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sales of €29.7 million and partially offset by investments of
€111 million;
• operating property worth €1.2 million at December 31, 2009,
unchanged from the previous year;
• other intangible assets and property, plant and equipment
reported at €0.8 million at December 31, 2009, unchanged from
the previous year;
• fi nancial assets of €1 million as of December 31, 2009, broadly
unchanged from the previous year.
Current assets
Total current assets amounted to €41.9 million as of December 31,
2009, compared with €18.4 million at December 31, 2008, an
increase of €23.5 million. Current assets mainly comprise the
following items:
• trade receivables, mainly consisting of tenant receivables, of
€1.9 million compared with €2.3 million as of December 31,
2008;
• other receivables of €9.4 million as of December 31, 2009,
compared with €4.1 million at December 31, 2008. The
€5.4 million increase mainly relates to the proceeds of property
sales;
• prepaid expenses of €0.2 million as of December 31, 2009,
compared with €0.4 million at December 31, 2008;
• derivative fi nancial instruments reported at €0.3 million compared
with €0.1 million as of December 31, 2008, including the fair
value of the Company’s fi nancial hedges. The fair value of 23 of
the 25 fi nancial instruments is negative, and was recorded as a
liability on the balance sheet under fi nancial derivatives;
• cash and cash equivalents of €30.1 million as of December 31,
2009 versus €11.6 million at December 31, 2008;
• property held for sale of €5.4 million as of December 31, 2009,
comprising fi ve properties in Marseilles.
LIABILITY ITEMS
As of December 31, 2009, liabilities totalled €1,546.7 million
compared with €1,561.7 million at December 31, 2008, representing
a decrease of €15 million as a result of the items described below.
Equity
As of December 31, 2009, equity amounted to €1,029.6 million
versus €1,099.0 million at December 31, 2008.
This €69.5 million decrease was mainly due to:
• net income for the year of -€54 million;
• dividends paid in cash, amounting to -€6.4 million;
• the recognition of hedge instruments at fair value amounting to
-€9.9 million.
INFORMATION ABOUT ANF
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Income from operations
Non-current liabilities
Total non-current liabilities amounted to €450.4 million as of
December 31, 2009, compared with €389.1 million at December 31,
2008, an increase of €61.3 million. Non-current liabilities mainly
consist of the following:
• debt of €450.3 million as of December 31, 2009, compared with
€381.8 million at December 31, 2008, mainly consisting of bank
loans;
• tax and corporate liabilities, which totalled €7.2 million at
December 31, 2008, and consisted of exit tax paid during the
year or reclassifi ed under current liabilities, thereby reducing the
balance to zero at December 31, 2009.
Current liabilities
Total current assets amounted to €66.7 million as of December 31,
2009, compared with €73.6 million at December 31, 2008, a
decrease of €6.9 million. Current liabilities mainly consist of the
following:
• accounts payable of €12.7 million as of December 31, 2009,
compared with €15.3 million at end-2008;
• the short-term portion of debt, of €2.1 million as of December 31,
2009 versus €2.6 million at December 31, 2008;
• derivative fi nancial instruments reported at €29.5 million as
of December 31, 2009, compared with €20.3 million as of
December 31, 2008. The €9.2 million increase arose from the
recognition of these instruments at fair value in a period of falling
interest rates;
• security deposits of €3.6 million as of December 31, 2009,
compared with €3.7 million at December 31, 2008;
• tax and corporate liabilities of €16.8 million at December 31,
2009, versus €28.5 million at December 31, 2008, mainly
comprising an exit tax payable, of which €22 million was settled
during the year;
• other liabilities of €0.9 million, a decrease of €0.8 million versus
December 31, 2008;
• prepaid income of €1 million in 2009, a decrease of €0.6 million
compared with December 31, 2008.
On average, ANF pays its suppliers 30 days from the end of the
month in which the transaction took place. At December 31, 2009
and at end-2008, payables to suppliers – with the exception of a
number of disputed invoices – were due in less than one month.
Comparison of income statement items
Contents
As of December 31, 2009, total operating income amounted to
€71.5 million compared with €64.9 million at December 31, 2008,
an increase of €6.6 million. In 2009, operating income consisted of
ANF • 2009 ANNUAL REPORT
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