Your operational leasing solution for sustainable transportation
Half-year report
June 30, 2023
The present half-year financial report has been drawn up in accordance with Article L451-1-2-III of the French Monetary and Financial Code and Articles 222-4 and 222-6 of the General Regulations of the French Financial Market Authority (AMF).
TOUAX | Half-year report to June 30, 2023 | 1 |
SOMMAIRE | ||
HALF-YEAR PROGRESS REPORT ON THE INTERIM FINANCIAL STATEMENTS TOJUNE30, 2023 | ||
- REMINDER CONCERNING THE BUSINESSES…………….. ......................................................................3
- RESTATED REVENUE FROM ACTIVITIES……………….. ........................................................................4
- VARIATION IN THE GROUP'S RESULTS…………………. .......................................................................6
- OTHER ITEMS OF THE CONSOLIDATED RESULTS……….. ......................................................................6
- GROUP CONSOLIDATED BALANCE SHEET…………….. .........................................................................7
1.7. | PRINCIPAL OUTSTANDING INVESTMENTS…………… | 7 |
1.8. | SIGNIFICANT EVENTS IN THE FIRST HALF OF 2023 | 8 |
- POST BALANCE SHEET EVENTS………………………...........................................................................8
- OUTLOOK……………………………………………….........................................................................8
1.11. | RISKS AND UNCERTAINTIES REGARDING THE SECOND HALF-YEAR | 8 |
1.12. | PRINCIPAL RELATED-PARTYTRANSACTIONS…………….. ....................................................................8 | |
2. | CONDENSED CONSOLIDATED HALF-YEARFINANCIAL STATEMENTS | 9 |
3. | ATTESTATION BY THE AUTHORS OF THE HALF-YEARFINANCIAL REPORT | 34 |
4. | STATUTORY AUDITORS' REPORT ON THE HALF-YEARFINANCIAL REPORT | 35 |
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1. HALF-YEAR PROGRESS REPORT ON THE INTERIM FINANCIAL STATEMENTS TO JUNE
30, 2023
1.1.KEY FIGURES
The tables below show extracts from the income statements, statements of financial position and cash flow statements from the condensed consolidated financial statements for the six-month periods to June 30, 2023 and June 30, 2022 and full-year 2022.
The financial information given below must be understood in the light of the half-year condensed consolidated financial statements and the other information given in the half-year progress report given below.
(in thousands of euros) | 06.2023 | 06.2022 | 12.2022 |
Revenue from activities | 99,006 | 103,239 | 210,555 |
Restated revenue on owned activity (1) | 73,898 | 72,145 | 150,525 |
Restated revenue on management activity (1) | 5,154 | 6,171 | 10,923 |
Capital gains or losses on disposals unrelated to recurring activities | 2 | 7 | |
Total restated revenue from activities (1) | 79,054 | 78,316 | 161,455 |
EBITDA (2) | 28,930 | 29,493 | 57,947 |
Operating income | 17,326 | 16,567 | 31,085 |
Consolidated net attributable income - Group's share | 5,051 | 7,585 | 7,467 |
Earnings per share (euro) | 0.72 | 1.08 | 1.07 |
- The reconciliation between the published figures and these aggregates is presented in note 4.1 of the condensed consolidated half-year financial statements.
- l'EBITDA corresponds to the current operating income restated by depreciation, amortization and impairment.
(in thousands of euros) | 06.2023 | 12.2022 | 06.2022 |
Total assets | 564,270 | 571,726 | 585,035 |
Gross tangible fixed assets (1) | 525,760 | 528,540 | 488,374 |
Total non-current assets | 381,219 | 394,600 | 353,200 |
Shareholders' equity - Group's share | 83,757 | 90,703 | 112,581 |
Consolidated shareholder's equity | 153,490 | 153,662 | 170,199 |
Minority interests | 69,733 | 62,959 | 57,618 |
Gross financial debt | 320,344 | 336,848 | 324,528 |
Net financial debt (2) | 275,152 | 280,834 | 242,234 |
- The gross tangible assets do not include the value of capital gains on internal disposals
- The net debt is the gross debt including cash assets and excluding derivative instruments asset. Derivative instruments asset amounted to €7.8 million at the end of June 2023.
1.2.REMINDER CONCERNING THE BUSINESSES
With operations across five continents, TOUAX leases and sells freight railcars, river barges and containers throughout the world, on its own behalf and on behalf of investors.
