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Touax: H1 2021 results


PRESS RELEASE        Paris, 22 September 2021 – 5.45 p.m.


H1 2021 results

  • Restated revenue from activities of €52.5 million, up €1.2 million
  • Resilient business performance with EBITDA of €21.3 million and the Group share of net income amounting to €2.0 million
  • Favourable outlook with strong investments

Touax Group continued to deliver a positive performance while the health crisis caused further disruption. Its results were stable against the same period in 2020, with the exception of sales fees, which declined but were partially offset by sales of owned equipment. The growth in the shipping container leasing business, driven by the shortage of containers, limited asset returns and therefore sales of used containers and sales fees.


The restated presentation of revenue from activities is as follows:

Restated Revenue from activities
(in € thousand)
Q1 2021Q2 2021H1 2021Q1 2020Q2 2020H1 2020
Leasing revenue on owned equipment13,22913,63326,86213,42613,33626,762
Ancillary services 2,7453,7476,4923,0442,9976,041
Total leasing activity15,97417,38033,35416,47016,33332,803
Sales of owned equipment7,0858,32815,4135,8727,21613,088
Total sales of equipment7,0858,32815,4135,8727,21613,088
Total of ownedactivity23,05925,70848,76722,34223,54945,891
Syndication fees17946963232231463
Management fees (a)8978911,7889379191,856
Sales fees5913589492,1288823,010
Total of management activity1,5052,1953,7003,2972,0325,329
Other capital gains on disposals06615015
Total Others06615015
Total Restated Revenue from activities24,56427,90952,47325,65425,58151,235

(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.

In order 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 Groups 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 and the contribution by division is presented in the appendix to the press release.

Total restated revenue from activities in H1 2021 amounted to €52.5 million (€54.2 million at constant scope and currency1), compared to €51.2 million in the same period in 2020, an increase of +2.4%. Owned activities increased by €2.9 million, with an increase in sales of owned equipment, particularly in modular buildings.

The management activity shrank by €1.6 million with a drop in sales fees on investor-owned equipment due to the relatively seasonal nature of these sales and the shortage of available containers owing to the sharp recovery in international trade over the past year.


Restated Revenue from activities
(in € thousand)
Q1 2021Q2 2021H1 2021Q1 2020Q2 2020H1 2020
Leasing revenue on owned equipment9,1529,22318,3759,1999,11818,317
Ancillary services 1,8731,7243,5971,4622,0443,506
Total leasing activity11,02510,94721,97210,66111,16221,823
Sales of owned equipment3204037239396621,601
Total sales of equipment3204037239396621,601
Total of ownedactivity11,34511,35022,69511,60011,82423,424
Syndication fees000214231445
Management fees (a)463470933373395768
Total of management activity4634709335876261,213
Total Freightrailcars11,80811,82023,62812,18712,45024,637
Leasing revenue on owned equipment1,6881 7453,4331,6361,6263,262
Ancillary services 6839721,6551,2464391,685
Total leasing activity2,3712 7175,0882,8822,0654,947
Sales of owned equipment41041000
Total sales of equipment41041000
Total of ownedactivity2,4122 7175,1292,8822,0654,947
Management fees (a)6612000
Total of management activity6612000
Total River barges2,4182 7235,1412,8822,0654,947
Leasing revenue on owned equipment2,3842,6545,0382,5782,5815,159
Ancillary services 1911,0541,245285642927
Total leasing activity2,5753,7086,2832,8633,2236,086
Sales of owned equipment3,4803,5247,0044,0644,1928,256
Total sales of equipment3,4803,5247,0044,0644,1928,256
Total of ownedactivity6,0557,23213,2876,9277,41514,342
Syndication fees1794696318018
Management fees (a)4284158435645241,088
Sales fees5913589492,1288823,010
Total of management activity1,0361,7192,7552,7101,4064 116
Total Containers 7,0918,95116,0429,6378,82118,458
Leasing revenue on owned equipment51116131124
Ancillary services (2)(3)(5)51(128)(77)
Total leasing activity381164(117)(53)
Sales of owned equipment3,2444,4017,6458692,3623,231
Total sales of equipment3,2444,4017,6458692,3623,231
Total of ownedactivity3,2474,4097,6569332,2453,178
Other capital gains on disposal 06615015
Total Others06615015
Total Miscellaneous and eliminations3,2474,4157,6629482,2453,193
Total Restated Revenue from activities24,56427,90952,47325,65425,58151,235

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

The Freight Railcars business declined by €1 million (-4.1%), mainly due to a temporary decrease in railcar sales to customers and investors:

  • The Group-owned asset business contracted with a €0.9 million fall in owned equipment sales, while the owned asset leasing activity held up well.
  • Management activity declined as no syndication was carried out in the first half of 2021. Management fees nevertheless increased compared to H1 2020.

