Touax: HALF-YEAR RESULTS 2024 Growth in Turnover and EBITDA
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 figures |
June 2024
|
June 2023
|
Dec. 2023
|
|
|
|
|
(in € million) |
|
|
|
|
Restated Revenue (*) from activities |
80.4 |
79.1 |
157.1 |
|
|
|
|
Of which Freight Railcars |
29.1 |
27.9 |
58.3 |
|
|
|
|
Of which River barges |
7.9 |
7.5 |
15.0 |
|
|
|
|
Of which Containers |
34.1 |
35.1 |
66.9 |
|
|
|
|
Of which Miscellaneous and eliminations |
9.3 |
8.6 |
16.9 |
|
|
|
|
EBITDA |
30.0 |
28.9 |
55.3 |
|
|
|
|
Current operating income |
14.2 |
14.7 |
25.9 |
|
|
|
|
Other financial income and expenses |
0.4 |
2.6 |
2.4 |
|
|
|
|
Operating income |
14.6 |
17.3 |
28.3 |
|
|
|
|
Financial result |
-10.8 |
-9.8 |
-21.0 |
|
|
|
|
Corporate tax |
-0.6 |
-1.4 |
-1.5 |
|
|
|
|
Profit from discontinued operations |
1.5 |
0.0 |
0.0 |
|
|
|
|
Consolidated net profit (loss) (Group's
share) |
3.8 |
5.1 |
3.6 |
|
|
|
|
Earnings per share (€) |
0.55 |
0.72 |
0.52 |
|
|
|
|
Total non-current assets |
415.1 |
381.2 |
406.3 |
|
|
|
|
Total assets |
573.7 |
564.3 |
563.4 |
|
|
|
|
Total shareholders' equity |
153.0 |
153.5 |
147.6 |
|
|
|
|
Net financial debt (a) |
297.1 |
267.3 |
285.7 |
|
|
|
|
Operating cash flow (b) |
5.0 |
17.4 |
21.1 |
|
|
|
|
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 activities |
Q1 2024
|
Q2 2024
|
H1 2024
|
Q1 2023
|
Q2 2023
|
H1 2023
|
|
(in € thousand) |
|
Leasing revenue on owned equipment |
19,381 |
18,108 |
37,489 |
17,139 |
17,510 |
34,649 |
|
Ancillary services |
3,021 |
3,939 |
6,960 |
5,030 |
4,271 |
9,301 |
|
Total leasing activity |
22,402 |
22,047 |
44,449 |
22,169 |
21,781 |
43,950 |
|
Sales of owned equipment |
12,213 |
15,898 |
28,111 |
13,053 |
16,895 |
29,948 |
| Total
sales of equipment |
12,213 |
15,898 |
28,111 |
13,053 |
16,895 |
29,948 |
|
Total of owned activity |
34,615 |
37,945 |
72,560 |
35,223 |
38,675 |
73,898 |
|
Syndication fees |
424 |
4,707 |
5,131 |
0 |
544 |
544 |
|
Management fees |
1,015 |
1,055 |
2,070 |
1,021 |
1,018 |
2,039 |
|
Sales fees |
326 |
334 |
660 |
861 |
1,710 |
2,571 |
|
Total of management activity |
1,765 |
6,096 |
7,861 |
1,882 |
3,272 |
5,154 |
|
Other capital gains on disposals |
0 |
5 |
5 |
1 |
1 |
2 |
|
Total Others |
0 |
5 |
5 |
1 |
1 |
2 |
|
Total Restated Revenue from activities |
36,380 |
44,046 |
80,426 |
37,105 |
41,949 |
79,054 |
2 - Table showing the transition from
summary accounting presentation to restated
presentation
|
Revenue from activities |
H1 2024
|
Retreatment
|
Restated |
H1 2023
|
Retreatment
|
Restated |
|
(in € thousand) |
H1 2024 |
H1 2024 |
|
Leasing revenue on owned equipment |
37,489 |
|
37,489 |
34,649 |
|
34,649 |
|
Ancillary services |
8,166 |
-1,206 |
6,960 |
11,637 |
-2,336 |
9,301 |
| Total
leasing activity |
45,655 |
-1,206 |
44,449 |
46,286 |
-2,336 |
43,950 |
|
Sales of owned equipment |
28,111 |
|
28,111 |
29,948 |
|
29,948 |
| Total
sales of equipment |
28,111 |
|
28,111 |
29,948 |
|
29,948 |
|
Total of owned activity |
73,766 |
-1,206 |
72,560 |
76,234 |
-2,336 |
73,898 |
|
Leasing revenue on managed equipment |
16,904 |
-16,904 |
- |
18,902 |
-18,902 |
- |
|
Syndication fees |
5,131 |
|
5,131 |
544 |
|
544 |
|
Management fees |
823 |
1,247 |
2,070 |
754 |
1,285 |
2,039 |
|
Sales fees |
660 |
|
660 |
2,571 |
|
2,571 |
|
Total of management activity |
23,518 |
-15,657 |
7,861 |
22,771 |
-17,617 |
5,154 |
|
Other capital gains on disposals |
5 |
|
5 |
2 |
|
2 |
|
Total Others |
5 |
|
5 |
2 |
|
2 |
| Total
Revenue from activities |
97,289 |
-16,863 |
80,426 |
99,007 |
-19,953 |
79,054 |
3 - Breakdown of restated revenue from
activities by division
|
Restated Revenue from activities |
Q1 2024
|
Q2 2024
|
H1 2024
|
Q1 2023
|
Q2 2023
|
H1 2023
|
Variation
|
|
(in € thousand) |
|
Leasing revenue on owned equipment |
12,234 |
12,125 |
24,359 |
11,124 |
11,615 |
22,739 |
1,620 |
|
Ancillary services |
1,137 |
1,555 |
2,692 |
1,938 |
1,937 |
3,875 |
-1,183 |
|
Total leasing activity |
13,371 |
13,680 |
27,051 |
13,062 |
13,552 |
26,614 |
437 |
|
Sales of owned equipment |
136 |
332 |
468 |
76 |
132 |
208 |
260 |
| Total
sales of equipment |
136 |
332 |
468 |
76 |
132 |
208 |
260 |
|
Total of owned activity |
13,507 |
14,012 |
27,519 |
13,138 |
13,684 |
26,822 |
697 |
|
Syndication fees |
188 |
320 |
508 |
0 |
0 |
0 |
508 |
|
Management fees |
558 |
562 |
1,120 |
538 |
553 |
1,091 |
29 |
|
Total of management activity |
746 |
882 |
1,628 |
538 |
553 |
1,091 |
537 |
|
Total Freight railcars |
14,253 |
14,894 |
29,147 |
13,676 |
14,237 |
27,913 |
1,234 |
|
Leasing revenue on owned equipment |
1,749 |
1,908 |
3,657 |
1,878 |
1,886 |
3,764 |
-107 |
|
Ancillary services |
1,196 |
1,311 |
2,507 |
2,072 |
1,629 |
3,701 |
-1,194 |
|
Total leasing activity |
2,945 |
3,219 |
6,164 |
3,950 |
3,515 |
7,465 |
-1,301 |
|
Sales of owned equipment |
1 |
0 |
1 |
0 |
5 |
5 |
-4 |
| Total
sales of equipment |
1 |
0 |
1 |
0 |
5 |
5 |
-4 |
|
Total of owned activity |
2,946 |
3,219 |
6,165 |
3,950 |
3,520 |
7,470 |
-1,305 |
|
Syndication fees |
0 |
1,643 |
1,643 |
0 |
0 |
0 |
1,643 |
|
Management fees |
32 |
31 |
63 |
11 |
14 |
25 |
38 |
|
Total of management activity |
32 |
1,674 |
1,706 |
11 |
14 |
25 |
1,681 |
|
Total River Barges |
2,978 |
4,893 |
7,871 |
3,961 |
3,534 |
7,495 |
376 |
|
Leasing revenue on owned equipment |
5,393 |
4,072 |
9,465 |
4,133 |
4,004 |
8,137 |
1,328 |
|
Ancillary services |
688 |
1,073 |
1,761 |
1,020 |
705 |
1,725 |
36 |
|
Total leasing activity |
6,081 |
5,145 |
11,226 |
5,153 |
4,709 |
9,862 |
1,364 |
|
Sales of owned equipment |
8,955 |
9,365 |
18,320 |
10,211 |
10,949 |
21,160 |
-2,840 |
| Total
sales of equipment |
8,955 |
9,365 |
18,320 |
10,211 |
10,949 |
21,160 |
-2,840 |
|
Total of owned activity |
15,036 |
14,510 |
29,546 |
15,364 |
15,658 |
31,022 |
-1,476 |
|
Syndication fees |
236 |
2,744 |
2,980 |
0 |
544 |
544 |
2,436 |
|
Management fees |
425 |
462 |
887 |
472 |
451 |
923 |
-36 |
|
Sales fees |
326 |
334 |
660 |
861 |
1,710 |
2,571 |
-1,911 |
|
Total of management activity |
987 |
3,540 |
4,527 |
1,333 |
2,705 |
4,038 |
489 |
|
Total Containers |
16,023 |
18,050 |
34,073 |
16,697 |
18,363 |
35,060 |
-987 |
|
Leasing revenue on owned equipment |
5 |
3 |
8 |
4 |
5 |
9 |
-1 |
|
Total leasing activity |
5 |
3 |
8 |
4 |
5 |
9 |
-1 |
|
Sales of owned equipment |
3,121 |
6,201 |
9,322 |
2,766 |
5,809 |
8,575 |
747 |
|
Total sales of equipment |
3,121 |
6,201 |
9,322 |
2,766 |
5,809 |
8,575 |
747 |
|
Total of owned activity |
3,126 |
6,204 |
9,330 |
2,770 |
5,814 |
8,584 |
746 |
|
Other capital gains on disposals |
0 |
5 |
5 |
1 |
1 |
2 |
3 |
|
Total Others |
0 |
5 |
5 |
1 |
1 |
2 |
3 |
|
Total Miscellaneous and eliminations |
3,126 |
6,209 |
9,335 |
2,771 |
5,815 |
8,586 |
749 |
|
|
|
|
|
|
|
|
|
|
Total Restated Revenue from activities |
36,380 |
44,046 |
80,426 |
37,105 |
41,949 |
79,054 |
1,372 |
1 Corresponds to the restated
revenue from activities.
2 EBITDA corresponds to the recurring operating income excluding
depreciation, amortisation and impairment.
- ENG TOUAX Press release - H1 2024
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