2005 Annual Report - Touax

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Financial information concerning the assets, financial position and results of the issuer Analysis of the tax charge 31.12.2005 31.12.2004 (€ thousands) Due Deferred Total Due Deferred Total Europe (408) (428) (836) (291) (45) (336) United States 0 (1,503) (1,503) (2) 0 (2) Others 20 20 0 1 1 TOTAL (408) (1,911) (2,318) (293) (44) (337) (€ thousands) 2005 Net income of consolidated companies 3,640 Corporation tax (2,318) Pretax income 5,958 Theoretical tax charge at 34.33% (2,016) Impact on theoretical tax of: Limitation of deferred tax (736) Permanent differences and other elements (201) Losses created during the period 406 Losses allocated to the period 237 Temporary differences (8) Effective tax charge (2,318) The balance of deferred tax assets in the United States not recognized in the financial statements is estimated at $0.8 million. The balance of French deferred tax assets not recognized in the financial statements is estimated at €2.2 million. annual report 2005 74 Consolidated accounts
Notes to the balance sheet Assets note 13. Goodwill The change in goodwill is as follows: 31.12.2005 31.12.2004 (€ thousands) Net value Net value River barges Eurobulk Transportmaatschappij BV 221 221 CS de Jonge BV 91 91 Interfeeder-Ducotra BV 1,968 1,968 TOUAX Rom SA 4 4 TOUAX Leasing Corp 0 59 Modular buildings Siko Containerhandel Gmbh 288 288 Workspace Plus 16 14 Railcars TOUAX Rail Limited 4,554 TOTAL 7,142 2,644 The decrease in the goodwill in respect of TOUAX Leasing Corp follows the sale of barges operating in the United States in the first half of 2005. The acquisition of the shares of TOUAX Rail Limited from Almafin, which held 49% of the voting rights, generated goodwill. This goodwill was recognized after verification that all the identifiable assets and liabilities meet the accounting criteria described in IFRS 3 and have been valued at their fair value. The stated goodwill comprises the amount by which the acquisition price of the shares of TOUAX Rail Limited exceeds the net fair value of the identifiable assets and liabilities. This fair value is the book value of the assets and liabilities of TOUAX Rail Ltd. The company TOUAX Rail Ltd was formed in 2002. It has built up a strong brand awareness since that date. The recognized goodwill represents this brand awareness. The company’s intangible assets comprise management contracts. It should be noted, however, that the current value of these contracts is not significant. It is not currently possible to take advantage of economies of scale owing to the size of TOUAX Rail Ltd. The tangible assets (railcars) of TOUAX Rail Ltd have all been acquired since May 2002. They are correctly identified in the financial statements of the subsidiary. Because of the recent date of acquisition of the railcars, it can be stated that the book value of these assets represents their market value. Impairment tests have been carried out on all goodwill. A test was carried out in particular on the company Interfeeder Ducotra on the basis of market value. It did not reveal any loss of value. annual report 2005 Consolidated accounts 75
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2005 annual report your operational
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The message of the general partners
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contents Shipping containers 4 Modu
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Modular buildings A flexible servic
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Freight railcars Services for indus
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tion chart River barges FRANCE Sein
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Stock market Distribution of capita
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Responsible persons Persons respons
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Risk factors annual report 2005 Aga
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Draft resolutions Combined General
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Table of contents annual report 200
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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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