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162 ANNUAL FINANCIAL STATEMENTS Notes to the fi nancial statements Details of the yields used in appraisals are shown below: Yields 12/31/2008 12/31/2009 Lyons Retail premises 5.15% to 6.50% 5.40% to 6.00% Offi ces 6.25% to 6.75% 6.50% to 7.25% Residential (excluding rent-controlled) Marseilles 3.45% to 4.40% 4.50% to 4.90% Retail premises 5.40% to 7.25% 5.65% to 7.50% Offi ces 6.25% to 7.00% 6.75% to 7.50% Residential (excluding rent-controlled) 4.00% to 4.75% 4.50% to 5.25% Comparison method In the case of residential premises, an average price per square metre vacant and excluding transfer taxes is ascribed to each premises appraised, based on examples of market transactions for similar assets. For commercial property, and in particular retail premises (where rent caps have not been lifted), the ratio of the average price per square metre is closely linked to rental terms. With regard to the Haussmann-style properties, a value after work, a value after work on private areas, a value after work on common areas and a current condition value are presented for each of the two methods for each premises appraised. The value applied for each premises in its current condition is the average of the two methods, unless the appraiser indicates otherwise. The fi nal value excluding transfer taxes is converted into a value including transfer taxes (by applying transfer taxes at 6.20% for old buildings and 1.80% for new buildings), giving the effective yield for each premises (ratio between actual gross income and the value including transfer taxes). Developer balance sheet method for redevelopment land For land available for construction, the appraiser distinguishes between land with planning approval and/or an identifi ed and likely project, and land for which there is no clearly defi ned project with advanced plans. ANF • 2009 ANNUAL REPORT In the fi rst instance, the appraiser looks at the project from a development perspective. For ordinary land reserves, the approach is based on the value per square metre of land available for construction having regard to market prices. Income method for hotel properties For each asset, net rent is capitalised on the basis of a weighted yield specifi c to each hotel based on its characteristics. The result is a freehold market value for the asset including “transfer taxes” (i.e. total cost of the property including all fees). Capitalisation rates range from 6.25% to 7.30% and were determined on the basis of: • the nature of the property rights to be assessed, and the asset’s profi le; • investment climate, in particular for this asset class; • specifi c characteristics of each asset via a capitalisation rate that refl ects its characteristics in terms of location, site and quality. Sensitivity analysis The market value of the real estate assets was calculated by varying yields by 0.1 points. The sensitivity of the market value of the real estate assets assessed using the income method is as follows: Change in yield Impact on value -0.20% -0.10% 0.10% 0.20% Haussmann-style properties 4.50% 2.20% -2.20% -4.20% B&B Hotels 3.00% 1.50% -1.50% -2.90% � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Non-current fi nancial assets (€ thousands) Gross amounts ANNUAL FINANCIAL STATEMENTS Amount as of 12/31/2008 Increase Decrease Reclassifi cation Notes to the fi nancial statements Amount as of 12/31/2009 Subsidiaries and investments 1,340 - - - 1,340 Treasury shares, liquidity contract 597 306 - - 903 Loans 101 14 - - 114 Deposits & securities 371 - (355) - 16 TOTAL 2,409 319 (355) - 2,373 In 2005, a liquidity contract was arranged for the ANF stock. This contract has been managed by Rothschild since 2008. Note 2 Receivables maturity schedule (€ thousands) Receivables maturity schedule Amount as of 12/31/2009 < one year One to fi ve years > fi ve years Other non-current fi nancial assets 130 17 10 103 Operating receivables Advance payments on orders 361 361 - - Trade receivables 3,311 3,311 - - Other receivables 15,139 15,139 - - TOTAL 18,941 18,828 10 103 Note 3 Accrued income (€ thousands) Receivables Amount as of 12/31/2009 Trade receivables 384 Other receivables 9,487 Liquid assets and investment securities 10 TOTAL 9,881 � Contents ANF • 2009 ANNUAL REPORT 163 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
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The Statutory Auditors were duly in
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• liabilities or similar instrume
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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 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: The real estate assets break down b
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
Page 209 and 210: OTHER GENERAL INFORMATION Contacts
Page 211 and 212: OTHER GENERAL INFORMATION Contacts
Page 213 and 214: 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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