2010 annual report - touax group

Annual report 2010
Notes to the consolidated financial statements
Appendix to the consolidated
financial statements
Significant events and post-closure events:
➜ Significant events
On January 12, 2010 TOUAX SCA paid an interim dividend of
€2.8 million.
SRF Railcar Leasing Partnership was created in partnership
with a bank in 2009. This entity is held by the banking partner
via its SRF III investment fund, and, in 2010, the TOUAX Group
purchased 25.7554% of the capital. SRF Railcar Leasing invested
in freight railcars. This entity entered in the Group's scope
in 2010 according to the equity method of accounting.
➜ Post-closure events
On January 11, 2011 TOUAX SCA paid an interim dividend of
€2.8 million.
The EIG's partner companies agreed to the acquisition of
“senior” shares by HPMF. HPMF financed this acquisition by
issuing type A, B and C bonds, which were subscribed to by
HPMC1, Apicius and TOUAX.
On March 9, 2011 the Management Board decided to move the
company's head office, as of April 1, 2011, to Tour Franklin, 23 rd
floor, 100-101 Terrasse Boieldieu - 92042 La Défense cedex,
FRANCE.
note 1. Accounting rules and methods
➜ note 1.1. Basis for preparing and presenting
the annual financial statements
as of December 31, 2010
❙ Approval of the financial statements
The annual financial statements of December 31, 2010 and the
associated notes were approved by the TOUAX SCA Management
Board on March 24, 2011 and presented to the
Supervisory Board the same day.
❙ Accounting rules and methods
In pursuance of Regulation No. 1606/2002 adopted July 19, 2002
by the European Parliament and the European Council, the
consolidated financial statements of the TOUAX Group for the
2010 fiscal year were prepared in accordance with IFRS (International
Financial Reporting Standards) published by the IASB
(International Accounting Standards Board) on December 31,
2010 and adopted by the European Union, on the date the
accounts were closed.
❙ New Standards and IFRS interpretations
The following are the new texts applicable in 2010:
• Revised IFRS 3: On January 10, 2008 the IASB published the
revised version of the IFRS 3, Business Combinations, the
standard adopted by the European Union, that the Group
applies to acquisitions and mergers carried out from 2010.
This standard is required from January 1, 2010 following its
adoption by the European Union on June 3, 2009. This standard
changes the procedural requirements in the purchase
method of businesses.
The accounting principles and methods from now on in force
for operations subject to the revised IFRS 3 are described
below (note 1.6).
• Revised IAS 27: On January 10, 2008 the IASB published the
revised version of IAS 27, Consolidated and Separate Financial
Statements, the standard adopted by the European Union,
applicable together with the revised IFRS 3. The revisions particularly
concern the booking of transactions with
non-controlling interests and partial disposals with loss of
control.
The revised IFRS 3 and IAS 27 standards are prospective applications
and therefore do not affect mergers and acquisitions
made before January 1, 2010.
Application of these standards does not affect the Group's
consolidated financial statements of December 31, 2010.
The TOUAX Group has chosen not to apply in anticipation any
standards, amendments to standards, or interpretations with
an application date later than January 1, 2011.
❙ General evaluation principles
The Group's consolidated financial statements are prepared
using the historical cost principle.
➜ note 1.2. Estimates
Drawing up financial statements in accordance with IFRS standards
has led management to perform estimates and put
forward assumptions affecting the book value of certain assets
and liabilities, income and expenses, as well as the information
given in certain notes to the statements.
Since these assumptions are intrinsically uncertain, actual
information may differ from the estimates. The Group regularly
reviews its estimates and assessments in order to take past
experience into account and factor in any elements considered
relevant regarding economic conditions. Given the current economic
and financial crisis, certain estimates may be even more
volatile, making it harder to gauge the Group’s business outlook
for carrying out the asset impairment tests (see note 1.9).
The statements and information subject to significant estimates
especially concern the appraisal of potential losses in value of
the Group’s tangible assets, goodwill, financial assets, deriva-
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