Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
Costing–based profitability analysis at 31 December 2007
(in € thousand)
Shopping
centres
Property
development for
third parties
Recurring
activities
Non–recurring
activities
Rental revenue 94,375 – 94,375 (0) 94,375
Other income, net 3,588 – 3,588 – 3,588
Expenses on land (659) – (659) – (659)
Non–recovered service charges (3,050) – (3,050) – (3,050)
Management fees (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)
Marketing expenses – (6,160) (6,160) – (6,160)
Net allowance to provisions – (2,862) (2,862) (64) (2,927)
Amortisation of customer relationships – – – (24,627) (24,627)
NET PROPERTY INCOME – 50,595 50,595 (22,828) 27,767
External service providers 5,274 8,690 13,964 4,201 18,165
Staff costs (8,120) (10,364) (18,484) (5,145) (23,629)
Other overhead costs (6,042) (5,596) (11,638) (6,741) (18,379)
Allowances for depreciation and impairment (304) (835) (1,139) (652) (1,791)
NET OVERHEAD COSTS (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)
Allowance for depreciation (15) (2) (16) (78) (94)
OTHER INCOME AND EXPENSE (1,084) (1,304) (2,388) (4,435) (6,823)
Proceeds from sale of investment assets – – – – –
Carrying amount of assets sold – – – – –
GAIN ON SALE OF INVESTMENT ASSETS – – – – –
Change in value of investment properties 0 – 0 411,911 411,911
– of which Change in value of investment properties delivered 0 – 0 182,431 182,431
– of which Other changes in value of investment properties – – – 229,480 229,480
Net impairment losses on assets under development – – – 163 163
Net impairment losses on other non–current assets – – – (2,345) (2,345)
Net allowance for provisions – 85 85 (212) (127)
Negative goodwill – – – 1,603 1,603
Goodwill impairment losses – – – – –
OPERATING PROFIT 82,431 41,272 123,703 375,517 499,220
Net cost of debt (31,379) (6,700) (38,079) (6,625) (44,704)
Change in fair value and gain/loss on the sale of financial instruments – (0) (0) 2,099 2,099
Gain (loss) on sale of participating interests – – – 31 31
Share of earnings of equity–method associates 1,440 894 2,334 4,587 6,921
Dividends – – – (0) (0)
Discounting of payables and receivables – – – (5,866) (5,866)
PROFIT BEFORE TAX 52,492 35,467 87,959 369,743 457,702
Income tax (400) (11,174) (11,574) (6,587) (18,161)
PROFIT 52,092 24,292 76,385 363,156 439,541
of which profit attributable to Group shareholders 50,881 23,462 74,343 355,075 429,417
of which profit attributable to minority interests 1,212 830 2,042 8,082 10,124
Weighted average number of shares after dilution 7,897,480 7,897,480
Diluted earnings per share attributable to Group shareholders (€) 9.41 54.37
* Cogedim: contribution over 6 months.
The format of the costing–based profitability analysis is now the same as for the income statement. Accordingly, by comparison
with the published 2007 financial statements, capitalised production and the change in inventories is allocated to Staff costs
and Other overhead costs and unallocated Head office costs are transferred to Other overhead costs.
Group
total
84