2005 Annual Report - Touax

Profit forecasts or estimates
Report of the statutory auditors – forecasts
For the attention of Messrs Fabrice and Raphaël Walewski,
In our capacity as Statutory Auditors and pursuant to Regulation (EC) 809/2004, we have prepared the present
report on the forecasts for the results of TOUAX included in section “Profit forecast or estimates” of the 2005
reference document dated 9 june 2006.
These forecasts and the significant assumptions which underlie them have been prepared under your responsibility,
pursuant to the provisions of regulation (EC) 809/2004 and the CESR recommendations relating to forecasts.
It is our responsability, on the basis of our procedure to express an opinion, under the terms required by annex
I, point 13.3 of Regulation (EC) 809/2004, on the appropriateness of the preparation of these forecasts.
We have conducted our work in accordance with the professional standards applicable in France. Our work
included an assessment of the procedures established by the Management in order to prepare the forecasts
and of the measures taken to ensure that the accounting methods used comply with those adopted for the preparation
of the historical information of TOUAX. It also involved gathering the information and explanations we
considered necessary in order to obtain reasonable assurance that the forecasts have been drawn up appropriately
on the basis of the stated assumptions.
It should be recalled that, since forecasts are by their nature uncertain, actual results will sometimes differ
significantly from the forecasts presented and that we will express no final view with regard to the realization
of these forecasts.
In our opinion:
2 The forecasts have been appropriately prepared on the basis indicated;
2 The accounting methods used for the purposes of this forecast comply with the accounting methods applied
by TOUAX.
This report has been issued for the sole purpose of the filing of the reference document with the AMF and may
not be used in any other context.
LEGUIDE NAÏM & ASSOCIES
Paul NAÏM
Paris and Neuilly-sur-Seine, 9 june 2006
The Statutory Auditors
DELOITTE & ASSOCIES
Bertrand de FLORIVAL
annual report 2005
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