Download the 2009 annual report in PDF format - ANF

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INFORMATION ABOUT ANF
Income from operations
• other expenses totalled €1.1 million compared with €1.0 million
in 2007;
• depreciation and amortisation amounted to €0.2 million
compared with €0.4 million as of December 31, 2007;
• other operating provisions (net of reversals) fell to €0.1 million
compared with €0.4 million in 2007.
After €30.1 million of changes in property values (this item stood at
€191.9 million at December 31, 2007), operating income amounted
to €73.5 million compared with €207.9 million as of December 31,
2007, a decrease of €134.4 million.
1.3 Company results
ANF company results – comparison
of the years ended December 31, 2009
and December 31, 2008
Balance sheet
The change in ANF’s non-current assets was €35.4 million in 2009
compared with 2008, mainly as a result of:
• a reduction in intangible assets of €8.3 million from €31.6 million
at end-December 2008 to €23.3 million as of December 31,
2009, chiefl y due to the exercise of options included in three
property fi nance leases at the end of their terms;
• an increase in the value of land of €3.1 million to €379.3 million,
attributable to disposals (€13.3 million) and put in place of assets
capitalised and acquisitions (€16.4 million);
• an increase in properties, fi xtures and fi ttings to €628.3 million
as of December 31, 2009, from €580.1 million at December 31,
2008. The €48.2 million increase is attributable to commissioning
(€100.9 million), offset by the net proceeds of disposals
(€23 million) and depreciation provisions (€29.7 million);
• a decrease in property, plant and equipment in progress to
€94.9 million as of December 31, 2009, from €102.5 million
at December 31, 2008. The decrease of €7.6 million is due to
commissioning (€109.1 million), disposals (€11.1 million) and
investments (€112.7 million).
ANF • 2009 ANNUAL REPORT
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Net fi nancial expense amounted to €13.1 million as of December 31,
2008 (compared with €3.7 million at December 31, 2007), and
mainly consisted of expenses relating to ANF’s loans.
Tax consists of current tax, deferred tax and exit tax. In 2008, all
the properties held by ANF were included in the scope of the SIIC
regime. As a result, deferred tax previously recorded, in the amount
of €13.8 million, was reversed in full. This includes the payment of
an additional exit tax representing €3.6 million.
As a result, consolidated net income came out at €69.2 million
as of December 31, 2008 compared with €197.8 million as of
December 31, 2007, representing a €128.6 million decrease.
Financial assets (€2.3 million) mainly consist of the shareholding in
SGIL, a company in which ANF owns a 63.45% stake, and which
sold the properties it held in Lyons in December 2009.
Operating receivables amounted to €17.4 million and mainly
consist of other receivables (€15.1 million) and trade receivables
(€1.9 million).
Marketable securities and cash increased from €14.1 million as of
December 31, 2008 to €22.1 million as of December 31, 2009. This
item includes the Company’s own stock (net amount of €3.4 million).
Cash is invested in risk-free certifi cates of deposit and short-term
cash mutual funds.
Equity stood at €690.3 million as of December 31, 2009, compared
with €680.2 million at the end of the previous year.
Regulatory reserves totalled €319.7 million as of December 31,
2009 compared with €321.9 million at December 31, 2008.
Premiums paid for share issues, mergers and capital contributions
totalled €323.9 million as of December 31, 2009 compared with
€320.8 million at December 31, 2008.
Contingency and loss provisions amounted to €0.1 million as of
December 31, 2009.
Debt totalled €476.7 million compared with €431.9 million the
previous year. The main components of the Company’s debt are:
• bank debts and liabilities (€444.7 million);
Contents
• tax and corporate liabilities debt (€15 million);
• payables to fi xed-asset suppliers (€9.8 million).
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS