2005 Annual Report - Touax

note 11. Financial result
Change
Change
(€ thousands) 31.12.2005 31.12.2004 2005/2004 (%)
Financial income and expenses
Financial income 664 145 519 358%
Financial expenses (3,913) (3,461) (452) 13%
Net financial expenses (3,249) (3,316) 67 - 2%
Provisions
Amounts released 15 0 15
Amounts charged (34) (532) 498 - 94%
Net charge (19) (532) 513 - 96%
Translation difference
Positive 972 1,052 (80) - 8%
Negative (372) (921) 549 - 60%
Net translation difference 600 131 469 358%
FINANCIAL RESULT (2,668) (3,717) 1,049 - 28%
The transfers to and releases from financial provisions
correspond to unrealized foreign exchange
losses and gains. The translation differences record
the realized foreign exchange losses and gains.
The decrease in the financial loss is associated
directly with foreign exchange gains.
note 12. Corporation tax
Taxes on profit comprise due taxes payable by Group
companies and deferred taxes arising from tax losses
and temporary differences between the consolidated
financial statements and fiscal results.
The Group has opted for the tax consolidation system
in the United States, France and the Netherlands.
The American fiscal group comprises the companies
TOUAX Corp., TOUAX Leasing Corp., Gold Container
Corp., Gold Container Finance Llc, Portable Storage
Services Llc, Workspace Plus, TOUAX Finance Inc.,
TOUAX Container Lease Receivables Corp. (“Leasco
1”) and TOUAX Equipment Leasing Corp. (“Leasco
2”). The French tax group comprises the companies
TOUAX SCA and TOUAX Modules Services SAS. The
legal reorganization of activities in the Benelux countries
has led to the creation of two fiscal groups in the
Netherlands: on the one hand TOUAX BV and on the
other hand EUROBULK Transport Maatschappij BV
and CS de Jonge BV.
annual report 2005
Consolidated accounts
73