Interparking Annual Report 2011

Page 1

Content Key figures 1 Message from the Managing Director 2 History & Developments in 2011 3 Expansion throughout the Continent 4 City centres & On-Street spaces 8 Commercial & Business centres 12 Airports & Train stations 16 Touristic centres 18 Hospital 20 Corporate Social Responsibility 22 Board of directors and management 23 Management report Financial report 24 Consolidated balance sheet 26 Consolidated profit & loss 28 Appendices to the consolidated accounts 32 Balance sheet Interparking s.a. 34 Profit & loss account Interparking s.a. 36 Joint statutory auditors’report

Key figures 76,2

73,7

Net current cash flow

31,6

30,0

Profit of the Group

104,2

103,8

EBITDA

317,4

304,5

Operating income

in million €

2011

2010

% 4,3% 0,3% 5,2% 3,4%

www.agrealestate.eu S.A. INTERPARKING N.V. is a 90% subsidiary of AG Real Estate

www.interparking.com T. 32 2 549 58 11 – F. 32 2 511 02 09 Bisschopsstraat, 1, 1000 Brussel, België

Making the world move better Activities report 2011

1, rue de l’évêque, 1000 Bruxelles, Belgique EUROPEAN HEADQUARTERS S.A. INTERPARKING N.V.


103,8

104,2

Profit of the Group

30,0

31,6

Net current cash flow

73,7

76,2

S.A. INTERPARKING N.V.

EBITDA

EUROPEAN HEADQUARTERS

317,4

1, rue de l’évêque, 1000 Bruxelles, Belgique

304,5

Bisschopsstraat, 1, 1000 Brussel, België

Operating income

% 4,3% 0,3% 5,2% 3,4%

T. 32 2 549 58 11 – F. 32 2 511 02 09

2011

www.interparking.com

2010

S.A. INTERPARKING N.V. is a 90% subsidiary of AG Real Estate

Activities report 2011

in million €

www.agrealestate.eu

Key figures 1 Message from the Managing Director 2 History & Developments in 2011 3 Expansion throughout the Continent 4 City centres & On-Street spaces 8 Commercial & Business centres 12 Airports & Train stations 16 Touristic centres 18 Hospital 20 Corporate Social Responsibility 22 Board of directors and management 23 Management report Financial report 24 Consolidated balance sheet 26 Consolidated profit & loss 28 Appendices to the consolidated accounts 32 Balance sheet Interparking s.a. 34 Profit & loss account Interparking s.a. 36 Joint statutory auditors’report

Key figures

Making the world move better

Content


Message from the Managing Director We presented last year our long term growth strategy, based on three founding pillars: Mobility, Quality and Ecology. I am happy to share with you today, in this report, the progress we have made in these areas. Moreover we have developed a separate Corporate Social Responsibility report that will cover our efforts in that field. Mobility is the essence of our business. Enhanced mobility is driven by continuous innovation. In Belgium, we have opened another state-of-the-art control room, simply to increase the level of service we offer our customers. An identical customer comfort obsession drove us to launch a mobility card, an ambitious project that will enable seamless multimodal transport, thanks to a single, multi-purpose payment card. From car park, to public transport and back to car park,

one card will allow travellers to pay for all their mobility needs.

park users or local government city developers.

Such innovations constantly keep us ahead of the competition. Our experience and know-how are acknowledged. Interparking announced in 2011 the acquisition of Poland Car Parking (PCP), number 2 on Poland’s market. This not only confirms our expertise and the excellent reputation we have abroad, it also further strengthens our position amongst the leaders in the European car park industry.

Ecology is intimately linked to mobility. At Interparking we take ecology a step further. In addition to reducing city congestion and actively promoting intermodal transport, we combine energy saving initiatives with green-sourcing of our energy needs. In Belgium we compensate the remaining, which allow us to pride ourselves in being a fully carbon-neutral company.

Quality is an attitude much more than an objective. In everything we do, from refreshing our house style (and thus ensuring a more consistent and satisfying user experience from Tenerife to Warsaw) to developing new complex urban projects, we first think of improving our customers lives, whether they are individual car

Our commitment to be a socially responsible corporate citizen has never been greater. Publishing our first ever CSR report (Corporate Social Responsibility) is a further testimony to this commitment. Finally, let us not forget to celebrate. Despite an economically difficult year, we, at Interparking, have once again experienced steady, healthy growth. We invested an amount

of € 77 million, our turnover grew by 4,3% compared to last year and our net current cash flow rose by 3,4%. This development is a reward for the effort and initiatives everyone demonstrated at Interparking in 2011. Let this encourage us all to once again grow our company next year. I hereby wish to thank our clients, colleagues and shareholders for their support and dedication.

Roland Cracco, Managing Director

Activities report 2011

1


2

History

Developments in 2011

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 in 9 European countries. Our 1 969 employees are permanently committed to serving clients in our network of 613 car parks across 344 cities.

Belgium

Germany

Netherlands

• • • •

• • • • •

• •

1 new car park : • Toison d’Or (Brussels) Under construction • Hopmarkt (Aalst) Operations 100% CO2 neutral New control room in Bruges

france • 1 new car park : • Parking Didot (Paris) • Renovations and improvements of the car park Marbeuf in Paris • Under construction • Parking Sulzer (Nice) • Parking Cordeliers (Albi)

Spain • •

3 openings : • Castelar (Santander) • Esperanza (Santander) • Tierno Galván (Valencia) Installation of the control room in Barcelona

Italy • Opening of the Padova Centro car park • Renovations and improvements of the car park Tronchetto in Venice

14 new car parks: • Neumarkt Arkaden (Meißen) • Revaler Straße (Berlin) • Welau Arcaden (Wedel) • Forum Altona (Hamburg) • Herold Center (Norderstedt) • Aschaffenburg Hbf (Aschaffenburg) • Wilhelmshöhe PP W (Kassel) • Saarbrücken Hbf. (Saarbrücken) • Euskirchen Bhf. (Euskirchen) • Heidelberg Hbf (Heidelberg) • Donau Passage (Passau) • Minden am Gleis (Minden) • Stuttgarter Str. (Frankfurt) • Limburg South Station (Limburg) New acquisitions : • Marienplatz Großgarage GmbH (Munich) • Philharmonie (Essen) • Kurhaus Wiesbaden (Wiesbaden) Under construction • Tanzende Türme (Hamburg) Winner of “ADAC Car park test 2011” New customer service : • Alcohol tester vending machine

poland • Acquisition of Poland Car Parking

5 new car parks : • VU-VUmc (Amsterdam) • ‘t Lageland Ziekenhuis (Zoetermeer) • Damsterdiep (Groningen) • Castellum (Houten) • D-Winkels (Noordwijk) Renovations and improvements of car park Rijnkade in Utrecht

Austria •

4 new car parks: • Forum Salzburg (Salzburg) • Odeion (Salzburg) • Arkaden (Salzburg) • Parkplatz Wifi (Zell am See)

Romania • On-going construction works for the University Square car park in Bucharest

corporate • iPhone app • GPS information • Support of car sharing concepts with and without electric vehicles • Installation of electric chargers for electric vehicles

1958

1966

1967

1975

1975

Belgium

The Netherlands

Germany

France

Austria

Brussels World Fair. To contribute to the event, the first “Belgian car park” is built.

First foreign investment: the Schouwburg car park in Rotterdam.

Start of activities in Germany with Parkhaus Europa-Center GmbH.

Creation of the Uniparc subsidiary in France.

Start of activities with “Contipark Austria GmbH”.


Expansion throughout the Continent

6

9 countries 344 cities 613 car parks 1 969 employees 284 138 parking spaces -> 197 804 Off-Street spaces -> 86 334 On-Street spaces 75 million clients a year

1

2

Austria

Belgium

cities

cities

8

3

14 115

41 407

spaces

car parks spaces

4

cities

70

5

Netherlands

cities

cities

110

23

363

12 668

92 788

spaces

car parks spaces

6

Italy

164

car parks

1

8

9

cities

40

7

5

Germany

5

car parks

3

France

10

4

2

7

Poland

19

7

6

49

12

74 257

21 559

6 353

car parks spaces

car parks spaces

cities

8

9

Romania 1 car park under construction

car parks

Spain

21

cities

50

car parks

20 991

spaces

spaces

1995

2001

2010

2011

Spain

Italy

Romania

Poland

Acquisition of 50% of Contipark Spain which goes on to become Interparking Hispania SA.

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

1st concession signed.

Acquisition of Poland Car Parking.

Activities report 2011

3


City centres & On-Street spaces

Boosting urban

dynamics with a positive influence on traffic flow. City centres are key economic players in today’s modern, urban society. Bustling with action, movement. Answering the challenge of their growing congestion risk and increasing their attractiveness is one of Interparking’s top priorities.

4


Activities report 2011

5


City centres & On-Street spaces

Romania

More space underground, safer for people walking around As in most European cities, an important percentage of Bucharest’s traffic is generated by cars looking for a parking spot. Ideally located under the vibrant University Square and within walking distance of the faculties, the national theatre and hospital, Interparking’s new, environmentallyfriendly, low carbon foot print car park should seriously reduce traffic (and traffic-related accidents) and substantially increase Bucharest’s urban quality of life.

6

Moving better, together City Centre Parkings • Located in dense, urban areas • Require permanent access and strict supervision • Many short-term, non-recurrent visitors • Small to medium capacity


on-street spaces • Often located on public roads • Facilitate parking in immediate proximity of destination • Enhance traffic flows and rotation

Italy

Creating a direct link with your destination Interparking car park designs always reflect our commitment to optimising their use. In cities such as Viareggio and Gallipoli we aim to ensure speedy deliveries for local shopping areas, convenience and security for shoppers, and accessibility to business people and tourists. On-Street car parks are, in these cases, Interparking’s most efficient answer to this variety of needs.

By providing convenient and safe car parks, whether as independent Off-Street car parks or as OnStreet solutions, we fight city congestion, and simultaneously reduce society’s environmental impact. Traffic flow is here of essence: in certain urban areas, drivers simply looking for somewhere to park generate as much as 30% of total traffic. On-Street and Off-Street car parks both need to ensure efficient, easy access to their typical users.

For example, Venice, Cannes and Bruges, amongst our largest sites, are designed with the (popular/most likely/...) destinations in mind. Shopping centres, event sites, hospitals, on the other hand, all demand direct flow to building entrances. In both cases, On- and OffStreet, we have increased signage legibility, with our new house style. Off-Street facilities, in addition, have benefitted from overall visual improvements ranging from new visual codes & logos, clearer and more numerous markings for vehicle movements, and attractive pictograms for floor levels. Such improvements obviously positively impact, safety, convenience, functionality and traffic flow.

Further reducing our environmental impact requires technology. At Interparking, our growing number of city centre photovoltaic-equipped car parks use movement sensors for optimised lighting management. Even our signage paint is both durable and eco-friendly. Finally, environmental friendliness is an attitude: our collaborators either use bicycles or use one of our eco-friendly fleet cars (either extremely low CO2 emissions or, better still, electric).

Activities report 2011

7


Commercial & Business centres

Stimulating economy by increasing accessibility to strategic areas.

Business is as essential to an economy as might be commercial centres. Yet today, both these key building blocks have come under pressure. Helping these thrive in a controlled manner is at the heart of Interparking’s activities.

8


Activities report 2011

9


Commercial & Business centres

Technology improves traffic flow Commercial centres • Often located close to or inside urban areas • Require semi-permanent access and semi-permanent supervision • Both new and recurrent visitors, short stays • Large capacity

AUSTRIA

Shopping and culture hand in hand Contipark, Interparking’s Austrian subsidiary, operates a variety of car parks in cultural, touristic and commercial centres. Located in Vienna’s historical centre, in the immediate vicinity of the world renowned MuseumsQuartier cultural area and the Mariahilferstraße shopping boulevard, Interparking’s MuseumsQuartier car park allows shoppers to experience Vienna’s unbelievable cultural offering and theatre & concert-goers to make the most of the shopping opportunity the area boasts.

10


Business centres • In or close to city centres • Require semi-permanent access • Mainly longer term and recurring visitors • Medium capacity

FRANCE

Easy access, prosperous business The Paris “Maine Montparnasse” car park is at the heart of Paris’ businesses. Serving mostly congresses and business-related activities, Interparking has developed a range of business-specific services such as flat-rate tickets, which can be preordered, or a cashless payment card, the P-Card, that helps businesses keep their parking cost accounting easy thanks to monthly, aggregated, payments. By serving businesses, Interparking is also serving the neighboring communities. Clearly a winning combination!

Quality and environmental criteria may be key in this segment, pricing policy innovations make a substantial difference in this competitive business. We have developed pricing policies that are advantageous comparatively to On-Street parking. Once again, technological solutions such as multi-car-park products and access P-Card systems improve entrance and exit traffic flows. Such approaches, similar to our “user-friendly” policy during road works, combined to more general improvement initiatives such as strengthened, illuminated, visual signage of parking bay availability, further demonstrate our drive to act as serious corporate citizens, focused on making European cities and business centres better places to work and live in.

Activities report 2011

11


Airports & Train stations

Creating platforms for effective multimodal transportation.

People are on the move. Working, travelling, going, coming. Everywhere, they’re switching from one means of transport to another. All the way, Interparking is there, ensuring they find space to park their car, hire a bike, catch a plane or a train.

12


Activities report 2011

13


Airports & Train stations

An intermodal future Brussels

Parking at the of the airport

Intermodality is transport’s future. More and more, people, travellers, commuters, use multiple forms of transport from say, a personal bicycle, a car, switching to public transport back to their foldable bicycle, back to public transport. Similar patterns affect the way people access airports. Such behaviours are only made possible because car parks are an integral part of the flow, of the process. Interparking has of course played a pioneering role in this matter, both through

14

technologically advanced solutions such as the P-Card, and through the establishment of private and public partnerships, to locate state-ofthe-art car parks at the various interfaces of this multimodality. Making the P-Card compatible with public transport gateway systems, strengthening partnerships such Deutsche Bahn’s, improving signage legibility, and further integrating multiple transport solutions, including electric car short term rentals, all prove — once again — our relentless determination to ease, improve, people flow.

Interparking has extensive expertise in managing airport car parks. A typical example of Interparking’s experience is its management of the 8 public car parks at the heart of Brussels’ Airport. Travelers’ needs are as varied as travelers themselves. From short-trip business travelers to complete families chartering their way to their holidays, most travelers have one thing in common: a car to park. Interparking offers them a variety of parking solutions: from pick up and drop off short stay to 24/7 secured long stay, from economy to VIP. To further help these travelers pick the right parking for their specific needs, we have created a specific airport car park website: www.interparking.com/ brusselsairport.


Airports & Train stations • High intermodal dependence • Require permanent access and permanent supervision • Mainly recurrent visitors, both short (pick-up) and long stays • High capacity

Germany

Joint Venture with Deutsche Bahn (DB) DB BahnPark GmbH is a joint venture between DB (the German railroad company) and Contipark International Parking GmbH, an Interparking subsidiary, with one sole purpose: the optimisation of train-car intermodality in Germany. Making the car park an integral part of DB train travellers’ experience, Contipark has worked hard to increase car parks’ accessibilities, through a wide range of products and services. Today, Contipark operates car parks in train stations in cities such as Berlin, Hamburg, Frankfurt, Munich and other key German cities. The 21st century’s mobility will be intermodal and include all forms of public transport. Contipark has the ambition to remain one of Germany’s key intermodality players.

Activities report 2011

15


Touristic centres

Optimising touristic mobility for hassle-free holiday times.

Holiday breaks should allow everyone to relax, sit back, and consider life’s brighter sides. The ever-increasing number of tourist travellers has meant that over the years we have developed proper, tailor-made parking solutions, so that we can all spend our welldeserved breaks on a beach, by a pool, up a mountain. Not in a car.

16

spain

Rambling on the Rambla Leading to the sea, Barcelona’s Rambla is one of Europe’s most popular promenades. Day and night, the Rambla brings together seaside-lovers, shoppers, gourmets, partygoers. Interparking’s La Rambla car park makes it easy for all of these hedonists to reach their destination, and to start enjoying the Rambla. Its strategic location in the city centre means less traffic, less cars searching for a parking, more time to enjoy Barcelona’s top leisure spot.


Breathing spaces Touristic centres • Often located close to or inside urban areas • Require permanent access and permanent supervision • Mainly new visitors, both short and long stays • Small to medium capacity

Interparking’s knowledge of the touristic market has meant we are often considered when it comes to making touristic places accessible yet pleasurable places to be. In such places our environmentally friendly approach is of course valued by both local governments, reducing the impact previously congested areas might have generated, and by individual users who find safe, convenient places to leave their vehicles, allowing more people than ever to benefit from attractions such as Bruges, Venice or Barcelona,....

Activities report 2011

17


Hospital

Helping people

share the most essential moments of their life. Visiting a hospital is an emotional moment. Not an experience visitors usually wish to extend by wasting time, searching for a parking spot. We aim to let hospital visitors and staff focus on what brought them to the hospital: friends, nursing, health.

18

NETHERLANDS Interparking has a longstanding history with hospital parking. In the Netherlands alone, we operate 5 of them. Prime examples of our commitment to this very specific “business” are the two locations of the Hospital Group Twente in Almelo and in Hengelo. Neither offered enough space for staff, patients and visitors. Interparking completely developed a new plan to reorganize these hospitals’ parking activities, increasing simultaneously space and accessibility. Whilst visitors and patients mostly have a short-term parking need (for a bigger parking spot), staffs need longer stays. Separating them also allowed to bring patients and visitors closer to the hospital’s entrance. Managing such flows required Interparking to integrate busses and taxis, giving them separate lanes. No one understands hospital parking needs better than Interparking.


Making everyone’s life a little easier HOSPITALS • Often located outside urban areas • Require permanent access and semi-permanent supervision • Both recurrent and new visitors, both short (visit, consultation) and long (extended sickness, staff) stays • Large capacity Interparking’s focus on hospitals goes back to 1991. Ever since, we have strived to improve user experience, irrespective of whether clients are hospital staff working their night shift, short-term visitors celebrating a birth or longer stay patients. Access is obviously of paramount importance and our attention goes to signage detail and legibility, to access ramps or simply facilitating payment. It really shouldn’t matter what brings you to a hospital. Parking shouldn’t get in the way.

Activities report 2011

19


Corporate Social Responsibility

CSR

Strengthening our commitment as a Corporate Socially Responsible citizen. 20


Our ambition is to become a carbon-neutral company. A target we achieved already in Belgium. This took and still takes work, dedication and commitment by all at Interparking. We are increasing the number of initiatives in favour of eco-friendly cars, launching numerous electric car projects in Belgium and Germany. This daily commitment, as testified by the 104 awards we have won within our industry (e.g. “Best Parking of the Netherlands”, and the “ADAC Car Park test” national competition in Germany), leads us to operate slightly differently from everyone else in this industry: First, we produce part of our energy ourselves,

through the use of solar panels. Second, we use as little energy as possible, thanks to leadingedge technologies. Third, we compensate a part of what is left over. Caring for the planet isn’t enough. Caring for the people is what makes all of this simply possible. At Interparking, caring for the people means giving everyone the same initial chances of making it to the top, irrespective of individuals’ backgrounds, whatever their level of training or ethnic background. This can only be achieved by training everyone through our Interparking School. This School provided last year several thousand

hours employee training in all areas, including technical, practical and relationship skills. Being a corporate citizen is also about giving something back to society. Our sponsoring of numerous locally targetted projects is a testimony to this commitment. We are working hard on becoming a preferred, benchmark, employer.

Our commitment is such that we believed it deserved its own report. You’ll find a lot more on our Corporate Citizenship in a separate report.

Activities report 2011

21


I

operational management

Board of directors and management 3 6

1

9

7

2

4

8

5

Board of directors

Executive commitee

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

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

Corporate management Roland Cracco Elisabeth Roberti Edouard de Vaucleroy Ilse De Graeve Koen Tackx Olivier Maes Marc Iannetta

Managing Director Secretary General Chief Financial Officer Budget & Control Marketing Director IT Manager 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

22

I

Michael Kesseler Germany / Austria Contipark Parkgaragen GmbH Rankestraße, 13 - 10789 Berlin T: 49-30-25 00 970 Contipark International Austria GmbH Reichenhaller Straße, 8 - 5020 Salzburg T: 43-662-80990-0

II Nik Subramanian Belgium S.A. Interparking N.V. 1, rue de l’Evêque - 1000 Brussels T: 32-2-549 58 11 III Ernesto Piera Spain / Romania Interparking Hispania S.A. Calle Valencia, 93 3° 2a - 08029 Barcelona T: 34-93-451 66 24 Romania Square Parking S.R.L. 010898 Str Fagaras, nr 6, Sector 1 T: 40-21-311 56 54

II

III

II IV

IV Marc Grasset France Interparking France S.A. Rue de Gramont, 30 - 75002 Paris T: 33-1-55 04 66 00 V Antonio Fraccari Italy Interparking Italia S.R.L. Isola Nuova del Tronchetto - 30135 Venezia T: 39-041-520 75 55 VI

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

V

VI


Management report SA Interparking Management report on the consolidated accounts for the 2011 financial year Dear Sirs, We have the pleasure of presenting to you the consolidated accounts of the Interparking Group as of December 31, 2011. Despite the current global crisis and the fact that several western continental European countries are entering recession, the Group saw growth in its main key performance indicators over the last fiscal period. This was due to the good overall level of business at existing car parks and an increase in the number of car parks in operation. 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 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 operate in Europe. Interparking saw an increase in business in Germany in 2011 whereas revenue in Spain, a country in deep crisis, decreased overall. However, the Group’s consolidated sales increased from €304,5 million in 2010 to €317,4 million, a growth of 4,3%. What is more, in order to strengthen its diversification, Interparking confirmed its entry into Central Europe via the acquisition at the end of December of a company that manages 12 car parks in Poland, notably in Warsaw, Gdansk and Wroclaw. Including this new acquisition, as of 31 December 2011, Interparking operates 613 car parks with nearly 284 000 parking places in 344 cities in the eight Euroland countries. This compares to 580 car parks and 277 000 parking places in 2010. In 2011, the Group also made new investments in attractive cities such as Wiesbaden, Munich, Nice and Brussels.

The main specific risk that could affect our Group’s development is that associated with access by car and the commercial and cultural attractiveness of the sites where our car parks are established. Interparking therefore favours operations in cities that have a strong and diversified appeal. The main challenges facing our company are changes in mobility policies, the stakes involved in access to city centres, the growing importance of nature conservation, and the requirement from our upstream and downstream clients for a constant increase in quality. In order to meet these challenges, the Group has invested substantial amounts over the past fiscal periods to improve signalling and user comfort and safety. Our efforts were recognised at the end of December 2011 when the European Parking Association (EPA) awarded us its 112th “European Standard Parking Award” (ESPA) certification. In addition, Interparking is taking steps to meet these challenges by developing guidance systems and by strengthening its partnerships with transport companies and cities.

In 2011 the Group continued to step up the use of remote management centres as well as the development of multi-car park products.

an exceptional gain of €8,3 million. The sale also ensures the long-term operation of the car park after it is rebuilt by the city.

From the environmental standpoint, the company is taking its responsibilities by providing recharging stations for electric cars, by carrying out energy audits, by purchasing green energy, and by being 100% CO2 neutral in Belgium.

Taking account of these elements and depreciation which is up by 5,5%, earnings before tax amount to €47 770 015 compared with €45 927 692 in 2010 (+4 %), and the Group share in the earnings for the financial year has risen to €31,6 million, compared with €30,0 million in 2010 (+5%).

All these points had an impact on the company’s operational expenses which increased by 6,5%. The Group’s consolidated EBITDA increased from €103,8 million to €104,2 million, a rise of 0,3%. Net financial charges, excluding depreciation on consolidation variances, fell by 17% from €14,2 million in 2010 to €11,8 million in 2011. This decrease in expenses was primarily due to lower interest rates. The Group has hedging contracts on a portion of its loans in Belgium and Spain to protect itself against potential rate increases. In the Netherlands, Interparking sold its Naberpassage car park to the city of Groningen, generating

In order to ensure consistency with respect to international and local standards, the Group re-categorised as intangible assets a net amount of nearly €100 million for concessions previously accounted for as tangible fixed assets. No major event has occurred since the accounts for the 2011 financial year were closed that would be such as to have any significant effect on the company’s financial situation and results.

