2005 Annual Report - Touax

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Financial information concerning the assets, financial position and results of the issuer Confirmed orders for equipment Confirmed orders and investments as at 31 December 2005 amount to €21.7 million, including €0.3 million in respect of shipping containers, €4.5 million in respect of modular buildings and €10.8 million in respect of railcars. note 27.2.4. Hedging of interest rate and currency risks The interest rate hedging products implemented in 2003 continued to be effective in 2005. Taking this hedging into account, the fixed-rate debt represents 36% of the total indebtedness and variable rate debt 64%. This breakdown may be modified again on the decision of the Management of the Group if justified by monetary events. Interest rate swaps are referred to in note 1.17.5. note 27.2.3. Exceptional events and disputes In several countries in which TOUAX SCA and its subsidiaries operate, the tax returns for financial periods that have not lapsed may be inspected by the competent authorities. For each subsidiary of the Group, a quarterly meeting is organized in the form of a Board of Directors or an executive committee. This meeting brings together the management of the Group, the management of the business and the operational and financial managers of the subsidiaries. This meeting provides an opportunity for a detailed review of the subsidiaries’ operations, in particular the monitoring of exceptional events and disputes. The Managers consider that there is currently no government, legal or arbitration procedure, including any procedure of which the company is aware, which is in abeyance or with which it is threatened, that is liable to have or has had over the last 12 months a significant impact on the financial situation or profitability of the company and/or the Group. The off balance sheet financial instruments as at 31 December 2005 were as follows: Nominal Interest rate Maturity date (€ thousands) amount minimum maximum minimum maximum Interest rate swaps – borrower fixed rate/ lender variable 7,986 3.15% 3.85% 1/04/08 28/12/10 Financial liabilities – interest rate risk As at 31 décembre 2005 Amount before Amount after (€ thousands) hedging operations hedging operations Euros at fixed rate 20,467 26,188 Euros at variable rate 51,008 45,287 Dollars at fixed rate 4,660 6,925 Dollars at variable rate 13,381 11,116 Other currencies at variable rate 1,931 1,931 Total fixed-rate liabilities 25,127 33,113 Total variable-rate liabilities 66,320 58,334 Total liabilities 91,447 91,447 annual report 2005 In 2005, TOUAX SCA and its subsidiaries made no use of financial instruments to hedge currency risks. The Group considers that the currency risks generated by its operating activities are low. The operating activities are organized in such a way that the assets and liabilities, revenues and expenses of a specific business are denominated in the same currency. The euro-denominated loan financing assets in dollars, which had been covered by operating income in 2003, shows a residual capital which makes the impact of exchange rate fluctuations insignificant at Group level. 86 Consolidated accounts
note 27.2.5. Collateral provided As collateral for the facilities granted to finance wholly owned Group assets (excluding leases) or managed assets, TOUAX SCA and its subsidiaries have provided the following collateral (in € thousands): 31 December 2005 2004 Year of Maturity Assets Total of balance (€ thousands) commencement pledged sheet item % Mortgages (river barges) 29,859 39,706 75.20% 12,567 1997 2008 1,408 1998 2006 1,081 1999 2009 2,313 2002 2009 1,197 2005 2010 9,748 2002 2012 1,059 2003 2008 635 2003 2013 4,333 2003 2015 7,300 2005 2015 785 Real estate mortgages 1996 2009 785 4,350 18.0% 685 Pledges of tangible assets 13,386 95,769 14.0% 6,013 Modular buildings 2005 2016 2,558 Shipping containers 2004 2012 1,982 Railcars 2004 2016 8,846 Pledges of financial assets (deposits pledged as collateral) 7,383 11,294 65.4% 8,166 Modular buildings 1997 2010 1,050 Shipping containers 1998 2009 3,796 2001 2012 2,537 TOTAL 51,413 151,119 34.0% 27,431 The release of collateral (mortgages, pledges and other security) is subject to the repayment of the financial facilities granted. No other particular conditions apply. annual report 2005 Consolidated accounts 87
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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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Selected financial information Sele
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Risk factors annual report 2005 Aga
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Risk factors annual report 2005 the
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Risk factors annual report 2005 Gro
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Information concerning the issuer H
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Brief survey of activities annual r
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Organigram Parent-subsidiary relati
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Organigram The guarantees and other
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Owned real estate, plant and equipm
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Report of the Supervisory Board and
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Report of the Supervisory Board and
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Recent press releases annual report
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Draft resolutions Combined General
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Draft resolutions annual report 200
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Draft resolutions 2 A variable port
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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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