2010 annual report - touax group

note 12. Net financial income
(€ thousands) Variation Proforma
2010 2009 2010/2009 2008 2008
Income from cash and cash equivalents 26 160 -84% 591 591
Interest payable on financing transactions (12,936) (13,027) -1% (15,429) (15,429)
Profits and losses on debt extinguishment 680
Cost of gross financial debt (12,936) (13,027) (14,749) (15,429)
Cost of net financial debt (12,910) (12,867) (14,158) (14,838)
Profit and loss on debt extinguishment (28) (203) -86% 680
Dividends received 2
Financial income and charges from discounting 11 50 -78% 166 166
Reversal (provision) 210
Other financial income and charges 195 (153) 166 846
Financial result (12,715) (13,020) (13,992) (13,992)
The gains and losses related to the discharge of debts consist
of currency losses and gains.
According to the new CNC presentation, gains and losses related
to debt discharge are no longer part of the cost of
note 13. Corporate Income Tax
➜ note 13.1. Analysis of the tax charge booked
to the Income Statement
Taxes on profits consist of taxes currently payable by Group companies
and deferred tax arising from tax losses and temporary
discrepancies between consolidated income shown in the Group’s
Financial Statements and income established for tax purposes.
The Group has opted for tax consolidation in the USA, France and
the Netherlands. The American tax group is made up of TOUAX
indebtedness; now they are included in other financial revenues
and charges. The 2008 proforma income takes this change into
consideration (see note 1.1 of the appendix to the consolidated
financial statements).
Corp., Gold Container Corp., Gold Container Finance Llc, TOUAX
Finance Inc., TOUAX Container Lease Receivables Corp. (“Leasco
1”), and TOUAX Equipment Leasing Corp. ("Leasco 2"). The
French group for tax purposes is composed of the following companies:
TOUAX SCA, TOUAX Solutions Modulaires SAS, TOUAX
Construction Modulaire SAS, TOUAX Container Services SAS,
TOUAX Corporate SAS and TOUAX River Barges SAS. Furthermore,
there are two tax groups: TOUAX BV on one hand, and
Eurobulk Transport Maatschappij BV and CS de Jonge BV on the
other.
❙ note 13.1.1. Breakdown of the tax charge
The tax charge booked to the Income Statement for the period comes to €4,001,000 (against €4,244,000 in 2009 and €3,546,000
in 2008). It breaks down as follows:
2010 2009 2008
(€ thousands) Payable Deferred Total Payable Deferred Total Payable Deferred Total
Europe (3,164) (282) (3,446) (3,163) (1,022) (4,185) (3,388) 1,105 (2,283)
USA (986) 599 (387) (949) 889 (60) (562) (651) (1,213)
Others (168) (168) 1 1 0 (50) (50)
TOTAL (4,318) 317 (4,001) (4,112) (132) (4,244) (3,950) 404 (3,546)
Consolidated financial statements
Financial information concerning the issuer’s assets, financial position and earnings I 71