Brussels, 22 February 2012 The Board of Directors

23


Financial report

Consolidated balance sheet Assets in ,000 â‚Ź Fixed assets I. Formation expenses II. Intangible assets

2008

2009

2010

2011

540 918

550 063

679 868

703 422

303

85

44

124

9

51 958

49 522

25 231

40 279

134 086

III. Consolidation differences

154 434

142 475

128 595

198 337

194 165

IV. Tangible assets

333 649

342 270

385 540

430 206

364 270

a. Land and buildings

231 777

272 911

318 024

353 702

285 080

17 195

19 357

20 615

25 293

29 569

3 062

3 664

3 691

3 964

4 301

57 915

33 422

23 166

21 242

19 323 14 160

b. Plant, machinery and equipment c. Furniture and vehicles d. Leasing and other similar rights e. Other tangible assets

5 226

8 004

12 210

14 130

18 474

4 912

7 834

11 875

11 837

4 823

6 566

10 653

10 922

10 892

a. Companies valued by the equity method

734

1 098

1 180

1 319

1 443

- Participations

734

1 098

1 180

1 319

1 443

4 089

5 468

9 473

9 603

9 449

f. Assets under construction and advance payments V. Financial assets

b. Other companies - Participations, shares and units - Amounts receivable Current assets VI. Amounts receivable after more than one year a. Trade receivables b. Other amounts receivable c. Deffered taxes VII. Inventories and contracts in progress a. Inventories

695

1 213

1 433

1 216

1 062

3 394

4 255

8 040

8 387

8 387

47 861

51 180

120 216

57 126

73 629

1 203

2 295

1 894

1 704

1 608

5

-

-

-

-

130

163

131

267

254

1 068

2 132

1 763

1 437

1 354

504

823

731

562

1 062

504

823

731

562

1 062

VIII. Amounts receivable within one year

16 732

18 330

19 421

25 674

24 867

a. Trade receivables

11 055

12 129

10 827

10 971

12 754

b. Other amounts receivable

5 677

6 201

8 594

14 703

12 113

IX. Investments

3 329

2 169

71 137

292

1 257

-

-

-

-

-

3 329

2 169

71 137

292

1 257

22 375

22 791

20 733

21 786

30 497

3 718

4 772

6 300

7 108

14 338

593 028

592 098

670 279

736 994

777 051

a. Own shares b. Other investments and deposits X. Cash at bank and in hand XI. Deferred charges and accrued income

24

2007 545 167

Total assets


Liabilities in ,000 â‚Ź Capital & reserves I. Share capital

2008 274 955 15 885 15 885 38 729

2009 289 899 15 885 15 885 38 729

2010 310 091 15 885 15 885 38 729

2011 330 584 15 885 15 885 38 729

IV. Consolidated reserves V. Consolidation differences VI. Translation differences VII. Investment grant VIII. Minority Interests Provisions a. Provisions for liabilities and charges - Pensions and similar obligations - Taxation - Other liabilities and charges b. Deffered taxation

2007 254 751 15 885 15 885 38 729 190 956 3 577 5 604 25 504 2 207 1 800 407 23 297

211 052 3 577 5 712 18 691 3 102 1 913 1 189 15 589

225 795 3 577 5 913 21 386 2 842 2 034 808 18 544

245 476 3 577 -7 137 6 294 21 703 2 935 1 725 367 843 18 768

266 179 3 577 -10 6 224 25 243 4 946 1 879 367 2 700 20 297

Liabilities X. Amounts payable after more than one year a. Financial debts - Subordinated loans - Unsubordinated debenture loans - Leasing and other similar obligations - Banks and financial institutions - Other loans b. Trade debts 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 - Other loans c. Trade debts d. Advances received on orders in hand e. Taxation, remuneration and social security - Taxes - Remunerations and social security costs f. Other amounts payable XII. Accrued charges and deferred income

312 773 180 572 176 457 10 738 73 575 92 144 4 115 114 541 31 665 37 452 12 058 25 394 23 658 10 300 5 948 4 352 11 466 17 660

298 452 118 417 114 274 6 047 49 798 58 429 4 143 162 596 59 408 37 685 11 112 26 573 27 926 18 148 12 682 5 466 19 429 17 439

358 994 229 777 221 185 17 691 40 044 163 450 8 592 112 631 46 023 16 404 16 360 44 24 117 11 315 6 529 4 786 14 772 16 586

405 200 280 465 272 052 16 314 253 005 2 733 8 413 109 721 42 009 11 773 11 636 137 27 545 13 151 8 622 4 529 15 243 15 014

421 224 322 109 308 079 14 361 262 765 30 953 14 030 78 137 15 539 6 376 6 328 48 28 743 12 434 7 811 4 623 15 045 20 978

Total liabilities

593 028

592 098

670 279

736 994

777 051

a. Issued capital b. Uncalled capital II. Share premium account

25


Financial report

Consolidated profit & loss in ,000 â‚Ź

2007

2008

2009

2010

2011

I. Operating income

265 851

286 566

284 299

304 467

317 421

a. Turnover

258 907

279 490

276 444

296 135

308 563

6 944

7 076

7 855

8 332

8 858

-196 135

-219 038

-218 925

-234 309

-249 523

d. Other operating income II. Operating charges a. Raw materials and consumables

742

1 045

1 245

830

708

106 062

119 012

117 455

127 805

135 796

c. Remunerations, social security costs and pensions

49 536

56 088

56 968

58 541

61 135

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

26 953

29 956

30 694

33 660

36 261

b. Services and other goods

e. Amounts written off stocks f. Provisions for liabilities and charges

67

125

-194

8

342

-275

26

181

g. Other operating charges

12 572

12 528

12 713

13 641

15 434

III. Operating profit

69 716

67 528

65 374

70 158

67 898

IV. Financial income

797

1 641

926

812

900

a. Income from financial assets

301

9

14

7

7

b. Income from current assets

206

142

66

32

40

c. Other financial income V. Financial charges

1 134

775

732

861

750

-28 701

-25 870

-24 511

-31 736

-29 381

a. Debt charges

16 018

12 042

9 952

13 781

11 494

b. Depreciation on consolidation adjustments

11 862

12 866

12 531

16 593

16 768

c. Amounts written off current assets other than those mentioned under II e. d. Other financial charges VI. Current income before tax

26

63 207

-

-

-

-

-

821

962

2 028

1 362

1 119

42 656

42 584

41 675

39 322

39 314


in ,000 â‚Ź

2007

2008

2009

2010

2 011

238

36

121

6 825

8 691

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

-

-

-

-

-

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

-

-

3

-

-

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

-

-

-

-

-

46

36

29

331

8 392

VII. Extraordinary income

e. Capital gains on disposal of fixed assets f. Other extraordinary income

192

-

89

6 494

299

VIII. Extraordinary charges

-414

-311

-358

-219

-235

-

35

16

37

39 -

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

-

-

10

1

d. Provisions for extraordinary liabilities and charges

-

-

-4

-

-

39

2

73

55

59

e. Capital losses on disposal of fixed assets f. Other extraordinary charges

375

274

263

126

137

42 480

42 309

41 438

45 928

47 770

-1 741

8 548

-3 086

-743

-1 578

424

8 548

613

611

139

-2 165

-

-3 699

-1 354

-1 717

XI. Income taxes

-14 774

-21 101

-13 962

-15 505

-15 465

a. Taxes

-14 774

-21 104

-13 969

-15 522

-15 478

-

3

7

17

13

25 965

29 756

24 390

29 680

30 727

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

4 032

1 068

1 151

1 291

1 416

a. Profits

4 032

1 068

1 151

1 291

1 416

-

-

-

-

-

29 997

30 824

25 541

30 971

32 143

909

720

790

954

561

29 088

30 104

24 751

30 016

31 581

IX. Profit or loss for the period before taxation X. a. Withdrawals from deffered and latent taxation reserve b. Transfers to deffered and latent taxation reserve

b. Adjustment of income taxes and write-back of tax provisions XII. Profit or loss for the period

b. Losses Consolidated profit Third party share of the profit Group share of the profit

27


Financial report

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

Rights of the Group

Centre 85 Parkgaragen und Immobilien GmbH

Berlin

Servipark International S.A.

Brussels

100,00% BE 458 245 915

Servipark Deutschland GmbH

Berlin

96,63%

Serviparc S.A.

Brussels

100,00% BE 441 030 096

Contipark Continentale Parkgaragen GmbH

Berlin

94,00%

Uniparc Belgique S.A.

Brussels

100,00% BE 427 825 725

Contipark International Parking GmbH

Berlin

94,00%

Beheercentrale N.V.

Antwerp

100,00% BE 406 391 002

Contipark Parkgaragen GmbH

Berlin

93,10%

Parking Kouter S.A.

Brussels

100,00% BE 460 024 775

Parkhaus Südwest GmbH

Berlin

93,10%

Parking Monnaie S.A.

Brussels

100,00% BE 403 459 721

Parkhaus Waldthausenpark GmbH

Berlin

93,10%

Centre 58 S.A.

Brussels

99,55% BE 812 274 337

Parking Bowling Green GmbH

Berlin

93,10%

Parking Roosevelt N.V.

Antwerp

87,50% BE 406 715 456

Contipark Parkgaragen Marienplatz München GmbH

Berlin

93,10%

Parking 2 Portes S.A.

Brussels

75,00% BE 403 317 486

Contipark Parkgaragen Kurhaus Wiesbaden GmbH

Berlin

88,36%

Interparking France S.A.

Paris

100,00%

Contipark International Austria GmbH

Salzburg

96,92%

Interparking Services S.A.S

Paris

100,00%

Ö Park Garagen GmbH

Vienna

96,92%

Cannes

100,00%

Optimus GmbH

Vienna

96,92%

Nîmes

100,00%

Optimus Parkhausverwaltungs GmbH & Co KG

Vienna

96,92%

Servipark France S.A.S.

Paris

100,00%

Villacher Parkgaragen GmbH & Co KG

Salzburg

96,92%

Société Parc Sulzer

Nice

95,01% Barcelona

98,24%

Interparking Nederland B.V.

Rotterdam

100,00%

Lleida

91,81%

Interparking Security B.V.

Rotterdam

100,00%

Uniparc Nederland B.V.

Rotterdam

100,00%

Sc Square Parking S.R.L.

Bucarest

58,95%

Poland Car Parking sp zoo

Warsaw

100,00%

Uniparc Cannes S.N.C Solopark S.A.S

Interparking Hispania S.A.

Interparking Italia S.R.L.

Venezia

100,00%

Interparking Servizi S.R.L.

Venezia

100,00%

SIS S.R.L.

Corciano

100,00%

Mazzini 82 S.P.A.

Mantova

100,00%

Interparking Lleidatana S.A.

III. List of companies consolidated by the equity method Immo TGV S.A. DB BahnPark GmbH

28

100,00%

Brussels Berlin

33,20% BE 434 655 515 46,06%


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. 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.

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.

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. Only positive consolidation adjustments are 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 purchase price under deduction of appropriate write-down. 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 2011. Closing rate Average rate Romanian Lei (RON) 0.224526 0.230040 Polish Zloty (PLN) 0.220022 0.229400 B. The deffered taxes are recorded 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 deffered taxes are calculated on the last known rate at the date of the accounts.

29


Financial report

VII. Statement of formation expenses Opening balance Movements in the year: - New expenses incurred - Depreciation - Changes in scope - Other movements Closing balance

VIII. Statement of intangible assets a. Acquisition value Opening balance Movements in the year: - Acquisitions - Sales and disposals - Currency translation effect - Transfers from one heading to another - Other movements Closing balance c. Depreciations and amounts written-down Opening balance Movements in the period: - Recorded - Acquired from third parties - Sales and disposals - Currency translation effect - Transfers from one heading to another - Other movements Closing balance Net book value

30

124 -17 -98 9

IX. Statement of tangible fixed assets a. Acquisition value Opening balance Movements during the period: - Acquisitions - Sales and disposals - Transfers from one heading to another - Other movements Closing balance b. Revaluation surpluses Closing balance

Concessions

Goodwill

62 148

16 534

1 422 -147 141 420

-

204 843

16 534

c. Depreciations and amounts writtendown Opening balance Movements during the period: - Recorded - Acquired from third parties - Written-down after sales and disposals - Transfers from one heading to another - Currency translation effect

22 689

15 715

- Other movements Closing balance Closing net book value

6 062 -75 42 281

619 -

70 957 133 886

16 334 200

X. Statement of financial assets a. Acquisition value Opening balance Movements during the period: - Acquisitions - Sales and disposals - Other movements Closing balance c. Amounts written-down Opening balance Movements during the period: - Recorded - Written-down after sales and disposals Closing balance e. Movements in the capital and reserves Opening balance - Group share of the profit - Other movements Closing balance Closing net book value

Land and building

Furniture and vehicule

Leasing and similar rights

671 141

Plant machinery and equipment 66 660

Assets under construction

36 863

Other tangible fixed assets 40 745

15 247

44 178 -11 111 -135 972 568 236 7 460 7 460

8 598 -1 760 431 -3 73 926 -

1 983 -764 -39 16 427 -

-1 676 35 187 -

2 157 -207 -36 42 659 -

10 479 -41 -10 389 -87 11 837 -

-

-

-

-

-

-

324 899

41 368

11 283

15 621

26 615

-

19 355 2 894 -10 589 -45 943 -

5 145 201 -1 503 -854 -

1 542 -669 -30 -

1 467 -1 224 -

2 092 -168 -40 -

-

290 616 285 080

44 357 29 569

12 126 4 301

15 864 19 323

28 499 14 160

11 837

11 875

Companies valued by the equity method 1 099

Other enterprises 1 216

Receivables

220 1 319

7 -161 1 062

1 8 388

2

-

-

-2 -

-

-

222 1 416 -1 514 124 1 443

1 062

8 388

8 387


XI. Statement of consolidated reserves Opening balance

245 476

Movements during the period: - Profit

31 581

- Dividend to shareholders

-10 878

- Other movements

XV. Rights and commitments not reflected in the balance sheet A2.

-

Closing balance

- in favour of the companies included in the consolidation

266 179

XII. Statement of consolidation differences

Positive consolidation differences

Negative consolidation differences

198 337

3 577

- Changes in the scope due to an increase of percentage

12 596

-

- Changes in the scope due to a decrease of percentage

-

-

-16 768

-

-

-

194 165

3 577

Opening balance Movements during the period:

- Write-downs - Other movements Closing balance

-

a) Purchase commitments for fixed assets

34 104

b) Transfer commitments for fixed assets A7.

-

a) Commitments resulting from interest rates derivatives

137 560

Operating income per countries in million € 300 200

Due within one year

Between one and 5 years

More than 5 years

15 539

261 211

60 898

50

1. Subordinated loans / debentures

-

-

-

0

2. Unsubordinated loans / debentures

-

-

-

a. Breakdown

113 294

- in favour of third parties A4.

250

XIII. Statement of amounts payable

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 :

265 213

217

02 03 Belgium Italy

04

211

224

286

284

304

317

10

11 France

239

150 100

Financial debts

3. Leasing and similar obligations

444

1 882

12 479

14 423

227 425

35 339

671

29 002

1 951

1

2 902

11 129

Financial liabilities

-

-

24 235

4. Amounts due to credit institutions

-

-

24 235

4. Amounts due to credit institutions 5. Other loans Other debts b. Secured liabilities

05 06 Germany Austria

EBITDA in million € 96,7

97,5

96,1

103,8

07

08 09 Spain Netherlands

NET Earning in million € 104,2 29,1

30,1

30,0

31,6

24,8

XIV. Operating profit b. Staff costs

a. Operating income per countries

1. Fully consolidated companies

1. Geographic breakdown • Belgium

32.44%

Average number of staff

• Germany

31.69%

• Managers

• Spain

12.18%

• Salaried employees

1 584

• France

8.59%

• Hourly paid workers

267

• Italy

7.62%

• Austria

4.54%

• Netherlands

2.94%

Staff costs (in thousand Euro)

1 969

07

08

09

10

11

07

08

09

10

11

118

61 135

31


Financial report

Balance sheet Interparking s.a. Assets in ,000 â‚Ź Fixed assets I. Formation expenses

2008

2009

2010

2011

592 640

610 764

622 222

614 575

-

-

-

-

-

20 286

18 588

16 625

14 548

12 393

III. Tangible assets

64 143

68 378

58 256

54 704

53 441

a. Land and buildings

58 866

59 107

45 157

41 350

39 443

II. Intangible assets

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

56

198

113

100

241

675

1 075

1 154

1 238

1 437

d. Leasing and similar rights

1 029

924

819

713

218

e. Other tangible assets

3 517

6 351

9 920

10 873

9 773

f. Assets under construction and advance payments

-

723

1 093

430

2 329

IV. Financial assets

503 737

505 674

535 883

552 970

548 741

a. Affiliated enterprises

502 706

503 100

532 774

549 787

545 553

- Participations

502 706

503 100

532 774

532 774

537 409

-

-

-

17 013

8 144

b. Other enterprises linked by participating interests

17

16

15

14

13

- Participations, shares and units

17

16

15

14

13

-

-

-

-

-

1 014

2 558

3 094

3 169

3 175

- Amounts receivable

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

602

610

611

613

620

- Amounts receivable and cash guarantees

412

1 948

2 483

2 556

2 555

Current assets

7 550

9 800

62 410

39 103

31 547

V. Amounts receivable after more than one year

-

-

-

-

-

b. Other amounts receivable

-

-

-

-

-

VI. Stocks and orders in progress

-

-

-

-

-

a. Stocks

32

2007 588 166

-

-

-

-

-

VII. Amounts receivable within the year

4 920

6 652

57 800

35 052

27 172

a. Trade receivables

4 034

5 713

4 729

3 762

3 733

b. Other amounts receivable

886

940

53 071

31 290

23 439

VIII. Treasury investments

-

-

-

-

-

a. Own shares

-

-

-

-

-

b. Other investments and deposits

-

-

-

-

-

IX. Cash at bank and in hands

1 504

1 719

1 315

1 279

1 498

X. Deferred charges and accrued income

1 126

1 429

3 295

2 772

2 877

595 716

602 440

673 174

661 325

646 122

Total assets


Liabilities in ,000 â‚Ź Share capital & reserves

2007

2008

2009

2010

2011

201 702

212 181

220 927

229 895

246 219

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

5 839

5 820

9 530

9 511

9 494

a. Legal reserves

1 589

1 589

1 589

1 588

1 589

9

10

9

9

9

4 241

4 221

7 932

7 914

7 896

141 249

151 747

156 783

165 633

182 111

-

-

-

137

-

Provisions

350

300

2 188

2 170

2 204

a. Provisions for liabilities and charges

251

211

188

179

223

- Pensions and similar obligations

147

107

84

75

119

- Others

104

104

104

104

104

99

89

2 000

1 991

1 981

Liabilities

393 664

389 959

450 059

429 260

397 699

VIII. Amounts payable after more than one year

158 392

112 812

320 740

313 690

308 596

a. Financial debts

b. Unavailable reserves c. Untaxed reserves V. Profit carried forward VI. Investment grants

b. Taxation, including deffered taxation

156 295

110 687

314 171

307 364

301 873

- Subordinated loans

-

-

-

-

-

- Unsubordinated debentures

-

-

-

-

-

1 577

1 555

1 531

1 502

-

26 249

16 127

13 173

173 062

183 797

128 469

93 005

299 467

132 800

118 076

2 097

2 125

6 569

6 326

6 723

225 325

266 992

119 289

107 312

77 150

10 425

45 781

38 864

54 078

27 935

208 276

204 056

62 929

34 853

30 005

- Leasing and other similar obligations - Banks and financial institutions - Other loans d. Other amounts payable IX. Amounts payable within one year a. Amounts > one year payable within the year b. Financial debts - Banks and financial institutions

11 946

2 350

9 825

4 850

-

196 330

201 706

53 104

30 003

30 005

c. Trade debts

3 813

4 364

4 420

4 738

5 537

e. Taxation, remuneration and social security

2 789

2 751

3 060

3 295

2 793

- Taxes

1 498

1 295

1 592

1 835

1 295

- Remunerations and social security costs

1 291

1 456

1 468

1 460

1 498

- Other loans

f. Other amounts payable X. Accrued charges and deferred income Total liabilities

22

10 040

10 016

10 348

10 880

9 947

10 155

10 030

8 258

11 953

595 716

602 440

673 174

661 325

646 122

33


Financial report

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

2007

2008

2009

2010

2011

I. Operating income

81 260

88 133

82 158

84 441

90 497

a. Turnover

80 091

87 033

81 051

83 190

89 009

1 169

1 100

1 107

1 251

1 488

-62 589

-68 555

-66 985

-67 264

-71 950

d. Other operating income II. Operating charges a. Raw materials and consumables

-

-

-

-

-

b. Services and other goods

30 270

34 210

31 665

33 209

37 061

c. Remuneration, social security costs

14 088

15 530

16 409

16 074

16 370

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

11 800

12 087

12 591

12 211

12 115

-

62

118

-201

-

e. Amounts written off stocks contracts in progress and trade debtors f. Provisions for liabilities and charges

-1

-40

-23

-9

44

6 432

6 707

6 225

5 980

6 360

III. Operating profit

18 671

19 577

15 173

17 177

18 547

IV. Financial income

14 267

21 933

21 214

21 245

25 669

a. Income from financial fixed assets

13 633

21 438

20 790

19 745

24 550

b. Income from current assets

182

107

88

1 182

843

c. Other financial income

452

388

336

318

276

-18 059

-19 503

-14 165

-18 275

-13 543

17 640

19 027

13 684

17 297

12 851

-

-

-

-

-

g. Other operating charges

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

419

476

481

978

692

14 879

22 007

22 222

20 147

30 673

Valuation rules • • • •

34

Merger goodwill is depreciated over a 20 year period. 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.

• • •

Amounts receivable within the year are valued at 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.


in ,000 â‚Ź

2007

2008

2009

2010

2011

112

32

320

587

34

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

-

-

-

-

34

VII. Extraordinary income

d. Capital gains on disposal of fixed assets

12

32

320

237

100

-

-

350

-

-4

-3

-106

-19

-49

b. Amounts written off financial fixed assets

2

1

2

1

1

c. Provisions for extraordinary liabilities and charges

-

-

-

-

-

d. Losses on disposal of fixed assets

2

2

-

18

48

e. Other extraordinary income VIII. Extraordinary charges

e. Other extraordinary charges

-

-

104

-

-

14 987

22 036

22 436

20 715

30 658

X.

11

10

-1 910

10

9

a. Withdrawals from taxation period, including deffered taxation

11

10

10

10

9

IX. Profit or loss for the financial year

b. Transfers to taxation, including deffered taxation

-

-

-1 920

-

-

XI. Income taxes

-1 980

-1 559

-1 771

-1 558

-3 328

a. Taxes

-1 980

-1 559

-1 771

-1 575

-3 340

-

-

-

17

12

13 018

20 487

18 755

19 167

27 339

XIII.

22

20

-3 711

18

18

a. Withdrawals to untaxed reserves

22

20

18

18

18

-

-

-3 729

-

-

13 040

20 507

15 044

19 185

27 357

b. Adjustment of income taxes and write back of tax provisions XII. Current income before tax

b. Transfer from untaxed reserves XIV. Profit or loss of the period

35


Financial report

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 2011 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 2011, prepared in accordance with the financial reporting framework applicable in Belgium, which show a balance sheet total of € 777 051 434 and a profit (Group share) for the year of € 31 581 456. 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. 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

36


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 € 84 (million) and a total profit of € 8,3 (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 2011 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, 1st March 2012

KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises Statutory auditor represented by Dirk Brecx Réviseur d’Entreprises Michel Lange Réviseur d’Entreprises

Bossaert Moreau Saman & C°SPRL Statutory auditor represented by Paul Moreau Réviseur d’Entreprises


Content Key figures 1 Message from the Managing Director 2 History & Developments in 2011 3 Expansion throughout the Continent 4 City centres & On-Street spaces 8 Commercial & Business centres 12 Airports & Train stations 16 Touristic centres 18 Hospital 20 Corporate Social Responsibility 22 Board of directors and management 23 Management report Financial report 24 Consolidated balance sheet 26 Consolidated profit & loss 28 Appendices to the consolidated accounts 32 Balance sheet Interparking s.a. 34 Profit & loss account Interparking s.a. 36 Joint statutory auditors’report

Key figures 76,2

73,7

Net current cash flow

31,6

30,0

Profit of the Group

104,2

103,8

EBITDA

317,4

304,5

Operating income

in million €

2011

2010

% 4,3% 0,3% 5,2% 3,4%

www.agrealestate.eu S.A. INTERPARKING N.V. is a 90% subsidiary of AG Real Estate

www.interparking.com T. 32 2 549 58 11 – F. 32 2 511 02 09 Bisschopsstraat, 1, 1000 Brussel, België

Making the world move better Activities report 2011

1, rue de l’évêque, 1000 Bruxelles, Belgique EUROPEAN HEADQUARTERS S.A. INTERPARKING N.V.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.