Touax: Growth in revenue from activities at September 30, 2020
November 13 2020 - 11:45AM
Touax: Growth in revenue from activities at September 30, 2020
PRESS
RELEASE
Paris, November 13, 2020 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION
FOR SUSTAINABLE TRANSPORTATION
Growth in revenue from activities at
September 30, 2020
- Revenue1 up 7.8% in Q3
2020
- Revenue growth of 4.1% over the first nine months of
the year
|
ANALYSIS OF REVENUE FROM
ACTIVITIES
Revenue from activities in Q3 2020 reached
€43.3 million versus €40.2 million in Q3 2019, an
increase of 7.8%. Revenue from activities over the first nine
months of the year reached €124.6 million (€125.5 million at
constant scope and currency2) compared with €119.6 million in
2019, an increase of 4.1%. The impact of the health crisis was
limited.
This performance was primarily driven by a 7.0%
increase in leasing revenue on owned equipment (€39.5 million) and
by strong equipment sales of €27.8 million versus €19.0 million in
the first nine months of 2019. The decrease in leasing revenue on
managed equipment mainly stemmed from a reduction in the fleet
linked to sales of equipment belonging to third party investors,
and the impact of exchange rate variations.
Syndication fees and capital gains not linked to
recurring activities came to €0.5 million, compared with
€0.8 million a year earlier.
Revenue from activities
(in € thousands) |
Q1 2020 |
Q2 2020 |
Q3 2020 |
TOTAL |
Q1 2019 |
Q2 2019 |
Q3 2019 |
TOTAL |
Leasing revenue on owned equipment |
13,305 |
13,253 |
12,912 |
39,470 |
11,641 |
12,243 |
13,008 |
36,892 |
Leasing revenue on managed
equipment |
14,889 |
14,005 |
13,159 |
42,053 |
16,541 |
16,038 |
15,179 |
47,758 |
Ancillary services |
4,708 |
4,593 |
5,480 |
14,781 |
4,594 |
4,876 |
5,726 |
15,196 |
Total leasing
activity |
32,902 |
31,851 |
31,551 |
96,304 |
32,776 |
33,157 |
33,913 |
99,846 |
Sales of owned equipment |
5,872 |
7,217 |
10,916 |
24,005 |
3,271 |
6,925 |
4,604 |
14,800 |
Margins on sale of managed
equipment |
2,134 |
876 |
793 |
3,803 |
831 |
1,697 |
1,625 |
4,153 |
Total sales of
equipment |
8,006 |
8,093 |
11,709 |
27,808 |
4,102 |
8,622 |
6,229 |
18,953 |
Fees on syndication and other capital
gains on disposals |
247 |
232 |
13 |
492 |
389 |
449 |
8 |
846 |
Total revenue from
activities |
41,155 |
40,176 |
43,273 |
124,604 |
37,267 |
42,228 |
40,150 |
119,645 |
ANALYSIS OF CONTRIBUTIONS BY
DIVISION
Revenue from
activities (in € thousands) |
Q1 2020 |
Q2 2020 |
Q3 2020 |
TOTAL |
Q1 2019 |
Q2 2019 |
Q3 2019 |
TOTAL |
Leasing revenue on owned equipment |
9,182 |
9,140 |
8,910 |
27,232 |
8,536 |
9,240 |
8,994 |
26,770 |
Leasing revenue on managed
equipment |
4,024 |
3,955 |
4,053 |
12,032 |
3,422 |
3,507 |
3,453 |
10,382 |
Ancillary services |
1,645 |
2,138 |
1,849 |
5,632 |
1,437 |
2,141 |
1,965 |
5,543 |
Total leasing
activity |
14,851 |
15,233 |
14,812 |
44,896 |
13,395 |
14,888 |
14,412 |
42,695 |
Sales of owned equipment |
939 |
662 |
354 |
1,955 |
88 |
61 |
677 |
826 |
Total sales of
equipment |
939 |
662 |
354 |
1,955 |
88 |
61 |
677 |
826 |
Fees on syndication |
214 |
232 |
|
446 |
|
|
|
|
Freight railcars |
16,004 |
16,127 |
15,166 |
47,297 |
13,483 |
14,949 |
15,089 |
43,521 |
Leasing revenue on owned equipment |
1,533 |
1,520 |
1,656 |
4,709 |
1,523 |
1,650 |
1,644 |
4,817 |
Ancillary services |
1,349 |
544 |
1,162 |
3,055 |
1,317 |
1,243 |
1,601 |
4,161 |
Total leasing
activity |
2,882 |
2,064 |
2,818 |
7,764 |
2,840 |
2,893 |
3,245 |
8,978 |
Sales of owned equipment |
|
|
|
|
42 |
|
|
42 |
Total sales of
equipment |
|
|
|
|
42 |
|
|
42 |
River barges |
2,882 |
2,064 |
2,818 |
7,764 |
2,882 |
2,893 |
3,245 |
9,020 |
Leasing revenue on owned equipment |
2,577 |
2,582 |
2,335 |
7,494 |
1,558 |
1,331 |
2,356 |
5,245 |
Leasing revenue on managed
equipment |
10,865 |
10,050 |
9,105 |
30,020 |
13,119 |
12,531 |
11,726 |
37,376 |
Ancillary services |
1,663 |
2,040 |
2,470 |
6,173 |
1,818 |
1,490 |
2,168 |
5,476 |
Total leasing
activity |
15,105 |
14,672 |
13,910 |
43,687 |
16,495 |
15,352 |
16,250 |
48,097 |
Sales of owned equipment |
4,065 |
4,192 |
6,343 |
14,600 |
1,833 |
3,009 |
3,416 |
8,258 |
Margins on sales of managed
equipment |
2,134 |
876 |
793 |
3,803 |
831 |
1,697 |
1,625 |
4,153 |
Total sales of
equipment |
6,199 |
5,068 |
7,136 |
18,403 |
2,664 |
4,706 |
5,041 |
12,411 |
Fees on syndication |
18 |
|
13 |
31 |
389 |
(7) |
8 |
390 |
Containers |
21,322 |
19,740 |
21,059 |
62,121 |
19,548 |
20,051 |
21,299 |
60,898 |
Leasing revenue on owned equipment |
13 |
11 |
12 |
36 |
24 |
22 |
14 |
60 |
Ancillary services |
51 |
(129) |
(1) |
(79) |
22 |
2 |
(8) |
16 |
Total leasing
activity |
64 |
(118) |
11 |
(43) |
46 |
24 |
6 |
76 |
Sales of owned equipment |
868 |
2,363 |
4,219 |
7,450 |
1,308 |
3,855 |
511 |
5,674 |
Total sales of
equipment |
868 |
2,363 |
4,219 |
7,450 |
1,308 |
3,855 |
511 |
5,674 |
Other capital gains on disposal |
15 |
|
|
15 |
|
456 |
|
456 |
Miscellaneous and
eliminations |
947 |
2,245 |
4,230 |
7,422 |
1,354 |
4,335 |
517 |
6,206 |
|
|
|
|
|
|
|
|
|
Total revenue from
activities |
41,155 |
40,176 |
43,273 |
124,604 |
37,267 |
42,228 |
40,150 |
119,645 |
Revenue from the Freight Railcars division
reached €47.3 million in the first nine months of the year
versus €43.5 million in 2019, an increase of 8.7%.
