Touax: 2023 RESULTS
PRESS
RELEASE Paris, 21
March 2024 – 17 h 45
YOUR OPERATIONAL LEASING SOLUTION FOR
SUSTAINABLE TRANSPORTATION
2023 RESULTS
A profitable and resilient business model
within the context of rising interest rates and normalisation of
the containerised traffic
- Business
volume of €157.1m, down slightly (-€4.3m) due to the normalisation
of the container market
- Limited
impact on EBITDA (€55.3m, -€2.6m) thanks to growth of other
activities (freight railcars, river barges, modular
buildings)
- Group share
of net profit: €3.6m
|
« TOUAX’s results in 2023 confirm the
resilience of its business model despite the normalisation of the
container market, after two exceptional years in 2021 and 2022. The
almost-stability of our EBITDA demonstrates the quality of our
international network, combined with the diversification of our
activities, which enable us to benefit from growth opportunities
while limiting the impact of economic cycles. With its position in
a fast-growing market at the heart of sustainable transport
infrastructure, a solid financial structure and long-term partners
and investors, the group is well positioned to pursue its growth »
remarked Fabrice and Raphaël Walewski, Touax SCA’s managing
partners.
Consolidated EBITDA at end-December 2023 amounts
to €55.3 million, a -€2.6 million decrease, due to a slight
contraction in business volumes (decrease of restated revenues from
activities by -€4.3 million). The group share of net profit amounts
to €3.6 million (vs. €7.5 million in 2022), mainly impacted by the
lower contribution of the container business and the increase in
financial expenses due to higher interest rates (-€5.6
million).
In 2023 TOUAX SCA completed two financing
operations (Euro PP bond and banking club deal), totalling €45
million and extending the debt maturity to 2027.
The net book value per share is €10.97. Based on
the market value of the assets, the revalued NAV1 per share came to
€20.59, as of December 31, 2023.
At the Annual General Meeting, the managing
partners will propose a dividend of 12 cents per share
(corresponding to c.25% of net profit for the year), up 20% on last
year.
The consolidated financial statements for the
period ended December 31, 2023, were approved by the Management
Board on March 20, 2024, and were submitted to the Supervisory
Board on March 21, 2024. The auditing of these statements is
underway.
KEY ACCOUNTING ITEMS
|
Key figures |
2023 |
2022 |
|
(in € million) |
|
Restated Revenue(*) from activities |
157.1 |
161.5 |
|
Of which Freight railcars |
58.3 |
56.1 |
|
Of which River barges |
15.0 |
17.5 |
|
Of which Containers |
66.9 |
81.4 |
|
Of which Miscellaneous and eliminations |
16.9 |
6.4 |
|
EBITDA |
55.3 |
57.9 |
|
Operating income |
28.3 |
31.1 |
|
Financial result |
-21.0 |
-15.4 |
|
Profit before taxes |
7.3 |
15.7 |
|
Corporate tax |
-1.5 |
-6.3 |
|
Consolidated net profit (loss) (Group’s
share) |
3.6 |
7.5 |
|
Earnings per share (€) |
0.52 |
1.07 |
|
Total non-current assets |
406.3 |
394.6 |
|
Total assets |
563.4 |
571.7 |
|
Total shareholders’ equity |
147.6 |
153.7 |
|
Net financial debt (a) |
285.7 |
273.0 |
|
Operating cash flow (b) |
21.1 |
-1.5 |
|
Loan to Value ratio (c) |
59.1% |
59.5% |
|
(a) including €231.8m in debt without recourse at 31 Dec.
2023. |
|
|
|
The Net financial debt takes into account the mark-to-market values
of debt derivatives |
|
|
|
(b) including €29.6m of net equipment acquisitions (€60.0m end of
Dec 2022) |
|
|
|
c) Loan to Value ratio : Ratio of consolidated gross financial
debt to 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 DECLINE IN RESTATED REVENUE
FROM ACTIVITES AS THE CONTAINER MARKET NORMALISES
Restated revenue from activities over 2023
totalled €157.1 million (€159.6 million at constant scope and
currency), down by -2.7% compared with 2022 (-1.2% at constant
scope and currency).
The owned activity, which came
to €147.9 million at the end of 2023, is down by -€2.6 million. The
leasing revenues continue to grow over the year (+€3.9 million;
+5.8%) confirming their recurring contribution to group revenues.
The freight railcar (88.7%), river barge (100%) and container
(95.1%) average utilisation rates were at a high level in 2023.
