2011 Annual report - touax group

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Annual report 2011 ❙ note 18.2.5. Effect of financial instruments on net income (€ thousands) Available-for-sale Loans and Instruments Foreign Interest 2011 securities receivables valued at exchange rate amortized cost derivative derivative Interest income 593 593 Interest expense (14,868) 3 26 (14,839) Impact on income 593 (14,868) 3 26 (14,247) Exchange gain or loss (274) Impact of discounting (52) Interest on cash 52 Miscellaneous 86 FINANCIAL RESULT (14,434) (€ thousands) Available-for-sale Loans and Instruments Foreign Interest 2010 securities receivables valued at exchange rate amortized cost derivative derivative Interest income 338 338 Dividends received 2 2 Interest expense (13,161) 3 25 (13,133) Impact on income 2 338 (13,161) 3 25 (12,793) Exchange gain or loss (28) Impact of discounting (17) Interest on cash 122 Financial reversal 1 FINANCIAL RESULT (12,715) (€ thousands) Available-for-sale Loans and Instruments Foreign Interest 2009 securities receivables valued at exchange rate amortized cost derivative derivative Interest income 56 56 Interest expense (13,008) 8 (27) (13,027) Impact on income 56 (13,008) 8 (27) (12,971) Exchange gain or loss (203) Impact of discounting 51 Interest on cash 102 FINANCIAL RESULT (13,021) ❙ note 18.2.6. Trade payables (€ thousands) 2011 2010 2009 Shipping containers 2,539 14,962 5,155 Modular Buildings 17,146 13,681 15,297 River Barges 2,345 2,178 2,213 Freight railcars 7,075 5,823 5,033 Miscellaneous 754 885 868 TOTAL 29,860 37,529 28,567 All trade payables are due within one year. note 19. Inventories and Work in Progress Inventories and WIP include equipment to be sold as well as spare parts. The equipment is mainly intended to be sold to investors under asset management programs. (€ thousands) 2011 2010 2009 Gross value Prov. Net val. Net val. Net val. Equipment 57,124 (340) 56,783 63,922 82,382 Spare parts 12,563 12,563 9,730 8,432 Inventory of finished and semi-finished products 1,363 TOTAL 69,687 (340) 69,347 75,015 90,814 88
note 20. Other current assets (€ thousands) 2011 2010 2009 Sale of fixed assets 35 55 10 Prepaid expenses 4,052 3,248 3,245 Taxes and duties 7,157 10,105 7,902 Others 6,946 5,503 5,810 TOTAL 18,190 18,911 16,967 Taxes and duties mainly consist of VAT paid on acquisition of goods at the end of the period. At December 31, 2011, "Others" comprised in particular the current component of financial receivables from finance leases (i.e. €1.7 million at December 31, 2011, cf. notes to the consolidated financial statements note 1.18.1). Other current assets are all recoverable within one year. note 21. Shareholders' equity Details of shareholders’ equity are given in the schedule of changes in shareholders’ equity. It may be noted here that: • TOUAX paid an interim dividend in January 2011 totalling €2.9m. • 3,764 redeemable warrants (BSARs) were exercised in 2011, leading to the issue of 980 new shares. On December 31, 2011, of the 1,427,328 redeemable share subscription warrants (BSARs) issued in 2007, 1,395,436 remained to be exercised, i.e. a potential of 362,255 shares (4 BSARs for 1.047 share). • In 2011, 24,118 stock options were exercised, resulting in the issue of 24,118 new shares. The share subscription options or purchase options granted by TOUAX SCA are detailed in the table below: Share subscription or purchase options granted by TOUAX SCA: 2006 Stock Option Plan Date of General Meeting 28.06.2006 Date of Board of Directors meeting 07.08.2006 Number of options initially allotted 52,874 – of which to members of the Executive Committee 15,770 Number of current beneficiaries 5 – of which, members of the current Executive Committee 1 Date of allotment 07.08.06 Exercise date 07.08.08 Expiration date 07.08.12 Exercise price €20.16 Options exercised since allotment 24,118 – by members of the Executive Committee 7,885 Number of members of the Executive Committee who exercised options in 2011 1 Options null and void since allotment 6,957 Number of outstanding options at 31/12/2011 21,799 – of which held by members of the current Executive Committee 7,885 Consolidated financial statements Financial information concerning the issuer’s assets, financial position and result 89
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2011 ANNUAL REPORT YO U R O P E R A
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Shipping containers N°1 in Europe
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2011 Report Our four business divis
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2011 Report SHIPPING CONTAINERS Glo
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2011 Report MODULAR BUILDINGS A cut
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2011 Report FREIGHT RAILCARS In Jul
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RIVER BARGES 2011 Report A range of
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Freight railcars France (technical
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2011 Report 1. diversification of i
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Contents 1. Persons responsible . .