With managed assets worth €1.2 billion, TOUAX is one of the European leaders for leasing this type of equipment.
TOUAX achieved restated revenue from activities of €79.1 million in the first half of 2023, of which 99% was achieved outside France.
- Freight Railcars division
TOUAX Rail Ltd, a wholly-owned subsidiary of TOUAX, operated circa 10,931 platforms (8,024 railcars) at the end of June 2023. The Group is specialized in 45', 60', 90' and 106' flat intermodal railcars, but also markets car-carrier railcars and hopper railcars.
The currency of the Freight Railcars division is the euro in Europe and the Indian rupee in India.
In Europe, the Group offers its leasing and maintenance services via a network of agencies and agents located in most of the European countries. TOUAX may also sell used and new railcars.
TOUAX offers complete hedging to all its clients.
The Group mainly operates railcars on its own behalf (70% of the managed fleet) and partly through third-party asset management (30% of the managed fleet in number of platforms).
- River Barges division
The TOUAX Group is present in Europe and North and South America with a fleet of 107 barges at the end of June 2023 for its own and for third parties, representing a capacity of over 295,000 tons.
TOUAX provides its services:
- in France on the Seine and Rhone,
TOUAX | Half-year report to June 30, 2023
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- in Northern Europe on the Rhine (Meuse, Moselle, Main),
- in Central Europe on the Danube,
- in North America on the Mississippi,
- in South America on the Paraná-Paraguay.
TOUAX offers its customers comprehensive expertise in the field of river transport, in particular with leasing and trade in river transport equipment.
The currency of the River Barges division is the dollar in the United States and South America, and the euro in Europe.
TOUAX's customers are river logistics operators and industrial companies.
- Containers division
Through Touax Global Container Solutions, TOUAX managed a fleet of about 341,000 CEU at the end of June 2023, making it the leader in Continental Europe and the seventh largest container leasing company in the world. The Group specializes in standard dry containers (20 feet, 40 feet, and 40 feet high capacity) which can be leased to all shipping companies worldwide. The average age of its fleet is of 11 years.
68% of the containers are managed on behalf of third-party investors, and the remainder belongs to the Group (number of CEU).
The Containers division deals in US dollars.
TOUAX Global Container Solutions offers a very extensive range of contracts:
- Short-termoperational leasing (annually renewable master lease or one way leasing),
- Long-termoperational leasing (3 to 10 years) with or without an option to buy (these contracts account for 80% of the fleet managed),
- Occasionally financial leasing (sale and leaseback and lease-purchase program).
TOUAX also sells new and used containers.
The Group's utilization rate was of 95% on June 30, 2023.
TOUAX Global Container Solutions works with various shipping companies, including the 25 largest shipping companies in the world, many of which have a history of leasing from us that dates back over 20 years.
The company is established internationally through a network of 2 regional offices (Singapore for Asia, Middle East, Europe and Africa, and Miami for the Americas) and representations in the following locations: Philadelphia, Chicago, Austin, Sao Paulo, Genoa, Aarhus and Shanghai.
With about 200 warehouses located in the main port zones in the world, TOUAX Global Container Solutions thereby offer a global cover to all its customers.
- Modular Buildings division
The Modular Buildings activity is not significant in relation to the Group's other transportation activities and is presented in segment information in the miscellaneous category.
1.3.RESTATED REVENUE FROM ACTIVITIES
In order to enable a more detailed and more accurate reading of its activities, revenues from activities are restated in order to present owned activities separately from management activities (see note 4 of the condensed consolidated half-year financial statements). For management activities, leasing revenue from investor-owned equipment (active or passive) is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance.
This presentation shows syndication fees, sales fees and management fees, grouped together under management activity, separate from owned activity.
- Variation in restated revenue from activities
Total restated revenue from activities increased by €0.7 million (equal to +1%), from €78.3 million in June 2022 to €79.1 million in June 2023. At constant scope and currency, revenue from activities increased by +1%. The dollar appreciated between the two periods, from $1.0934 = €1 on the first semester of 2022 to $1.0807 = €1 on the first semester of 2023.
- The Freight Railcars activity showed an increase of €1.5 million. This increase is mainly due to higher leasing revenue and ancillary services generated by owned assets.
- The River Barges activity decreased its turnover by -€0.1 million. This change is explained by the decrease in chartering business, offset by an increase in leasing revenue.
- The Containers activity decrease by -€6.2 million. Lower equipment sales were the main reason for this change. Leasing revenue continue to grow.
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- The Modular Buildings activity increased by €5.6 million.
Owned equipment activity rose by €1.8 million. This rise is mainly due to the increase in leasing revenue common to all three divisions.
Management activity increased by €1 million. Fees on syndication in the Containers and Freight Railcars activities were down by €2 million. This change was partially offset by higher sales of used containers owned by investors.
- Analysis by geographical area
Restated revenue from activities by geographical | Variation June | ||||
(in thousands of euros) | 06.2023 | 06.2022 | 2023/2022 | 12.2022 | |
International | 35,060 | 41,278 | (6,218) | -15.1% | 81,445 |
Europe | 31,376 | 30,117 | 1,259 | 4.2% | 65,694 |
Americas | 1,549 | 1,354 | 195 | 14.4% | 3,010 |
Africa | 8,576 | 2,983 | 5,593 | 187.5% | 6,100 |
Asia | 2,493 | 2,584 | (91) | -3.5% | 5,206 |
TOTAL Restated revenue from activities | 79,054 | 78,316 | 738 | 0.9% | 161,455 |
For the Freight Railcars and River Barges activities, the services, markets, and clients are in identical locations.
The Containers division is present at the international level, since the containers travel on hundreds of global trade routes.
- Analysis by division
Restated revenue from activities by business | 06.2023 | 06.2022 | Variation June | 12.2022 | |
(in thousands of euros) | 2023/2022 | ||||
Freight Railcars | 27,913 | 26,432 | 1,481 | 6% | 56,142 |
Owned activity | 26,822 | 25,069 | 1,753 | 7% | 53,715 |
Management activity | 1,091 | 1,363 | (272) | -20% | 2,427 |
River Barges | 7,495 | 7,619 | (124) | -2% | 17,454 |
Owned activity | 7,470 | 7,600 | (130) | -2% | 17,413 |
Management activity | 25 | 19 | 6 | 32% | 41 |
Containers | 35,060 | 41,279 | (6,219) | -15% | 81,446 |
Owned activity | 31,022 | 36,490 | (5,468) | -15% | 72,991 |
Management activity | 4,038 | 4,789 | (751) | -16% | 8,455 |
Modular Buildings | 8,575 | 2,983 | 5,592 | 187% | 6,387 |
Owned activity | 8,575 | 2,983 | 5,592 | 187% | 6,387 |
Others | 9 | 3 | 6 | 200% | 18 |
Owned activity | 9 | 3 | 6 | 200% | 18 |
Total Restated revenue | 79,052 | 78,316 | 736 | 1% | 161,447 |
Capital gains or losses on disposals unrelated to | 2 | 2 | 8 | ||
recurring activities Modular Buildings | |||||
Total Capital gains or losses on disposals unrelated to | 2 | 2 | 8 | ||
recurring activities | |||||
Total Restated revenue from activities | 79,054 | 78,316 | 738 | 1% | 161,455 |
- Freight Railcars division
Restated revenue from activities in the Freight Railcar division increased by €1.5 million, from €26.4 million on 30 June 2022 to €27.9 million on 30 June 2023.
Owned activity rose by €1.8 million over the semester. Its revenue increased from €25.1 million in June 2022 to €26.8 million in June 2023. This increase is explained by more leasing revenue (+€1.1 million) and more ancillary services (+€0.8 million).
Management activity decreased by €0.3 million. Its revenue changed from €1.4 million in June 2022 to €1.1 million in June 2023. The absence of syndication (-€0.4 million) in the first half explains this variation. Management fees increased to €0.2 million.
- River Barges division
Restated revenue from activities in the River Barges division decreased by €0.1 million, changing from €7.6 million to €7.5 million. This variation is mainly due to the chartering activity, which reached an exceptional level in 2022, and explains the decrease in ancillary services in 2023.
- Containers division
Restated revenue from activities in the Containers division decreased by €6.2 million, changing from €41.3 million in June 2022 to €35.1 million in June 2023.
Owned activity decreased by €5.5 million. Its turnover changed from €36.5 million in June 2022 to €31 million in June 2023. The decrease in owned activity is explained by a decline in sales (-€4.6 million) and related ancillary services (-€1.7 million), this activity
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Touax SCA published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 15:50:08 UTC.