Annual report 2008 - Altarea Cogedim

Impairment losses (€ 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 0 0 38 0 0 38
Impairment in advances to participating interests 0 0 34,295 0 0 34,295
Impairment in trade receivables 72 0 388 0 0 460
Other allowances for impairment in marketable securities 0 0 731 0 0 731
Total 72 0 35,452 0 0 35,524
(1) Miscellaneous items: Change in accounting method with impact on equity
Change in scope of consolidation: merger, full transfer of assets and liabilities, partial asset contribution, etc.
The changes in macroeconomic conditions in Russia and the deterioration in early 2009 led to impairment in the participating
interests and advance to Alta Développement Russie.
NOTES TO THE BALANCE SHEET - EQUITY AND LIABILITIES
Equity
Statement of changes in equity
Equity 12/31/2007 Distribution
Allocation
Reduction
in capital,
issuance costs
Increase
in capital and
contributions
2008 profit 12/31/2008
Share capital 121,653 (86,680) 120,878 155,850
Share issue premium 257,721 338,213 595,934
Merger premiums 3,347 (629,341) 634,711 8,717
Share subscription warrants 650 650
Legal reserve 5,928 1,629 7,557
Available reserve 53,400 (16,906) 36,494
Retained earnings 278 130 408
Profit for the year 32,569 (32,569) 83,689 83,689
Total 475,546 (47,716) (716,021) 1,093,801 83,689 889,298
At the Ordinary General Meeting on 26 May 2008, shareholders approved a dividend payment of €6.00 for the financial
year ended 31 December 2007, representing a total amount of €47,766 thousand, including €47,358 thousand paid to
shareholders, with the difference of €408 thousand reflecting dividends on treasury shares allocated to retained earnings,
with €130 thousand being drawn from optional reserves.
The legal reserve (€1628 thousand), the balance of income available for distribution (€30,941 thousand) together with an
amount (€16,417 thousand) drawn from optional reserves was allocated to payment of a dividend. Payment of the preferential
dividend to the General Partner (€358 thousand) also drew on reserves.
Other significant movements resulted from the transactions described in the “Key events of the financial year” section. Share
issuance costs net of tax (€2,642 thousand) were set off against the share premium account. At 31 December 2008, the
share capital stood at €155,850 thousand, divided into 10,199,091 shares each with a par value of €15.28 compared with
7,961,047 shares at 31 December 2007 and 10 general partner shares with a par value of €100.
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