Download the 2009 annual report in PDF format - ANF

1. INCOME FROM OPERATIONS 28
1.1 Factors having an impact on income 28
1.2 Consolidated net income 30
1.3 Company results 34
1.4 Financial structure 37
1.5 Events occurring after the balance sheet date 39
1.6 Business of main subsidiaries 39
2. CORPORATE GOVERNANCE 40
2.1 O ffi ces and positions of corporate
offi cers – Management experience
as of December 31, 2009 40
2.2 Declarations regarding the administrative,
management, and supervisory bodies and
Senior Management 55
2.3 Confl icts of interest on administrative,
management and supervisory bodies
and Senior Management 55
2.4 Board Committees 55
2.5 Compensation and retirement commitments
of corporate offi cers 56
2.6 Executive and employee interest in the
Company’s equity 68
2.7 Transactions performed by executives
involving Company stock during the last
fi scal year 72
3 RISK MANAGEMENT, RISK
FACTORS AND INSURANCE 73
3.1 Risks related to the Company’s business 73
3.2 Market risks 77
3.3 Risks related to liquidity and cash fl ow 78
3.4 Company-specifi c risks 78
3.5 Risks related to B&B Hotels Group properties 79
BUSINESS
THE OF
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Contents
DESCRIPTION ANF ABOUT INFORMATION
4. ANF AND ITS SHAREHOLDERS 80
4.1 Information on share capital 80
4.2 Group shareholders 80
4.3 Dividends paid over the past three fi scal years 82
4.4 Transactions related to the Company’s shares 82
4.5 Elements likely to have an impact in the case
of a takeover bid 84
STATEMENTS
5. SUSTAINABLE DEVELOPMENT 85
FINANCIAL
5.1 Human resources information 85
5.2 Environmental information 85
CONSOLIDATED
6. REPORTS AND INFORMATION
FOR THE SHAREHOLDERS’ MEETING 86
6.1 Income tables for the previous fi ve fi scal years 86
6.2 Summary table of unexpired delegations
granted by the Shareholders’ Meeting
with respect to capital increases 87
STATEMENTS
6.3 Agenda and Resolutions
of the Shareholders’ Meeting 88
6.4 Executive Board report on the presentation
of resolutions to be submitted to the Annual
FINANCIAL
Shareholders’ Meeting 98
6.5 Supervisory Board observations
ANNUAL
on the Executive Board’s report 100
6.6 Special Executive Board report on stock
options granted to corporate offi cers
and employees 100
6.7 Internal Control Report from the Chairman
of the Supervisory Board 102
6.8 Special reports from the Statutory
Auditors for submission to the Ordinary
INFORMATION
and Extraordinary Shareholders’ Meeting
of May 6, 2010 112
FINANCIAL FORMA PRO INFORMATION GENERAL
ANF • 2009 ANNUAL REPORT OTHER
INFORMATION ABOUT ANF
27
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS