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188
OTHER GENERAL INFORMATION
Other legal information
applied. These buildings are then visited periodically for
unannounced inspections by the competent safety commission
with a view to verifying that they comply with safety standards;
• energy performance review: when a property principally for
residential purposes is rented or sold, the tenant or purchaser
may request an energy performance review as specifi ed in
Articles R. 134-1 to R. 134-5 of the French Construction and
Residence Code, introduced by Article 1 of Decree 2006-1147
dated September 14, 2006;
• review of internal gas and electricity installations: when part
or all of a residential property including an internal gas and/or
electricity installation carried out more than 15 years ago is sold,
an installation report is produced by the seller, as provided for in
Articles R. 134-6 to R. 134-9 (internal gas installation report) and
R. 134-10 to R. 134-13 (internal electricity installation report) of
the French Construction and Residence Code;
2.3 Insurance and risk covers
General presentation of Company policy with
regard to insurance
ANF’s company policy on insurance is to protect the Company’s
assets and provide optimum cover against risks related to a
liability claim.
ANF’s properties are covered against property damage at
reinstatement cost and for loss of rent for up to three years. All of
ANF’s portfolio is appraised by independent assessors on a halfyearly
basis with a view to maintaining the best covers.
In general terms, ANF believes that the insurance policies in place at
the date of fi ling of the Registration Document are adequate given
the value of the assets insured and the level of risk incurred. The
degree of cover in place is intended to provide, in accordance with
the above objectives and subject to insurance market constraints,
material protection in the event of damage of a reasonably estimated
intensity in terms of amount and probability.
As of the date of fi ling of this Registration Document, no material
damage has occurred that might cause changes either to terms for
future covers or to the overall cost of insurance premiums.
2.4 Legal and arbitration cases
Current disputes are shown in Note 7 to the consolidated fi nancial
statements and in Note 9 to the annual fi nancial statements.
To the best of the Company’s knowledge, there is no other
government, legal or arbitration case pending or by which it is
ANF • 2009 ANNUAL REPORT
• Commercial lease law: in conducting its business, ANF is also
subject to regulations on commercial leases. Commercial leases
are governed by Articles L. 145-1 and seq. and R. 145-1 et seq.
of the French Commercial Code;
• residential lease law (ordinary law leases): lettings of premises
principally for residential use or principally for mixed business
and residential use, as well as the letting of garages, parking
spaces, gardens and other premises rented as ancillary to the
main premises by the same lessor, are subject to law 89-462
dated July 6, 1989;
• property fi nance lease contract law: property fi nance leasing
contracts are governed, in particular, by Articles L. 313-7 and
seq. of the Monetary and Financial Code. A fi nance leasing
contract is essentially a fi nancing technique consisting of both
a lease and an option to purchase the leased property no later
than the expiration of the lease.
Insurance covers
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Contents
ANF has taken out damage insurance for all of its assets, including
against storms, acts of terrorism or terrorist attacks, right of recovery
by neighbours or third parties, loss of rent and consequential loss
and compensation.
The properties are insured at reinstatement cost on the day of the
claim. The contractual compensation limit per claim is €60 million.
ANF has also taken out operating civil liability, professional civil liability
and legal expenses insurance. The contractual compensation limit
varies according to the claim, but may reach a maximum amount
of €9 million.
The property insurance programme also includes policies taken out,
project by project, for construction projects, in accordance with law
78.12 of January 4, 1978.
threatened that might have, or over the last 12 months has had,
material effects on the fi nancial situation or profi tability of the
Company and/or of the ANF group.
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS