Annual report 2008 - Altarea Cogedim

ALtarea GROUP / Business review
2
Business review
I – Business review 30
1. Highlights of 2008 30
1.1 Strengthening ALTAREA’s financial structure
1.2 Restructuring of the property development
business and adjustment in the acquisition
value of Cogedim
1.3 Shopping centres: continuing
the value creationmodel
1.4 Advance compliance with “SIIC 4“
requirements (7)
1.5 Outlook
2. Shopping centre development 31
2.1 Summary
2.2 Proprietary shopping centres
2.3 Recurring operating profit
2.4 Shopping centres under development (12)
3. Property development for third parties 39
3.1 Introduction
3.2 Revenues
3.3 Operating profit
3.4 Operating review by product lin
II – Consolidated results 44
1. Results 44
1.1 Net profit
1.2 ALTAREA SCA parent company results
and SIIC regime requirements
2. Net asset value 46
III – Financial resources 48
1. Financial position 48
2. Hedging and maturity 49
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