TOUAX: 2017 annual revenue: Annual consolidated revenue at €212 million; Stable leasing activity; Confirmation of an operat...
February 22 2018 - 12:00PM
PRESS RELEASE
Paris, 22 February 2018 - 6.00 p.m.
TOUAX
YOUR OPERATIONAL LEASING SOLUTION
2017 ANNUAL
REVENUE
REVENUE
ANALYSIS
Revenue by
type
(unaudited data,
€ thousands) |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
TOTAL |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
TOTAL |
Leasing revenue (1) |
38,498 |
37,820 |
34,414 |
35,371 |
146,103 |
36,130 |
35,202 |
36,648 |
39,132 |
147,112 |
Sales of equipment |
15,070 |
31,123 |
5,679 |
13,954 |
65,826 |
22,538 |
17,623 |
17,585 |
27,802 |
85,549 |
Including sales to clients |
8,947 |
8,324 |
5,842 |
14,033 |
37,146 |
12,622 |
13,921 |
11,783 |
15,082 |
53,408 |
Including sales to investors |
6,123 |
22,799 |
(163) |
(79) |
28,680 |
9,916 |
3,702 |
5,802 |
12,720 |
32,141 |
Consolidated revenue |
53,568 |
68,943 |
40,093 |
49,325 |
211,929 |
58,668 |
52,825 |
54,233 |
66,934 |
232,660 |
(1) Leasing revenue includes
ancillary services.
Over the full 2017 financial year,
consolidated revenue amounted to €211.9 million compared to €232.7
million in 2016, a decrease of 8.9% due to lower Shipping Container
sales partially offset by higher Freight Railcar sales. At constant
exchange rates, revenue decreased by 13.4% mainly due to the
falling value of the US dollar.
Leasing revenue was stable at
€146.1 million. The fall in Shipping Container activity mainly due
to currency effects and a decreased managed fleet is offset by the
increase in the River Barges and Freight Railcars leasing
activities.
Customer sales were down at €37.1
million. Used container sales decreased in 2017 in a buoyant
leasing market context with a 99% utilisation rate as few
containers were available for sale.
Few investments and therefore
syndications to investors were made in 2017 in the Shipping
Containers division to focus on improving utilisation rates and the
leasing of unused containers. Following the launch in 2017 of a
special partnership with an investment fund in real assets, sales
of freight railcars to investors rose by 177% in a favourable
European market.
Analysis of the contribution of
the 3 Group's divisions
Revenue by
type
(unaudited data,
€ thousands) |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
TOTAL |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
TOTAL |
Leasing revenue (1) |
11,929 |
12,826 |
12,309 |
13,861 |
50,925 |
9,102 |
9,191 |
9,318 |
9,891 |
37,501 |
Sales of equipment |
598 |
24,038 |
135 |
3,260 |
28,031 |
178 |
2,333 |
70 |
8,786 |
11,368 |
Including sales to clients |
434 |
1,139 |
135 |
3,260 |
4,969 |
178 |
2,333 |
70 |
469 |
3,051 |
Including sales to investors |
164 |
22,899 |
|
|
23,063 |
|
|
|
8,317 |
8,317 |
Freight railcars |
12,527 |
36,864 |
12,444 |
17,121 |
78,957 |
9,280 |
11,524 |
9,388 |
18,677 |
48,869 |
Leasing revenue (1) |
3,699 |
3,560 |
3,624 |
3,457 |
14,341 |
3,089 |
2,768 |
3,281 |
3,707 |
12,846 |
Sales of equipment |
6 |
111 |
52 |
53 |
222 |
918 |
18 |
18 |
71 |
1,024 |
Including sales to clients |
6 |
111 |
52 |
53 |
222 |
918 |
18 |
18 |
71 |
1,024 |
River Barges |
3,705 |
3,671 |
3,676 |
3,510 |
14,563 |
4,007 |
2,786 |
3,299 |
3,778 |
13,870 |
Leasing revenue (1) |
22,824 |
21,572 |
18,427 |
17,616 |
80,439 |
23,828 |
23,132 |
23,986 |
25,647 |
96,594 |
Sales of equipment |
13,480 |
6,320 |
4,037 |
5,061 |
28,898 |
19,429 |
13,725 |
16,970 |
16,166 |
66,290 |
Including sales to clients |
7,520 |
6,420 |
4,200 |
5,140 |
23,281 |
9,513 |
10,023 |
11,168 |
11,762 |
42,466 |
Including sales to investors |
5,960 |
(100) |
(163) |
(79) |
5,618 |
9,916 |
3,702 |
5,802 |
4,403 |
23,824 |
Shipping containers |
36,304 |
27,892 |
22,464 |
22,678 |
109,337 |
43,257 |
36,857 |
40,956 |
41,813 |
162,884 |
Leasing revenue (1) |
45 |
(137) |
54 |
436 |
399 |
111 |
111 |
62 |
(114) |
171 |
Sales of equipment |
987 |
653 |
1,454 |
5,579 |
8,674 |
2,013 |
1,547 |
527 |
2,780 |
6,866 |
Including sales to clients |
987 |
653 |
1,454 |
5,579 |
8,674 |
2,013 |
1,547 |
527 |
2,780 |
6,866 |
Miscellaneous and unallocated |
1,032 |
516 |
1,508 |
6,016 |
9,073 |
2,124 |
1,658 |
589 |
2,666 |
7,037 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue |
53,568 |
68,943 |
40,093 |
49,325 |
211,929 |
58,668 |
52,825 |
54,233 |
66,934 |
232,660 |
(1) Leasing revenue includes ancillary
services.
Freight
railcars: The Freight Railcar activity that accounts for most
of the Group's investments is the most significant contributor to
EBITDA. Revenues for the Freight Railcars division increased by
61.6% from €48.9 million to €79 million at the end of December
2017, mainly due to higher leasing revenues and syndications to
investors. Leasing revenues increased by €13.4 million (or +35.8%)
to reach €50.9 million as of 31 December 2017 due to the full
consolidation of an asset-holding subsidiary. At the end of
December, the average utilisation rate rose in a growing
market.
River
Barges: Revenues for the River Barges division totalled
€14.6 million, an increase of 5% thanks to improved activity on the
Rhine and despite the lack of sales in 2017 compared to 2016.
Shipping
containers: The Shipping Containers activity consists mainly of
assets managed on behalf of third parties. The leasing market
recovered strongly in 2017 with a utilisation rate of 99% at the
end of 2017. Revenues in the Shipping Containers division decreased
to €109.3 million mainly due to scope effects. Half of the fall in
leasing revenues in 2017 is due to the falling value of the dollar
while the other half is due to the decreased fleet. Sales are down
in 2017 with a lower volume of used sales and the almost absence of
syndication.
The retained activity of modular
buildings sales in Africa grouped under "miscellaneous" shows an
improvement in 4th quarter due
to the completion of many projects started during the previous
quarters.
OUTLOOK
Following the transfer of the
modular building sale and leasing business in Europe and the United
States for a combined disposal value of approximately €170 million,
the Group is finalizing its strategic refocusing on its three
transport equipment leasing activities in a favourable market
environment. This sale will allow TOUAX to increase its investment
capacity.
The Freight
Railcars leasing activity in Europe and Asia continues to grow
in line with the growth of trade and GDP in these two areas,
allowing TOUAX to strengthen its partnership with real asset and
infrastructure funds.
Demand for River
Barges varies depending on the country, with low demand in
South America, but increasing requirements in Europe.
With global GDP growth of 3.9%
expected in 2018, the growth in world trade and hence demand for
Shipping Containers should continue and
promote the high leasing level of our equipment. In order to meet
the needs of its customers in 2018, TOUAX plans to invest in
shipping containers for its own account and in partnership with
third-party investors.
TOUAX confirms an operating profit
for the full year 2017.
UPCOMING
DATES
-
28 March 2018:
2017 results
-
28 March
2018:
Financial analyst presentation
-
29 March
2018:
Investors conference call
-
15 May 2018:
Q1 2018 revenue
-
20 June
2018:
Annual shareholders meeting
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
Touax - 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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