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24 DESCRIPTION OF THE BUSINESS Information for shareholders 12. Information for shareholders SHARE PRICE 35 31 27 23 19 15 2/01/09 15/01/09 Share price 29/01/09 12/02/09 Over the course of 2009, the share price rose 22%, in line with EPRA Europe which was also up 22% (source: Bloomberg). The stock price at the December 31, 2009 closing date put market capitalisation at close to €805.6 million. ANF is included in the CAC-Mid 100 and SBF 250 indices. The CAC-Mid 100 is an index representing the 100 leading mid-cap stocks on the Paris stock market. ANF • 2009 ANNUAL REPORT Volumes ANF SBF 250 EPRA CAC 40 26/02/09 11/03/09 25/03/09 8/04/09 22/04/09 6/05/09 20/05/09 3/06/09 17/06/09 1/07/09 15/07/09 29/07/09 12/08/09 26/08/09 9/09/09 23/09/09 7/10/09 21/10/09 4/11/09 18/11/09 � 2/12/09 16/12/09 Shareholding structure 120000 100000 80000 60000 40000 20000 Eurazeo holds 59.24% of ANF’s capital. Two other shareholders are also represented on the Supervisory Board, namely Generali and the Caisses d’Épargne group, each with a 5% interest. 30/12/09 Contents 13/01/10 27/01/10 10/02/10 26/02/10 0 OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
13. Key Figures SIMPLIFIED INCOME STATEMENT (IFRS) DESCRIPTION OF THE BUSINESS Key Figures January-December (€ millions) 2009 2008 % 2007 Lyons-Marseilles rental income 34.1 30.9 +11% 26.1 B&B rental income 30.9 28.2 +10% 4.7 Rental income 65.1 59.1 +10% 30.8 Operating income 52.7 43.4 +21% 16.0 Margin 80% 73% - 52% Changes in fair value (89.5) 30.1 NA 191.9 NET INCOME (54.0) 69.2 NA 197.8 CURRENT CASH FLOW* 36.1 31.5 +15% 13.0 * See Note 18 “Cash flow per share” to the ANF consolidated financial statements in Section III of Volume II of the Registration Document. SIMPLIFIED BALANCE SHEET (IFRS) January-December (€ millions) 2009 2008 % 2007 Assets Investment property 1,496.3 1,504.5 -1% 1,389.4 Other non-current assets 3.0 3.0 - 1.8 Current assets 47.4 54.2 -13% 60.8 TOTAL ASSETS 1,546.7 1,561.7 -7% 1,452.0 Shareholders’ equity & liabilities Shareholders’ equity 1,029.6 1,099.0 -6% 1,084.1 Debt 450.4 381.8 +18% 273.1 Other liabilities 66.7 80.9 -18% 94.8 TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 1,546.7 1,561.7 -7% 1,452.0 � Contents ANF • 2009 ANNUAL REPORT 25 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 and 24: DESCRIPTION OF THE BUSINESS (€ th
Page 25: A new ANF tenant in the cities of L
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
Page 63 and 64: Members of the Executive Board and
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
Page 75 and 76: 3 Risk management, risk factors and
Page 77 and 78:
Risks related to information system
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Since June 1, 2006, lessors are req
Page 81 and 82:
3.5 Risks related to B&B Hotels Gro
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2007 INFORMATION ABOUT ANF Voting r
Page 85 and 86:
Pursuant to the regulations in effe
Page 87 and 88:
5. Sustainable development 5.1 Huma
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INFORMATION ABOUT ANF Reports and i
Page 91 and 92:
otherwise exercisable, immediately
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The maximum purchase price per shar
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4. resolves that this delegation of
Page 97 and 98:
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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Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
Page 127 and 128:
Detailled contents HIGHLIGHTS OF TH
Page 129 and 130:
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
Page 220:
Head office : 32, rue de Monceau -
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