TOUAX : Q1 2017 revenue: €77.5 million; Increase in leasing revenue; Temporary drop in sales revenue
May 15 2017 - 1:14PM
PRESS RELEASE - Paris, 15 May 2017
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
REVENUE FOR Q1
2017
-
Q1 2017 revenue: €77.5 million
-
Increase in leasing revenue
-
Temporary drop in sales revenue
-
Acquisition of a majority interest in the fleet
of railcars taken over from GE Rail
|
Revenue by
type
(Unaudited consolidated data,
€ thousands) |
Q1 2017 |
Q1 2016 |
Variation |
Leasing revenue (1) |
55,374 |
53,380 |
+3.7% |
Sales of equipment |
22,157 |
34,273 |
-35.4 % |
Including sales to clients |
16,034 |
24,357 |
-34.2 % |
Including sales to investors |
6,124 |
9,916 |
-38.3 % |
Consolidated revenue |
77,531 |
87,653 |
-11.6 % |
(1) Leasing revenue includes ancillary
services.
Consolidated revenue for the first
quarter of 2017 amounted to €77.5 million (-11.6%) compared with
€87.7 million in the first quarter of 2016 (-16.9% like-for-like
and at constant exchange rates) due to a temporary fall in sales of
equipment partly offset by an increase in the leasing business.
Leasing revenue amounted to €55.4
million up by 3.7% (-3.8% like-for-like and at constant exchange
rates) due to increases in the Freight Railcars and River Barges
businesses in particular.
Revenue from sales of equipment
amounted to €22.2 million, down by 35.4%. This decrease resulted
from lower volumes of syndications in the Shipping Containers
business, and, as expected, of fewer sales of new modular buildings
and used shipping containers.
The Group acquired a majority
interest in the legal entity that bought the fleet from GE Rail at
the end of 2015 and is therefore fully consolidated as from
1st January
2017. The Freight Railcars business became the Group's main
business in terms of capital employed, ahead of, in order of
importance, the Modular Buildings, River Barges and Shipping
Containers businesses.
ANALYSIS OF THE
CONTRIBUTIONS OF THE GROUP'S 4 DIVISIONS
Revenue by
division
(Unaudited consolidated data,
€ thousands) |
Q1 2017 |
Q1 2016 |
Variation |
Leasing revenue (1) |
11,929 |
9,102 |
+31.1% |
Sales of equipment |
595 |
174 |
+241.1 % |
Including sales to clients |
431 |
174 |
|
|
Including sales to investors |
164 |
|
|
|
Freight railcars |
12,524 |
9,276 |
+35 % |
Leasing revenue (1) |
16,899 |
17,451 |
-3.2% |
Sales of equipment |
8,077 |
13,751 |
-41.3 % |
Including sales to
clients |
8,077 |
13,751 |
|
|
Modular buildings |
24,976 |
31,202 |
-20 % |
Leasing revenue (1) |
3,699 |
3,090 |
+19.7% |
Sales of equipment |
6 |
918 |
|
Including sales to
clients |
6 |
918 |
|
|
River barges |
3,705 |
4,008 |
-7.5 % |
Leasing revenue (1) |
22,824 |
23,828 |
-4.2 % |
Sales of equipment |
13,480 |
19,429 |
-30.6 % |
Including sales to
clients |
7,520 |
9,513 |
|
|
Including sales to investors |
5,960 |
9,916 |
|
|
Shipping containers |
36 304 |
43,257 |
-16.1 % |
Miscellaneous and unallocated |
21 |
(90) |
|
|
|
|
|
Consolidated revenue |
77,531 |
87,653 |
-11.6 % |
(1) Leasing revenue includes ancillary
services.
Freight
Railcars: Revenue from the Freight Railcars Division increased
by 35% to €12.5 million with the acquisition of a majority interest
in the fleet taken over from GE Rail which was fully consolidated
in the Group's accounts. Like-for-like and at constant exchange
rates, the division's leasing business remained stable. Sales of
railcars in Q1 2017 merely amounted to the sale of a few used
railcars.
The Group manages a diversified
range of about 10,800 railcars freight railcars: intermodal
railcars (transport of containers and swap bodies), car-carrier
railcars, coil carriers (transport of steel coils), sliding-wall
wagons (transport of palletized products) and hopper railcars and
powder railcars for transporting heavy goods (cement, cereals
etc.). TOUAX RAIL mainly offers its leasing services in Europe via
offices in Ireland (Western Europe Region) completed by a network
of agents covering the whole of Europe including the United
Kingdom, as well as in Asia in partnership with a leading local
player.
Modular
buildings: The revenue of the Modular Buildings division
decreased by 20% to €25 million compared to Q1 2016. Sales of
equipment fell to €8.1 million as anticipated, due to the slowdown
in the sales market for refugees in Germany. In view of the
increase of utilization rates and/or leasing rates in France and
Poland in particular, pure leasing revenue (excluding ancillary
services) was up by 3%. The leasing revenue amounted €16.9 million,
slightly down due to lower ancillary services in Germany.
River Barges:
The revenue of the River Barges Division amounted to €3.7 million,
down 7.5% due to the lack of sales in the first quarter of 2017
compared to the first quarter of 2016. The leasing business
increased by 19.7% with good business on the Rhine, which partly
offset the fall in sales.
Shipping
containers: The division's revenue was down 16.1% at €36.3
million compared to €43.3 million in Q1 2016 (-18.9% in constant
dollars). This decline was mainly due to lower volumes of sales of
used containers to our customers as well as of fewer syndications
compared to Q1 2016. The leasing business was down slightly at
€22.8 million due to the decline in prices recorded last year. The
utilization rate at the end of March 2017 was over 95%. The sharp
increase in utilization rates and especially in leasing rates since
the start of the year enables us to anticipate a positive impact on
future revenue and for investors in equipment.
OUTLOOK
The outlook for the divisions
remains the same with the leasing market improving for Freight
Railcars and still well oriented for the Modular Buildings
business, which was marked by the start of the recovery in France
driven by infrastructure projects of the Greater Paris. Business is
improving for the River Barges Division in Europe and South
America, and there are again sharp increases in leasing prices for
Shipping Containers.
Sales revenue should rise during
2017 in view of the expected increase in freight railcars
syndications to third-party investors.
In 2017, the Group will continue
to implement a positive free cash flow strategy for stabilising its
own assets and increasing its assets under management for third
parties. As stated previously, the Group is continuing its
strategic thinking on optimizing the allocation of its capital and
its detailed review of its portfolio of assets and businesses. This
may lead to the sale of some assets, eventually significant, in the
short or medium term.
UPCOMING
EVENTS
-
21 June 2017:
Combined shareholders meeting (Hôtel Hilton La Défense -
CNIT)
-
31 August 2017:
Revenue and
income at 30 June 2017
-
1st September
2017: Conference call
-
4 September 2017:
Presentation to financial investors
TOUAX
Group leases out tangible assets (shipping-containers, modular
buildings, freight railcars and river barges) on a daily basis to
more than 5 000 customers throughout the world, for its own account
and on behalf of third party investors. With almost €1.8 billion
under management, TOUAX is one of the European leaders in the
operational leasing of this type of equipment.
TOUAX
is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment C
(Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid &
Small indexes and in EnterNext PEA-PME.
For
more information: www.touax.com
Contacts:
TOUAX
Fabrice & Raphaël Walewski
Managing partners
touax@touax.com
Tel: +33 (0)1 46 96 18 00
ACTIFIN
Ghislaine GASPARETTO
ggasparetto@actifin.fr
Tel: +33 (0)1 55 88 11 11
Touax - Q1 2017 revenue
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: TOUAX via Globenewswire
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