Interparking Annual Report 2009 by The Crew Communication

Annual Report 2009

One Group’s vision, the power of quality

OnzeKey merkwaardige realisaties in 2009 events in 2009 Belgium • Renovation and opening of the Albertine Square

Contents

car park (700 spaces) in Brussels (Palais des Congrès/Square). • 19 car parks in Antwerp won a European

Key events in 2009

Standard Parking Award. • Opening of the Control Room in Brussels:

Word of the Managing Director

remote control and management for 21 car parks.

Our history

• Use of green energy and target to be 100%

Management report

2009 developments

Our activities

Our car parks

Our corporate social responsibility

Key figures

Consolidated balance sheet

Consolidated profit & loss

Appendices to the consolidated accounts

Balance sheet Interparking s.a.

carbon neutral by 2010. • Creation of the Interparking School: 958 training

courses provided.

Italy • Finalisation of the acquisition of SIS,

Italy’s market leader for On Street parking (with a presence in 123 Italian towns). • Acquisition of the Giolitti car park (453 spaces)

in Rome.

France • Marbeuf/Champs-Elysées car park in Paris

(585 spaces) added to the portfolio.

Spain • Acquisition of Metropark car parks

(subsidiary of Metrovacesa), including 13 car parks (4 634 spaces) in Madrid, Valencia, Tenerife and Santiago de Compostela. Investment of €115.5 million. • Acquisition of the Constitución car park

Profit & loss account Interparking s.a.

Management

in Jaén (291 spaces).

Romania • Signature of a concession agreement for

Joint statutory auditors’ report

the construction and operation of a car park in the centre of Bucharest (University Square).

Word of the Managing Director

In spite of a particularly difficult economic environment, in 2009 Interparking not only demonstrated impressive financial resilience, but also managed to meet a number of difficult challenges, including:

• Opening the Control Room in Brussels,

• Meeting the parking needs of around

• Adopting the use of green energy at all of

70 000 000 customers in our 539 car parks.

• Seeing 94 of our sites rewarded with a

European Standard Parking Award. following in the footsteps of Antwerp and Berlin. our Belgian sites before rolling out this type of energy across the board.

• Consolidating our position as a market

leader in Europe, and specifically in Spain, where we bought Metropark, one of Spain’s biggest public car park operators (investing nearly € 120 million). • Offering our employees nearly 1 000

training opportunities in the “Interparking School”.

I would like to take this opportunity to thank all of our employees for the energy and enthusiasm that they have demonstrated in a year which has been full of challenges, as well as to thank our shareholders for the trust that they have had in our teams, and to our clients for their loyalty.

Roland Cracco Managing Director

2 4

P arking Juan Bravo Madrid, Spain

arking Brussels Airport P Zaventem, Belgium

P arking Schloss-Strassen-Center Berlin, Germany

P arking Tronchetto Venice, Italy

P arking Stationstraat Utrecht, The Netherlands

Our history

A space in the ❤ of cities Founded in 1958 at the same time as the Brussels World Fair, Interparking has been able to anticipate urban development trends and the resulting needs in terms of parking and mobility. For over 50 years, Interparking has been steadfast in its investment in staff, car parks and associated technology, to guarantee excellent service, security and comfort for its customers.

1958 Brussels World Fair. To contribute to the event, in 1957, the first “ 58 car park ” was built by the limited company “Parking 58 S.A.”.

1966 First foreign investment: the Schouwburg car park in Rotterdam. Two years later, the subsidiary “ Parking 68 ” is founded. A number of car parks are developed in Brussels and Liège (Parking Cité).

Its visionary choices and constant quest for quality have meant that the Group is now an exemplary leader in the European parking market.

1975

« Interparking is a company which has retained its

Creation of “Centre 85 Parkgaragen und Immobilien GmbH” and a 50% takeover of Contipark. Arrival in Austria via Europa Holding Parking.

friendly, family feel whilst developing its international scope and its determinedly forward-thinking vision. Within this framework, when it comes to managing our employees, our priorities involve incorporating a policy of real diversity and placing a great deal of importance on the quality of our customer relationships. These objectives do not just apply to the Human Resources department, but also to all of the company’s employees who are invited to take an active role in fulfilling them.

Luc Du Bois, Director of Human Resources

Creation of the Uniparc subsidiary in France.

1985

1991 Name changed to “ Interparking – Centre 58 SA ”, then to “ Interparking SA ” in 1993.

1995 50% takeover of Contipark in Spain which went on to become Interparking Hispania SA.

2001 Arrival in Italy when the Tronchetto car park in Venice was added to the portfolio.

2009 539 car parks in 340 towns in seven countries in the European Union.

Management report

SA Interparking

Management report on the consolidated accounts for the 2009 financial year

We have the pleasure of presenting to you the consolidated accounts of the Interparking Group as of 31 December 2009.

In all the countries, the main developments chiefly served to consolidate positions in cities where the Group is already present.

The past financial year was characterised by a major economic and financial crisis. Despite this context of severe recession, the car park business line posted growth both in terms of turnover and EBITDA. This was possible thanks to our policy of diversification, which again proved itself fruitful. The number of sites means that exposure to the main risks associated with our activity can be seriously reduced. The trends in various directions recorded by the concerns during 2009 bear witness to this. On 31 December 2009, Interparking managed more than 269,000 parking places in 340 cities in seven countries of the Euro zone. However, the Group’s consolidated sales fell by 0.8%, from EUR 286.6 million to EUR 284.3 million, and EBITDA dropped 1.5% to EUR 96.0 million, on account of the drop in rental revenue from our building located in Rue de l’Eveque, in accordance with our forecasts. The net result before taxes was EUR 41.4 million, compared with EUR 42.3 million in 2008.

Furthermore, in Spain the Group markedly strengthened its position thanks to the acquisition of the Metropark company, an operation that was concluded on 24 December 2009. Mainly located in Valencia, Madrid and Santiago de Compostela, the Metropark portfolio includes four hospital car parks, including car parks of the leading hospital in Madrid (“ La Paz ” Hospital) and the leading hospital in Valencia (“ La Fe ” Hospital). The suspensive conditions linked to this operation were raised, and the company was actually taken over on 27 January 2010. In 2009 the Group continued its research and development activities, mainly in the field of multi-car park and intermodal products. Parallel to this, major efforts continued to be made to renovate and modernise our existing portfolio. In this context, the Group increased the use of remote management centres. In addition, almost a hundred of our properties have now obtained the European Standard Parking Award, which certifies high-quality car parks.

Interparking has also taken numerous measures aimed at reducing the company’s impact on the environment, without diminishing the quality of the service provided. In Belgium, Interparking SA only uses green electricity and aims to be C02 neutral in 2010. Our company’s activity is clearly linked to the evolution of the economic situation in the European countries in which we are present, and more especially the indices of private consumption. However, our diversification policy guarantees a recognised stability in our revenue thanks to the variety of the needs served by our car park facilities (leisure, shopping, work, airports, stations, hospitals, etc.) and the wide range of policies pursued by the cities and regions in which we operate in Europe. The main specific risk that can affect our company’s development is the risk associated with accessibility by car and the commercial and cultural appeal of each of our car park sites. Therefore, Interparking places priority on concerns in cities that have strong and diversified pulling power. The growing cost of using the car and a heightened awareness of environmental issues are prompting people to use their car more rationally and to change certain forms of behaviour. However, this negative effect is limited by the flexibility offered by this form of transport and is also offset by the need, on the part of towns and leisure or commercial centres wanting to retain their appeal, to continue to redevelop their areas of social interaction which hitherto have often been characterised by poorly organised or even uncontrolled parking.

All of these considerations and risks are taken into account when investment decisions are taken. Furthermore, measures have been taken to reinforce the internal audit team at technical and financial level. This team is currently made up of six full-time equivalents. Net financial expenses excluding depreciation on consolidation adjustments fell by almost 7.5%, from EUR 12.1 million in 2008 to EUR 11.2 million in 2009. The company has not used financial instruments that are relevant for the valuation of its assets, liabilities, financial situation and losses or profits. Taking into account depreciation, which was up 0.9%, the net result before taxes amounted to EUR 41,437,648, compared with EUR 42,309,182 in 2008, and the group share in the result for the financial year fell from EUR 30.1 million to EUR 24.8 million, following the increase in deferred taxes. Apart from the Metropark acquisition being finalised, no major event has occurred since the closure of the accounts for the 2009 financial year which might have a significant effect on the company’s financial situation and results.

Brussels, 25 February 2010 The Board of Directors

2009 developments

Our vision is already becoming a reality Our concern for each and every customer The Control Rooms that have been set up in Belgium, Germany and The Netherlands reiterate our desire to offer our customers a “ nerve centre ” for the remote management of our car parks and their vehicles.

Our vision of expertise Good quality service relies on human development. The first Interparking School opened in Brussels at the end of 2007. It provides technical, commercial and practical training, and is used as a test centre for our new facilities. 958 training courses were given there in 2009.

The benefits • easier and more continuous access for our customers • a speedy response to problems • enhanced security • rigorous management of traffic flow and

available places • adapted management of facilities (lighting, ventilation,

techniques, parking equipment) • comprehensive feedback statistics

« We have become experts in managing car

parks via control rooms. This centralised supervision of our car parks helps us to improve communication and service for our customers significantly. Our strengths include improved service and specific statistical data to identify and resolve problems fast.

Michel Janssen, Control Room Manager

« The Interparking School demonstrates our

desire to develop and support our employees in their professional and personal lives. The training needs of each employee vary according to their experience, their job description and their place of work. It is our responsibility to provide a response which is suited to each training need, at the same time as taking into account each individual’s specific needs and expectations. With this in mind, we provide a wide variety of training options: as well as technical and equipmentrelated training, we also provide general training (first aid, languages, IT) and behavioural training (attention to detail, stress management, customer relations etc.)

Xavier Ghysens, Training Manager

Our activities

Our choice of excellence

Interparking manages the issue of urban mobility and parking from all perspectives.

A number of our car parks have once again won the European Standard Parking Award. This industry standard, for which the criteria are defined by the sector’s European professionals, assesses the quality of our facilities according to objective criteria: the quality of the buildings, lighting, access and available space, service and information. Interparking is the current leader in terms of this award (94 out of 200 awarded), and has also received a number of national prizes and certificates in The Netherlands and Germany.

• Car park design. • Development, construction and

renovation of car parks. • Management of on- and off-street

car parks. These skills are constantly updated, and where possible anticipate the development of mobility requirements. Their aim is to promote areas assigned to citizens by “ hiding ” cars in underground structures to give towns back to shops, cultural and leisure activities, and more generally, to its inhabitants.

« For Interparking, the quality of our facilities

and service is a permanent objective. We are convinced that in order to maintain our place as market leader, we need to offer flawless service: access and large spaces, easy and varied payment options, light, clean car parks etc. A happy customer comes back and enables our business to grow.

Nik Subramanian, International Audit Manager

Interparking and green energy Our commitment to the environment is cited as an example in the media, and is as much about a fundamental ethos (to be a 100% CO 2 neutral company) as it is about making day-to-day changes to our car parks: economic lighting management, choosing a green power supplier, reducing vehicle emissions, programmed ventilation, electronic LED signage… These are just some of the areas developed in Interparking’s quest for responsible management, both for our environment. And our first car parks are fitted with electric charging points for electric cars (Cannes, France and Utrecht, The Netherlands).

« Even though our company has not been subject to

the demands of the Kyoto Protocol, our commitment to the environment represents a clear desire to be an excellent economic example. We are currently working on an energy audit of all of our car parks in Belgium with the company CO2Logic. A number of these are already CO2 neutral thanks to carbon offsetting by investing in renewable energy companies in India. We aim to roll out the environmental policy that we have started in Belgium to the rest of our network.

