Download the 2009 annual report in PDF format - ANF

158
ANNUAL FINANCIAL STATEMENTS
Notes to the fi nancial statements
The disposals generated an extraordinary gain of €4.4 million.
SGIL, an ANF subsidiary, disposed of all its real estate assets in
Lyons in December 2009. The proceeds of the sale were in part
distributed to SGIL’s shareholders, with an interim dividend being
paid out in December 2009 and ANF receiving €6 million in this
respect.
Financing
Various new loans were arranged for a total of €7.2 million, three
million euros of which was drawn down, for periods ranging from
seven to ten years.
ANF • 2009 ANNUAL REPORT
To fi nance the investments, the credit lines arranged in 2007 with
Calyon and Natixis bank syndicates were used and further sums of
€36 and €35 million respectively drawn down.
Tax
Change in accounting methods
There was no change in accounting method during the fi scal year.
Events after the balance sheet date
No material events have occurred since December 31, 2009.
Accounting policies and methods
The annual fi nancial statements as of December 31, 2009 are
presented in accordance with the 1999 French chart of accounts
and French GAAP.
The period ran for twelve months from January 1, 2009 to
December 31, 2009.
The notes and tables below form an integral part of the annual
fi nancial statements. They have been prepared in accordance with
applicable laws and regulations.
The historical cost plus any share of non-recoverable VAT method
has been used for measuring items recognised in the fi nancial
statements.
Intangible assets
In accordance with applicable legislation, the Company recognises
its non-current assets at historical cost, including incidental
acquisition-related costs plus any share of non-recoverable VAT.
Intangible assets include software, brands and patents owned
by the Company plus costs incurred as part of the taking on of
real estate fi nance leases. These costs are not impaired until
the purchase option is exercised and are included in the cost of
complexes where the option is exercised.
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In accordance with a rescheduling agreement with the tax
authorities, €22.2 million was paid in 2009 in respect of the exit
tax. The balance, some €12.2 million, was paid off in January 2010.
ANF opted for SIIC status and complies with all aspects of this
status.
The following amortisation periods were thus used:
• Concessions, patents and rights: one to ten years.
Property, plant and equipment
ANF adopted CRC regulation 2002-10 in respect of asset
depreciation and impairment.
This option gave rise to the application of all the provisions of this
regulation to property, plant and equipment that can be broken
down into components, with the exception of the provisions thereof
governing impairment; in particular, the component of an item of
property, plant and equipment that can be replaced or that involves
major maintenance or refurbishment work, recognised as such on
the asset side, is depreciated on the basis of criteria specifi c to its
use.
It is the buildings and building fi ttings line items that are affected by
the application of these provisions.
Haussmann-style properties
Contents
The component method has thus been applied in the Company’s
fi nancial statements. Accordingly, six components were defi ned, in
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