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• property held for sale worth €35.8 million as of December 31,
2008, including six properties in Lyons and 26 properties and
land in Marseilles.
LIABILITY ITEMS
As of December 31, 2008, liabilities totalled €1,561.7 million
compared with €1,452 million as of December 31, 2007,
representing an increase of €109.7 million as a result of the items
described below.
Equity
As of December 31, 2008, equity amounted to €1,099.0 million,
versus €1,084.1 million at December 31, 2007.
The €15 million increase was mainly due to:
• net income for the year of €69.2 million;
• dividends paid amounting to -€30.8 million;
• the recognition of hedge instruments at fair value amounting to
-€20.4 million;
• buyback of treasury shares amounting to -€3.9 million.
Non-current liabilities
Total non-current liabilities amounted to €389.1 million as of
December 31, 2008, compared with €303.3 million at December 31,
2007, an increase of €85.8 million. Non-current liabilities mainly
consist of the following:
• debt of €381.8 million as of December 31, 2008, compared with
€273.1 million at December 31, 2007, mainly consisting of bank
debts and liabilities;
• tax and corporate liabilities, mainly consisting of an exit tax
payable due in over one year, amounting to €7.2 million as
of December 31, 2008 compared with €16.3 million as of
December 31, 2007, a decrease of €9.1 million (due to the
reclassifi cation of a portion of this item under current liabilities).
Deferred tax liabilities were zero as of December 31, 2008.
Current liabilities
Current liabilities amounted to €73.6 million as of December 31,
2008 compared with €64.7 million as of December 31, 2007,
representing an increase of €8.9 million. Current liabilities mainly
consist of the following:
• trade payables of €15.3 million as of December 31, 2008,
compared with €13.5 million at end-2007;
• the short-term portion of debt of €2.6 million as of December 31,
2008, compared with €36.2 million as of December 31, 2007.
The €33.6 million decrease is mainly due to the repayment of
a tranche of a loan agreement in the amount of €30.8 million,
INFORMATION ABOUT ANF
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Income from operations
which was used to fi nance a VAT receivable for which ANF was
reimbursed in April 2008;
• derivative fi nancial instruments reported at €20.3 million as
of December 31, 2008, compared with €0.3 million as of
December 31, 2007. The €20 million increase arose from the
recognition of hedge instruments at fair value;
• security deposits of €3.7 million as of December 31, 2008,
compared with €3.0 million at December 31, 2007;
• tax and corporate liabilities of €28.5 million as of December 31,
2008, versus €9.1 million as of December 31, 2007, mainly due
to an exit tax payable;
• other liabilities, which remained stable at €1.6 million;
• prepaid income of €1.6 million in 2008, a €0.7 million increase
on 2007.
Comparison of income statement items
Contents
As of December 31, 2008, total operating income amounted
to €64.9 million versus €34.1 million as of December 31, 2007,
an increase of €30.7 million. Operating income consisted of
€59.1 million in rent (an increase of €28.3 million compared with
2007) and €5.8 million in other operating income (up €2.5 million
on 2007).
Total operating expenses were up by €5.2 million between the years
ended December 31, 2007 and December 31, 2008. Property
expenses and other operating expenses amounted to €10.1 million
and €1.4 million respectively (compared with €5.1 million and
€1.2 million respectively in 2007).
As a result, net operating income totalled €53.4 million at
December 31, 2008 (compared with €27.8 million as of
December 31, 2007, an increase of about 92%) or €53.3 million
after asset disposals (compared with €28.4 million as of
December 31, 2007). This increase is primarily due to the full-year
impact of the acquisition of B&B hotel properties and rent increases
on Haussmann-style assets.
As of December 31, 2008, operating income (before changes
in property values) amounted to €43.4 million compared with
€16 million as of December 31, 2007, representing an increase of
€27.4 million. During 2008:
• personnel expenses were €7.6 million compared with €6.5 million
in 2007;
• other management expenses amounted to €3.3 million compared
with €5.7 million the previous year;
• other income came to €2.2 million compared with €0.9 million as
of December 31, 2007;
ANF • 2009 ANNUAL REPORT
33
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