Julien Verdin, Operations Director, Belgium

Our car parks

Car park solutions meeting specific needs Cars, motorbikes and bicycles currently account for 80% of our movements. On top of that, one in every three people driving in town is looking for a parking space. By providing car parks for drivers, Interparking is not only responding to a need associated with mobility, it’s also reducing air, sound and visual pollution.

Public car parks (Off Street) By building and operating car parks in town centres, near hospitals, museums, cinemas, stations and airports, Interparking is giving its customers parking spaces which • are near their end destination • are accessible 24 hours a day • are safe, clean and pleasant • by their often intermodal nature, give our customers

the opportunity to take public transport, trains, airplanes etc.

On Street parking These parking facilities, located on public roads and managed by Interparking, fulfil the need to be able to park in the immediate proximity of your destination, to load/unload your vehicle, do a quick shop and help local commerce and the town centre environment. With its On Street parking management, Interparking facilitates the rotation of these facilities, and so keeps traffic to local shops and businesses healthy.

Finally, Interparking offers “ tailor-made ” parking pro ducts and services: • With Park&Shop and Park&Guest cards, independent

shopkeepers, businesses and professionals can offer their clients parking spaces. • People with PCards (Private and Corporate) can

enter and exit our car parks without going through the pay stations, and with Corporate cards, you can claim the VAT back at the end of the month.

Our corporate social responsibility

The challenge of a sociallyresponsible company Faced with environmental challenges and the extension of urban centres, Interparking has reacted by : • Promoting intermodal car parks where you don’t just

park your car: you can also pick up a bike, catch a bus, train, tube, tram, airplane… • Promoting the use of green energy in its facilities. • Investing in its car parks to make them CO 2 neutral

(in progress). • Making the first electric vehicles welcome at our faci

lities (Cannes, France and Utrecht, The Netherlands). • Investing in energy-saving measures in terms of light-

ing (replacing casings and installing new energysaving light bulbs), ventilation and the speed at which cars can park (indication to free spaces).

Our

priorities

///// environment mobility ///// ///// quality

• Investing in low CO2 emission vehicles and electric

bicycles for its intervention team. • Investing in a new “ house style ” to improve visibility,

light and practicality in access and parking areas whilst improving signage in our car parks.

Key figures in millions €

2005

2006

2007

2008

2009

Operating income

224,5

239,6

265,9

286,6

284,3

Operating result

61,8

63,4

69,7

67,5

65,4

Consolidated profit

23,7

25,7

30,0

30,8

25,5

Net current cash flow

57,9

61,2

68,1

73,2

68,2

Total shareholder’s equity

212,9

227,2

254,8

275,0

289,9

Group shareholder’s equity

207,2

220,1

249,1

269,2

284,0

Profit or loss

23,0

24,8

29,1

30,1

24,8

Total assets

769,8

801,6

593,0

592,1

670,3

Debts

534,6

551,2

312,8

298,5

359,0

Operating income in millions €

france

24 13 801 5

car parks spaces cities

EBITDA in millions €

SPAIN

40 14 012 19

car parks spaces cities

Net earning in millions €

Tenerife

Interparking in Europe is : 539 car parks 340 cities 7 countries 269 348 spaces: 175 309 spaces off street, 94 039 spaces on street 1 915 employees 70 million customers/year netherlands

41 16 161 13 car parks

belgiUM

spaces

67 41 061 10 car parks

cities

spaces

GERMANY

326 81 923 161 car parks

spaces cities

cities

AUSTRIA

38 17 256 7 car parks

spaces cities

italY

3 85 134 125 car parks

spaces cities

Consolidated balance sheet Assets in ,000 €

fixed assets I. Formation expenses

2006

2007

2008

2009

756 459

545 167

540 918

550 063

280

318

303

II. Intangible assets

41 262

46 455

51 958

49 522

25 231

III. Consolidation differences

151 466

147 277

154 434

142 475

128 595

IV. Tangible assets

310 037

331 295

333 649

342 270

385 540

a. Land and buildings

202 089

233 998

231 777

272 911

318 024

b. Plant, machinery and equipment

11 935

12 037

17 195

19 357

20 615

c. Furniture and vehicles

2 369

2 848

3 062

3 664

3 691

d. Leasing and other similar rights

63 790

60 852

57 915

33 422

23 166

e. Other tangible assets

4 757

5 003

5 226

8 004

12 210

f. Assets under construction and advance payments

25 097

16 557

18 474

4 912

7 834

V. Financial assets

224 037

231 114

4 823

6 566

10 653

a. Companies valued by the equity method

218 215

226 580

734

1 098

1 180

- Participation

218 215

226 580

734

1 098

1 180

5 822

4 534

4 089

5 468

9 473

636

621

695

1 213

1 433

- Amounts receivable

5 186

3 913

3 394

4 255

8 040

current assets

42 723

45 173

47 861

51 180

120 216

715

693

1 203

2 295

1 894

b. Other companies - Participations, shares and units

VI. Amounts receivable after more than one year a. Trade receivables

b. Other amounts receivable

158

125

130

163

131

c. Differed taxes

554

561

1 068

2 132

1 763

VII. Inventories and contracts in progress

235

154

504

823

731

a. Inventories

235

154

504

823

731

VIII. Amounts receivable within one year

14 301

14 484

16 732

18 330

19 421

a. Trade receivables

9 877

8 337

11 055

12 129

10 827

b. Other amounts receivable

4 424

6 147

5 677

6 201

8 594

IX. Investments

4 430

7 180

3 329

2 169

71 137

a. Own shares

b. Other investments and deposits

4 430

7 180

3 329

2 169

71 137

X. Cash at bank and in hand

19 427

18 371

22 375

22 791

20 733

XI. Deferred charges and accrued income

3 615

4 291

3 718

4 772

6 300

769 805

801 632

593 028

592 098

670 279

Total assets

2005 727 082

Liabilities in ,000 €

2005

2006

2007

2008

2009

212 988

227 184

254 751

274 955

289 899

I. Share capital

15 885

a. Issued capital

15 885

II. Share premium account

38 729

IV. Consolidated reserves

148 996

161 868

190 956

211 052

225 795

V. Consolidation differences

3 546

3 577

VI. Translation differences

111

Minority interests

5 721

7 045

5 604

5 712

5 913

Provisions

22 128

23 288

25 504

18 691

21 386

a. Provisions for liabilities and charges

2 081

1 735

2 207

3 102

2 842

- Pensions and similar obligations

1 376

1 517

1 800

1 913

2 034

705

218

407

1 189

808

20 047

21 553

23 297

15 589

18 544

liabilities

534 689

551 160

312 773

298 452

358 994

X. Amounts payable after more than one year

285 791

294 969

180 572

118 417

229 777

a. Financial debts

281 662

290 836

176 457

114 274

221 185

Capital & reserves

b. Uncalled capital

VII. Investment grant

- Other liabilities and charges b. Differed taxation

- Subordinated loans

- Unsubordinated debenture loans

- Leasing and other similar obligations

28 415

20 353

10 738

6 047

17 691

- Banks and financial institutions

96 348

92 380

73 575

49 798

40 044

- Other loans

156 899

178 103

92 144

58 429

163 450

b. Trade debts

d. Other debt

4 129

4 133

4 115

4 143

8 592

XI. Amounts payable within one year

235 059

241 846

114 541

162 596

112 631

a. Amounts > one year which are payable within the year

56 153

24 861

31 665

59 408

46 023

b. Financial debts

148 247

169 212

37 452

37 685

16 404

- Banks and financial institutions

10 000

23 124

12 058

11 112

16 360

- Other loans

138 247

146 088

25 394

26 573

c. Trade debts

17 791

21 145

23 658

27 926

24 117

d. Advances received on orders in hand

e. Taxation, remuneration and social security

10 362

9 960

10 300

18 148

11 315

- Taxes

6 455

6 014

5 948

12 682

6 529

- Remunerations and social security costs

3 907

3 946

4 352

5 466

4 786

f. Other amounts payable

2 506

16 668

11 466

19 429

14 772

XII. Accrued charges and deferred income

13 839

14 345

17 660

17 439

16 586

769 805

801 632

593 028

592 098

670 279

Total liabilities

Consolidated profit & loss in ,000 €

2005

2006

2007

2008

2009

I. Operating income

224 489

239 612

265 851

286 566

284 299

a. Turnover

221 659

235 186

258 907

279 490

276 444

d. Other operating income

II. Operating charges a. Raw materials and consumables

4 426

6 944

7 076

7 855

(176 206)

(196 135)

(219 038)

(218 925)

629

640

742

1 045

1 245

b. Services and other goods

87 812

94 351

106 062

119 012

117 455

c. Remunerations, social security costs and pensions

40 949

45 073

49 536

56 088

56 968

d. Depreciation and other amounts written off formation expenses, intangible and tangible fixed assets

24 682

25 488

26 953

29 956

30 694

e. Amounts written off stocks

151

125

f. Provisions for liabilities and charges

(2 733)

(346)

207

342

(275)

g. Other operating charges

11 128

10 998

12 572

12 528

12 713

III. Operating profit

61 871

63 406

69 716

67 528

65 374

IV. Financial income

1 399

1 045

1 641

926

812

301

a. Income from financial assets b. Income from current assets

503

165

206

142

c. Other financial income

896

852

1 134

775

732

(30 906)

(32 859)

(28 701)

(25 870)

(24 511)

V. Financial charges a. Debt charges

19 136

21 068

16 018

12 042

9 952

b. Depreciation on consolidation adjustments

10 168

10 973

11 862

12 866

12 531

1 602

818

821

962

2 028

32 364

31 592

42 656

42 584

41 675

c. Amounts written off current assets other than those mentioned under II e. d. Other financial charges

VI. Current income before tax

2 830

(162 618)

in ,000 €

2005

2006

2007

2008

2009

VII. Extraordinary income

109

238

121

a. Write-back of amounts written off on intangible and tangible fixed assets

c. Write-back of amounts written off on financial assets

d. Write-back of provisions for extraordinary liabilities and charges

e. Capital gains on disposal of fixed assets

f. Other extraordinary income

192

VIII. Extraordinary charges

(141)

(26)

(414)

(311)

(358)

a. Extraordinary depreciation and amounts written off on formation expenses, intangible fixed assets

c. Amounts written off financial fixed assets

d. Provisions for extraordinary liabilities and charges

(4)

e. Capital losses on disposal of fixed assets

f. Other extraordinary charges

106

375

274

263

IX. Profit or loss for the period before taxation

32 332

31 655

42 480

42 309

41 438

(1 361)

(1 532)

(1 741)

8 548

(3 086)

506

306

424

8 548

613

(1 867)

(1 838)

(2 165)

(3 699)

XI. Income taxes

(14 028)

(13 662)

(14 774)

(21 101)

(13 962)

a. Taxes

(14 033)

(13 669)

(14 774)

(21 104)

(13 969)

XII. Profit or loss for the period

16 943

16 461

25 965

29 756

24 390

XIII. Proportion of the profit from companies valued by the equity method

6 778

9 192

4 032

1 068

1 151

a. Profits

6 778

9 192

4 032

1 068

1 151

b. Losses

23 721

25 653

29 997

30 824

25 541

a. Withdrawals from differed and latent taxation reserve b. Transfers to differed and latent taxation reserve

b. Adjustment of income taxes and write-back of tax provisions

Consolidated profit Third party share of the profit Group share of the profit

673

815

909

720

790

23 048

24 838

29 088

30 104

24 751

Appendices to the consolidated accounts Scope of consolidation I. List of fully consolidated companies in the Group

Rights of the Group

Servipark International s.a.

Brussels

100 %

BE 458 245 915

Serviparc s.a.

Brussels

100 %

BE 441 030 096

Uniparc Belgique s.a.

Brussels

100 %

BE 427 825 725

Beheercentrale n.v.

Antwerpen

100 %

BE 406 391 002

Parking Kouter n.v.

Brussels

100 %

BE 460 024 775

Parking Monnaie s.a.

Brussels

100 %

BE 403 459 721

Centre 58 s.a.

Brussels

99,55 %

BE 812 274 337

Parking Roosevelt n.v.

Antwerpen

87,5 %

BE 406 715 456

Parking Deux Portes s.a.

Brussels

75 %

BE 403 317 486

Interparking France s.a.

Paris

100 %

Interparking Services S.A.S.

Paris

100 %

Uniparc Cannes s.n.c.

Cannes

100 %

Solopark S.A.S.

Nîmes

100 %

Servipark France S.A.S.

Paris

100 %

Interparking Nederland b.v.

Rotterdam

100 %

Interparking Security b.v.

Rotterdam

100 %

Uniparc Nederland b.v.

Rotterdam

100 %

Interparking Italia s.r.l.

Venezia

100 %

Interparking Servizi s.r.l.

Venezia

100 %

SIS s.r.l.

Corciano

100 %

Centre 85 Parkgaragen und Immobilien GmbH

Berlin

100 %

Contipark Continentale Parkgaragen GmbH

Berlin

94 %

Contipark International Parking GmbH

Berlin

94 %

Contipark Parkgaragen GmbH

Berlin

93,16 %

Parkhaus Sudwest GmbH

Berlin

93,16 %

Parkhaus Waldthausenpark GmbH

Berlin

90,37 %

Servipark Deutschland GmbH

Berlin

96,65 %

Contipark International Austria GmbH

Salzburg

96,92 %

Ö Park GmbH

Wien

96,92 %

Optimus GmbH

Wien

96,92 %

Optimus Parkhausverwaltungs GmbH & CoKG

Wien

96,92 %

Villacher Parkgaragen GmbH & CoKG

Salzburg

96,92 %

Interparking Hispania s.a.

Barcelona

98,24 %

Interparking Lleidatana s.a.

Lleida

91,81 %

III. List of companies consolidated by the equity method

Immo TGV s.a.

Brussels

33,20 %

DB Bahnpark GmbH

Berlin

46,06 %

BE 434 655 515

V. Scope of consolidation

b. Proportional consolidation

The consolidated accounts were produced according to the principles outlined in the Royal Decree of 6 March 1990 on consolidated accounts. As well as the accounts of the parent company, the consolidated accounts are containing the accounts of subsidiaries, for which various methods have been used :

The companies which the Group controls jointly are consolidated according to the proportional integration method.

a. Full consolidation

c. Equity method The companies in which the Group directly or indirectly holds between 10% and 49% of the capital and which it does not manage on a day-to-day basis are consolidated using the equity method.

The companies of which the Group controls at least 50% of the share capital and which it manages on a day-to-day basis, are consolidated according to the full integration method.

d. Unconsolidated companies

VI. Criteria used for valuations in the consolidated accounts

Only profits can be subject to annual amortisation and these are charged to a profit and loss account over a 20-year period (5% per annum). This amortisation is justified by the contribution, in a long-term perspective, of these sums to the increase in profits of the Group. Equity shall correspond with non-consolidated capital procurement prices, with deductions of appropriate amounts. Dividends relating to these are accrued in the year of their receipt. The value of corporate securities necessitating a re-appreciation of value shall correspond with the size of their contribution to the net situation of the issuing company, including the results of the financial year. The employees of the Group collect pensions according to the retirement systems provided by law and the practices of the countries in which the Group companies carry out their activity. In the event that formal retirement plans already exist and payments relating to these plans are made by the Group, the engagements concerned shall constitute an allowance. With regard to any possible early retirement agreements negotiated by some companies, the necessary allowances shall be organised, and the residual payments shall be re-evaluated, on a yearly basis. The financial statements of consolidated companies are closed on 31 december 2009.

A. The valuation rules used by INTERPARKING S.A. as outlined in the appendices of the annual accounts, are applicable to the consolidated accounts subject to the following conditions : • The rates of depreciation of intangible and tangible assets : the accelerated depreciation mentioned in the company accounts of the Belgian companies within the Group are retreated as linear depreciations of the same duration in the consolidated accounts in order to take account of the economic lifetime of these assets. • The consolidation adjustments : at the time of integration of a new subsidiary into the consolidated balance sheet, or when an additional shareholding is acquired, the book value of shares and interests in these companies acquired by companies already included in the consolidation is compared to the share of capital and reserves that it represents, taking into account a re-assessment of the value of assets and liabilities where necessary. A consolidation difference is therefore calculated. If it is negative, it is recorded on the liabilities side of the balance sheet in the section “ consolidation differences ”. If it is positive, it is recorded on the assets side of the balance sheet in the section “ consolidation differences ”. • The valuation rules applied by non-Belgian companies are not amended unless they represent a significant interest except for the leasing contracts. The closing rate is used as the method for translating balance sheet accounts, except the profit for the financial year which is converted at the average rate, and the average rate for the translation of the profit and loss accounts. Since the introduction of the Euro, the conversion is no longer necessary because all Group societies are located in the Euroland.

Interests below 10% are not included within the scope of consolidation. The same applies to the companies in liquidation or in constitution.

B. The differed taxes are noticed on all the temporary differences, coming from charges and income included or excluded from the accounting result but deductible or reinstalled in the tax basis of the exercise in which these differences will reverse. Variable posting method is applied. The differed taxes are calculated on the last known rate at the date of the accounts.

VII. Statement of formation expenses Opening balance

Movements in the year:

- New expenses incurred

- Depreciation

-41

- Changes in scope

- Other movements

Closing balance

VIII. Statement of intangible assets

Concessions

Goodwill

68 153

18 198

- Acquisitions

951

- Sales and disposals

-68

- Changes in scope

-28 722

a. Acquisition value Opening balance Movements in the year:

- Transfers from one heading to another - Other movements

40 314

18 199

22 353

14 477

2 094

619

- Sales and disposals

-35

- Changes in scope

Closing balance c. Depreciations and amounts written-down Opening balance Movements in the period: - Recorded

- Transfers from one heading to another

-6 226

Closing balance

18 186

15 096

d. Net book value

22 128

3 103

- Other movements

IX. Statement of tangible fixed assets

a. Acquisition value

Land and building

Plant machinery and equipment

Furniture and vehicule

Leasing and similar rights

Other tangible fixed assets

Assets under construction

Opening balance

534 052

51 479

13 136

58 729

32 375

4 912

Movements during the period: - Acquisitions

9 781

4 666

1 505

18 263

6 272

11 749

- Sales and disposals

-3 695

-1 647

-685

-5

-145

- Transfers from one heading to another

67 401

547

-18

-40 129

-1 807

-8 682

607 539

55 045

13 938

36 863

36 835

7 834

7 460

268 601

32 122

9 471

25 307

24 371

19 340

3 768

1 311

1 766

1 771

- Written back as superfluous

-632

-1 452

-529

-58

- Written down after sales and disposals

9 666

-8

-6

-13 376

-1 459

- Transfers from one heading to another

- Other movements

Closing balance

296 975

34 430

10 247

13 697

24 625

b. Closing net book value

318 024

20 615

3 691

23 166

12 210

7 834

- Other movements

Closing balance b. Revaluation surpluses

c. Depreciations and amounts written-down Opening balance Movements during the period: - Recorded

X. Statement of financial assets a. Acquisition value

Companies valued by the equity method

Other enterprises

Receivables

1 098

1 216

4 255

- Acquisitions

220

3 793

- Sales and disposals

-3

-8

- Other movements

1 098

1 433

8 040

- Recorded

- Written down after sales and disposals

-3

Closing balance

- Participation in the result of the period

1 150

- Other movements

-1 067

Closing net book value

1 180

1 433

8 040

Opening balance Movements during the period:

Closing balance c. Amounts written down Opening balance Movements during the period:

e. Movements in the capital and reserves

XI. Statement of consolidated reserves Opening balance

211 052

Movements during the period: - Profit

24 751

- Dividend to shareholders

-10 008

- Other movements

-1

Closing balance

225 794

XII. Statement of consolidation differences

Positive consolidation differences

Negative consolidation differences

142 475

3 577

- Changes in the scope due to an increase of percentage

- Changes in the scope due to a decrease of percentage

-12 531

Opening balance Movements during the period:

- Other movements

- Write downs

-1 447

Closing balance

128 594

3 577

Due within one year

Between one and 5 years

More than 5 years

46 023

189 202

31 984

XIII. Statement of amounts payable a. Breakdown Financial debts 1. Subordinated loans / debentures 2. Unsubordinated loans / debentures

3. Leasing and similar obligations

1 557

2 034

15 657

4. Amounts due to credit institutions

8 580

27 420

12 624

5. Other loans

35 886

159 748

3 703

Other debts

1 817

6 774

23 367

b. secured liabilities Financial liabilities 4. Amounts due to credit institutions

Operating income per countries in millions €

XIV. Operating profit a. Operating income per countries

300

1. Geographic breakdown • Belgium

33,00%

• Germany

29,20%

• Spain

11,60%

• France

9,40%

• Italy

8,50%

• Austria

5,20%

• Netherlands

3,10%

250

200

150

100

 Belgium  Germany  Spain  France

 Italy  Austria  Netherlands

b. Staff costs 1. Fully consolidated companies Average number of staff • Managers

1 915 142

• Salaried employees

1 578

• Hourly paid workers

195

Staff costs (in thousand Euro)

56 968

XV. Rights and commitments not reflected in the balance sheet A2. Amount of real guarantees granted or irrevocably promised by the companies included in the consolidation on their shareholders assets, to secure respectively the debts and commitments : - in favour of the companies included in the consolidation - in favour of third parties

129 441 -

A4. a) Purchase commitments for fixed assets

114 558

b) Transfer commitments for fixed assets

Balance sheet Interparking s.a. Assets in ,000 €

2005

2006

2007

2008

2009

488 464

561 644

588 166

592 640

610 764

II. Intangible assets

23 932

22 054

20 286

18 588

16 625

III. Tangible assets

55 179

67 476

64 143

68 378

58 256

a. Land and buildings

43 850

62 482

58 866

59 107

45 157

198

113

fixed assets I. Formation expenses

b. Plant, machinery and equipment c. Furniture and vehicles

668

675

1 075

1 154

1 239

1 134

1 029

924

819

e. Other tangible assets

2 398

3 110

3 517

6 351

9 920

f. Assets under construction and advance payments

6 963

723

1 093

409 353

472 114

503 737

505 674

535 883

d. Leasing and similar rights

IV. Financial assets a. Affiliated enterprises

199 849

471 135

502 706

503 100

532 774

- Participations interests

199 849

471 135

502 706

503 100

532 774

b. Other enterprises linked by participating interests

207 884

- Participations interests

207 884

- Amounts receivable

- Amounts receivable c. Other financial assets - Shares and units

960

1 014

2 558

3 094

596

597

602

610

611

1 024

363

412

1 948

2 483

11 685

9 305

7 550

9 800

62 410

V. Amounts receivable after more than one year

b. Other amounts receivable

VI. Stocks and contracts in progress

a. Stocks

VII. Amounts receivable within the year

8 019

6 725

4 920

6 652

57 800

a. Own shares

6 393

4 562

4 034

5 713

4 729

b. Other investments and deposits

1 626

2 163

886

940

53 071

- Amounts receivable and cash guarantees

current assets

VIII. Treasury investments

a. Own shares

b. Other investments and deposits

IX. Cash at bank and in hands

2 656

1 287

1 504

1 719

1 315

X. Deferred charges and accrued income

1 010

1 293

1 126

1 429

3 295

500 149

570 949

595 716

602 440

673 174

Total assets

1 620

Liabilities in ,000 €

2005

2006

2007

2008

2009

184 217

188 683

201 702

212 181

220 927

I. Share capital

15 885

II. Share premium account

38 729

IV. Reserves

5 884

5 860

5 839

5 820

9 530

a. Legal reserves

1 589

1 588

1 589

Share Capital & reserves

b. Unavailable reserves

4 286

4 262

4 241

4 221

7 932

123 719

128 209

141 249

151 747

156 783

Provisions

311

362

350

300

2 188

a. Provisions for liabilities and charges

188

252

251

211

188

c. Untaxed reserves

V. Profit carried forward VI. Investment grants

- Pensions and similar obligations

148

147

107

- Others

104

b. Taxation, including differed taxation

123

110

2 000

liabilities

315 621

381 904

393 664

389 959

450 059

VIII. Amounts payable after more than one year

157 137

168 663

158 392

112 812

320 740

a. Financial debts

155 015

166 545

156 295

110 687

314 171

- Subordinated loans

- Unsubordinated debentures

1 604

1 590

1 577

1 555

1 531

- Leasing and other similar obligations - Banks and financial institutions

43 743

36 486

26 249

16 127

13 173

- Other loans

109 668

128 469

93 005

299 467

2 122

2 118

2 097

2 125

6 569

d. Other amounts payable

IX. Amounts payable within one year

149 664

204 811

225 325

266 992

119 289

a. Amounts > one year payable within the year

39 169

7 444

10 425

45 781

38 864

b. Financial debts

102 250

179 570

208 276

204 056

62 929

- Banks and financial institutions

10 000

21 285

11 946

2 350

9 825

- Other loans

92 250

158 285

196 330

201 706

53 104

c. Trade debts

5 427

2 740

3 813

4 364

4 420

e. Taxation, remuneration and social security

2 759

3 042

2 789

2 751

3 060

- Taxes

1 454

1 732

1 498

1 295

1 592

- Remunerations and social security costs

1 305

1 310

1 291

1 456

1 468

12 015

10 040

10 016

8 820

8 430

9 947

10 155

10 030

500 149

570 949

595 716

602 440

673 174

f. Other amounts payable

X. Accrued charges and deferred income Total liabilities

Profit & loss account Interparking s.a. in ,000 €

2005

2006

2007

2008

2009

I. Operating income

71 619

74 887

81 260

88 133

82 158

a. Turnover

70 391

73 432

80 091

87 033

81 051

d. Other operating income

1 228

1 455

1 169

1 100

1 107

(54 452)

(57 855)

(62 589)

(68 555)

(66 985)

b. Services and other goods

26 049

27 104

30 270

34 210

31 665

II. Operating charges a. Raw materials and consumables c. Remuneration, social security costs

13 472

13 989

14 088

15 530

16 409

d. Depreciation and other amounts written off on formation expenses, intangible and tangible fixed asset

9 718

10 797

11 800

12 087

12 591

e. Amounts written off stocks contracts in progress and trade debtors

(38)

118

f. Provisions for liabilities and charges

(19)

(1)

(40)

(23)

g. Other operating charges

5 232

5 901

6 432

6 707

6 225

III. Operating profit

17 167

17 032

18 671

19 577

15 173

IV. Financial income

11 614

15 755

14 267

21 933

21 214

a. Income from financial fixed assets

10 941

15 079

13 633

21 438

20 790

182

107

b. Income from current assets c. Other financial income

V. Financial charges a. Debt charges b. Amounts written off current assets other than those mentioned under II e. c. Other financial charges

VI. Current income before tax

651

637

452

388

336

(12 639)

(13 349)

(18 059)

(19 503)

(14 165)

11 707

12 955

17 640

19 027

13 684

932

394

419

476

481

16 142

19 438

14 879

22 007

22 222

Valuation rules • Merger goodwill is depreciated over a 20 year period.

• Amounts receivable within the year are valued at their

• Tangible assets are recorded at their purchase

nominal value.Treasury investments are valued at their purchase price. • Provisions are made for amounts written off where necessary and under the conditions stipulated by law with regard to assets liable to depreciation. • Amount falling due after more than one year and within one year are classified in terms of their nominal value according to the balances evidenced in the accounts. • Provisions will be made if necessary. • Since the introduction of the Euro, the conversion is no longer necessary because all Group societies are located in the Euroland.

or cost price. • Annual depreciation is calculated according to a depreciation plan based on the linear or degressive method. • Financial assets are valued at purchase price, possibly less write-downs in the case of participations, and at their nominal value in the case of amounts receivable featuring in this section, as well as amounts receivable after more than one year.

in ,000 €

2005

2006

2007

2008

2009

112

320

a. Adjustments to depreciation and to other amounts written off intangible and tangible fixed assets

b. Adjustments to amounts written off financial fixed assets

c. Adjustements to provisions for extraordinary liabilities and charges

VII. Extraordinary income

d. Capital gains on disposal of fixed assets

320

e. Other extraordinary income

100

VIII. Extraordinary charges

(8)

(410)

(4)

(3)

(106)

b. Amounts written off financial fixed assets

409

c. Provisions for extraordinary liabilities and charges

d. Losses on disposal of fixed assets

e. Other extraordinary charges

104

Profit or loss for the financial year

16 163

19 076

14 987

22 036

22 436

IX.

