TOUAX : Revenues from activities 2018
February 22 2019 - 11:45AM
PRESS RELEASE
Paris, 22 February 2019 - 5.45 pm
YOUR OPERATIONAL LEASING SOLUTION
REVENUES FROM
ACTIVITIES[1] 2018
-
Quarter on-quarter revenue growth (CQGR +3.5%in
2018) confirming the positive trend of the activities
-
Revenue from operations of €154.5 million
(€158.4 million in 2018 on a like-for-like basis and with constant
exchange rates)
-
Return to profitability of the transportation
businesses is confirmed
|
ANALYSIS OF
REVENUES FROM ACTIVITIES
During 2018 revenue from
activities increased quarter-on-quarter (average quarterly growth
rate: +3.5%) to reach €154.5 million and €158.4 million at constant
scope and exchange rates compared with €169.7 million in 2017, a
decrease of 6.6%.
Annual leasing revenues totalled
€134.5 million (€138 million at constant scope and exchange rates),
compared to €146.1 million in 2017. The Freight Railcar business
recorded an increase in leasing revenues, with 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 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 high.
Equipment sales amounted to €18.7
million (€19.2 million at constant exchange rates and scopes)
compared with €20.9 million in 2017. The Containers division
recorded a 14% rise in sales, having developed new container
trading operations.
Syndication fees and capital gains
not linked to recurring activities increased to €1.3 million of
which €1 million is linked to syndication commissions, particularly
the syndication of railcar portfolios to third parties of which
Touax retains management.
Revenue from activities
(in €
thousands) |
Q1 2018 |
Q2 2018 |
Q3 2018 |
Q4 2018 |
TOTAL
2018 |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
TOTAL
2017 |
Leasing revenues (*) |
32,465 |
32,699 |
34,712 |
34,664 |
134,540 |
38,498 |
37,820 |
34,414 |
35,370 |
146,103 |
Sales of equipment (**) |
3,558 |
4,728 |
4,622 |
5,841 |
18,749 |
3,424 |
3,428 |
2,957 |
11,136 |
20,944 |
Syndication commission and capital gains (***) |
323 |
655 |
267 |
7 |
1,252 |
80 |
1,049 |
(2) |
1,477 |
2,604 |
Total Revenue from
activities |
36,346 |
38,082 |
39,601 |
40,512 |
154,541 |
42,002 |
42,297 |
37,369 |
47,983 |
169,651 |
|
(*) Leasing revenues include ancillary
services. |
|
(**) Sales to end users of equipment belonging to
the group are reported for the full price of the disposals on the
Sales of Equipment line. The margin or capital gain realised is
obtained by deducting the purchase cost from the sales.
Sales to end users of equipment belonging to
third-party investors and managed by the Group are reported for
their margin (sales commission) on the Sales of equipment line
(***) The capital gains shown on this line
are capital gains not related to recurring equipment disposal
activities.
Analysis of the
contribution by division
Revenues from activities
(in thousands of euros) |
Q1 2018 |
Q2 2018 |
Q3 2018 |
Q4 2018 |
TOTAL
2018 |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
TOTAL 2017 |
Leasing revenues (*) |
12,775 |
12,660 |
13,392 |
14,592 |
53,419 |
11,929 |
12,826 |
12,309 |
13,861 |
50,925 |
Sales of equipment (**) |
100 |
789 |
(229) |
1,565 |
2,225 |
598 |
982 |
135 |
3,260 |
4,975 |
Syndication commission
(***) |
|
662 |
25 |
|
687 |
|
1,050 |
|
|
1,050 |
Freight
railcars |
12,875 |
14,111 |
13,188 |
16,157 |
56,331 |
12,527 |
14,858 |
12,444 |
17,121 |
56,951 |
Leasing revenues (*) |
3,029 |
2,798 |
3,613 |
2,996 |
12,436 |
3,699 |
3,560 |
3,624 |
3,457 |
14,340 |
Sales of equipment (**) |
1,020 |
|
1,020 |
25 |
2,065 |
6 |
111 |
53 |
53 |
223 |
River
Barges |
4,049 |
2,798 |
4,633 |
3,021 |
14,501 |
3,705 |
3,671 |
3,677 |
3,510 |
14,563 |
Leasing revenues (*) |
16,330 |
17,111 |
17,480 |
17,075 |
67,996 |
22,825 |
21,571 |
18,427 |
17,616 |
80,439 |
Sales of equipment (**) |
1,746 |
2,062 |
2,030 |
2,227 |
8,065 |
1,833 |
1,681 |
1,315 |
2,243 |
7,072 |
Syndication commission
(***) |
309 |
5 |
9 |
(13) |
310 |
76 |
(1) |
(2) |
(1) |
72 |
