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144
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated fi nancial statements
Commitments given
Current off-balance sheet commitments given by ANF can be summarised as follows:
Commitments given (€ thousands) 12/31/2009 12/31/2008
Pledges, mortgages and collateral 254,876 222,474
Guarantees and deposits given 7,633 333
Other commitments given 11,244 18,625
TOTAL 273,753 241,432
The main commitments are as follows:
• Since 2003, ANF has regularly received requests for renovation of
the façades of various parts of its real estate assets from the City
of Lyons and the City of Marseilles. Given the scale of the façades
requiring work and the time needed to arrange and carry it out,
it has been staggered over a number of years, in agreement with
the cities of Lyons and Marseilles. The total cost of the work still
to be done was estimated at €6.6 million at December 31, 2009;
• The following guarantees have been given in return for the
€250 million seven-year loan from a bank syndicate led by
CALYON:
• a pledge over bank current accounts,
• “Dailly” sale of building insurance premiums;
Note 12 Changes to the share capital and shareholders’ equity
Noting the election by 80.32% of shareholders for a stock dividend,
the Executive Board meeting of June 24, 2009 recorded the
issue of 1,054,907 new shares issued at a unit price of €24.59,
representing a capital increase of €1,057,907 and an issue premium
of €24,885,256.
The Executive Board meeting of July 27, 2009 noted that the threeyear
vesting period provided for in the 2006 bonus share plan
had expired on July 24, 2009 and that 59,264 new shares should
Note 13 Deferred tax assets and liabilities
There are no deferred tax assets or liabilities.
ANF • 2009 ANNUAL REPORT
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Contents
• The following guarantees have been given by ANF in return for
the €213 million seven-year loan and the establishment of a
€75 million credit line from a bank syndicate led by Natixis:
• mortgage securities on the buildings fi nanced (lender’s lien and
mortgage charges),
• Dailly sale of receivables relating to any ANF income from
the properties (particularly rents, insurance compensation for
“loss of rent”, hedging contract, rights to property conveyance
deeds).
In respect of the €250 million and €213 million loans and the
establishment of the €75 million credit line, ANF undertook to
comply with the Financial Ratios described in Note 10.
accordingly be issued. These new shares were issued at a unit price
of €1, resulting in a capital increase of €59,264, deducted from the
reserves.
Under Article 6 of the Articles of Association, the share capital is set
at twenty-six million seventy thousand eight hundred and forty-six
euros (€26,070,846). It is comprised of twenty-six million seventy
thousand eight hundred and forty-six (26,070,846) shares of one
euro each, fully paid up and all of the same class.
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS