PRESS RELEASE Paris, 20 March 2025 – 5:45 pm
YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION
RESULTS 2024
Growth in turnover and operating profitability
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“The 2024 results confirm the strength of the TOUAX’s business model, characterized by a diversified product offering, spread over various geographical areas, a strong implementation in various complementary business segments, recurring revenues and selective investment in quality logistics assets. Moreover, the dynamism of our asset management activities reflects the confidence of our investment partners in the Group’s ability to offer several asset classes with long-term recurring yields.” remarked Fabrice and Raphaël Walewski, TOUAX SCA’s managing partners.
Restated income from activities amounts to €165.0 million in 2024, up +€7.9 million. The operating EBITDA amounts to €59.0 million, a +€3.6 million increase, supported by the good performance of the management activity.
After depreciation and amortisation, financial expenses and non-recurring income, the Group share of net profit amounts to €3.9 million, versus €3.6 million in 2023.
The book value per share is €11.63, up +6% compared with December 2023.
At the Annual General Meeting, the managing partners will propose a dividend of 15 cents per share (corresponding to c.27% of net profit for the year), up 25% on last year.
The consolidated financial statements for the period ended December 31, 2024 were approved by the Management Board on March 19, 2025 and were submitted to the Supervisory Board on March 20, 2025. The auditing of these statements is underway.
KEY ACCOUNTING ITEMS
| Key figures | Dec. 2024 | Dec. 2023 | Variation |
| (in € million) | |||
| Restated Revenue (*) from activities | 165.0 | 157.1 | 5% |
| Of which Freight Railcars | 58.1 | 58.3 | -0.3% |
| Of which River barges | 14.8 | 15.0 | -1% |
| Of which Containers | 70.9 | 66.9 | 6% |
| Of which Miscellaneous and eliminations | 21.1 | 16.9 | 25% |
| Operating EBITDA | 59.0 | 55.3 | 7% |
| Current operating income | 26.2 | 25.9 | 1% |
| Other operating income and expenses | 0.4 | 2.4 | -83% |
| Operating income | 26.6 | 28.3 | -6% |
| Financial result | -21.9 | -21.0 | 4% |
| Corporate tax | -1.6 | -1.5 | 7% |
| Profit from discontinued operations. | 1.5 | 0.0 | – |
| Consolidated net profit (loss) (Group’s share) | 3.9 | 3.6 | 8% |
| Earnings per share (€) | 0.56 | 0.52 | 8% |
| Total non-current assets | 424.8 | 406.3 | 5% |
| Total assets | 611.4 | 563.4 | 9% |
| Total shareholders’ equity | 153.3 | 147.6 | 4% |
| Net financial debt (a) | 304.7 | 285.7 | 7% |
| Operating cash flow (b) | 16.6 | 21.1 | -21% |
| Loan to Value ratio (c) | 59.0% | 59.1% | -0.1% |
| (a) including €262.1m non-recourse debt and €1.9m derivative financial instrument at 31 December 2024 |
| (b) including €47.6m net equipment acquisitions (vs €29.6m in 2023) |
| (c) LTV: consolidated gross financial debt / 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 operating EBITDA, operating income, or net income. The accounting presentation of revenue from activities is presented in the appendix to the press release.
A GROWING BUSINESS
Restated revenue from activities totals €165.0 million, up +€7.9 million (+5%) compared with 2023.
The owned activity, which came to €152.5 million at the end of December 2024, slightly increased by +€4.5 million.
The leasing revenues continue to grow over the year (+€2.4 million; +3.4%) confirming their recurring contribution to Group revenues. The average utilisation rates of Freight Railcars (86.2%), River Barges (97.9%) and Containers (96.8%) were at a high level. However, ancillary services decline by -€5.8 million, mainly from the Freight Railcars and the River Barges divisions.
Sales of owned equipment also increase by +€8.0 million (+13.9%), mainly thanks to Container and Modular Buildings activities.
The management activity amounts to €12.5 million with an increase of +€3.4 million (+36.7%). With a sustained pace of transactions, syndication fees increase significantly in the Containers, Freight Railcars and River Barges activities by a total of +€5.2 million. This change is partly offset by the -€1.8 million fall in sales of second-hand containers owned by investors.
ANALYSIS OF CONTRIBUTION BY DIVISION
The restated revenue from the Freight Railcars division reaches €58.1 million in 2024, stable compared with 2023 (-0.3% y-o-y).
Total of owned activity decreases by -€0.4 million (€55.4 million in 2024). This decrease is due to a -€2.5 million fall in ancillary services following the end of a maintenance contract, which offsets the increase of leasing revenue on owned equipment (+€1.1 million). The average utilisation rate fell over the year 2024 by -2.5 points to 86.2%. The European rail transport market declined in 2024, mainly the intermodal traffic, impacted by a strong competition and a slowdown of European industries. This is partly offset by the strong growth of the Indian rail market, where Touax Rail has been active since 2011.
Thanks to the syndications operated during the year, management activities increase by +€0.2 million to €2.7 million in December 2024.
The restated revenue from the River Barges division is slightly down by -€0.2 million to €14.8 million. The decrease of -€2.6 million of the chartering activity on the Rhine basin is offset by the management activity booming in 2024 with the sale of assets to investors.
The restated revenue from the Containers division comes to €70.9 million in 2024, an increase of +€4.0 million (+6%).
The owned activity is up +€3.5 million, with revenue amounting to €63.9 million end-December 2024. The leasing activity rises by €1.5 million, benefiting from new investments and the increase of the average utilisation rates (from 95.1% in 2023 to 96.8% in 2024). Ancillary services are down by -€0.7 million due to the drop in container returns to depots and lower repair costs. Sales of owned equipment increase by +€2.8 million, from €39.8 million to €42.6 million in 2024.
The management activity is up +€0.5 million to €7.0 million in 2024 with a mix of syndication fees increasing and commissions on sales of investor equipment decreasing (lower availability for sale due to higher average utilisation rates, and unfavourable comparison with a significant transaction accounted in 2023).
Revenue from the Modular Buildings division presented under “Miscellaneous” keeps growing in 2024, rising by +€4.2 million to €21.1 million.
GROWTH IN OPERATING PROFITABILITY
Operating EBITDA amounts to €59.0 million, an increase of +€3.6 million (+6.6%).
Operating EBITDA in the Freight Railcars division slightly rises by +0.7 million (+2%) to €32.1 million, supported by a decrease of +€2.2 million in operating expenses, with a reduction in maintenance cost due to the end of a maintenance contract for part of managed assets.
The River Barges division accounts an operating EBITDA of €6.9 million over the year, giving an increase of +€1.6 million (+31.1%) thanks to the management activity and lower operating expenses related to a lower chartering activity.
Operating EBITDA in the Containers division falls by -€0.8 million (-5%). The increase of the restated revenue is offset by a -€3.3 million rise in operating expenses, including provisions for customers risks.
Operating EBITDA for the Modular Buildings division slightly increases by +€0.9 million.
The Group’s depreciations and amortisations increase by -€3.4 million (of which -€2.3 million from the Freight Railcars division and -€1.0 million from the Containers division) due to new investments.
Current operating income reaches €26.2 million, up +€0.3 million compared with 2023.
Financial income amounts to -€21.9 million, compared with -€21.0 million in 2023. The increase in net interest expense is mainly explained by a price effect due to average interest rates rising over the year, as well as the increase in the Freight Railcars division’s Indian debt to support investments.
While a net exceptional income of €2.4 million was accounted in 2023 (accounting income of €3.5 million relating to the purchase in January 2023 of minority interests in the Modular Buildings business in Africa; $1.0 million judgement in a legal case in the United States related to an old dispute involving the former Modular Buildings subsidiary), TOUAX reported in 2024 a non-recurring income of €0.4 million related to the favourable outcome of the same US dispute. Moreover, as the sale of the former Modular Buildings activity in 2017 was finalised with the payment of an earn-out of €1.5 million in 2024, a profit from discontinued operations was accounted.
Net income Group share amounts to €3.9 million, a +€0.3 million increase compared with 2023.
A BALANCED FINANCIAL STRUCTURE
The year 2024 is marked by an increase in net investments (+€39.4 million in tangible assets and stocks compared with December 2023). The TOUAX’s balance sheet remains strong, reflected in the Loan to Value ratio of 59% as of December 2024, compared with 59.1% in December 2023.
Shareholders’ equity amounts to €153.3 million, compared with €147.6 million euros in December 2023. This increase comes from the allocation of the net income Group share (€3.9 million) and positive translation adjustments.
The level of cash on the balance sheet at 31 December 2024 is quite strong, at €48.9 million.
SHAREHOLDER PERFORMANCE
TOUAX’s objective is to maximise shareholder performance through growth in book value per share and dividend payouts.
The average shareholder performance over the last 5 years is +12% CAGR (increase in book value per share and dividends paid). In 2024, the shareholder return equals to 7.4%.
The net asset value per share (NAV) is no longer disclosed as the unrealised capital gains on equipment – calculated with experts’ appraisals – are before taxes and theoretical in the strategy of a long-term lessor (which generally disposes of its assets at the end of their leasing life). The Managing Partners then prefer to communicate on shareholder performance based on the audited accounts and the dividend payout.
FAVOURABLE STRUCTURAL OUTLOOK AT THE HEART OF SUSTAINABLE TRANSPORT INFRASTRUCTURE
Geopolitical issues in 2025, US tariff threat and the low European economic growth (impacting intermodal rail transport) will affect world trade growth.
Despite a sensitive global context, containerised shipping traffic increased by +5.9% in 2024 and should grow by +2.9%3 in 2025. The IMF forecasts a global GDP growth of +3.3% in 2025, while the WTO expects trade in goods volume to improve from +2.7% in 2024 to +3.0% in 2025, supported by the decreases in interest rates and energy costs. Supply chains and world trade are evolving, adapting and becoming more complex, keeping pace with global economic growth. Moreover, a positive outcome to the conflicts in the Middle East and Ukraine could also boost trade.
The trend remains positive for all the Group’s activities: the e-commerce booming, the resulting logistics needs and the growing demand for sustainable transport solutions (intermodal, rail and inland waterway) are strong supports for our business.
To support its organic growth, the Group will use its financing resources and will be able to rely on third-party investors (infrastructure funds, pension funds and institutional investors) who are showing increasing interests in leasing investment strategies in real assets linked to transport infrastructure. The momentum that began in 2024 is continuing, with €80 million of third-party investment in advanced discussions in 2025, which will complete the €1.3 billion of assets under management (of which 46% are managed on behalf of third-parties).
CSR DYNAMICS AND EXTRA-FINANCIAL RATINGS
By offering solutions for the leasing, sale and management of intermodal, rail and river transport equipment, TOUAX is a key player in low-carbon transport and continues to implement its Corporate Social Responsibility action plan for a low-carbon economy.
This commitment is validated by the improvement of its 2024 extra-financial ratings. TOUAX obtained an EcoVadis4 score of 79/100 (golden medal, +7 points vs. 2023), belonging to the top 2% of companies evaluated by EcoVadis across all sectors; and a EthiFinance5 score of 75/100 (golden medal, +5 points), ranking first in the Industry sector / Transport sub-sector.
