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Paris

32, rue de Monceau
75008 Paris
Tel : +33 (0) 1 44 15 01 11
Fax : +33 (0) 1 47 66 07 93

Lyon

73, rue de la République
69289 Lyon Cedex 02
Tel : +33 (0) 4 78 37 31 83
Fax : +33 (0) 4 72 40 29 56

Marseille

26, rue de la République
13002 Marseille
Tel : +33 (0) 4 91 91 92 02
Fax : +33 (0) 4 91 91 75 20

PROPERTY PORTFOLIO > Appraised value
Appraised value

The market value excluding transfer taxes of ANF’s property estate was €1,544 million at 31 December 2008.

The B&B hotel properties acquired in October 2007 were appraised at €466 million at 31 December 2008. This valuation results from assessing the rental income received after the 1 November 2008 indexation was applied (+5.62%, or €1.6 million on an annual basis) offset by an increase in the capitalisation rates of some 50 bp applied by the appraisers.

ANF’s property estate in the city centres of Lyons and Marseilles was assessed at €1,077 million at 31 December 2008, a 16% increase in one year. The properties’ value rose by €264 million owing to the revaluation of the leases, notably commercial, and to the development of the projects. This increase is in line with the objectives defi ned in 2007.

In the current context, the appraisers raised the capitalisation rates applied on the buildings. That equates to a €113 million decrease in the appraised value of the total property estate, including the city centre properties and B&B hotels. This lower valuation was more than fully offset by the creation of value on the properties.

The values by sq. m of the buildings in Lyons and Marseilles, which appear in the following tables, show the prudence of these appraisals.

ANF’s consolidated net indebtedness totalled €373 million as at 31 December 2008. The Loan to Value ratio thus comes to 24%.

The Net Asset Value was estimated to be €44.32 per share at 31 December 2008 as against €43.54 (restated amount) at 31 December 2007.

The creation of value due to the work performed by ANF will continue owing to the renegotiation of those leases whose rental income is well below the market, the remaining renovation work to be done and the upgrades yet to be completed. Nevertheless, current uncertainties over the way the market is changing could result in another increase in the capitalisation rates. This would affect value creation.


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