2005 Annual Report - Touax

Financial information concerning the assets,
financial position and results of the issuer
annual report 2005
nomic environment and that is subject to risks and
returns that are different from those of components
operating in other economic environments. Factors
that shall be considered in identifying geographical
segments include: (a) similarity of economic and political
conditions; (b) relationships between operations
in different geographical areas; (c) proximity of operations;
(d) special risks associated with operations in a
particular area; (e) exchange control regulations; and
(f) the underlying currency risks. §13 of IAS 14 also
indicates that “The risks and returns of an enterprise
are influenced both by the geographical location of its
operations (where its products are produced or where
its service delivery activities are based) and also by the
location of its markets (where its products are sold or
services are rendered). The definition allows geographical
segments to be based on either: (a) the location
of an enterprise’s production or service facilities and
other assets; or (b) the location of its markets and customers.”
The geographic segments depend on the location of
the markets and correspond to the location of the
assets.
In the modular buildings, river barges and freight
railcars businesses, the location of the services, the
location of the markets and the location of the customers
are identical.
In the shipping containers business, the location of
the markets differs from the location of the customers
and the location of the services. The location of
the markets corresponds to the location of the
assets. Under the terms of standard IAS 14, the geographic
regions in the shipping containers business
correspond to the location of the assets. Shipping
containers are regularly transported from one country
to another in line with international commercial
flows across hundreds of commercial routes. The
Group neither knows nor controls the movements or
location of leased containers. On the basis of the
container Leasing contracts in existence as at 31
December 2005, containers may arrive at ports in
over 100 countries throughout the world.
Consequently it is impossible to separate the revenues
and assets of the shipping containers business
by geographic region within the meaning of standard
IAS 14. The shipping containers business is classified
in the international zone.
note 2. Scope of consolidation
note 2.1. Changes in the scope of consolidation
Number of consolidated companies 2005 2004
French companies 3 3
Foreign companies 27 27
TOTAL 30 30
The shares in TOUAX Rail Ltd held by Almafin, representing
49% of the voting rights, and the shares in
Almafin Rail Investment Ltd, representing 51% of
the voting rights, were acquired by TOUAX SCA on 30
November 2005. The companies belonging to the
TOUAX RAIL Ltd group (TOUAX Rail Ltd, TOUAX Rail
Finance Ltd, TOUAX Rail Romania SA and CFCL
TOUAX Llp) and Almafin Rail Investment Ltd are no
longer under joint control and have consequently
been fully consolidated since 30 November 2005.
These companies are controlled 100%. For the
record, these companies were proportionally consolidated
up to 30 November 2005.
This acquisition has an impact of €10,977,000 on
revenues and of €750,000 on the result.
If the acquisition had taken place on 1 January 2005,
the Group’s revenues and result would have been
€229,923,000 and €4,586,000 respectively, compared
to €221,992,000 and €4,083,000 according to the
consolidated financial statements.
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Consolidated accounts