UPCOMING EVENTS
- March 21, 2025: Video conference call to present the annual results in English
- May 15, 2025: Q1 2025 revenue from activities
- June 12, 2025: 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 €1.3 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 ● ACTIFIN
Fabrice & Raphaël WALEWSKI Ghislaine Gasparetto
[email protected] [email protected]
www.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 2024 | Q2 2024 | Q2 2024 | Q3 2024 | 2024 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | 2023 | Variation |
| (in € thousand) | |||||||||||
| Leasing revenue on owned equipment | 19,381 | 18,108 | 17,524 | 18,424 | 73,437 | 17,139 | 17,510 | 17,412 | 18,985 | 71,046 | 2,391 |
| Ancillary services | 3,021 | 3,939 | 3,083 | 3,843 | 13,886 | 5,030 | 4,271 | 5,299 | 5,124 | 19,724 | -5,838 |
| Sales of owned equipment | 12,213 | 15,898 | 18,806 | 18,215 | 65,132 | 13,053 | 16,895 | 13,024 | 14,206 | 57,178 | 7,954 |
| Total of owned activity | 34,615 | 37,945 | 39,413 | 40,482 | 152,455 | 35,223 | 38,675 | 35,735 | 38,315 | 147,948 | 4,507 |
| Total of management activity | 1,765 | 6,096 | 1,683 | 3,000 | 12,544 | 1,882 | 3,272 | 1,696 | 2,328 | 9,178 | 3,366 |
| Other capital gains on disposals | 0 | 5 | -1 | 10 | 14 | 1 | 1 | -1 | -1 | 1 | 13 |
| Total Others | 0 | 5 | -1 | 10 | 14 | 1 | 1 | -1 | -1 | 1 | 13 |
| Total Restated Revenue from activities | 36,380 | 44,046 | 41,095 | 43,492 | 165,013 | 37,105 | 41,949 | 37,430 | 40,642 | 157,127 | 7,886 |
2 – Table showing the transition from summary accounting presentation to restated presentation
| Revenue from activities | 2024 | Retreatment | Restated | 2023 | Retreatment | Restated |
| (in € thousand) | 2024 | 2023 | ||||
| Leasing revenue on owned equipment | 73,437 | 73,437 | 71,046 | 71,046 | ||
| Ancillary services | 17,040 | -3,154 | 13,886 | 23,867 | -4,143 | 19,724 |
| Sales of owned equipment | 65,132 | 65,132 | 57,178 | 57,178 | ||
| Total of owned activity | 155,609 | -3,154 | 152,455 | 152,091 | -4,143 | 147,948 |
| Total of management activity | 42,910 | -30,366 | 12,544 | 43,329 | -34,151 | 9,178 |
| Other capital gains on disposals | 14 | 14 | 1 | 1 | ||
| Total Others | 14 | 0 | 14 | 1 | 0 | 1 |
| Total Revenue from activities | 198,533 | -33,520 | 165,013 | 195,421 | -38,294 | 157,127 |
3 – Breakdown of restated revenue from activities by division
| Restated Revenue from activities | Q1 2024 | Q2 2024 | Q2 2024 | Q3 2024 | 2024 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | 2023 | Variation |
| (in € thousand) | |||||||||||
| Leasing revenue on owned equipment | 12,234 | 12,125 | 11,978 | 11,839 | 48,176 | 11,124 | 11,615 | 11,857 | 12,443 | 47,039 | 1,137 |
| Ancillary services | 1,137 | 1,555 | 1,203 | 1,894 | 5,789 | 1,938 | 1,937 | 2,082 | 2,308 | 8,265 | -2,476 |
| Sales of owned equipment | 136 | 332 | 143 | 804 | 1,415 | 76 | 132 | 133 | 86 | 427 | 988 |
| Total of owned activity | 13,507 | 14,012 | 13,324 | 14,537 | 55,380 | 13,138 | 13,684 | 14,072 | 14,837 | 55,731 | -351 |
| Total of management activity | 746 | 882 | 542 | 546 | 2,716 | 538 | 553 | 586 | 871 | 2,548 | 168 |
| Total Freight railcars | 14,253 | 14,894 | 13,866 | 15,083 | 58,096 | 13,676 | 14,237 | 14,658 | 15,708 | 58,279 | -183 |
| Leasing revenue on owned equipment | 1,749 | 1,908 | 1,824 | 1,826 | 7,307 | 1,878 | 1,886 | 1,880 | 1,895 | 7,539 | -232 |
| Ancillary services | 1,196 | 1,311 | 1,282 | 949 | 4,738 | 2,072 | 1,629 | 2,090 | 1,567 | 7,358 | -2,620 |
| Sales of owned equipment | 1 | 0 | 0 | 0 | 1 | 0 | 5 | 0 | 47 | 52 | -51 |
| Total of owned activity | 2,946 | 3,219 | 3,106 | 2,775 | 12,046 | 3,950 | 3,520 | 3,970 | 3,509 | 14,949 | -2,903 |
| Total of management activity | 32 | 1,674 | 55 | 1,026 | 2,787 | 11 | 14 | 20 | 31 | 76 | 2,711 |
| Total River Barges | 2,978 | 4,893 | 3,161 | 3,801 | 14,833 | 3,961 | 3,534 | 3,990 | 3,540 | 15,025 | -192 |
| Leasing revenue on owned equipment | 5,393 | 4,072 | 3,717 | 4,755 | 17,937 | 4,133 | 4,004 | 3,671 | 4,643 | 16,451 | 1,486 |
| Ancillary services | 688 | 1,073 | 598 | 1,000 | 3,359 | 1,021 | 704 | 1,127 | 1,249 | 4,101 | -742 |
| Sales of owned equipment | 8,955 | 9,365 | 12,861 | 11,429 | 42,610 | 10,211 | 10,949 | 8,994 | 9,656 | 39,810 | 2,800 |
| Total of owned activity | 15,036 | 14,510 | 17,176 | 17,184 | 63,906 | 15,365 | 15,657 | 13,792 | 15,548 | 60,362 | 3,544 |
| Total of management activity | 987 | 3,540 | 1,086 | 1,428 | 7,041 | 1,333 | 2,705 | 1,090 | 1,426 | 6,554 | 487 |
| Total Containers | 16,023 | 18,050 | 18,262 | 18,612 | 70,947 | 16,698 | 18,362 | 14,882 | 16,974 | 66,916 | 4,031 |
| Leasing revenue on owned equipment | 5 | 3 | 5 | 4 | 17 | 4 | 5 | 4 | 4 | 17 | 0 |
| Sales of owned equipment | 3,121 | 6,201 | 5,802 | 5,982 | 21,106 | 2,766 | 5,809 | 3,897 | 4,417 | 16,889 | 4,217 |
| Total of owned activity | 3,126 | 6,204 | 5,807 | 5,986 | 21,123 | 2,770 | 5,814 | 3,901 | 4,421 | 16,906 | 4,217 |
| Other capital gains on disposals | 0 | 5 | -1 | 10 | 14 | 1 | 1 | -1 | -1 | 1 | 13 |
| Total Others | 0 | 5 | -1 | 10 | 14 | 1 | 1 | -1 | -1 | 1 | 13 |
| Total Miscellaneous and eliminations | 3,126 | 6,209 | 5,806 | 5,996 | 21,137 | 2,771 | 5,815 | 3,900 | 4,420 | 16,907 | 4,230 |
| Total Restated Revenue from activities | 36,380 | 44,046 | 41,095 | 43,492 | 165,013 | 37,105 | 41,949 | 37,430 | 40,642 | 157,127 | 7,886 |
1 Corresponds to the restated revenue from activities.
2 Operating EBITDA corresponds to the recurring operating income excluding depreciation, amortisation and impairment.
3 In million TEUs – source : Clarksons
4 EcoVadis: 150,000 companies evaluated worldwide in 2024
5 Ethfinance Ratings: 1,868 European listed-companies evaluated in 2024
Attachment
- ENG TOUAX Press release – FY 2024