The River Barges business increased its revenue by €0.2 million, buoyed by owned asset leasing revenue, which recorded an average utilisation rate of 99.3% over the first half of 2021.

The Containers business contracted by €2.4 million despite an exceptional performance by the leasing activity. The average utilisation rate over the period was 99.7%, reflecting the shortage of containers, but the volume of containers for sale was very low. As a result, sales of Group-owned equipment and syndication fees fell.

The Modular Buildings activity in Africa, presented in the “Other” line, grew by €4.4 million, with a higher number of deliveries during the first half of 2021.


Key figures (in € million)06/202106/202012/2020
Restated Revenue from activities 52.5 51.2 111.6
Of which Freight railcars 23.6 24.6              47.2
Of which River barges 5.1 4.9              11.8
Of which Containers 16.0 18.5             39.8
Of which Miscellaneous and eliminations 7.7 3.2              12.7
Current operating income9.310.823.3
Operating income9.310.823.2
Profit before taxes3.44.610.0
Consolidated net profit (loss) (Group’s share)
Including net income from continuing activities2.02.56.0
Including net income from discontinued activities0.00.0- 0,1
Earnings per share (€)0.280.350.84
Total non-current assets 342.8 347.6            334.5
Total assets 480.3 458.0            474.0
Total shareholders’ equity 145.7 123.7            146.7
Net financial debt (a) 227.0 208.0            189.6
Operating cash flow of the retained operations (b)- 26.3 0.6 - 1.2
Loan-to-value ratio57%54%54%

(a) including €192.4 million in debt without recourse at 30 June 2021.
(b) including purchases and sales of equipment

Group EBITDA stood at €21.3 million at 30 June 2021, down slightly (by €1.2 million) from H1 2020.
The decrease in syndications and sales fees in the Freight Railcars and Containers divisions was partially offset by the increase in owned asset sales in the Modular Buildings business. There was also a one-off increase in operating expenses in the Railcars business, with more repairs and servicing completed to make assets available for leasing more quickly.

The Group share of net income came to €2.0 million for H1 2021 (vs. €2.5 million a year earlier).


The balance sheet total stood at €480 million at 30 June 2021, compared with €474 million at 31 December 2020.

As expected and following the €81.9 million capital increase carried out by Touax Rail on 30 September 2020 the Group is continuing its investment program. Tangible assets (non-current assets excluding goodwill + inventories) amounted to €390 million versus €364 million at 31 December 2020.

In light of the investment policy, nominal gross debt increased to €269 million versus €252 million at 31 December 2020, while Group net debt came to €227 million versus €190 million at the end of 2020.

At 30 June 2021, the Group’s loan-to-value ratio was 57% compared with 54% at end-December 2020. This slight increase was due to the increase in investments in new equipment over the period (particularly in the Freight Railcars division) – by nature, a larger portion of these investments is financed by lenders.

Shareholders’ equity, Group share increased to €93.7 million over the period, compared with €92.3 million at 31 December 2020.


Touax is pursuing its strategy of investing in owned assets and equipment under management in all its businesses with a significant order book for more than €77.6 million at 30 June 2021. The outlook is positive and restated revenue from activities is expected to gradually rise.

The three long-term leasing businesses for sustainable, environmentally-friendly transportation are resilient and promising.

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, should continue to underpin investment in our three asset classes.


  • 22 September 2021: SFAF webcast to present the 2021 interim financial statements
  • 24 September 2021: Webcast to present the 2021 interim financial statements (in English)
  • 15 November 2021: Q3 2021 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 €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 code: 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        

APPENDIX 1: Accounting presentation of revenue from activities

Revenue from activities
(in € thousand)
Q1 2021Q2 2021TOTALQ1 2020Q2 2020TOTAL
Leasing revenue on owned equipment13,22913,63326,86213,42613,33626,762
Leasing revenue on managed equipment 11,07210,91221,98413,68112,73926,420
Ancillary services 3,0843,9467,0304,5794,4899,068
Management fees on managed assets1571663238184165
Total leasing activity27,54228,65756,19931,76730,64862,415
Sales of owned equipment7,0858,32815,4135,8727,21613,088
Margins on sale of managed equipment5913589492,1288733,001
Total sales of equipment7,6768,68616,3628,0008,08916,089
Fees on syndication 17946963232231463
Other capital gains on disposals06615015
Total Others17952969247231478
Total Revenue fromactivities35,23538,29573,53040,01438,96878,982

Revenue from activities was mainly affected by the decrease in leasing revenue from investor-owned equipment, the impact of which was limited to a decline in restated management fees, and in revenue from ancillary services.

Table showing the transition from summary accounting presentation to restated presentation

Revenue from activitiesH2021


RestatedH1 2021

H1 2020


(in € thousand)H1 2020
Leasing revenue on owned equipment26,86226,86226,76226,762
Ancillary services 7,030-5396,4919,068-3,0256,043
Total leasing activity33,892-53933,35335,830-3,02532,805
Sales of owned equipment15,41315,41313,08813,088
Total sales of equipment15,413015,41313,088013,088
Total of ownedactivity49,305-53948,76648,918-3,02545,893
Leasing revenue on managed equipment 21,984-21,984026,420-26,4200
Fees on syndications963963463463
Management fees on managed assets3231,4651,7881651,6891,854
Margins on sale of managed equipment9499493,00193,010
Total of management activity24,219-20,5193,70030,049-24,7225,327
Other capital gains on disposals661515
Total Others60615015
Total Restated Revenue from activities73,530-21,05752,47378,982-27,74751,235

APPENDIX 2: Accounting presentation of the contribution by division

Revenue from activitiesH1 2021RestatementH1 2021H1 2020RestatementH1 2020
(in € thousand)RestatedRestated
Leasing revenue on owned equipment18,37518,37518,31718,317
Ancillary services 3,792-1963,5963,757-2503,507
Total leasing activity 22,167-19621,97122,074-25021,824
Sales of owned equipment7237231,6011,601
Total sales of equipment 72307231,60101,601
Total of owned activity 22,890-19622,69423,675-25023,425
Leasing revenue on managed equipment6,718-6,71806,852-6,8511
Fees on syndication 00445445
Management fees on managed assets257677934109658767
Total leasing activity 6,975-6,0419347,406-6,1931,213
Freight railcars29,865-6,23723,62831,081-6,44424,637
Leasing revenue on owned equipment3,4333,4333,2623,262
Ancillary services1,6551,6551,6851,685
Total leasing activity5,08805,0884,94704,947
Sales of owned equipment414100
Total sales of equipment 41041000
Total of owned activity 5,12905,1294,94704,947
Management fees on managed assets121200
Total leasing activity 12012000
River barges5,14105,1414,94704,947
Leasing revenue on owned equipment5,0385,0385,1595,159
Ancillary services1,588-3421,2463,703-2,775928
Total leasing activity6,626-3426,2848,862-2,7756,087
Sales of owned equipment7,0047,0048,2568,256
Total sales of equipment 7,00407,0048,25608,256
Total of owned activity 13,630-34213,28817,118-2,77514,343
Leasing revenue on managed equipment15,266-15,266019,568-19,5680
Fees on syndication 9639631818
Management fees on managed assets54788842561,0311,087
Margins on sales of managed equipment9499493,00193,010
Total leasing activity 17,232-14,4772,75522,643-18,5294,114
Containers 30,862-14,82016,04239,761-21,30318,458
Leasing revenue on owned equipment16162424
Ancillary services-5-5-77-77
Total leasing activity11011-530-53
Sales of owned equipment7,6457,6453,2313,231
Total sales of equipment 7,64507,6453,23103,231
Total of owned activity 7,65607,6563,17803,178
Other capital gains on disposal661515
Total Others60615015
Miscellaneous and eliminations7,66207,6623,19303,193
Total revenue from activities73,530-21,05752,47378,982-27,74751,235

1 Based on a comparable structure and average exchange rates for H1 2020


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