2005 Annual Report - Touax

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Selected financial information Selected historical financial information Key figures of the income statement (€ thousands) 2005 2004 Leasing revenues 127,968 110,267 Sales of equipment 93,925 70,227 Revenues 221,991 180,583 Operating income before distribution to investors 55,307 43,707 Operating income after distribution to investors 8,626 6,845 Consolidated net attributable income 4,083 3,177 Earnings per share (€) 1.40 1.12 Key figures of the balance sheet (€ thousands) 2005 2004 Total assets 206,290 179,606 Total non-current assets 122,509 92,233 Attributable shareholders’ equity 56,390 33,868 Minority interests (167) 146 Net dividend per share including exceptional dividend (€) 0.6 0.6 No significant change has arisen in the Group’s financial or commercial position since the end of the last financial year. The selected historical financial information is complemented by the management report 119. annual report 2005 Selected financial information for intermediate periods Not applicable. 16
Risk factors These risks or any of these or other risks, not currently identified or considered to be insignificant by TOUAX, may have a negative effect on the business, financial position or results of TOUAX, or on its share price. Dependence factors The Group is not significantly dependent on any holders of patents or licenses, industrial, commercial or financial supply contracts, new manufacturing processes, suppliers or public authorities. Leasing is a recurrent and stable activity. Leasing revenues consequently have low volatility. The business sectors are distinct and the customers and suppliers in each business are different. The businesses use low-technology equipment which is easy to construct. In each of its businesses, the Group has diversified customers and suppliers and is not in a significant position of Dependence on any of its customers or suppliers. Management on behalf of third parties is also a recurrent activity. However, the conclusion of new management programs and hence equipment sales or asset disposals may fluctuate widely from one quarter to the next or from one year to the next. To minimize the risk of Dependence on investors, the Group seeks to increase and diversify the number of investors with whom it operates. However, it should be noted that 61.5% of revenues from equipment sales were generated with a single investor in 2005. In other words, the Group concluded several new management programs in 2005, the most significant of which represents 61.5% of equipment sales. Risk factors Market risk The Group does not have any open positions in the derivative markets and has not used any speculative financial instrument which could have significantly exposed it to financial risks. The Group’s financial flows are therefore only exposed to changes in interest and exchange rates up to the level of its foreign currency positions and borrowings from financial institutions. Interest rate and currency risks are monitored by means of monthly reports prepared by subsidiaries for the Group Treasury department; these reports include loans granted by external institutions and loans concluded between the subsidiaries of the Group. This information is checked, analyzed, consolidated and reported to the Executive Committee. The Group Treasury department makes suggestions on the management of interest and currency risks and the decisions are taken by the Executive Committee. Standard office automation tools meet the Group’s requirements for the monitoring of these risks. In addition, off balance sheet liabilities are regularly listed, particularly on the drawing of each new loan, in order to ensure that comprehensive information is provided. Liquidity risk A liquidity risk arises from the difference in term between the underlying assets and liabilities. In other words, when the assets are of a longer term than the liabilities, there is a theoretical liquidity risk in that it might prove impossible to sell assets to meet the due dates or possible early repayment demands under bank lines of credit. In order to analyze this risk, it is necessary to compare the Group’s gross indebtedness to its net fixed assets and cash position and then to analyze the repayment dates in relation to cash flow. The Group’s indebtedness, which is set out in detail in the notes to the consolidated financial statements, may be summarized as follows: Balance Proportion sheet amount Breakdown Average rate subject to variable rate Short-term credit 32.2 M€ 35% 3,59% 100% Medium and long-term credit 59.2 M€ 65% 5,10% 57% TOTAL 91.4 M€ 100% 4,57% 75% annual report 2005 17
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Significant contracts There are no
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Draft resolutions Combined General
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Table of contents annual report 200
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The present document was filed with
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Tour Arago. 5 rue Bellini 92806 Put
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2005 Annual Report - Touax

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