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Touax: Growth in business activity at end-September 2021

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PRESS RELEASE        Paris, 15 November 2021 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Growth in business activity at end-September 2021

  • Restated revenue from activities of €82.7 million in the first nine months of the year, up €2 million (+2.5%)
  • Favourable outlook on profitability
  • Growth in investments to create sustainable value

The Group’s performance remains positive against a backdrop of economic recovery worldwide.

Total restated revenue from activities at the end of the third quarter amounted to €82.7 million (€84.6 million at constant scope and currency1), compared with €80.7 million in the same period in 2020, for an increase of €2 million (+2.5%).

ANALYSIS OF REVENUE FROM ACTIVITIES AT END-SEPTEMBER 2021

The restated presentation of revenue from activities is as follows:

Restated Revenue from activities
(in € thousand)
Q1 2021Q2 2021Q3 2021TOTAL
2021
Q1 2020Q2 2020Q3 2020TOTAL
2020
Leasing revenue on owned equipment13,22913,63314,47941,34113,42613,33613,01139,773
Ancillary services2,7453,7475,53012,0223,0442,9973,8389,879
Total leasing activity15,97417,38020,00953,36316,47016,33316,84949,652
Sales of owned equipment 7,0858,3289,13224,5455,8727,21610,91724,005
Total sales of equipment 7,0858,3289,13224,5455,8727,21610,91724,005
Total of owned activity23,05925,70829,14177,90822,34223,54927,76673,657
Syndication fees17946481,01123223113476
Management fees (a)8978918942,6829379198982,754
Sales fees5913581811,1302,1288827933,803
Total of management activity1,5052,1951,1234,8233,2972,0321,7047,033
Other capital gains on disposals0606150015
Total Others0606150015
Total Restated Revenue from activities24,56427,90930,26482,73725,65425,58129,47080,705

(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.

Note: New segmentation of revenue from activities between owned activities and management activities.

To enable a more detailed and more accurate reading of its activities, the Group has adjusted its key indicators:

  • Revenue from activities is restated in order to present owned activities separately from management activities.
  • For management activities, leasing revenue from investor-owned equipment is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance. This presentation directly shows syndication fees, management fees and sales fees.

This new presentation has no impact on EBITDA, operating income or net income. The accounting presentation of revenue is presented in the appendix to the press release.

Group owned activities grew by €4.3 million, with an increase in leasing revenue and ancillary services (+€3.7 million in the first nine months).

Sales of equipment in the Modular Buildings activity offset the dip in sales of owned equipment in other asset classes. Limited second-hand assets (containers, barges and railcars) available for sale given the high utilisation rates and strong leasing demand.

For the same reasons, the management activity contracted by €2.2 million owing to a €2.7 million decrease in sales fees on used equipment belonging to investors in the Containers activity.

ANALYSIS OF CONTRIBUTIONS BY DIVISION

Restated Revenue from activities
(in € thousand)
Q1 2021Q2 2021Q3 2021TOTAL
2021
Q1 2020Q2 2020Q3 2020TOTAL
2020
Leasing revenue on owned equipment9,1529,22310,12228,4979,1999,1188,91027,227
Ancillary services 1,8731,7241,9505,5471,4622,0441,6805,186
Total leasing activity 11,02510,94712,07234,04410,66111,16210,59032,413
Sales of owned equipment 3204031628859396623541,955
Total sales of equipment 3204031628859396623541,955
Total of owned activity 11,34511,35012,23434,92911,60011,82410,94434,368
Syndication fees00002142310445
Management fees (a)4634704511,3843733954061,174
Total of management activity4634704511,3845876264061,619
Total Freight railcars11,80811,82012,68536,31312,18712,45011,35035,987
Leasing revenue on owned equipment1,6881,7451,7705,2031,6361,6261,7555,017
Ancillary services 6839721,2862,9411,2464391,0622,747
Total leasing activity 2,3712,7173,0568,1442,8822,0652,8177,764
Sales of owned equipment 4100410000
Total sales of equipment 4100410000
Total of owned activity 2,4122,7173,0568,1852,8822,0652,8177,764
Management fees (a)665170000
Total of management activity665170000
Total River barges2,4182,7233,0618,2022,8822,0652,8177,764
Leasing revenue on owned equipment2,3842,6542,5727,6102,5782,5812,3357,494
Ancillary services 1911,0542,2973,5422856421,0982,025
Total leasing activity 2,5753,7084,86911,1522,8633,2233,4339,519
Sales of owned equipment 3,4803,5245,99112,9954,0644,1926,34414,600
Total sales of equipment 3,4803,5245,99112,9954,0644,1926,34414,600
Total of owned activity 6,0557,23210,86024,1476,9277,4159,77724,119
Syndication fees17946481,0111801331
Management fees (a)4284154381,2815645244921,580
Sales fees5913581811,1302,1288827933,803
Total of management activity1,0361,7196673,4222,7101,4061,2985,414
Total Containers 7,0918,95111,52727,5699,6378,82111,07529,533
Leasing revenue on owned equipment511153113111135
Ancillary services (2)(3)(3)(8)51(128)(2)(79)
Total leasing activity38122364(117)9(44)
Sales of owned equipment3,2444,4012,97910,6248692,3624,2197,450
Total sales of equipment3,2444,4012,97910,6248692,3624,2197,450
Total of owned activity 3,2474,4092,99110,6479332,2454,2287,406
Other capital gains on disposal 0606150015
Total Others0606150015
Total Miscellaneous and eliminations3,2474,4152,99110,6539482,2454,2287,421
Total Restated Revenue from activities24,56427,90930,26482,73725,65425,58129,47080,705

(a) The “Leasing revenue from investor-owned equipment” line is replaced by “Management fees”.

The Freight Railcars activity posted a slight increase, totalling €36.3 million in the first nine months:

  • Group owned activity rose by €0.6 million, mainly resulting from an increase in leasing revenue from owned equipment (+4.7%) driven by growth in the utilisation rate in the third quarter and by the leasing of newly acquired railcars.
  • The management activity decreased owing to the lack of syndication since the start of the year (-€0.4 million), while management fees rose €0.2 million.

The River Barges business increased its revenue by €0.4 million, buoyed by owned-asset leasing revenue, which has benefited from an average utilisation rate of 99.2% since the start of 2021.

The Containers activity fell by €2 million owing to the decline in second-hand sales (with no impact on overall profitability, which increased relative to 2020).
Leasing activity performance remained strong (+€1.6 million), fuelled by ancillary services (one-way leasing) relating to new-container trading. The average utilisation rate over the period was 99.7%, reflecting the shortage of containers, but the volume of used containers for sale was very low. As a result, sales of owned equipment decreased by €1.6 million and sales fees on investor equipment by €2.7 million.
Syndication fees contributed €1 million to the division’s revenue from activities.

The Modular Buildings activity in Africa, presented in the "Other" line, grew by €3.2 million, with more deliveries since the start of 2021.

OUTLOOK

Touax is pursuing its strategy of investment in equipment owned and managed across all its business lines. The outlook is positive and restated revenue from activities and profitability are expected to gradually rise.

Our three long-term leasing businesses provide for sustainable, environmentally friendly transportation and continue to show resilience and promise.

From a structural and medium to long-term perspective, the growth of e-commerce, which increases demand for logistics, environmental policies such as Europe's Green Deal, the various government stimulus packages in the infrastructure sector and increased outsourcing, which encourages leasing, and should continue to underpin investment in our three asset classes.

UPCOMING EVENTS

Presentation of 2021 annual financial statements:

  • 23 March 2022: Press release in French and English
  • 23 March 2022: Presentation to SFAF in Paris (in French)
  • 25 March 2022: 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 €1.1 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:
TOUAXACTIFIN
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 activities
(in € thousand)
Q1 2021Q2 2021Q3 2021TOTALQ1 2020Q2 2020Q3 2020TOTAL
Leasing revenue on owned equipment13,22913,63314,47941,34113,42613,33613,01139,773
Leasing revenue on managed equipment 11,07210,91211,42033,40413,68112,73911,78238,202
Ancillary services 3,0843,9465,88812,9184,5794,4895,37414,442
Management fees on managed assets1571661654888184103268
Total leasing activity 27,54228,65731,95288,15131,76730,64830,27092,685
Sales of owned equipment7,0858,3289,13224,5455,8727,21610,91724,005
Margins on sale of managed equipment5913581811,1302,1288737873,788
Total sales of equipment 7,6768,6869,31325,6758,0008,08911,70427,793
Fees on syndication 17946481,01123223113476
Other capital gains on disposals0606150015
Total Others17952481,01724723113491
Total Revenue from activities35,23538,29541,313114,84340,01438,96841,987120,969

Revenues from activities are mainly affected by the decrease in leasing revenue from investor-owned equipment, whose impact on results is limited to the decrease in management fees.

Table showing the transition from summary accounting presentation to restated presentation

Revenue from activities
(in € thousand)
Q3 2021

RestatementRestated Q3 2021

Q3 2020

RestatementRestated Q3 2020

Leasing revenue on owned equipment41,34141,34139,77339,773
Ancillary services 12,918-89612,02214,442-4,5639,879
Total leasing activity 54,259-89653,36354,215-4,56349,652
Sales of owned equipment24,54524,54524,00524,005
Total sales of equipment 24,545024,54524,005024,005
Total of owned activity 78,804-89677,90878,220-4,56373,657
Leasing revenue on managed equipment 33,404-33,404038,202-38,2020
Fees on syndications1,0111,011476476
Management fees on managed assets4882,1942,6822682,4862,754
Margins on sale of managed equipment1,1301,1303,788153,803
Total of management activity36,033-31,2104,82342,734-35,7017,033
Other capital gains on disposals661515
Total Others60615015
Total Restated Revenue from activities114,843-32,10682,737120,969-40,26480,705



1 Based on a comparable structure and average exchange rates at 30 September 2020.

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