Ancillary services declined by -€4.9 million, impacted by the
normalisation of container pick-up charges related to the container
sales activity, and by the lower chartering activity on the Rhine
basin (whose impact on the profitability is limited). Sales of
owned equipment also declined by -€1.6 million (-2.7%), with a
significant drop in sales of owned containers (-€11 million) but
partly offset by sales within Modular Buildings activity.
The management activity amounts
to €9.2 million with a decrease of -€1.7 million over the year,
impacted by lower syndication volumes but partially compensated by
commissions on the sale of investor equipment.
ANALYSIS OF CONTRIBUTION BY
DIVISION
The restated revenue from the Freight
Railcars division reached €58.3 million in 2023, an
increase of +€2.0 million (+3.8%).Leasing income rose by +6% (+€3.1
million) to €55.3 million over the year, supported by an average
utilisation rate rising to 88.7% in 2023 (87.6% in 2022) and with
new asset acquisition generating additional revenue. Sales of owned
equipment decreased by -€1.1 million.
The restated revenue from the River
Barges division is down by -€2.4 million to €15 million,
impacted by the lower chartering activity on the Rhine basin after
the dynamism of 2022 (-€2.9 million). The leasing revenue is up by
+6% (+€0.4 million) taking advantage from investments made in
Europe in 2022 and the full invoicing of barge rentals in South
America in 2023.
The restated revenue from the
Containers division came to €66.9 million at the
end of December 2023, a decrease of -€14.5 million (-17.8%) due to
the normalisation of the sector after two exceptional years in 2021
and 2022. This change is mainly due to the decline of revenue from
the sale of new containers (-€11 million for sales of owned
equipment and -€2.8 million for ancillary services), with a fall in
price in 2023. However, the leasing revenue took advantage of
recurrent investments and increases by +€1.2 million. The
management activity is down by -€1.9 million, with a fall in
syndication fees (-€1.4 million) and management fees (-€0.9
million, due to the decline in the fleet). Meanwhile, commissions
on sales of investor equipment rose by +€0.4 million.
Revenue from the Modular
Buildings division presented under "Miscellaneous”
strongly increased in 2023 to €16.9 million (+€10.5 million) with
more orders delivered following the end of the Covid crisis.
A PROFITABILITY MAINLY IMPACTED BY THE
RISING OF INTEREST RATES
EBITDA came to
€55.3 million, a decrease of -€2.6 million (-4.5%).
EBITDA in the Freight Railcars
division rose to €31.4 million (+3%) compared with €30.6 million in
2022, supported by higher leasing revenue. However, the operating
expenses are also higher due to the +€0.9 million increase in
maintenance and repair costs.The River Barges
division posted an EBITDA of €5.3 million over the year, giving a
slight increase of +€0.3 million (+6%). EBITDA in the
Containers division fell by a substantial -€7.6
million to €15.2 million (-33%) with the contraction of container
sales. This unfavourable trend was partially offset by the recovery
in sales for the Modular Buildings division.
The group’s depreciation and amortization
increased by +€2.6 million with the new investments made in 2022
and 2023.
Operating income reached
€28.3million, down by -€2.8 million compared with 2022, after
taking into account the net exceptional income of €2.4 million
(linked on the one hand to accounting income of €3.5 million
relating to the purchase in January 2023 of minority interests in
the Modular Buildings business in Africa, and on the other hand to
a $1.0 million conviction in the United States for the former
subsidiary of Modular Buildings for an old dispute).
Financial income came to
-€21 million, compared with -€15.4 million in 2022. The
increase in net interest expense is 85% explained by the interest
rate rising, partially offset by hedging in place. As the net debt
only slightly increases, the volume effect is limited on the
financial income.
Corporate income tax amounted to -€1.5million,
+€4.8 million compared with 2022 when an exceptional tax provision
of €3.8 million was accounted (no cash impact) in the Containers
division.
Net income Group share amounted
to €3.6 million (compared with €7.5 million in 2022), mainly
explained by the increase of interest rates, while our diversified
business model limits cycle impacts of our activities.
A BALANCED FINANCIAL
STRUCTURE
The strength of the TOUAX’s balance sheet is
reflected in the Loan to Value ratio of 59.1% as
of end-December 2023, compared with 59.5% in 2022. The financial
structure has been reinforced by the debt refinancing carried out
by the parent company Touax SCA, providing greater certainty over
the debt profile until mid-2027 (EuroPP issuance of €5.4 million
and implementation of a club-deal bank financing of €40
million).
