2005 Annual Report - Touax

Reports of the Managers
Analysis by geographic region
Operating revenues by geographic region
Change
(€ thousands) 2005 2004 2005/2004 %
International 114,908 102,866 12,042 12%
Europe 96,198 70,986 25,212 36%
United States 10,885 6,731 4,154 62%
TOTAL 221,991 180,583 41,408 23%
In the modular buildings, river barges and freight
railcars businesses, the location of the services, the
location of the markets and the location of the customers
are identical.
The growth in revenues (+€41.4 million; +23%) is
made up as follows:
■ Shipping containers business
Revenues in the shipping containers business grew
by €12.0 million (+11.66% compared to 2004). This
increase is mainly due to the growth in leasing revenues
(+19%) following the increase in the fleet under
management and sales of containers to investors
under new management programs (+6%).
■ Modular buildings business
Revenues in the modular buildings business
amounted to €45.3 million (compared to €37.1 million
in 2004), showing a rise of 22% due to an improvement
in utilization rates (75.2% in 2005 compared
to 73.6% in 2004) and an increase in the fleet.
■ River barges business
Revenues in the river barges business amounted to
€31 million, compared to €29.1 million in 2004, i.e.
a rise of 6.6%. This rise is mainly due to the increase
in leasing revenues resulting from an improved utilization
rate.
■ Railcars business
Revenues in the freight railcars business amounted
to €30.8 million, a rise of 170% compared to €11.4
million in 2004. Equipment sales grew by €17.5 million.
Railcar leasing revenues increased by 42% due
to the increase in volumes under management. It
should also be noted that 100% of this business was
acquired on 1 December 2005.
annual report 2005
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