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MANAGEMENT REPORT /
Consolidated accounts and appropriation of company results
Consolidated balance sheet
(x€1,000)
31.12.2014
31.12.2013
Non-current assets
3,410,050 3,565,180
Goodwill
118,356
129,356
Intangible assets
659
753
Investment properties
3,195,773
3,338,709
Other tangible assets
411
677
Non-current financial assets
10,933
20,941
Finance lease receivables
78,018
67,449
Trade receivables and other non-current assets
38
40
Participations in associated companies and joint ventures
5,862
7,255
Current assets
88,962
105,263
Assets held for sale
3,410
8,300
Current financial assets
498
2,782
Finance lease receivables
1,618
1,236
Trade receivables
24,781
25,698
Tax receivables and other current assets
17,505
24,304
Cash and cash equivalents
17,117
15,969
Accrued charges and deferred income
24,033
26,974
TOTAL ASSETS
3,499,012 3,670,443
Shareholders’ equity
1,608,965
1,681,462
Shareholders’ equity attributable to shareholders of the parent company
1,541,971
1,614,937
Capital
963,067
942,825
Share premium account
384,013
372,110
Reserves
247,562
241,265
Net result of the financial year
-52,671
58,737
Minority interests
66,994
66,525
Liabilities
1,890,047
1,988,981
Non-current liabilities
1,303,250
1,412,904
Provisions
17,658
18,180
Non-current financial debts
1,148,023
1,266,665
Other non-current financial liabilities
102,041
93,304
Deferred taxes
35,528
34,755
Current liabilities
586,797
576,077
Current financial debts
473,499
455,509
Other current financial liabilities
24,698
21,921
Trade debts and other current debts
59,850
64,680
Accrued charges and deferred income
28,750
33,967
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
3,499,012 3,670,443
Comments on the consolidated balance sheet
The
investment value
of the property portfolio
1
, as established by
the independent real estate experts, amounts to €3,329.2 million at
31.12.2014, compared to €3,478.9 million at 31.12.2013. Its
fair value
,
as appears from the consolidated balance sheet, by application of
IAS 40, is obtained by deducting transaction costs from the invest-
ment value. At 31.12.2014, the fair value stands at €3,199.2 million,
compared to €3,347.0 million at 31.12.2013.
The item “
Participations in associated companies and joint
ventures
” concerns the stake of 51% held by Cofinimmo in Cofinéa
I SAS (medical residences in France). The item “
Minority interests
”
includes the mandatory convertible bonds issued by the subsidiary
Cofinimur I SA (MAAF distribution network in France), as well as the
minority interests of the Silverstone and Pubstone subsidiaries.
1
Including assets held for own use and development projects.
20