Shareholders' equity amounts to
€147.6 million, compared with 153.7 million euros at the end of
December 2022. At the group level, the allocation of the full-year
profit of €3.6 million was offset by distributions (dividend and
payment to general partners) totalling -€1.5 million, by a negative
change in reserves mainly due to translation adjustments and
decrease in hedge value amounting to -€5.2 million, and by a -€1.7
million reduction in minority interests in the Freight Railcars
business.
The level of cash on the
balance sheet at 31 December 2023 remains comfortable, at €39.0
million.
FAVOURABLE OUTLOOK AT THE HEART OF
SUSTAINABLE TRANSPORT INFRASTRUCTURE
In the short term TOUAX remains cautious with
the current economic challenges: uneven growth by geographical
area, high interest rates, major geopolitical risks.
Despite turbulences, trade volumes remain at a
satisfactory level 2. The year-end utilisation rates (88% for
freight railcars, 100% for river barges and 97% for containers)
demonstrate the resilience of the economies and markets where the
group operates.
In an uncertain environment, the flexibility
provided by our leasing solutions is sought by our clients and
creates investment opportunities.
The requirement for fleet renewal and fleet
modernization remain important, particularly as part of our
customers objectives for reducing CO2 emissions. With its expertise
in the intermodal, rail and river transport sectors, TOUAX benefits
from a unique position at the heart of sustainable transport
infrastructure, and increases its commitment to Corporate and
Social Responsibility, for a low-carbon economy.
The strengthening of TOUAX's CSR commitment has
been confirmed by the increase in its extra-financial ratings.
TOUAX was awarded the EcoVadis3 2023 Gold Medal (72/100) and now
belongs to the top 5% of companies in all sectors.
On the asset management business for third-party
investors, committed funds from infrastructure funds (available in
2024) have reached €134 million and will support TOUAX’s
growth.
UPCOMING EVENTS
- March 22, 2024:
Video conference
call to present the annual results in English
- May 15,
2024: Q1
2024 revenue from activities
- June 12, 2024:
Annual
General Meeting
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
● ACTIFINFabrice & Raphaël
WALEWSKI Ghislaine
Gasparettotouax@touax.com ggasparetto@actifin.frwww.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 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
TOTAL 2023 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
TOTAL 2022 |
|
(in € thousand) |
|
Leasing revenue on owned equipment |
17,139 |
17,510 |
17,412 |
18,985 |
71,046 |
15,509 |
16,909 |
17,178 |
17,530 |
67,126 |
|
Ancillary services |
5,030 |
4,271 |
5,299 |
5,124 |
19,724 |
5,732 |
4,884 |
7,390 |
6,607 |
24,613 |
|
Total leasing activity |
22,169 |
21,781 |
22,711 |
24,109 |
90,770 |
21,241 |
21,793 |
24,568 |
24,137 |
91,739 |
|
Sales of owned equipment |
13,053 |
16,895 |
13,024 |
14,206 |
57,178 |
14,862 |
14,249 |
15,392 |
14,282 |
58,785 |
|
Total sales of equipment |
13,053 |
16,895 |
13,024 |
14,206 |
57,178 |
14,862 |
14,249 |
15,392 |
14,282 |
58,785 |
|
Total of owned activity |
35,222 |
38,676 |
35,735 |
38,315 |
147,948 |
36,103 |
36,042 |
39,960 |
38,419 |
150,524 |
|
Syndication fees |
0 |
544 |
-2 |
667 |
1,209 |
0 |
2,522 |
65 |
150 |
2,737 |
|
Management fees |
1,021 |
1,018 |
1,024 |
1,018 |
4,081 |
978 |
986 |
1,083 |
1,655 |
4,702 |
|
Sales fees |
861 |
1,710 |
674 |
643 |
3,888 |
336 |
1,349 |
801 |
999 |
3,485 |
|
Total of management activity |
1,882 |
3,272 |
1,696 |
2,328 |
9,178 |
1,314 |
4,857 |
1,949 |
2,804 |
10,924 |
|
Other capital gains on disposals |
1 |
1 |
-1 |
0 |
1 |
0 |
0 |
6 |
2 |
8 |
|
Total Others |
1 |
1 |
-1 |
0 |
1 |
0 |
0 |
6 |
2 |
8 |
|
Total Revenue from activities |
37,105 |
41,949 |
37,430 |
40,643 |
157,127 |
37,417 |
40,899 |
41,915 |
41,225 |
161,456 |
2 - Table showing the transition from
summary accounting presentation to restated
presentation
|
Revenue from activities |
2023 |
Restatement |
Restated 2023 |
2022 |
Restatement |
Restated 2022 |
|
(in € thousand) |
|
Leasing revenue on owned equipment |
71,046 |
|
71,046 |
67,126 |
|
67,126 |
|
Ancillary services |
23,867 |
-4,143 |
19,724 |
32,729 |
-8,116 |
24,613 |
|
Total leasing activity |
94,913 |
-4,143 |
90,770 |
99,855 |
-8,116 |
91,739 |
|
Sales of owned equipment |
57,178 |
|
57,178 |
58,785 |
|
58,785 |
| Total
sales of equipment |
57,178 |
0 |
57,178 |
58,785 |
0 |
58,785 |
|
Total of owned activity |
152,091 |
-4,143 |
147,948 |
158,640 |
-8,116 |
150,524 |
|
Leasing revenue on managed equipment |
36,669 |
-36,669 |
0 |
44,399 |
-44,399 |
0 |
|
Syndication fees |
1,209 |
|
1,209 |
2,737 |
|
2,737 |
|
Management fees |
1,563 |
2,518 |
4,081 |
1,285 |
3,417 |
4,702 |
|
Sales fees |
3,888 |
|
3,888 |
3,485 |
|
3,485 |
|
Total of management activity |
43,329 |
-34,151 |
9,178 |
51,906 |
-40,982 |
10,924 |
| Other capital
gains on disposals |
1 |
|
1 |
8 |
|
8 |
|
Total Others |
1 |
0 |
1 |
8 |
0 |
8 |
|
Total Revenue from activities |
195,421 |
-38,294 |
157,127 |
210,554 |
-49,098 |
161,456 |
3 - Breakdown of restated revenue from
activities by division
|
Restated revenue from activities |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
TOTAL 2023 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
TOTAL 2022 |
|
(in € thousand) |
|
Leasing revenue on owned equipment |
11,124 |
11,615 |
11,856 |
12,443 |
47,038 |
10,544 |
11,142 |
11,292 |
11,768 |
44,746 |
|
Ancillary services |
1,938 |
1,937 |
2,082 |
2,308 |
8,265 |
1,858 |
1,177 |
1,820 |
2,564 |
7,419 |
|
Total leasing activity |
13,062 |
13,552 |
13,938 |
14,751 |
55,303 |
12,402 |
12,319 |
13,112 |
14,332 |
52,165 |
|
Sales of owned equipment |
76 |
132 |
133 |
86 |
427 |
110 |
238 |
369 |
833 |
1,550 |
| Total
sales of equipment |
76 |
132 |
133 |
86 |
427 |
110 |
238 |
369 |
833 |
1,550 |
|
Total of owned activity |
13,138 |
13,684 |
14,071 |
14,837 |
55,730 |
12,512 |
12,557 |
13,481 |
15,165 |
53,715 |
|
Syndication fees |
0 |
0 |
0 |
295 |
295 |
0 |
446 |
1 |
0 |
447 |
|
Management fees |
538 |
553 |
586 |
576 |
2,253 |
466 |
451 |
507 |
557 |
1,981 |
|
Total of management activity |
538 |
553 |
586 |
871 |
2,548 |
466 |
897 |
508 |
557 |
2,428 |
|
Total Freight railcars |
13,676 |
14,237 |
14,657 |
15,708 |
58,278 |
12,978 |
13,454 |
13,989 |
15,722 |
56,143 |
|
Leasing revenue on owned equipment |
1,878 |
1,886 |
1,880 |
1,894 |
7,538 |
1,619 |
1,789 |
1,869 |
1,821 |
7,098 |
|
Ancillary services |
2,072 |
1,629 |
2,090 |
1,567 |
7,358 |
1,807 |
2,385 |
3,788 |
2,319 |
10,299 |
|
Total leasing activity |
3,950 |
3,515 |
3,970 |
3,461 |
14,896 |
3,426 |
4,174 |
5,657 |
4,140 |
17,397 |
|
Sales of owned equipment |
0 |
5 |
0 |
47 |
52 |
0 |
0 |
0 |
16 |
16 |
| Total
sales of equipment |
0 |
5 |
0 |
47 |
52 |
0 |
0 |
0 |
16 |
16 |
|
Total of owned activity |
3,950 |
3,520 |
3,970 |
3,508 |
14,948 |
3,426 |
4,174 |
5,657 |
4,156 |
17,413 |
|
Management fees |
11 |
14 |
20 |
31 |
76 |
14 |
5 |
11 |
11 |
41 |
|
Total of management activity |
11 |
14 |
20 |
31 |
76 |
14 |
5 |
11 |
11 |
41 |
|
Total River Barges |
3,961 |
3,534 |
3,990 |
3,539 |
15,024 |
3,440 |
4,179 |
5,668 |
4,167 |
17,454 |
|
Leasing revenue on owned equipment |
4,133 |
4,004 |
3,671 |
4,643 |
16,451 |
3,342 |
3,973 |
4,013 |
3,935 |
15,263 |
|
Ancillary services |
1,020 |
705 |
1,127 |
1,249 |
4,101 |
2,070 |
1,325 |
1,779 |
1,722 |
6,896 |
|
Total leasing activity |
5,153 |
4,709 |
4,798 |
5,892 |
20,552 |
5,412 |
5,298 |
5,792 |
5,657 |
22,159 |
|
Sales of owned equipment |
10,211 |
10,949 |
8,994 |
9,656 |
39,810 |
13,205 |
12,575 |
12,967 |
12,085 |
50,832 |
| Total
sales of equipment |
10,211 |
10,949 |
8,994 |
9,656 |
39,810 |
13,205 |
12,575 |
12,967 |
12,085 |
50,832 |
|
Total of owned activity |
15,364 |
15,658 |
13,792 |
15,548 |
60,362 |
18,617 |
17,873 |
18,759 |
17,742 |
72,991 |
|
Syndication fees |
0 |
544 |
-2 |
372 |
914 |
0 |
2,076 |
64 |
150 |
2,290 |
|
Management fees |
472 |
451 |
418 |
411 |
1,752 |
498 |
530 |
565 |
1,087 |
2,680 |
|
Sales fees |
861 |
1,710 |
674 |
643 |
3,888 |
336 |
1,349 |
801 |
999 |
3,485 |
|
Total of management activity |
1,333 |
2,705 |
1,090 |
1,426 |
6,554 |
834 |
3,955 |
1,430 |
2,236 |
8,455 |
|
Total Containers |
16,697 |
18,363 |
14,882 |
16,974 |
66,916 |
19,451 |
21,828 |
20,189 |
19,978 |
81,446 |
|
Leasing revenue on owned equipment |
4 |
5 |
5 |
5 |
19 |
4 |
5 |
4 |
6 |
19 |
|
Ancillary services |
0 |
0 |
0 |
0 |
0 |
-3 |
-3 |
3 |
2 |
-1 |
|
Total leasing activity |
4 |
5 |
5 |
5 |
19 |
1 |
2 |
7 |
8 |
18 |
|
Sales of owned equipment |
2,766 |
5,809 |
3,897 |
4,417 |
16,889 |
1,547 |
1,436 |
2,056 |
1,348 |
6,387 |
| Total
sales of equipment |
2,766 |
5,809 |
3,897 |
4,417 |
16,889 |
1,547 |
1,436 |
2,056 |
1,348 |
6,387 |
|
Total of owned activity |
2,770 |
5,814 |
3,902 |
4,422 |
16,908 |
1,548 |
1,438 |
2,063 |
1,356 |
6,405 |
|
Other capital gains on disposals |
1 |
1 |
-1 |
0 |
1 |
0 |
0 |
6 |
2 |
8 |
|
Total Others |
1 |
1 |
-1 |
0 |
1 |
0 |
0 |
6 |
2 |
8 |
|
Total Miscellaneous & eliminations |
2,771 |
5,815 |
3,901 |
4,422 |
16,909 |
1,548 |
1,438 |
2,069 |
1,358 |
6,413 |
|
Total Restated revenue from activities |
37,105 |
41,949 |
37,430 |
40,643 |
157,127 |
37,417 |
40,899 |
41,915 |
41,225 |
161,456 |
1 The market value is calculated by independent
experts, based 50% on the replacement value and 50% on the
value-in-use for railcars, the value-in-use for containers and the
replacement value for river barges with the exception of a
long-term contract in South America for which the value-in-use was
used. This market value is substituted for the net book value when
calculating the net asset value.
2 Clarkson forecasts January 2024: +5.5%
(including 2% related to Red Sea re-routing) in percentage of
containerised traffic (TEU-miles) vs. +1.6% in 20233 EcoVadis:
evaluation of the main CSR impacts according to four themes:
Environment, Social & Human Rights, Ethics and Responsible
Purchasing
- ENG TOUAX Press release - FY 2023 VF
Touax (EU:TOUP)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Touax (EU:TOUP)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
