2005 Annual Report - Touax

Repayment schedule for the Trust’s subordinated debt:
Minimum accumulated
Balance repayable
Date Payment redemption (in $ thousands)
16.12.1998 Closing date 6,402
16.12.2001 4th anniversary 521 5,881
16.12.2004 6th anniversary 1,098 4,782
16.12.2006 8th anniversary 1,929 2,853
15.01.2009 Maturity date 2,706
The financial expenses must be settled by the Trust each quarter.
The lease of the Trust’s containers by Gold Container has the following impact on the Group accounts (in € thousands):
IN THE CONSOLIDATED INCOME STATEMENT
(€ thousands) 31.12.2005 31.12.2004
Leasing revenues from equipment belonging to the 1998 Trust 3,754 3,912
Trust intitial commission (1) 0 0
In consolidated revenues 3,754 3,,912
Operating expenses on equipment belonging to the Trust (2) (577) (612)
Trust formation expenses (3) 0 0
In purchases and other consolidated external expenses (577) (612)
Distributions to the Trust (4) (2,850) (2,967)
In consolidated leasing revenues due to investors (2,850) (2,967)
TOTAL (5) 327 333
(1) The initial commission corresponds to a flat-rate fee that covers the marking, inspection and transportation of containers to their first rental location. The corresponding
charge is recorded under operating expenses, general expenses and overheads.
(2) Operating expenses include storage, maintenance and repair expenses, remuneration paid to the network of agents and generally all operating expenses contractually
offset against net revenues due to the Trust.
(3) The formation expenses cover remuneration of law firms, the network of brokers and others involved in setting up the operation.
(4) Distributions made to the Trust relate to net income generated by the operation of containers after deduction of Gold Corp’s service fee, which amounted to €327,000
in December 2005.
(5) The total comprises management commissions received by the Group for the management of equipment belonging to the 1998 Trust.
annual report 2005
Consolidated accounts
93