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


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


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.


Restated Revenue from activities (*)
(in € thousand)
Q1 2022Q1 2021Variation
Leasing revenue on owned equipment15,50913,2292,280
Ancillary services5,7332,7452,988
Total leasing activity21,24215,9745,268
Sales of owned equipment14,8627,0857,777
Total sales of equipment14,8627,0857,777
Total of owned activity36,10423,05913,045
Syndication fees017(17)
Management fees 97889781
Sales fees336591(255)
Total of management activity1,3141,505(191)
Other capital gains on disposals000
Total Others000
Total Restated Revenue from activities37,41824,56412,854

(*) 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.


Restated revenue from activities
(in € thousand)
Q1 2022Q1 2021Variation
Leasing revenue on owned equipment10,5449,1521,392
Ancillary services1,8581,873(15)
Total leasing activity12,40211,0251,377
Sales of owned equipment110320(210)
Total sales of equipment110320(210)
Total of owned activity12,51211,3451,167
Management fees 4664633
Total of management activity4664633
Total Freight railcars12,97811,8081,170
Leasing revenue on owned equipment1,6191,688(69)
Ancillary services1,8076831,124
Total leasing activity3,4262,3711,055
Sales of owned equipment041(41)
Total sales of equipment041(41)
Total of owned activity3,4262,4121,014
Management fees1468
Total of management activity1468
Total River Barges3,4402,4181,022
Leasing revenue on owned equipment3,3422,384958
Ancillary services2,4181912,227
Total leasing activity5,7602,5753,185
Sales of owned equipment13,2053,4809,725
Total sales of equipment13,2053,4809,725
Total of owned activity18,9656,05512,910
Syndication fees017(17)
Management fees49842870
Sales fees336591(255)
Total of management activity8341,036(202)
Total Containers19,7997,09112,708
Leasing revenue on owned equipment45(1)
Ancillary services(350)(2)(348)
Total leasing activity(346)3(349)
Sales of owned equipment1,5473,244(1,697)
Total sales of equipment1,5473,244(1,697)
Total of owned activity1,2013,247(2,046)
Total Miscellaneous & eliminations1,2013,247(2,046)
Total Restated Revenue from activities37,41824,56412,854

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).


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.


  • 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:

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


1- Accounting presentation of revenue from activities

Revenue from activities
(in € thousand)
Q1 2022Q1 2021
Leasing revenue on owned equipment15,50913,229
Ancillary services6,5793,084
Total of leasing activity22,08816,313
Sales of owned equipment14,8627,085
Total sales of equipment14,8627,085
Total of owned activity36,95023,398
Leasing revenue on managed equipment10,81911,072
Syndication fees017
Management fees270157
Sales fees336591
Total of managed activity11,42511,837
Total Revenue from activities48,37535,235

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

Revenue from activities
(in € thousand)
Accounting Q1 2022RestatementRestated
Q1 2022
Q1 2021
Q1 2021
Leasing revenue on owned equipment15,50915,50913,22913,229
Ancillary services6,579-8465,7333,084-3392,745
Total of leasing activity22,088-84621,24216,313-33915,974
Sales of owned equipment14,86214,8627,0857,085
Total sales of equipment14,862014,8627,08507,085
Total of owned activity36,950-84636,10423,398-33923,059
Leasing revenue on managed equipment10,819-10,819011,072-11,0720
Syndication fees001717
Management fees270708978157740897
Sales fees3363365910591
Total of managed activity11,425-10,1111,31411,837-10,3321,505
Other capital gains on disposals 0000
Total Others000000
Total Revenue from activities48,375-10,95737,41835,235-10,67124,564

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


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