Annual report 2008 - Altarea Cogedim

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Consolidated results 2. Net asset value (NAV) At 31 December 2008, ALTAREA’s fully diluted, going concern NAV amounted to €124.2 per share. 12/31/2008 12/31/2007 €m € per share €m € per share Consolidated equity, Group share 1,109.3 108.1 1,184.0 147.6 Restated tax Deferred tax on the balance sheet for non-SIIC assets (international assets) 18.3 32.1 Effective tax for unrealised capital gains on non-SIIC assets* (3.5) (4.1) Restated transfer duties Transfer duties deducted from balance sheet asset values 126.1 114.3 Estimated transfer duties and selling fees* (65.8) (62.8) Other unrealised capital gains or losses 37.7 15.9 Impact of securities offering access to share capital 0.6 1.4 Partners’ share (1) (14.1) (19.2) DILUTED LIQUIDATION NAV 1,208.5 117.8 1,261.5 157.3 -25% Estimated transfer duties and selling fees 65.8 62.8 Partners’ share (0.8) (0.9) DILUTED GOING CONCERN NAV 1,273.6 124.2 1,323.4 165.0 -25% Diluted going concern NAV excluding financial instruments 1,355.3 132.1 1,283.3 160.0 -17% Number of diluted shares 10,257,854 8,020,367 * Varies according to the type of disposal carried out, i.e. sale of asset or sale of shares (1) Maximum dilution of 120,000 shares Calculation basis Tax issues Most of ALTAREA’s property portfolio is not liable for capital gains tax under the SIIC regime. The exceptions are assets which are not SIIC-eligible due to their ownership method (Gare du Nord and Roubaix), and assets owned outside France. For these foreign assets, capital gains tax on disposal is deducted directly from the consolidated accounts at the standard tax rate in the host country, based on the difference between the open market value and the tax value of the property assets. ALTAREA took into account the ownership methods of assets outside the SIIC scope to determine going concern NAV after tax, since the tax reflects the tax that would effectively be paid if the shares of the company holding just a single asset were sold or, conversely, if the assets were sold building by building. Transfer duties Investment property was recognised in the IFRS-compliant consolidated accounts at appraisal value, excluding transfer duties, by applying a transfer tax rate of 6.20% to all assets, including those that may be eligible for sale at a reduced VAT rate. To calculate going concern NAV, however, the transfer duties were added back in the same amount of €126.1 million at 31 December 2008. For example, when calculating ALTAREA’s liquidation NAV, excluding transfer duties, transfer duties were deducted on the basis of selling the shares of the company holding only a single asset (24) or, conversely, selling the assets building by building. Impact of securities offering access to share capital This concerns the impact of the exercising of “in the money“ stock options, the counterparty of which is an increase in the number of diluted shares. 46 (24) Based on a rate of 5.09%
Other unrealised capital gains or losses Unrealised capital gains and losses relate to rental management and shopping centre development activities as reported at 31 December 2008. Change in number of diluted shares At 31 December 2008, fully diluted shares numbered 10,257,854. This amount is based outstanding shares plus potential shares relating to “in the money“ stock options and stock grants representing a total of 165,395 shares assumed to have been exercised with the corresponding capital contribution added to equity. Treasury shares totalling 106,632 shares at 31 December 2008 were then deducted to determine the number of fully diluted shares. 47
Page 1 and 2: Annual report 2008
Page 3: ALtarea GROUP 1 Profile 3 2 Busines
Page 6 and 7: Altarea’s business model Property
Page 8 and 9: Key figures Shopping centres Net re
Page 10 and 11: Message from Alain Taravella Last y
Page 13 and 14: Positioning 11
Page 15 and 16: Positioning Property development So
Page 17 and 18: Positioning retail 2008 Retail: 6 s
Page 19 and 20: Positioning Cœur d’Orly Urban di
Page 21 and 22: Positioning 2008 Residential In res
Page 23 and 24: Positioning 2008 Offices Through it
Page 25 and 26: Hôtel Saint-Priest - Lyon. Dolce V
Page 27: - In shopping centre investment, th
Page 30 and 31: Business review I. Business review
Page 32 and 33: Business review 2.2 Proprietary sho
Page 34 and 35: Business review Rental income inclu
Page 36 and 37: Business review Centre Type Country
Page 38 and 39: Business review 2.4.2 2008 investme
Page 40 and 41: Business review manager, the Group
Page 42 and 43: Business review (Net floor area, 00
Page 44 and 45: Business review The level of outsta
Page 46 and 47: Consolidated results II . Consolida
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General information 1. Persons resp
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General information For as long as
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General information Shares may be c
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General information 1 - Extraordina
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General information Ownership of sh
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General information (k) Trading in
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General information High Low Latest
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General information 186 During the
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General information ALTAREA is invo
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Corporate governance The report of
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Corporate governance 1.3 Supervisor
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Corporate governance Françoise Deb
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Corporate governance Fonds ABP - Me
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Corporate governance remuneration w
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Corporate governance Table 3 - Summ
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Corporate governance Philippe Mauro
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SUPERVISORY BOARD CHAIRMAN’S REPO
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ALtarea gROUP / DRAFT RESOLUTIONS 7
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Fourth resolution (Approval of agre
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This authorisation is granted to th
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• Resolves that the total nominal
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- that in the event of an increase
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ALtarea gROUP / Cross-reference tab
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www.altarea.com 8, avenue Delcassé
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Annual report 2008 - Altarea Cogedim

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