Annual report 2008 - Altarea Cogedim

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CONSOLIDATED FINANCIAL STATEMENTS 12.3. Goodwill - ALTAREA France A DCF valuation was conducted of the shopping centre development services business at 31 December 2008 by Accuracy, based on the financial statements at 30 June 2008 and future cash flow projections. No impairment was found. 12.4. Assets under development The assets under development relate to the shopping centre development business. The principal uncertainties surrounding the development of these assets are linked to the award of administrative permits and to delays in the start-up of projects when economic conditions become less favourable. Assets under development are monitored by the Group according to the various phases of the project. These phases are the design stage, the so-called “secured” phase (when the project is fully “secured”, a purchase option has been obtained on the land), the phase when all administrative authorisations have been obtained (business and land use authorisations and building permits) and lastly, the construction phase. At the balance sheet date, management decided to delay the Valdemoro and Puerto Real development projects in Spain owing to the difficulty in raising funding and the highly depressed economic conditions in Spain. Insofar as it is likely that these projects will have to be reviewed concerning their suitability in the economic conditions, management decided to write off all the internal and external professional fees and capitalised financial expense at the balance sheet date. At the balance sheet date, no impairment had been identified on these projects other than what had previously been recognised. The production cost of these projects is below the projected value of the properties. The projected value is determined on the basis of internal five-year business plans that are reviewed by management at regular intervals. The method used is capitalisation of rental revenues. The capitalisation rates used to determine property value correspond to the capitalisation rates observed in the market. 12.5. Customer relationships The customer relationships are those acquired with the Cogedim acquisition on 17 July 2007. Two types of acquired customer relationship assets are distinguished, i.e. the order backlog (property development and services provided to the delegated project manager) and the portfolio of sale contracts. These items are amortised in line with the percentage of completion of construction and marketing of the relevant programmes. At each balance sheet date, customer relationships undergo a detailed review by management on a programme by programme basis. The contraction in margins on property development programmes for third parties, higher cancellation rates on bookings than those projected upon the initial assessment and the impact of abandoning operations led to the recognition of impairment losses during 2008: see note 13.10. 120
13. Balance sheet 13.1. Goodwill (in € thousand) 12/31/2008 12/31/2007 Goodwill, gross 369,491 368,157 Impairment losses (240,775) (15,485) Net goodwill 128,716 352,672 (in € thousand) Net goodwill at 12/31/2007 Changes in scope of consolidation Reclassification Negative goodwill taken to income Impairment losses Net goodwill at 312/31/2008 ALTERA France 688 688 Compagnie Retail Park SAS 705 (705) – Cogedim SAS 351,278 (223,250) 128,028 Altareit – 2,040 (2,040) – Total 352,672 2,040 (705) – (225,290) 128,716 13.2. Brands and other intangible assets n Change in intangible assets, gross (in € thousand) Gross Value Brand Gross Software Lease hold right Other At 1 January 2007 – 1,077 – 12 1,089 Acquisitions – 857 2,676 – 3,533 Disposals – (231) – – (231) Transferts – 281 – – 281 Change in scope of consolidation – 3,846 107 – 3,953 At 31 december 2007 66,600 5,830 2,783 12 8,623 Acquisitions – 1,651 – – 1,651 Disposals – (15) – – (15) Transferts – (5) (421) – (426) Change in scope of consolidation – – – – – At 31 december 2008 66,600 7,462 2,361 12 9,835 Total 121
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Annual report 2008
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ALtarea GROUP 1 Profile 3 2 Busines
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Altarea’s business model Property
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Key figures Shopping centres Net re
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Message from Alain Taravella Last y
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Positioning 11
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Positioning Property development So
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Positioning retail 2008 Retail: 6 s
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Positioning Cœur d’Orly Urban di
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Positioning 2008 Residential In res
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Positioning 2008 Offices Through it
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Hôtel Saint-Priest - Lyon. Dolce V
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- In shopping centre investment, th
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Business review I. Business review
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Business review 2.2 Proprietary sho
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Business review Rental income inclu
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Business review Centre Type Country
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Business review 2.4.2 2008 investme
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Business review manager, the Group
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Business review (Net floor area, 00
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Business review The level of outsta
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Consolidated results II . Consolida
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Consolidated results 2. Net asset v
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Financial resources III Financial r
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Financial resources Balance sheet t
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Financial resources Costing-based p
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ALtarea GROUP / Individual company
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CONSOLIDATED FINANCIAL STATEMENTS A
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General information 1. Persons resp
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General information For as long as
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General information Shares may be c
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General information 1 - Extraordina
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General information Ownership of sh
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General information (k) Trading in
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General information High Low Latest
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General information 186 During the
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General information ALTAREA is invo
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Corporate governance The report of
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Corporate governance 1.3 Supervisor
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Corporate governance Françoise Deb
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Corporate governance Fonds ABP - Me
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Corporate governance remuneration w
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Corporate governance Table 3 - Summ
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Corporate governance Philippe Mauro
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SUPERVISORY BOARD CHAIRMAN’S REPO
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ALtarea gROUP / DRAFT RESOLUTIONS 7
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Fourth resolution (Approval of agre
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This authorisation is granted to th
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• Resolves that the total nominal
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- that in the event of an increase
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ALtarea gROUP / Cross-reference tab
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www.altarea.com 8, avenue Delcassé
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Annual report 2008 - Altarea Cogedim

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