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Notes to the Consolidated Accounts
\ Annual Accounts
NOTE 33.
PROVISIONS
(x €1,000)
2013
2012
AT 01.01
20,493
18,474
Provisions charged to the income statement
1,421
5,992
Uses
-2,166
-1,598
Provision writebacks credited to the income statement
-1,568
-2,375
AT 31.12
18,180
20,493
The provisions of the Group (k€18,180) can be classified in two
categories:
•
provisions corresponding to a contingent quota of the cost of
the works that the Group has committed to undertake in several
buildings, for k€13,882 (2012: k€13,880);
•
provisions to face its potential commitments vis-à-vis tenants or
third parties, for k€4,298 (2012: k€6,613).
These provisions correspond to the discounted future payments consid-
ered as likely by the Board of Directors.
NOTE 34.
DEFERRED TAXES
(x €1,000)
2013
2012
Exit tax
1,183
2,128
Deferred taxes
33,572
33,666
TOTAL
34,755
35,794
The exit tax pertains to two French entities which opted for the SIIC status
in 2013. This exit tax is based upon the gains resulting from the valuation
of the properties, i.e. the difference between the value of the properties
as estimated by the expert at 31.12.2012 and the net book value of these
properties at the same date. The taxation rate applied to this figure stands
at 19%. The payment of the exit tax is spread over four years. The first pay-
ment took place in December 2013 for a total amount of k€626.
The deferred taxes pertain to the Dutch subsidiary Pubstone Properties
BV. The deferred taxes of this subsidiary correspond to the taxation, at a
rate of 25%, of the difference between the investment value of the assets,
less registration rights, and their tax value.
1
Based on the parent company’s result.
NOTE 32.
DIVIDEND PER SHARE
1
(in €)
Paid
in 2013
Paid
in 2012
Gross dividends attributable to the ordinary shareholders
99,568,137.50 91,820,813.50
Gross dividend per ordinary share
6.50
6.50
Net dividend per ordinary share
4.875
5.135
Gross dividends attributable to the preference shareholders
4,391,458.89 6,801,943.33
Gross dividend per preference share
6.37
6.37
Net dividend per preference share
4.7775
5.0323
A gross dividend in respect of the financial year 2013 of €6.00 per ordinary
share (net dividend of €4.50 per ordinary share), amounting to a total divi-
dend of €101,430,510.00, is to be proposed at the Ordinary General Meeting
of 14.05.2014
1
. Indeed, at the closing date, the number of ordinary shares
entitled to the 2013 dividend amounts to 16,905,085.
The Board of Directors proposes to suspend the right to dividend for the
40,211 own ordinary shares still held by Cofinimmo under its stock option
plan and to cancel the right to dividend of the remaining 8,706 own shares.
A gross dividend in respect of the financial year 2013 of €6.37 per prefer-
ence share (net dividend of €4.7775 per preference share), amounting to a
total dividend of €4,386,904.34, is to be proposed at the Ordinary General
Meeting of 14.05.2014. Indeed, at the closing date, the number of preference
shares entitled to the 2013 dividend stands at 688,682.
As a reminder, since 01.01.2013, the withholding tax rate applicable to dis-
tributed dividends stands at 25%. In addition, since 07.01.2013, no withhold-
ing tax is applied for non-resident investors having a non-profit activity and
which corporate purpose solely consists of the management and place-
ment of funds collected to serve legal or complementary pensions.