2005 Annual Report - Touax

Profit forecasts or estimates
This section contains guidance on the Group’s targets
for full-year 2006. The Group warns potential
investors that these forward-looking statements
depend on circumstances or facts which are expected
to arise in the future. These statements do not
involve historical data and must not be interpreted
as guarantees that the stated events and data will
arise or that the targets will be met. By their very
nature, these targets may prove unattainable, and
the projections on which they are based may prove
erroneous. Investors should take account of the fact
that certain risks described page 17 may have an
impact on the Group’s activities and on its ability to
achieve its targets.
On the basis of continued global growth and international
trade as described page 36 and the new
investments following the capital increases of
November 2005 and January 2006, the Group’s target
for full-year 2006 is growth of more than 30% in
net income.
Main assumptions
The recent capital increase (November 2005)
enabled the Group to increase its owned assets, to
finance its growth and to acquire 100% of the railcar
leasing business.
The main assumptions are as follows:
2 The growth in the containerized traffic market is
estimated at 10% (source: Clarkson Research
Studies March 2006 & Containerisation International
2005). On this basis, the Group’s target is to effect
$75 million of investments on behalf of third parties
in shipping containers and €10 million for the
Group’s own account and to continue to benefit from
economies of scale.
2 The modular buildings business shows sustained
growth in Spain and Poland and recoveries in
France, Germany and the Benelux countries (source
TOUAX) for new equipment. In the United States, the
outlook for growth in sales to local and regional
authorities is positive. The Group’s target is to effect
almost €20 million of investments for its own
account.
2 The river barges business may be affected by
external factors such as climatic conditions and oil
prices. The assumptions do not take account of
these external factors which may have a negative
impact on results. No significant growth in the fleets
is expected in 2006.
2 As a result of the capital increase effected in
November 2005, the Group once again became the
owner of 100% of the railcars business in November
2005. The full consolidation of 100% of the business
will automatically generate an increase in the
Group’s results in 2006. Furthermore, the target for
the increase in the railcar fleets amounts to €40 million,
including €10 million for the Group’s own
account.
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