Annual report 2008 - Altarea Cogedim

Costing–based profitability analysis to 31 December 2007
(€ thousand) Shopping
centres
Third party
development
Recurring
activities
Non–recurring
activities
Rental income 94,375 – 94,375 (0) 94,375
Other net income 3,588 – 3,588 – 3,588
Land charges (659) – (659) – (659)
Unrecoverable rental expenses (3,050) – (3,050) – (3,050)
Management expenses (1,546) – (1,546) – (1,546)
NET RENTAL INCOME 92,708 – 92,708 (0) 92,708
Revenue – 328,726 328,726 13,168 341,893
Cost of sales – (269,109) (269,109) (11,304) (280,413)
Selling expenses – (6,160) (6,160) – (6,160)
Net provisions – (2,862) (2,862) (64) (2,927)
Amortisation of customer relationships – – – (24,627) (24,627)
REAL ESTATE MARGIN – 50,595 50,595 (22,828) 27,767
External services 5,274 8,690 13,964 4,201 18,165
Personnel expense (8,120) (10,364) (18,484) (4,807) (23,291)
Other overhead expenses (6,042) (5,596) (11,638) (7,080) (18,718)
Depreciation expense and provisions (304) (835) (1,139) (652) (1,791)
NET OVERHEAD EXPENSE (9,192) (8,104) (17,297) (8,338) (25,635)
Other income 1,233 2,220 3,453 6,370 9,823
Other expenses (2,303) (3,522) (5,825) (10,728) (16,552)
Depreciation expense (15) (2) (16) (78) (94)
OTHER (1,084) (1,304) (2,388) (4,435) (6,823)
Proceeds from disposal of investment assets – – – – –
Book value of assets sold – – – – –
INCOME ON DISPOSAL OF INVESTMENT ASSETS – – – – –
Movement in value of investment buildings 0 – 0 411,911 411,911
– Movement in value of investment buildings delivered 0 – 0 182,431 182,431
– Other movements in value of investment buildings – – – 229,480 229,480
Net impairment of assets in progress – – – 163 163
Net impairment of other assets – – – (2,345) (2,345)
Net provisions for risks and contingencies – 85 85 (212) (127)
Negative goodwill – – – 1,603 1,603
Goodwill impairment – – – – –
OPERATING INCOME 82,431 41,272 123,703 375,517 499,220
Net cost of debt (31,379) (6,700) (38,079) (6,625) (44,704)
Movement in value and income from disposal of financial instruments – (0) (0) 2,099 2,099
Proceeds from disposal of investments – – – 31 31
Share in income of associated companies 1,440 894 2,334 4,587 6,921
Dividends – – – (0) (0)
Debt and receivable discounting – – – (5,866) (5,866)
INCOME BEFORE TAX 52,492 35,467 87,959 369,743 457,702
Tax (400) (11,174) (11,574) (6,587) (18,161)
NET INCOME 52,092 24,292 76,385 363,156 439,541
o/w Net income attributable to equity holders 50,881 23,462 74,343 355,075 429,417
o/w Net income attributable to minority interests 1,212 830 2,042 8,082 10,124
Weighted fully–diluted average number of shares 7,897,480 7,897,480
Fully–diluted attributable earnings per share (€) 9.41 54.37
* Cogedim: contribution over six months
Total
Group
53