2005 Annual Report - Touax

Impacts on the accounts of the Group
Impacts of IAS 18 Balance sheet Translation Balance sheet
(€ thousands) as at 01/01/2004 2004 income difference as at 31/12/2004
Initial commissions
Leasco 1 (1) (2,982) 217 (2,765)
Leasco 2 (2) (2,375) 173 (2,202)
Shipping containers (5,357) 0 390 (4,967)
Modular buildings (GIE Modul Finance I) (3) (3,170) (18) (3,188)
TOTAL (8,527) (18) 390 (8,155)
(1) Deferred income up to the amount of the liquidity reserve ($3.8 million) formed for Trust TCLRT 98 – cf. note 23 in the notes to the consolidated financial statements.
(2) Deferred income up to the amount of the collateral deposit ($3 million) formed on the creation of Trust TLRT 2001 – cf. note 23 in the notes to the consolidated financial
statements.
(3) Deferred income up to the amount of the original collateral deposit with the GIE – cf. note 23 in the notes to the consolidated financial statements.
8 – Employee benefits
Differences between IFRS and French GAAP
The work carried out on identifying and qualifying
retirement schemes and similar benefits has not
revealed any new obligations under IAS 19
“Employee benefits” as compared to the schemes
identified under French standards. The commitments
recorded only relate to retirement benefits for
the employees of the French companies.
In the French accounts the provision is calculated on
a partial basis. The pension commitments have been
recalculated in accordance with the valuation
methods of IAS 19 (discounting of commitments,
application to all employees).
As under French GAAP, all of the charge for the year
is recorded in the operating expenses.
No significant actuarial difference has been revealed
in the calculations of the commitments as at
1 January 2004 and 31 December 2004.
Impacts on the accounts of the Group
The impacts of the recognition of pension commitments
in accordance with IAS 19 are not significant.
9 – Deferred tax
The rules on the recognition of deferred tax in accordance
with IAS 12 differ little from the rules applied
by TOUAX in the consolidated financial statements
under French GAAP.
The deferred tax is never discounted under IFRS (for
example, provisions for retirement and similar
benefits).
Under IFRS, the tax assets and liabilities relating to
a single tax entity (for example a fiscal integration
group) are shown in the balance sheet after set-off.
The net deferred tax assets and the net deferred tax
liabilities are then presented in separate headings in
the balance sheet, among the non-current assets
and non-current liabilities respectively.
Taken collectively, the preceding adjustments made
in the context of IFRS have a negative effect on the
Group’s shareholders’ equity, leading initially to the
recording of a deferred tax asset.
In the case of the American fiscal group (TOUAX
Corp.), the analysis of the potential for recovery from
future profits results in no additional deferred tax
asset being recorded as at 1 January 2004. The same
analysis as at 31 December 2004 leads to the recognition
of a deferred tax asset of €1,274,000.
For the French and Dutch fiscal integration groups,
no additional net deferred tax asset has been recorded
as at 1 January 2004 and 31 December 2004, in
view of the low probability of recovery from future
taxable profits.
note 29.6. Levels of segment reporting applied by
the TOUAX Group
Cf. notes to the consolidated financial statements
note 1.21 page 61.
annual report 2005
Consolidated accounts
109