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INFORMATION ABOUT ANF
Income from operations
1.2 Consolidated net income
Switchover to IFRS for the year ended
December 31, 2007
For the year ended December 31, 2007, ANF prepared consolidated
fi nancial statements consolidating SGIL proportionally for the fi rst
time. These consolidated fi nancial statements were prepared in
accordance with IFRS (International Financial Reporting Standards)
as adopted for use in the European Union at the balance sheet
closing date.
The main options selected in preparing the consolidated fi nancial
statements for the year ended December 31, 2007 under IFRS are
presented below.
Principles and options of the fi rst application of IFRS
• The fi rst consolidated fi nancial statements for the ANF Group for
the year ended December 31, 2007 comprise:
• ANF,
• SGIL: SGIL is 63.45%-owned by ANF, while the Company is
managed and directed by Gecina, which owns 36.55%. Joint
control of SGIL is set out in various clauses of the Articles of
Association which require joint decision-making. As a result,
the proportional consolidation method was used;
• Pro forma 2006 fi nancial statements: the fair value of B&B has
been taken as the acquisition value since there was no assessed
value at the end of 2006;
• IAS 14 – Segment reporting:
• operation of Haussmann-style properties,
• operation of hotel properties,
• geographical subsector of Haussmann-style properties:
− Lyons,
− Marseilles.
• IAS 40 – Measurement of properties at fair value (assessed value
excluding transfer taxes). Change in fair value is recognised
through the income statement. The registered offi ces are
recognised at net book value,
• Debts and receivables are discounted when the impact is material.
The following were discounted as of December 31, 2007:
• exit tax payable; as part of the transition to the SIIC regime on
January 1, 2006, ANF carried out a reappraisal of assets for
which the option was adopted. This reappraisal was based
on valuations by Jones Lang Lassalle and gave rise to a
revaluation adjustment of €395.1 million in respect of ANF’s
assets. This adjustment was also recognised in equity. Exit tax
at 16.5% was charged on this sum, leading to €65.2 million
being recognised in the Company fi nancial statements. In
the IFRS fi nancial statements, both an expense and a liability
were recognised under deferred tax in 2005. The payable was
transferred to operating expenses when the Company opted
for the SIIC regime,
ANF • 2009 ANNUAL REPORT
• commitment on bonus shares;
• IAS 17 – Stage payments, front-end fees and rent-free
periods over the period of the lease: no material impact as of
December 31, 2007, so no specifi c restatement;
• Employee benefi ts:
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• IAS 19: defi ned contribution schemes are recognised as
expenses; no specifi c restatement,
• IFRS 2: benefi ts relating to the granting of bonus shares and
stock options are recognised as expenses over the vesting
period (24 to 48 months);
• IFRS 3 – Business combinations: the B&B transaction qualifi es as
the acquisition of a group of separate assets;
• IAS 12 – Deferred tax: tax has been restated on unrealised gains
on land which was not covered by the option of SIIC status;
• IAS 32 – Treasury shares: treasury shares are deducted from
consolidated equity;
• IFRS 5 – Assets held for sale are identifi ed and reclassifi ed when
a sale mandate is issued;
• IAS 32-39 – Derivative instruments: accounting for the fair value
of hedge instruments (swaps): reporting of ineffective portions in
the income statement;
• Marketable securities (fair value): no material impact as of
December 31, 2007, so no specifi c restatement.
ANF has not identifi ed any material impact on the fi nancial
statements of applying standards which have been adopted but
not yet applied.
Comparison of years ended
December 31, 2009 and December 31, 2008
(consolidated fi nancial statements prepared
in accordance with IFRS)
Comparison of balance sheet items
Contents
ASSET ITEMS
As of December 31, 2009, assets totalled €1,546.7 million compared
with €1,561.7 million as of December 31, 2008, representing a
decrease of €15 million as a result of the items described below.
Non-current assets
Total non-current assets amounted to €1,499.3 million as
of December 31, 2009 compared with €1,507.5 million at
December 31, 2008, a decrease of €8.2 million. Non-current assets
mainly consist of the following:
• investment property worth €1,496.3 million as of December 31,
2009, compared with €1,504.4 million a year earlier. The
€8.2 million decrease is mainly due to the negative market trend,
which resulted in an €89.5 million fall in the value of properties,
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