Ad hoc-Mitteilungen

Touax: Q1 2021 restated revenues from activities

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:

Restated Revenue from activities
(in € thousand)

 
Q1 2021

 
Q1 2020

 
variation

 
variation %

 
Leasing revenue on owned equipment13,22913,426-197-1.5%
Ancillary services 2,7453,044-299-9.8%
Total leasing activity15,97416,470-496-3.0%
Sales of owned equipment7,0855,8721,21320.7%
Total sales of equipment7,0855,8721,21320.7%
Total of owned activity23,05922,3427173.2%
Syndication fees17232-215-92.7%
Management fees (a)897937-40-4.3%
Sales fees5912,128-1,537-72.2%
Total of management activity1,5053,297-1,792-54.4%
Other capital gains on disposals015-15-100.0%
Total Others015-15-100.0%
Total Restated Revenue from activities24,56425,654-1,090-4.2%

(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 equipment9,1529,199-47-0.5%
Ancillary services 1,8731,46241128.1%
Total leasing activity11,02510,6613643.4%
Sales of owned equipment320939-619-65.9%
Total sales of equipment320939-619-65.9%
Total of owned activity11,34511,600-255-2.2%
Syndication fees0214-214-100.0%
Management fees (a)4633739024.1%
Total of management activity463587-124-21.1%
Freight railcars11,80812,187-379-3.1%
Leasing revenue on owned equipment1,6881,636523.2%
Ancillary services 6831,246-563-45.2%
Total leasing activity2,3712,882-511-17.7%
Sales of owned equipment410410.0%
Total sales of equipment410410.0%
Total of owned activity2,4122,882-470-16.3%
Management fees (a)6060.0%
Total of management activity6060.0%
River barges2,4182,882-464-16.1%
Leasing revenue on owned equipment2,3842,578-194-7.5%
Ancillary services 191285-94-33.0%
Total leasing activity2,5752,863-288-10.1%
Sales of owned equipment3,4804,064-584-14.4%
Total sales of equipment3,4804,064-584-14.4%
Total of owned activity6,0556,927-872-12.6%
Syndication fees1718-1-5.6%
Management fees (a)428564-136-24.1%
Sales fees5912,128-1,537-72.2%
Total of management activity1,0362,710-1,674-61.8%
Containers 7,0919,637-2,546-26.4%
Leasing revenue on owned equipment513-8-61.5%
Ancillary services -251-53-103.9%
Total leasing activity364-61-95.3%
Sales of owned equipment3,2448692,375273.3%
Total sales of equipment3,2448692,375273.3%
Total of owned activity3,2479332,314248.0%
Other capital gains on disposal 015-15-100.0%
Total Others015-15-100.0%
Miscellaneous and eliminations3,2479482,299242.5%
     
Total Restated Revenue from activities24,56425,654-1,090-4.2%

(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 equipment13,22913,426
Leasing revenue on managed equipment 11,07213,681
Ancillary services 3,0844,579
Management fees on managed assets15781
Total leasing activity27,54231,767
Sales of owned equipment7,0855,872
Margins on sale of managed equipment5912,128
Total sales of equipment7,6768,000
Fees on syndication 17232
Other capital gains on disposals015
Total Others17247
Total Revenue from activities35,23540,014

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 equipment13,229 13,22913,426 13,426
Ancillary services 3,084-3392,7454,579-1,5343,045
Total leasing activity16,313-33915,97418,005-1,53416,471
Sales of owned equipment7,085 7,0855,872 5,872
Total sales of equipment7,08507,0855,87205,872
Total of owned activity23,398-33923,05923,877-1,53422,343
Leasing revenue on managed equipment 11,072-11,072013,681-13,6810
Fees on syndications17 17232 232
Management fees on managed assets15774089781855936
Margins on sale of managed equipment591 5912,128 2,128
Total of management activity11,837-10,3321,50516,122-12,8253,297
Other capital gains on disposals0 015 15
Total Others00015015
Total Restated Revenue from activities35,235-10,67124,56440,014-14,35925,655

APPENDIX 2: Accounting presentation of the contribution by division

Revenue from activitiesQ1 2021

 
Q1 2020

 
(in € thousand)
Leasing revenue on owned equipment9,1529,199
Leasing revenue on managed equipment 3,3573,483
Ancillary services2,0071,619
Management fees on managed assets12453
Total leasing activity 14,64014,354
Sales of owned equipment320939
Total sales of equipment 320939
Fees on syndication 0214
Total Others0214
Freight railcars14 96015,507
Leasing revenue on owned equipment1,6881,636
Ancillary services6831,246
Management fees on managed assets60
Total leasing activity2,3772,882
Sales of owned equipment410
Total sales of equipment 410
River barges2,4182,882
Leasing revenue on owned equipment2,3842,578
Leasing revenue on managed equipment7,71510,198
Ancillary services3961,663
Management fees on managed assets2728
Total leasing activity 10,52214,467
Sales of owned equipment3,4804,064
Margins on sales of managed equipment5912,128
Total sales of equipment 4,0716,192
Fees on syndication 1718
Total Others1718
Containers14,61020,677
Leasing revenue on owned equipment513
Ancillary services(2)51
Total leasing activity 364
Sales of owned equipment3,244869
Total sales of equipment 3,244869
Other capital gains on disposal015
Total Others015
Miscellaneous and eliminations3,247948
   
Total revenue from activities35,23540,014


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

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