2005 Annual Report - Touax

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Financial information concerning the assets, financial position and results of the issuer note 27.2.6. Guarantees Guarantees are provided by the parent company in respect of bank facilities utilized by the subsidiaries. (€ thousands) < 1 yr 1-5 yrs > 5 yrs Total Collateral supplied to banks for bank facilities used by subsidiaries 6,032 51,309 2,369 59,710 The total outstanding relating to commitments given to subsidiaries was €33,258,000 at the end of 2005 note 27.3. Additional information relating to finance leasing (capitalized) Leasing Total as at (€ thousands) Land equipment 31.12.2005 ORIGINAL VALUE 1,979 46,544 48,523 Amortization charge for the period 1,715 1,715 ACCUMULATED AMORTIZATION 8,629 8,629 Charges remaining payable (€ thousands) Leasing Total as at Residual Land equipment 31.12.2005 value 2006 263 6,617 6,880 344 2007 87 5,701 5,788 112 2008 87 5,105 5,192 20 2009 87 3,645 3,732 84 More than 5 years 87 7,887 7,974 928 TOTAL 611 28,955 29,566 1,488 AMOUNT CHARGED DURING THE PERIOD (amortization & financial expenses) 57 3,199 3,256 annual report 2005 note 27.4. Policy on personnel profit-sharing The company does not publish a social report. There is no personnel profit-sharing scheme. However, certain categories of personnel (executives, sales personnel) receive individually set annual performance-related bonuses or stock options. 88 Consolidated accounts
note 27.5. Remuneration of the Executive Committee Remuneration of the Executive Committee in 2005 ...........................€586,000 (4 persons) The liabilities in respect of retirement and complementary pensions for the Executive Committee are not significant. No stock options have been granted to the officers of the company. They have been granted to the other members of the Executive Committee (Cf. table of stock options detailed in note 21 of the notes to the consolidated financial statements page 80). note 27.6. Additional information on GIE Modul Finance I In December 1997, and during the 1998 financial year, the TOUAX Group carried out an asset-backed securitization operation by assigning 7,869 modular buildings worth €42 million to a French economic interest grouping named GIE Modul Finance I, of which 10% was owned by the Group and 90% by investors. The investment in GIE Modul Finance I was financed as follows: 2 by issuing redeemable subordinated securities for a total value of €10.5 million, 90% of which were subscribed by an institutional investor and 10% by TOUAX SCA, 2 by contracting a senior loan of €32.6 million, repayable over 10 years, remunerated at 3-month Euribor + 1.8%. Under an operational management contract, the GIE entrusted to the Group the management, leasing and, more generally, the operation of the modular buildings. It is the responsibility of the Group, in its capacity as broker-agent, to collect rental income from customers, to pay operating expenses directly to suppliers and to organize payment of the distributable net rental income to the principal, GIE Modul Finance I, 90 days after the end of each quarter. In 1999, GIE Modul Finance I renegotiated its debt in order to benefit from improved financial conditions. The operational management contract with the Group was renewed for a period of 13 years and 6 months. The new commitments entered into by GIE Modul Finance I were as follows: 2 issue of redeemable subordinated securities for a total of €4.5 million, entirely underwritten by an institutional investor. 2 contracting a senior loan of €28.2 million, repayable over 10.75 years, with a residual value of €9.1 million. This senior debt bears interest at 3-month EURIBOR + 1.475%. The senior rate guarantee entered into by GIE Modul Finance I and financed from the senior loan sets the maximum reference rate of the senior debt at 5%. 2 contracting a junior loan of €8.9 million, repayable over 11.75 years, with a residual value of €2.28 million. This junior debt bears interest at 3-month EURIBOR + 2.425%. The junior rate guarantee entered into by GIE Modul Finance I and financed from the junior loan sets the maximum reference rate of the junior debt at 5%. 2 opening of a deposit account of €0.8 million endowed by TOUAX SCA. The Group does not have control over the GIE within the meaning of interpretation SIC 12 “Consolidation – Special Purpose Entities” and law 2003-706 of 1 August 2003 on financial security. Consequently it is not part of the scope of consolidation. Senior and junior debt repayment schedules (€ thousands) Dates Annual redemption of the principal of the Annual redemption of the principal of the SENIOR DEBT JUNIOR DEBT 2006 1,859 602 2007 1,981 647 2008 2,111 695 2009 2,250 746 2010 802 annual report 2005 Consolidated accounts 89
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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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Information concerning the issuer M
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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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Information on trends Main trends u
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Page 42 and 43: Remuneration and benefit En 2004 (
Page 44 and 45: Main shareholders Breakdown of shar
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Page 116 and 117: Additional information Subscribed c
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Page 120 and 121: Significant contracts There are no
Page 122 and 123: Reports of the Managers Analysis by
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Page 126 and 127: Reports of the Managers Results of
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Page 132 and 133: 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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