Annual report 2008 - Altarea Cogedim

Consolidated results
II . Consolidated results
1. Results
1.1 Net profit
At 31 December 2008, recurring net profit (Group share) totalled €93.7 million, an increase of 26%. Including shares created during
the capital increase , recurring net profit came to €10.3 per share, an increase of 9% compared with 2007. This growth relates
partly to the contribution from Cogedim consolidated over the full year in 2008 as opposed to six months in 2007, as well as the
retail property business, which made a much more significant contribution (up 23%).
(in €m) 12/31/2008
Shopping
centres
Recurring
Property
development
Total
recurring
Nonrecurring
OPERATING PROFIT 103.8 +26% 57.9 161.8 +31% (502.0) (340.2)
Net cost of debt (43.6) (24.1) (67.7) (7.4) (75.2)
Change in fair value of financial instruments – – – (110.4) (110.4)
Share from companies accounted for using the equity method 4.4 0.6 5.0 (31.3) (26.3)
Discounting of payables and receivables – – – (3.5) (3.5)
PRE-TAX PROFIT 64.6 34.4 99.0 (654.8) (555.7)
Tax 0.3 (1.1) (0.8) 172.9 172.2
NET PROFIT 64.9 33.4 98.3 (481.8) (383.5)
CONSOLIDATED NET PROFIT, GROUP SHARE 62.4 +23% 31.3 93.7 +26% (490.8) (397.1)
Average number of shares (thousands) 9,118
RECURRING EPS, GROUP SHARE (€ per share) 10.28 +9%
0.0
Total
(in €m) 12/31/2007
Shopping
centres
Recurring
Property
development
Total
recurring
Nonrecurring
OPERATING PROFIT 82.4 41.3 123.7 375.5 499.2
Net cost of debt (31.4) (6.7) (38.1) (6.6) (44.7)
Change in fair value of financial instruments 0.0 0.0 0.0 2.1 2.1
Share from companies accounted for using the equity method 1.4 0.9 2.3 4.6 6.9
Discounting of payables and receivables – – – (5.9) (5.9)
PRE-TAX PROFIT 52.5 35.5 88.0 369.7 457.7
Tax (0.4) (11.2) (11.6) (6.6) (18.2)
NET PROFIT 52.1 24.3 76.4 363.2 439.5
CONSOLIDATED NET PROFIT, GROUP SHARE 50.9 23.5 74.3 355.1 429.4
Average number of shares (thousands) 7,897
RECURRING EPS, GROUP SHARE (€ per share) 9.41
0.0
Total
44 (23) 22 % du capital post opération.