Freitag, 14.05.2021 17:45 von GlobeNewswire | Aufrufe: 413

Touax: Q1 2021 restated revenues from activities

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PRESS RELEASE        Paris, 14 May 2021 – 5.45 p.m.


YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Q1 2021 restated revenues from activities

  • Restated revenues from activities amounted to €24.6m in Q1 2021, stable in constant dollars compared to the same period in 2020.
  • Favourable outlook with a significant order book

New segmentation of revenues between owned activities and management activities.

In order to enable a more detailed and more accurate reading of its activities, the Group decided to update the key indicators of its quarterly report:

  • Revenues from activities are restated in order to present owned activities separately from management activities.
  • For management activities, leasing revenue from investor-owned equipment is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance.

This presentation shows syndication fees, sales fees and now management fees, grouped together under management activity, separate from owned activity.

The accounting presentation of revenue from activities and the contribution by division is presented in the appendix to the press release.

ANALYSIS OF Q1 2021 REVENUES FROM ACTIVITIES

The restated presentation of revenues from activities is as follows:

Kurse

  
8,78
+0,92%
TOUAX INH.           EO 8 Chart
Restated Revenue from activities
(in € thousand)

 
Q1 2021

 
Q1 2020

 
variation

 
variation %

 
Leasing revenue on owned equipment 13,229 13,426 -197 -1.5%
Ancillary services 2,745 3,044 -299 -9.8%
Total leasing activity 15,974 16,470 -496 -3.0%
Sales of owned equipment 7,085 5,872 1,213 20.7%
Total sales of equipment 7,085 5,872 1,213 20.7%
Total of owned activity 23,059 22,342 717 3.2%
Syndication fees 17 232 -215 -92.7%
Management fees (a) 897 937 -40 -4.3%
Sales fees 591 2,128 -1,537 -72.2%
Total of management activity 1,505 3,297 -1,792 -54.4%
Other capital gains on disposals 0 15 -15 -100.0%
Total Others 0 15 -15 -100.0%
Total Restated Revenue from activities 24,564 25,654 -1,090 -4.2%

(a) The “leasing revenue from investor-owned equipment” is replaced by “management fees”.

The total restated revenues from activities in Q1 2021 amounted to €24.6 million, €25.4 million at constant scope and currency1, compared to €25.7 million at the same period in 2020.

Owned activities increased by €0.7 million, with an increase in the sales of owned equipment, particularly in modular buildings, offset by a decline in leasing activity, particularly in river barge freight activity.

Management activity decreased by €1.8 million, with a decline in sales volumes of investor-owned equipment, due to the seasonality of these sales and the shortage of containers.

ANALYSIS OF THE CONTRIBUTION BY DIVISION

Restated Revenue from activities
(in € thousand)

 
Q1 2021

 
Q1 2020

 
variation

 
variation %

 
Leasing revenue on owned equipment 9,152 9,199 -47 -0.5%
Ancillary services 1,873 1,462 411 28.1%
Total leasing activity 11,025 10,661 364 3.4%
Sales of owned equipment 320 939 -619 -65.9%
Total sales of equipment 320 939 -619 -65.9%
Total of owned activity 11,345 11,600 -255 -2.2%
Syndication fees 0 214 -214 -100.0%
Management fees (a) 463 373 90 24.1%
Total of management activity 463 587 -124 -21.1%
Freight railcars 11,808 12,187 -379 -3.1%
Leasing revenue on owned equipment 1,688 1,636 52 3.2%
Ancillary services 683 1,246 -563 -45.2%
Total leasing activity 2,371 2,882 -511 -17.7%
Sales of owned equipment 41 0 41 0.0%
Total sales of equipment 41 0 41 0.0%
Total of owned activity 2,412 2,882 -470 -16.3%
Management fees (a) 6 0 6 0.0%
Total of management activity 6 0 6 0.0%
River barges 2,418 2,882 -464 -16.1%
Leasing revenue on owned equipment 2,384 2,578 -194 -7.5%
Ancillary services 191 285 -94 -33.0%
Total leasing activity 2,575 2,863 -288 -10.1%
Sales of owned equipment 3,480 4,064 -584 -14.4%
Total sales of equipment 3,480 4,064 -584 -14.4%
Total of owned activity 6,055 6,927 -872 -12.6%
Syndication fees 17 18 -1 -5.6%
Management fees (a) 428 564 -136 -24.1%
Sales fees 591 2,128 -1,537 -72.2%
Total of management activity 1,036 2,710 -1,674 -61.8%
Containers 7,091 9,637 -2,546 -26.4%
Leasing revenue on owned equipment 5 13 -8 -61.5%
Ancillary services -2 51 -53 -103.9%
Total leasing activity 3 64 -61 -95.3%
Sales of owned equipment 3,244 869 2,375 273.3%
Total sales of equipment 3,244 869 2,375 273.3%
Total of owned activity 3,247 933 2,314 248.0%
Other capital gains on disposal 0 15 -15 -100.0%
Total Others 0 15 -15 -100.0%
Miscellaneous and eliminations 3,247 948 2,299 242.5%
         
Total Restated Revenue from activities 24,564 25,654 -1,090 -4.2%

(a) The “leasing revenue from investor-owned equipment” is replaced by “management fees”.

The Freight Railcar activity fell slightly with lower sales but an increase in leasing activity:

  • Owned activity decreased with the decline in sales of owned equipment, partially offset by the increase in owned leasing activity.
  • Management activity declined with the lack of syndication in Q1 2021 while management fees increased following the syndications in 2020.

