• Touax: HALF-YEAR RESULTS 2023 Solid business model and operating performance

    Источник: Nasdaq GlobeNewswire / 13 сен 2023 10:45:00   America/Chicago

    PRESS RELEASE        Paris, 13 September 2023 - 5.45pm

    YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORT

    HALF-YEAR RESULTS 2023

    Solid business model and operating performance

    • Stable business volumes (+0.9%)
    • Stable operating performance (EBITDA rate1 of 36.6%)
    • Group net profit of €5.1 million

    "Touax confirms the strength of its business model in a slowing economic environment. Timely investments in quality logistics assets on long-term leases and the mix of different segments in which we operate are boosting recurring revenues. Through two refinancing transactions, we have also extended the maturity of Touax SCA's debt to mid-2027, enabling us to develop our investment strategy in support of sustainable transport," say Fabrice and Raphaël Walewski, Touax SCA's managing partners.

    Restated revenue from Group activities (at €79.1 million, i.e. +0.9%) and consolidated EBITDA (at €28.9 million, i.e. -1.9%) were broadly stable compared with the end of June 2022. This performance was achieved in a largely anticipated context of normalisation in the Containers business after exceptionally favourable years in 2021 and 2022 for the industry as a whole.

    The Group share of net profit was €5.1 million at 30 June 2023, compared with €7.6 million at end-June 2022 and €7.5 million for the full year 2022. This profit includes net exceptional income of €2.6 million (exceptional income of €3.5 million on the purchase of the minority stake in the Modular Buildings business; exceptional provision of €0.9 million due to a dispute).

    Touax SCA has improved its debt profile by extending the maturity of its financing:

    • In June, the Group repaid €10.0 million of the €15.0 million Euro-PP loan maturing in July 2023 in cash, and the balance by issuing €5.0 million new tranche on the 2022 sustainable-linked Euro-PP bond maturing in June 2027;
    • Refinancing in July of the disintermediated loan of €40.0 million from a debt fund maturing in June 2024 by a bank loan for the same amount maturing in May 2027, in the form of a club deal with a syndicate of five banks.

    These transactions follow the redemption in full of the TSSDI hybrid capital on 01 August 2022, which had already simplified the financing structure and optimised the cost of long-term resources against a backdrop of rising interest rates in the eurozone.

    SIGNIFICANT ITEMS IN THE FINANCIAL STATEMENTS

    Key figures June 2023

     
    June 2022

     
    Dec. 2022

     
    (in € million)
    Restated Revenue (*) from activities 79.1 78.3 161.5
    Of which Freight Railcars 27.9 26.4 56.1
    Of which River barges 7.5 7.6 17.5
    Of which Containers 35.1 41.3 81.4
    Of which Miscellaneous and eliminations 8.6 3.0 6.4
    EBITDA 28.9 29.5 57.9
    Current operating income 14.7 16.6 31.1
    Other financial income and expenses 2.6 0.0 0.0
    Operating income 17.3 16.6 31.1
    Financial result -9.8 -6.8 -15.4
    Profit before taxes 7.6 9.8 15.7
    Corporate tax -1.4 -1.5 -6.3
    Consolidated net profit (Group's share) 5.1 7.6 7.5
    Earnings per share (€) 0.72 1.08 1.07
    Total non-current assets 381.2 353.2 394.6
    Total assets 564.3 585.0 571.7
    Total shareholders' equity 153.5 170.2 153.7
    Net financial debt (a) 275.2 242.2 280.8
    Operating cash flow (b) 17.4 11.0 -1.5
    Loan to Value ratio (c) 57.4% 56.0% 59.5%
           
    (a) including € 226.7m non recourse debt at 30 June 2023      
    (b) including €20.7m net equipment acquisitions (vs €16.3m end of June 2022)    
    (c) LTV : Consolidated gross financial debt / Total assets less goodwill and intangible fixed assets  

    (*) To provide a clearer understanding of business performance, the key indicators in the Group's activity report are presented differently from the IFRS income statement. For this reason, no distinction is made between management on behalf of third parties, which is presented exclusively as an agent.
    This presentation has no impact on EBITDA, operating income or net income. The accounting presentation of revenue from activities is given in the appendix to this press release.

    STABLE BUSINESS IN THE FIRST HALF OF 2023

    For the first half of the 2023 financial year, restated revenues from activities came to €79.1 million (€78.9 million on a like-for-like basis), a slight increase of 0.9% compared with the same period of 2022 (+0.7% on a like-for-like basis).

    Owned activity totalled €73.9 million at 30 June 2023, up by €1.8 million compared with the end of June 2022. It benefited from the favourable trend in leasing revenue (+€0.9 million). Utilisation rates for freight railcars (89%), river barges (100%) and containers (95%) were high at 30 June 2023. Sales of owned equipment also increased by €0.8 million.

    Management activity was down by €1.0 million in the first half, due to a €2.0 million reduction in syndication fees. However, sales fees rose by €0.9 million, reflecting the higher level of second-hand containers available for sale in 2023 in a market that is normalising.

    ANALYSIS OF CONTRIBUTION BY DIVISION

    Restated revenues for the Freight Railcars division amounted to €27.9 million at 30 June 2023, an increase of €1.5 million.

    This change is attributable to the €1.9 million increase in leasing activity (+7.7%). The average utilisation rate of the owned wagon fleet was 88.5% in the first half of 2023, compared with 87% in the first half of 2022. The absence of syndication to investors in the first half of the year explains the €0.3 million reduction in management activity.

    Restated revenues for the River Barges division were down slightly by €0.1 million at the end of June 2023. Leasing revenue rose by €0.4 million, benefiting from a fleet utilisation rate of 100% throughout the half-year and the latest investments made. Ancillary services fell by €0.5 million: chartering activity on the Rhine basin had been very buoyant over the same period in 2022.

    Restated revenues for the Containers division amounted to €35.1 million at end-June 2023, down €6.2 million against a backdrop of normalisation across the industry in 2023, after exceptional years in 2021 and 2022.

    Nevertheless, leasing revenue rose by 11.2% over the half year (+€0.8 million). Ownership activity was slowed by a less buoyant market for new containers, resulting in a €4.6 million fall in sales of owned equipment and a €1.7 million fall in ancillary services (pick-up charges).

    With fewer transactions carried out, syndication fees also fell by €1.5 million. However, given the higher volume of used containers available for sale, sales fees rose by €0.9 million.

    Lastly, revenues from the Modular Buildings business, reported under "Other", rose sharply to €8.6 million (up €5.6 million over the first half). Touax produced and delivered a large number of orders at the start of the year, after a low point in 2022 when the pandemic ended.

    RECURRING PROFITABILITY

    EBITDA for the first half was down slightly by €0.6 million (-1.9%) at €28.9 million.

    EBITDA for the Freight Railcars division came to €14.9 million, down slightly by €0.3 million, following a €1.6 million increase in operating expenses relating to the maintenance and repair cycle.

    The River Barges division recorded EBITDA of €2.5 million, up by €0.4 million (+19%), due to lower chartering costs, while leasing revenues performed well over the half-year.

    EBITDA for the Containers division fell by €3.7 million to €8.8 million at 30 June 2023, due to lower half-year revenues (74% of the €6.2 million fall was attributable to the normalisation of container sales prices). Conversely, the cost of equipment sales improved by €2.7 million.

    The Modular Buildings business, on the other hand, saw its EBITDA rise by €3.3 million, well above breakeven thanks to a significant increase in equipment deliveries.

    The Group's depreciation, amortisation and provisions increased by €1.3 million, due to the gradual increase in investments in Touax's balance sheet over the last three years. Current operating income therefore came to €14.7 million, €1.8 million lower than at end-June 2022.

    Touax recorded net exceptional income of €2.6 million in the first half of 2023, linked on the one hand to accounting income (non-cash) of €3.5 million relating to the purchase in January of minority interests in the Modular Buildings business in Africa, and on the other hand to a provision of $1.0 million following the conviction in the United States of the former subsidiary of Modular Buildings in that country for an old dispute.

    The net financial expense was €9.8 million, compared with €6.8 million at end-June 2022. The €3.0 million increase in net financial expense is mainly due to the full effect on 2023 of the rise in interest rates, which accelerated from the end of the first quarter of 2022, impacting the Freight Railcars and Containers divisions.

    Net profit attributable to the Group was €5.1 million (compared with €7.6 million at 30 June 2022), representing 6.4% of restated revenue from activities.

    A BALANCED FINANCIAL STRUCTURE

    Touax's balance sheet strength is reflected in a lower loan-to-value ratio of 57.4% at 30 June (compared with 59.5% at 31 December 2022 and 56.0% at 30 June 2022). The financial structure has been reinforced by the recent debt refinancing carried out by the parent company Touax SCA, providing greater certainty over the debt profile until mid-2027.

    Shareholders' equity was stable at 153.5 million euros, compared with 153.7 million euros at the end of December 2022. The allocation of the half-year profit was offset by distributions (dividend 2022 and payment to general partners) totalling €1.5 million, by a negative change in reserves of €1.5 million mainly due to translation adjustments, and by a €2.3 million reduction in minority interests in the Freight Railcars business.

    Consolidated cash position fell by €10.8 million compared with the end of December, with €10.0 million used in June to repay part of the Euro-PP debt. The level of cash on the balance sheet at 30 June 2023 remains comfortable, at 45.2 million euros, and includes a temporary working capital surplus of 11 million euros on the container management business.

    OUTLOOK

    The Touax Group confirms its strategy of making recurring investments in quality assets leased over a long period, while remaining cautious in the face of current market conditions.

    Touax's activities should continue to benefit from the growing awareness of the need to decarbonise the economy and transport and the need to renew infrastructure.

    Touax, which enjoys a unique position in sustainable transport, is increasingly committed to respecting the environment and good practices in terms of social responsibility and governance. Touax's extra-financial ESG rating (by EcoVadis) is among the best in its industry2, and the Group is building on this strength by working on a continuous improvement plan.

    Touax's aim is to provide its customers with an ever-better service in the field of sustainable transport. Our various asset classes benefit from the development of infrastructure, e-commerce and intermodal logistics, corresponding to the expectations of consumers, manufacturers, public authorities, lenders and investors.

    UPCOMING DATES

    • 13 September 2023: Videoconference presentation of half-year results in French
    • 14 September 2023: Videoconference presentation of half-year results in English
      • 14 November 2023: Revenue for the 3rd quarter 2023

    The TOUAX Group leases tangible assets (freight railcars, river barges and containers) every day throughout the world, both for its own account and on behalf of investors. With €1.2 billion under management, TOUAX is one of Europe's leading leasing companies for this type of equipment.

    TOUAX is listed in Paris on EURONEXT - 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 & Raphaël WALEWSKI        Ghislaine Gasparetto

    touax@touax.com         gasparetto@actifin.fr

    Tel : +33 1 46 96 18 00        Tel: +33 1 56 88 11 11

            

    APPENDICES

    1 - Analysis of restated revenue from activities

    Restated Revenue from activities Q1 2023

     
    Q2 2023

     
    H1 2023

     
    Q1 2022

     
    Q2 2022

     
    H1 2022

     
    Variation

     
    (in € thousand)
    Leasing revenue on owned equipment 17,139 17,510 34,649 15,509 16,909 32,418 2,231
    Ancillary services 5,030 4,271 9,301 5,732 4,884 10,616 -1,315
    Total leasing activity 22,169 21,781 43,950 21,241 21,793 43,034 916
    Sales of owned equipment 13,053 16,895 29,948 14,862 14,249 29,111 837
    Total sales of equipment 13,053 16,895 29,948 14,862 14,249 29,111 837
    Total of owned activity 35,222 38,676 73,898 36,103 36,042 72,145 1,753
    Syndication fees 0 544 544 0 2,522 2,522 -1,978
    Management fees 1,021 1,018 2,039 978 986 1,964 75
    Sales fees 861 1,710 2,571 336 1,349 1,685 886
    Total of management activity 1,882 3,272 5,154 1,314 4,857 6,171 -1,017
    Other capital gains on disposals 1 1 2 0 0 0 2
    Total Others 1 1 2 0 0 0 2
    Total Restated Revenue from activities 37,105 41,949 79,054 37,417 40,899 78,316 738

    2 - Reconciliation of accounting presentation to restated presentation

    Revenue from activities H1 2023

     
    Retreatment

     
    Restated H1 2022

     
    Retreatment

     
    Restated
    (in € thousand) H1 2023 H1 2022
    Leasing revenue on owned equipment 34,649   34,649 32,418   32,418
    Ancillary services 11,637 -2,336 9,301 15,211 -4,595 10,616
    Total leasing activity 46,286 -2,336 43,950 47,629 -4,595 43,034
    Sales of owned equipment 29,948   29,948 29,111   29,111
    Total sales of equipment 29,948   29,948 29,111   29,111
    Total of owned activity 76,234 -2,336 73,898 76,740 -4,595 72,145
    Leasing revenue on managed equipment 18,903 -18,903 0 21,736 -21,736 0
    Syndication fees 544   544 2,522   2,522
    Management fees 752 1,287 2,039 556 1,408 1,964
    Sales fees 2,571   2,571 1,685   1,685
    Total of management activity 22,770 -17,616 5,154 26,499 -20,328 6,171
    Other capital gains on disposals 2   2 0   0
    Total Others 2 0 2 0 0 0
    Total Revenue from activities 99,006 -19,952 79,054 103,239 -24,923 78,316


    Restated Revenue from activities Q1 2023

     
    Q2 2023

     
    H1 2023

     
    Q1 2022

     
    Q2 2022

     
    H1 2022

     
    Variation

     
    (in € thousand)
    Leasing revenue on owned equipment 11,124 11,615 22,739 10,544 11,142 21,686 1,053
    Ancillary services 1,938 1,937 3,875 1,858 1,177 3,035 840
    Total leasing activity 13,062 13,552 26,614 12,402 12,319 24,721 1,893
    Sales of owned equipment 76 132 208 110 238 348 -140
    Total sales of equipment 76 132 208 110 238 348 -140
    Total of owned activity 13,138 13,684 26,822 12,512 12,557 25,069 1,753
    Syndication fees     0   446 446 -446
    Management fees 538 553 1,091 466 451 917 174
    Total of management activity 538 553 1 091 466 897 1 363 -272
    Total Freight railcars 13,676 14,237 27,913 12,978 13,454 26,432 1,481
    Leasing revenue on owned equipment 1,878 1,886 3,764 1,619 1,789 3,408 356
    Ancillary services 2,072 1,629 3,701 1,807 2,385 4,192 -491
    Total leasing activity 3,950 3,515 7,465 3,426 4,174 7,600 -135
    Sales of owned equipment   5 5     0 5
    Total sales of equipment 0 5 5 0 0 0 5
    Total of owned activity 3,950 3,520 7,470 3,426 4,174 7,600 -130
    Management fees 11 14 25 14 5 19 6
    Total of management activity 11 14 25 14 5 19 6
    Total River Barges 3,961 3,534 7,495 3,440 4,179 7,619 -124
    Leasing revenue on owned equipment 4,133 4,004 8,137 3,342 3,973 7,315 822
    Ancillary services 1,020 705 1,725 2,070 1,325 3,395 -1,670
    Total leasing activity 5,153 4,709 9,862 5,412 5,298 10,710 -848
    Sales of owned equipment 10,211 10,949 21,160 13,205 12,575 25,780 -4,620
    Total sales of equipment 10,211 10,949 21,160 13,205 12,575 25,780 -4,620
    Total of owned activity 15,364 15,658 31,022 18,617 17,873 36,490 -5,468
    Syndication fees   544 544   2,076 2,076 -1,532
    Management fees 472 451 923 498 530 1,028 -105
    Sales fees 861 1,710 2,571 336 1,349 1,685 886
    Total of management activity 1,333 2,705 4,038 834 3,955 4,789 751
    Total Containers 16,697 18,363 35,060 19,451 21,828 41,279 -6,219
    Leasing revenue on owned equipment 4 5 9 4 5 9 0
    Ancillary services     0 -3 -3 -6 6
    Total leasing activity 4 5 9 1 2 3 6
    Sales of owned equipment 2,766 5,809 8,575 1,547 1,436 2,983 5,592
    Total sales of equipment 2,766 5,809 8,575 1,547 1,436 2,983 5,592
    Total of owned activity 2,770 5,814 8,584 1,548 1,438 2,986 5,598
    Other capital gains on disposals 1 1 2 0 0 0 2
    Total Others 1 1 2 0 0 0 2
    Total Miscellaneous and eliminations 2,771 5,815 8,586 1,548 1,438 2,986 5,600
                   
    Total Restated Revenue from activities 37,105 41,949 79,054 37,417 40,899 78,316 738

    3 - Breakdown of restated revenue from activities by division


    1 EBITDA / Restated revenue from activities
    2 With an EcoVadis rating of 63/100 at the end of 2022, Touax is in the top 9% of its industry.

     

    Attachment


Опубликовать