• Touax: HALF-YEAR RESULTS 2024 Growth in Turnover and EBITDA

    Источник: Nasdaq GlobeNewswire / 18 сен 2024 11:45:00   America/New_York

    PRESS RELEASE        Paris, 18 September 2024 – 5:45 pm

    YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

    HALF-YEAR RESULTS 2024

    Growth in Turnover1 and EBITDA

    • Turnover of €80.4m, up slightly (+€1.4 m)
    • Increase of the EBITDA to €30m (+€1.1m)
      • Group share of net profit: €3.8m

    « TOUAX confirms the resilience of its business model. Selective investments in quality logistics assets on long-term leases and the mix of different activities in which we operate enable a steady growth and recurring revenues. The dynamic syndication activity during the first semester demonstrates investors' confidence in TOUAX's business model and its ability to offer stable returns over the long term » remarked Fabrice and Raphaël Walewski, TOUAX SCA’s managing partners.

    Consolidated EBITDA2 amounts to €30.0 million, a +€1.1 million increase, supported by the good performance of the management activity (+€2.7 million), with restated income from activities amounting to € 80.4 million, up +€1.4 million.

    Financial expenses increase by -€1.1 million, related to the interest rates rising.

    Non-recurring items had a positive impact on the first semester, with the payment of an additional price of €1.5 million for the sale of the Modular Buildings activity in 2017, and the favourable outcome of a former dispute in the United States for €0.4 million. As a reminder, during the first semester 2023, the net income included €2.6 million of non-recurring items corresponding to the combined effect of the buyout of minority interests in the Modular Buildings activity and the US dispute.

    The Group share of net profit amounts to €3.8 million, versus €5.1 million in 2023.

    In June 2024, TOUAX implemented for the Containers division a new Capex line of US$50 million for a period of two years, with an option to increase by a further US$15 million.

    KEY ACCOUNTING ITEMS

    Key figuresJune 2024

         		June 2023

         		Dec. 2023

         		   
    (in € million)   
    Restated Revenue (*) from activities80.479.1157.1   
    Of which Freight Railcars29.127.958.3   
    Of which River barges7.97.515.0   
    Of which Containers34.135.166.9   
    Of which Miscellaneous and eliminations9.38.616.9   
    EBITDA 30.028.955.3   
    Current operating income14.214.725.9   
    Other financial income and expenses0.42.62.4   
    Operating income14.617.328.3   
    Financial result-10.8-9.8-21.0   
    Corporate tax-0.6-1.4-1.5   
    Profit from discontinued operations1.50.00.0   
    Consolidated net profit (loss) (Group's share)3.85.13.6   
    Earnings per share (€)0.550.720.52   
    Total non-current assets415.1381.2406.3   
    Total assets573.7564.3563.4   
    Total shareholders' equity153.0153.5147.6   
    Net financial debt (a)297.1267.3285.7   
    Operating cash flow (b)5.017.421.1   
    Loan to Value ratio (c)60.2%57.4%59.1%   
     

    (a) including €248.1m non-recourse debt and €4.3m derivative financial instruments, at 30 June 2024    		 
    (b) including €23.5m net equipment acquisitions (vs €20.7m end of June 2023) 
    (c) LTV: Consolidated gross financial debt / Total assets less goodwill and intangible fixed assets

    (*) 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 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.

    A SLIGHT INCREASE IN REVENUE

    Restated revenue from activities totals €80.4 million, up +€1.4 million (+1.7%) compared with H1 2023.

    The owned activity, which came to €72.6 million at the end of June 2024, is slightly down by -€1.3 million.
    The leasing revenues continue to grow over the semester (+€2.8 million; +8%) confirming their recurring contribution to Group revenues. The average utilisation rates of Freight Railcars (86.4%), River Barges (96.3%) and Containers (96.9%) were at a high level.
    Ancillary services decline by -€2.3 million for the Freight Railcars division (-€1.2 million: lower volume on maintenance contracts) and the River Barges division (-€1.2 million: lower chartering activity), with a limited impact on the profitability. Sales of owned equipment also decline by -€1.8 million (-6.1%), with a drop in sales of owned containers (-€2.8 million) offset by sales within Freight Railcars and Modular Buildings activities.

    The management activity amounts to €7.9 million with an increase of +€2.7 million (+52.5%). With a sustained pace of transactions, syndication fees increase significantly in the Containers, Freight Railcars and River Barges activities, by a total of +€4.6 million. This change is partly offset by the -€1.9 million fall in sales of second-hand containers owned by investors.

    ANALYSIS OF CONTRIBUTION BY DIVISION  

    The restated revenue from the Freight Railcars division reaches €29.1 million during the first semester, an increase of +€1.2 million (+4.4%).

    Total of owned activity increases by +€0.7 million to €27.5 million over the semester. This increase is supported on the one hand by the rise in leasing activity (+€1.6 million), that offsets the decrease of ancillary services (-€1.2 million), and on the other hand by the rise of sales of owned equipment (+€0.3 million). However, the average utilisation rate fell by -2.1 points to 86.4% over the first semester 2024 compared with the same period in 2023, while the average daily leasing rate rose slightly. The European rail transport market declined in the first half of 2024, mainly the intermodal traffic, impacted by the Ukraine war, energy cost, inflation and the loss of competitiveness of European industries. This is partly offset by the strong growth of the Indian rail market, where Touax Rail has been active since 2011.

    Thanks to the syndications operated during the semester, management activities increase by +€0.5million to €1.6 million in June 2024.

    The restated revenue from the River Barges division is up +€0.4 million to €7.9 million. The lower chartering activity on the Rhine basin is offset by the management activity.

    The restated revenue from the Containers division comes to €34.1 million at the end of June 2024, a decrease of -€1.0 million (-2.8%).

    The owned activity is down by -€1.5 million, with revenue falling from €31.0 million in June 2023 to €29.5 million in June 2024. While the leasing activity rises by €1.3 million, benefiting from new investments and the increase of the average utilisation rates (from 95.1% in H1 2023 to 96.9% in H1 2024), sales of owned equipment fall by -€2.8 million in the first half (mainly due to the container trading business), from €21.2 million to €18.3 million.

    The management activity is up +€0.5 million to €4.5 million in 2024 with a mix of syndication fees increasing and commissions on sales of investor equipment decreasing (lower availability for sale due to higher average utilisation rates, and unfavourable comparison with a significant transaction accounted in June 2023).

    Revenue from the Modular Buildings division presented under "Miscellaneous” kept growing in 2024, rising by +€0.7 million to €9.3 million.

    A STABLE OPERATING PROFITABILITY

    EBITDA comes to €30 million, an increase of +€1.1 million (+3.9%).

    EBITDA in the Freight Railcars division rises by +€2.1 million (+14%) to €17 million, supported by higher leasing revenue, sale of owned equipment and syndication fees.

    The River Barges division accounts an EBITDA of €3.9 million over the semester, giving an increase of +€1.4 million (+58%) thanks to the management activity.

    EBITDA in the Containers division falls by -€1.7 million to €7.1 million (-20%). Cost of sales falls due to lower trading volumes and lower prices for new containers, but operating expenses (including allowances for doubtful customers and provisions for inventories) rise as a result of an ongoing customer procedure.

    EBITDA for the Modular Buildings division falls slightly by -€0.8 million, reflecting a mix of local and export business, with lower margins.

    The Group’s depreciation and amortization increase by +€1.7 million (of which €1.4 million from the Freight Railcars division) to €15.9 million in June 2024, due to new investments.

    Current operating income reaches €14.2 million, down by -€0.6 million compared with end-June 2023.

    Financial income comes to -€10.8 million, compared with -€9.8 million during the first semester 2023. The increase in net interest expense is mainly explained by a price effect due to interest rates rising. As the net debt slightly increases, the volume effect is limited on the financial income.

    Corporate income tax amounted to -€0.6million, down by €0.8 million compared with end-June 2023.

    While a net exceptional income of €2.6 million was accounted in 2023 (accounting income of €3.5 million relating to the purchase in January 2023 of minority interests in the Modular Buildings business in Africa; $1.0 million judgement in a legal case in the United States related to an old dispute involving the former Modular Buildings subsidiary), TOUAX reported in June 2024 a non-recurring income of €0.4 million related to the favourable outcome of the same US dispute. Moreover, as the sale of the former Modular Buildings activity in 2017 was finalised with the payment of an earn-out of €1.5 million in June 2024, a profit from discontinued operations was accounted.

    Net income Group share amounts to €3.8 million, a -€1.2 million decrease compared with end-June 2023.

    A BALANCED FINANCIAL STRUCTURE

    The strength of the TOUAX’s balance sheet is reflected in the Loan to Value ratio of 60.2% as of June 2024, compared with 59.1% in December 2023.

    Shareholders' equity amounts to €153.0 million, compared with €147.6 million euros in December 2023. This increase comes from the allocation of the semester profit of €3.8 million and positive translation adjustments (+€2.8 million); partly offset by distributions to shareholders and general partners (-€1.5 million).

    The level of cash on the balance sheet at 30 June 2024 remains stable, at €38.6 million.

    FAVOURABLE OUTLOOK AT THE HEART OF SUSTAINABLE TRANSPORT INFRASTRUCTURE

    TOUAX continues to adopt a cautious short-term policy in the current economic challenges: uneven growth by geographical area and major global geopolitical risks.

    The volume of international trade should remain at a satisfactory level in 2024. Our average utilisation rates during the first half of the year (86.4% for Freight Railcars, 96.3% for River Barges and 96.9% for Containers) demonstrate the resilience of the economies and markets where TOUAX operates.

    The asset management business on behalf of third-party investors should continue to grow, given investor’s interest in leasing investment strategies for tangible assets linked to transport infrastructure.

    With its expertise in the intermodal, rail and river transport sectors, TOUAX is at the heart of sustainable transport infrastructure. The Group continues to increase its commitment to Corporate and Social Responsibility, for a low-carbon economy.

    UPCOMING EVENTS

    • September 19, 2024:         Video conference call to present the semi-annual results in English
    • November 14, 2024:        Q3 2024 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 €1.2 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 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        SEITOSEI ● ACTIFIN
    Fabrice & Raphaël WALEWSKI        Ghislaine Gasparetto
    touax@touax.com        ghislaine.gasparetto@seitosei-actifin.com
    www.touax.com        Tel : +33 1 56 88 11 22 +33 1 46 96 18 00        

            

    APPENDICES

    1 – Analysis of revenue from activities

    Restated Revenue from activitiesQ1 2024

         		Q2 2024

         		H1 2024

         		Q1 2023

         		Q2 2023

         		H1 2023

     
    (in € thousand)
    Leasing revenue on owned equipment19,38118,10837,48917,13917,51034,649
    Ancillary services3,0213,9396,9605,0304,2719,301
    Total leasing activity22,40222,04744,44922,16921,78143,950
    Sales of owned equipment12,21315,89828,11113,05316,89529,948
    Total sales of equipment12,21315,89828,11113,05316,89529,948
    Total of owned activity34,61537,94572,56035,22338,67573,898
    Syndication fees4244,7075,1310544544
    Management fees 1,0151,0552,0701,0211,0182,039
    Sales fees3263346608611,7102,571
    Total of management activity1,7656,0967,8611,8823,2725,154
    Other capital gains on disposals055112
    Total Others055112
    Total Restated Revenue from activities36,38044,04680,42637,10541,94979,054

    2 - Table showing the transition from summary accounting presentation to restated presentation

