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124 CONSOLIDATED FINANCIAL STATEMENTS Consolidated fi nancial statements (under IFRS) for the fi scal year ended December 31, 2009 CASH FLOW STATEMENT (€ thousands) 12/31/2009 12/31/2008 Cash flows from operating activities Net income (53,977) 69,203 Depreciation, amortisation & provisions 304 171 Capital gains (losses) from disposals (2,150) 24 Changes in fair value of property 89,478 (30,088) Changes in fair value of fi nancial instruments (902) 686 Recognised revenue and expenses related to stock options 847 947 Tax expense 1,902 (9,488) Cash flow Changes in operating working capital requirement 35,502 31,455 Operating receivables 137 38,416 Operating liabilities before SIIC option liabilities (1,071) 3,831 Net cash fl ows from operating activities 34,568 73,702 Net cash flows from investing activities Acquisition of assets (116,920) (121,405) Disposal of property 60,548 - Payment of exit tax (21,384) 4,914 Changes in non-current fi nancial assets 7 (485) Net cash fl ows from investing activities (77,749) (116,976) Net cash flows from financing activities Dividends paid out (6,357) (30,807) Impact of changes in share capital - (44) Purchase of treasury shares - (3,915) Loans and debt taken out 73,228 110,384 Loans and debt repaid (5,419) (35,075) Net cash fl ows from fi nancing activities 61,452 40,543 Net increase (decrease) in cash and cash equivalents 18,271 (2,731) Opening cash position 11,598 14,329 Closing cash position 29,869 11,598 ANF • 2009 ANNUAL REPORT � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Detailled contents HIGHLIGHTS OF THE FISCAL YEAR 125 Acquisitions 125 Disposals 126 Operations 126 Property measurement 126 Tax 126 EVENTS AFTER THE BALANCE SHEET DATE 126 CHANGE IN METHOD 126 CONSOLIDATION PRINCIPLES AND METHODS 126 Accounting basis New standards and interpretations 126 applicable from January 1, 2009 127 Consolidation principles 127 Segment reporting 128 Real estate assets Intangible assets (IAS 38) 128 and impairment of assets (IAS 36) 129 Operating lease receivables 129 Liquid assets and investment securities 129 Treasury shares (IAS 32) 129 Debt (IAS 32-39) 129 Derivatives (IAS 39) 129 Discounting of deferred payments 130 Current and deferred tax (IAS 12) 130 Leases (IAS 17) 130 Employee benefi ts (IAS 19) 131 Share-based payment (IFRS 2) 131 Earnings per share (IAS 33) 135 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated fi nancial statements Notes to the consolidated financial statements Acquisitions Highlights of the fi scal year The Company continued to invest in renovating its real estate assets and in developments in Lyons and Marseilles. The total amount invested in this regard in 2009 was €65.7 million. These investments were partly fi nanced via the credit line arranged in July 2007 with a banking syndicate led by Calyon. As of December 31, 2009, a nominal amount of €186 million had been drawn down. Plots located within Euromediterranée in Marseilles were transferred to the Ambroise Paré association, which plans to build a new hospital there merging the Ambroise Paré and Desbief hospital facilities. In � Contents MANAGING MARKET RISK 135 Market risks 135 Counterparty risk 135 Liquidity risk 135 Interest rate risk 135 ADDITIONAL INFORMATION (€ THOUSANDS) 136 Note 1 Non-current assets 136 Note 2 Receivables maturity schedule 139 Note 3 Debt maturity schedule at end of period 139 Note 4 Cash and cash equivalents 139 Note 5 Accrual accounts – assets 139 Note 6 Accrual accounts – liabilities 140 Note 7 Contingency and loss provision 140 Note 8 Treasury shares 141 Note 9 Financial instruments 141 Note 10 Covenants 143 Note 11 Off-balance sheet commitments 143 Note 12 Changes to the share capital and shareholders’ equity 144 Note 13 Deferred tax assets and liabilities 144 Note 14 Associates 145 Note 15 Breakdown of income statement and segment reporting 146 Note 16 Earnings per share 147 Note 17 NAV per share 147 Note 18 Cash fl ow per share 148 Note 19 Tax calculation 148 Note 20 Interest rate risk exposure 149 Note 21 Credit risk 149 Note 22 Headcount 149 exchange, we received a plot on which the current Desbief hospital is located and where, upon completion of the aforementioned merger, we will build a 26,000 m2 property containing offi ce, retail and residential units. As part of its partnership with B&B, ANF acquired fi ve hotels, located in Valenciennes, Lille, Arras, Saint-Denis and Bourges, for a total of €21 million and invested €14 million in renovation. These investments were fully fi nanced via the credit line arranged with a banking syndicate led by Natixis. ANF • 2009 ANNUAL REPORT 125 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
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egistration document 2009
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2009 Annual Report � The Registra
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DESCRIPTION OF THE BUSINESS 1. PROF
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of listed real estate companies hav
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Furthermore, as part of its asset r
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DESCRIPTION OF THE BUSINESS Propert
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7. Lyons at the heart of the old ci
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ANF’s goal is to maintain the hig
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ANF had the following real estate a
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To return the buildings to their fo
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9.3 Committed and secured developme
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DESCRIPTION OF THE BUSINESS (€ th
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A new ANF tenant in the cities of L
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13. Key Figures SIMPLIFIED INCOME S
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1. INCOME FROM OPERATIONS 28 1.1 Fa
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The ILC index applies to leases sig
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sales of €29.7 million and partia
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• property held for sale worth
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Income statement Net income in 2009
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1.4 Financial structure Consolidate
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1.5 Events occurring after the bala
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Name and age Bruno Keller Age: 55 C
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Members of the Supervisory Board 1.
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Name and age Delphine Abellard (1)
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Name and age Sébastien Bazin* Age:
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Name and age Jean-Luc Bret Age: 63
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Name and age Alain Lemaire* Age: 60
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Name and age Henri Saint Olive Age:
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INFORMATION ABOUT ANF 2.2 Declarati
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Members of the Executive Board and
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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
Page 75 and 76: 3 Risk management, risk factors and
Page 77 and 78: Risks related to information system
Page 79 and 80: Since June 1, 2006, lessors are req
Page 81 and 82: 3.5 Risks related to B&B Hotels Gro
Page 83 and 84: 2007 INFORMATION ABOUT ANF Voting r
Page 85 and 86: Pursuant to the regulations in effe
Page 87 and 88: 5. Sustainable development 5.1 Huma
Page 89 and 90: INFORMATION ABOUT ANF Reports and i
Page 91 and 92: otherwise exercisable, immediately
Page 93 and 94: The maximum purchase price per shar
Page 95 and 96: 4. resolves that this delegation of
Page 97 and 98: e retroactive, from which the new s
Page 99 and 100: up to the limits set out by applica
Page 101 and 102: The extraordinary resolutions propo
Page 105 and 106: website (www.medef.fr) (“Code de
Page 107 and 108: The Statutory Auditors were duly in
Page 109 and 110: • liabilities or similar instrume
Page 111 and 112: analysis of turnover by supplier, e
Page 113 and 114: Within ANF, a profi t-sharing agree
Page 121 and 122: CONSOLIDATED FINANCIAL STATEMENTS I
Page 123 and 124: CONSOLIDATED BALANCE SHEET - TOTAL
Page 125: STATEMENT OF CHANGES IN SHAREHOLDER
Page 129 and 130: using the fair value convention. In
Page 131 and 132: As of December 31, 2009, fi ve buil
Page 133 and 134: A review of the rental base for fi
Page 135 and 136: d) Stock option plan granted in 200
Page 137 and 138: Earnings per share (IAS 33) Basic e
Page 139 and 140: CONSOLIDATED FINANCIAL STATEMENTS N
Page 141 and 142: Note 2 Receivables maturity schedul
Page 143 and 144: ANF’s former Chief Operating Offi
Page 145 and 146: Note 10 Covenants With respect to l
Page 147 and 148: Note 14 Associates CONSOLIDATED FIN
Page 149 and 150: Note 16 Earnings per share CONSOLID
Page 151 and 152: Note 20 Interest rate risk exposure
Page 153 and 154: III - Specifi c checks and disclosu
Page 155 and 156: ANNUAL FINANCIAL STATEMENTS Pursuan
Page 157 and 158: Balance sheet at December 31, 2009
Page 159 and 160: Notes to the financial statements D
Page 161 and 162: espect of which depreciation period
Page 163 and 164: The real estate assets break down b
Page 165 and 166: Non-current fi nancial assets (€
Page 167 and 168: Note 8 Change in shareholder’s eq
Page 169 and 170: Note 10 Debt maturity schedule (€
Page 171 and 172: Note 14 Covenants With respect to l
Page 173 and 174: Note 16 Headcount As of December 31
Page 175 and 176: 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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