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148 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated fi nancial statements Note 18 Cash fl ow per share (€ thousands) 12/31/2009 12/31/2008 Operating income before changes in fair value of property 52,724 43,386 Depreciation & amortisation 333 159 Other operating provisions (net of reversals) 475 12 Income from disposal of assets (2,150) 24 Operating income before depreciation, amortisation and provisions and gain (loss) on disposal ANF • 2009 ANNUAL REPORT 51,382 43,581 Cancellation IFRS 2 impact (stock options) (charged to employee benefi ts expenses) 847 967 Subtotal 52,229 44,548 Net fi nancial expense (16,152) (13,073) Current cash fl ow before tax 36,077 31,475 Average number of shares at opening 24,956,675 23,768,262 Average number of shares during fi scal year 25,513,761 23,880,501 CURRENT CASH FLOW PER SHARE 1.41 1.32 CURRENT CASH FLOW BEFORE TAX AND AFTER GAIN (LOSS) ON ASSET DISPOSALS 38,227 31,451 CURRENT CASH FLOW AFTER GAIN (LOSS) ON ASSET DISPOSAL PER SHARE 1.50 1.32 Note 19 Tax calculation (€ thousands) 12/2009 12/2008 Current taxes (1,902) 719 Deferred taxes - 13,793 TOTAL (1,902) 14,512 Net income after minority interests (53,977) 69,203 Income tax adjustment 1,902 (1,577) Income before tax (52,075) 67,626 SIIC regime income (exempt) 37,043 37,538 SIIC regime fair value adjustment (89,478) 30,088 Unrealised gains taxed at reduced rate 9,057 TAX BASE 360 - Current tax rate in France 34.43% 34.43% Reduced rate 19.63% Expected theoretical tax 1,902 - TAX EXPENSE FOR YEAR 1,902 - � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Note 20 Interest rate risk exposure (€ thousands) Amount 12/2009 Repayments < 1 year CONSOLIDATED FINANCIAL STATEMENTS Amount 12/2010 Notes to the consolidated fi nancial statements Repayments 1-5 years Amount 12/2014 Repayments > 5 years Fixed rate debt 10,887 (566) 10,321 (2,832) 7,489 (7,489) Bank borrowings 10,887 (566) 10,321 (2,832) 7,489 (7,489) Variable rate debt 441,563 (1,540) 440,023 (429,575) 10,448 (10,448) Loans at variable and revisable rates 433,774 (149) 433,625 (423,177) 10,448 (10,448) Finance leases 7,528 (1,130) 6,398 (6,398) - - Bank overdrafts - - - - - - Accrued interest 261 (261) - - - Gross debt 452,450 (2,106) 450,344 (432,407) 17,937 (17,937) Cash 30,130 (30,130) - - - - Mutual funds and investments 27,649 (27,649) - - - - Liquid assets 2,481 (2,481) - - - - NET DEBT 422,320 28,024 450,344 (432,407) 17,937 (17,937) Fixed rate 10,887 (566) 10,321 (2,832) 7,489 (7,489) Variable rate 411,433 28,590 440,023 (429,575) 10,448 (10,448) Derivatives portfolio as of December 31, 2009 433,579 - - - - - Fixed for variable rate swaps 433,579 - - - - - Note 21 Credit risk (€ millions) Counterparty 12/2009 Credit limit 12/2009 Balance 12/2008 Credit limit 12/2008 Balance Calyon, BECM, Sté Générale, HSBC 250 186 250 150 Natixis, BECM, Sté Générale 257 237 257 202 Bonnasse Lyonnaise de Banque 6 - 3 - Banque Martin Maurel 6 1 - - Note 22 Headcount Headcount as of 12/31/2009 Male Female Total Executives 18 9 27 Employees 9 17 26 TOTAL 27 26 53 � Contents ANF • 2009 ANNUAL REPORT 149 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
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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
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 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: Note 16 Earnings per share CONSOLID
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
Page 195 and 196: violation of these Articles of Asso
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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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