Annual report 2008 - Altarea Cogedim

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ALtarea GROUP / PROFILE 1 Profile ALTAREA Investment (Shopping centres) Third-party development (residential, offices, hotels) Founded in 1994, Altarea is both a multi-product property developer and a property investment company specialising in shopping centres. Altarea observes and anticipates trends in contemporary lifestyle to create innovative property developments that generate growth and urban cohesion. As a specialist property investment company, Altarea has built up a portfolio of shopping centres, which are the most profitable asset class in the long-term and provide the Group with steady cash flow growth. As a multi-product property developer, Altarea has operating and development expertise in the retail, office, hotel and residential sectors. It is now the leading French developer of mixed urban projects combining some or all of these components. Its unique profile – property development at source combined with secure cash flows – enables Altarea to optimise its risk-reward ratio. Altarea is listed on Eurolist by Euronext Paris and operates in France, Italy and Spain. 3
Page 1 and 2: Annual report 2008
Page 3: ALtarea GROUP 1 Profile 3 2 Busines
Page 7 and 8: Third-party development The real va
Page 9 and 10: significant events of 2008 Corporat
Page 11: In third-party property development
Page 14 and 15: Observing trends in society to deve
Page 16 and 17: Porte Jeune in Mulhouse New solidar
Page 18 and 19: Carré de Soie Fun shopping, new so
Page 20 and 21: La Môle - Var Village development
Page 22 and 23: Cinetic in Paris 20 th Environmenta
Page 24 and 25: Sustainable development In today’
Page 26 and 27: Message from Jacques Nicolet “The
Page 29 and 30: ALtarea GROUP / Business review 2 B
Page 31 and 32: one in Italy. These shopping centre
Page 33 and 34: Growth in rental value on a like-fo
Page 35 and 36: Breakdown of operating shopping cen
Page 37 and 38: 2.4 Shopping centres under developm
Page 39 and 40: of advancement and are only partly
Page 41 and 42: The increase in capitalisation rate
Page 43 and 44: Reservations In 2008, the Group’s
Page 45 and 46: Analysis of properties for sale Pro
Page 47 and 48: 1.1.1 Recurring net profit: €93.7
Page 49 and 50: Other unrealised capital gains or l
Page 51 and 52: Despite the severe slowdown in lend
Page 53 and 54: Liabilities and equity (€ thousan
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Costing-based profitability analysi
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1 - INCOME STATEMENT (€ thousand)
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Equity and liabilities (€ thousan
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1999 concerning the overhaul of Fre
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NOTES TO THE BALANCE SHEET - ASSETS
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During 2008, the reorganisations de
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Impairment losses (€ thousand) Pr
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Notes to the income statement Reven
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Income taxes During 2005, the ALTAR
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Benefits payable upon retirement No
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2. Statutory auditors’ report on
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3. Statutory auditors’ report on
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ALtarea GROUP / CONSOLIDATED FINANC
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Equity and liabilities (in € thou
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3. Cash flow statement (in € thou
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5. Costing-based profitability anal
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6. Information about the Company AL
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7.3.1. IFRS 8 “Operating Segments
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- achievement of the sale price and
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The instability of the capital mark
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7.17. Trade receivables and other a
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e) Short-term benefits Short-term b
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• Lessee termination fees Termina
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8. Significant events of 2007 and 2
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- Genoa project ALTAREA won the cal
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n At 31 December 2007 (€ thousand
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9.3. Revenue by region n At 31 Dece
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Company Siren Country 12/31/2008 12
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10.2. Changes in scope of consolida
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The goodwill, which was recognised
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13. Balance sheet 13.1. Goodwill (i
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n Change in accumulated depreciatio
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• In 2008 At 31 December 2008, as
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12/31/2008 12/31/2007 Rental revenu
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• Amounts receivable from partici
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n Change in allowances for impairme
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n Other receivables (in € thousan
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• Assumptions used to value the p
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13.16. Financial liabilities n Borr
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• Financial liabilities guarantee
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n Schedule of future interest expen
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n Projected future cash outflows 20
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13.19. Security and other deposits
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• At 31 December 2007 (in € tho
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Analysis of interest-rate sensitivi
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14. Income statement 14.1. Net rent
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n External service providers These
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14.5. Net gain/(loss) on sale of in
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14.8. Other components of profit be
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n Effective tax rate 12/31/2008 12/
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16. Information on the cash flow st
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17.3. Related parties n Remuneratio
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17.4. Lease obligations - as lessee
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• Property development for third
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18. Auditors’ report on the conso
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ALtarea gROUP / General information
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2. General information about the is
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The Company has the right to set of
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(i) - Authorities to increase the s
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(e) Securities giving access to the
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of shares between the MSRESS funds
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2.3 Non-equity financial instrument
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4. Dividend policy (a) Dividends pa
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Employees in both UES ALTAREA and U
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10. Simplified organisation chart A
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ALtarea gROUP / Corporate governanc
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) Election and termination of offic
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Gautier Taravella - Member Gautier
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FDR 3 - Member Its permanent repres
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2. Remuneration 2.1. Introduction A
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Table 1 - Summary of remuneration,
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3. Convictions, bankruptcy, incrimi
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ALtarea gROUP / SUPERVISORY BOARD C
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appraiser if needed. The Supervisor
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On 13 February 2008, the Supervisor
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At the same meeting, the 23 rd reso
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2 - Cogedim (i) Cogedim Investment
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integration of management systems a
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IT system risks Every ALTAREA opera
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Statutory Auditors’ report on the
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DRAFT RESOLUTIONS 222 1. Business o
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DRAFT RESOLUTIONS Twelfth resolutio
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DRAFT RESOLUTIONS 226 • Resolves
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DRAFT RESOLUTIONS preferential subs
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DRAFT RESOLUTIONS 230 may terminate
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232 Conception : Agence Aristophane
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Annual report 2008 - Altarea Cogedim

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