Activities Report 2010
From cities to better places. Together.
Message from the Managing Director
Contents Key figures Message from the Managing Director
01
“ All of us working together ! ”
The challenges ahead
16
Financial report
18
Activities
03
Management report
20
Interparking in Europe
04
Consolidated balance sheet
22
Our history
06
Consolidated profit & loss
24
Our developments in 2010
07
Appendices to the consolidated accounts
26
Our car parks
08
Balance sheet Interparking s.a.
32
Board of directors and management
10
Profit & loss account Interparking s.a.
34
Our products
14
Joint statutory auditors’ report
36
Interparking devoted the year to implementing its new strategy and its three pillars: Mobility, Quality and Ecology. Firstly, we intensified our efforts to improve urban mobility and traffic management. We also optimised the convenience and security for our clients by renovating a substantial number of our car parks. Today, we are proud of our position as an important player in the quality of life, which we have achieved by making eco-friendly choices. In Belgium, Interparking is committed to becoming a 100% carbon-neutral company. In all of our activities, we contribute to initiatives to raise environmental awareness.
More than ever, we want to be part of everything which contributes to improving transport policy and we remain steadfast in our commitment to this effort. In this document, you will see real efforts in various countries to improve the customer experience and adapt our car parks to different urban situations, while we strengthen our commitment to sustainable development. Our investments reached € 180 million in 2010, mainly for the acquisition of additional car parks, the intensified improvement of our existing car parks and the further consolidation of our leadership position in Europe.
Achieving these goals has been made possible by the dynamism of the company and the confidence of our partners, shareholders and clients. The success of Interparking and its professionalism in car park management are the driving forces in our continued expansion as a preferred partner in responsible mobility, which is invaluable for the public and the environment. I thank all of you for your contribution. Roland Cracco, Managing Director
Key figures 2009
2010
%
284,3
304,5
+7%
EBITDA
96,1
103,8
+8%
Profit or loss
24,8
30,0
+21%
Net current cash flow
68,2
73,7
+8%
in million €
Operating income
01
Activities
Working together The strategy of the Interparking Group is based on our three priorities of Mobility, Quality and Ecology. Everyone in the company is working to improve traffic management in the 341 European cities where we are present.
Interparking in Europe
Expansion throughout the Continent
Germany
cities
Netherlands
15 44 17 878 cities
Belgium
10 68 40 917
8 countries 341 cities 580 car parks 1 932 employees 277 202 parking spaces
cities
car parks spaces
car parks
spaces
car parks
Austria
7 37 13 552
spaces
cities
183 615 Off-Street spaces 93 587 On-Street spaces
75 million clients a year
164 354 88 348
car parks
spaces
France
5 23 12 628 cities
car parks
Romania
spaces
1 car park under construction
Spain
21 49 20 114 cities
car parks
Italy
spaces
119 5 83 765 cities
car parks
Tenerife
spaces
LEGEND
••
Off-Street On-Street
05
Our history
Our developments in 2010
Together we are creating a city for everyone For more than 50 years, the Interparking Group, a leader in the car park sector, has been the acknowledged expert in the development and operation of On- and Off-Street public car parks. Our 1932 employees are permanently committed to serving clients in our network of 580 car parks across 341 cities in 8 European countries.
1958 Belgium
Brussels World Fair. To contribute to the event, in 1957, the first “58 car park” is built by the limited company “Parking 58 S.A.”.
1967 Germany
Start of activities in Germany with Parkhaus Europa-Center GmbH.
1995 Spain
bb
Belgium
bjective 100% carbon-neutral O parkings • Commitment to electric cars • Participation in the Zen Car project • Installation of defibrillators •
Acquisition of 50% of Contipark in Spain which goes on to become Interparking Hispania SA.
bb
•
France
enovation of Parking R Marbeuf-Champs Elysées
Spain
1966 The Netherlands First foreign investment: the Schouwburg car park in Rotterdam. Two years later, the subsidiary “ Parking 68 ” is founded.
06
1975 Austria
Start of activities with “Contipark Austria GmbH”.
1975 France
Creation of the Uniparc subsidiary in France.
2001 Italy
Arrival in Italy when the Tronchetto car park in Venice is added to the portfolio.
2010 Romania
Car park under construction in Bucharest.
Acquisitions/Improvements/ Inaugurations/Awards • Acquisition of Metropark group (12 car parks) • E xpansion of Carranza car park in Cadiz • 7 Spanish car parks will be certified by Bureau Veritas with a view to obtaining the European Standard Parking Award • Acquisition of 2 car parks in Santander
Germany • 15
new locations: erlin, Hamburg, Herford, B Zwickau, Gelsenkirchen, Wiesbaden and 9 in Cologne • Radical renovations and re-openings : • Reutlingen, Hanover • E xpansion of the Control Room in Germany • Events: e.g. • ILA Berlin Air Show • Awards and prizes : • ADAC, IHK • Participation in a number of environmental projects and green initiatives •
Netherlands “ Best Parking of the Netherlands Award” given to Vier Meren car park • 4 new locations : • The Hague, Hengelo, Delft and Amsterdam • Contracts renewed for 7 car parks • Renovations and improvements: 2 car parks in Rotterdam and Groningen • New investments concerning CO2 reduction and the environment •
Romania •
Italy pening of the Milano Piemonte O car park • Car park acquisitions in Padua and Mantua • Improvement of the Padua car park and integration in the environment
tart of engineering works for the S University Square car park in Bucharest
•
Austria • •
One new car park in Vienna Opening of the Control Room in Austria
Miscellaneous I nterparking launches its iPhone application for finding the nearest car park • 580 car parks in the portfolio • The new house style emphasises the welcome and information to customers •
Our car parks
Together, we are taking on major challenges Our commitment is to fight against congestion in cities, provide convenient and safe car parks, and constantly improve our environmental performance.
Our commitment illustrates the desire to have a positive influence on urban traffic flow. In certain urban areas,
30
%
of traffic is generated by drivers looking for somewhere to park.
08
In terms of ecological applications, car parks have been equipped with movement sensors for lighting management, as well as with photovoltaic panels. Eco-friendly paint is used for signage. We have also opted for a mechanical air ventilation system, while our inspectors travel by bicycle or in our new fleet of vehicles, a growing number of which are more environmentally friendly.
Together for better mobility We conceive and design our public car parks according to their Off-Street or On-Street situation. The locations and designs are intended to optimise their use. Tourist cities such as Venice, Cannes and Bruges belong to our largest sites. We prioritise
proximity and easy access for railway and airport terminals. We aim for speed of deliveries and movements for shopping centres, event sites and hospitals, all of which demand particular organisation often with direct links to building entrances.
inform them, with new visual codes and more readable logos, clearer and more numerous markings for vehicle movements and parking, and attractive pictograms for floor levels. The result is improved convenience and security, as well as functionality and significant energy savings.
In certain urban areas, 30% of traffic is generated by drivers looking for somewhere to park. As such, in On-Street parkings, we have also intensified our efforts in terms of signage and access areas for shops. This commitment illustrates our desire to have a positive influence on urban traffic flow. In Off-Street facilities, our new house style emphasises our desire to welcome clients and properly
09
Board of directors and management
6
Board of directors
Executive commitee
Operational management
Claude De Clercq 1 Yves De Clercq* 2 Alain Devos** 3 Roland Cracco*** 4 Alain De Coster 5 Philippe Latour 6 Michel Mathieu 7 Xavier Pierlet**** 8 Baudouin Ruquois***** 9 Marc Van Begin******
Yves De Clercq Alain Devos Xavier Pierlet Baudouin Ruquois
6
Michael Kesseler Germany / Austria
9
Marc Grasset France
Contipark Parkgaragen GmbH Rankestraße, 13 - 10789 Berlin T: 49-30-25 00 970
Interparking France S.A. Rue de Gramont, 30 - 75002 Paris T: 33-1-55 04 66 00
Contipark International Austria GmbH Reichenhaller Straße, 8 - 5020 Salzburg T: 43-662-80990-0
10 Antonio Fraccari Italy
7
Nik Subramanian Belgium
S.A. Interparking N.V. 1, rue de l’évêque - 1000 Brussels T: 32-2-549 58 11
8
Ernesto Piera Spain
Interparking Hispania S.A. Calle Valencia, 93 3° 2a - 08029 Barcelona T: 34-93-451 66 24
Honorary Chairman Chairman Vice-Chairman Managing Director Director Director Director Director Director Director
* 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
3
6
1
9
7
2
4
8
5
Corporate management Roland Cracco Ilse De Graeve Budget & Control Edouard de Vaucleroy Chief Financial Officer Olivier Maes IT Manager Elisabeth Roberti Secretary General Koen Tackx Marketing Director
8
Interparking Italia S.R.L. Isola Nuova del Tronchetto - 30135 Venezia T: 39-041-520 75 55
11 Jaap Koedoot Netherlands
7
9
Interparking Nederland B.V. Weena point A - Weena, 710-712 3014 DA Rotterdam (Postbus 501 - 3000 - AM Rotterdam) T: 31-10-217 09 70 10
11
Situation as from 16/05/2011
Social responsibility
Caring together As a major player in city centres and their suburban areas, Interparking aims to achieve the highest standards in ecological, economical and public mobility.
Our products
Together, we are closer to our customers Innovative solutions As well as improving our car parks in order to better respond to customer expectations in quality and environmental aspects, we have applied a pricing policy which is advantageous compared to On-Street parking. We have also developed user-friendly incentives, “for example, during road works”, and strengthened visual and illuminated signage of parking bay availability in our car parks. We also promote the use of our multi-car-park products and P-card payment systems, adapted for various types of user, in order to further improve traffic flows at car park entrances and exits.
14
Serving all forms of transport
Concrete and recognised commitment
The extended application of P-cards also incorporates a multimodal transport approach, a development where Interparking is now a recognised leader. We consciously strive at locating our car parks at strategic intermodal locations, irrespective of whether they concern bicycles or planes, and are working with public and private players to develop partnerships and services along these lines: • P-Cards which can be used on public transport, by developing a partnership with STIB in Brussels, • strengthening our collaboration with Deutsche Bahn for new stations, • more signalling of public transport stations which are close to our car parks, • reserved spaces for bicycles and motorcycles, and bike rental in our car parks.
The company is also increasing the number of initiatives in favour of eco-friendly cars. We have launched, and are supporting, several projects in Belgium and Germany in particular for increased integration of electric cars, including the MINI E Berlin project powered by Vattenfall Europe AG. This commitment by Interparking also provides opportunities for contributing to actions aimed at raising awareness of improved mobility, of which the BeMobility project in Germany is an example. Our efforts and initiatives have won several awards, including the “Best Parking of the Netherlands Award”, and the “ADAC car parks” national competition in Germany. Interparking has now obtained a total of 103 European Standard Parking Awards for the quality of its car parks.
15
The challenges ahead
Together for a greener and more humane existence Every day Interparking is developing positive solutions for the environment.
Environmental quality is at the heart of all our commitments and activities, and we have further strengthened our achievements in this respect in 2010. Belgium is playing a leading role in this area since Interparking has committed to becoming a 100% carbon-neutral, green energy company. Significant resources have therefore been devoted to renovating several car parks in Belgium and, via our Control Room, to the management of our car parks in Brussels and Antwerp, as well as in Germany. Our work in support of the environment will be further intensified in the future.
16
This direction goes hand-in-hand with projects concerning our image as an employer and recruiter. Our Interparking School provides employee training in all areas, including technical, practical and relationship skills. Courses in 2010 totalled several thousand hours. We have also developed an active policy to encourage diversity. The company offers career prospects to all employees, whatever their level of training or ethnic background, including pensioners, many of whom enjoy working in our car parks. Another on-going project concerns our procedures for defining the skills required for our expansion, and therefore the profiles for which we are looking. We are an active recruitment partner with both private and public employment agencies.
This is just one more way in which Interparking shows its determination to be a benchmark company, in step with the changes taking place in society.
Interparking is committed to becoming a
% 100 carbon-neutral company.
17
Financial report
Benefiting together Interparking's leadership position in the improvement of urban parking makes it a significant economic player. Our investments and development have borne fruit in 2010. For the first time, the Group consolidated net sales exceeded â‚Ź 300 million.
Management report SA Interparking Management report on the consolidated accounts for the 2010 financial year
We have the pleasure of presenting to you the consolidated accounts of the Interparking Group as at December 31, 2010.
also saw the signing of the transaction for the purchase of a company owning a high-quality car park in Wiesbaden. These latter two operations together with several other operations currently still being finalised in France and Belgium, should contribute favourably to the Group’s result from the 2011 financial year onwards, despite the fact that several concession contracts, chiefly in Spain, will be reaching their termination date.
The financial year saw the Group’s consolidated sales rise from EUR 284.3 million to EUR 304.5 million, i.e. an increase of 7.1 %, whilst the EBITDA rose by 8.1% to EUR 103.8 million.
Interparking set up a Romanian subsidiary with a local partner with a view to build and operate a car park in the centre of Bucharest. The objective for the company is to position itself on this market.
This growth can be attributed to the good general performance of the existing car parks and the increase in the number of car parks in operation. As at December 31, 2010, Interparking was operating 580 car parks in 341 cities in the seven euro zone countries and had more than 277,000 parking spaces under its management, compared with 539 car parks and 269,000 parking spaces in 2009.
In Germany, the Contipark group is continuing to step up its activities thanks to the management of new car parks, inter alia in partnership with the Deutsche Bahn.
The year 2010 was marked by the acquisition of several high-quality car parks.
In 2010 the Group continued to step up the use of remote management centres as well as the development of multi-car park products.
Dear Sirs,
In the other countries, the main developments mainly concern a consolidation of positions in those cities where the Group was already active.
At the beginning of the year our Spanish subsidiary finalised the acquisition of the company Metropark. This operation enabled us to acquire an important position in the city of Valencia and has also strengthened our position in cities where we were already present, in particular Madrid, as well as in the hospital sector.
In the course of 2010 the Group continued to renovate and further enhance the quality of its car parks. This effort was rewarded with the award of its 103rd “European Standard Parking Award” (ESPA) certification by the European Association of Car Parks (EPA) at the end of December 2010.
In Italy, the Group took over a company that owned a car park located in the centre of Mantua and started up the operation of a new car park in Milan.
In the framework of its social responsibility, Interparking SA attained CO2 neutral certification for its operation.
Furthermore, at the end of December Interparking Hispania acquired the rights of two concessions in the city of Santander. In Germany, the end of the year
Our group’s activity is clearly linked to the economic trends affecting the European countries in which we are active and more particularly the private
20
consumption indices. However, our diversification policy ensures that our income is characterised by a recognised stability thanks to the variety of the needs with which our car park operations are associated (leisure, shopping, work, airports, railway stations, hospitals, etc.) and the variety of the policies pursued by the cities and regions in which we work 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 rising cost of using a car and a growing awareness of environmental issues are leading people to use their car more rationally and to modify certain types of behaviour. However, this negative effect is limited by the flexibility offered by this form of transport and is also offset by the need, for cities and leisure centres or shopping centres that want to remain attractive, to continue to redevelop their areas of social interaction which have hitherto often been occupied by poorly organised or even uncontrolled parking.
During the financial year, Interparking Hispania transferred one of its car parks to the municipality of Barcelona with a view to its redevelopment. This operation generated a pre-tax capital gain of almost EUR 6 million. Taking account of these elements and depreciation which is up by 16%, the net result before tax amount to EUR 45,927,692 compared with EUR 41,437,648 in 2009 (+10.8%), and the Group share in the result for the financial year has risen to EUR 30.0 million, compared with EUR 24.8 million in 2009 (+21%). No major event has occurred since the closure of the accounts for the 2010 financial year which might have any significant effect on the company’s financial situation and results.
Brussels, February 22, 2011 The Board of Directors
All these considerations and risks are taken into account when investment decisions are taken. Net financial charges excluding depreciation on consolidation adjustments are up 27.5%, rising from EUR 11.2 million in 2009 to EUR 14.2 million in 2010. This result stems from the additional indebtedness associated with our major acquisitions. Interparking has negotiated new bank loans and has paid off debts to its shareholders in order to strengthen its financial structure. The Group has also underwritten interest rate swap contracts in respect of a part of these new loans in order to protect itself against interest rate rises.
