Download the 2009 annual report in PDF format - ANF

DESCRIPTION OF THE BUSINESS
(€ thousands) 2007 2008 2009
Rental income 4,685 28,216 30,938
(€ millions)
Sustainable development
Partnership
agreement 2007 2008 2009 2010
Refurbishment 30.5 11.7 13.8 5.0
New hotels 27.2 3.4 19.2 4.6
Outside the partnership 5.0 1.5
The partnership entered into with B&B also stipulates that ANF
will pay for work to improve the hotels acquired in October 2007.
In the course of 2009, €13.8 million excluding VAT was invested
representing close to €800,000 in annual rental income excluding
tax and indexation.
Over the year, the B&B rental income was indexed 0.84% to refl ect
the annual change in the ILC index. Indexation represents a total of
€0.2 million on an annual basis. Financing for the partnership with
B&B is provided by a credit facility arranged in October 2007 at
11. Sustainable development
The construction sector is currently one of the main sectors
targeted in discussions and plans regarding green development
both in France and worldwide.
Following the signifi cant rise in stakeholder awareness and recent
regulatory developments, the real estate market is being transformed:
energy regulation is increasingly ambitious, HQE certifi cation is
being popularised for new buildings and refurbishments, “green
ANF’s commitment
ANF is a long-standing real estate investment company, with most
of its assets consisting of Haussmann-style properties of high
architectural quality. It takes a long-term view to the management
of its real estate assets and this represents a key component to
its business model. ANF strongly believes that the environmental
challenges – control of energy consumption, improvement
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Contents
a cost of Euribor +55 basis points. All the contractual obligations,
both construction work and hotel acquisitions, are covered by a
specially tailored credit facility. Furthermore, all the debt drawn
down is at a fi xed rate of 4.94%.
Since 2007, ANF has improved the fi nancial performance of its
hotels by means of a proactive debt hedging policy. In fact, while
the income from the hotels rose – mainly thanks to the impact of the
2008 indexing – the marginal borrowing cost fell in tandem with the
fall in interest rates.
lease” projects encourage the rethinking of relationships between
lessors and tenants and energy and health challenges are feeding
into thinking on “green real estate value”.
As a real estate investment company, ANF looks to play an active
role in the transformation of the real estate sector and make its
sustainable development commitments part of its day-to-day work.
of comfort and health targets, urban integration – are key to
understanding its business. More than a mere statement of intent,
ANF is looking to make sustainable development tangible, and help
drive the value of its real estate assets. All its employees are active
in this fi eld and its policy is both economically viable and sustainable
for its shareholders.
ANF • 2009 ANNUAL REPORT
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