Download the 2009 annual report in PDF format - ANF

In accordance with RICS rules, we would like to inform you that
the fees paid to Jones Lang LaSalle Expertises by ANF in 2009
represented approximately 6% of our total revenues for the year.
Appraisal scope
The scope of Jones Lang LaSalle Expertises includes 124 assets
located in Lyons (25 assets) and Marseilles (99 assets). It covers
119 investment properties and 5 properties under development.
Our appraisal scope accounts for about 50% of ANF’s property
assets. Other assets held by ANF are appraised by another expert,
BNP Paribas Real Estate. We deny any liability for the appraisals
performed by this consultant.
Due diligence
• Visits: all of the properties appraised by Jones Lang LaSalle
Expertises were visited (outside and shared areas) in
December 2007. A summary report was drawn up for each
property. As part of this appraisal at December 31, 2009, we
revisited the properties that had undergone signifi cant changes:
end of work, change of tenant, etc.
• Information: we used the data provided by ANF concerning the
rental situation, legal position, work planned, etc. as a basis (see
list in our methodology report of 12/31/2009). We presumed in
our reports and calculations that any information or documents
that could have an impact on the value of properties had been
sent to Jones Lang LaSalle Expertises. We shall not be held
liable if this is not the case or if the information provided contains
inaccurate data.
• We did not have any knowledge of any property deeds or
building permits. Unless otherwise indicated, we presumed that
all the required permits and authorisations had been obtained
for the assets appraised and that they are not subject to any
easements or third-party rights that could negatively impact the
value.
• Five assets are deemed to be in a project stage. They were
valued using the so-called developer balance sheet method.
This method consists in determining a developer’s projected
fi nancial balance sheet by applying the income from foreseeable
sales less the various costs to determine, by a countdown, the
value of land. The developer balance sheet method is accurate
because it enables a deduction to be made of what a reasonable
developer would be willing to pay for the land, This method is
accurate because it is based on the most realistic assumptions
possible. However, the slightest variation in these assumptions
has a major impact on the market value due to the leverage
effect.
OTHER GENERAL INFORMATION
Other information concerning the Group’s business and organisation
• It was not our duty to assess or estimate the impact of the risks
linked to soil or building contamination, land pollution or any
issues related to the environment. Unless otherwise indicated,
we considered that the land was not polluted and the buildings
did not contain any asbestos, xylophagous insects (termites,
etc.), lead, radon or other harmful substances.
Assumptions and methodology
Our assumptions are described in the initial methodology report
dated 12/31/2009 and in the individual asset reports as at
12/31/2009.
Value determined
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In light of the comments made in our methodology report and
the individual asset reports, we estimate the total fair value
of the 124 assets in the scope at 12/31/2009 to be around
€526,201,000 excluding transfer rights and fees (rounded off).
This value breaks down as follows:
• €504,881,000 excluding transfer rights and fees (rounded off) for
the 119 investment properties;
• €21,320,000 excluding transfer rights and fees (rounded off)
for the 5 assets appraised using the developer balance sheet
method.
The value of each asset is provided in the summary table in the
methodology report of 12/31/2009 as well as in the individual asset
reports.
We deducted an amount for registration rights (for the assets
concerned) or notary fees for property subject to property VAT
from the value including transfer taxes. The amounts deducted are
calculated based on 6.2% of the value excluding transfer rights
for the fi rst case and on 1.8% of the value excluding tax for the
second case.
The values determined do not include costs related to marketing
the property or any related taxes or rights.
We confi rm that our appraisals are confi dential and strictly reserved
for the use of your company and professional advisers within the
context of this appraisal. We deny any liability with regard to third
parties.
Our prior written approval (on content and form) is required for any
disclosure of any information contained in this report, whether it
may be the entirety of the information, a part of it or even if it is
referred to by simple reference, for it to be included in any type of
publication or brought to the knowledge of a third party.
Yours sincerely,
Michael MORRIS
Chairman
Jones Lang LaSalle Expertises
Contents
ANF • 2009 ANNUAL REPORT
203
OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS