2011 Annual report - touax group

Annual report 2011
(€ thousands) Shipping Modular River Freight Miscellaneous 2011
containers buildings barges railcars
EBITDA (gross margin) 57,322 38,410 6,388 16,238 503 118,863
Payments received of
principal of finance lease receivables 1,215 266 525 2,006
Restated EBITDA 58,537 38,676 6,914 16,238 503 120,868
Net distribution to investors (50,319) (2,008) (8,787) (61,114)
EBITDA restated after
distribution to investors 8,219 36,668 6,914 7,452 503 59,754
❙ note 18.1.3. Cash and cash equivalents
(€ thousands) 2011 2010 2009
Investments less than three months 31,448 29,871 8
Of which marketable securities 29,559 29,870 8
Cash 12,811 9,229 34,856
TOTAL 44,259 39,100 34,864
The group has cash balances on accounts pledged to lenders in connection with financing transactions. These balances amounted
to €1.9 million at December 31, 2011 and are therefore not available to the Group.
➜ note 18.2. Financial liabilities
Non-current and current financial liabilities are classified as borrowings and financial debts and borrowings and current bank
facilities.
❙ note 18.2.1. Analysis of financial liabilities by category.
(€ thousands) 2011 2010 2009
Non Current TOTAL Non Current TOTAL Non Current TOTAL
current current current
Bond issue 1,188 40,415 41,603 40,045 40,045 39,773 39,773
Medium/long-term loans
with recourse 24,792 6,337 31,129 12,274 4,215 16,489 13,192 3,808 17,000
Medium/long-term loans
without recourse 45,550 4,595 50,145 37,310 3,208 40,518 40,448 2,959 43,407
Finance lease commitments 94,115 19,664 113,779 96,251 18,270 114,521 93,567 16,865 110,432
Revolving lines of credit with recourse 52,137 17,233 69,370 57,549 57,549 34,438 13,720 48,158
Revolving lines of credit without recourse 29,963 18,245 48,208 42,000 7,002 49,002 69,354 69,354
Current bank accounts 9,694 9,694 13,151 13,151 8,311 8,311
Liabilities on derivatives 123 123 471 471 185 185
TOTAL FINANCIAL LIABILITIES 247,746 116,304 364,050 227,880 103,866 331,746 221,418 115,202 336,620
The debt is “non-recourse” when it finances assets and when the parent company, TOUAX SCA, does not guarantee to service the
debt, since it is serviced by the leasing revenue and sales revenue generated by the assets.
IFRS 7.8 defines the following categories of financial instruments:
At December 31, 2011
Types of financial liability Consolidated financial Valuation at Difference Sensitivity difference compared
(€ thousands) statements fair value (%) +1% with fair value
Financial liabilities valued at amortized cost 363,928 367,601 1.01% 362,729 -1.33%
Financial liabilities valued at fair value 122 123 0.00% 0.00%
TOTAL 364,050 367,724 1.01% 362,729 -1.36%
At December 31, 2010
Types of financial liability Consolidated financial Valuation at Difference Sensitivity difference compared
(€ thousands) statements fair value (%) +1% with fair value
Financial liabilities valued at amortized cost 331,275 332,746 0.44% 328,010 -1.42%
Financial liabilities valued at fair value 471 471 0.00% 0.00%
TOTAL 331,746 333,217 0.44% 328,010 -1.56%
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