Touax: H1 2021 results
PRESS
RELEASE Paris, 22
September 2021 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION FOR
SUSTAINABLE TRANSPORTATION
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.
ANALYSIS OF H1 2021 REVENUE FROM
ACTIVITIES
The restated presentation of revenue from
activities is as follows:
Restated Revenue from activities(in €
thousand) |
Q1 2021 |
Q2 2021 |
H1 2021 |
Q1 2020 |
Q2 2020 |
H1 2020 |
Leasing revenue on owned equipment |
13,229 |
13,633 |
26,862 |
13,426 |
13,336 |
26,762 |
Ancillary services |
2,745 |
3,747 |
6,492 |
3,044 |
2,997 |
6,041 |
Total leasing activity |
15,974 |
17,380 |
33,354 |
16,470 |
16,333 |
32,803 |
Sales of owned equipment |
7,085 |
8,328 |
15,413 |
5,872 |
7,216 |
13,088 |
Total sales of equipment |
7,085 |
8,328 |
15,413 |
5,872 |
7,216 |
13,088 |
Total of owned
activity |
23,059 |
25,708 |
48,767 |
22,342 |
23,549 |
45,891 |
Syndication fees |
17 |
946 |
963 |
232 |
231 |
463 |
Management fees (a) |
897 |
891 |
1,788 |
937 |
919 |
1,856 |
Sales fees |
591 |
358 |
949 |
2,128 |
882 |
3,010 |
Total of management activity |
1,505 |
2,195 |
3,700 |
3,297 |
2,032 |
5,329 |
Other capital gains on disposals |
0 |
6 |
6 |
15 |
0 |
15 |
Total Others |
0 |
6 |
6 |
15 |
0 |
15 |
Total Restated Revenue from activities |
24,564 |
27,909 |
52,473 |
25,654 |
25,581 |
51,235 |
(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 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 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.
ANALYSIS OF THE CONTRIBUTION BY
DIVISION
Restated Revenue from activities(in €
thousand) |
Q1 2021 |
Q2 2021 |
H1 2021 |
Q1 2020 |
Q2 2020 |
H1 2020 |
Leasing revenue on owned equipment |
9,152 |
9,223 |
18,375 |
9,199 |
9,118 |
18,317 |
Ancillary services |
1,873 |
1,724 |
3,597 |
1,462 |
2,044 |
3,506 |
Total leasing activity |
11,025 |
10,947 |
21,972 |
10,661 |
11,162 |
21,823 |
Sales of owned equipment |
320 |
403 |
723 |
939 |
662 |
1,601 |
Total sales of equipment |
320 |
403 |
723 |
939 |
662 |
1,601 |
Total of owned
activity |
11,345 |
11,350 |
22,695 |
11,600 |
11,824 |
23,424 |
Syndication fees |
0 |
0 |
0 |
214 |
231 |
445 |
Management fees (a) |
463 |
470 |
933 |
373 |
395 |
768 |
Total of management activity |
463 |
470 |
933 |
587 |
626 |
1,213 |
Total Freight
railcars |
11,808 |
11,820 |
23,628 |
12,187 |
12,450 |
24,637 |
Leasing revenue on owned equipment |
1,688 |
1 745 |
3,433 |
1,636 |
1,626 |
3,262 |
Ancillary services |
683 |
972 |
1,655 |
1,246 |
439 |
1,685 |
Total leasing activity |
2,371 |
2 717 |
5,088 |
2,882 |
2,065 |
4,947 |
Sales of owned equipment |
41 |
0 |
41 |
0 |
0 |
0 |
Total sales of equipment |
41 |
0 |
41 |
0 |
0 |
0 |
Total of owned
activity |
2,412 |
2 717 |
5,129 |
2,882 |
2,065 |
4,947 |
Management fees (a) |
6 |
6 |
12 |
0 |
0 |
0 |
Total of management activity |
6 |
6 |
12 |
0 |
0 |
0 |
Total River barges |
2,418 |
2 723 |
5,141 |
2,882 |
2,065 |
4,947 |
Leasing revenue on owned equipment |
2,384 |
2,654 |
5,038 |
2,578 |
2,581 |
5,159 |
Ancillary services |
191 |
1,054 |
1,245 |
285 |
642 |
927 |
Total leasing activity |
2,575 |
3,708 |
6,283 |
2,863 |
3,223 |
6,086 |
Sales of owned equipment |
3,480 |
3,524 |
7,004 |
4,064 |
4,192 |
8,256 |
Total sales of equipment |
3,480 |
3,524 |
7,004 |
4,064 |
4,192 |
8,256 |
Total of owned
activity |
6,055 |
7,232 |
13,287 |
6,927 |
7,415 |
14,342 |
Syndication fees |
17 |
946 |
963 |
18 |
0 |
18 |
Management fees (a) |
428 |
415 |
843 |
564 |
524 |
1,088 |
Sales fees |
591 |
358 |
949 |
2,128 |
882 |
3,010 |
Total of management activity |
1,036 |
1,719 |
2,755 |
2,710 |
1,406 |
4 116 |
Total Containers |
7,091 |
8,951 |
16,042 |
9,637 |
8,821 |
18,458 |
Leasing revenue on owned equipment |
5 |
11 |
16 |
13 |
11 |
24 |
Ancillary services |
(2) |
(3) |
(5) |
51 |
(128) |
(77) |
Total leasing activity |
3 |
8 |
11 |
64 |
(117) |
(53) |
Sales of owned equipment |
3,244 |
4,401 |
7,645 |
869 |
2,362 |
3,231 |
Total sales of equipment |
3,244 |
4,401 |
7,645 |
869 |
2,362 |
3,231 |
Total of owned
activity |
3,247 |
4,409 |
7,656 |
933 |
2,245 |
3,178 |
Other capital gains on disposal |
0 |
6 |
6 |
15 |
0 |
15 |
Total Others |
0 |
6 |
6 |
15 |
0 |
15 |
Total Miscellaneous
and eliminations |
3,247 |
4,415 |
7,662 |
948 |
2,245 |
3,193 |
|
|
|
|
|
|
|
Total Restated Revenue from
activities |
24,564 |
27,909 |
52,473 |
25,654 |
25,581 |
51,235 |
(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.
ANALYSIS OF THE FIRST HALF
RESULTS
Key figures (in € million) |
06/2021 |
06/2020 |
12/2020 |
|
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 |
|
EBITDA |
21.3 |
22.6 |
46.8 |
|
Current operating income |
9.3 |
10.8 |
23.3 |
|
Operating income |
9.3 |
10.8 |
23.2 |
|
Profit before taxes |
3.4 |
4.6 |
10.0 |
|
Consolidated net profit (loss) (Group’s
share) |
2.0 |
2.5 |
5.9 |
|
|
Including net
income from continuing activities |
2.0 |
2.5 |
6.0 |
|
|
Including net
income from discontinued activities |
0.0 |
0.0 |
- 0,1 |
|
Earnings per share (€) |
0.28 |
0.35 |
0.84 |
|
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 ratio |
57% |
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).
FINANCIAL STRUCTURE
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.
OUTLOOK
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.
UPCOMING EVENTS
- 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: www.touax.com
Contacts:TOUAX ACTIFINFabrice
& Raphaël
Walewski Ghislaine
Gasparettotouax@touax.com ggasparetto@actifin.frwww.touax.com Tel:
+33 1 56 88 11 11Tel:
+33 1 46 96 18 00
APPENDIX 1: Accounting presentation of
revenue from activities
Revenue from activities(in € thousand) |
Q1 2021 |
Q2 2021 |
TOTAL |
Q1 2020 |
Q2 2020 |
TOTAL |
Leasing revenue on owned equipment |
13,229 |
13,633 |
26,862 |
13,426 |
13,336 |
26,762 |
Leasing revenue on managed equipment |
11,072 |
10,912 |
21,984 |
13,681 |
12,739 |
26,420 |
Ancillary services |
3,084 |
3,946 |
7,030 |
4,579 |
4,489 |
9,068 |
Management fees on managed assets |
157 |
166 |
323 |
81 |
84 |
165 |
Total leasing activity |
27,542 |
28,657 |
56,199 |
31,767 |
30,648 |
62,415 |
Sales of owned equipment |
7,085 |
8,328 |
15,413 |
5,872 |
7,216 |
13,088 |
Margins on sale of managed equipment |
591 |
358 |
949 |
2,128 |
873 |
3,001 |
Total sales of equipment |
7,676 |
8,686 |
16,362 |
8,000 |
8,089 |
16,089 |
Fees on syndication |
17 |
946 |
963 |
232 |
231 |
463 |
Other capital gains on disposals |
0 |
6 |
6 |
15 |
0 |
15 |
Total Others |
17 |
952 |
969 |
247 |
231 |
478 |
Total Revenue from
activities |
35,235 |
38,295 |
73,530 |
40,014 |
38,968 |
78,982 |
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 activities |
H1 2021 |
Restatement |
Restated H1
2021 |
H1 2020 |
Restatement |
Restated |
(in € thousand) |
H1 2020 |
Leasing revenue on owned equipment |
26,862 |
|
26,862 |
26,762 |
|
26,762 |
Ancillary services |
7,030 |
-539 |
6,491 |
9,068 |
-3,025 |
6,043 |
Total
leasing activity |
33,892 |
-539 |
33,353 |
35,830 |
-3,025 |
32,805 |
Sales of owned
equipment |
15,413 |
|
15,413 |
13,088 |
|
13,088 |
Total
sales of equipment |
15,413 |
0 |
15,413 |
13,088 |
0 |
13,088 |
Total of owned
activity |
49,305 |
-539 |
48,766 |
48,918 |
-3,025 |
45,893 |
Leasing revenue
on managed equipment |
21,984 |
-21,984 |
0 |
26,420 |
-26,420 |
0 |
Fees on
syndications |
963 |
|
963 |
463 |
|
463 |
Management fees
on managed assets |
323 |
1,465 |
1,788 |
165 |
1,689 |
1,854 |
Margins on sale
of managed equipment |
949 |
|
949 |
3,001 |
9 |
3,010 |
Total of management activity |
24,219 |
-20,519 |
3,700 |
30,049 |
-24,722 |
5,327 |
Other capital
gains on disposals |
6 |
|
6 |
15 |
|
15 |
Total Others |
6 |
0 |
6 |
15 |
0 |
15 |
