Download the 2009 annual report in PDF format - ANF

168
ANNUAL FINANCIAL STATEMENTS
Notes to the fi nancial statements
Note 13 Off-balance sheet commitments
Commitments received
The current off-balance sheet commitments received by ANF can be summarised as follows:
Commitments received (€ thousands) 12/31/2009 12/31/2008
Guarantees and deposits received 2,213 1,063
Other commitments received 103,567 166,849
TOTAL 105,780 167,912
The main commitments are as follows:
ANF arranged a number of credit facilities, in respect of which the unused credit lines amount to €94.6 million;
The B&B Hotels Group provided ANF with a joint and several guarantee covering the payment of the rent.
Commitments given
Current off-balance sheet commitments given by ANF can be summarised as follows:
Commitments given(€ thousands) 12/31/2009 12/31/2008
Pledges, mortgages and collateral 254,876 222,474
Guarantees and deposits given 7,633 333
Finance leases 7,528 9,076
Other commitments given 11,244 18,625
TOTAL 281,281 250,508
The main commitments are as follows:
• since 2003, ANF has regularly received requests for renovation of
the façades of various parts of its real estate assets from the City
of Lyons and the City of Marseilles. Given the scale of the façades
requiring work and the time needed to arrange and carry it out,
it has been staggered over a number of years, in agreement with
the cities of Lyons and Marseilles. The total cost of the work still
to be done was estimated at €6.6 million as of December 31,
2009;
• the following guarantees have been given in return for the
€250 million seven-year loan from a bank syndicate led by
CALYON:
• a pledge over bank current accounts,
• “Dailly” sale of building insurance premiums;
ANF • 2009 ANNUAL REPORT
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Contents
• the following guarantees have been given by ANF in return for
the €213 million seven-year loan and the establishment of a
€75 million credit line from a bank syndicate led by Natixis:
• mortgage securities on the properties fi nanced (lender’s lien
and mortgage charges);
• Dailly sale of receivables relating to any ANF income from
the properties (particularly rents, insurance compensation for
“loss of rent”, hedging contract, rights to property conveyance
deeds).
In 2007, as part of the acquisition of the B&B hotel properties,
ANF acquired nine real estate fi nance leases. In 2009, three of
these leases expired and we exercised our purchase option. The
appraised value of the six properties that ANF has fi nance leased
is €34.6 million.
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS