Annual report 2008 - Altarea Cogedim

Message from Alain Taravella
Last year was somewhat paradoxical for our Group. On the one hand, Altarea
was not spared from the financial crisis and was forced to significantly revise its
asset values as a result of the macro-economic turmoil. On the other hand, the
Group posted cash flow growth of over 25% following a number of remarkable
successes given the economic climate.
In the retail sector, we completed six shopping centres totalling almost
78,000 m². They were fully let on completion and increased our portfolio value
by almost €260 million, offsetting the inevitable loss of value on our other
assets caused by rising yields. All in all, rental income rose by 26.5%,
comprising entirely organic growth. It is during difficult times like these that our
robust business model really comes to the fore and enables us to offset
declines in value through strong operating performances.
“In 2009, we will keep sight
of the values that set Altarea apart:
risk awareness, lucidity, rigour,
creativity and drive!“
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