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150 CONSOLIDATED FINANCIAL STATEMENTS Statutory Auditors’ Report on the consolidated fi nancial statements Statutory Auditors’ Report on the consolidated financial statements Fiscal year ended December 31, 2009 ANF 32, rue de Monceau 75008 Paris Dear shareholders, In carrying out the responsibilities entrusted to us by your Shareholders’ Meeting, we hereby present our report on the fi scal year ended December 31, 2009 on: • the audit of the accompanying ANF consolidated fi nancial statements; • the basis for our assessment; • the specifi c checks and disclosures required by law. The consolidated fi nancial statements were approved by the Executive Board. It is our duty to express an opinion on these fi nancial statements on the basis of our audit. I – Opinion on the consolidated fi nancial statements We carried out our audit in accordance with professional standards applicable in France. These standards require us to carry out the audit in such a manner as to obtain reasonable assurance that the consolidated fi nancial statements do not contain any material misstatements. An audit consists of checking, by sampling or other means of selection, the items underlying the amounts and information in the consolidated fi nancial statements. It also consists of assessing the accounting policies applied, the material estimates used and the overall presentation of the fi nancial statements. We consider that the audit evidence we obtained provides a suffi cient and appropriate basis for our opinion. We certify that the consolidated fi nancial statements are, with respect to the IFRS accounting basis as adopted by the European Union, reasonable and accurate and that they give a true and fair view of the assets and liabilities, fi nancial position and earnings of the Group consisting of the companies and entities within the scope of consolidation. Without qualifying the above opinion, we would draw attention to Note 2.4 “Consolidation principles and methods” which sets out the nonmaterial impact of the new standards mandatory from January 1, 2009. II – Basis for our assessment The economic crisis that continued throughout 2009 impacted companies in a number of ways. The accounting estimates used to prepare the fi nancial statements at December 31, 2009 were drawn up against this diffi cult background as regards assessing the economic outlook. Against this background, and in accordance with Article L. 823-9 of the French Commercial Code on the basis for our assessment, we would draw attention to the following matters: • as indicated in Note 2.4.5 a) “Investment property (IAS 40)”, the real estate assets are appraised at each balance sheet date by two independent real estate appraisers the manner described in Note 1 “Non-current assets” of Note 3 on additional information. Our work primarily consisted of reviewing the information and assumptions used as well as the resulting valuations. We also satisfi ed ourselves that the fair value of the investment property as presented in the consolidated balance sheet was determined on the basis of these appraisals; • as indicated in Note 2.4.11 “Financial instruments (IAS 39)”, the ANF Group has recourse to fi nancial instruments recognised at fair value in the consolidated balance sheet. In order to determine this fair value, the Group uses measurement methods based on market criteria. We assessed the information and assumptions underlying these estimates and reviewed the calculations performed by the Group. The above assessments were made in the course of our audit of the consolidated fi nancial statements, as a whole, and thereby contributed to forming our opinion expressed in the fi rst part of this report. 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
III – Specifi c checks and disclosures CONSOLIDATED FINANCIAL STATEMENTS Statutory Auditors’ Report on the consolidated fi nancial statements In accordance with professional standards applicable in France, we also carried out the specifi c check provided for by law with regard to the disclosures set out in the report on group management. We have no qualifi cations to make regarding their fairness and consistency with the consolidated fi nancial statements. Neuilly-sur-Seine and Courbevoie, April 19, 2010 The Statutory Auditors � PriceWaterHouseCoopers Audit Mazars Gérard Hautefeuille Odile Coulaud Contents ANF • 2009 ANNUAL REPORT 151 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
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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 and 150: Note 16 Earnings per share CONSOLID
Page 151: Note 20 Interest rate risk exposure
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
Page 197 and 198: to a specifi c situation, or conver
Page 199 and 200: or vote on the project in question
Page 201 and 202: 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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