8611,7106746433,8883361,3498019993,485
Total of management activity1,8823,2721,6962,3289,1781,3144,8571,9492,80410,924
Other capital gains on disposals 11-10100628
Total Others11-10100628
Total Revenue from activities37,10541,94937,43040,643157,12737,41740,89941,91541,225161,456

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

Revenue from activities2023


Restated 2023



Restated 2022

(in € thousand)
Leasing revenue on owned equipment71,04671,04667,12667,126
Ancillary services23,867-4,14319,72432,729-8,11624,613
Total leasing activity94,913-4,14390,77099,855-8,11691,739
Sales of owned equipment57,17857,17858,78558,785
Total sales of equipment57,178057,17858,785058,785
Total of owned activity152,091-4,143147,948158,640-8,116150,524
Leasing revenue on managed equipment36,669-36,669044,399-44,3990
Syndication fees1,2091,2092,7372,737
Management fees 1,5632,5184,0811,2853,4174,702
Sales fees3,8883,8883,4853,485
Total of management activity43,329-34,1519,17851,906-40,98210,924
Other capital gains on disposals1188
Total Others101808
Total Revenue from activities195,421-38,294157,127210,554-49,098161,456

3 - Breakdown of restated revenue from activities by division

Restated revenue from activities Q1 2023

Q2 2023

Q3 2023

Q4 2023

TOTAL 2023

Q1 2022

Q2 2022

Q3 2022

Q4 2022

TOTAL 2022

(in € thousand)
Leasing revenue on owned equipment11,12411,61511,85612,44347,03810,54411,14211,29211,76844,746
Ancillary services1,9381,9372,0822,3088,2651,8581,1771,8202,5647,419
Total leasing activity13,06213,55213,93814,75155,30312,40212,31913,11214,33252,165
Sales of owned equipment76132133864271102383698331,550
Total sales of equipment76132133864271102383698331,550
Total of owned activity13,13813,68414,07114,83755,73012,51212,55713,48115,16553,715
Syndication fees000295295044610447
Management fees 5385535865762,2534664515075571,981
Total of management activity5385535868712,5484668975085572,428
Total Freight railcars13,67614,23714,65715,70858,27812,97813,45413,98915,72256,143
Leasing revenue on owned equipment1,8781,8861,8801,8947,5381,6191,7891,8691,8217,098
Ancillary services2,0721,6292,0901,5677,3581,8072,3853,7882,31910,299
Total leasing activity3,9503,5153,9703,46114,8963,4264,1745,6574,14017,397
Sales of owned equipment05047520001616
Total sales of equipment05047520001616
Total of owned activity3,9503,5203,9703,50814,9483,4264,1745,6574,15617,413
Management fees1114203176145111141
Total of management activity1114203176145111141
Total River Barges3,9613,5343,9903,53915,0243,4404,1795,6684,16717,454
Leasing revenue on owned equipment4,1334,0043,6714,64316,4513,3423,9734,0133,93515,263
Ancillary services1,0207051,1271,2494,1012,0701,3251,7791,7226,896
Total leasing activity5,1534,7094,7985,89220,5525,4125,2985,7925,65722,159
Sales of owned equipment10,21110,9498,9949,65639,81013,20512,57512,96712,08550,832
Total sales of equipment10,21110,9498,9949,65639,81013,20512,57512,96712,08550,832
Total of owned activity15,36415,65813,79215,54860,36218,61717,87318,75917,74272,991
Syndication fees0544-237291402,076641502,290
Management fees4724514184111,7524985305651,0872,680
Sales fees8611,7106746433,8883361,3498019993,485
Total of management activity1,3332,7051,0901,4266,5548343,9551,4302,2368,455
Total Containers16,69718,36314,88216,97466,91619,45121,82820,18919,97881,446
Leasing revenue on owned equipment455519454619
Ancillary services00000-3-332-1
Total leasing activity455519127818
Sales of owned equipment2,7665,8093,8974,41716,8891,5471,4362,0561,3486,387
Total sales of equipment2,7665,8093,8974,41716,8891,5471,4362,0561,3486,387
Total of owned activity2,7705,8143,9024,42216,9081,5481,4382,0631,3566,405
Other capital gains on disposals11-10100628
Total Others11-10100628
Total Miscellaneous & eliminations2,7715,8153,9014,42216,9091,5481,4382,0691,3586,413
Total Restated revenue from activities37,10541,94937,43040,643157,12737,41740,89941,91541,225161,456

1 The market value is calculated by independent experts, based 50% on the replacement value and 50% on the value-in-use for railcars, the value-in-use for containers and the replacement value for river barges with the exception of a long-term contract in South America for which the value-in-use was used. This market value is substituted for the net book value when calculating the net asset value.

2Clarkson forecasts January 2024: +5.5% (including 2% related to Red Sea re-routing) in percentage of containerised traffic (TEU-miles) vs. +1.6% in 2023
3 EcoVadis: evaluation of the main CSR impacts according to four themes: Environment, Social & Human Rights, Ethics and Responsible Purchasing


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