Touax: Q1 2021 restated revenues from activities
PRESS
RELEASE Paris, 14
May 2021 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION FOR
SUSTAINABLE TRANSPORTATION
Q1 2021 restated revenues from
activities
-
Restated revenues from activities amounted to €24.6m in Q1
2021, stable in constant dollars compared to the same period in
2020.
-
Favourable outlook with a significant order
book
|
New segmentation of revenues
between owned activities
and management activities.
In order to enable a more detailed and more
accurate reading of its activities, the Group decided to update the
key indicators of its quarterly report:
- Revenues from
activities are 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 shows syndication fees, sales
fees and now management fees, grouped together under management
activity, separate from owned activity.
The accounting presentation of revenue from
activities and the contribution by division is presented in the
appendix to the press release.
ANALYSIS OF Q1 2021 REVENUES FROM
ACTIVITIES
The restated presentation of revenues from
activities is as follows:
Restated Revenue from activities(in €
thousand) |
Q1 2021 |
Q1 2020 |
variation |
variation % |
Leasing revenue on owned equipment |
13,229 |
13,426 |
-197 |
-1.5% |
Ancillary services |
2,745 |
3,044 |
-299 |
-9.8% |
Total leasing activity |
15,974 |
16,470 |
-496 |
-3.0% |
Sales of owned equipment |
7,085 |
5,872 |
1,213 |
20.7% |
Total sales of equipment |
7,085 |
5,872 |
1,213 |
20.7% |
Total of owned
activity |
23,059 |
22,342 |
717 |
3.2% |
Syndication fees |
17 |
232 |
-215 |
-92.7% |
Management fees (a) |
897 |
937 |
-40 |
-4.3% |
Sales fees |
591 |
2,128 |
-1,537 |
-72.2% |
Total of management
activity |
1,505 |
3,297 |
-1,792 |
-54.4% |
Other capital gains on disposals |
0 |
15 |
-15 |
-100.0% |
Total Others |
0 |
15 |
-15 |
-100.0% |
Total Restated Revenue from activities |
24,564 |
25,654 |
-1,090 |
-4.2% |
(a) The “leasing revenue from investor-owned
equipment” is replaced by “management fees”.
The total restated revenues from activities in
Q1 2021 amounted to €24.6 million, €25.4 million at constant scope
and currency1, compared to €25.7 million at the same period in
2020.
Owned activities increased by €0.7 million, with
an increase in the sales of owned equipment, particularly in
modular buildings, offset by a decline in leasing activity,
particularly in river barge freight activity.
Management activity decreased by €1.8 million,
with a decline in sales volumes of investor-owned equipment, due to
the seasonality of these sales and the shortage of containers.
ANALYSIS OF THE CONTRIBUTION BY
DIVISION
Restated Revenue from activities(in €
thousand) |
Q1 2021 |
Q1 2020 |
variation |
variation % |
Leasing revenue on owned equipment |
9,152 |
9,199 |
-47 |
-0.5% |
Ancillary services |
1,873 |
1,462 |
411 |
28.1% |
Total leasing activity |
11,025 |
10,661 |
364 |
3.4% |
Sales of owned equipment |
320 |
939 |
-619 |
-65.9% |
Total sales of equipment |
320 |
939 |
-619 |
-65.9% |
Total of owned
activity |
11,345 |
11,600 |
-255 |
-2.2% |
Syndication fees |
0 |
214 |
-214 |
-100.0% |
Management fees (a) |
463 |
373 |
90 |
24.1% |
Total of management
activity |
463 |
587 |
-124 |
-21.1% |
Freight railcars |
11,808 |
12,187 |
-379 |
-3.1% |
Leasing revenue on owned equipment |
1,688 |
1,636 |
52 |
3.2% |
Ancillary services |
683 |
1,246 |
-563 |
-45.2% |
Total leasing activity |
2,371 |
2,882 |
-511 |
-17.7% |
Sales of owned equipment |
41 |
0 |
41 |
0.0% |
Total sales of equipment |
41 |
0 |
41 |
0.0% |
Total of owned
activity |
2,412 |
2,882 |
-470 |
-16.3% |
Management fees (a) |
6 |
0 |
6 |
0.0% |
Total of management
activity |
6 |
0 |
6 |
0.0% |
River barges |
2,418 |
2,882 |
-464 |
-16.1% |
Leasing revenue on owned equipment |
2,384 |
2,578 |
-194 |
-7.5% |
Ancillary services |
191 |
285 |
-94 |
-33.0% |
Total leasing activity |
2,575 |
2,863 |
-288 |
-10.1% |
Sales of owned equipment |
3,480 |
4,064 |
-584 |
-14.4% |
Total sales of equipment |
3,480 |
4,064 |
-584 |
-14.4% |
Total of owned
activity |
6,055 |
6,927 |
-872 |
-12.6% |
Syndication fees |
17 |
18 |
-1 |
