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8 DESCRIPTION OF THE BUSINESS Property appraisal 5. Property appraisal ANF’s real estate assets were appraised by two independent appraisers at €1,504 million excluding transfer taxes as of December 31, 2009, compared to €1,497 million excluding transfer taxes as of June 30, 2009 and €1,544 million excluding transfer taxes as of December 31, 2008. This sum broke down into €417 million in Lyons, €613 million in Marseilles and €474 million for the B&B hotel properties. Adjusted for changes subsequent to the drafting of the appraisal reports (disposal of apartments in Marseilles and carrying out of work on the B&B hotels), the value of ANF’s real estate assets stood at €1,504 million excluding transfer taxes as of December 31, 2009, breaking down into €417 million in Lyons, €611 million in Marseilles and €476 million for B&B. The value of the real estate assets was up 2.2% at constant scope compared to the appraisal values as of June 30, 2009, and down 1.2% at constant scope on those as of December 31, 2008. The various developments in Lyons and Marseilles, which are scheduled to be completed between 2010 and 2014, were appraised at €198 million as of December 31, 2009, up 6% over the 12 months. ANF’s prudent investment policy – in particular ANF • 2009 ANNUAL REPORT the putting in place of leases before building – is thus valued by the appraisers, confi rming the strategy employed. The appraisers decided to keep overall capitalisation rates at the same levels as in June 2009. This rate stability was made possible as a result of: • the rise in rents; • the intrinsic quality of the Haussmann-style properties; • the exceptional city centre location. The strength of B&B’s model, France’s third largest budget hotel chain – attested by the improved operational performance – as well as the secured nature of the leases meant that it has been possible to stabilise capitalisation rates since June 2009. The rise in rents thus led to a slight increase in the portfolio value, at constant scope. The change in value between June 30, 2009 and December 31, 2009 stemmed from: • the increase in value as a result of the €49 million invested; • the €46 million decline as a result of disposals; • the €5 million change in fair value. (€ thousands) December 31, 2009 December 31, 2008 Change Lyons-Buildings 344,191 379,059 -9% Marseilles-Buildings 487,534 511,193 -5% Buildings 831,725 890,243 -7% Developments 198,362 187,105 +6% City centre 1,030,087 1,077,348 -4% B&B 473,570 466,200 +2% ANF’s real estate assets 1,503,657 1,543,548 -3% Chosen gross capitalisation rates excluding transfer taxes: The 3rd edition of the real estate appraisal code drawn up at the behest of the IFEI (Institut Français de l’Expertise Immobilière – French Real Estate Appraisal Institute), defi nes the percentage gross capitalisation rate as the ratio of gross income from the property to its disposal price excluding expenses and transfer taxes, or its market value. December 2009 range June 2009 range 2008 range Marseilles Offi ces 7.20% 8.00% 7.20% 8.00% 6.65% 7.45% Retail premises 6.00% 8.00% 5.85% 8.00% 5.75% 7.70% Residential units 4.80% 5.60% 4.50% 5.60% 4.00% 5.05% Residential 1948 Regime 2.40% 5.30% 2.10% 5.30% 2.15% 4.80% � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS Property appraisal December 2009 range June 2009 range 2008 range Lyons Offi ces 6.90% 7.70% 6.90% 7.70% 6.25% 7.20% Retail premises 5.75% 6.40% 5.75% 7.45% 5.45% 6.90% Residential units 4.80% 5.20% 4.50% 5.20% 3.45% 4.65% Residential 1948 Regime 2.40% 4.95% 2.15% 4.95% 1.85% 4.40% Values per square metre as of 12/31/09 Lyons Values per square metre as of 12/31/09 Marseilles Segment 1 Other Offi ces €2,546-€2,554 per square metre €2,033-€2,104 per square metre €1,135-€2,015 per square metre Retail premises €12,169-€12,736 per square metre €7,574-€9,683 per square metre €4,146-€5,421 per square metre Residential units €2,248-€2,499 per square metre €2,501-€2,622 per square metre €1,503-€2,177 per square metre Method: ANF uses Jones Lang LaSalle and BNP Paribas Real Estate Expertise, two nationally recognised appraisers. They were formally appointed in 2007 for a four-year term, with two appraisals being carried out per annum. The appraisers use the 3rd edition of the real estate appraisal code drawn up at the behest of the IFEI. Each appraiser looks at around half of ANF’s real estate assets, split as follows: • Haussmann-style properties in Lyons and Marseilles are split pretty equally between the two appraisers to ensure consistency of valuations; • the hotel portfolio is split in two and each appraiser takes half of the 166 hotels. � Contents The Haussmann-style properties are appraised by means of both the comparison and capitalisation methods. Developments are appraised using two methods depending on their nature. Where they involve development on land owned by ANF the developer balance sheet method is used whereas the capitalisation and comparison method is used for major property restructuring. The hotels are appraised using the net income capitalisation method, as the discounted cash fl ow method isn’t appropriate due to the long length of the leases and the fi xed nature of the rents. During the December 31, 2009 appraisals no building was reclassifi ed (investment, operating). The appraisal reports drawn up by Jones Lang LaSalle and BNP Paribas Real Estate Expertise are included in Section VI “Other general information” of Volume II of the Registration Document. ANF • 2009 ANNUAL REPORT 9 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF OF THE BUSINESS
Page 1 and 2: egistration document 2009
Page 3 and 4: 2009 Annual Report � The Registra
Page 5 and 6: DESCRIPTION OF THE BUSINESS 1. PROF
Page 7 and 8: of listed real estate companies hav
Page 9: Furthermore, as part of its asset r
Page 13 and 14: 7. Lyons at the heart of the old ci
Page 15 and 16: ANF’s goal is to maintain the hig
Page 17 and 18: ANF had the following real estate a
Page 19 and 20: To return the buildings to their fo
Page 21 and 22: 9.3 Committed and secured developme
Page 23 and 24: DESCRIPTION OF THE BUSINESS (€ th
Page 25 and 26: A new ANF tenant in the cities of L
Page 27 and 28: 13. Key Figures SIMPLIFIED INCOME S
Page 29 and 30: 1. INCOME FROM OPERATIONS 28 1.1 Fa
Page 31 and 32: The ILC index applies to leases sig
Page 33 and 34: sales of €29.7 million and partia
Page 35 and 36: • property held for sale worth
Page 37 and 38: Income statement Net income in 2009
Page 39 and 40: 1.4 Financial structure Consolidate
Page 41 and 42: 1.5 Events occurring after the bala
Page 43 and 44: Name and age Bruno Keller Age: 55 C
Page 45 and 46: Members of the Supervisory Board 1.
Page 47 and 48: Name and age Delphine Abellard (1)
Page 49 and 50: Name and age Sébastien Bazin* Age:
Page 51 and 52: Name and age Jean-Luc Bret Age: 63
Page 53 and 54: Name and age Alain Lemaire* Age: 60
Page 55 and 56: Name and age Henri Saint Olive Age:
Page 57 and 58: INFORMATION ABOUT ANF 2.2 Declarati
Page 59 and 60: Members of the Executive Board and
Page 61 and 62:
Ghislaine Seguin, Member of the Exe
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Members of the Executive Board and
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INFORMATION ABOUT ANF Corporate gov
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TABLE 5: STOCK OPTIONS EXERCISED BY
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Stock options are granted during th
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down into €21,783,916.96 charged
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Accordingly, the new purchase price
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3 Risk management, risk factors and
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Risks related to information system
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Since June 1, 2006, lessors are req
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3.5 Risks related to B&B Hotels Gro
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2007 INFORMATION ABOUT ANF Voting r
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Pursuant to the regulations in effe
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5. Sustainable development 5.1 Huma
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INFORMATION ABOUT ANF Reports and i
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otherwise exercisable, immediately
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The maximum purchase price per shar
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4. resolves that this delegation of
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e retroactive, from which the new s
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up to the limits set out by applica
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The extraordinary resolutions propo
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website (www.medef.fr) (“Code de
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The Statutory Auditors were duly in
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• liabilities or similar instrume
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analysis of turnover by supplier, e
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Within ANF, a profi t-sharing agree
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CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
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Detailled contents HIGHLIGHTS OF TH
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using the fair value convention. In
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As of December 31, 2009, fi ve buil
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A review of the rental base for fi
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d) Stock option plan granted in 200
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Earnings per share (IAS 33) Basic e
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CONSOLIDATED FINANCIAL STATEMENTS N
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Note 2 Receivables maturity schedul
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ANF’s former Chief Operating Offi
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Note 10 Covenants With respect to l
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Note 14 Associates CONSOLIDATED FIN
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Note 16 Earnings per share CONSOLID
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Note 20 Interest rate risk exposure
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III - Specifi c checks and disclosu
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ANNUAL FINANCIAL STATEMENTS Pursuan
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Balance sheet at December 31, 2009
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Notes to the financial statements D
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espect of which depreciation period
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The real estate assets break down b
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Non-current fi nancial assets (€
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Note 8 Change in shareholder’s eq
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Note 10 Debt maturity schedule (€
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Note 14 Covenants With respect to l
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Note 16 Headcount As of December 31
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Stock option plan granted in 2007 D
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Stock option plan granted in 2009 D
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Note 22 Extraordinary items ANNUAL
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III - Specifi c checks and disclosu
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PRO FORMA FINANCIAL INFORMATION �
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OTHER GENERAL INFORMATION 1. PERSON
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Statutory Auditors’ fees TABLE OF
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If the ownership threshold is not m
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OTHER GENERAL INFORMATION Other inf
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3.2 Share capital Number of shares
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violation of these Articles of Asso
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to a specifi c situation, or conver
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or vote on the project in question
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OTHER GENERAL INFORMATION Other inf
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5.6 History Important events in the
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In accordance with RICS rules, we w
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• Three assets are under fi nance
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION � Conte
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Head office : 32, rue de Monceau -
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