Annual financial report 2013

194 / 220

188/ Annual Accounts / Notes to the Consolidated Accounts
Non-controlling interests1
Non-controlling interests represent third-party interests in subsidiaries
neither directly nor indirectly held by the Group.
Cofinimur I
At the end of 2011, Cofinimmo acquired a portfolio of agencies and offices
from the MAAF Group through its subsidiary Cofinimur I. Foncière Atland
owns 2.35% of the shares of the Cofinimur I structure. In addition, at the
time of the acquisition, Cofinimur I also issued mandatory convertible
bonds (MCB), considered as non-controlling interests.
Foncière Atland is a listed French property company with the SIIC status.
It specialises in corporate real estate, offices, business premises, ware-
houses and retail.
For further information about the Group: .
Pubstone
At the end of 2007, Cofinimmo acquired a portfolio of cafés/restaurants
owned until then by Immobrew SA/NV, a subsidiary of AB InBev and
renamed Pubstone SA/NV. At 31.12.2013, AB InBev owns an indirect stake of
9.9994% in the Pubstone structure. Brasserie Gheens SA/NV and Cavenor
SA/NV are also shareholders of Pubstone Group, for 0.05% and 0.14%
respectively.
In addition, following the restructuration of the Pubstone Group in
December 2013, AB InBev owns 10% direct minority interests in Pubstone
Properties BV.
Anheuser-Busch InBev (AB InBev) is the world’s largest brewer by volume
of beer brewed. Listed on the stock exchange, its registered offices are
located in Leuven, Belgium.
For further information about the Group: .
Silverstone
During the financial year 2012, Cofinimmo set up a structure, Silverstone
SA/NV, holding a portfolio of nursing homes in Belgium. Senior Assist holds
5% of Silverstone SA/NV at 31.12.2013.
Senior Assist is a family group founded in 2005 which operates in the
home care and accommodation of dependent elderly people sectors. It
operates 32 nursing homes in Belgium.
For further information about the Group:
The holding of these interests by companies outside of the Group, and
therefore not controlled by Cofinimmo, is considered immaterial with
regard to the Group’s total shareholders’ equity (at 31.12.2013, the minority
interests amount to €66.5 million vs. Cofinimmo’s shareholders’ equity of
€1,681 million, i.e. 4.0%).
Change in non-controlling interests
(x €1,000) Cofinimur I Pubstone Silverstone Total
Atland MCB holders InBev Senior Assist
AT 01.01.2012 1,149 41,929 10,777 802 54,657
Interests in the income statement 196 2,806 974 647 4,623
Reserve for the estimated transaction costs
and transfer duties
-8 -8
Transactions with non-controlling interests 5,000 3,678 8,678
MCB coupon -1,379 -1,379
Dividends -85 -85
Other -223 -223
AT 31.12.2012 1,345 48,133 11,658 5,127 66,263
Interests in the income statement 62 2,860 -265 470 3,127
Reserve for the estimated transaction costs
and transfer duties
1 -15 -21 -35
Transactions with non-controlling interests 277 277
MCB coupon -2,727 -2,727
Dividends -32 -241 -273
Other -136 10 16 3 -107
AT 31.12.2013 1,240 48,276 11,671 5,338 66,525
1 The term “non-controlling interests” as defined under IFRS12 corresponds to minority interests.