2005 Annual Report - Touax

The Group owns a significant subsidiary, GOLD Container Corporation, a company registered under the law of
the United States. The key figures for this company are presented in the following table:
($ ’000) 2005 2004 Variation
Net fixed assets 7,520 8,806 (1,286)
Shareholders' equity 18,913 15,728 3,185
Financial liabilities 2,245 3,559 (1,314)
Revenues 150,026 127,647 22,379
Operating income before distributions to investors 52,646 44,665 7,981
Operating income after distributions to investors 4,470 5,389 (919)
Net income 3,684 3,538 146
GOLD Container Corporation has distributed a dividend
of $0.5 million to its parent company TOUAX
Corp. This distribution, offset against the income for
the year, is the main reason for the change in shareholders’
equity. The decrease in financial debts is
associated with the repayment of borrowings.
The significant rise in revenues and income is
explained by the increase in sales and leasing revenues
associated with the completion of new management
programs.
Other significant facts concerning the other subsidiaries
of the Group are as follows:
TOUAX BV is a Dutch operational holding company in
the modular buildings business and has a Belgian
subsidiary TOUAX NV.
Eurobulk Transport Maatschappij BV is a Dutch operational
holding company in the river barges business
and has the Dutch subsidiaries Interfeeder-Ducotra BV
and CS de Jonge BV, a Belgian subsidiary Eurobulk
Belgium BVBA and a Romanian subsidiary TOUAX
Rom SA.
Siko Containerhandel GmbH is a German operational
holding company in the modular buildings business
and has a Polish subsidiary Siko Polska
sp.z.o.o.
TOUAX Corp is an American holding company for the
companies registered in the United States, and in
particular Gold Container Corp (shipping containers),
Marsten THG modular leasing Corp
Workspace plus D/B/A (modular buildings) and
TOUAX Leasing Corp (river barges).
TOUAX Rail Ltd is an Irish operational holding company
in the railcars business and has an Irish subsidiary
TOUAX Rail Finance Ltd, an American
subsidiary CFCL TOUAX Llp and a Romanian subsidiary
TOUAX Rail Romania SA.
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