Annual report 2008 - Altarea Cogedim

n At 31 December 2007
(€ thousand) Shopping Property
centres development for
third parties
Recurring
activities
Development
of shipping
centres
Items
included in
reconciliation
Non-recurring
activities
Group
total
NET RENTAL INCOME 92,708 – 92,708 – – (0) 92,708
Other rental revenue and other income 97,963 – 97,963 – – (0) 97,963
NET PROPERTY INCOME – 50,595 50,595 1,799 (24,627) (22,828) 27,767
Of which Revenue – 328,726 328,726 13,168 – 13,168 341,893
Of which amortisation of customer relationships – – – – (24,627) (24,627) (24,627)
NET OVERHEAD COSTS (9,192) (8,104) (17,297) (6,281) (2,057) 1 (8,338) (25,635)
Of which services 5,274 8,690 13,964 4,201 – 4,201 18,165
Of which allowance for depreciation on operating assets (304) (835) (1,139) (653) – (652) (1,791)
OTHER INCOME AND EXPENSE (1,084) (1,304) (2,388) (2,071) (2,635) 2 (4,435) (6,824)
Of which allowance for depreciation and amortisation (15) (2) (16) (78) – (78) (94)
GAIN ON SALE OF INVESTMENT ASSETS – – – – – – –
Change in value of investment properties – – – 411,911 411,911 411,911
– Change in value of investment properties delivered – – – 182,431 182,431 182,431
– Other changes in value of investment properties – – – 229,480 229,480 229,480
Other items contributing to operating profit – 85 85 (2,182) 1,390 (792) (707)
Of which Impairment losses on assets under development – – – 163 – 163 163
Of which Impairment loses on other non–current assets – – – (2,345) – (2,345) (2,345)
Of which net allowance to provisions for liabilities – 85 85 – (212) (212) (127)
Of which goodwill impairment losses – – – – 1,603 1,603 1,603
OPERATING PROFIT 82,431 41,272 123,703 (8,735) 384,252 375,317 499,220
Cost of net debt (31,379) (6,700) (38,079) (4,595) (2,031) 3 (6,625) (44,704)
Other components of profit before tax 1,440 894 2,334 (14) 865 851 3,185
Of which Change in fair value and gain/loss
on the sale of financial instruments
0 – 0 – 2,099 2,099 2,099
Of which Share of earnings of equity–method associates 1,440 894 2,334 (14) 4,601 4,587 6,921
Of which discounting of payables and receivables – – – – (5,866) (5,866) (5,866)
PROFIT BEFORE TAX 52,492 35,466 87,959 (13,343) 383,086 369,743 457,702
Income tax (400) (11,174) (11,574) (390) (6,197) (6,587) (18,161)
PROFIT 52,092 24,292 76,384 (13,733) 376,890 363,156 439,541
(1) This relates primarily to the impact of stock grants conditional on meeting the acquisition business plan implemented as part of the takeover of Cogedim.
(2) Aside from depreciation and amortisation, other income and expense include launch costs of centres put into operation during the period, appraisal fees for centres in
operation, net revenues of assets held for sale, and income and expense generated by recurring activities outside the normal course of their business.
(3) The expense of €2.03 million relates entirely to the cost of the guarantee made by shareholders in connection with the Cogedim acquisition.
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.
103