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Touax: Nine-Month Revenue From Activities: +4.9%

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PRESS RELEASE                                                                                                           Paris, 15 November 2019 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION

NINE-MONTH REVENUE FROM ACTIVITIES: +4.9%

  • Revenue 1 up 1.4% in the third quarter of 2019,
  • Revenue up 4.9% over the first nine months of the year (+1.5% at constant scope and currency) validating the group’s strategic objectives
 

ANALYSIS OF REVENUE FROM ACTIVITIES

Q3 2019 revenue totalled €40.1 million vs. €39.6 million in Q3 2018, an increase of 1.4%.

Over the first nine months of the year, revenue from activities totalled €119.6 million (€115.7 million at constant scope and currency), up 4.9% compared to the same period in 2018.

Revenue from leasing activities amounted to 99.8 million euros (96.8 million euros at constant scope and currency) at 30 September 2019, including a 10% increase in the Leasing Revenue on owned equipment (36.9 million euros). Leasing Revenue from leasing activities stood at 99.9 million euros in the first nine months of 2018.

Sales rose to €19 million (€14.2 million at constant scope and currency), compared to €12.9 million for the first nine months of 2018, thanks to the development of trading activity in new and used containers achieved as part of the normal cycle of activity.

Syndication fees and capital gains not linked to recurring activities came to €0.8 million versus €1.2 million the previous year.

  Revenue from activities
(in € thousands)
Q1 2019 Q2 2019 Q3 2019 TOTAL Q1 2018 Q2 2018 Q3 2018 TOTAL
  Leasing revenue on owned equipment (1) 11,641 12,243 13,008 36,892 11,525 11,171 10,474 33,170
  Leasing revenue on managed equipment (1) 16,541 16,038 15,179 47,758 17,467 17,850 19,514 54,831
  Ancillary services (2) 4,594 4,876 5,726 15,196 3,474 3,678 4,724 11,876
  Total leasing activity 32,776 33,157 33,913 99,846 32,466 32,699 34,712 99,877
  Sales of owned equipment (3) 3,271 6,925 4,604 14,800 3,247 4,475 4,284 12,006
  Margins on sale of managed equipment (3) 831 1,697 1,625 4,153 310 253 338 901
  Total sales of equipment 4,102 8,622 6,229 18,953 3,557 4,728 4,622 12,907
  Fees on syndication and other capital gains on disposals (3) 389 449 8 846 323 655 267 1,245
  Total revenue from activities 37,267 42,228 40,150 119,645 36,346 38,082 39,601 114,029
(1) The implementation of the new IFRS 16 has no significant impact on the presentation of revenue from activities. Refer to note 1.1 to the condensed consolidated half-year financial statement.

(2) Ancillary services include river barge freight activity and rebilling of expenses related to equipment leasing (transport, repairs).

(3) Sales of Group-owned equipment to end user customers are recognized fully in the Equipment sales line. The margin or capital gain generated is obtained by deducting the purchase cost from sales.

The margin (sale fee) on sales of equipment managed for third parties to end user customers is recognized in the Equipment sales line.

The other capital gains are capital gains not linked to recurring equipment sales.
 

ANALYSIS OF THE CONTRIBUTION BY DIVISION

§  Revenue from the Freight Railcars division totalled €43.5 million in the first nine months of 2019, an 8.3% increase from €40.2 million the previous year.

Leasing revenue increased by 10% to €42.7 million over the period, thanks to an increase in leasing prices and in the utilization rate. The utilization rate was underpinned by a robust market and averaged 88.4% in the first nine months of 2019 versus 84.4% the previous year. These increases underscore the improvement in the operating performance of the Railcars division.

Sales of railcars and syndication margins decreased by €0.5 million, attributable to lower volumes over the first nine months of the year compared to the same period in 2018.

  • Revenue from the River Barges division came to €9 million compared to €11.5 million in the first nine months of 2018, during which barges were sold for €1 million. Revenue from leasing activity totalled €9 million compared to €9.4 million the previous year and was stable in Europe but down slightly in South America.
  • Revenue from the Containers division came to €60.9 million at the end of September 2019 compared to €57.1 million in the first nine months of 2018, excluding foreign exchange effects.

Underpinned by investments in its own assets over the past 18 months, revenue from the leasing of Group-owned equipment increased to €5.2 million, an increase of +54% at constant currency, while revenue from investor-owned equipment fell to €37.4 million (€35.2 million at constant currency) compared with €45.8 million the previous year, attributable to the reduction in the fleet under management following sales of used containers as part of the normal cycle of activity and the end of finance lease contracts. Despite a weaker global growth environment, the average utilization rate over the period remained high at 97.5% compared to 98.9% in the first nine months of 2018.

Sales of containers reached €12.4 million at September 30, 2019 compared to €5.8 million over the same period in 2018, up 112.6% (+€5.8 million at constant currency) thanks to buoyant trading activity in new and used containers. Syndication fees were stable at €0.4 million.

§  Revenue from the conserved activity of sales of modular buildings in Africa presented under the “Miscellaneous” line increased by 27.7% over the first nine months of 2019 to €5.7 million.

  Revenue from activities
(in € thousands)
Q1 2019 Q2 2019 Q3 2019 TOTAL Q1 2018 Q2 2018 Q3 2018 TOTAL
  Leasing revenue on owned equipment (1) 8,536 9,240 8,994 26,770 8,749 8,473 7,639 24,861
  Leasing revenue on managed equipment (1) 3,422 3,507 3,453 10,382 2,462 2,410 4,169 9,041
  Ancillary services (2) 1,437 2,141 1,965 5,543 1,565 1,777 1,584 4,926
  Total leasing activity 13,395 14,888 14,412 42,695 12,776 12,660 13,392 38,828
  Sales of owned equipment (3) 88 61 677 826 100 789 (229) 660
  Total sales of equipment 88 61 677 826 100 789 (229) 660
  Fees on syndication           662 25 687
  Freight railcars 13,483 14,949 15,089 43,521 12,876 14,111 13,188 40,175
  Leasing revenue on owned equipment (1) 1,523 1,650 1,644 4,817 1,833 1,658 1,504 4,995
  Ancillary services (2) 1,317 1,243 1,601 4,161 1,196 1,140 2,109 4,445
  Total leasing activity 2,840 2,893 3,245 8,978 3,029 2,798 3,613 9,440
  Sales of owned equipment (3) 42     42 1,020   1,020 2,040
  Total sales of equipment 42     42 1,020   1,020 2,040
  River barges 2,882 2,893 3,245 9,020 4,049 2,798 4,633 11,480
  Leasing revenue on owned equipment (1) 1,558 1,331 2,356 5,245 901 1,001 1,300 3,202
  Leasing revenue on managed equipment (1) 13,119 12,531 11,726 37,376 15,005 15,440 15,345 45,790
  Ancillary services (2) 1,818 1,490 2,168 5,476 424 670 835 1,929
  Total leasing activity 16,495 15,352 16,250 48,097 16,330 17,111 17,480 50,921
  Sales of owned equipment (3) 1,833 3,009 3,416 8,258 1,436 1,809 1,692 4,937
  Margins on sales of managed equipment (3) 831 1,697 1,625 4,153 310 253 338 901
  Total sales of equipment 2,664 4,706 5,041 12,411 1,746 2,062 2,030 5,838
  Fees on syndication 389 (7) 8 390 309 5 9 323
  Containers 19,548 20,051 21,299 60,898 18,385 19,178 19,519 57,082
  Leasing revenue on owned equipment (1) 24 22 14 60 42 39 31 112
  Ancillary services (2) 22 2 (8) 16 289 91 196 576
  Total leasing activity 46 24 6 76 331 130 227 688
  Sales of owned equipment (3) 1,308 3,855 511 5,674 691 1,877 1,801 4,369
  Total sales of equipment 1,308 3,855 511 5,674 691 1,877 1,801 4,369
  Other capital gains on disposal (3)   456   456 14 (12) 233 235
  Miscellaneous and eliminations 1,354 4,335 517 6,206 1,036 1,995 2,261 5,292
  Total revenue from activities 37,267 42,228 40,150 119,645 36,346 38,082 39,601 114,029
(1) The implementation of the new IFRS 16 has no significant impact on the presentation of revenue from activities. Refer to note 1.1 to the condensed consolidated half-year financial statement.

(2) Ancillary services include river barge freight activity and rebilling of expenses related to equipment leasing (transport, repairs).

(3) Sales of Group-owned equipment to end user customers are recognized fully in the Equipment sales line. The margin or capital gain generated is obtained by deducting the purchase cost from sales.

The margin (sale fee) on sales of equipment managed for third parties to end user customers is recognized in the Equipment sales line.

The other capital gains are capital gains not linked to recurring equipment sales.

 
 

OUTLOOK

The strategic refocusing on the three long-term transport equipment leasing businesses is reaping rewards and business is expected to continue to grow.

European rail freight is now very close to the peak number of tonne-kilometres transported in Europe in 2007. It is expected to continue to increase thanks to development of rail infrastructure, increasing demand for cross-border rail trade, greater use of greener and inter-modal transport solutions, and the development of leasing in the wake of the liberalization of the sector. These positive trends combined with the renewal of the existing fleet should support the Group’s operational improvements.

The European river transport market continues to be underpinned by the increase in the transport of building and biomass materials, which in turn is driving requirements for river barges, whereas current demand is weaker in both North and South America.

Although slowing, global economic growth is expected to be 3.2% in 2020 (latest IMF forecasts), which should continue to support a high utilization rate of the existing container fleet. On the other hand, the Group’s strategy to develop its trading activity in new and used containers and invest in its own assets will have a positive impact on profitability.

UPCOMING EVENTS

  • 28 February 2020:           2019 Revenue from activities
  • 25 March 2020:                 2019 annual results – SFAF presentation
  • 27 March 2020:                 Conference call to present annual results

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 nearly €1.2bn in 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: www.touax.com

Contacts :

TOUAX                                                                                                                                    ACTIFIN
Fabrice & Raphaël WALEWSKI
Managing partners                                                                                                  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                                                                                                                                                                    




1 Revenue corresponds to revenue from activities that generate leasing revenue, sales of equipment, syndication fees and other capital gains.


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