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156 ANNUAL FINANCIAL STATEMENTS Annual fi nancial statements for the fi scal year ended December 31, 2009 Income statement Income statement (€) 12/31/2009 12/31/2008 Revenues (rental income) 64,550,925 58,520,353 Other income (expenses invoiced, grants, etc.) 8,161,935 7,478,628 Total I 72,712,860 65,998,981 External purchases and expenses (9,665,377) (10,148,818) Taxes (5,832,548) (5,322,932) Employee expenses (6,420,561) (6,608,068) Other operating expenses (416,759) - Depreciation, amortisation & provisions Depreciation and amortisation of non-current assets (29,105,650) (23,618,004) Depreciation of for current assets (469,379) (158,464) Contingency and loss provisions - 7,794 Total II 51,910,274 45,848,492 NET OPERATING INCOME (I – II) 20,802,586 20,150,489 Net financial expense Financial income 6,930,420 829,111 Financial expenses Extraordinary items (15,524,765) (14,956,084) Extraordinary income 52,509,845 270,278 Extraordinary expenses (48,702,420) (1,420,431) Income tax (15,360) 718,675 Total III (4,802,280) (14,558,451) PROFIT OR LOSS (I – II + III) 16,000,307 5,592,038 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
Notes to the financial statements Detailled contents HIGHLIGHTS OF THE FISCAL YEAR 157 Acquisitions and investments 157 Disposals 157 Financing 158 Tax 158 CHANGE IN ACCOUNTING METHODS 158 EVENTS AFTER THE BALANCE SHEET DATE 158 ACCOUNTING POLICIES AND METHODS 158 Intangible assets 158 Property, plant and equipment 158 Haussmann-style properties 158 Hotel properties 159 Legal revaluation 159 Changes in fair value of property 159 Equity holdings 159 Trade receivables 159 Consolidating company 159 Highlights of the fi scal year Acquisitions and investments The Company continued to invest in renovating its real estate assets and in developments in Lyons and Marseilles. The total amount invested in this regard in 2009 was €65.7 million. These investments were partly fi nanced via the credit line arranged in July 2007 with a banking syndicate led by Calyon. As of December 31, 2009, a nominal amount of €186 million had been drawn down. Plots located within Euromediterranée in Marseilles were transferred to the Ambroise Paré association, which plans to build a new hospital there merging the Ambroise Paré and Desbief hospital facilities. In exchange, we acquired a plot on which the current Desbief hospital is located where, upon completion of the aforementioned merger, we will build a 26,000 m2 property containing offi ce, retail and residential units. As part of its partnership with B&B, ANF acquired fi ve hotels, located in Valenciennes, Lille, Arras, Saint-Denis and Bourges, for a ANNUAL FINANCIAL STATEMENTS Notes to the fi nancial statements ADDITIONAL INFORMATION 160 Note 1 Non-current assets 160 Note 2 Receivables maturity schedule 163 Note 3 Accrued income 163 Note 4 Provisions for assets 164 Note 5 Investment securities 164 Note 6 Accrual accounts – assets 164 Note 7 Share capital 164 Note 8 Change in shareholder’s equity 165 Note 9 Contingency and loss provisions 165 Note 10 Debt maturity schedule 167 Note 11 Accrued expenses 167 Note 12 Accrual accounts – liabilities 167 Note 13 Off-balance sheet commitments 168 Note 14 Covenants 169 Note 15 Interest rate risk 170 Note 16 Headcount 171 Note 17 Executive compensation 171 Note 18 Share-based payment 172 Note 19 Subsidiaries and investments 176 Note 20 Associates 176 Note 21 Revenues 176 Note 22 Extraordinary items 177 Note 23 Sources and uses of funds 177 total of €21.5 million and invested €13.9 million in renovation. These investments were fully fi nanced via the credit line arranged with a banking syndicate led by Natixis. Disposals � Contents ANF continued its asset disposal programme and during the fi scal year sold two property complexes in Lyons and three properties plus a number of apartments in Marseilles, for a total of €29.1 million. As part of the aforementioned swap, ANF transferred plots to the Ambroise Paré association. Continuing the development of the Fauchier project, ANF agreed an off-plan sale with the City of Marseilles for a portion of the offi ce buildings. SCCV 1-3 rue d’Hozier took over the building plot and the various costs incurred by ANF in respect of the residential component of this project. ANF • 2009 ANNUAL REPORT 157 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION 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
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The extraordinary resolutions propo
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INFORMATION ABOUT ANF Reports and i
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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 115 and 116: INFORMATION ABOUT ANF Reports and i
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 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: Balance sheet at December 31, 2009
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
Page 203 and 204: 5.6 History Important events in the
Page 205 and 206: In accordance with RICS rules, we w
Page 207 and 208: • 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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