2005 Annual Report - Touax

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annual report 2005 Financial information concerning the assets, financial position and results of the issuer Consolidated financial statements The consolidated financial statements of TOUAX SCA are presented in accordance with international standards (International Financial Reporting Standards – IFRS). Consolidated income statement, presented by function as at 31 December note n o (€ thousands) 2005 2004 (1) (2) Leasing revenues 127,968 110,267 Sales of equipment 93,926 70,227 Commissions 98 89 4 TOTAL REVENUES 221,992 180,583 5 Capital gains on disposals 2,836 4,547 Revenue from activities 224,828 185,130 Cost of sales (88,177) (65,135) Operating expenses (59,200) (57,118) Selling, general and administrative expenses (10,974) (10,314) Overheads (3,647) (3,061) GROSS OPERATING MARGIN (EBITDA) 62,830 49,502 9 Depreciation and amortization (7,523) (5,795) OPERATING INCOME before distribution to investors 55,307 43,707 10 Net distribution to investors (46,681) (36,862) OPERATING INCOME after distribution to investors 8,626 6,845 Financial income 1,651 1,228 Financial expenses (4,319) (4,945) 11 FINANCIAL RESULT (2,668) (3,717) UNDERLYING PRETAX EARNINGS 5,958 3,128 12 Corporation tax (2,318) (337) NET INCOME FROM CONSOLIDATED COMPANIES 3,640 2,791 Income from discontinued activities 0 0 NET INCOME OF THE CONSOLIDATED GROUP 3,640 2,791 Minority interests 442 386 CONSOLIDATED NET ATTRIBUTABLE INCOME 4,082 3,177 NET EARNINGS PER SHARE 1.40 1.12 DILUTED NET EARNINGS PER SHARE 1.40 1.09
Consolidatd income statement, presented by type as at 31 December note n o (€ thousands) 2005 2004 (1) (2) 4 REVENUES 221,992 180,583 5 Capital gains on disposals 2,836 4,547 Revenue from activities 224,828 185,130 6 Purchases and other external expenses (147,802) (124,372) 7 Personnel expenses (14,643) (11,550) 8 Other operating income and expenses 549 (681) GROSS OPERATING PROFIT 62,931 48,527 Operating provisions (101) 975 GROSS OPERATING MARGIN (EBITDA) 62,830 49,502 9 Depreciation and amortization (7,523) (5,795) OPERATING INCOME before distribution to investors 55,307 43,707 10 Net distributions to investors (46,681) (36,862) OPERATING INCOME after distribution to investors 8,626 6,845 Financial income 1,651 1,228 Financial expenses (4,319) (4,945) 11 FINANCIAL RESULT (2,668) (3,717) PRETAX UNDERLYING EARNINGS 5,958 3,128 12 Corporation tax (2,318) (337) NET INCOME FROM CONSOLIDATED COMPANIES 3,640 2,791 Result of discontinued activities 0 0 NET INCOME OF THE CONSOLIDATED GROUP 3,640 2,791 Minority interests 442 386 CONSOLIDATED NET ATTRIBUTABLE INCOME 4,082 3,177 Net earnings per share 1.40 1.12 Diluted net earnings per share 1.40 1.09 (1) The IFRS income statement for full-year 2004 is extracted from the memorandum entitled “Impact of International Accounting Standards (IFRS)”, which forms an integral part of the Group’s reference document in respect of 2004. The assumptions and principles applied in the preparation of the 2004 IFRS income statement were described in that memorandum. A reconciliation table and comments are provided in order to explain the impacts of the transition to IFRS on the income statement as at 31 December 2004 in note 28 Impact of IFRS. This information is included in the notes to the consolidated financial statements note 28 page 97. (2) In accordance with the transitional provisions specifically provided for in standards IAS 32 “Financial instruments: disclosure and presentation”, IAS 39 “Financial instruments: recognition and measurement” and IFRS 1 “First-time adoption of IFRS”, the TOUAX Group has decided not to apply the IFRS standards to financial instruments in the preparation of the 2004 income statement, but to continue to account for them under French GAAP. The IFRS standards concerning financial instruments have only been applied with effect from 1 January 2005: the differences between the IFRS and French GAAP are described in the accounting principles in section note 1.17 page 58 and the corresponding figures are set out in the statement of changes in shareholders’ equity. The operating income after distribution to investors corresponds to the operating income as defined by the CNC. The financial result is detailed in note 11, which states the amount of financial income, being income from cash and cash equivalents, the amount of financial expenses, being the cost of gross financial debt, and the total net financial expenses corresponding to the cost of net financial debt. The other operating income and expenses correspond to items which are “very limited in number, unusual, abnormal and infrequent” (cf. §5.5.5 CNC 2004-R02). These items are detailed in the notes to the consolidated financial statements note 8 page 71. annual report 2005 Consolidated accounts 47
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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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