21
Consolidated balance sheet
Liabilities in ,000 €
2006
2007
2008
2009
2010
227 184
254 751
274 955
289 899
310 091
I. Share capital
15 885
15 885
15 885
15 885
15 885
a. Issued capital
15 885
15 885
15 885
15 885
15 885
-
-
-
-
-
Capital & reserves
Assets in ,000 € fixed assets I. Formation expenses II. Intangible assets
2006
2007
2008
2009
2010
756 459
545 167
540 918
550 063
679 868
318
303
85
44
124
46 455
51 958
49 522
25 231
40 279
-7
-
-
-
-
137
VII. Investment grant
1 517
1 800
1 913
2 034
1 725
-
-
-
-
367
218
407
1 189
808
843
21 553
23 297
15 589
18 544
18 768
551 160
312 773
298 452
358 994
405 200
1 319
X. Amounts payable after more than one year 294 969
180 572
118 417
229 777
280 465
1 180
1 319
a. Financial debts
290 836
176 457
114 274
221 185
272 052
5 468
9 473
9 603
-
-
-
-
-
1 213
1 433
1 216
- Unsubordinated debenture loans
-
-
-
-
-
- Leasing and other similar obligations
20 353
10 738
6 047
17 691
16 314
- Banks and financial institutions
92 380
73 575
49 798
40 044
253 005
- Other loans
178 103
92 144
58 429
163 450
2 733
b. Trade debts
-
-
-
-
-
20 615
25 293
2 848
3 062
3 664
3 691
3 964
60 852
57 915
33 422
23 166
21 242
5 003
5 226
8 004
12 210
14 130
16 557
18 474
4 912
7 834
11 875
V. Financial assets
231 114
4 823
6 566
10 653
10 922
a. Companies valued by the equity method
226 580
734
1 098
1 180
226 580
734
1 098
4 534
4 089
621
695
3 913
3 394
4 255
8 040
8 387
45 173
47 861
51 180
120 216
57 126
693
1 203
2 295
1 894
1 704
7
5
-
-
-
b. Other amounts receivable
125
130
163
131
267
c. Differed taxes
561
1 068
2 132
1 763
1 437
VII. Inventories and contracts in progress
154
504
823
731
562
a. Inventories
154
504
823
731
562
14 484
16 732
18 330
19 421
25 674
a. Trade receivables
8 337
11 055
12 129
10 827
10 971
b. Other amounts receivable
6 147
5 677
6 201
8 594
14 703
IX. Investments
7 180
3 329
2 169
71 137
292
-
-
-
-
-
b. Other investments and deposits
7 180
3 329
2 169
71 137
292
X. Cash at bank and in hand
18 371
22 375
22 791
20 733
21 786
4 291
3 718
4 772
6 300
7 108
801 632
593 028
592 098
670 279
736 994
Total assets
-
2 935
19 357
XI. Deferred charges and accrued income
-
2 842
17 195
a. Own shares
-
3 102
12 037
VIII. Amounts receivable within one year
111
VI. Translation differences
2 207
353 702
a. Trade receivables
3 577
1 735
318 024
VI. Amounts receivable after more than one year
3 577
6 294
272 911
current assets
3 577
21 703
231 777
- Amounts receivable
3 577
5 913
233 998
- Participations, shares and units
3 546
V. Consolidation differences
21 386
a. Land and buildings
b. Other companies
38 729 245 476
5 712
198 337 430 206
- Participations
38 729 225 795
18 691
128 595 385 540
f. Assets under construction and advance payments
38 729 211 052
5 604
142 475 342 270
d. Leasing and other similar rights
38 729 190 956
25 504
154 434 333 649
e. Other tangible assets
38 729 161 868
7 045
147 277 331 295
c. Furniture and vehicles
II. Share premium account IV. Consolidated reserves
23 288
III. Consolidation differences IV. Tangible assets b. Plant, machinery and equipment
22
b. Uncalled capital
VIII. Minority Interests Provisions a. Provisions for liabilities and charges - Pensions and similar obligations - Taxation - Other liabilities and charges b. Differed taxation liabilities
- Subordinated loans
d. Other debt XI. Amounts payable within one year a. Amounts > one year which are payable within the year b. Financial debts - Banks and financial institutions
4 133
4 115
4 143
8 592
8 413
241 846
114 541
162 596
112 631
109 721
24 861
31 665
59 408
46 023
42 009
169 212
37 452
37 685
16 404
11 773
23 124
12 058
11 112
16 360
11 636
- Other loans
146 088
25 394
26 573
44
137
c. Trade debts
21 145
23 658
27 926
24 117
27 545
-
-
-
-
-
d. Advances received on orders in hand e. Taxation, remuneration and social security
9 960
10 300
18 148
11 315
13 151
- Taxes
6 014
5 948
12 682
6 529
8 622
- Remunerations and social security costs
3 946
4 352
5 466
4 786
4 529
f. Other amounts payable
16 668
11 466
19 429
14 772
15 243
XII. Accrued charges and deferred income
14 345
17 660
17 439
16 586
15 014
801 632
593 028
592 098
670 279
736 994
Total liabilities
23
Consolidated profit & loss
in ,000 € VII. Extraordinary income a. Write-back of amounts written off on intangible and tangible fixed assets
in ,000 €
-
87
46
36
29
331
2
192
-
89
6 494
(26)
(414)
(311)
(358)
(219)
-
-
35
16
37
286 566
284 299
304 467
e. Capital gains on disposal of fixed assets
258 907
279 490
276 444
296 135
f. Other extraordinary income
d. Other operating income
4 426
6 944
7 076
7 855
8 332
II. Operating charges
(176 206)
(196 135)
(219 038)
(218 925)
(234 309) 830 127 805
c. R emunerations, social security costs and pensions
45 073
49 536
56 088
56 968
58 541
d. Depreciation and other amounts written off formation expenses, intangible and tangible fixed assets
25 488
26 953
29 956
30 694
33 660
2
63
67
125
(194)
(346)
207
342
(275)
26
g. Other operating charges
10 998
12 572
12 528
12 713
13 641
III. Operating profit
63 406
69 716
67 528
65 374
70 158
IV. Financial income
1 045
1 641
926
812
900
a. Income from financial assets
28
301
9
14
7
b. Income from current assets
165
206
142
66
32
c. Other financial income
852
1 134
775
732
861
(32 859)
(28 701)
(25 870)
(24 511)
(31 736)
a. Debt charges
21 068
16 018
12 042
9 952
13 781
b. Depreciation on consolidation adjustments
10 973
11 862
12 866
12 531
16 593
-
-
-
-
-
818
821
962
2 028
31 592
42 656
42 584
41 675
e. Amounts written off stocks f. Provisions for liabilities and charges
V. Financial charges
c. Amounts written off current assets other than those mentioned under II e. d. Other financial charges VI. Current income before tax
VIII. Extraordinary charges a. E xtraordinary depreciation and amounts written off on formation expenses, intangible fixed assets c. Amounts written off financial fixed assets
-
-
-
10
1
d. P rovisions for extraordinary liabilities and charges
3
-
-
(4)
-
e. Capital losses on disposal of fixed assets
9
39
2
73
55
14
375
274
263
126
IX. Profit or loss for the period before taxation
31 655
42 480
42 309
41 438
45 928
X.
(1 532)
(1 741)
8 548
(3 086)
(743)
306
424
8 548
613
611
f. Other extraordinary charges
a. Withdrawals from differed and latent taxation reserve
(1 838)
(2 165)
-
(3 699)
(1 354)
XI. Income taxes
b. T ransfers to differed and latent taxation reserve
(13 662)
(14 774)
(21 101)
(13 962)
(15 505)
a. Taxes
(13 669)
(14 774)
(21 104)
(13 969)
(15 522)
7
-
3
7
17
16 461
25 965
29 756
24 390
29 680
XIII. Proportion of the profit from companies valued by the equity method
9 192
4 032
1 068
1 151
1 291
1 362
a. Profits
9 192
4 032
1 068
1 151
1 291
39 322
b. Losses
-
-
-
-
-
Consolidated profit
25 653
29 997
30 824
25 541
30 971
Third party share of the profit
815
909
720
790
954
24 838
29 088
30 104
24 751
30 016
b. A djustment of income taxes and write-back of tax provisions XII. Profit or loss for the period
Group share of the profit
24
-
-
265 851
1 245
3
235 186
117 455
-
239 612
1 045
-
-
I. Operating income
119 012
-
-
a. Turnover
742
6 825
-
2010
106 062
2010
121
-
2009
640
2009
36
-
2008
94 351
2008
238
c. Write-back of amounts written off on financial assets 2007
a. Raw materials and consumables
2007
89
d. Write-back of provisions for extraordinary liabilities and charges
2006
b. Services and other goods
2006
25
Appendices to the consolidated accounts Scope of consolidation I. List of fully consolidated companies in the Group Servipark International s.a. Serviparc s.a. Uniparc Belgique s.a. Beheercentrale n.v. Parking Kouter s.a. Parking Monnaie s.a. Centre 58 s.a. Parking Roosevelt n.v. Parking Deux Portes s.a.
Brussels Brussels Brussels Antwerp Brussels Brussels Brussels Antwerp Brussels
Interparking France s.a. Interparking Services S.A.S. Uniparc Cannes s.n.c. Solopark S.A.S. Servipark France S.A.S.
Paris Paris Cannes Nîmes Paris
100 % 100 % 100 % 100 % 100 %
Interparking Nederland b.v. Interparking Security b.v. Uniparc Nederland b.v.
Rotterdam Rotterdam Rotterdam
100 % 100 % 100 %
Interparking Italia s.r.l. Interparking Servizi s.r.l. SIS s.r.l. Mazzini 82 S.P.A.
Venezia Venezia Corciano Mantova
100 % 100 % 100 % 100 %
entre 85 Parkgaragen und Immobilien GmbH C Contipark Continentale Parkgaragen GmbH Contipark International Parking GmbH Contipark Parkgaragen GmbH Parkhaus Sudwest GmbH Parkhaus Waldthausenpark GmbH Servipark Deutschland GmbH
Berlin Berlin Berlin Berlin Berlin Berlin Berlin
100 % 94 % 94 % 93,10 % 93,10 % 93,10 % 96,65 %
Contipark International Austria GmbH Ö Park GmbH Optimus GmbH Optimus Parkhausverwaltungs GmbH & CoKG Villacher Parkgaragen GmbH & CoKG
Salzburg Vienna Vienna Vienna Salzburg
96,92 % 96,92 % 96,92 % 96,92 % 96,92 %
Interparking Hispania s.a. Interparking Lleidatana s.a. Metropark Aparcamientos SAU
Barcelona Lleida Madrid
98,24 % 91,81 % 98,24 %
SC Square Parking S.R.L.
Bucarest
55,16 %
III. List of companies consolidated by the equity method Immo TGV s.a. Brussels DB Bahnpark GmbH Berlin
26
Rights of the Group 100 % 100 % 100 % 100 % 100 % 100 % 99,55 % 87,5 % 75 %
33,20 % 46,06 %
BE 458 245 915 BE 441 030 096 BE 427 825 725 BE 406 391 002 BE 460 024 775 BE 403 459 721 BE 812 274 337 BE 406 715 456 BE 403 317 486
V. Scope of 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 : a. Full consolidation 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.
VI. Criteria used for valuations in the consolidated accounts 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.
BE 434 655 515
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.
b. Proportional consolidation The companies which the Group controls jointly are consolidated according to the proportional integration method. 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. d. Unconsolidated companies Interests below 10% are not included within the scope of consolidation. The same applies to the companies in liquidation or in constitution.
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 nonconsolidated 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 2010. 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.
27
IX. Statement of tangible fixed assets
VII. Statement of formation expenses Opening balance
44
Movements in the year: - New expenses incurred - Depreciation
-
a. Acquisition value
-
Opening balance
-
- Other movements
98
Closing balance
Goodwill
13 939
36 863
36 835
7 834
- Acquisitions
63 485
11 376
2 096
-
3 662
10 803
- Sales and disposals
- 4 011
-913
-791
-
-87
-1 084
4 129
1 153
3
-
335
-5 670
-
-1
-
-
-
-8
671 141
66 660
15 247
36 863
40 745
11 875
7 460
-
-
-
-
-
296 975
34 429
10 247
13 697
24 625
-
40 314
18 198
- Sales and disposals
21 106
4 452
1 417
1 924
1 976
-
- Currency translation effect
- Written back as superfluous
9 590
3 233
226
-
24
-
- Transfers from one heading to another
- Written down after sales and disposals
- Other movements Closing balance
21 800
-
-16
-1 664
-
-
50
-
-
-
62 148
16 534
c. Depreciations and amounts written-down Opening balance
18 186
15 096
- Recorded
2 186
619
- Written back as superfluous
2 321
-
-4
-
- Currency translation effect
-
-
- Transfers from one heading to another
-
-
- Other movements
-
-
Closing balance
22 689
15 715
d. Net book value
39 459
819
Movements in the period:
- Sales and disposals
c. Depreciations and amounts written-down Opening balance
Movements in the year: - Acquisitions
Closing balance b. Revaluation surpluses
a. Acquisition value Opening balance
Assets under construction
55 045
-T ransfers from one heading to another
124 Concessions
Other tangible fixed assets
607 538
- Other movements VIII. Statement of intangible assets
Leasing and similar rights
Movements during the period:
-18
- Changes in scope
Plant Land and machinery Furniture building and equipment and vehicule
Movements during the period: - Recorded
-2Â 772
-747
-607
-
-10
-
-T ransfers from one heading to another
-
-
-
-
-
-
- Currency translation effect
-
-
-
-
-
-
-
-
-
-
-
-
Closing balance
- Other movements
324 899
41 367
11 283
15 621
26 615
-
b. Closing net book value
353 702
25 293
3 964
21 242
14 130
11 875
X. Statement of financial assets Companies valued by the equity method
Other enterprises
Receivables
1 098
1 433
8 040
- Acquisitions
1
3
347
- Sales and disposals
-
-220
-
- Other movements
-
-
-
1 099
1 216
8 387
1
-
-
- Recorded
1
-
-
- Written down after sales and disposals
-
-
-
2
-
-
83
-
-
1 291
-
-
-1 152
-
-
222
-
-
1 319
1 216
8 387
a. Acquisition value Opening balance Movements during the period:
Closing balance c. Amounts written down Opening balance Movements during the period:
Closing balance e. Movements in the capital and reserves Opening balance - Group share of the profit - Other movements Closing balance Closing net book value
28
29
XI. Statement of consolidated reserves
Operating income per countries in million €
XIV. Operating profit
Opening balance
225 794
Movements during the period:
a. Operating income per countries 300
1. Geographic breakdown
- Profit - Dividend to shareholders - Other movements Closing balance
30 017
•
Belgium
31,80%
250
-10 335
•
Germany
29,50%
200
-
•
Spain
14,30%
150
245 476
•
France
8,60%
100
•
Italy
8,00%
•
Austria
4,80%
•
Netherlands
3,00%
Positive consolidation differences
Negative consolidation differences
128 594
3 577
- Changes in the scope due to an increase of percentage
86 336
-
b. Staff costs
- Changes in the scope due to a decrease of percentage
-
-
1. Fully consolidated companies
- 16 593
-
Average number of staff
XII. Statement of consolidation differences Opening balance Movements during the period:
- Write downs - Other movements Closing balance
198 337
3 577
•
Salaried employees
1 557
•
Hourly paid workers
257
42 009
219 596
52 456
1. Subordinated loans / debentures
-
-
-
2. Unsubordinated loans / debentures
-
-
-
a. Breakdown Financial debts
3. Leasing and similar obligations
1 368
2 385
13 929
4. Amounts due to credit institutions
13 703
216 472
36 533
5. Other loans
26 938
739
1 994
-
2 362
6 051
-
-
28 579
Other debts
Staff costs (in thousand Euro)
Austria Netherlands
118
-
More than 5 years
Spain France Italy
1 932
-
Due within one year
0
Belgium Germany
•
Between one and 5 years
XIII. Statement of amounts payable
Managers
50
58 540
EBITDA in million €
Net earning in million €
b. secured liabilities Financial liabilities 4. Amounts due to credit institutions
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 A4. a) Purchase commitments for fixed assets
