Annual report 2008 - Altarea Cogedim

ALtarea GROUP / CONSOLIDATED FINANCIAL STATEMENTS
3
Consolidated
financial statements
for the financial
year ended
31 December 2008
1 balance sheet 78
2 Income statement 77
3. Cash flow statement 81
4 Statement of changes in equity 82
5 Costing-based profitability analyses 83
6. Information about the Company 85
7. Accounting policies 85
7.1 Declaration of compliance and accounting standards
applied by the Group 85
7.2 Changes in accounting policies since 1 January 2008 85
7.3 Changes in accounting methods made by the Group 86
7.4 Preparation of the consolidated financial statements 88
7.5. Estimates and assumptions affecting assets and liabilities 88
7.6 Investment in jointly controlled entities 89
7.7 Investment in associates 89
7.8 Classification of assets and liabilities between current
and non-current items 89
7.9 Business combinations and goodwill 89
7.10 Intangible assets 90
7.11 Property, plant and equipment other than investment property 90
7.12 Investment property 90
7.13 Assets under development 91
7.14 Non-current assets held for sale and discontinued operations 91
7.15 Remeasurement of non-current assets
(other than financial assets and investment properties) 92
7.16 Inventories 92
7.17 Trade receivables and other accounts receivable 93
7.18 Financial instruments 93
7.19 Equity 94
7.20 Share-based payments 94
7.21 Employee benefits 94
7.22 Provisions and contingent liabilities 95
7.23 Income taxes 95
7.24 Revenue and revenue-related expenses 95
7.25 Leases 95
7.26 Gain or loss on the disposal of investment assets 97
7.27 Change in the fair value of investment properties 97
7.28 Borrowing costs or costs of interest-bearing liabilities 97
7.29 Discounting of payables and receivables 97
7.30 Cash flow statement 98
7.31 Operating Segments (IFRS 8) 98
8. Significant events of 2007 and 2008 99
8.1 2008 financial year 99
8.2 2007 financial year 100
9. Operating segments 102
9.1 Income statement items by operating segment 102
9.2 Balance sheet items by operating segment 104
9.3. Revenue by region 105
10. Scope of consolidation 106
10.1 List of companies included in the consolidated
financial statements 106
10.2 Changes in scope of consolidation 117
11. Business combinations 118
12. Impairment of assets under IAS 36 119
12.1 Goodwill arising on the Cogedim acquisition 119
12.2 Brand 119
12.4 Assets under development 120
12.5 Customer relationships 120
13. Balance sheet 121
13.1 Goodwill 121
13.2 Brands and other intangible assets 121
13.3 Property, plant and equipment other than investment property 122
13.4 Investment property 123
13.5 Assets under development 124
13.6 Investment in associates 125
13.7 Investment in jointly controlled entities 127
13.8 Participating interests 128
13.9 Other non-current financial assets 128
13.10 Customer relationships 130
13.11 Inventories and work in progress 130
13.12 Trade receivables and other accounts receivable 132
13.13 Principal accounts 133
13.14 Other current financial assets 134
13.15 Share capital, share-based payments and treasury shares 134
13.16 Financial liabilities 137
13.17 Pension obligations 142
13.18 Other provisions 143
13.19 Security and other deposits received and
other non-current liabilities 145
13.20 Trade payables and other accounts payable 145
13.21 Financial instruments and market risks 146
14. Income statement 151
14.1 Net rental income 151
14.2 Net property income 152
14.3 Net overhead costs 152
14.4 Other income and expense 154
14.5 Net gain/(loss) on sale of investment assets 155
14.6 Other items contributing to operating profit 155
14.7 Net cost of debt 156
14.8 Other components of profit before tax 157
15. Income taxes 157
16. Information on the cash flow statement 161
17. Other information 162
17.1 Earnings per share 162
17.2 Dividends paid and proposed 162
17.3 Related parties 163
17.4 Lease obligations - as lessee 165
17.5 Other off-balance sheet commitments 166
17.6 Number of Group employees at the balance sheet date: 167
17.7 Litigation and claims 167
17.8 Events subsequent to the balance sheet date 167
18 Auditors’ report on the consolidated
financial statements 169
77