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22 DESCRIPTION OF THE BUSINESS Sustainable development Focus on the real estate assets The HQE ® standard has progressively become a sustainable construction benchmark in France: since 2007 it has served as a template for all of ANF’s new developments, refl ecting its long-term management view as a real estate investment company. This initiative has been continually expanded since, and starting from 2009 ANF has almost systematically undertaken the HQE certifi cation of all its ongoing new programmes. The Rabatau development is a typical example. The development was launched at end 2006 with a view to sustainable construction but without at the same time targeting HQE certifi cation. Since then, ANF has decided to certify the development, which plans to create 3,900 square metres of offi ce and business space a stone’s throw away from Rond Point du Prado in Marseilles. Designed on a sound environmental footing since 2006, the main goals of the development are: • proper integration into its urban environment, notably through the construction of green terraces covering an area of 760 square metres immediately adjacent to the public transport; • a clean building site, limiting pollution and noise and recycling up to 70% of waste from the demolition and 50% from the construction; • energy management notably through the implementation of a centralised technical management (CTM) system and the automated management of the artifi cial lighting on the basis of available natural light; • optimal user comfort both in hygrothermal terms through the installation of double-fl ow ventilation but also in terms of acoustics and visual quality. • reduction of water consumption, by optimising the systems and equipment. ANF’s assets City centre location The bulk of ANF’s assets – Haussmann-style properties – are located in city centres, thereby enjoying exceptional access to public transport and also contributing to local economic dynamism. Transport being one of the main national energy challenges, the location of ANF’s properties is a major positive from an environmental perspective. Quality of real estate assets ANF’s real estate assets are its main resource, and that is why asset selection, management and renovation are driven by a constant search for quality. This quality is fi rst of all evident on an architectural level, in the interaction with the local community (local craftsmen, major regional groups) and the protection of the Haussmann-style properties. It can also be seen in the maintenance and ongoing improvement of the buildings: renovation of heating systems, windows, improvement of visual comfort, aesthetics of fi nishings… ANF • 2009 ANNUAL REPORT Jacket improvement, heating system effi ciency, renovation of façades and trim… Work on the existing assets is an integral part of ANF’s constant drive for quality across all its real estate assets, and more broadly of its responsibilities as urban stakeholder. Environmental criteria are already systematically included in the specifi cations for all renovation work: maximum performance of the heating system, requirement for a controlled mechanical ventilation system or indeed resolving heat loss through casements. These usage quality requirements are covered in parallel with in-depth work on the architectural quality of any Haussmann renovation. The Mansard-style attic space development, in Lyons, illustrates ANF’s expertise in Haussmann renovations. Begun in 2009, the work will make it possible to turn the previously vacant Mansardstyle attic space into 5,000 square metres of residential space right in the heart of Lyons: 20 apartments were completed in 2009 and 32 will be completed in 2010. Work focussed on energy savings with high-performance insulation of the walls, roofs and rakes as well as the renovation of the casements and of the heating system. The acoustic treatment of the fl oors and the automation of the ventilation also made it possible to improve user comfort. This work was carried out in close cooperation with Architecte des Bâtiments de France, in particular for the restoration of the façades and roofi ng, done in a manner that respects the historic character of the buildings. The environmental solutions put together for the renovation of the old Haussmann-style properties represent a key aspect to ANF’s sustainable development action plan for 2010. Involvement of teams Taking a twin pragmatic and quality approach, its local teams have already undertaken a number of projects associated with environmental performance (low energy bulbs, motion detector sensors, renovation of façades…). The company-wide project launched in 2009 will make it possible to share ideas and focus the initial efforts in a shared action plan from 2010. Tenant buy-in � Contents Tenant buy-in as regards sustainable development – still very varied depending on who – is increasingly ambitious and structured: it is a driver of strategic improvement. Some of its tenants have thus taken exemplary initiatives in their spaces. The B&B chain, ANF’s partner hotel chain, has for example started the Clé Verte environmental certifi cation process: focussed on the implementation of best hotel management practices (staff training, etc.), the initiative also requires work when constructing or renovating (jacket insulation, heat pump). OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
A new ANF tenant in the cities of Lyons and Marseilles, the Starbucks Coffee chain presented the environmental action plan for its coffeehouses in 2009: – 25% energy, – 30% water… Achievements in 2009 ANF has a large number of advantages to bring to the table as part of a sustainable development policy: its city centre real estate, the architectural quality of the properties, the pilot projects being HQE certifi ed, a corporate dynamic... On the back of its advantages and in light of the recent developments in the sector, ANF decided in Q4 2009 to draw up a formal sustainable development strategy in consultation with all its employees. This strategy aims to put in place a consistent action plan for the coming years, to equip the Company with dedicated tools and indicators, to anticipate future opportunities and to innovate in environmental areas. Main plans for 2010 The sustainable development action plan will cover the following issues: sustainable development governance, the new constructions policy, internal purchases, environmental renovation of historic buildings and the energy effi ciency of the real estate assets. The initial action items currently approved have as their priority: • undertaking a mapping of the real estate assets, from an energy perspective, but also from environmental and health perspectives; • the mapping will make it possible to continue the work on raising the value of the real estate assets begun in 2005 with as new performance criteria building resource consumption (energy and water), the equipment enabling measured building management (centralised technical management, sorting areas) as well as its advantages in terms of comfort and health; Human resource challenges ANF has adopted responsible management that embodies the values of transparency, collective responsibility and integrity. It adopted a code of conduct and adheres to a securities trading code. ANF also works to develop employee skills, improve the male-female balance, and create incentives to motivate employees over the long-term. Excerpts from interviews with Company employees: • “ANF’s sustainable development efforts will be pragmatic and shared” (Marseilles, Client); • “ANF has a long-standing reputation for being responsible, an advantage when embarking upon a sustainable development initiative” (Lyons, Management); DESCRIPTION OF THE BUSINESS � Sustainable development Contents The targets also include the widespread application of the LEED green building system to all new premises and renovations. This desire led to 15 company employees being consulted, representing the operational and management teams. The discussions were at the same time enhanced by the consultation of 5 external stakeholders – the architects and even committed tenants such as the Starbucks Coffee chain – in order to take on board their expectations and aspirations as regards sustainable development. The quarterly steering committee meetings, involving Senior Management, the Real Estate Department and the Finance Department were fi nally able to defi ne the actions to be carried out in 2010. • the development of internal tools that will help with the application of sustainable construction, by making HQE ® certifi cation for new constructions standard and by developing a sustainable renovation concept for the Haussmann-style properties; • a BBC renovation pilot project by unit will be looked at in partnership with an engineering fi rm, with a view to the achievement of “sustainable renovation” adapted to the Haussmann-style properties; • responsible purchasing criteria will gradually be built into the ANF internal policy thanks to the adding of environmental, labour and health clauses to its specifi cations. • “ANF’s long-standing quality approach is synonymous with performance as regards environmental and comfort aspects and thereby refl ects the spirit of HQE.” (Lyons Client); • “The issue of controlling costs is strategic” (Marseilles Management); • “The new plans now refl ect ANF’s vision on the issue of sustainable construction, with an eye to its role as urban stakeholder, on a historic asset base of high quality in terms of architectural quality and use.” (Marseilles Client). ANF • 2009 ANNUAL REPORT 23 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF ANF DESCRIPTION OF THE BUSINESS
Page 1 and 2: egistration document 2009
Page 3 and 4: 2009 Annual Report � The Registra
Page 5 and 6: DESCRIPTION OF THE BUSINESS 1. PROF
Page 7 and 8: of listed real estate companies hav
Page 9 and 10: Furthermore, as part of its asset r
Page 11 and 12: DESCRIPTION OF THE BUSINESS Propert
Page 13 and 14: 7. Lyons at the heart of the old ci
Page 15 and 16: ANF’s goal is to maintain the hig
Page 17 and 18: ANF had the following real estate a
Page 19 and 20: To return the buildings to their fo
Page 21 and 22: 9.3 Committed and secured developme
Page 23: DESCRIPTION OF THE BUSINESS (€ th
Page 27 and 28: 13. Key Figures SIMPLIFIED INCOME S
Page 29 and 30: 1. INCOME FROM OPERATIONS 28 1.1 Fa
Page 31 and 32: The ILC index applies to leases sig
Page 33 and 34: sales of €29.7 million and partia
Page 35 and 36: • property held for sale worth
Page 37 and 38: Income statement Net income in 2009
Page 39 and 40: 1.4 Financial structure Consolidate
Page 41 and 42: 1.5 Events occurring after the bala
Page 43 and 44: Name and age Bruno Keller Age: 55 C
Page 45 and 46: Members of the Supervisory Board 1.
Page 47 and 48: Name and age Delphine Abellard (1)
Page 49 and 50: Name and age Sébastien Bazin* Age:
Page 51 and 52: Name and age Jean-Luc Bret Age: 63
Page 53 and 54: Name and age Alain Lemaire* Age: 60
Page 55 and 56: Name and age Henri Saint Olive Age:
Page 57 and 58: INFORMATION ABOUT ANF 2.2 Declarati
Page 59 and 60: Members of the Executive Board and
Page 61 and 62: Ghislaine Seguin, Member of the Exe
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Page 65 and 66: INFORMATION ABOUT ANF Corporate gov
Page 67 and 68: TABLE 5: STOCK OPTIONS EXERCISED BY
Page 69 and 70: Stock options are granted during th
Page 71 and 72: down into €21,783,916.96 charged
Page 73 and 74: Accordingly, the new purchase price
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3 Risk management, risk factors and
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Risks related to information system
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Since June 1, 2006, lessors are req
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3.5 Risks related to B&B Hotels Gro
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2007 INFORMATION ABOUT ANF Voting r
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Pursuant to the regulations in effe
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5. Sustainable development 5.1 Huma
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INFORMATION ABOUT ANF Reports and i
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otherwise exercisable, immediately
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The maximum purchase price per shar
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4. resolves that this delegation of
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e retroactive, from which the new s
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up to the limits set out by applica
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The extraordinary resolutions propo
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website (www.medef.fr) (“Code de
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The Statutory Auditors were duly in
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• liabilities or similar instrume
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analysis of turnover by supplier, e
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Within ANF, a profi t-sharing agree
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CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
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Detailled contents HIGHLIGHTS OF TH
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using the fair value convention. In
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As of December 31, 2009, fi ve buil
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A review of the rental base for fi
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d) Stock option plan granted in 200
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Earnings per share (IAS 33) Basic e
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CONSOLIDATED FINANCIAL STATEMENTS N
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Note 2 Receivables maturity schedul
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ANF’s former Chief Operating Offi
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Note 10 Covenants With respect to l
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Note 14 Associates CONSOLIDATED FIN
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Note 16 Earnings per share CONSOLID
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Note 20 Interest rate risk exposure
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III - Specifi c checks and disclosu
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ANNUAL FINANCIAL STATEMENTS Pursuan
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Balance sheet at December 31, 2009
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Notes to the financial statements D
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espect of which depreciation period
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The real estate assets break down b
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Non-current fi nancial assets (€
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Note 8 Change in shareholder’s eq
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Note 10 Debt maturity schedule (€
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Note 14 Covenants With respect to l
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Note 16 Headcount As of December 31
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Stock option plan granted in 2007 D
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Stock option plan granted in 2009 D
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Note 22 Extraordinary items ANNUAL
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III - Specifi c checks and disclosu
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PRO FORMA FINANCIAL INFORMATION �
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OTHER GENERAL INFORMATION 1. PERSON
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Statutory Auditors’ fees TABLE OF
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If the ownership threshold is not m
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OTHER GENERAL INFORMATION Other inf
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3.2 Share capital Number of shares
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violation of these Articles of Asso
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to a specifi c situation, or conver
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or vote on the project in question
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OTHER GENERAL INFORMATION Other inf
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5.6 History Important events in the
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In accordance with RICS rules, we w
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• Three assets are under fi nance
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION � Conte
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Head office : 32, rue de Monceau -
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