b) Transfer commitments for fixed assets
A7. a) Commitmentsresulting from interest rates derivatives
30
113 294 45 742 141 881
31
Balance sheet Interparking s.a. Liabilities Assets in ,000 €
in ,000 €
2007
2008
2009
2010
188 683
201 702
212 181
220 927
229 895
I. Share capital
15 885
15 885
15 885
15 885
15 885
II. Share premium account
38 729
38 729
38 729
38 729
38 729
IV. Reserves
5 860
5 839
5 820
9 530
9 511
a. Legal reserves
1 588
1 589
1 589
1 589
1 588
Share Capital & reserves 2006
2007
2008
2009
2010
561 644
588 166
592 640
610 764
622 222
-
-
-
-
-
II. Intangible assets
22 054
20 286
18 588
16 625
14 548
III. Tangible assets
67 476
64 143
68 378
58 256
54 704
b. Unavailable reserves c. Untaxed reserves
fixed assets I. Formation expenses
a. Land and buildings
62 482
58 866
59 107
45 157
41 350
75
56
198
113
100
675
675
1 075
1 154
1 238
b. Plant, machinery and equipment c. Furniture and vehicles d. Leasing and similar rights
1 134
1 029
924
819
713
e. Other tangible assets
3 110
3 517
6 351
9 920
10 873
-
-
723
1 093
430
IV. Financial assets
472 114
503 737
505 674
535 883
552 970
a. Affiliated enterprises
471 135
502 706
503 100
532 774
549 787
471 135
502 706
503 100
532 774
532 774
-
-
-
-
17 013
19
17
16
15
14
19
17
16
15
14
-
-
-
-
-
960
1 014
2 558
3 094
3 169
- Shares and units
597
602
610
611
613
- Amounts receivable and cash guarantees
363
412
1 948
2 483
2 556
9 305
7 550
9 800
62 410
39 103
f. Assets under construction and advance payments
- Participations - Amounts receivable b. Other enterprises linked by participating interests - Participations, shares and units - Amounts receivable c. Other financial assets
current assets
V. Profit carried forward VI. Investment grants Provisions a. Provisions for liabilities and charges
9
9
10
9
9
4 262
4 241
4 221
7 932
7 914
128 209
141 249
151 747
156 783
165 633
-
-
-
-
137
362
350
300
2 188
2 170
252
251
211
188
179
- Pensions and similar obligations
148
147
107
84
75
- Others
104
104
104
104
104
110
99
89
2 000
1 991
381 904
393 664
389 959
450 059
429 260
VIII. Amounts payable after more than one year
168 663
158 392
112 812
320 740
313 690
a. Financial debts
166 545
156 295
110 687
314 171
307 364
- Subordinated loans
-
-
-
-
-
- Unsubordinated debentures
-
-
-
-
-
1 590
1 577
1 555
1 531
1 502
b. Taxation, including differed taxation liabilities
- Leasing and other similar obligations - Banks and financial institutions - Other loans
V. Amounts receivable after more than one year
-
-
-
-
-
d. Other amounts payable
b. Other amounts receivable
-
-
-
-
-
IX. Amounts payable within one year
36 486
26 249
16 127
13 173
173 062
128 469
128 469
93 005
299 467
132 800
2 118
2 097
2 125
6 569
6 326
204 811
225 325
266 992
119 289
107 312
7 444
10 425
45 781
38 864
54 078
179 570
208 276
204 056
62 929
34 853
21 285
11 946
2 350
9 825
4 850
VI. Stocks et commandes en cours
-
-
-
-
-
a. Amounts > one year payable within the year
a. Stocks
-
-
-
-
-
b. Financial debts
VII. Amounts receivable within the year
6 725
4 920
6 652
57 800
35 052
a. Own shares
4 562
4 034
5 713
4 729
3 762
- Other loans
158 285
196 330
201 706
53 104
30 003
b. Other investments and deposits
2 163
886
940
53 071
31 290
c. Trade debts
2 740
3 813
4 364
4 420
4 738
e. Taxation, remuneration and social security
3 042
2 789
2 751
3 060
3 295
- Banks and financial institutions
VIII. Treasury investments
-
-
-
-
-
a. Own shares
-
-
-
-
-
- Taxes
1 732
1 498
1 295
1 592
1 835
b. Other investments and deposits
-
-
-
-
-
- Remunerations and social security costs
1 310
1 291
1 456
1 468
1 460
IX. Cash at bank and in hands
1 287
1 504
1 719
1 315
1 279
f. Other amounts payable
12 015
22
10 040
10 016
10 348
X. Deferred charges and accrued income
1 293
1 126
1 429
3 295
2 772
X. Accrued charges and deferred income
8 430
9 947
10 155
10 030
8 258
570 949
595 716
602 440
673 174
661 325
570 949
595 716
602 440
673 174
661 325
Total assets
32
2006
Total liabilities
33
Profit & loss account Interparking s.a. in ,000 € in ,000 €
2006
2007
2008
2009
2010
I. Operating income
74 887
81 260
88 133
82 158
84 441
a. Turnover
73 432
80 091
87 033
81 051
83 190
d. Other operating income
1 455
1 169
1 100
1 107
1 251
II. Operating charges
(57 855)
(62 589)
(68 555)
(66 985)
(67 264)
-
-
-
-
-
b. Services and other goods
27 104
30 270
34 210
31 665
33 209
c. Remuneration, social security costs
13 989
14 088
15 530
16 409
16 074
a. Raw materials and consumables
d. Depreciation and other amounts written off on formation expenses, intangible and tangible fixed asset
10 797
11 800
12 087
12 591
12 211
-
-
62
118
(201)
64
(1)
(40)
(23)
(9)
5 901
6 432
6 707
6 225
5 980
III. Operating profit
17 032
18 671
19 577
15 173
17 177
IV. Financial income
15 755
14 267
21 933
21 214
21 245
a. Income from financial fixed assets
15 079
13 633
21 438
20 790
19 745
39
182
107
88
1 182
637
452
388
336
318
(13 349)
(18 059)
(19 503)
(14 165)
(18 275)
12 955
17 640
19 027
13 684
17 297
-
-
-
-
-
f. Provisions for liabilities and charges
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.
2008
2009
2010
112
32
320
587
a. Adjustments to depreciation and to other amounts written off intangible and tangible fixed assets
-
-
-
-
-
b. A djustments to amounts written off financial fixed assets
-
-
-
-
-
c. Adjustements to provisions for extraordinary liabilities and charges
-
-
-
-
-
48
12
32
320
237
d. Capital gains on disposal of fixed assets e. Other extraordinary income
-
100
-
-
350
(410)
(4)
(3)
(106)
(19)
409
2
1
2
1
c. Provisions for extraordinary liabilities and charges
-
-
-
-
-
d. Losses on disposal of fixed assets
1
2
2
-
18
e. Other extraordinary charges
-
-
-
104
-
19 076
14 987
22 036
22 436
20 715
X.
13
11
10
(1 910)
10
a. Withdrawals from taxation period, including differed taxation
13
11
10
10
10
-
-
-
(1 920)
-
XI. INCOME TAXES
(2 655)
(1 980)
(1 559)
(1 771)
(1 558)
a. Taxes
(2 660)
(1 980)
(1 559)
(1 771)
(1 575)
5
-
-
-
17
16 434
13 018
20 487
18 755
19 167
XIII.
24
22
20
(3 711)
18
a. Withdrawals to untaxed reserves
24
22
20
18
18
-
-
-
(3 729)
-
16 458
13 040
20 507
15 044
19 185
VIII. Extraordinary charges
IX. PROFIT OR LOSS FOR THE FINANCIAL YEAR
b. Transfers to taxation, including differed taxation
b. Adjustment of income taxes and write back of tax provisions XII. CURRENT INCOME BEFORE TAX
c. Other financial charges VI. Current income before tax
2007
48
b. Amounts written off financial fixed assets
e. Amounts written off stocks contracts in progress and trade debtors g. Other operating charges
2006
VII. Extraordinary income
394
419
476
481
978
19 438
14 879
22 007
22 222
20 147
b. Transfer from untaxed reserves
Valuation rules erger goodwill is depreciated over a 20 year period. M • Tangible assets are recorded at their purchase 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. •
34
XIV. PROFIT OR LOSS OF THE PERIOD
mounts receivable within the year are valued at A their 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. •
35
Joint statutory auditors’ report Statutory auditor’s report to the general meeting of shareholders of Interparking SA on the consolidated financial statements for the year ended 31 December 2010 In accordance with legal and statutory requirements, we report to you on the performance of our audit mandate. This report includes our opinion on the consolidated financial statements together with the required additional comment.
Unqualified audit opinion on the consolidated financial statements We have audited the consolidated financial statements of Interparking SA (“the company”) and its subsidiaries (jointly “the group”) for the year ended 31 December 2010, prepared in accordance with the financial reporting framework applicable in Belgium, which show a balance sheet total of € 736.994.214 and a profit (group share) for the year of € 30.016.354. The board of directors of the company is responsible for the preparation of the consolidated financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements 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 financial statements based on our audit. We conducted our audit in accordance with legal requirements and auditing standards applicable in Belgium, as issued by the “Institut des Réviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
36
In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are 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, the reasonableness of accounting estimates made by the company and the presentation of the consolidated financial statements, taken as a whole. Finally, we have obtained from management and responsible officers of the company the explanations and information necessary for our audit. The financial statements of several entities included in the scope of consolidation which represent total assets of € 68 (million) and a total profit of € 11,7 (million) have been audited by other auditors; we based ourselves upon the reports of those other auditors. We believe that the audit evidence we have obtained, together with the reporting of other auditors on which we have relied provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements as of 31 December 2010 give a true and fair view of the group’s net worth, financial position and results in accordance with the financial reporting framework applicable in Belgium.
Additional comment The preparation of the management report on the consolidated financial statements and its content are the responsibility of the board of directors. Our responsibility is to supplement our report with the following additional comment, which do not modify our audit opinion on the financial statements: The management report on the consolidated financial statements includes the information required by law and is consistent with the consolidated financial statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the group is facing, and on its financial situation, its foreseeable evolution or the significant influence of certain facts on its future development. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate. Brussels, 1 March 2011 KPMG Réviseurs d’Entreprises Statutory auditor represented by
Bossaert Moreau Saman & C°sprl Statutory auditor represented by
Dirk Brecx Réviseur d’Entreprises
Paul Moreau Réviseur d’Entreprises
Michel Lange Réviseur d’Entreprises
KPMG Réviseurs d’Entreprises Avenue du Bourget 40 1130 Brussels Belgium Tel.: +32 (0)2 708 43 00 Fax: +32 (0)2 708 43 99 www.kpmg.be
Bossaert Moreau Saman & C° SPRL Chaussée de Waterloo, 757 1180 Brussels Belgium Tel.: +32 (0)2 345 00 78 Fax: +32 (0)2 345 76 75
37
S.A. INTERPARKING N.V. EUROPEAN HEADQUARTERS 1, rue de l’évêque, 1000 Bruxelles, Belgique Bisschopsstraat, 1, 1000 Brussel, België T. 32 2 549 58 11 – F. 32 2 511 02 09 www.interparking.com S.A. Interparking N.V. is a 90% subsidiary of AG Real Estate www.agrealestate.eu