Download the 2009 annual report in PDF format - ANF

of listed real estate companies having published their results as of
the date of fi ling of the Registration Document. It should thus be
possible to fi nance and develop the major land reserves held by the
Company on the best possible terms.
The Supervisory Board will continue to actively help and continually
support ANF’s Executive Board and teams, who are effectively and
3. Interview with the Chairman
of the Executive Board
Chairman of the Executive Board
Bruno Keller
What impact did the crisis have on ANF’s
business in 2009?
One of ANF’s core strengths is the diversifi cation of its real estate
assets and rental income: 22% offi ce areas , 30% residential units
and 42% retail premises (other: 6%). Thanks to this diversifi cation,
with major retail and residential components, which are the most
resilient segments during a crisis, ANF has been able to come
through this challenging period rather well. Offi ce real estate, in
particular in Lyons, held up particularly well. The vacancy rate,
excluding voluntary vacancies as part of larger redevelopment
plans, didn’t rise and the level of bad debts remained contained.
Furthermore, 50% of total rental income comes from secured
leases with minimum fi xed terms, signed with B&B in 2007.
Isn’t poor stock liquidity one of ANF’s weak
points?
Improving stock liquidity has been one of the key concerns of ANF’s
management over the past two years. In 2009, we increased the
number of roadshows and individual investor meetings, both in
France and abroad. We thus met close to 150 different investors.
In parallel, we considerably expanded our fi nancial communications
on ANF’s business, results and the outlook. This resulted in a
threefold increase in average stock trading volumes in 2009. We
will obviously continue this policy in order to improve stock liquidity.
DESCRIPTION OF THE BUSINESS
Interview with the Chairman of the Executive Board
dynamically taking the necessary actions in response to the weak
and uncertain economic climate, while pushing forward with new
developments, optimising asset rotation and providing a sustainable
and profi table basis for the Company’s growth.
Are we seeing a lasting climb in appraisal
values?
Like all real estate companies, ANF’s appraisal values as of June 30,
2009 were down on the back of the higher capitalisation rates used
by appraisers. In H2, the quality of the assets, the climbing rents
and their recurring nature, in particular thanks to the fi xed rents
from the B&B hotel portfolio, made possible a 2% rise in appraisal
values at constant scope. It will obviously be for the appraisers to
take a view in 2010 but the intrinsic qualities of ANF’s portfolio and
the announced further rise in rents on the back of the renegotiation
of leases and the completion of certain developments should be
positive for the appraisals in 2010.
Chief Operating Offi cer
Xavier de Lacoste Lareymondie
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Contents
You’re talking about a 10% rise in ANF’s
revenues in 2010. What is the basis for this?
ANF’s strategy has always been built around maximising the value of
its real estate assets, in particular in Marseilles, the upward revision of
retail leases and the development of its land reserves. This strategy,
which has been unchanged from the outset, will be continued in
2010 and should once again make possible an increase in rents of
around 10% and an improvement in the operating margin, given the
retail leases that are up for review in 2010 and the completion of
two new developments towards the end of 2010, the full impact of
which will be seen in 2011 rental income.
What are the main challenges for 2010?
One of the sources for increasing rental income over the coming
years notably involves cutting vacancies across the residential
units in Marseilles. This vacancy, which is long-standing, on its own
represents potential additional rental income of around €3 million.
In 2010, we are going to make every effort to identify permanent
solutions to eliminate this vacancy over the coming years, by
identifying new niches such as, for example, the creation of small
residential units for students or possibly serviced housing, for which
there is strong demand.
ANF • 2009 ANNUAL REPORT
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OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF OF THE BUSINESS