2005 Annual Report - Touax

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