- Leasing revenue increased by 5.2% to €44.9 million over
the period, thanks to an increase in lease rates which offset the
decline in utilization rates (84.6% on average over the period
compared with 88.4% a year earlier).
- Sales of freight railcars and syndication margins increased,
notably with disposals to investors, while Touax maintained
management of the equipment.
Revenue from the River Barges division reached
€7.8 million over the period, compared with €9.0 million
during the first nine months of 2019, with a lower freight rate but
an average utilization rate that increased over the period to
95.7%.
Revenue from the Containers division reached
€62.1 million at the end of September 2020, an increase of 2.0%.
The average utilization rate over the period was 95.8% compared
with 97.5% over the first nine months of 2019, showing good
resilience.
- The investment strategy conducted over the past two years has
led to growth of 42.9% in leasing revenue on owned equipment to
€7.5 million (€7.5 million at constant currency, up 43.0%). As
expected, leasing revenue from managed equipment declined to
€30.0 million due to equipment disposals.
- Buoyant trading activity generated growth in container sales to
€18.4 million at 30 September 2020 versus €12.4 million
over the first nine months of 2019.
Lastly, revenue from the sale of Modular
Buildings in Africa, which is booked under "Miscellaneous",
increased to €7.5 million for the period, with major deliveries
completed during the third quarter.
OUTLOOK
Despite the current health crisis, Touax saw
continued growth with positive results in the first half of the
year and a 4.1% increase in revenue in the first nine months of the
year. Its three long-term equipment leasing businesses in
sustainable, environmentally-friendly transportation enabled the
Group to show the resilience of its business model in the current
context of Covid-19.
After growth of 1.5% in 2019, the European rail
freight market is expected to show a contraction of 7% (source:
UIRR – growth in intermodal transport via rail), followed by a
rebound in 2021. Touax Rail plans to forge ahead with its
development, drawing on its new financing sources in a market that
offers investment opportunities in certain types of railcars and in
the fleets of clients looking to outsource ownership and
maintenance. Touax Rail could also benefit from government stimulus
plans in rail freight in Europe and Asia.
River transportation should continue to benefit
from the effects of progress in the ecological transition,
underpinned by strong demand for equipment on the Seine (transport
of aggregates for construction sites in Greater Paris), and on the
Rhine (transport of grain and biomass).
Concerning the containers division,
international freight transport held up well in the first half of
the year and indicators show a stronger recovery in the third
quarter of 2020, notably in Asia (source: IMF Global economic
outlook, October 2020). The recovery of the Asian markets and
recent increases in new container prices are underpinning the
trading activity in new and used containers, which significantly
complements the leasing activity.
From a structural and medium to long-term
perspective, Europe's Green Deal, together with the various
infrastructure sector recovery drives announced by governments and
the tendency towards outsourcing should continue to underpin
investment in our asset classes.
UPCOMING EVENTS
- February 26, 2021: 2020 Revenue from activities
- March 24, 2021: 2020 annual results – SFAF presentation
- March 26, 2021: Conference call to present the annual
results
TOUAX Group leases out
tangible assets (freight railcars, river barges and containers) on
a daily basis worldwide, both on its own account and for investors.
With nearly €1.1bn in assets under management, TOUAX is one of the
leading European players in the leasing of such equipment.
TOUAX is listed on the
EURONEXT stock market in Paris - Euronext Paris Compartment C (ISIN
code: FR0000033003) - and is listed on the CAC® Small, CAC® Mid
& Small and EnterNext©PEA-PME 150 indices.
For further
information please visit: www.touax.com
Contacts:TOUAX
ACTIFINFabrice & Raphaël
WALEWSKI
Ghislaine
Gasparettotouax@touax.com
ggasparetto@actifin.frwww.touax.com
Tel: +33 1 56 88 11 11Tel:
+33 1 46 96 18 00
1 Revenue corresponds to revenue from activities that generate
leasing revenue, sales of equipment, syndication fees and other
capital gains.
2 Based on a comparable structure and average exchange rates
over the first nine months of 2019.
- EN TOUAX PR Q3 results 13 11 2020
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