Annual report 2008 - Altarea Cogedim
Annual report 2008 - Altarea Cogedim
Annual report 2008 - Altarea Cogedim
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CONSOLIDATED FINANCIAL STATEMENTS<br />
n Breakdown of net inventories by stage of completion at 31 December 2007<br />
(in € thousand)<br />
Shopping<br />
Centres<br />
Property developments<br />
for third parties<br />
New transactions 0 18,777 18,777<br />
Transactions at land stage 0 84,541 84,541<br />
Transactions in progress 41,720 343,075 384,795<br />
Completed transactions 0 3,318 3,318<br />
Dealer transactions and interior work 4,917 29,593 34,510<br />
Total 46,637 479,303 525,941<br />
Total<br />
13.12. Trade receivables and other accounts receivable<br />
n Trade accounts and notes receivable<br />
(in € thousand) 12/31/<strong>2008</strong> 12/31/2007<br />
Sales Property development for third parties (Off-plan sale/property development contract) 111,016 53,421<br />
Sales of retail property (Off-plan sale) 1,985 1,812<br />
Rental property management 34,295 29,733<br />
Provision of services – Property development 10,492 14,756<br />
Provision of services – Centres under development 3,291 2,681<br />
Provision of services – Centres in operation 235 85<br />
Related parties 287 564<br />
Other receivables 190,660 188,106<br />
Total trade receivables and other accounts receivable, gross 352,261 291,160<br />
Impairment of trade receivables (5,906) (4,226)<br />
Impairment of other receivables (613) (1,826)<br />
Total trade receivables and other accounts receivable, net 345,743 285,108<br />
The increase in trade receivables is chiefly attributable to the €57.6 million increase in receivables from the property<br />
development for third parties business. The receivables due from buyers in this operating segment are recorded inclusive of all<br />
taxes and represent revenues on a percentage of completion basis less receipts received from customers. Certain receivables<br />
have a specific maturity schedule and are backed by a bank guarantee of future payment (see note 17.5).<br />
n Impairment of trade receivables<br />
n Trade receivables due<br />
(in € thousand)<br />
Impairment<br />
of trade<br />
receivables<br />
At 31 december 2007 (4,226)<br />
Allowance (4,632)<br />
Reversal utilised 2,614<br />
Reversal not utilised 338<br />
Change in scope of consolidation 0<br />
At 31 december <strong>2008</strong> (5,906)<br />
(in € thousand) 12/31/<strong>2008</strong><br />
Total trade receivables, gross 161,601<br />
Impairment of trade receivables 5,906<br />
Total trade receivables, net 155,695<br />
Trade accounts to be invoiced (7,121)<br />
Restatements, stepped rents ad holidays (11,412)<br />
Advances on trade receivables (55,703)<br />
Trade accounts receivables due 81,459<br />
(in € thousand) Total On time 30 days 60 days 90 days<br />
more than<br />
90 days<br />
trade account receivable due 81,459 46,101 2,028 10,547 5,826 16,958<br />
132
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