Download the 2009 annual report in PDF format - ANF

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INFORMATION ABOUT ANF
Risk management, risk factors and insurance
3.3 Risks related to liquidity and cash fl ow
ANF’s strategy relies on its ability to use fi nancial resources to make
investments, purchase property and refi nance borrowings as they
fall due. ANF may (i) not always have the desired access to capital
markets, or (ii) may be required to obtain fi nancing under terms that
are less favourable than initially planned. This could result notably
The table below shows a breakdown of fi nancial liabilities by contractual maturity:
ANF • 2009 ANNUAL REPORT
from fi nancial market trends, a major event affecting the property
sector, or any other change in ANF’s operations, fi nancial position or
shareholder structure that could infl uence investors’ views of ANF’s
credit quality or attractiveness as an investment.
12/31/2010 1 to 5 years Over 5 years Total
(€ thousands)
12/31/2010 Nominal Interest Nominal Interest Nominal Interest Nominal Interest
Bonds - - - - - - - - -
Bank borrowings 444,922 976 8,154 426,009 59,265 17,937 1,288 444,922 68,607
Finance lease payables 7,528 1,130 263 6,398 450 - - 7,528 713
Payables to banks - - - - - - - - -
Derivative fi nancial
instruments
29,546 - 12,724 - 19,575 - 6 - 32,305
Total fi nancial liabilities 481,996 2,106 21,141 432,407 79,290 17,937 1294 452,450 101,725
The table in Note 3 annexed to the Company’s consolidated
fi nancial statements shows debt maturities at the end of the period.
In terms of liquid assets, ANF takes steps to ensure that the amount
of rental income it receives is always suffi cient to cover its operating
expenses and interest payments.
ANF’s liquid assets management policy involves monitoring its loan
duration and available lines of credit, as well as the diversifi cation of
its sources of fi nancing.
3.4 Company-specifi c risks
Risks related to the Company’s shareholder
structure
As of the date of fi ling of this Registration Document, ANF’s majority
shareholder in terms of shares and voting rights is Eurazeo through
its 99.9%-owned subsidiary, Immobilière Bingen. Eurazeo therefore
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Contents
Some of ANF’s loans contain the usual covenants and clauses
governing early repayment and fi nancial commitments (“covenants”),
which are described in Section 5.3.1 “Financing contracts” on
pages 175-176, Part VI of the Registration Document and in
Note 10 on pages 119 and 120 of the annex to the consolidated
fi nancial statements for the fi scal year ended December 31, 2009.
The company has carried out a specifi c review of its liquidity risk
and considers that it is able to meet its future obligations.
has signifi cant infl uence over ANF and the way it carries out its
business. For instance, Eurazeo can make important decisions
regarding the composition of the Executive and Supervisory Boards,
approval of the fi nancial statements, dividend payouts, share capital
and the Articles of Association.
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS