Download the 2009 annual report in PDF format - ANF

• Three assets are under fi nance leases. As requested, we
appraised them as if they were fully owned, considering the
fi nance leases as a means of fi nancing only;
• 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 12/31/2007, which was updated by the methodology report
of 12/31/2009 and in each of the individual asset reports as at
12/31/2009.
Value determined
In light of the remarks made in our methodology report and the
individual asset reports, we estimate the total fair value of the
83 hotels in the scope at 12/31/2009 to be around €251,470,000
(rounded off) including transfer taxes, i.e. €236,810,000 excluding
transfer rights and fees (rounded off).
The value of each asset is provided in the summary table in the
methodology report of 12/31/2009 and in the individual asset
reports.
Appraisal
Valuation certifi cate for ANF
Value at December 31, 2009
A total value for all hotel assets as at 12/31/2009:
€229,050,000 excl. rights/tax
File No. I2009 – 1379
OTHER GENERAL INFORMATION
Other information concerning the Group’s business and organisation
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 the 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
Duties
The services of the Company BNP PARIBAS REAL ESTATE
VALUATION FRANCE, member of the French Association of
Property Appraisal Companies (Association Française des Sociétés
d’Expertise Immobilière), also known as AFREXIM;
signatory to the Property Appraisal Charter;
were requested by:
ANF
Represented by Xavier DE LACOSTE LAREYMONDIE
In his capacity as Chief Operating Offi cer
Residing in Paris (8th district)
32 rue de Monceau
To determine and update the market values for fi scal year 2009 on
behalf of ANF (values as at December 31):
• Of 81 B&B hotels in France:
• 4 with site visits;
�
• 77 based on the documents provided.
Drawn up in Levallois, February 23, 2010.
Jean-Claude DUBOIS
Chairman
Contents
ANF • 2009 ANNUAL REPORT
205
OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS