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142 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated fi nancial statements To this end, the ANF Group has arranged twenty-fi ve interest rate hedging contracts to swap 3-month or 1-month Euribor variable rates for fi xed rates. The table below sets out the impact of the interest rate derivatives on the ANF consolidated fi nancial statements: Effective date Maturity date ANF • 2009 ANNUAL REPORT Fixed rate paid (€ thousands) Nominal 07/24/2006 07/24/2012 3.9450% 3-month Euribor swap/3.945% 12/15/2006 12/15/2012 3.9800% 3-month Euribor swap/3.980% 10/31/2007 12/31/2014 4.4625% 3-month Euribor swap/4.4625% 04/11/2008 03/31/2015 4.2775% 3-month Euribor swap/4.2775% 08/20/2007 06/30/2014 4.4550% 3-month Euribor swap/4.455% 09/28/2007 12/31/2014 4.5450% 3-month Euribor swap/4.5450% 10/31/2007 12/30/2014 4.3490% 3-month Euribor swap/4.3490% 06/16/2008 12/31/2014 4.8350% 3-month Euribor swap/4.8350% 08/04/2008 06/30/2014 4.7200% 3-month Euribor swap/4.72% 08/11/2008 06/30/2014 4.5100% 3-month Euribor swap/4.51% 08/11/2008 06/30/2014 4.5100% 3-month Euribor swap/4.51% 10/08/2008 06/30/2014 4.2000% 3-month Euribor swap/4.2% 10/10/2008 06/30/2014 4.1000% 3-month Euribor swap/4.1% 11/14/2008 06/30/2014 3.6000% 3-month Euribor swap/3.6% 12/24/2008 06/30/2014 3.1900% 3-month Euribor swap/3.19% 07/01/2008 12/31/2014 4.8075% 3-month Euribor swap/4.8075% 08/11/2008 12/30/2014 4.5090% 3-month Euribor swap/4.509% 08/11/2008 12/30/2014 4.5040% 3-month Euribor swap/4.504% 10/06/2008 12/31/2014 4.3500% 3-month Euribor swap/4.35% 12/23/2008 12/31/2014 3.2500% 3-month Euribor swap/3.25% 02/06/2009 12/31/2014 2.9700% 1-month Euribor swap/2.97% 03/13/2009 06/30/2014 2.6800% 3-month Euribor swap/2.68% 06/26/2009 12/31/2014 2.8800% 3-month Euribor swap/2.88% 01/04/2010 06/30/2014 2.3580% 3-month Euribor swap/2.358% 01/04/2010 12/31/2014 2.4750% 3-month Euribor swap/2.475% TOTAL DERIVATIVES ELIGIBLE FOR HEDGE ACCOUNTING Asset fair value as of 12/31/2009 Liability fair value as of 12/31/2009 Changes in fair value Impact on over the fi nancial fi scal year income Impact on shareholders’ equity 22,000 (1,118) (428) 46 (474) 28,000 (1,558) (1,122) (9) (1,113) 65,000 (5,695) (1,543) 159 (1,702) 11,000 (891) (287) 115 (402) 18,000 (1,525) (427) 32 (459) 65,000 (5,944) (1,496) 491 (1,987) 14,000 (1,153) (341) (8) (333) 6,700 (716) (106) 1 (107) 10,000 (963) (184) 24 (208) 28,000 (2,440) (581) (4) (577) 10,000 (871) (206) (13) (193) 9,500 (701) (246) (19) (227) 12,800 (889) (351) (142) (209) 5,700 (271) (179) (7) (172) 6,350 (190) (218) 9 (227) 2,300 (243) (48) (13) (35) 28,000 (2,550) (691) (4) (687) 10,167 (924) (248) 0 (248) 5,046 (422) (125) 70 (195) 5,821 (180) (193) (10) (183) 3,300 (59) (59) 17 (76) 11,700 (90) (90) 25 (115) 11,435 (151) (151) 22 (174) 23,900 150 150 120 30 19,861 126 126 0 126 433,579 276 (29,546) (9,046) 902 (9,948) The fi nancial derivatives were measured by discounting the estimated future cash fl ows on the basis of the yield curve as of December 31, 2009. � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Note 10 Covenants With respect to loans and credit lines, ANF has made certain undertakings including complying with the following Financial Ratios: Interest Cover Ratio The Interest Cover Ratio must be two (2) or above from the fi rst Test Date, and for as long as sums remain due under the Agreement. The Interest Cover Ratio is calculated quarterly at each Test Date (i) for Interest Cover Ratios at December 31, each year, on the basis of the certifi ed annual fi nancial statements (consolidated, if the Borrower is required to prepare consolidated fi nancial statements) or (ii) for Interest Cover Ratios at June 30, each year, on the basis of the Borrower’s unaudited interim fi nancial statements (consolidated, if the Borrower is required to prepare consolidated fi nancial statements) or (iii) for Interest Cover Ratios at March 31, CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated fi nancial statements and September 30, each year, on the basis of a provisional quarterly accounting close. “Interest Cover Ratio” denotes the ratio of Gross Operating Income to Net Financial Expense for an Interest Period. Loan to Value Ratio The Loan to Value Ratio must be 50% (fi fty percent) or lower from the fi rst Test Date, and for as long as sums remain due under the Agreement. The Loan to Value Ratio is calculated every six months on each Test Date, on the basis of the certifi ed annual fi nancial statements or unaudited interim fi nancial statements. “Loan to Value Ratio” denotes the ratio of Net Debt to the Appraisal Value of Real Estate Assets. For the loan provided by Calyon this ratio is also calculated on the Haussmann-style properties, excluding the B&B hotel properties. Interest Cover Ratio (gross operating income/net fi nancial expense) Loan to Value Ratio (net debt/appraisal value of real estate assets) All of the undertakings agreed to by ANF with respect to its loan agreements are satisfi ed. Note 11 Off-balance sheet commitments Commitments received Standard Test frequency Ratios as of 12/31/2009 Ratios as of 12/31/2008 Minimum 2 Quarterly 3.3 3.3 Maximum 50% Six-monthly 28.1% 24.2% The current off-balance sheet commitments received by ANF, relate to credit facilities unused at the balance sheet date and can be summarised as follows: Commitments received (€ thousands) 12/31/2009 12/31/2008 Guarantees and deposits received 2,213 1,063 Other commitments received 103,567 166,849 TOTAL 105,780 167,912 The main commitments are as follows: • ANF arranged a number of credit facilities, in respect of which the unused credit lines amount to €94.6 million; � Contents • The B&B Hotels Group provided ANF with a joint and several guarantee covering the payment of the rent. ANF • 2009 ANNUAL REPORT 143 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL 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
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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
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 103 and 104: INFORMATION ABOUT ANF Reports and i
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 and 126: STATEMENT OF CHANGES IN SHAREHOLDER
Page 127 and 128: Detailled contents HIGHLIGHTS OF TH
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: ANF’s former Chief Operating Offi
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
Page 177 and 178: Stock option plan granted in 2009 D
Page 179 and 180: Note 22 Extraordinary items ANNUAL
Page 181 and 182: III - Specifi c checks and disclosu
Page 183 and 184: PRO FORMA FINANCIAL INFORMATION �
Page 185 and 186: OTHER GENERAL INFORMATION 1. PERSON
Page 187 and 188: Statutory Auditors’ fees TABLE OF
Page 189 and 190: If the ownership threshold is not m
Page 191 and 192: OTHER GENERAL INFORMATION Other inf
Page 193 and 194: 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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