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Notes to the Consolidated Accounts
\ Annual Accounts
Group insurance
The group insurance subscribed by Cofinimmo (under the defined con-
tribution form) for its employees and the members of its Executive
Committee, has the following objectives:
•
payment of a life benefit to the affiliate at retirement;
•
payment of a death benefit to the beneficiaries of the affiliate in case
of death before retirement;
•
payment of a disability pension in case of accident or long-term
illness other than professional;
•
waiver of premiums in the same cases.
In order to protect workers, the Law on the Supplementary Pensions
defines a guaranteed minimum return required on the “Life” share of
premiums.
This minimum return amounts to 3.75% of the gross premiums for the
personal contributions and to 3.25% of the premiums for the employer’s
contributions.
The rate guaranteed by the insurer stands at 2.25% since 2013.
Cofinimmo therefore covers part of the rates guaranteed by the Law on
Supplementary Pensions. If necessary, additional amounts must be
brought under the reserves to reach the guaranteed returns for the ser-
vices given. No provision was booked at 31.12.2013, the return deficit not
being material.
Emoluments of the Auditor
The fixed emoluments of Deloitte, Company Auditors for reviewing and
certifying Cofinimmo’s company and consolidated accounts amounted
to €116,700 (excluding VAT). Its emoluments for certifying the company
accounts of Cofinimmo’s subsidiaries amounted to €130,610 (exclud-
ing VAT) and are calculated per company based on their effective
performances.
The fees of the Degroof Bank as financial service provider for the payment
of the dividend coupons are to be found under the item “Other” of “Fees
paid to third parties”. It is a fixed amount for their annual services.
(x €1,000)
2013
2012
Emoluments of the Company Auditor
312
347
Emoluments for the execution of a mandate of Company Auditor
247
255
Emoluments for exceptional services or special assignments within the Group
65
92
Other certification assignments
24
60
Other assignments external to the auditing duties
41
32
Emoluments of people with whom the Auditor is connected
70
34
Emoluments for exceptional services or special assignments within the Group
70
34
Tax advisory duties
70
34
TOTAL
382
381
The emoluments of the Company Auditors, other than Deloitte, appointed for the Group’s French companies amounted to k€51 (excluding VAT).
NOTE 11.
GAINS OR LOSSES ON DISPOSALS OF INVESTMENT PROPERTIES AND OTHER NON-FINANCIAL ASSETS
(x €1,000)
2013
2012
Disposal of investment properties
Net disposal of properties (selling price - transaction costs)
21,699
3,319
Investment value of properties sold
-21,589
-3,016
Fair value of properties sold
-20,909
-2,800
Writeback of the impact on the fair value of estimated transfer duties resulting from
the hypothetical disposal of investment properties
-680
-216
Other
37
763
SUBTOTAL
147
1,066
Disposal of other non-financial assets
Gain on disposal of remaining MCBs
348
SUBTOTAL
348
TOTAL
147
1,414
The future hypothetical transaction costs and transfer duties are deducted directly from the shareholders’ equity on the acquisition of properties. When
the properties are sold, this amount must therefore be deducted from the difference between the price obtained and the book value of these properties
in order to calculate the gain or loss effectively made.