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38 INFORMATION ABOUT ANF Income from operations Cash fl ow Current cash fl ow stood at €36.1 million and cash fl ow per share increased to €1.38 in 2009. (€ thousands) 12/31/2009 12/31/2008 Cash flow from operations Net income (53,977) 69,203 Depreciation allowances & provisions 304 171 Capital gains (losses) from disposals (2,150) 24 Changes in value of properties 89,478 (30,088) Changes in value of fi nancial instruments (902) 686 Recognised revenue and expenses related to stock options 847 947 Tax expense 1,902 (9,488) Cash fl ow Changes in operating working capital requirements 35,502 31,455 Operating receivables 137 38,416 Operating liabilities before SIIC option liabilities (1,071) 3,831 Cash fl ow from operations 34,568 73,702 Cash flow from investment activities Acquisition of assets (116,920) (121,405) Disposal of property 60,548 - Payment of exit tax (21,384) 4,914 Changes in fi nancial assets 7 (485) Cash fl ow from investment activities (77,749) (116,976) Cash flow from financing activities Dividends paid (6,357) (30,807) Changes in share capital - (44) Purchase of treasury shares - (3,915) Loans and debt taken out 73,228 110,384 Loans and debt redeemed (5,419) (35,075) Cash fl ow from fi nancing activities 61,452 40,543 Changes in cash 18,271 (2,731) Opening cash 11,598 14,329 Closing cash 29,869 11,598 Financial structure and sources of fi nancing The Company’s net debt, which stood at €422 million at December 31, 2009, carries an average fi xed interest rate of 4.59%. The average cost of debt fell by 26 basis points over the year. The covenants applicable to this debt were complied with as of December 31, 2009. At the date of fi ling this Registration Document, ANF was able to meet the fi rm commitments arising from the development of new projects using lines of credit. Please see Section 5.3 “Financing contracts” in Part VI of the Registration Document. ANF • 2009 ANNUAL REPORT � Contents OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
1.5 Events occurring after the balance sheet date No signifi cant events have occurred since December 31, 2009. 1.6 Business of main subsidiaries ANF owns 63.45% of both the share capital and voting rights of Société de Gestion Immobilière Lyonnaise (“SGIL”). SGIL is a limited liability company with share capital of €2,090,000, whose registered offi ce is at 29 Quai Saint Antoine, 69002 Lyons. SGIL is registered in Lyons, under number 964 505 218. In December 2009, it sold all the properties it owned in Lyons. During the 2009 fi scal year, ANF acquired a 45% stake in the company SCCV 1-3 Rue d’Hozier (“SCCV”), a civil law partnership authorised to build and sell properties, with share capital of €1,000 and registered offi ce c/o Constructa Promotion, 29 boulevard de INFORMATION ABOUT ANF � Income from operations Contents Dunkerque, Cœur Méditerranée, 13002 Marseilles. The SCCV is registered in Marseilles, under number 499 063 352. It was set up to develop the Fauchier residential construction programme. ANF also wholly owns ANF République, a limited liability company with share capital of €10,000 and registered offi ce at 32 Rue de Monceau, 75008 Paris. ANF République is registered in Paris, under number 508 999 281 (“ANF République”) and was established in November 2008. The company did not carry out any business in 2009. ANF • 2009 ANNUAL REPORT 39 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Page 1 and 2: egistration document 2009
Page 3 and 4: 2009 Annual Report � The Registra
Page 5 and 6: DESCRIPTION OF THE BUSINESS 1. PROF
Page 7 and 8: of listed real estate companies hav
Page 9 and 10: Furthermore, as part of its asset r
Page 11 and 12: DESCRIPTION OF THE BUSINESS Propert
Page 13 and 14: 7. Lyons at the heart of the old ci
Page 15 and 16: ANF’s goal is to maintain the hig
Page 17 and 18: ANF had the following real estate a
Page 19 and 20: To return the buildings to their fo
Page 21 and 22: 9.3 Committed and secured developme
Page 23 and 24: DESCRIPTION OF THE BUSINESS (€ th
Page 25 and 26: A new ANF tenant in the cities of L
Page 27 and 28: 13. Key Figures SIMPLIFIED INCOME S
Page 29 and 30: 1. INCOME FROM OPERATIONS 28 1.1 Fa
Page 31 and 32: The ILC index applies to leases sig
Page 33 and 34: sales of €29.7 million and partia
Page 35 and 36: • property held for sale worth
Page 37 and 38: Income statement Net income in 2009
Page 39: 1.4 Financial structure Consolidate
Page 43 and 44: Name and age Bruno Keller Age: 55 C
Page 45 and 46: Members of the Supervisory Board 1.
