Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
9. Operating segments
9.1. Income statement items by operating segment
n At 31 December 2008
(€ thousand) Shopping Property
centres development for
third parties
Recurring
activities
Development
of shipping
centres
Items
included in
reconciliation
Non-recurring
activities
NET RENTAL INCOME 117,256 0 117,256 – – – 117,256
Other rental revenue and other income 126,606 0 126,606 – – – 126,606
NET PROPERTY INCOME – 75,603 75,603 (935) (43,069) (44,005) 31,598
Of which Revenue – 739,619 739,619 39,339 – 39,339 778,957
Of which net allowance to provisions – (10,755) (10,755) (2,137) (21,771) (23,908) (34,663)
Of which amortisation of customer relationships – – – – (21,298) (21,298) (21,298)
NET OVERHEAD COSTS (10,968) (14,135) (25,103) (8,958) (15,378) 1 (24,336) (49,439)
Of which services 6,665 29,392 36,057 3,918 – 3,918 39,975
Of which amortisation of customer relationships – – – – (14,593)* (14,593) (14,593)
Of which allowance for depreciation on operating assets (391) (2,150) (2,541) (695) – (695) (3,237)
Of which allowance to provisions – – – (81) – (81) (81)
OTHER INCOME AND EXPENSE (2,456) (3,639) (6,095) (2,427) (1,124) 2 (3,550) (9,646)
Of which allowance for depreciation and amortisation (6) (4) (10) (152) (100) (252) (262)
GAIN ON SALE OF INVESTMENT ASSETS – – – – 338 338 338
Change in value of investment properties 0 – 0 (86,306) (86,306) (86,306)
– of which Change in value of investment properties delivered 0 – 0 96,815 96,815 96,815
– of which Other changes in value of investment properties – – – (183,121) (183,121) (183,121)
Other items contributing to operating profit – 96 96 (20,547) (323,554) (344,102) (344,006)
Of which Impairment losses on assets under development – – – (17,488) – (17,488) (17,488)
Of which Impairment loses on other non–current assets – – – 654 – 654 654
Of which net allowance to provisions for liabilities – 96 96 (3,713) (6,719) (10,432) (10,336)
Of which goodwill impairment losses – – – – (225,290) (225,290) (225,290)
Of which impairment of customer relationships – – – (91,545) (91,545) (91,545)
OPERATING PROFIT 103,832 57,924 161,756 (32,867) (469,093) (501,961) (340,204)
Cost of net debt (43,643) (24,093) (67,736) (5,987) (1,434) 3 (7,422) (75,158)
Other components of profit before tax 4,401 613 5,014 (28,255) (117,119) (145,374) (140,361)
Of which Change in fair value and gain/loss
on the sale of financial instruments
– – – – (110,395) (110,395) (110,395)
Of which Share of earnings of equity–method associates 4,401 613 5,014 (28,700) (2,604) (31,303) (26,290)
Of which discounting of payables and receivables – – – 444 (3,963) (3,519) (3,519)
PROFIT BEFORE TAX 64,590 34,444 99,034 (67,110) (587,646) (654,757) (555,723)
Income tax 297 (1,062) (765) 726 172,215 172,941 172,176
profit 64,887 33,382 98,269 (66,384) (415,431) (481,816) (383,547)
* See note 9.3., revenues par region.
(1) Aside from the amortisation of customer relationships, net overhead costs reflect the impact of the stock grant plan contingent upon satisfaction of the business plan
drawn up in connection with the acquisition of Cogedim.
(2) Aside from depreciation and amortisation, the Other income and expense line item reflects launch and opening costs for centres opened during the year, appraisal fees
for centres in operation, and the income and expense generated by recurring activities outside the normal course of business.
(3) The expense of €1.4 million relates entirely to the cost of the guarantee made by shareholders in connection with the Cogedim acquisition.
Group
total
102
No one customer contributes alone 10% of the Group’s- revenues.
The net cost of debt, including interest income on financial instruments and net proceeds from sales of marketable securities,
is assigned directly to each segment.