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Income statement
Net income in 2009 was €16 million, compared with €5.6 million in
2008, and breaks down as follows:
• €20.8 million in net operating income (€20.2 million in 2008);
• -€8.6 million in net fi nancial expense (-€14.1 million in 2008),
including dividends of €6.2 million received from SGIL (€0.2 million
in 2008);
• €3.7 million in net exceptional net income (-€1.2 million in 2008).
Gross o perating income rose by 10% to €72.7 million in 2009, from
€66 million in 2008: rentals went up 10% (+10% on a constant
scope basis) to €64.6 million, (€58.5 million in 2008), while
reimbursed rental expenses and other income came to €8.2 million
(€7.5 million in 2008).
Operating expenses rose to €51.9 million in 2009, from €45.8 million
in 2008. External purchases and expenses decreased by 4% to
€9.7 million from €10.1 million. Depreciation and amortisation
expenses increased from €23.6 million to €29.1 million. The
other main expense items are personnel expenses (€6.4 million
compared with €6.6 million in 2008) and tax (€5.8 million compared
with €5.3 million paid in 2008).
Net fi nancial expense amounted to €8.6 million. This was made up
mainly of income including €6.2 million in dividends from SGIL, and
€15.5 million in interest expense and €0.4 million from the reversal
of an impairment provision for treasury shares.
The exceptional income of €3.8 million primarily consists of capital
gains on property disposals.
ANF company results – comparison
of the years ended December 31, 2008
and December 31, 2007
Balance sheet
The change in ANF’s non-current assets amounted to €116.3 million
between 2008 and 2007, mainly as a result of:
• the increase in property, plant and equipment following
acquisitions and work on properties amounting to €121 million;
• the reappraisal of certain properties under the SIIC regime
amounting to €18 million;
• depreciation and amortisation amounting to -€23 million.
INFORMATION ABOUT ANF
Income from operations
Financial assets (€2.3 million) mainly consist of ANF’s 63.45%
shareholding in SGIL, which owns a property complex in Cours
Gambetta (9,410 sq. m) and an apartment in Rue Dunoir (130 sq. m)
in Lyons.
Operating receivables amounted to €6.2 million and mainly consist
of other receivables (€3.7 million) and trade receivables (€2.3 million).
Marketable securities and cash amounted to €14.5 million
as of December 31, 2007, compared with €14.1 million as of
December 31, 2008. This item includes the Company’s own stock
(€3 million). Cash is invested in risk-free short-term cash mutual
funds.
Equity stood at €680.2 million as of December 31, 2008, compared
with €690.9 million at the end of the previous year.
Regulatory reserves totalled €321.9 million as of December 31,
2008 compared with €319.4 million at December 31, 2007.
Premiums paid for share issues, mergers and capital contributions
totalled €320.8 million as of December 31, 2008 compared with
€322.0 million at December 31, 2007.
Contingency and loss provisions amounted to €0.1 million as of
December 31, 2008 and mainly consisted of provisions for longservice
awards and benefi ts for former employees.
Debt totalled €431.9 million compared with €344.2 million the
previous year. The main components of the Company’s debt are:
• bank debts and liabilities (€375.0 million), which mainly consist of:
• a €150 million loan taken out with a syndicate of banks led by
Calyon,
• a €202 million loan taken out with a syndicate of banks led by
Natixis;
• tax and corporate liabilities (€36.2 million);
• payables to fi xed-asset suppliers (€12.0 million).
Income statement
�
Net income in 2008 was €5.6 million, compared with €10.6 million
in 2007, and breaks down as follows:
• €20.2 million in net operating income (€7.2 million in 2007);
• -€14.1 million in net fi nancial expense (-€3.5 million in 2007);
• -€1.2 million in net exceptional expense (income of €7.9 million
in 2007);
• €0.7 million in income tax (€1.0 million in 2007).
Contents
ANF • 2009 ANNUAL REPORT
35
OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS