TOUAX : Consolidated revenue at €162.6 million; Leasing revenue up 2.6%; Confirmation of an operating profit in 2017
November 15 2017 - 12:00PM
PRESS RELEASE - Paris, 15
November 2017- 6 p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
REVENUE FOR Q3
2017[1]
REVENUE
ANALYSIS
Revenue by
type
(unaudited data,
€ thousands) |
Q1 2017 |
Q2 2017 |
Q3 2017 |
TOTAL |
Q1 2016 |
Q2 2016 |
Q3 2016 |
TOTAL |
Leasing revenue (1) |
38,498 |
37,820 |
34,414 |
110,733 |
36,130 |
35,202 |
36,648 |
107,980 |
Sales of equipment |
15,070 |
31,123 |
5,679 |
51,872 |
22,538 |
17,623 |
17,585 |
57,747 |
Including sales to clients |
8,947 |
8,324 |
5,842 |
23,113 |
12,622 |
13,921 |
11,783 |
38,326 |
Including sales to investors |
6,123 |
22,799 |
(163) |
28,760 |
9,916 |
3,702 |
5,802 |
19,421 |
Consolidated revenue |
53,568 |
68,943 |
40,093 |
162,605 |
58,668 |
52,825 |
54,233 |
165,726 |
(1) Leasing revenue includes ancillary
services.
Combined consolidated revenue at
the end of September 2017 from retained operations amounted to
€162.6 million, compared with €165.7 million in 2016 (-1.9%). At
constant scope and exchange rates, revenue decreased by 7.9% with
the effect of the dollar.
Leasing revenue continued to grow
to €110.7 million (+2.6%), with higher revenue from the River
Barges and Freight Railcars businesses. The Shipping Containers
business recorded a drop mainly due to currency effects and the
reduction in the fleet following the significant sales of used
containers in 2016. The market recovered strongly in 2017 and the
utilization rate increased significantly, but could not fully
offset the effects of 2016.
Sales to customers were down to
€23.1 million, with used container sales dropping sharply in 2017
in the context of the market previously mentioned with the
significant recovery in the leasing market and utilisation rate.
Sales to investors increased by 48.1% with the syndication of
railcars to a Luxembourg investment fund carried out during the
2nd quarter.
Analysis of the
contribution of the 3 Group's divisions
Revenue by
division
(unaudited data,
€ thousands) |
Q1 2017 |
Q2 2017 |
Q3 2017 |
TOTAL |
Q1 2016 |
Q2 2016 |
Q3 2016 |
TOTAL |
Leasing revenue (1) |
11,929 |
12,826 |
12,309 |
37,064 |
9,102 |
9,191 |
9,318 |
27,611 |
Sales of equipment |
598 |
24,038 |
135 |
24,771 |
178 |
2,333 |
70 |
2,582 |
Including sales to clients |
434 |
1,139 |
135 |
1,708 |
178 |
2,333 |
70 |
2,582 |
Including sales to investors |
164 |
22,899 |
|
23,063 |
|
|
|
|
Freight railcars |
12,527 |
36,864 |
12,444 |
61,835 |
9,280 |
11,524 |
9,388 |
30,193 |
Leasing revenue (1) |
3,699 |
3,560 |
3,624 |
10,883 |
3,089 |
2,768 |
3,281 |
9,139 |
Sales of equipment |
6 |
111 |
52 |
169 |
918 |
18 |
18 |
953 |
Including sales to
clients |
6 |
111 |
52 |
169 |
918 |
18 |
18 |
953 |
River barges |
3,705 |
3,671 |
3,676 |
11,053 |
4,007 |
2,786 |
3,299 |
10,092 |
Leasing revenue (1) |
22,824 |
21,572 |
18,427 |
62,822 |
23,828 |
23,132 |
23,986 |
70,946 |
Sales of equipment |
13,480 |
6,320 |
4,037 |
23,837 |
19,429 |
13,725 |
16,970 |
50,125 |
Including sales to clients |
7,520 |
6,420 |
4,200 |
18 140 |
9,513 |
10,023 |
11,168 |
30,704 |
Including sales to investors |
5,960 |
-100 |
-163 |
5,697 |
9,916 |
3,702 |
5,802 |
19,421 |
Shipping containers |
36,304 |
27,892 |
22,464 |
86,659 |
43,257 |
36,857 |
40,956 |
121,071 |
Leasing revenue (1) |
45 |
-137 |
54 |
-38 |
111 |
111 |
62 |
284 |
Sales of equipment |
987 |
653 |
1,454 |
3,095 |
2,013 |
1,547 |
527 |
4,087 |
Including sales to clients |
987 |
653 |
1,454 |
3,095 |
2,013 |
1,547 |
527 |
4,087 |
Miscellaneous and unallocated |
1,032 |
516 |
1,508 |
3,057 |
2,124 |
1,658 |
589 |
4,371 |
|
|
|
|
|
|
|
|
|
Consolidated revenue |
53,568 |
68,943 |
40,093 |
162,605 |
58,668 |
52,825 |
54,233 |
165,726 |
(1) Leasing revenue includes
ancillary services.
Freight
Railcars: The Freight Railcars business is the activity in
which the Group has made the most of owned investment. Revenues for
the Freight Railcars division increased by 104.8% from €30.2
million in September 2016 to €61.8 million at the end of September
2017, mainly due to higher leasing revenues and a syndication to
investors. Leasing revenues increased by €9.5 million (or +34.2%)
to €37.1 million in September 2017 due to the full consolidation of
an asset-holding subsidiary. At the end of September, the average
utilisation rate continues to rise in a moderately growing
market.
River Barges:
Revenues from the River Barges division amounted to €11.1 million,
an increase of 9.5%, with increased activity on the Rhine despite
the lack of sales.
Shipping
Containers: The Shipping Containers business consists mainly of
assets managed on behalf of third parties. The leasing market
recovered strongly in 2017, with a utilization rate that reached
98.8% on
30 September 2017. Revenue from the Shipping Containers division
fell to €86.7 million, mainly due to changes of scope. Half of the
drop in leasing revenue in 2017 is due to a lower dollar and the
balance is due to a decrease in the fleet and the bankruptcy in
2016 of the 7th largest
shipowner Hanjin. Sales were down in 2017 with lower syndication
volumes and lower second-hand sales.
The retained activity of modular
buildings sales in Africa grouped under "miscellaneous" shows an
improvement in 3rd quarter
which will continue until the end of the year.
OUTLOOK
European markets should continue
to favour the growth of river barges and freight railcars leasing
activities on the continent. The shortage of shipping containers
appears to be continuing and will favour the high leasing level of
our equipment.
The sale of the modular businesses
will enable the Group to resume an investment and growth phase in a
positive market context.
TOUAX confirms an operating profit
for the full year 2017.
UPCOMING
DATES
-
22 February 2018:
2017 revenue
-
4 April 2018:
2017 results
-
5 April
2018:
Financial analyst presentation and conference call
TOUAX
Group leases out tangible assets (freight railcars, river barges
and shipping-containers) on a daily basis throughout the world, for
its own account and on behalf of third party investors. With close
to €1.3 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 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
[1] In
accordance with IFRS 5, European and US Modular Buildings
activities are presented as discontinued operations. In practice,
revenues and expenses have been treated as follows:
-
The contribution to each line of the TOUAX
consolidated income statement is grouped under "Net income from
discontinuing operations" over the periods presented;
-
In accordance with IFRS 5, these restatements
are applied to all periods presented in order to make the
information consistent.
Touax - Q3 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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