TOUAX : REVENUE FROM ACTIVITIES IN THE 3rd QUARTER 2018: +6%
November 15 2018 - 11:45AM
PRESS RELEASE
Paris, 15 November 2018 - 5:45 PM
YOUR OPERATIONAL LEASING SOLUTION
REVENUE FROM
ACTIVITIES[1] IN THE 3rd QUARTER
2018: +6%
-
Revenue from activities in the 3rd quarter of
2018 up 6% to €39.6 million
-
Revenue from activities at €118.6 million in the
first 9 months of the year at constant scope and exchange rates
compared to €121.7 million for the same period in 2017
-
Revenue growth quarter after quarter in 2018
confirming that an upward trend has returned.
|
ANALYSIS OF
REVENUE FROM ACTIVITIES
Revenue from activities in the
3rd quarter of
2018 totalled €39.6 million compared to €37.4 million in the
3rd quarter of
2017, equal to an increase of 6%.
Over the quarter, leasing revenues
increased slightly to €34.7 million while sales of equipment
increased significantly (€4.6 million compared with €2.9 million in
the 3rd quarter of
2017).
Over the first nine months of the
year, combined revenue from activities amounted to €114 million
(€118.6 million at constant scope and exchange rates compared to
€121.7 million in 2017).
Leasing revenues therefore
amounted to €103.9 million at constant scope and exchange rates, an
improvement over the 3rd quarter
compared to the first two quarters of the year, confirming a
positive trend. The Freight Railcar business recorded an increase
in leasing revenues, mainly due to higher utilisation rates.
Leasing revenues are down slightly for the River Barges division.
The Containers activity recorded a decline due to currency effects
and a reduction of the managed fleet following the disposals
realised during 2017, which were not offset by the gradual recovery
of investments in 2018 initiated after asset refinancing in
June. The utilisation rate remains very high.
Equipment sales are up at €12.9
million, with the Container division having developed trading
operations. Fees on syndication and capital gains increasing by
10.4% to €1.2 million, with, in particular, the syndication of a
railcar portfolio to an investment fund realised during the
2nd quarter.
Revenue from activities (in thousands of
euros) |
Q1 2018 |
Q2 2018 |
Q3 2018 |
TOTAL |
Q1 2017 |
Q2 2017 |
Q3 2017 |
TOTAL |
Leasing revenues (*) |
32,465 |
32,699 |
34,712 |
99,876 |
38,498 |
37,820 |
34,414 |
110,732 |
Sales
of equipment |
3,558 |
4,728 |
4,622 |
12,908 |
3,424 |
3,428 |
2,957 |
9,809 |
Fees on syndication
and capital gains |
323 |
655 |
267 |
1,245 |
80 |
1,049 |
(2) |
1,127 |
Total Revenue from activities |
36,346 |
38,082 |
39,601 |
114,029 |
42,002 |
42,297 |
37,369 |
121,668 |
(*) Leasing revenues include ancillary
services. |
|
Analysis of the
contribution by division
Revenue from activities (in
thousands of euros) |
Q1 2018 |
Q2 2018 |
Q3 2018 |
TOTAL |
Q1 2017 |
Q2 2017 |
Q3 2017 |
TOTAL |
Leasing revenues (1) |
12,775 |
12,660 |
13,392 |
38,827 |
11,929 |
12,826 |
12,309 |
37,064 |
Sales of equipment |
100 |
789 |
(229) |
660 |
598 |
982 |
135 |
1,715 |
Fees on syndication |
|
662 |
25 |
687 |
|
1,050 |
|
1,050 |
Freight railcars |
12,875 |
14,111 |
13,188 |
40,174 |
12,527 |
14,858 |
12,444 |
39,829 |
Leasing revenues (1) |
3,029 |
2,798 |
3,613 |
9,440 |
3,699 |
3,560 |
3,624 |
10,883 |
Sales of equipment |
1,020 |
|
1,020 |
2,040 |
6 |
111 |
53 |
170 |
River Barges |
4,049 |
2,798 |
4,633 |
11,480 |
3,705 |
3,671 |
3,677 |
11,053 |
Leasing revenues (1) |
16,330 |
17,111 |
17,480 |
50,921 |
22,825 |
21,571 |
18,427 |
62,823 |
Sales of equipment |
1,746 |
2,062 |
2,030 |
5,838 |
1,833 |
1,681 |
1,315 |
4,829 |
Fees on syndication |
309 |
5 |
9 |
323 |
76 |
(1) |
(2) |
73 |
Containers |
18,385 |
19,178 |
19,519 |
57,082 |
24,734 |
23,251 |
19,740 |
67,725 |
Leasing revenues (1) |
331 |
130 |
227 |
688 |
45 |
(137) |
54 |
(38) |
Sales of equipment |
692 |
1,877 |
1,801 |
4,370 |
987 |
654 |
1,454 |
3,095 |
Other capital gains on disposal |
14 |
(12) |
233 |
235 |
4 |
|
|
4 |
Miscellaneous &
Eliminations |
1,037 |
1,995 |
2,261 |
5,293 |
1,036 |
517 |
1,508 |
3,061 |
|
|
|
|
|
|
|
|
|
Total Revenue from
activities |
36,346 |
38,082 |
39,601 |
114,029 |
42,002 |
42,297 |
37,369 |
121,668 |
(1) Leasing revenues include ancillary
services. |
|
Freight
railcars: The Freight Railcars business is the group's leading
activity in terms of capital employed. At the end of September
2018, revenue from activities in the Freight Railcar division
increased from €39.8 million to €40.2 million as a consequence of
increased leasing revenues (+4.8% over the first nine months of the
year and +8.8% over the 3rd quarter). As
noted in the first two quarters of 2018, the utilisation rate at
the end of September continues to increase in a context of a
growing market, allowing leasing rate increases to be
initiated.
River Barges:
Revenues in the River Barges division amounted to €11.5 million, up
3.9% thanks to divestment transactions for €2 million while leasing
revenues are decreasing over the period, due to a worsening market
in South America.
Containers:
The Containers activity consists mainly of assets managed on behalf
of third parties. Revenue from activities in the Containers
division totalled €57.1 million in the first 9 months of the year
(€61.1 million at constant scope and exchange rate effects)
compared to €67.5 million in 2017.
The leasing market remains very
dynamic with a utilisation rate over the period reaching 98.9%.
Leasing revenues for the first nine months of the year totalled
€50.9 million in 2018. Around 30% of the decrease is due to the
fall in the dollar while the remaining decrease is due to the
smaller size of the fleet. Since the beginning of 2018, leasing
revenues have increased quarter after quarter, confirming the
positive trend. Equipment sales amounted to €5.8 million, up 20.9%
over the first 9 months of the year, with the division developing
new container trading operations.
The miscellaneous line includes
miscellaneous invoicing and the remaining modular buildings sales
activities in Africa, which are expected to continue to grow
through to the end of the year.
OUTLOOK
Revenue growth over the
3rd quarter of
2018 compared to last year and compared with the two previous
quarters marks the return of an upward trend benefiting the Group's
recovery.
The demand for rail freight
transport continues to grow in Europe, thus pushing demand for
freight railcar leasing, especially in the intermodal transport
segment for which Touax is the second largest player in Europe.
Container demand is expected to
remain strong through to the end of the year, and for the full year
of 2019, with global GDP growth expected to reach 3.7%.
The Group is therefore feeling
confident about its objective of returning to profitability since
this is already visible in the way leasing revenues have continued
to increase since the beginning of the year.
UPCOMING
DATES
-
22 February 2019:
Revenue from activities
4th quarter
2018
-
28 March 2019:
2018 Annual Results - SFAF Presentation
-
29 March
2019:
Conference call to present annual results
The
TOUAX Group leases tangible assets (freight railcars, river barges
and containers) every day across the world, for its own account and
on behalf of investors. With nearly 1.2 billion euros under
management, TOUAX is a European leader in the leasing of this type
of equipment.
TOUAX
is listed in Paris on EURONEXT - Euronext Paris Compartment C (ISIN
code FR0000033003) and is included in the CAC® Small, CAC® Mid
& Small and EnterNext©PEA-PME 150 indices.
For
more information: www.touax.com
Your contacts:
TOUAX
ACTIFIN
Fabrice and Raphaël
WALEWSKI
Ghislaine Gasparetto
Managing Directors
touax@touax.com
ggasparetto@actifin.fr
www.touax.com
Tel: +33 1 56 88 11 11
Tel:
+33 1 46 96 18 00
[1] IFRS 15 "Revenue from Contracts with Customers" came into
effect on 1 January 2018. The application of this standard concerns
presentation elements that have no impact on margins. Syndication
commissions and sales of used equipment owned by investors are now
presented as revenue from activities. The 2017 figures have been
restated in accordance with IFRS 15 to allow comparability.
CP 15 11 2018 - CA T3 2018
EN
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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