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6 DESCRIPTION OF THE BUSINESS Strategy 4. Strategy In 2005, three things were clear: Firstly, existing rent levels were below market benchmarks, particularly in Lyons in the retail sector. This low rent situation was accentuated by a high level of residential vacancies in Marseilles. Secondly, the Lyons and Marseilles properties were located in extremely attractive areas. In fact, rue de la République in Lyons represents a leading retail thoroughfare, with a substantial and steady fl ow of pedestrians. In Marseilles, rue de la République runs from the Vieux-Port – the main tourist and historic district – to the new Joliette district opening out into Euroméditerranée. Finally, these two streets in Lyons and Marseilles have very strong potential due to the strong growth of these two cities. Lyons in effect positions itself as a regional capital with boundaries extending beyond France. Marseilles, on the other hand, has seen renewed Enhancing the value of properties The potential for rent increases represents a major store of rental income growth. The table opposite shows the breakdown by asset segment and city of the additional income expected from the progressive upward review of leases as they expire. In total, this represents close to an additional €9 million that should materialise by 2014. In Marseilles, the marketing of ground fl oor retail premises in less than two years was a success. ANF has supported the installation of its tenants by means of variable rents, based on store revenues, with ANF being guaranteed a minimum rent. The opening of retail premises on rue de la République in Marseilles has been confi rmed Planned developments ANF has begun to enhance the value of its land reserves in Marseilles by putting together value-creating developments. ANF’s goal is to generate a return on invested capital of over 8%, with the additional rental income from these developments thus being around €29 million. ANF • 2009 ANNUAL REPORT � Contents growth, notably since the launch in 1995 of the Euroméditerranée urban renewal and economic development plan, but more recently on the back of the decision of EU culture ministers to endorse Marseilles as European Capital of Culture in 2013. Since then, ANF has been able to implement its strategy of increasing rents in two key ways: fi rstly, by restructuring its properties and secondly by renovating them. On top of this, the land reserves have been put to work, with ANF carrying out major developments. This strategy should enable ANF to increase its rental income by around €41 million within 5 years at constant scope and thereby raise it to around €106 million by 2014. Since 2005, rental income at constant scope has risen by over 50%, while overheads have been optimised. As a result, EBITDA margin was up 2.5 points to 80% in 2009. The Company’s goal is to achieve EBITDA margin of around 85% by 2014. Debt levels should remain under 40%. by rising rents in this segment, as regards the guaranteed portion of the rent. On top of this will come the cutting of residential vacancies, which remains a major challenge for ANF. The start of renovation work on properties located in the mid-section of the street should make it possible to market this surface area. The Company could ultimately generate an additional €3 million in rental income when re-letting these units at market rents. Across Lyons and Marseilles, ANF still has 167 leases under the 1948 regime. These 15,234 square metres currently generate average rent of around €4.10 per square metre per month. The challenging economic climate has meant that ANF is taking a cautious approach to its planned developments. First and foremost, ANF has obtained all the necessary permits to carry them out, but above all, ANF endeavours to fi nance and market a development before starting to build. The total budget for the work thereby planned is €335 million, €58 million of which relates to developments underway. OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
Furthermore, as part of its asset rotation policy, in 2009 ANF already began a disposal programme involving a total of close to €100 million over 3 years. The fi rst year of this programme was successfully concluded with the effective disposal of €55 million worth of buildings at prices in line with those in the December 2008 appraisals. The assets sold involved properties in areas that are not strategic for ANF. It mainly involved predominantly residential buildings, thereby making it possible to rebalance the portfolio. Finally, the disposal of buildings with a large number of vacant units in Marseilles may help cut the vacancy rate and enable the Company to reinvest in betterperforming assets. RENT FORECASTS FOR 2014-2015 * € thousands 110 100 90 80 70 60 50 40 65 30 20 10 0 2009 Rents Vacancy Lyon Reversion * At constant scope. 3 DESCRIPTION OF THE BUSINESS 4 4 � 1 Marseille Reversion Loi 48 5 Ongoint devmt. New devmt. Contents 11 13 Restructuring 106 Target Strategy ANF • 2009 ANNUAL REPORT 7 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF 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: of listed real estate companies hav
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 and 40: 1.4 Financial structure Consolidate
Page 41 and 42: 1.5 Events occurring after the bala
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
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Members of the Executive Board and
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Ghislaine Seguin, Member of the Exe
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Members of the Executive Board and
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INFORMATION ABOUT ANF Corporate gov
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TABLE 5: STOCK OPTIONS EXERCISED BY
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Stock options are granted during th
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down into €21,783,916.96 charged
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Accordingly, the new purchase price
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3 Risk management, risk factors and
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Risks related to information system
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Since June 1, 2006, lessors are req
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3.5 Risks related to B&B Hotels Gro
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2007 INFORMATION ABOUT ANF Voting r
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Pursuant to the regulations in effe
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5. Sustainable development 5.1 Huma
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INFORMATION ABOUT ANF Reports and i
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otherwise exercisable, immediately
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The maximum purchase price per shar
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4. resolves that this delegation of
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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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website (www.medef.fr) (“Code de
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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
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Page 121 and 122:
CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
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Detailled contents HIGHLIGHTS OF TH
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using the fair value convention. In
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As of December 31, 2009, fi ve buil
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A review of the rental base for fi
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d) Stock option plan granted in 200
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Earnings per share (IAS 33) Basic e
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CONSOLIDATED FINANCIAL STATEMENTS N
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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
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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
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ANNUAL FINANCIAL STATEMENTS Pursuan
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Balance sheet at December 31, 2009
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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 (€
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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
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Statutory Auditors’ fees TABLE OF
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If the ownership threshold is not m
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OTHER GENERAL INFORMATION Other inf
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3.2 Share capital Number of shares
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violation of these Articles of Asso
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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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