118 / 220
SHAREHOLDERS/INVESTORS PROFILE
Cofinimmo has a diversified investors profile, comprising on the one hand
retail investors based mainly in Belgium, and on the other hand institu-
tional investors spread namely over Belgium, France, Switzerland, the
Netherlands, the United Kingdom and the United States. At 31.12.2013, no
shareholder crossed the threshold of 5% which requests a notification.
COFINIMMO SHARE LIQUIDITY
In 2013, Cofinimmo continued its efforts to enhance the liquidity of its share.
It participated in 30 roadshows and conferences throughout the year, and
the company invested in campaigns aimed at both institutional and retails
investors.
With a market capitalisation of its ordinary shares standing at €1.52 bil-
lion and an average daily volume of €3.3million or just over 37,000 shares,
Cofinimmo’s liquidity level is sufficient to keep it on the radar screen of major
institutional investors.
DIVIDEND
At the Ordinary General Shareholders’ Meeting of 14.05.2014, the Board of
Directors will offer a dividend in line with the forecast published in the 2012
Annual Financial Report. It amounts to €6.00 gross per ordinary share,
which corresponds to a gross yield of 6.8% against the average share
price of the ordinary share during the financial year 2013. In accordance
with the Articles of Association of the company, the dividend of the pref-
erence shares, on the other hand, is fixed at €6.37 gross (see also the
chapter “Standing Document” of this Annual Financial report).
WITHHOLDING TAX
Since 01.01.2013, the applicable withholding tax on distributed dividends
amounts to 25%.
No withholding tax is deducted for non-resident investors that are
exempted from all income taxes in their country of residence, that have
a non-profit-making activity and which corporate purpose solely consists
in managing and investing funds collected for legal or supplementary
pensions
1
.
1
The Belgian Law provides for other exemptions than the one mentioned here and that the beneficiaries of the dividends can rely on depending on their status and the conditions that
must be met to benefit from these exemptions. Moreover, the agreements to prevent double taxation provide for reductions of withholdings at source on dividends.
2
Gross dividend distributed in 2013 on the average annual share price.
3
Appreciation of the share price + dividend yield.
4
Dividends are subject to a 25% withholding tax.
5
Forecast.
6
According to the Euronext method.
7
In the net current result - Group share, excluding IAS39 impact.
ISIN BE0003593044
2013
2012
2011
Share price (in €)
Highest
93.50
95.00
103.90
Lowest
82.23
83.38
82.30
At close
89.75
89.60
90.82
Average
88.26
88.40
94.80
Dividend yield
2
7.36%
7.35%
6.86%
Gross return
3
(over 12months)
7.53%
6.01%
0.09%
Dividend
4
(in €)
Gross
6.00
5
6.50
6.50
Net
4.75
5
4.88
5.14
Volume
Average daily volume
37,975
33,584
34,683
Annual volume
9,911,464
8,765,448
9,017,465
Number of shares entitled to a share in the consolidated results
of the financial year
16,954,002
16,007,572
14,126,279
Market capitalisation at the end of the period (x €1,000)
1,521,570
1,470,688
1,365,960
Free float zone
6
90%
90%
90%
Velocity
6
58.46%
53.37%
59.24%
Adjusted velocity
6
64.96%
57.22%
63.83%
Pay-out ratio
7
88.50%
85.41%
87.25%
Management Report /
Cofinimmo in the Stock Market
112
/