2005 Annual Report - Touax

Reports of the Managers
Management report
International accounting standards (IFRS –
International Financial Reporting Standards)
The 2005 consolidated financial statements have
been prepared in accordance with IFRS pursuant to
the regulations in force. The 2004 consolidated
financial statements have been adjusted in accordance
with these standards. The accounting differences
between the French standards previously
used and the international standards are detailed in
the 2004 reference document which was filed with
the Autorité des Marchés Financiers on 3 June 2005
under the number D.05-820 and are reproduced in
the notes to the 2005 financial statements included
in this reference document.
The standards IAS 32 and IAS 39 relating to financial
instruments came into force in 2005. The application
of these standards by the Group generated a negative
impact of €0.5 million on the Group’s shareholders’
equity as at 1 January 2005, corresponding to
the discounting of financial assets and liabilities
(-€0.4 million) and the valuation of interest rate
swaps (-€0.1 million).
Amendments to the articles of association
The limited company TOUAX SA was converted into a
partnership limited by shares by the decision of the
Extraordinary General Meeting of 30 June 2005.
Changes in the scope of consolidation
On 1 December 2005, TOUAX SCA acquired 49% of
the shares of TOUAX RAIL Limited from Almafin NV.
Following this transaction, TOUAX SCA holds 100%
of TOUAX RAIL Ltd. The companies are all fully
consolidated as at 31 December 2005.
This acquisition has an impact of €10,977,000 on
revenues and of €750,000 on the result.
If the acquisition had taken place on 1 January 2005,
the Group’s revenues and result would have been
€229,923,000 and €4,586,000 respectively, compared
to €221,992,000 and €4,083,000 according to the
consolidated financial statements.
Analysis by business segment
Revenues for the period
The Group’s consolidated revenues amount to
€222.0 million, compared to €180.6 million in 2004,
an increase of €41.4 million (+23%). On a like-forlike
basis and at constant exchange rates, revenues
rose 17%.
Operating revenues by business segment
Change
(€ thousands) 2005 2004 2005/2004 %
SHIPPING CONTAINERS 114,933 102,908 12,025 12%
Leasing revenues 53,813 45,269 8,544 19%
Sales of equipment 61,072 57,587 3,485 6%
Sundry items 48 52 (4) -8%
MODULAR BUILDINGS 45,278 37,114 8,164 22%
Leasing revenues 36,592 31,161 5,431 17%
Sales of equipment 8,686 5,953 2,733 46%
RIVER BARGES 31,032 29,119 1,913 7%
Leasing and transport revenues 31,031 29,119 1,912 7%
Sales of equipment 1 0 1 na
RAILCARS 30,758 11,379 19,379 170%
Leasing revenues 6,541 4,655 1,886 41%
Sales of equipment 24,167 6,687 17,480 261%
Sundry items 50 37 13 35%
Others items (sundry and eliminations) (10) 63 (73) na
TOTAL 221,991 180,583 41,408 23%
annual report 2005
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