Annual report 2008 - Altarea Cogedim

During 2008, the reorganisations described in the “Key events of the financial year” section accounted for the principal
changes in the participating interests and related advances.
A buyout of minority investors in CRP was carried out in June 2008 prior to the merger by absorption of CRP by Foncière
ALTAREA. A minorities buyout in March 2008 led to an increase in ALTAREA SCA’s percentage ownership in Alta Développement
Italie from 95.30% to 96.20%. ALTAREA SCA acquired Alta Développement Russia shares from Alta Faubourg.
Other financial assets (treasury shares) (€ thousand)
Other non-current financial assets 12/31/2007 Increase Decrease Transfer 12/31/2008
Treasury shares 1,847 138 1,985
Deposits paid 101 2 103
Total 1,948 2 138 2,088
Nbr. of share 48,499 0 0 3,625 52,124
Number of shares
ALTAREA held 106,632 treasury shares, 52,124 of which were recognised as financial assets due to be cancelled. During
2008, a decision was made to classify all the treasury shares as financial assets at a price of €38.08 (acquisition cost).
Impairment losses on financial assets (€ thousand)
Provisions for impairment 12/31/2007 Misc.
items (1)
Increases
during the year
Allowance
Provisions no
longer required
Reductions
during the year
Provisions used
12/31/2008
Impairment in participating interests 38 0 38
Impairment in advances to participating interests 34,295 0 34,295
Total 34,333 0 34,333
Changes in macroeconomic conditions in Russia and the deterioration at the beginning of 2009 led to the impairment
of the receivable due from Alta Développement Russie and to the write-off of its indirect shareholding of 10% in the
RosEvroDevelopement group held by SSF III Zhivago Holding Ltd. ALTAREA has no other obligations to this company.
Receivables
Breakdown of receivables (€ thousand)
Receivables Gross, 2008 Provisions Net, 2008 Net, 2007
Trade receivables 15,370 460 14,910 7,494
Other receivables 5,356 5,356 72,110
Staff and related accounts 31 31
Advances and downpayments 6 6
Government, related authorities: value added tax 2,000 2,000 1,541
Government, related authorities: miscellaneous receivables 90 90 92
Group shareholders and partners 32 32 68,025
Miscellaneous amounts payable 3,196 3,196 2,452
Total 20,726 460 20,266 79,603
The principal change in other receivables derived from the transfer of the current advance to ALTAREA Espana (€67,998 thousand
at year-end 2007), an indirect subsidiary of ALTAREA SCA, to advances to participating interests in 2008 (€71,302 thousand).
Miscellaneous receivables primarily comprise income from swaps in an amount of €2,836 thousand.
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