Page 47 and 48: Name and age Delphine Abellard (1)
Page 49 and 50: Name and age Sébastien Bazin* Age:
Page 51 and 52: Name and age Jean-Luc Bret Age: 63
Page 53 and 54: Name and age Alain Lemaire* Age: 60
Page 55 and 56: Name and age Henri Saint Olive Age:
Page 57 and 58: INFORMATION ABOUT ANF 2.2 Declarati
Page 59 and 60: Members of the Executive Board and
Page 61 and 62: Ghislaine Seguin, Member of the Exe
Page 63 and 64: Members of the Executive Board and
Page 65 and 66: INFORMATION ABOUT ANF Corporate gov
Page 67 and 68: TABLE 5: STOCK OPTIONS EXERCISED BY
Page 69 and 70: Stock options are granted during th
Page 71 and 72: down into €21,783,916.96 charged
Page 73 and 74: Accordingly, the new purchase price
Page 75 and 76: 3 Risk management, risk factors and
Page 77 and 78: Risks related to information system
Page 79 and 80: Since June 1, 2006, lessors are req
Page 81 and 82: 3.5 Risks related to B&B Hotels Gro
Page 83 and 84: 2007 INFORMATION ABOUT ANF Voting r
Page 85 and 86: Pursuant to the regulations in effe
Page 87 and 88: 5. Sustainable development 5.1 Huma
Page 89 and 90: INFORMATION ABOUT ANF Reports and i
Page 91 and 92:
otherwise exercisable, immediately
Page 93 and 94:
The maximum purchase price per shar
Page 95 and 96:
4. resolves that this delegation of
Page 97 and 98:
e retroactive, from which the new s
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up to the limits set out by applica
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The extraordinary resolutions propo
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INFORMATION ABOUT ANF Reports and i
Page 105 and 106:
website (www.medef.fr) (“Code de
Page 107 and 108:
The Statutory Auditors were duly in
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• liabilities or similar instrume
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analysis of turnover by supplier, e
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Within ANF, a profi t-sharing agree
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
CONSOLIDATED FINANCIAL STATEMENTS I
Page 123 and 124:
CONSOLIDATED BALANCE SHEET - TOTAL
Page 125 and 126:
STATEMENT OF CHANGES IN SHAREHOLDER
Page 127 and 128:
Detailled contents HIGHLIGHTS OF TH
Page 129 and 130:
using the fair value convention. In
Page 131 and 132:
As of December 31, 2009, fi ve buil
Page 133 and 134:
A review of the rental base for fi
Page 135 and 136:
d) Stock option plan granted in 200
Page 137 and 138:
Earnings per share (IAS 33) Basic e
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CONSOLIDATED FINANCIAL STATEMENTS N
Page 141 and 142:
Note 2 Receivables maturity schedul
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ANF’s former Chief Operating Offi
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Note 10 Covenants With respect to l
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Note 14 Associates CONSOLIDATED FIN
Page 149 and 150:
Note 16 Earnings per share CONSOLID
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Note 20 Interest rate risk exposure
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III - Specifi c checks and disclosu
Page 155 and 156:
ANNUAL FINANCIAL STATEMENTS Pursuan
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Balance sheet at December 31, 2009
Page 159 and 160:
Notes to the financial statements D
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espect of which depreciation period
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The real estate assets break down b
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Non-current fi nancial assets (€
Page 167 and 168:
Note 8 Change in shareholder’s eq
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Note 10 Debt maturity schedule (€
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Note 14 Covenants With respect to l
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Note 16 Headcount As of December 31
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Stock option plan granted in 2007 D
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Stock option plan granted in 2009 D
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Note 22 Extraordinary items ANNUAL
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III - Specifi c checks and disclosu
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PRO FORMA FINANCIAL INFORMATION �
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OTHER GENERAL INFORMATION 1. PERSON
Page 187 and 188:
Statutory Auditors’ fees TABLE OF
Page 189 and 190:
If the ownership threshold is not m
Page 191 and 192:
OTHER GENERAL INFORMATION Other inf
Page 193 and 194:
3.2 Share capital Number of shares
Page 195 and 196:
violation of these Articles of Asso
Page 197 and 198:
to a specifi c situation, or conver
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or vote on the project in question
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OTHER GENERAL INFORMATION Other inf
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5.6 History Important events in the
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In accordance with RICS rules, we w
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• Three assets are under fi nance
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION � Conte
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Head office : 32, rue de Monceau -
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