Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
– Following the sale of assets held by SCI Troyenne in late
December 2008, the outstanding balance of the loan of
€3.52 million (including €0.5 million recognised under
non-current items) was repaid early.
– Two VAT credit repayments were made during the financial
year in an amount of €1.3 million for the Aubette
programme in Strasbourg and €2.2 million for the Lyon
Carré de Soie programme respectively.
– On 17 October 2008 and 21 November 2008, a €32
million loan (€10 million, then €22 million) was arranged
with ING Real Estate as financing for the Pinerolo project
(Piedmont).
– During 2008, an additional €7.2 million was drawn down
for the Ragusa centre, €6 million of which for liabilities
matching VAT receivables (€5.6 million in non-current
borrowings and €0.4 million in borrowings due in less
than one year).
During 2007, the increases and decreases in loans related
primarily to:
– The syndicated corporate loan arranged with Ixis CIB in
2006 and renegotiated in 2007 for a total credit facility
of €726 million, on which €231 million was drawn and
€30 million was paid back in 2007.
This corporate loan comprises a long-term line of credit in
two tranches:
(i) The €266 million A tranche, secured by non-registered
mortgages on assets held by ALTAREA SCA. The final
repayment date is 9 June 2016. At 31 December 2007,
the full amount of this tranche had been drawn down.
(ii) The €460 million B tranche, secured by pledges of
securities and partner account balances of the Group’s
principal SIIC subsidiaries. The final repayment date
is 9 June 2013. At 31 December 2007, only €296.6
million had been drawn down.
– A loan of €300 million from Natixis against a pledge
of securities and guarantee by ALTAREA SCA as partial
financing for the Cogedim acquisition. The final repayment
due date is 10 July 2014.
– A bullet loan of €100 million from Deutsche Bank against
a first demand guarantee by ALTAREA SCA, due on 22
May 2017.
– A non-recourse mortgage loan of €54 million from WestLB
arranged by Gercom on 17 July 2007 as financing for the
La Corte Lombarda (Bellinzago) shopping centre.
– A non-recourse mortgage loan of €38.8 million to put the
Ibleo Shopping Centre (Ragusa, Sicily) into operation.
– A loan of €38.5 million from WestLB to acquire an equity
interest in the Casale Montferrato (Piedmont) shopping
centre.
– A first mortgage loan of €45.3 million with a pledge of
ownership units, on which €33.4 million was drawn down
during the period, to put the Family Village (Aubergenville)
shopping centre into operation.
– A first mortgage loan of €23.7 million with a pledge
of ownership units, on which €10.9 million was drawn
down during the period, to put the Family Village Les
Hunaudières (Ruaudin) shopping centre into operation.
– A loan of €55.3 million against a money-lender lien and
mortgage, on which €25.3 million was drawn down during
the period, to put the Thiais Village (Thiais) shopping
centre into operation.
– A first mortgage loan of €53.1 million with a pledge
of ownership units, on which €29.6 million was drawn
during the period, to finance the Wagram programme.
– A first mortgage loan of €58.2 million (proportionately
consolidated amount) with a pledge of ownership units,
on which €12.1 million (proportionately consolidated
amount) was drawn, to finance the Alta Marigny Carré de
Soie programme.
– A first mortgage loan of €42.9 million with a pledge of
ownership units, on which €10.9 million was drawn, to
finance the Alta Mulhouse programme.
– A first mortgage loan of €13.6 million with a pledge of
ownership units, agreed in 2006 with Natixis, on which
€6.5 million was drawn to finance the Gare de l’Est
programme.
• Bank facilities (liabilities)
These overdraft facilities are intended to finance property
development transactions.
Bank financing for development transactions is set up
by arranging a credit facility with an authorised overdraft
ceiling for a given period (generally for the duration of the
construction work).
The amount of these authorisations is geared to the maximum
cash requirement during the transaction and is generally
specified by stages (or triggers) that correspond to events
generating cash requirements, such as the acquisition of land
and commencement of construction work. These facilities
are classified as due in less than or more than one year
depending on the expiry date. On average, they bear interest at
Eonia+1% (excluding commitment and servicing fees). They
are guaranteed by mortgage commitments on the assets and
undertakings not to sell or assign the ownership units.
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