2010 annual report - touax group

Fabrice
Walewski
Managing partner
The expansion strategy that we are implementing in 2011 is based on the principles that have made our Group
successful:
• We will support our customers in their development projects, and take advantage of their demand to increase
our fleet of assets leased. We will invest the cash provided by operations in modular buildings, shipping
containers, railcars and river barges. This equipment is standardized, mobile and has a long service life, and it will
generate recurring leasing profitability over the next 15 to 50 years, in addition to the €500 million of owned assets.
• We will improve our economies of scale by strengthening the development of our four activities, since they
benefit from structural elements that have considerable potential in the long term: globalization of trade and
growth in world trade expected in 2011 (the IMF forecasts growth in trade of 7.1% in 2011, favorable to shipping
containers, railcars and river transport); strong requirements for infrastructures and in particular for alternative
solutions that are flexible and cheaper than traditional construction; development of alternative green transport;
requirement of emerging countries for raw materials benefiting river barges; deregulation of European rail freight
favorable to the renewal of the fleet of railcars etc.
• We will complete our own investments by combining them with management programs with third-party
investors. In view of the risk of inflation, investments in tangible assets that are not dependent on the financial
markets are highly successful and to date we have over €100 million in commitments available to finance our
growth.
• We will offer services related to leasing (sale and leaseback agreements, trading of new and used equipment,
maintenance services etc.) and will intensify our efforts to innovate in the field of modular buildings in order to
develop new applications and markets.
• We will continue our international expansion in order to take advantage of opportunities for growth, in particular
in emerging countries (87% of revenue is already achieved outside France with a strong presence in Asia, North
and South America and Central and Eastern Europe).
We are confident that our four management platforms will continue to generate attractive investment opportunities
(net investments of €76.2 million were made in 2010 and we expect to exceed €150 million in 2011 which will be financed
by our internal cash-flow and by third-party investors).
We would like to thank our 5,000 customers, without whom the Group could not grow.
We would also like to thank all our employees, who did excellent work and contributed to the return to growth in 2010.
In 2011 we will certainly face many new challenges, but we remain very confident about the future and the potential
of the Group.
At the meeting to be held on June 27, 2011, we will propose the distribution of a dividend of €1 per share, the same as
last year, of which €0.50 has already been paid as an interim dividend in January, with the remainder to be paid at the
beginning of July 2011.
Thank you for your commitment and your loyalty. "
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