The River Barge activity decreased given the ancillary services that posted lower freight revenues over the period, but the average utilisation rate increased to 99.2%.

The Containers activity declined, with a conversion impact linked to the fall in the dollar and temporarily lower equipment sales. The average utilisation rate over the period was 99.6% vs. 95.7% in the first three months of 2020 reflecting the shortage of containers, resulting in lower availability of containers for sale. Management fees decreased with the fall in the dollar but also due to a lower volume of containers under management following the disposal of investor-owned equipment in 2020.

The Modular Buildings activity in Africa, which is presented under “Miscellaneous”, increased with major deliveries made during Q1 2021.

OUTLOOK

The effects of the health crisis remained limited in Q1 2021. The shortage of containers and its limited production resulted in a lower level of sales.

Touax is pursuing its strategy of investing in owned equipment and equipment under management in all its businesses with a significant order book in the process of delivery for more than €100 million.

Its three long-term equipment leasing businesses for sustainable transportation that respect the environment continue to be resilient and promising.

The outlook is favourable with an expected gradual increase in the restated revenue from activities. From a structural and medium to long-term perspective, Europe's “Green Deal” together with the various stimulus packages in the infrastructure sector announced by governments and the tendency towards outsourcing should continue to underpin investment in our asset classes.

UPCOMING EVENTS

  • 23 June 2021: Annual General Meeting
  • 22 September 2021 after market close: H1 2021 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 €1.1 billion under management, TOUAX is a European leader in the leasing of this type of 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 more information: www.touax.com

Contacts:

TOUAX        ACTIFIN

Fabrice & Raphaël Walewski        Ghislaine Gasparetto

touax@touax.com        ggasparetto@actifin.fr

www.touax.com        Tel: +33 1 56 88 11 11

Tel: +33 1 46 96 18 00        

APPENDIX 1: Accounting presentation of revenue from activities

Summary accounting presentation

Revenue from activities
(in € thousand)

 
Q1 2021

 
Q1 2020

 
Leasing revenue on owned equipment 13,229 13,426
Leasing revenue on managed equipment 11,072 13,681
Ancillary services 3,084 4,579
Management fees on managed assets 157 81
Total leasing activity 27,542 31,767
Sales of owned equipment 7,085 5,872
Margins on sale of managed equipment 591 2,128
Total sales of equipment 7,676 8,000
Fees on syndication 17 232
Other capital gains on disposals 0 15
Total Others 17 247
Total Revenue from activities 35,235 40,014

Revenues from activities are mainly affected by the decrease in leasing revenue from investor-owned equipment whose impact is limited to the decrease in restated management fees.

Table for the transition from summary accounting presentation to restated presentation

Revenue from activities
(in € thousand)

 
Q1 2021

 
Restatement

 
Restated Q1 2021

 
Q1 2020

 
Restatement

 
Restated
Q1 2020

 
Leasing revenue on owned equipment 13,229   13,229 13,426   13,426
Ancillary services 3,084 -339 2,745 4,579 -1,534 3,045
Total leasing activity 16,313 -339 15,974 18,005 -1,534 16,471
Sales of owned equipment 7,085   7,085 5,872   5,872
Total sales of equipment 7,085 0 7,085 5,872 0 5,872
Total of owned activity 23,398 -339 23,059 23,877 -1,534 22,343
Leasing revenue on managed equipment 11,072 -11,072 0 13,681 -13,681 0
Fees on syndications 17   17 232   232
Management fees on managed assets 157 740 897 81 855 936
Margins on sale of managed equipment 591   591 2,128   2,128
Total of management activity 11,837 -10,332 1,505 16,122 -12,825 3,297
Other capital gains on disposals 0   0 15   15
Total Others 0 0 0 15 0 15
Total Restated Revenue from activities 35,235 -10,671 24,564 40,014 -14,359 25,655

APPENDIX 2: Accounting presentation of the contribution by division

Revenue from activities Q1 2021

 
Q1 2020

 
(in € thousand)
Leasing revenue on owned equipment 9,152 9,199
Leasing revenue on managed equipment 3,357 3,483
Ancillary services 2,007 1,619
Management fees on managed assets 124 53
Total leasing activity 14,640 14,354
Sales of owned equipment 320 939
Total sales of equipment 320 939
Fees on syndication 0 214
Total Others 0 214
Freight railcars 14 960 15,507
Leasing revenue on owned equipment 1,688 1,636
Ancillary services 683 1,246
Management fees on managed assets 6 0
Total leasing activity 2,377 2,882
Sales of owned equipment 41 0
Total sales of equipment 41 0
River barges 2,418 2,882
Leasing revenue on owned equipment 2,384 2,578
Leasing revenue on managed equipment 7,715 10,198
Ancillary services 396 1,663
Management fees on managed assets 27 28
Total leasing activity 10,522 14,467
Sales of owned equipment 3,480 4,064
Margins on sales of managed equipment 591 2,128
Total sales of equipment 4,071 6,192
Fees on syndication 17 18
Total Others 17 18
Containers 14,610 20,677
Leasing revenue on owned equipment 5 13
Ancillary services (2) 51
Total leasing activity 3 64
Sales of owned equipment 3,244 869
Total sales of equipment 3,244 869
Other capital gains on disposal 0 15
Total Others 0 15
Miscellaneous and eliminations 3,247 948
     
Total revenue from activities 35,235 40,014



1 Based on a comparable structure and average exchange rates in Q1 2020

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