Annual report 2008 - Altarea Cogedim

n External service providers
These break down by operating segment as follows:
• Shopping centres: €6.67 million in 2008 compared with €5.27 million in 2007.
This income consists of rental management fees (syndicate agent, shopping centre management, administrative assistance,
etc.). These fees are received as remuneration for managing shopping centres both for the Group’s own account and for the
account of third parties.
Of the rental property management fees, close to 96% were generated by the shopping centre business in France and the
remainder in Spain.
• Property development for third parties: €29.39 million in 2008 compared with €8.69 million in 2007.
This income derives from delegated project management services. Aside from the full-year impact of Cogedim, the increase
recorded was attributable to the recognition of incentive fees linked to the success of large-scale office property projects.
• Non-recurring activities: €3.9 million in 2008 compared with €4.2 million in 2007.
These fees result from provision of services, in particular top-level project steering, for shopping centres under development
in France and Italy.
n Staff cost
(in € thousand) 12/31/2008 12/31/2007 *
Staff remuneration (55,634) (34,804)
Payroll taxes (24,041) (15,311)
Benefits payable at retirement 358 (639)
Cost of employee benefits (7,419) (5,571)
Other staff costs (3,367) (4,442)
Capitalised production and change in inventories 45,966 37,137
STAFF COSTS (44,137) (23,629)
* Cogedim: contribution over 6 months
The staff costs line item presents staff costs that cannot be allocated to the cost of services provided internally by the Group’s
service companies.
Total staff costs incurred by the Group amounted thus to €90.1 million.
Of this amount, €46 million was capitalised.
The increase in staff costs was primarily attributable to the full-year impact of Cogedim, which was consolidated for the first
time from July 2007, and to a lesser extent to the growth recorded by other Group units.
Staff remuneration and payroll taxes include commissions paid to vendors, mainly for the property development for third
parties business.
Other staff costs include incentive and mandatory profit-sharing, as well as the cost of personnel from outside the Group.
n Other overhead costs
(in € thousand) 12/31/2008 12/31/2007*
Other overhead costs (51,643) (40,882)
Capitalised production and change in inventories 24,276 22,503
OTHER OVERHEAD COSTS (27,367) (18,379)
* Cogedim: contribution over 6 months
The “Other overhead costs” line item shows overhead costs other than staff costs and depreciation of operating assets that
cannot be allocated to the cost of services provided internally by the Group’s service companies.
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