Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
• Restructuring of the property development for third parties
business
On 23 and 24 December 2008, ALTAREA restructured its
property development business from an operational and
corporate perspective around Cogedim while writing down
Cogedim’s value in its financial statements (see note 12
“Impairment of assets under IAS 36”).
On 23 December 2008, Cogedim and Compagnie ALTAREA
Habitation were merged into a single entity encompassing all
the Group’s property development activities. Following the
merger, the combined entity was sold to Altareit, a company
listed on Euronext Paris and 99.6%-owned by ALTAREA.
This streamlining of the Group’s organisational structure
marked the completion of Cogedim’s operational integration
into the ALTAREA group, while also distinguishing its owned
shopping centre activities from its property development for
third parties business.
• Buy-out of minority interests in Cogedim SAS by the Group
In January 2008, ALTAREA acquired 0.06% of Cogedim
shares from the Cogedim mutual fund, thereby lifting its
shareholding in Cogedim to 100%.
• Opening of new shopping centres
In France, the Group opened the Gare de l’Est shopping
mall during the first half of 2008, the shopping centre
and hotel complex at the Aubette – place Kleber- site in
Strasbourg on 3 September and 15 October 2008, the “La
Porte Jeune” shopping centre in Mulhouse on 15 October
2008, the “Les Portes de Guipavas” retail park east of Brest
on 22 September 2008 and the Saint-Aunes retail park near
Montpellier on 17 September 2008.
– In Italy, the Group opened the Pinerolo (Piedmont)
shopping centre during November 2008.
• Acquisition of shopping centres
– Centres in operation
Under the agreements signed in 2006, ALTAREA acquired on
29 April 2008 a 40% interest in the “Espace Chantereines”
retail park in Gennevilliers from GE Real Estate. ALTAREA
now has full ownership of this centre.
– Retail park projects
On 15 February 2008, ALTAREA acquired full ownership of
SCI Crêches Invest., which houses a retail park development
project in the Saône-et-Loire department.
On 29 April 2008, ALTAREA acquired 75% of the shares in
SCI Limoges Invest, which houses a retail park development
project in the Haute Vienne department.
• Sales of investment property
– Sale of the Coulaines retail park in September 2008
– Sale of the Falguière Vaugirard shopping mall on boulevard
de Vaugirard in Paris on 21 July 2008: the Group relet the
space ahead of the sale.
– Sale of four of the five ground floor properties located
in central Troyes (the fifth, covered by a purchase option
until 9 January 2009 was sold on this date) on 23 January
2008.
8.2 2007 financial year
The highlights of 2007 notably included the opening
of several new shopping centres in France and Italy, the
acquisition of several existing shopping centres, the
satisfaction of administrative conditions for the Kremlin
Bicêtre and Genoa projects, the acquisition of Cogedim,
the acquisition of an equity interest in Semmaris and the
conversion of ALTAREA SA into a partnership limited by
shares (SCA).
• Opening of new shopping centres
– In France, the Group opened retail-park/family-village
shopping centres in Le Mans during April 2007, in
Thiais during August 2007 and in Aubergenville during
November 2007.
In Italy, the Group opened two shopping centres, one in
Ragusa in Sicily during April 2007, the other in Casale-
Montferrato in Piedmont during April 2007.
• Acquisitions of shopping centres
– During July 2007, ALTAREA acquired a shopping centre
in Bellinzago in Lombardy.
On 20 March 2007, ALTAREA acquired 30% of the
additional partnership units of “Espace Chantereines”, a
retail park in Gennevilliers.
Other, smaller assets were also acquired in Herblay, Bretigny
sur Orge, Chambéry, Vichy, Liévin and Périgueux.
• Development projects
– Kremlin Bicêtre shopping centre
At the balance sheet date, the administrative authorisations
for the project had been cleared of all holds following the
withdrawal of the last petitioner objecting to the building
permit.
The Michelet Fontainebleau entity was then absorbed by the
Avenue de Fontainebleau entity, and so Auchan no longer
holds an equity interest in Michelet Fontainebleau.
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