Total Restated Revenue from activities |
73,530 |
-21,057 |
52,473 |
78,982 |
-27,747 |
51,235 |
APPENDIX 2: Accounting presentation of
the contribution by division
Revenue from activities |
H1 2021 |
Restatement |
H1 2021 |
H1 2020 |
Restatement |
H1 2020 |
(in € thousand) |
|
|
Restated |
|
|
Restated |
Leasing revenue on owned equipment |
18,375 |
|
18,375 |
18,317 |
|
18,317 |
Ancillary services |
3,792 |
-196 |
3,596 |
3,757 |
-250 |
3,507 |
Total leasing activity |
22,167 |
-196 |
21,971 |
22,074 |
-250 |
21,824 |
Sales of owned equipment |
723 |
|
723 |
1,601 |
|
1,601 |
Total sales of equipment |
723 |
0 |
723 |
1,601 |
0 |
1,601 |
Total of owned activity |
22,890 |
-196 |
22,694 |
23,675 |
-250 |
23,425 |
Leasing revenue on managed equipment |
6,718 |
-6,718 |
0 |
6,852 |
-6,851 |
1 |
Fees on syndication |
0 |
|
0 |
445 |
|
445 |
Management fees on managed assets |
257 |
677 |
934 |
109 |
658 |
767 |
Total leasing activity |
6,975 |
-6,041 |
934 |
7,406 |
-6,193 |
1,213 |
Freight railcars |
29,865 |
-6,237 |
23,628 |
31,081 |
-6,444 |
24,637 |
Leasing revenue on owned equipment |
3,433 |
|
3,433 |
3,262 |
|
3,262 |
Ancillary services |
1,655 |
|
1,655 |
1,685 |
|
1,685 |
Total leasing activity |
5,088 |
0 |
5,088 |
4,947 |
0 |
4,947 |
Sales of owned equipment |
41 |
|
41 |
0 |
|
0 |
Total sales of equipment |
41 |
0 |
41 |
0 |
0 |
0 |
Total of owned activity |
5,129 |
0 |
5,129 |
4,947 |
0 |
4,947 |
Management fees on managed assets |
12 |
|
12 |
0 |
|
0 |
Total leasing activity |
12 |
0 |
12 |
0 |
0 |
0 |
River barges |
5,141 |
0 |
5,141 |
4,947 |
0 |
4,947 |
Leasing revenue on owned equipment |
5,038 |
|
5,038 |
5,159 |
|
5,159 |
Ancillary services |
1,588 |
-342 |
1,246 |
3,703 |
-2,775 |
928 |
Total leasing activity |
6,626 |
-342 |
6,284 |
8,862 |
-2,775 |
6,087 |
Sales of owned equipment |
7,004 |
|
7,004 |
8,256 |
|
8,256 |
Total sales of equipment |
7,004 |
0 |
7,004 |
8,256 |
0 |
8,256 |
Total of owned activity |
13,630 |
-342 |
13,288 |
17,118 |
-2,775 |
14,343 |
Leasing revenue on managed equipment |
15,266 |
-15,266 |
0 |
19,568 |
-19,568 |
0 |
Fees on syndication |
963 |
|
963 |
18 |
|
18 |
Management fees on managed assets |
54 |
788 |
842 |
56 |
1,031 |
1,087 |
Margins on sales of managed equipment |
949 |
|
949 |
3,001 |
9 |
3,010 |
Total leasing activity |
17,232 |
-14,477 |
2,755 |
22,643 |
-18,529 |
4,114 |
Containers |
30,862 |
-14,820 |
16,042 |
39,761 |
-21,303 |
18,458 |
Leasing revenue on owned equipment |
16 |
|
16 |
24 |
|
24 |
Ancillary services |
-5 |
|
-5 |
-77 |
|
-77 |
Total leasing activity |
11 |
0 |
11 |
-53 |
0 |
-53 |
Sales of owned equipment |
7,645 |
|
7,645 |
3,231 |
|
3,231 |
Total sales of equipment |
7,645 |
0 |
7,645 |
3,231 |
0 |
3,231 |
Total of owned activity |
7,656 |
0 |
7,656 |
3,178 |
0 |
3,178 |
Other capital gains on disposal |
6 |
|
6 |
15 |
|
15 |
Total Others |
6 |
0 |
6 |
15 |
0 |
15 |
Miscellaneous and eliminations |
7,662 |
0 |
7,662 |
3,193 |
0 |
3,193 |
|
|
|
|
|
|
|
Total revenue from activities |
73,530 |
-21,057 |
52,473 |
78,982 |
-27,747 |
51,235 |
1 Based on a comparable structure and average
exchange rates for H1 2020
- EN TOUAX CP 22 09 2021 H1 Results 2021
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