(1 910)

a. Withdrawals from taxation period, including differed taxation

b. Transfers to taxation, including differed taxation

(1 920)

X. Income taxes

(2 881)

(2 655)

(1 980)

(1 559)

(1 771)

a. Taxes

(2 883)

(2 660)

(1 980)

(1 559)

(1 771)

13 290

16 434

13 018

20 487

18 755

b. Adjustment of income taxes and write back of tax provisions

XI. Current income before tax XII.

(3 710)

Transfer from untaxed reserves

(3 729)

Withdrawals to untaxed reserves

13 306

16 458

13 040

20 507

15 044

XIII. Profit or loss of the period

Management Board of directors Claude De Clercq Yves De Clercq* Alain Devos** Roland Cracco*** Alain De Coster Philippe Latour Michel Mathieu Xavier Pierlet**** Baudouin Ruquois***** Marc Van Begin******

Honorary Chairman Chairman Vice-Chairman Managing Director Director Director Director Director Director Director

Operational management 6

Contipark Parkgaragen GmbH Rankestraße, 13 - 10789 Berlin (Deutschland) T: 49-30-25 00 970 Contipark International Austria GmbH Reichenhaller Straße, 8 - 5020 Salzburg - Österreich T: 43-662-84 97 58 31 7

Executive commitee 1

Yves De Clercq

Alain Devos

Xavier Pierlet

Baudouin Ruquois

Ernesto Piera Spain Interparking Hispania S.A. Calle Valencia, 93 3° 2a - 08029 Barcelona - España T: 34-93-451 66 24

Julien Verdin Belgium S.A. Interparking N.V. Bisschopsstraat, 1, Rue de l’Eveque - 1000 Brussels, Belgium T: 32-2-549 58 11

Corporate management

Michael Kesseler Germany / Austria

Giuseppe Prete France Interparking France S.A. Rue de Gramont, 30 - 75002 Paris - France T: 33-1-55 04 66 00

Roland Cracco 10 Antonio Fraccari

Ilse De Graeve Budget & Control Edouard de Vaucleroy Chief Financial Officer Olivier Maes IT Manager Elisabeth Roberti Secretary General Nik Subramanian International Audit Manager * manager of SCA Yves De Clercq ** manager of SPRL A. Devos *** manager of SPRL Kingsdale Consulting **** manager of SPRL Xavier Pierlet ***** manager of SPRL Baudouin Ruquois management ****** manager of SPRL Marc Van Begin

Italy Interparking Italia S.R.L. Isola Nuova del Tronchetto - 30135 Venezia - Italia T: 39-041-520 75 55 11 Diederik van Woensel

Netherlands Interparking Nederland B.V. Weena point A - Weena, 710-712 3014 DA Rotterdam (Nederland) (Postbus 501 – 3000 AM Rotterdam) T: 31-10-217 09 70

Joint statutory auditors’ report Joint statutory auditors’ report to the general shareholders’ meeting on the consolidated accounts as of and for the year ended 31 December 2009. As required by law and the company’s articles of association, we report to you in the context of our appointment as statutory auditors. This report includes our opinion on the consolidated accounts and the required additional disclosures.

Unqualified opinion on the consolidated accounts We have audited the consolidated accounts of Interparking SA and its subsidiaries (the “ Group ”) as of and for the year ended 31 December 2009, prepared in accordance with the financial-reporting framework applicable in Belgium, and which show a consolidated balance-sheet total of EUR 670.278.683 and a consolidated profit for the year (group share) of EUR 24.750.873. The company’s board of directors is responsible for the preparation of the consolidated accounts. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated accounts that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these consolidated accounts based on our audit. We conducted our audit in accordance with the legal requirements applicable in Belgium and with Belgian auditing standards, as issued by the “ Institut des Réviseurs d’Entreprises/Instituut der Bedrijfsrevisoren ”. Those auditing standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated accounts are free of material misstatement. In accordance with the auditing standards referred to above, we have carried out procedures to obtain audit evidence about the amounts and disclosures in the consolidated

accounts. The selection of these procedures is a matter for our judgment, as is the assessment of the risk that the consolidated accounts contain material misstatements, whether due to fraud or error. In making those risk assessments, we have considered the Group’s internal control relating to the preparation and fair presentation of the consolidated accounts, in order to design audit procedures that were appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. We have also evaluated the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as the presentation of the consolidated accounts taken as a whole. Finally, we have obtained from the board of directors and Group officials the explanations and information necessary for our audit. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion. In our opinion, the consolidated accounts of give a true and fair view of the Group’s net worth and financial position as of 31 December 2009 and of its results and cash flows for the year then ended in accordance with the financial-reporting framework applicable in Belgium.

Additional remark The company’s board of directors is responsible for the preparation and content of the management report on the consolidated accounts. Our responsibility is to include in our report the following additional remark, which does not have any effect on our opinion on the consolidated accounts.

The management report on the consolidated accounts deals with the information required by the law and is consistent with the consolidated accounts. However, we are not in a position to express an opinion on the description of the principal risks and uncertainties facing the companies included in the consolidation, the state of their affairs, their forecast development or the significant influence of certain events on their future development. Nevertheless, we can confirm that the information provided is not in obvious contradiction with the information we have acquired in the context of our appointment.

10 March 2010 The joint statutory auditors Deschamps, Godefroid, Verset & C° Reviseurs d’Entreprises SCPRL Represented by André Deschamps Statutory auditor PricewaterhouseCoopers Reviseurs d’Entreprises SCCRL Represented by Yves Vandenplas Didier Matriche Statutory auditor Statutory auditor

S.A. INTERPARKING N.V. EUROPEAN HEADQUARTERS 1, rue de l’Eveque, 1000 Bruxelles, Belgique Bisschopsstraat, 1, 1000 Brussel, België T. 32 2 549 58 11 – F. 32 2 511 02 09