Hold the Presses is your online newsportal en brings press releases from around the world. Journalists can use it for free, although it is their responsibilty to check the news. Hold the Presses is in no way responsible for the content of the press releases, the Sender is. We hope you enjoy reading the news we bring you on this website. If a message is published that is not acceptable, we apologize. Please contact us and we will remove the message as soon as possible.

Wednesday, 15 November 2017

TOUAX : Consolidated revenue at €162.6 million; Leasing revenue up 2.6%; Confirmation of an operating profit in 2017

TOUAX    

Published: 18:00 CET 15-11-2017 /GlobeNewswire /Source: TOUAX / : TOUP /ISIN: FR0000033003


PRESS RELEASE  -  Paris, 15 November  2017- 6 p.m.



TOUAX

YOUR OPERATIONAL LEASING SOLUTION

 

REVENUE FOR Q3 2017[1]

  • Consolidated revenue at €162.6 million
  • Leasing revenue up 2.6%
  • Confirmation of an operating profit in 2017

 

REVENUE ANALYSIS

Revenue by type

(unaudited data,
€ thousands)

Q1 2017

Q2 2017

Q3 2017

TOTAL

Q1 2016

Q2 2016

Q3 2016

TOTAL

Leasing revenue (1)

38,498

37,820

34,414

110,733

36,130

35,202

36,648

107,980

Sales of equipment

15,070

31,123

5,679

51,872

22,538

17,623

17,585

57,747

Including sales to clients

8,947

8,324

5,842

23,113

12,622

13,921

11,783

38,326

Including sales to investors

6,123

22,799

(163)

28,760

9,916

3,702

5,802

19,421

Consolidated revenue

53,568

68,943

40,093

162,605

58,668

52,825

54,233

165,726

(1) Leasing revenue includes ancillary services.

 

Combined consolidated revenue at the end of September 2017 from retained operations amounted to €162.6 million, compared with €165.7 million in 2016 (-1.9%). At constant scope and exchange rates, revenue decreased by 7.9% with the effect of the dollar.

Leasing revenue continued to grow to €110.7 million (+2.6%), with higher revenue from the River Barges and Freight Railcars businesses. The Shipping Containers business recorded a drop mainly due to currency effects and the reduction in the fleet following the significant sales of used containers in 2016. The market recovered strongly in 2017 and the utilization rate increased significantly, but could not fully offset the effects of 2016.

Sales to customers were down to €23.1 million, with used container sales dropping sharply in 2017 in the context of the market previously mentioned with the significant recovery in the leasing market and utilisation rate. Sales to investors increased by 48.1% with the syndication of railcars to a Luxembourg investment fund carried out during the 2nd quarter.

 

Analysis of the contribution of the 3 Group's divisions

Revenue by division

(unaudited data,
€ thousands)

Q1 2017

Q2 2017

Q3 2017

TOTAL

Q1 2016

Q2 2016

Q3 2016

TOTAL

Leasing revenue (1)

11,929

12,826

12,309

37,064

9,102

9,191

9,318

27,611

Sales of equipment

598

24,038

135

24,771

178

2,333

70

2,582

Including sales to clients

434

1,139

135

1,708

178

2,333

70

2,582

Including sales to investors

164

22,899

 

23,063

 

 

 

 

Freight railcars

12,527

36,864

12,444

61,835

9,280

11,524

9,388

30,193

Leasing revenue (1)

3,699

3,560

3,624

10,883

3,089

2,768

3,281

9,139

Sales of equipment

6

111

52

169

918

18

18

953

Including sales to clients

6

111

52

169

918

18

18

953

River barges

3,705

3,671

3,676

11,053

4,007

2,786

3,299

10,092

Leasing revenue (1)

22,824

21,572

18,427

62,822

23,828

23,132

23,986

70,946

Sales of equipment

13,480

6,320

4,037

23,837

19,429

13,725

16,970

50,125

Including sales to clients

7,520

6,420

4,200

18 140

9,513

10,023

11,168

30,704

Including sales to investors

5,960

-100

-163

5,697

9,916

3,702

5,802

19,421

Shipping containers

36,304

27,892

22,464

86,659

43,257

36,857

40,956

121,071

Leasing revenue (1)

45

-137

54

-38

111

111

62

284

Sales of equipment

987

653

1,454

3,095

2,013

1,547

527

4,087

Including sales to clients

987

653

1,454

3,095

2,013

1,547

527

4,087

Miscellaneous and unallocated

1,032

516

1,508

3,057

2,124

1,658

589

4,371

 

 

 

 

 

 

 

 

 

Consolidated revenue

53,568

68,943

40,093

162,605

58,668

52,825

54,233

165,726

(1) Leasing revenue includes ancillary services.

 

Freight Railcars: The Freight Railcars business is the activity in which the Group has made the most of owned investment. Revenues for the Freight Railcars division increased by 104.8% from €30.2 million in September 2016 to €61.8 million at the end of September 2017, mainly due to higher leasing revenues and a syndication to investors. Leasing revenues increased by €9.5 million (or +34.2%) to €37.1 million in September 2017 due to the full consolidation of an asset-holding subsidiary. At the end of September, the average utilisation rate continues to rise in a moderately growing market.

River Barges: Revenues from the River Barges division amounted to €11.1 million, an increase of 9.5%, with increased activity on the Rhine despite the lack of sales.

Shipping Containers: The Shipping Containers business consists mainly of assets managed on behalf of third parties. The leasing market recovered strongly in 2017, with a utilization rate that reached 98.8% on
30 September 2017. Revenue from the Shipping Containers division fell to €86.7 million, mainly due to changes of scope. Half of the drop in leasing revenue in 2017 is due to a lower dollar and the balance is due to a decrease in the fleet and the bankruptcy in 2016 of the 7th largest shipowner Hanjin. Sales were down in 2017 with lower syndication volumes and lower second-hand sales.

The retained activity of modular buildings sales in Africa grouped under "miscellaneous" shows an improvement in 3rd quarter which will continue until the end of the year.


 OUTLOOK

European markets should continue to favour the growth of river barges and freight railcars leasing activities on the continent. The shortage of shipping containers appears to be continuing and will favour the high leasing level of our equipment.

The sale of the modular businesses will enable the Group to resume an investment and growth phase in a positive market context.

TOUAX confirms an operating profit for the full year 2017.

UPCOMING DATES

  • 22 February 2018:         2017 revenue
  • 4 April 2018:                 2017 results
  • 5 April 2018:                 Financial analyst presentation and conference call

 

 

TOUAX Group leases out tangible assets (freight railcars, river barges and shipping-containers) on a daily basis throughout the world, for its own account and on behalf of third party investors. With close to €1.3 billion under management, TOUAX is one of the European leaders in the operational leasing of this type of equipment.

TOUAX is listed in Paris on EURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid & Small indexes and in EnterNext PEA-PME.

For more information: www.touax.com

 

Contacts:

 

TOUAX

Fabrice & Raphaël Walewski

Managing partners

touax@touax.com

Tel: +33 (0)1 46 96 18 00

 

 

ACTIFIN

Ghislaine GASPARETTO

ggasparetto@actifin.fr

Tel: +33 (0)1 55 88 11 11

                                                                               

 

 



[1] In accordance with IFRS 5, European and US Modular Buildings activities are presented as discontinued operations. In practice, revenues and expenses have been treated as follows:

  • The contribution to each line of the TOUAX consolidated income statement is grouped under "Net income from discontinuing operations" over the periods presented;
  • In accordance with IFRS 5, these restatements are applied to all periods presented in order to make the information consistent.


Touax - Q3 2017 revenue



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: TOUAX, Tour Franklin, 23ème étage 100-101 Terrasse Boieldieu, Paris-la-Défense FR-92042, France
If you would like to unsubscribe and stop receiving these e-mails click here.