2005 Annual Report - Touax

Financial information concerning the assets,
financial position and results of the issuer
annual report 2005
Statutory auditors
Report of the statutory auditors to the shareholders
– Consolidated financial statements
For the financial year ending 31 December 2005
To the shareholders of TOUAX
In accordance with our appointment as statutory
auditors by your Annual General Meeting, we have
audited the accompanying consolidated financial statements
of TOUAX for the year ended 31 December
2005.
The consolidated financial statements have been
approved by the Management Board. It is our role to
express an opinion on these financial statements
based on our audit. These financial statements have
been prepared for the first time in accordance with
IFRS accounting standards as adopted in the
European Union. They include on a comparative
basis the data relating to 2004, adjusted in accordance
with the same rules, except for standards IAS
32 and IAS 39, which, in accordance with the option
made available by the standard IFRS 1, are only
being applied by the company with effect from 1
January 2005.
1. Opinion on the consolidated financial statements
We carried out our audit according to the professional
standards applicable in France. Those standards
require that we plan and perform the audit to obtain
reasonable assurance that the consolidated financial
statements are free of material misstatements. An
audit consists of examining the data contained in the
accounts using sampling techniques. An audit also
involves assessing the accounting principles used
and significant estimates made in preparing the
financial statements, as well as evaluating the overall
presentation. We believe that our audit provides
a reasonable basis for the opinion expressed below.
In our opinion, the consolidated financial statements
give a true and fair view of the assets and financial
situation of the Group as of 31 December 2005 and
the results of its operation for the year then ended in
accordance with IFRS standards as adopted in the
European Union.
2. Justification of our assessment
In accordance with the provisions of article L.823-9
of the Commercial Code relating to the justification
of our assessment, we would draw your attention to
the following:
As stated in paragraph 1.3 of the notes, the management
of the TOUAX Group produces estimates and
formulates assumptions relating principally to the
valuation of long-term assets (goodwill, tangible
fixed assets, amounts receivable from the Trusts and
from GIE Modul 1) and deferred tax assets:
2 With regard to the main long-term assets, the
valuation method for which is described in notes 1.6,
1.7, 1.9 and 1.10 of the notes to the consolidated
financial statements, we have examined the
methods used by the company to carry out the
impairment tests on these assets and the cash flow
forecasts and assumptions used and we have verified
the adequacy of the information provided in
notes 1.6, 1.7, 1.9, 1.10, 13, 14 and 15 of the notes to
the consolidated financial statements.
2 With regard to deferred taxes, the composition of
which is set out in §1.18 of the notes to the consolidated
financial statements, we have assessed the
information and the assumptions on which these
management estimates are based, reviewing the
calculations made by the company, in particular with
regard to the recovery of these assets; we have also
reviewed the adequacy of the information provided in
notes 1.18, 12 and 26 of the notes to the consolidated
financial statements.
On this basis we have assessed the reasonableness
of the estimates made.
The assessments made form part of our audit of the
consolidated financial statements as a whole and
have therefore contributed to the formation of our
unqualified opinion expressed in the first part of this
report.
3. Specific verification
We have also verified the information provided in the
report on the management of the Group, in accordance
with the professional standards applicable in
France. We have no observations to make with
regard to its fairness and consistency with the
consolidated financial statements.
Paris and Neuilly-sur-Seine, 31 May 2006
The Statutory Auditors
LEGUIDE NAÏM & ASSOCIES
Paul NAÏM
DELOITTE & ASSOCIES
Bertrand de FLORIVAL
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