Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
As was the case at 31 December 2007, investment
properties are measured at market value exclusive of transfer
taxes. This value is determined by independent appraisers,
namely
• Cushman & Wakefield for assets located in France and
Spain,
• Savills for shopping centres in Italy.
The weighted average capitalisation rate stood at 5.76% at
31 December 2008 compared with 5.11% at 31 December
2007 (see section 2.2 of the management report for more
details).
Based on a weighted average capitalisation rate of 5.76%,
a 0.25% increase in capitalisation rates would lead to
a reduction of €96.7 million in the value of investment
properties (-4.0%), while a 0.25% fall in capitalisation
rates would increase the value of investment properties by
€105.7 million (+4.3%).
• In 2007
At 31 December 2007, the investment property consisted
primarily of in-town or edge-of-town shopping centres, as
well as shopping malls in France, Italy and Spain.
Investments during 2007 included the acquisition of new
investment properties in La Corte Lombarda (Bellinzago
Lombardo, Milan), in Bretigne, Herblay, Chambéry, Vichy,
and Périgueux, and 30% of the undivided ownership units
of a property in Gennevilliers, raising the Group’s stake in
this asset to 60%.
Some of these acquisitions were made by buying the finance
leases, either directly (Vichy) or indirectly by buying the
lease-holding company (Brétigne and Majes). These leases
are valued at €16.2 million.
Transfers from other categories relate to investments
completed (and previously recognised as Assets under
development) in relation to buildings that entered operation
during the financial year: les Hunaudières (Le Mans), Ragusa
(Sicile), Casale Montferrato (Province de Alessandria),
Family Village (Aubergenville), Thiais Village (Thiais) and
Chevilly Larue.
13.5. Assets under development
n Change in assets under development, gross
Gross
AT 1 January 2007 244,647
Investments 355,286
Expenses capitalised 31,698
Disposals (1,284)
Transfer (235,855)
Variations de périmètre 5,592
At 31 december 2007 400,084
Investments 278,446
Expenses capitalised 46,339
Disposals (295)
Transfer (215,993)
Reclassement 5,090
Changement de méthode (155)
Variations de périmètre –
At 31 december 2008 534,995
n Change in impairment of assets under development
Impairment
AT 1 January 2007 (2,271)
Allowance (72)
Reversal 1,456
At 31 december 2007 (887)
Allowance (17,554)
Transfer 387
At 31 december 2008 (18,054)
n Change in assets under development, net
Net
At 01 January 2007 242,375
At 31 December 2007 399,197
At 31 December 2008 516,940
124