Touax: RESULTS AS OF 30 JUNE 2022: Acceleration in profitability
over the half-year
PRESS RELEASE
Paris,
28 September 2022 – 5.45 p.m.
YOUR OPERATIONAL LEASING SOLUTION FOR
SUSTAINABLE TRANSPORTATION
RESULTS AS OF 30 JUNE 2022
Acceleration in profitability over the
half-year
-
Group share of net profit: €7.6 million (x 3.8 versus June
2021)
-
EBITDA up sharply to €29.5 million (+38% year-on-year),
driven by the Container and Freight Railcar
activities
-
A solid financial structure: high level of equity and
longer debt maturity
|
“The good H1 2022 results are in line with our
performance at the end of 2021. The investment strategy implemented
in 2021 to meet the needs of our customers made it possible to
achieve a significant increase in leasing revenue in 2022. Thanks
to the long-term contracts signed with its customers and the
quality of the assets acquired, Touax is securing sustainable
revenue over the long term and the solidity of its business model,
while also validating the relevance of its long-term leasing
strategy in sustainable transport,” said Fabrice and Raphaël
Walewski, Managing partners of TOUAX SCA.
Touax has confirmed the strong growth in
activity already seen during the first quarter of 2022. Restated
revenue from activities (*) in H1 2022 came to €78.3 million (€74.1
million at constant scope and currency1), compared with €52.5
million in the same period in 2021, an increase of 49%.
Despite temporary disruptions in the global
maritime freight market, the first half of 2022 saw strong business
momentum once again in the Containers division, particularly in new
built containers trading.
The Group saw an acceleration of its operating
performance, with EBITDA of €29.5 million (+38% compared with 30
June 2021).
The Group also continued to improve its
financial profile by extending the maturity of its debt and
reducing its financial costs.
(*) The key indicators in the
Group’s activity report are presented differently from the IFRS
income statement, to enable an understanding of the activities’
performance. As such, no distinction is made in third-party
management, which is presented solely in agent form.
This presentation therefore allows a direct
reading of syndication fees, sales commissions, and management
fees.
This new presentation has no impact on EBITDA,
operating income or net income. The accounting presentation of
revenue from activities is presented in the appendix to the press
release.
ANALYSIS OF THE FIRST HALF
RESULTS
Key figures |
June
2022 |
June
2021 |
Dec 2021 |
(in € million) |
Restated revenue
from activities |
78.3 |
52.5 |
125.0 |
Of which Freight railcars |
26.4 |
23.6 |
50.3 |
Of which River barges |
7.6 |
5.1 |
12.8 |
Of which Containers |
41.3 |
16.0 |
47.7 |
Of which Miscellaneous and eliminations |
3.0 |
7.7 |
14.2 |
EBITDA |
29.5 |
21.3 |
53.1 |
Operating income |
16.6 |
9.3 |
28.7 |
Profit before taxes |
9.8 |
3.4 |
16.8 |
Consolidated net profit (loss) (Group’s
share) |
7.6 |
2.0 |
12.6 |
Earnings per
share (€) |
1.08 |
0.28 |
1.79 |
Total non-current assets |
353.2 |
342.8 |
358.0 |
Total assets |
585.0 |
480.3 |
552.4 |
Total shareholders’ equity |
170.2 |
145.7 |
165.0 |
Net financial debt (a) |
242.2 |
227.4 |
231.6 |
Operating cash flow (b) |
11.0 |
-26.4 |
-25.7 |
Loan to Value ratio (c) |
56% |
57% |
52% |
(a) including €218.3m in debt without recourse at 30 June 2022 and
excluding active derivative instruments. |
|
(b) including €16.3m of net equipment acquisitions (€31.7m end of
June 2021) |
|
(c) Loan to Value ratio: Ratio of consolidated gross financial
debt to total assets less goodwill and intangible fixed assets |
SIGNIFICANT INCREASE IN ACTIVITY IN THE
1ST HALF OF 2022
Restated revenue
from activities |
Q1 2022 |
Q2 2022 |
H1 2022 |
Q1 2021 |
Q2 2021 |
H1 2021 |
(in €
thousand) |
Leasing revenue on owned equipment |
15,509 |
16,909 |
32,418 |
13,229 |
13,633 |
26,862 |
Ancillary services |
5,732 |
4,884 |
10,616 |
2,745 |
3,747 |
6,492 |
Total leasing activity |
21,241 |
21,793 |
43,034 |
15,974 |
17,380 |
33,354 |
Sales of owned equipment |
14,862 |
14,249 |
29,111 |
7,085 |
8,328 |
15,413 |
Total
sales of equipment |
14,862 |
14,249 |
29,111 |
7,085 |
8,328 |
15,413 |
Total of owned
activity |
36,103 |
36,042 |
72,145 |
23,059 |
25,708 |
48,767 |
Syndication fees |
0 |
2,522 |
2,522 |
17 |
946 |
963 |
Management fees |
978 |
986 |
1,964 |
897 |
891 |
1,788 |
Sales fees |
336 |
1,349 |
1,685 |
591 |
358 |
949 |
Total of management activity |
1,314 |
4,857 |
6,171 |
1,505 |
2,195 |
3,700 |
Other capital gains on disposals |
0 |
0 |
0 |
0 |
6 |
6 |
Total Others |
0 |
0 |
0 |
0 |
6 |
6 |
Total Restated revenue
from activities |
37,417 |
40,899 |
78,316 |
24,564 |
27,909 |
52,473 |
In a context of high asset utilisation rates,
the owned activity increased by €23.4 million (+48%) thanks to:
- growth in recurring
leasing revenue (+€5.6 million) and ancillary services (+€4.1
million)
- an increase in
sales of owned equipment (+€13.7 million), particularly in the
Containers division
The management activity was also up by €2.5
million, the bulk of which stemmed from the increase in syndication
fees in the Containers (+€1.1 million) and Freight Railcar (+€0.4
million) activities.ANALYSIS OF CONTRIBUTIONS BY
DIVISION
Restated revenue
from activities |
Q1 2022 |
Q2 2022 |
H1 2022 |
Q1 2021 |
Q2 2021 |
H1 2021 |
(in €
thousand) |
Leasing revenue on owned equipment |
10,544 |
11,142 |
21,686 |
9,152 |
9,223 |
18,375 |
Ancillary services |
1,858 |
1,177 |
3,035 |
1,873 |
1,724 |
3,597 |
Total leasing activity |
12,402 |
12,319 |
24,721 |
11,025 |
10,947 |
21,972 |
Sales of owned equipment |
110 |
238 |
348 |
320 |
403 |
723 |
Total
sales of equipment |
110 |
238 |
348 |
320 |
403 |
723 |
Total of owned
activity |
12,512 |
12,557 |
25,069 |
11,345 |
11,350 |
22,695 |
Syndication fees |
0 |
446 |
446 |
0 |
0 |
0 |
Management fees |
466 |
451 |
917 |
463 |
470 |
933 |
Total of management activity |
466 |
897 |
1,363 |
463 |
470 |
933 |
Total Freight
railcars |
12,978 |
13,454 |
26,432 |
11,808 |
11,820 |
23,628 |
Leasing revenue on owned equipment |
1,619 |
1,789 |
3,408 |
1,688 |
1,745 |
3,433 |
Ancillary services |
1,807 |
2,385 |
4,192 |
683 |
972 |
1,655 |
Total leasing activity |
3,426 |
4,174 |
7,600 |
2,371 |
2,717 |
5,088 |
Sales of owned equipment |
0 |
0 |
0 |
41 |
0 |
41 |
Total
sales of equipment |
0 |
0 |
0 |
41 |
0 |
41 |
Total of owned
activity |
3,426 |
4,174 |
7,600 |
2,412 |
2,717 |
5,129 |
Management fees |
14 |
5 |
19 |
6 |
6 |
12 |
Total of management activity |
14 |
5 |
19 |
6 |
6 |
12 |
Total River Barges |
3,440 |
4,179 |
7,619 |
2,418 |
2,723 |
5,141 |
Leasing revenue on owned equipment |
3,342 |
3,973 |
7,315 |
2,384 |
2,654 |
5,038 |
Ancillary services |
2,070 |
1,325 |
3,395 |
191 |
1,054 |
1,245 |
Total leasing activity |
5,412 |
5,298 |
10,710 |
2,575 |
3,708 |
6,283 |
Sales of owned equipment |
13,205 |
12,575 |
25,780 |
3,480 |
3,524 |
7,004 |
Total
sales of equipment |
13,205 |
12,575 |
25,780 |
3,480 |
3,524 |
7,004 |
Total of owned
activity |
18,617 |
17,873 |
36,490 |
6,055 |
7,232 |
13,287 |
Syndication fees |
0 |
2,076 |
2,076 |
17 |
946 |
963 |
Management fees |
498 |
530 |
1,028 |
428 |
415 |
843 |
Sales fees |
336 |
1,349 |
1,685 |
591 |
358 |
949 |
Total of management activity |
834 |
3,955 |
4,789 |
1,036 |
1,719 |
2,755 |
Total Containers |
19,451 |
21,828 |
41,279 |
7,091 |
8,951 |
16,042 |
Leasing revenue on owned equipment |
4 |
5 |
9 |
5 |
11 |
16 |
Ancillary services |
-3 |
-3 |
-6 |
-2 |
-3 |
-5 |
Total leasing activity |
1 |
2 |
3 |
3 |
8 |
11 |
Sales of owned equipment |
1,547 |
1,436 |
2,983 |
3,244 |
4,401 |
7,645 |
Total
sales of equipment |
1,547 |
1,436 |
2,983 |
3,244 |
4,401 |
7,645 |
Total of owned
activity |
1,548 |
1,438 |
2,986 |
3,247 |
4,409 |
7,656 |
Other capital gains on disposals |
0 |
0 |
0 |
0 |
6 |
6 |
Total Others |
0 |
0 |
0 |
0 |
6 |
6 |
Total Miscellaneous
& eliminations |
1,548 |
1,438 |
2,986 |
3,247 |
4,415 |
7,662 |
|
|
|
|
|
|
|
Total Restated revenue
from activities |
37,417 |
40,899 |
78,316 |
24,564 |
27,909 |
52,473 |
The Freight Railcars division
posted an increase of 12% to €26.4 million in H1 2022:
- The owned activity
increased by €2.4 million (+10%), driven by the investment policy
implemented in 2021 and ongoing in 2022, and by a continued high
fleet utilisation rate (87% on average in H1 2022).
-
The management business grew by €0.4 million (+46%) because of the
fees generated by the sale of assets to investors at the end of
June 2022.
The River Barges division
generated a €2.5 million increase in restated revenue from its
activities to €7.6 million. This is attributable to the increase in
ancillary services (+€2.5 million) linked to a rise in the
chartering of barges in the Rhine basin.
The Containers division saw
consolidation of the results of the proprietary trading and
investment policy, posting an increase in its revenue from
activities of €25.2 million to €41.3 million. Sales of owned
equipment related to the trading business rose by a sharp €18.8
million. Invoicing of ancillary services (pick-up charges) rose by
€2.1 million. This increase reflects exceptional demand for
containers among shipping companies amid the ongoing shortage. This
trend was underpinned by leasing revenue, which was up by a sharp
45% over the period to €7.3 million.
The management activity increased by €2.0
million to €4.8 million. Syndication fees were up and commissions
on the sale of investor equipment also increased by €0.7 million.
Management fees rose by €0.2 million.
The Modular Building activity
in Africa presented in the “Miscellaneous” line item failed to
replicate its H1 2021 performance, posting a decrease of €4.7
million.
SIGNIFICANT INCREASE IN
PROFITABILITY
Group EBITDA stood at €29.5
million at 30 June 2022, up sharply (by €8.2 million) on H1
2021.
This performance was mainly due to strong growth
in leasing activity in the Freight Railcars and Containers
divisions, which was underpinned by a decrease in operating
expenses on Freight Railcars and the return of purchases and sales
in the container trading activity.Syndication fees were also up in
both divisions, with a significant increase in overall sales
volumes in the Containers division.
The Group share of net profit
came to €7.6 million in H1 2022 (vs. €2.0 million a year
earlier).
FINANCIAL STRUCTURE
On 28 June 2022, Touax SCA issued a
sustainability-linked bond of €33.3 million over 5 years, in order
to:- repay part of its existing debt in the amount of €10 million
and extend its maturity by 2 years to 2027;- reduce the cost of its
financial resources by €0.9 million per year by buying back the
full €26.6 million in undated deeply subordinated bonds.
At 30 June 2022, the Group’s
loan-to-value ratio was 56% compared with 52% at
end-December 2021. This increase can be explained in part by the
increase in investments in new equipment during the first six
months of the year (in the Containers division in particular), the
financing ratio of which is higher, and by a portion of the buyback
of the undated deeply subordinated bonds as of 30 June 2022 (€8.5
million repaid at that date, while the balance of €18.1 million was
repaid on 1 August 2022).
The Group’s net debt stood at
€242 million, up €11 million year-to-date.
Total shareholders’ equity at
30 June 2022 amounted to €170.2 million compared with €165.0
million at 31 December 2021. This figure includes €8.5 million in
repayment on the hybrid capital.
OUTLOOK
Touax is not directly exposed to the
Russia-Ukraine conflict, as it has no subsidiaries, customers or
leased transport assets (with the possible exception of a few
non-significant containers in transit) in Ukraine or Russia.