    Revenue from activitiesH1 2024

         		Retreatment

         		RestatedH1 2023

         		Retreatment

         		Restated
    (in € thousand)H1 2024H1 2024
    Leasing revenue on owned equipment37,489 37,48934,649 34,649
    Ancillary services8,166-1,2066,96011,637-2,3369,301
    Total leasing activity45,655-1,20644,44946,286-2,33643,950
    Sales of owned equipment28,111 28,11129,948 29,948
    Total sales of equipment28,111 28,11129,948 29,948
    Total of owned activity73,766-1,20672,56076,234-2,33673,898
    Leasing revenue on managed equipment16,904-16,904-18,902-18,902-
    Syndication fees5,131 5,131544 544
    Management fees 8231,2472,0707541,2852,039
    Sales fees660 6602,571 2,571
    Total of management activity23,518-15,6577,86122,771-17,6175,154
    Other capital gains on disposals 5 52 2
    Total Others5 52 2
    Total Revenue from activities97,289-16,86380,42699,007-19,95379,054

    3 - Breakdown of restated revenue from activities by division

    Restated Revenue from activitiesQ1 2024

         		Q2 2024

         		H1 2024

         		Q1 2023

         		Q2 2023

         		H1 2023

         		Variation

     
    (in € thousand)
    Leasing revenue on owned equipment12,23412,12524,35911,12411,61522,7391,620
    Ancillary services1,1371,5552,6921,9381,9373,875-1,183
    Total leasing activity13,37113,68027,05113,06213,55226,614437
    Sales of owned equipment13633246876132208260
    Total sales of equipment13633246876132208260
    Total of owned activity13,50714,01227,51913,13813,68426,822697
    Syndication fees188320508000508
    Management fees 5585621,1205385531,09129
    Total of management activity7468821,6285385531,091537
    Total Freight railcars14,25314,89429,14713,67614,23727,9131,234
    Leasing revenue on owned equipment1,7491,9083,6571,8781,8863,764-107
    Ancillary services1,1961,3112,5072,0721,6293,701-1,194
    Total leasing activity2,9453,2196,1643,9503,5157,465-1,301
    Sales of owned equipment101055-4
    Total sales of equipment101055-4
    Total of owned activity2,9463,2196,1653,9503,5207,470-1,305
    Syndication fees01,6431,6430001,643
    Management fees 32316311142538
    Total of management activity321,6741,7061114251,681
    Total River Barges2,9784,8937,8713,9613,5347,495376
    Leasing revenue on owned equipment5,3934,0729,4654,1334,0048,1371,328
    Ancillary services6881,0731,7611,0207051,72536
    Total leasing activity6,0815,14511,2265,1534,7099,8621,364
    Sales of owned equipment8,9559,36518,32010,21110,94921,160-2,840
    Total sales of equipment8,9559,36518,32010,21110,94921,160-2,840
    Total of owned activity15,03614,51029,54615,36415,65831,022-1,476
    Syndication fees2362,7442,98005445442,436
    Management fees425462887472451923-36
    Sales fees3263346608611,7102,571-1,911
    Total of management activity9873,5404,5271,3332,7054,038489
    Total Containers16,02318,05034,07316,69718,36335,060-987
    Leasing revenue on owned equipment538459-1
    Total leasing activity538459-1
    Sales of owned equipment3,1216,2019,3222,7665,8098,575747
    Total sales of equipment3,1216,2019,3222,7665,8098,575747
    Total of owned activity3,1266,2049,3302,7705,8148,584746
    Other capital gains on disposals0551123
    Total Others0551123
    Total Miscellaneous and eliminations3,1266,2099,3352,7715,8158,586749
            
    Total Restated Revenue from activities36,38044,04680,42637,10541,94979,0541,372


    1   Corresponds to the restated revenue from activities.
    2 EBITDA corresponds to the recurring operating income excluding depreciation, amortisation and impairment.

    Attachment


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