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2. Statutory auditors 2.1. Statutor
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4. Risk factors TOUAX has reviewed
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4.2.3. Political risk ➜ Freight R
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4.4.4. Technological and quality ri
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➜ Risk of dilution for shareholde
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5.2. Investments 5.2.1. Principal i
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Breakdown by business of net capita
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In the medium-term, the Group seeks
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7.2. Parent-subsidiary relations TO
Page 39 and 40: The subsidiaries of TOUAX SCA are l
Page 41 and 42: 9. Analysis of the financial positi
Page 43 and 44: 13. Profit forecast or estimates 13
Page 45 and 46: Rules for distributing attendance f
Page 47 and 48: 18. Main shareholders 18.1. Breakdo
Page 49 and 50: The transactions are summarized in
Page 51 and 52: Consolited income statement present
Page 53 and 54: Changes in consolidated Share Premi
Page 55 and 56: Consolidated cash flow statement at
Page 57 and 58: ➜ note 1.2. Estimates Drawing up
Page 59 and 60: Accordingly, as the Group does not
Page 61 and 62: If a CGU’s recoverable value is b
Page 63 and 64: In the case of assets valued at amo
Page 65 and 66: ❙ note 1.20.3. Leasing revenues L
Page 67 and 68: Company name Address percentage met
Page 69 and 70: note 3. Segment information ➜ not
Page 71 and 72: ➜ note 3.2. Balance sheet by divi
Page 73 and 74: December 31, 2009 Shipping Modular
Page 75 and 76: Notes regarding the Income Statemen
Page 77 and 78: note 10. Net distributions to inves
Page 79 and 80: ❙ note 13.1.2. Reconciliation bet
Page 81 and 82: Notes concerning the balance sheet
Page 83 and 84: note 18. Financial instruments ➜
Page 85 and 86: ➜ Fair value of financial instrum
Page 87 and 88: At December 31, 2009 Types of finan
Page 89: Clauses requiring the Group to be c
Page 93 and 94: note 24. Other long-term liabilitie
Page 95 and 96: Hedging of interest rate risk The G
Page 97 and 98: ❙ Impact of the exchange rate on
Page 99 and 100: (€ thousands) Shipping Modular Ri
Page 101 and 102: Management of Modul Finance I EIG
Page 103 and 104: Gold Container’s leasing of the T
Page 105 and 106: 20.3.2. Special report of the Statu
Page 107 and 108: 21. Additional information 21.1. Sh
Page 109 and 110: 21.2.3. Trading levels over the las
Page 111 and 112: The General Meeting may also decide
Page 113 and 114: 26. Reports of the managing partner
Page 115 and 116: ➜ Results Variation (€ thousand
Page 117 and 118: Modular Buildings: The leasing and
Page 119 and 120: ➜ TOUAX SCA term of payment In ac
Page 121 and 122: ➜ Shareholders A list of the shar
Page 123 and 124: Shipping Modular River Freight Corp
Page 125 and 126: IV. Other resolutions submitted to
Page 127 and 128: This authorization will be granted
Page 129 and 130: 27. report of the supervisory board
Page 131 and 132: It should be noted that, in order t
Page 133 and 134: ❙ 1.4. Supervisory Board 1.4.1. C
Page 135 and 136: Other corporate offices held: Vice-
Page 137 and 138: ➜ 2.1.3. Components of internal c
Page 139 and 140: ❙ Charges and trade accounts paya
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28. Recently released information 2
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➜ Modular Buildings: the revenue
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29. Draft of resolutions Ordinary a
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TENTH RESOLUTION (renewal of a memb
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FIFTEENTH RESOLUTION (authorization
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10. Cash and capital . . . . . . .
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Notes . . . . . . . . . . . . . . .
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Tour Franklin, 23 ème étage 100-1
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2011 Annual report - touax group

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