Touax: Stable activity in 1st quarter 2023

PRESS RELEASE        Paris, 15 May 2023 - 5.45 pm

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORT

Stable activity in 1^st quarter 2023

Total restated revenue for the 1^st quarter 2023 amounts to €37.1 million (€36.4 million at constant currency and scope¹), stable compared to €37.4 million for the same period in 2022.

(*) To ensure an understanding of the performance of the activities, the key indicators of the Group's activity report are presented differently from the IFRS income statement. For this reason, no distinction is made in the management of third-party accounts, which is presented exclusively as an agent.
This presentation allows for a direct reading of syndication fees, sales fees and management fees.
This presentation does not result in any difference in EBITDA, operating profit and net profit. The accounting presentation of the revenues of the activities is reported in the annex to the press release.

The decline in new equipment sales was offset by growth in leasing income and a recovery in used equipment sales.

Owned activities decrease by €0.9 million (-2.4%) following a drop in sales of new equipment and ancillary services (-€2.5 million), offset by a very favourable trend in leasing income, up by 10.5% (+€1.6 million).

The container market has normalised over 2023 generating a decline in ancillary services and container sales, these activities having benefited from an exceptional year in 2022.

The recurring leasing business continues to grow thanks to leasing rate increases, which reflect our ability to increase the value of our contracts in relation to inflation, and to the growth of the fleet.

Management activities increased by €0.6 million due to sales commissions on second-hand equipment owned by investors.

ANALYSIS OF THE CONTRIBUTION BY DIVISION

The Freight Railcars business grew by 5.4%, driven by leasing revenues from owned equipment, up by €0.6 million. This increase is explained by the regular investments initiated since 2021 and by maintaining a high utilisation rate, at an average of 88.5% in the 1^er quarter of 2023.

The River Barges activity increased its turnover by +15.1%. This increase is explained by a 100% utilisation rate in the 1^er quarter of 2023, by a fleet that grew slightly over the year (purchase of four second-hand barges for the Rhine and Danube basins, and the full effect over the quarter of leasing income from two new barges rented on the Seine) and by the growth in chartering activity on the Rhine basin, which accounts for half of the increase in the value of the division's revenues.

Revenues in the Container Division remained strong at €16.7 million, but decreased by €2.8 million, in an overall market that is normalising after two exceptional years in 2021 and 2022 in terms of prices and volumes for new containers. In this context, sales of owned containers and ancillary services (pick-up charges), which had maximised trading activity in 2022, fell by €3.0 million and €1.1 million respectively in the quarter.

Recurring leasing income from owned equipment increased by €0.8 million (+23.7%). Management activity grew by €0.5 million with an increase in sales commissions on investor equipment due to the redelivery of older containers by lessees, leading to an increase in our used container sales activities.

The Modular Buildings in Africa business, presented in the "Miscellaneous" line, is off to a very good start in 2023 after the low point of 2022, showing a net increase of €1.2 million (+79%). The year as a whole looks good, with a high order backlog.

OUTLOOK

The Touax Group confirms its strategy of regular investments in quality assets with long term leases in place, while remaining cautious given the market conditions.

Touax's business continues to do well at a time when awareness of the need to decarbonise the economy and transport is growing.

Touax's goal is to better serve its clients with sustainable transportation services. Our various asset classes benefit from the development of infrastructure, e-commerce and intermodal logistics, corresponding to the expectations of consumers, manufacturers, public authorities, and lenders and investors, all of whom support green transport.

UPCOMING EVENTS

• 14 June 2023: General Meeting of Shareholders
• 13 September 2023: Videoconference presentation of the half-year results, in French
• 14 September 2023: Videoconference presentation of the half-year results, in English
  
  

The TOUAX Group leases tangible assets (freight railcars, river barges and containers) every day throughout the world for its own account and for investors. With €1.3 billion under management, TOUAX is one of Europe's leading leasing companies for this type of equipment.

TOUAX is listed in Paris on EURONEXT Compartment C (ISIN Code FR0000033003) and is included in the CAC® Small CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For more information: www.touax.com

Your contacts:
TOUAX        ACTIFIN
Fabrice & Raphaël WALEWSKI        Ghislaine GASPARETTO
touax@touax.com        ggasparetto@actin.fr
www.touax.com

Tel: +33 1 46 96 18 00         Tel : +33 1 56 88 11 11
        

APPENDIX

1-   Accounting presentation of Revenue from activities

2-   Table showing the transition from summary Accounting presentation to Restated presentation

1 Based on a comparable structure and on average exchange rates at 31 March 2022

Attachment

• TOUAX PR Revenues Q1 2023