In the current context of inflationary pressures
and rising interest rates, Touax continues to roll out its
activities with confidence, backed by a resilient business model
and recurring revenues based on long-term contracts. The Group
plans to continue to seize
new asset
acquisition opportunities over the coming months, while also
adopting a prudent investment policy. The current inflationary
environment has a positive effect on the valuation of the portfolio
of assets.
From a structural and medium- to long-term
perspective, the business outlook in the long-term leasing of
equipment for sustainable transportation is positive. Our various
asset classes are benefiting from developments in relation to
infrastructures, e-commerce, and intermodal logistics as they keep
pace with the expectations of consumers, industrial groups, public
authorities, lenders and investors around green transport.
UPCOMING EVENTS
- 29 September 2022:
Video conference call to present the H1 results in French
- 30 September 2022:
Video conference call to present the H1 results in English
- 14 November 2022:
Q3 revenue from activities
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 more than €1.3 billion of 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: 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
APPENDIX
-
Accounting presentation of revenue from
activities
Revenue from
activities |
Q1 2022 |
Q2 2022 |
H1 2022 |
Q1 2021 |
Q2 2021 |
H1 2021 |
(in €
thousand) |
Leasing revenue on owned equipment |
15,509 |
16,909 |
32,418 |
13,229 |
13,633 |
26,862 |
Ancillary services |
6,578 |
8,632 |
15,210 |
3,084 |
3,946 |
7,030 |
Total leasing activity |
22,087 |
25,541 |
47,628 |
16,313 |
17,579 |
33,892 |
Sales of owned equipment |
14,862 |
14,249 |
29,111 |
7,085 |
8,328 |
15,413 |
Total
sales of equipment |
14,862 |
14,249 |
29,111 |
7,085 |
8,328 |
15,413 |
Total of owned
activity |
36,949 |
39,790 |
76,739 |
23,398 |
25,907 |
49,305 |
Leasing revenue on managed equipment |
10,819 |
10,917 |
21,736 |
11,072 |
10,912 |
21,984 |
Syndication fees |
0 |
2,522 |
2,522 |
17 |
946 |
963 |
Management fees |
270 |
286 |
556 |
157 |
166 |
323 |
Sales fees |
336 |
1,349 |
1,685 |
591 |
358 |
949 |
Total of management activity |
11,425 |
15,074 |
26,499 |
11,837 |
12,382 |
24,219 |
Other capital gains on disposals |
0 |
0 |
0 |
0 |
6 |
6 |
Total Others |
0 |
0 |
0 |
0 |
6 |
6 |
Total Revenue from activities |
48,374 |
54,864 |
103,238 |
35,235 |
38,295 |
73,530 |
2- Table showing the
transition from summary accounting presentation to restated
presentation
Revenue from
activities |
H1 2022 |
Restatement |
Restated H1 2022 |
H1 2021 |
Restatement |
Restated H1 2021 |
(in €
thousand) |
Leasing revenue on owned equipment |
32,418 |
0 |
32,418 |
26,862 |
0 |
26,862 |
Ancillary services |
15,210 |
-4,594 |
10,616 |
7,030 |
-539 |
6,491 |
Total leasing activity |
47,628 |
-4,594 |
43,034 |
33,892 |
-539 |
33,353 |
Sales of owned equipment |
29,111 |
0 |
29,111 |
15,413 |
0 |
15,413 |
Total
sales of equipment |
29,111 |
0 |
29,111 |
15,413 |
0 |
15,413 |
Total of owned
activity |
76,739 |
-4,594 |
72,145 |
49,305 |
-539 |
48,766 |
Leasing revenue on managed equipment |
21,736 |
-21,736 |
0 |
21,984 |
-21,984 |
0 |
Syndication fees |
2,522 |
0 |
2,522 |
963 |
0 |
963 |
Management fees |
556 |
1,408 |
1,964 |
323 |
1,465 |
1,788 |
Sales fees |
1,685 |
0 |
1,685 |
949 |
0 |
949 |
Total of management activity |
26,499 |
-20,328 |
6,171 |
24,219 |
-20,519 |
3,700 |
Other capital
gains on disposals |
0 |
0 |
0 |
0 |
6 |
6 |
Total Others |
0 |
0 |
0 |
0 |
6 |
6 |
Total Revenue from
activities |
103,238 |
-24,921 |
78,316 |
73,530 |
-21,057 |
52,473 |
1 Based on a comparable structure and
average exchange rates in the first half of 2021
- 20220928 - EN TOUAX PR H1 2022
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