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
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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
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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.
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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.
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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.
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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
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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.
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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
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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.
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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
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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.
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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.