Containers |
18,385 |
19,178 |
19,519 |
19,290 |
76,372 |
24,734 |
23,251 |
19,740 |
19,859 |
87,583 |
Leasing revenues (1) |
331 |
130 |
227 |
|
688 |
45 |
(137) |
54 |
436 |
398 |
Sales of equipment |
692 |
1,877 |
1,801 |
2,024 |
6,394 |
987 |
654 |
1,454 |
5,579 |
8,674 |
Other capital gains on
disposal |
14 |
(12) |
233 |
20 |
255 |
4 |
|
|
1,478 |
1,482 |
Miscellaneous
& Eliminations |
1,037 |
1,995 |
2,261 |
2,044 |
7,337 |
1,036 |
517 |
1,508 |
7,493 |
10,554 |
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
from activities |
36,346 |
38,082 |
39,601 |
40,512 |
154,541 |
42,002 |
42,297 |
37,369 |
47,983 |
169,651 |
|
(*) Leasing revenues include ancillary
services.
(**)Sales to end users of equipment belonging to the group are
reported for the full price of the disposals on the Sales of
Equipment line. The margin or capital gain realised is obtained by
deducting the purchase cost from the sales.
Sales to end users of equipment belonging to third-party investors
and managed by the Group are reported for their margin (sales
commission) on the Sales of equipment line
(***) The gains shown on this line are gains not related to
recurring equipment disposal activities.
|
|
Freight
railcars: The Freight Railcars business is the group's leading
activity in terms of capital employed. At the end of December 2018,
revenue from the Freight Railcar division totalled €56.3 million,
stable compared with 2017. Over the year, leasing revenues
increased by 4.9% to €53.4 million thanks to the improved
utilisation rate (+3 points over the year, totalling an average of
84.9% over 2018 and reaching 86.9% in December 2018). Against the
backdrop of a growing market, the Group has initiated leasing rate
increases.
River Barges:
Revenues for the River Barges division totalled €14.5 million,
stable compared with 2017. Disposal operations worth €2 million
offset the decrease in leasing revenues over the period due to a
lack of dynamism of the South American market.
Containers:
The Containers activity consists mainly of assets managed on behalf
of third parties. Revenue from operations in the Containers
division totalled €76.4 million (€79.7 million at constant scope
and exchange rate effects) compared to €87.6 million in
2017.
Leasing revenues totalled €68 million in 2018 compared with €80.4
million in 2017 in a dynamic market with an average utilisation
rate over the period reaching 98.7%. The decreasing leasing
revenues follows effects of a change in scope, with 25% being
explained by dollar exchange rate changes and the remainder by the
smaller size of the fleet. Equipment sales amounted to €8.1
million, up 14% compared to 2017, with the division developing new
container trading operations.
The miscellaneous line includes various
re-invoicing and retained modular buildings sales activities in
Africa, whose decrease in revenues results from a business in
Algeria, in the process of being exited.
OUTLOOK
The increase in revenues
throughout the year marks the positive trend in the business. A
trend that is expected to continue in 2019.
In fact, 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 and
demand for containers remains high with global GDP growth expected
to reach 3.5%.
The Group is therefore confident
in its objective of returning to profitability in its transport
activities as this is already visible in the improvement of leasing
revenues since the beginning of the year.
UPCOMING
DATES
-
28 March 2019:
2018 Annual Results - SFAF Presentation
-
29 March
2019:
2018 Annual Results Conference call
-
15 May 2019:
Revenue from operations 1st quarter
2019
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 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 operations. The 2017 figures have been
restated in accordance with IFRS 15 to allow comparability.
Press Release 22 02 2019 - Revenues
from activities 2018
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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