2005 Annual Report - Touax

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Owned real estate, plant and equipment Tangible and intangible fixed assets The Group is an operating lessor of standardized mobile equipment. At present, the Group owns few intangible fixed assets (€114,000). It does, however, own significant tangible fixed assets (€103.5 million), representing the equipment owned and leased out by the Group (shipping containers, modular buildings, river barges and freight railcars). Details of the tangible and intangible fixed assets are provided in the notes to the consolidated financial statements note 13 page 75 and note 14 page 76 . Environmental policy The environmental risks liable to have an impact on the assets or income of the company are not significant, since the Group primarily carries out a service activity. Consequently, no significant expenditure has been incurred in the following areas (Eurostat classification): •protection of the atmosphere and climate, •management of wastewater, •waste management, • protection and decontamination of soil, groundwater and surface water, •combating noise and vibrations, •protection of biodiversity and the countryside, •protection against radiation, •research and development, •other environmental protection activities The Group’s environmental policy is based on three main strategies. Rigorous land management As a user of storage platforms, the Group has implemented an environmentally friendly system of land management: • systematic analysis of land by core boring when a site is acquired, •contact with local authorities to ensure better integration of the activities into the existing environment, • careful compliance with existing legislation on rainwater and wastewater (particularly involving the use of water and hydrocarbon separators), • the choice of simple architecture which is in harmony with the environment, • the planting of green spaces including identified local species. Identification and control of substances used When maintenance work is carried out, the Group sometimes uses products such as paints, solvents, acid, etc. A procedure similar to that deployed with regard to risk prevention enables the components of the products used to be identified. Such identification has improved the storage conditions but in particular the sorting and removal of waste and containers. Each site outsources the work to recognized, qualified waste treatment companies under specific contracts. The railcars and river barges businesses also contribute to the environment by complying with the existing rules on the cleaning of containers. The rationalization of working methods and risk prevention have raised awareness more specifically of waste management. Optimization of transport vehicles The Group optimizes the management of its truck fleet, thereby promoting respect for the environment by reducing carbon emissions into the atmosphere. This is achieved by means of the following: • regular checks of transport vehicles, lift trucks, railcars, pushboats and self-propelled vessels, • outsourcing of transport to companies with very modern vehicles, • rationalization of delivery/return transport in order to limit unnecessary journeys. Generally, the maintenance of the Group’s assets in good condition contributes to respect for the environment. annual report <strong>2005</strong> 34
Examination of the financial position and result Financial position The examination of the financial position is presented in the management report page 119. Operating result The examination of the operating result is presented in the management report page 119. Cash and capital Capital of the Group The Group’s financial and cash resources are detailed in the notes to the consolidated financial statements section Note 20 page 79 and Note 22 page 81 with details of the liquidity risks page 17 and of the interest rate risks page 18. Cash flow The Group’s cash flow is detailed and explained in the cash flow statement in the consolidated financial statements page 46. Borrowing conditions and financing structure The borrowing conditions and the financing structure are detailed in the notes to the consolidated financial statements page 81 with information on the liquidity risks page 17 and on the interest rate risks page 18. The group uses a wide range of financing instruments to meet its financing requirements: • Spot lines (364 days) and overdraft lines are used for isolated working capital financing requirements and for the prefinancing of assets (enabling substantial asset portfolios to be created prior to longterm financing or sale to third-party investors); • Lines of revolving credit which can be drawn by means of bills are used for the prefinancing of assets; • Medium- to long-term lines are used for the prefinancing of assets carried on the balance sheet of the Group; • Leasing lines are also used for the financing of assets carried on the balance sheet of the Group. Restriction on the use of capital which has or could have a significant direct or indirect influence on the operations of the issuer To our knowledge there is no restriction either on the payment of cash from subsidiaries to the parent company or on the use of the Group’s cash resources. Expected sources of financing to meet investment commitments The sources of financing are detailed in the firm investment commitments page 24. Research and development, patents and licenses The Group has no research and development activity. annual report <strong>2005</strong> 35
Page 1 and 2: 2005 annual report your operational
Page 3 and 4: The message of the general partners
Page 5 and 6: contents Shipping containers 4 Modu
Page 7 and 8: Modular buildings A flexible servic
Page 9 and 10: Freight railcars Services for indus
Page 11 and 12: tion chart River barges FRANCE Sein
Page 13: Stock market Distribution of capita
Page 16 and 17: Responsible persons Persons respons
Page 18 and 19: Selected financial information Sele
Page 20 and 21: Risk factors annual report 2005 Aga
Page 22 and 23: Risk factors annual report 2005 the
Page 24 and 25: Risk factors annual report 2005 Gro
Page 26 and 27: Information concerning the issuer H
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Page 30 and 31: Brief survey of activities annual r
Page 32 and 33: Organigram Parent-subsidiary relati
Page 34 and 35: Organigram The guarantees and other
Page 38 and 39: Information on trends Main trends u
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Page 42 and 43: Remuneration and benefit En 2004 (
Page 44 and 45: Main shareholders Breakdown of shar
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Significant contracts There are no
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Reports of the Managers Analysis by
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Draft resolutions Combined General
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Draft resolutions 2 A variable port
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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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