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178 ANNUAL FINANCIAL STATEMENTS Statutory Auditors’ Report on the annual fi nancial statements Statutory Auditors’ Report on the annual financial statements Fiscal year ended December 31, 2009 ANF 32, rue de Monceau 75008 Paris Dear shareholders, In performance of 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 annual fi nancial statements; • the basis for our assessment; • the specifi c checks and disclosures required by law. The separate 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 separate fi nancial statements We carried out our audit on the basis of 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 annual 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 annual 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 annual fi nancial statements are, with respect to French GAAP, reasonable and accurate and that they give a true and fair view of the operating performance during the past fi scal year, as well as of the fi nancial position and assets and liabilities of the Company at the end of said year. 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 matter: • as indicated in Note 1 “Non-current assets” of Section 1.6 “Additional information” of the notes, the real estate assets, Haussmann-style and hotel properties, were appraised by two independent appraisers at the closing date. Our work consisted of reviewing the information and assumptions used as well as the resulting valuations. These assessments form part of our audit of the annual fi nancial statements, as a whole, and thereby contributed to forming our opinion, as 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 ANNUAL FINANCIAL STATEMENTS Statutory Auditors’ Report on the annual fi nancial statements In accordance with professional standards applicable in France, we also carried out the specifi c checks provided for by law. We have no qualifi cations regarding the fairness and consistency with the annual fi nancial statements of the information in the management report of the Executive Board and in the documents provided to shareholders on the fi nancial position and the annual fi nancial statements; Regarding the disclosures in accordance with the provisions of Article L. 225-102-1 of the French Commercial Code on the compensation and benefi ts paid to corporate offi cers as well as the commitments made to them, we checked their consistency with the fi nancial statements or with the data having served to prepare these fi nancial statements and, as the case may be, with the items received by your Company from companies controlling it or controlled by it. On the basis of this work, we certify the accuracy and fairness of these disclosures. As required by law, we have satisfi ed ourselves that the various disclosures relating to the equity and controlling interests taken, and the identity of the owners of the Company’s capital (or voting rights) have been provided to you in the management report. Neuilly-sur-Seine and Courbevoie, April 19, 2010 The Statutory Auditors � PriceWaterHouseCoopers Audit Mazars Gérard Hautefeuille Odile Coulaud Contents ANF • 2009 ANNUAL REPORT 179 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF 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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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
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Within ANF, a profi t-sharing agree
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CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
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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 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: Note 22 Extraordinary items ANNUAL
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
Page 215 and 216: OTHER GENERAL INFORMATION Concordan
Page 217 and 218: OTHER GENERAL INFORMATION � Conte
Page 220: Head office : 32, rue de Monceau -
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