2011 Annual report - touax group

Annual report 2011
20. Financial information concerning the issuer’s
assets, financial position and result
20.1. Consolidated accounts
The consolidated financial statements of TOUAX SCA are presented in accordance with International Financial Reporting
Standards (IFRS).
Consolited income statement presented by function at December 31
note n° 2011 2010 2009
(€ thousands) Adjusted (1) Adjusted (1)
Leasing revenue 221,419 207,785 194,932
Sales of equipment 114,395 94,608 76,840
TOTAL REVENUE 335,814 302,393 271,772
Capital gaind on disposals 212 5
4 Icome from ordinary activities 336,026 302,398 271,772
Cost of sales (98,844) (84,172) (63,334)
Operating expenses (94,628) (84,826) (84,949)
General, commercial and administrative operating expenses (23,692) (22,035) (22,623)
GROSS OPERATING MARGIN (EBITDA) 118,862 111,365 100,866
9 Depreciation, amortization and impairments (26,267) (23,788) (20,683)
OPERATING INCOME before distribution to investors 92,595 87,577 80,183
10 Net distribution to investors (61,114) (57,609) (51,885)
CURRENT OPERATING INCOME 31,481 29,968 28,298
11 Other operating revenues and expenses 3,121
OPERATING INCOME 31,481 29,968 31,419
Income from cash and equivalents 52 26 160
Cost of gross financial debt (14,541) (12,936) (13,027)
Cost of net financial debt (14,489) (12,910) (12,867)
Other financial income and expenses 55 195 (153)
12 FINANCIAL RESULT (14,434) (12,715) (13,020)
Shares for profil/(loss) of associates 37 29
PROFIT BEFORE TAX 17,084 17,282 18,399
13 Corporation tax (4,135) (4,001) (4,244)
NET PROFIT (LOSS) FROM CONSOLIDATED COMPANIES 12,949 13,281 14,155
Income from discontinued activities
CONSOLIDED NET PROFIT (LOSS) 12,949 13,281 14,155
Minority interest 485 (6) 38
CONSOLIDED NET PROFIT (LOSS) (GROUP’S SHARE) 13,434 13,275 14,193
14 Net earnings per share 2.35 2.33 2.73
14 Diluted net earnings per share 2.34 2.31 2.70
(1) adjusted: sales of equipment managed on behalf of third parties were previously recognized under ancillary services and therefore included in the leasing revenue.
At the same time, the cost of these sales was recognized under net distribution to investors. To more accurately reflect the business, and since the sales of equipment
managed on behalf of third parties are more significant, they have been reclassified as sales and their costs have been recognized under cost of sales..
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