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OTHER GENERAL INFORMATION
Other information concerning the Group’s business and organisation
Furthermore, on October 31, 2007, ANF negotiated a loan from a
banking pool consisting of Natixis, BECM and Société Générale.
The maximum total principal amount of this loan was €212.8 million
(the rate is Euribor +0.55%) in the form of an “acquisition” tranche
with a maximum principal amount of €182 million for the partial
long-term fi nancing of the acquisition of B&B group hotels, and a
short-term “VAT” tranche, to a maximum of €30.8 million, for the
short-term fi nancing of value-added tax relating to this acquisition.
These sums were fully drawn. The same loan to value and interest
coverage ratios must be complied with for this loan as for the line
of credit referred to above. The short-term “VAT” tranche was fully
repaid by the Company in April 2008.
ANF has also been granted a line of credit for a maximum total
amount of €75 million. This takes the form of three tranches: a B1
tranche, with a maximum principal amount of €31 million, to fi nance
work on existing hotels; a B2 tranche, with a maximum principal
amount of €27 million, to fi nance the construction of hotels already
identifi ed; and a B3 tranche, with a maximum principal amount of
€17 million, to fi nance the acquisition of new hotels. This €75 million
will be paid on ANF’s request according to progress on the various
developments under way. At December 31, 2009, a total amount
of €54.6 million had been drawn from this line of credit which is
also subject to compliance with the same loan to value and interest
coverage ratios as those concerning the line of credit mentioned
above. The loan contract has a cross default clause and provides
that in the event that a change in control occurs, the Company
must immediately repay all outstanding debts on its loans.
In April 2008, the Company entered into a loan contract with Société
Générale for €11 million at a variable rate of Euribor + 0.50%,
granted for a term expiring on March 31, 2015. This loan is subject
to compliance with the same loan to value and interest coverage
ratios as those concerning the line of credit mentioned above, as
well as maintaining (i) a value of €400,000,000 for the Company’s
revalued assets and (ii) a total value for the Company’s mortgaged
real estate assets under 30% of the value of its revalued assets,
ANF • 2009 ANNUAL REPORT
excluding B&B hotels. The loan contract includes a cross default
clause and provides that the lender, in the event of a change in
control, may declare an accelerated payoff of the outstanding debt
on the loan. In 2009, €2,750,000 in principal was repaid to the
bank following ANF’s disposal of property included in this fi nancing.
At December 31, 2009, €8,250,000 in principal was drawn on this
loan.
In July 2009, ANF negotiated a loan contract of a maximum of
€5.6 million with Banque Martin Maurel. The main terms are: rate
of Euribor + 1.20%; a fi rst-level mortgage was approved by the
bank as a loan guarantee. At December 31, 2009, €1,422,961 in
principal was drawn on this loan.
Strategic agreement with the B&B group
Please refer to Chapter 10, “B&B” in Part I of the Registration
Document.
Services contract
5.4 Dependence on patents or licences
ANF is not engaged in any research and development activity and does not own any patents or licences.
On December 20, 2005, ANF signed a services contract with
Eurazeo, under the terms of which Eurazeo undertakes to provide
general assistance to ANF to help the Company achieve the
objectives established by the Supervisory Board and the Executive
Board. This contract is for a term of one year from January 1, and
is renewable for further periods of one year.
Compensation for Eurazeo consists of all costs and expenses
incurred by Eurazeo in providing the services supplied to ANF.
For the year ended December 31, 2009, the amount paid by ANF
under this service contract was €927,000 excluding tax (paid
in 2010).
Eurazeo will be paid €1,038,000 excluding tax for 2010 (paid in
2011).
5.5 Material changes in the fi nancial situation
At the date of this Registration Document and to the best of ANF’s knowledge, there have been no material changes in its fi nancial or
commercial situation since December 31, 2009.
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Contents
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS