2010 annual report - touax group

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annual Report 2010 Touax and the stock market Share price performance over 5 years (rebased to 100 at January 2, 2006) 190 170 150 130 110 90 70 50 30 02/01/06 02/01/07 02/01/08 02/01/09 02/01/10 02/01/11 Source : Euronext Dividends distributed (thousands of euros) 2007 2,916 2008 3,898 2009 4,683 TOUAX SBF 2010 5,688 2011 5,696 TOUAX data sheet: ISIN code: FR0000033003 Mnemonic code: ToupFp Listed on: nYSe euronext (paris) Indices: CaC® Small and CaC® mid & Small On December 31, 2010: Number of shares: 5,695,651 Touax share price: €29.49 Market capitalization: €167,823,196 Share price performance (in euros from January 1, 2010 to December 31, 2010) The price of Touax share rose by 32% in 2010. *subject to GSM approval on June 27, 2011 Shares traded over 5 year period (source Euronext) 1,575,179 53,420 1,422,438 Distribution of capital on December 31, 2010 WALEWSKI family 31% 34,666 1,272,044 1,275,483 1,057,599 Public 46% 40,643 24,887 25,475 Institutional (registered) 23% 2006 2007 2008 2009 2010 Number of traded shares Value of shares traded (thousands of euros) Net earnings per share (euro) Distribution of voting rights on December 31, 2010 2006 1.86 2007 3.01 2008 3.72 2009 2.73 2010 2.33 WALEWSKI family 36% Public 43% Institutional (registered) 21% 12I Financial announcements schedule Announcement of Q1 2011 revenues May 13, 2011 I GSM (General Shareholders' Meeting) June 27, 2011 I Distribution of 2010 dividends January 11, 2011 and July 8, 2011 I Announcement of Q2 2011 revenues August 31, 2011 I Announcement of H1 2011 revenues August 31, 2010 I Announcement of Q3 2011 revenues November 15, 2011 I Announcement of Q4 2011 revenues February 15, 2012 I Announcement and presentation of the Group's 2011 revenues week of March 19, 2012
Contents 1. Persons responsible. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2. Statutory auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 3. Selected financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4. Risk factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 5. Issuer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 6. Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 7. Organization chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 8. Real Estate, factories and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 9. Analysis of the financial position and income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 10. Cash and capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 11. Research and development, patents and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . 35 12. Trend information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 13. Profit forecasts or estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 14. Administrative, management, supervisory, and senior management bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 15. Compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 16. Operation of the administrative and management bodies . . . . . . . . . . . . . . . . . 38 17. Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 18. Main shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 19. Related parties transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 20. Financial information concerning the issuer’s assets, financial position and earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 21. Additional information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 22. Significant contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 23. Information from third-parties, declarations of experts and declaration of interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 24. Documents accessible to the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 25. Information regarding holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 26. Reports of the Managing Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 27. Report of the Supervisory Board and of the Chairman of the Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 28. Recently released information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 29. Draft of resolutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 30. Inclusion by reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 31. Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 13
Page 1 and 2: 010 Annual Report Y o u r o p e r a
Page 3 and 4: TOUAX, a corporate services provide
Page 5 and 6: Fabrice Walewski Managing partner T
Page 7 and 8: Modular buildings A cutting-edge se
Page 9 and 10: River barges A full range of intern
Page 11 and 12: a brief history TOUAX, founded in 1
Page 13: Breakdown of revenues by activity a
Page 17 and 18: 2. Statutory Auditors 2.1. Statutor
Page 19 and 20: 4. Risk factors TOUAX has reviewed
Page 21 and 22: ➜ River Barges One of the key com
Page 23 and 24: 4.4.5. Railcar transportation risk
Page 25 and 26: The risk of losses or damage to tan
Page 27 and 28: In 2010, the Group made the followi
Page 29 and 30: Assets managed in the framework of
Page 31 and 32: 7. Organization Chart 7.1. Group or
Page 33 and 34: The guarantees and other commitment
Page 35 and 36: 8. Real estate, factories and equip
Page 37 and 38: 11. Research and development, paten
Page 39 and 40: ➜ Compensation Summary table of t
Page 41 and 42: 17.2. Profit-sharing and stock opti
Page 43 and 44: ➜ Changes in the shareholding Act
Page 45 and 46: 20. Financial information concernin
Page 47 and 48: Comprehensive income statement for
Page 49 and 50: Changes in consolidated Share Premi
Page 51 and 52: Consolidated cash flow statement at
Page 53 and 54: tive financial instruments, invento
Page 55 and 56: management fees for managing the fr
Page 57 and 58: Leases to customers have been analy
Page 59 and 60: ❙ note 1.18.3. Financial liabilit
Page 61 and 62: epurchase agreement at a fixed pric
Page 63 and 64: Company name Address Percentage Met
Page 65 and 66:
note 3. Segment information ➜ not
Page 67 and 68:
➜ note 3.2. Balance Sheet by divi
Page 69 and 70:
December 31, 2008 Shipping Modular
Page 71 and 72:
note 6. Staff Costs 2010 2009 Varia
Page 73 and 74:
note 12. Net financial income (€
Page 75 and 76:
note 14. Net income per share Basic
Page 77 and 78:
note 16. Intangible Fixed Assets (
Page 79 and 80:
Current Financial Assets (in € th
Page 81 and 82:
(€ thousands) Shipping Modular Ri
Page 83 and 84:
Borrower Touax SCA Touax SCA Touax
Page 85 and 86:
❙ note 18.2.5. Effect of financia
Page 87 and 88:
➜ Issue of equity warrants On Feb
Page 89 and 90:
Finance Department. Overall cash fl
Page 91 and 92:
the risk of converting the results
Page 93 and 94:
➜ note 28.3. Other commitments re
Page 95 and 96:
The Group has no control over the E
Page 97 and 98:
➜ note 30.3. Further details rega
Page 99 and 100:
20.2. Financial statements The cons
Page 101 and 102:
20.6.1. Dividend history Exercices
Page 103 and 104:
21.2.3. Trading levels over the las
Page 105 and 106:
In addition, in the event of a capi
Page 107 and 108:
➜ Presentation of the Group's 201
Page 109 and 110:
❙ Distribution to investors The G
Page 111 and 112:
Exercices (€) 2009 2008 2007 Net
Page 113 and 114:
➜ Powers delegated by the General
Page 115 and 116:
TOUAX’s policy of integrating you
Page 117 and 118:
❙ Social indicators 2010 2009 Geo
Page 119 and 120:
Forecasts for 2011 TOUAX wishes to
Page 121 and 122:
The managers receive the same condi
Page 123 and 124:
majority of the Board's members are
Page 125 and 126:
1.5.8. Sophie SERVATY, member of th
Page 127 and 128:
The procedures ensure compliance wi
Page 129 and 130:
❙ Charges and trade accounts paya
Page 131 and 132:
28. Recently released information 2
Page 133 and 134:
➜ River Barges: The 27% increase
Page 135 and 136:
these assets represent a potential
Page 137 and 138:
(in €) Exercice 2009 2008 2007 Ne
Page 139 and 140:
EIGHTEENTH RESOLUTION (delegation o
Page 141 and 142:
TWENTY FIRST RESOLUTION (delegation
Page 143 and 144:
Table of contents 1. Persons respon
Page 145 and 146:
21.3. Provisions of the articles of
Page 147:
2 Touax annual RepoRT 2010 Touax To
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