PRESS RELEASE Paris,
YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORT
HALF-YEAR RESULTS 2023
Solid business model and operating performance
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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
The Group share of net profit was €5.1 million at
- 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 inJune 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 inMay 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
SIGNIFICANT ITEMS IN THE FINANCIAL STATEMENTS
Key figures | 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 | |||
(b) including €20.7m net equipment acquisitions (vs €16.3m end of | |||
(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
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
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
Restated revenues for the Containers division amounted to €35.1 million at
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).
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
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
The net financial expense was €9.8 million, compared with €6.8 million at
Net profit attributable to the Group was €5.1 million (compared with €7.6 million at
A BALANCED FINANCIAL STRUCTURE
Shareholders' equity was stable at
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
OUTLOOK
UPCOMING DATES
13 September 2023 : Videoconference presentation of half-year results in French14 September 2023 : Videoconference presentation of half-year results in English14 November 2023 : Revenue for the 3rd quarter 2023
For more information: www.touax.com
Your contacts :
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
Attachment
- ENG TOUAX PR - Half-year results 2023
© OMX, source