Annual report 2008 - Altarea Cogedim

Individual company financial statements
The Company provided a guarantee for COMPAGNIE ALTAREA HABITATION, so that COMPAGNIE ALTAREA HABITATION
could obtain a €300 million loan from IXIS CORPORATE & INVESTMENT BANK. This loan was used to finance a portion of
the Cogedim acquisition.
The Company charged a commission for this guarantee of €1,756,897 in 2008.
With ALTAREA PATRIMAE:
The Company granted its Spanish subsidiary, ALTAREA PATRIMAE, a subordinated loan for €22,800,000 and a guarantee
for a bank loan. This financing was used to purchase the San Cugat shopping centre.
The interest rate on the subordinated loan, granted on 25 July 2006, is 1.5% until 31 December 2007, 3% until 31 December
2009, and 6% until 31 December 2016.
The Company also pledged some of its receivables as a guarantee for ALTAREA PATRIMAE to obtain a €22,800,000
subordinated loan from IXIS CORPORATE & INVESTMENT BANK.
The Company recognised €685,874 of financial income from the subordinated loan in 2008.
With MEZZANINE PARIS NORD SA:
The company provided a personal, divided guarantee for CREDIT FONCIER DE FRANCE (after the merger of ENTENIAL
and CREDIT FONCIER DE FRANCE) to obtain financing from MEZZANINE PARIS NORD SA. This guarantee consists of the
following two parts:
• A €1,859,878 repayment for Tranche A of a loan which covers 20% of the total loan principal, €9,299,390, plus interest,
fees, and other related costs; and
• A €990,919 payment to cover the remaining amount due for construction work and the initial royalty owed to SNCF, as part
of a first-demand guarantee. The €990,919 payment covers 20% of the total loan principal, €4,954,593, plus a 19.60%
VAT charge and the indexed increases set forth in the tenancy agreement.
The company recognised €8,545 of financial income from commissions on this guarantee at a rate of 0.4% in 2008.
With ALTAREA GESTION SNC:
ALTAREA GESTION SNC provides the company with administrative and financial support under the terms of an agreement
signed on 17 December 1999. The agreement sets the annual fee for this service at €152,449, which remained unchanged
in 2008. This agreement applies to ALTAREA FRANCE following the complete transfer of assets and liabilities by ALTAREA
GESTION SNC to ALTAREA FRANCE.
With ALTAFINANCE SAS:
The Company terminated its management, assistance, and advisory agreement with ALTAFINANCE, its parent company, effective
30 June 2007. This agreement was originally entered into on 13 March 2006 for three years starting on 1 April 2006.
However, the Company recognised a €96,078 charge related to this agreement in 2008, concerning transactions decided
before the agreement was terminated but carried out after it was terminated.
Paris and Paris La Défense, 30 April 2009
The Statutory Auditors
A.A.C.E. Ile-de-France
Michel Riguelle
erNST & YOUNG Audit
Marie-Henriette Joud
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