-5.6% |
Management fees (a) |
428 |
564 |
-136 |
-24.1% |
Sales fees |
591 |
2,128 |
-1,537 |
-72.2% |
Total of management
activity |
1,036 |
2,710 |
-1,674 |
-61.8% |
Containers |
7,091 |
9,637 |
-2,546 |
-26.4% |
Leasing revenue on owned equipment |
5 |
13 |
-8 |
-61.5% |
Ancillary services |
-2 |
51 |
-53 |
-103.9% |
Total leasing activity |
3 |
64 |
-61 |
-95.3% |
Sales of owned equipment |
3,244 |
869 |
2,375 |
273.3% |
Total sales of
equipment |
3,244 |
869 |
2,375 |
273.3% |
Total of owned
activity |
3,247 |
933 |
2,314 |
248.0% |
Other capital gains on disposal |
0 |
15 |
-15 |
-100.0% |
Total Others |
0 |
15 |
-15 |
-100.0% |
Miscellaneous and
eliminations |
3,247 |
948 |
2,299 |
242.5% |
|
|
|
|
|
Total Restated Revenue from activities |
24,564 |
25,654 |
-1,090 |
-4.2% |
(a) The “leasing revenue from investor-owned
equipment” is replaced by “management fees”.
The Freight
Railcar activity fell slightly with lower sales but an
increase in leasing activity:
- Owned activity
decreased with the decline in sales of owned equipment, partially
offset by the increase in owned leasing activity.
- Management activity
declined with the lack of syndication in Q1 2021 while management
fees increased following the syndications in 2020.
The River Barge activity
decreased given the ancillary services that posted lower freight
revenues over the period, but the average utilisation rate
increased to 99.2%.
The Containers activity
declined, with a conversion impact linked to the fall in the dollar
and temporarily lower equipment sales. The average utilisation rate
over the period was 99.6% vs. 95.7% in the first three months of
2020 reflecting the shortage of containers, resulting in lower
availability of containers for sale. Management fees decreased with
the fall in the dollar but also due to a lower volume of containers
under management following the disposal of investor-owned equipment
in 2020.
The Modular Buildings activity
in Africa, which is presented under “Miscellaneous”, increased with
major deliveries made during Q1 2021.
OUTLOOK
The effects of the health crisis remained
limited in Q1 2021. The shortage of containers and its limited
production resulted in a lower level of sales.
Touax is pursuing its strategy of investing in
owned equipment and equipment under management in all its
businesses with a significant order book in the process of delivery
for more than €100 million.
Its three long-term equipment leasing businesses
for sustainable transportation that respect the environment
continue to be resilient and promising.
The outlook is favourable with an expected
gradual increase in the restated revenue from activities. From a
structural and medium to long-term perspective, Europe's “Green
Deal” together with the various stimulus packages in the
infrastructure sector announced by governments and the tendency
towards outsourcing should continue to underpin investment in our
asset classes.
UPCOMING EVENTS
- 23 June 2021:
Annual General Meeting
- 22 September 2021
after market close: H1 2021 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 €1.1 billion 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 more information:
www.touax.com
Contacts:
TOUAX ACTIFIN
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 1: Accounting presentation of
revenue from activities
Summary accounting presentation
Revenue from activities(in € thousand) |
Q1 2021 |
Q1 2020 |
Leasing revenue on owned equipment |
13,229 |
13,426 |
Leasing revenue
on managed equipment |
11,072 |
13,681 |
Ancillary services |
3,084 |
4,579 |
Management fees on managed assets |
157 |
81 |
Total
leasing activity |
27,542 |
31,767 |
Sales of owned
equipment |
7,085 |
5,872 |
Margins on sale
of managed equipment |
591 |
2,128 |
Total
sales of equipment |
7,676 |
8,000 |
Fees on
syndication |
17 |
232 |
Other capital
gains on disposals |
0 |
15 |
Total Others |
17 |
247 |
Total Revenue from
activities |
35,235 |
40,014 |
Revenues from activities are mainly affected by
the decrease in leasing revenue from investor-owned equipment whose
impact is limited to the decrease in restated management fees.
Table for the transition from summary accounting
presentation to restated presentation
Revenue from activities(in € thousand) |
Q1 2021 |
Restatement |
Restated Q1 2021 |
Q1 2020 |
Restatement |
RestatedQ1 2020 |
Leasing revenue on owned equipment |
13,229 |
|
13,229 |
13,426 |
|
13,426 |
Ancillary services |
3,084 |
-339 |
2,745 |
4,579 |
-1,534 |
3,045 |
Total
leasing activity |
16,313 |
-339 |
15,974 |
18,005 |
-1,534 |
16,471 |
Sales of owned
equipment |
7,085 |
|
7,085 |
5,872 |
|
5,872 |
Total
sales of equipment |
7,085 |
0 |
7,085 |
5,872 |
0 |
5,872 |
Total of owned
activity |
23,398 |
-339 |
23,059 |
23,877 |
-1,534 |
22,343 |
Leasing revenue
on managed equipment |
11,072 |
-11,072 |
0 |
13,681 |
-13,681 |
0 |
Fees on
syndications |
17 |
|
17 |
232 |
|
232 |
Management fees
on managed assets |
157 |
740 |
897 |
81 |
855 |
936 |
Margins on sale
of managed equipment |
591 |
|
591 |
2,128 |
|
2,128 |
Total of management
activity |
11,837 |
-10,332 |
1,505 |
16,122 |
-12,825 |
3,297 |
Other capital
gains on disposals |
0 |
|
0 |
15 |
|
15 |
Total Others |
0 |
0 |
0 |
15 |
0 |
15 |
Total Restated Revenue from activities |
35,235 |
-10,671 |
24,564 |
40,014 |
-14,359 |
25,655 |
APPENDIX 2: Accounting presentation of the
contribution by division
Revenue from activities |
Q1 2021 |
Q1 2020 |
(in € thousand) |
Leasing revenue on owned equipment |
9,152 |
9,199 |
Leasing revenue on managed equipment |
3,357 |
3,483 |
Ancillary services |
2,007 |
1,619 |
Management fees on managed assets |
124 |
53 |
Total leasing activity |
14,640 |
14,354 |
Sales of owned equipment |
320 |
939 |
Total sales of equipment |
320 |
939 |
Fees on syndication |
0 |
214 |
Total Others |
0 |
214 |
Freight railcars |
14 960 |
15,507 |
Leasing revenue on owned equipment |
1,688 |
1,636 |
Ancillary services |
683 |
1,246 |
Management fees on managed assets |
6 |
0 |
Total leasing activity |
2,377 |
2,882 |
Sales of owned equipment |
41 |
0 |
Total sales of equipment |
41 |
0 |
River barges |
2,418 |
2,882 |
Leasing revenue on owned equipment |
2,384 |
2,578 |
Leasing revenue on managed equipment |
7,715 |
10,198 |
Ancillary services |
396 |
1,663 |
Management fees on managed assets |
27 |
28 |
Total leasing activity |
10,522 |
14,467 |
Sales of owned equipment |
3,480 |
4,064 |
Margins on sales of managed equipment |
591 |
2,128 |
Total sales of equipment |
4,071 |
6,192 |
Fees on syndication |
17 |
18 |
Total Others |
17 |
18 |
Containers |
14,610 |
20,677 |
Leasing revenue on owned equipment |
5 |
13 |
Ancillary services |
(2) |
51 |
Total leasing activity |
3 |
64 |
Sales of owned equipment |
3,244 |
869 |
Total sales of equipment |
3,244 |
869 |
Other capital gains on disposal |
0 |
15 |
Total Others |
0 |
15 |
Miscellaneous and eliminations |
3,247 |
948 |
|
|
|
Total revenue from activities |
35,235 |
40,014 |
1 Based on a comparable structure and average exchange
rates in Q1 2020
- EN TOUAX PR 14 05 2021 - Q1 2021 Results
Touax (EU:TOUP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Touax (EU:TOUP)
Historical Stock Chart
From Sep 2023 to Sep 2024