2011 Annual report - touax group

10. Cash and capital . . . . . . . . . . . . . . . . . . . . . 39
10.1. Group capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
10.2. Cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
10.3. Borrowing conditions and financing structure. . . . . 39
10.4. Restriction on the use of capital that has
had or could have a significant direct or
indirect effect on the issuer’s operations . . . . . . . . . 39
10.5. Expected sources of financing in order
to meet investment commitments. . . . . . . . . . . . . . . 39
11. Research and development, patents
and licenses . . . . . . . . . . . . . . . . . . . . . . . . . 40
12. Trend information. . . . . . . . . . . . . . . . . . . . 40
12.1. Key trends as of the date of the registration
document. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
12.2. Known trend, uncertainty, request,
any commitment or event reasonably
likely to significantly affect the current
financial year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
13. Profit forecasts or estimates . . . . . . . . . . 41
13.1. Main assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
13.2. Auditor's report – forecasts . . . . . . . . . . . . . . . . . . . . 41
13.3. Basis for forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
13.4. Current forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
14. Administrative, management,
supervisory, and senior
management bodies. . . . . . . . . . . . . . . . . . 41
14.1. Contact details for administrative, management,
supervisory, and senior management bodies . . . . . 41
14.2. Conflicts of interest between the administrative,
management, supervisory and senior management
bodies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
15. Compensation and benefits. . . . . . . . . . . . 41
15.1. Compensation of corporate officers . . . . . . . . . . . . . 41
15.2. Retirement and other advantages . . . . . . . . . . . . . . . 43
16. Operation of the administrative
and management bodies . . . . . . . . . . . . . . 43
16.1. Tenure of office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
16.2. Relates party agreements. . . . . . . . . . . . . . . . . . . . . . 43
16.3. Information on the various committees . . . . . . . . . . 43
16.4. Statement of conformity with the corporate
governance scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
17. Employees . . . . . . . . . . . . . . . . . . . . . . . . . . 43
17.1. Breakdown in the workforce. . . . . . . . . . . . . . . . . . . . 43
17.2. Profit-sharing and stock options . . . . . . . . . . . . . . . . 44
17.3. Employee participation in the capital . . . . . . . . . . . . 44
18. Main shareholders . . . . . . . . . . . . . . . . . . . 45
18.1. Breakdown in capital and voting rights. . . . . . . . . . . 45
18.2. Various voting rights . . . . . . . . . . . . . . . . . . . . . . . . . . 46
18.3. Description of the type of control. . . . . . . . . . . . . . . . 46
18.4. Treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
19. Related parties transactions. . . . . . . . . . . 47
20. Financial information concerning the
issuer’s assets, financial position and
result. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
20.1. Consolidated accounts. . . . . . . . . . . . . . . . . . . . . . . . . 48
20.2. Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . 102
20.3. Auditorship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
20.3.1. Statutory Auditors’ report on
the consolidated financial statements . . . . . . . . . . . 102
20.3.2. Special report of the Statutory Auditors
on the regulated agreements
and commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
20.3.3. Fees of the statutory auditors . . . . . . . . . . . . . . . . . . 103
20.4. Date of the last financial information . . . . . . . . . . . 104
20.5. Interim financial reports and other reports . . . . . . 104
20.6. Dividend distribution policy . . . . . . . . . . . . . . . . . . . 104
20.6.1. Dividend history . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
20.7. Legal and arbitration proceedings. . . . . . . . . . . . . . 104
20.8. Significant changes in the financial
or trading situation . . . . . . . . . . . . . . . . . . . . . . . . . . 104
21. Additional information. . . . . . . . . . . . . . . 105
21.1. Share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
21.1.1. Subscribed capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.1.2. Securities not representing capital . . . . . . . . . . . . . 106
21.1.3. Composition of the capital. . . . . . . . . . . . . . . . . . . . . 106
21.1.4. Potential capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.1.5. Unpaid capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.1.6. Conditional or unconditional agreements . . . . . . . . 106
21.1.7. Capital history. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.2. Share price data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.2.1. Share price history . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
21.2.2. The TOUAX share price . . . . . . . . . . . . . . . . . . . . . . . 106
21.2.3. Trading levels over the
last eighteen months . . . . . . . . . . . . . . . . . . . . . . . . . 107
21.2.4. Strict Conditions for
altering shareholders’ rights . . . . . . . . . . . . . . . . . . 108
21.2.5. Conditions governing General Meetings . . . . . . . . . 108
21.2.6. Provisions restricting change of control . . . . . . . . . 108
21.2.7. Crossing of thresholds. . . . . . . . . . . . . . . . . . . . . . . . 108
21.2.8. Strict provisions restricting changes
in the share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . 108
Table of contents
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