2011 Annual report - touax group

Annual report 2011
➜ note 30.2. Further details regarding
the Trust TCLRT 98
On December 16, 1998, the Group conducted a second asset
backed securitization operation, this time for shipping containers,
in the form of a trust registered in Delaware (USA), by the
name of TOUAX Container Lease Receivables Trust TCLRT 98.
This Trust was entirely financed by investors outside the
Group (Indenture Agreement) through the issue of a senior
debt (Senior Notes) and a subordinated debt (certificates)
used to fund the purchase of shipping containers with a total
value of $40.4 million, to be operated and managed by the
Group under a management contract (Sales and Servicing
Agreement) for a minimum of 10 years.
In April 2009, Trust 1998's assets were sold; 85% (12,006.5 CEU)
was purchased by investors and 15% (2,095.5 CEU) by Gold
Container Investment Ltd.
The leasing of the Trust’s containers by Gold Container
had the following effects on the Group’s accounts in 2009
and 2008; at December 31, 2011 there were no longer any
containers belonging to Trust 98:
RECOGNIZED IN THE CONSOLIDATED INCOME STATEMENT 2009
(€ thousands)
Leasing revenues from equipment belonging to Trust 1998 921
Revenues from equipment sold belonging to Trust 1998 249
Recognized in Consolidated Revenues 1,170
Operational expenditure for equipment belonging to the Trust (1) (448)
Recognized in Consolidated Purchases and Other External Expenses (448)
Distributions to the Trust ( 2) in respect of leasing income (35)
Distributions to the Trust (2) in respect of equipment sold belonging to Trust 1998 (88)
Recognized in Consolidated Leasing Income Due to Investors (123)
TOTAL MANAGEMENT COMMISSION DUE TO THE GROUP (3) 599
(1) Operational expenditure corresponds to costs of storage, maintenance and repair, payment of the network of agents, and all operating expenses in general which are
contractually deducted from the net income distributable to the Trust.
Distributions to the Trust correspond to the net revenues from operating the containers after deducting Gold Container Corp.’s management fee which totalled €123,000
at December 31, 2009.
(3) The total corresponds to the management commission received by the Group for managing the equipment belonging to Trust 98.
➜ note 30.3. Further details regarding
the TLR 2001 Trust
On October 27, 1999, the Group conducted an asset backed
securitization operation for shipping containers, in the form of
a trust registered in Delaware (USA), by the name of TOUAX Lease
Receivables Master Trust 2000-1 referred to below as Trust 2000.
During a preliminary period known as the “Warehouse period”
from October 27, 1999 to December 31, 2001, Trust 2000 was
financed entirely by a European bank which subscribed for the
notes and certificates issued to finance the purchase of shipping
containers for a total value of $46.5 million.
Trust 2000 was permanently wound up in December 2001 by
refinancing of the commitments of the bank which had
subscribed for the initial notes and certificates. This refinancing
required the setting up of a replacement trust, Trust 2001
(TLR Master Trust 2001) which bought Trust 2000's assets.
In February 2002, all outstanding credits and debts between
these Trusts and the Group were settled.
At December 31, 2011, the fleet belonging to Trust 2001
comprised 8,875 containers (2,233 20' dry cargo units; 3,589 40'
dry cargo units and 3,053 40' high cube units) representing
10,311 TEU size, as well as 144 railcars.
On January 27, 2012 the Group decided to buy back Trust 2001's
assets at the market price.
In addition to the 3.5 million US Dollars advanced by the Group,
at end December 2011, Trust 2001 had a senior debt (notes)
of $7.2 million, and equity of $14.1 million.
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