2005 Annual Report - Touax

CHANGE IN NET CASH POSITION (I) + (II) + (III) + (IV) (9,454) 6,441
Analysis of the change in the cash position
Cash position at start of period 29,590 23,149
CASH POSITION AT END OF PERIOD 20,136 29,590
Change in net cash position (9,454) 6,441
A
B
(€ thousands) 2005 2004
Change in operating working capital requirement
Inventories and work in progress 6,923 (9,455)
Change in trade debtors 2,752 (7,981)
Other current assets 2,396 (5,938)
Trade creditors (17,383) 10,237
Other liabilities (10,242) 12,476
Change in operating working capital requirement (15,554) (661)
Change in investing working capital requirement
Receivables in respect of fixed assets & related accounts 804 497
Liabilities in respect of fixed assets & related accounts 2,684 479
Change in investing working capital requirement 3,488 976
As at 31 December 2005, the cash outflows generated
by operating activities amounted to €2.4 million,
a rise of €9.6 million compared to 31
December 2004. This rise is due mainly to the
increase in the change in the working capital requirement
of €14.9 million detailed in the table above.
The increase in the working capital requirement is
mainly due to payments to suppliers of equipment
(particularly shipping container manufacturing
plants), the receipt of sales proceeds for such
equipment having been recorded mainly in the previous
year.
The cash outflows associated with investment activities
amounted to €31.7 million, a rise of €42.2 million
compared to 31 December 2004. This financing
requirement is mainly due to the fact that investments
were €35.7 million higher in 2005 (€54.9 million)
compared to 2004 (€19.2 million) and that the
increase in proceeds of asset disposals was lower at
€0.5 million. The acquisition of the shares of the
TOUAX Rail group had an impact of -€8.5 million on
the cash flows from investment operations.
The cash inflows associated with financing activities
amounted to €22.4 million, a rise of €32.2 million
compared to 2004. This rise corresponds to new
lines financing contracted in 2005 and the increase
in the capital of the parent company TOUAX SCA carried
out during the second half of 2005.
The cash flows associated with changes in exchange
rates amounted to €3.7 million in 2005, compared to
2004, mainly due to the rise in the value of the dollar.
The investment operations of €31.7 million and the
cash outflows generated by operating activities
amounting to €2.4 million were financed by financing
flows of €22.4 million, foreign exchange flows
of €2.3 million and cash of €9.5 million.
annual report 2005
Consolidated accounts
51