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10 DESCRIPTION OF THE BUSINESS Highlights of 2009 6. Highlights of 2009 Sustainable development ANF has switched to a sustainable development approach in order to take on board the environmental impact of its business and get ahead of new regulations in this fi eld. In this regard, the fi rst thing that was done was the carrying out of an energy assessment of certain buildings. SIIC status In January 2006, ANF opted for the SIIC tax status, enabling it to enjoy a tax exemption subject to certain conditions. ANF’s main shareholder brought itself into line with the requirements of the SIIC regime, enabling ANF to increase its fl oat and improve its stock market profi le even further. As of December 31, 2009, Eurazeo held 59.24% of ANF. Greater liquidity During 2009, ANF continued its investor relations drive, particularly endeavouring to meet a large number of investors and fi nancial analysts. These efforts resulted in a very substantial increase in liquidity, rising threefold within 12 months. The daily trading volume is now around 7,000 (source: Bloomberg from 01/01/09 to 12/31/09). Planned developments in Marseilles: Completion of Adagio The new tourist accommodation on rue de la République (142 units) was completed on schedule in October 2009. Two other developments will be completed in 2010 (Forbin and Fauchier). Opening of the second Starbucks in Lyons and approval for the Marseilles one The Starbucks Coffee chain opened its second coffeehouse in Lyons, rue de la République, in the pedestrian zone. A lease for the fi rst Starbucks coffeehouse in Marseilles was agreed with the opening planned for H1 2010. ANF • 2009 ANNUAL REPORT Further increase in rental income Rents continued to rise in 2009, despite the challenging economic climate. Annual rental income was thus up 10% at constant scope to €65 million. In Lyons and Marseilles, rents were up 12% refl ecting the dynamism of these two cities and the resilience of ANF’s real estate assets. Rise in appraisal values in H2 The rise in capitalisation rates in H1 2009 resulted in lower values. The appraisers felt that for H2 the rates should remain unchanged given the quality of the real estate and the continued rise in rents. The real estate value rose 2% at constant scope in H2 2009. Lower borrowing cost 3-month Euribor averaged 0.73% in 2009. ANF benefi ted from this situation by cutting its borrowing cost by close to 30 basis points. Asset rotation Asset disposal is a key part of ANF’s strategy. In 2009, €55 million in assets were disposed of at prices in line with the market, in accordance with the three-year plan. B&B Partnership � Contents Entered into in 2007, the partnership with B&B sees ANF supporting the hotel chain by paying for upgrading the hotels – switching to the new concept – as well as with the acquisition of new hotels. In 2009, ANF invested €35 million in the partnership, €21 million of which was for the acquisition of 5 new hotels. OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
7. Lyons at the heart of the old city ANF’s real estate assets in Lyons, located on rue de la République, consist of high-quality Haussmann-style properties of about Lyons real estate assets ANF’s real estate assets in Lyons, located on rue de la République, consist of high-quality Haussmann-style properties of about 88,000 square metres, with retail premises on the ground fl oor and offi ces and residential units above them. At the heart of the old City of Lyons, recognised in 1998 as a UNESCO World Heritage Site, rue de la République is one of the main thoroughfares in the Presqu’île. It runs for a kilometre from Place Bellecour to City Hall, and is one of the longest pedestrian streets in Europe. It is well served by Surface area 30,000 square metres. DESCRIPTION OF THE BUSINESS Lyons at the heart of the old city 88,000 square metres, with retail premises on the ground fl oor and offi ces and residential units above them. public transport and houses a number of high-quality chains and shops, making it a particularly popular place during the day and at weekends. This atmosphere is enhanced by the presence of a large number of coffeehouses and restaurants, and also by major cultural venues (such as the Opéra, Musée Saint-Pierre and Théâtre des Célestins). With some 2,000 retail premises, Presqu’île is the retail heart of the Lyons area. Offi ces Retail premises Residential units Total Planned developments 25,000 square metres. 33,000 square metres. 88,000 square metres. No. units 190 142 354 Occupancy rate* 99% 98% 78%** 2009 rents (€ thousands) Other = 88 4,570 7,840 3,464 15,963 * Includes technical vacancy and ongoing work. ** Surface areas left vacant for the TAT and Mansard-style attic space developments. � Contents 36,500 square metres. ANF • 2009 ANNUAL REPORT 11 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 and 10: Furthermore, as part of its asset r
Page 11: DESCRIPTION OF THE BUSINESS Propert
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
Page 63 and 64:
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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Page 119 and 120:
Page 121 and 122:
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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