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Notes to the Consolidated Accounts
\ Annual Accounts
Joint ventures
The joint ventures FPR Leuze and Cofinéa are consolidated by Cofinimmo under the equity method, as the group exercises joint control over these com-
panies under a partnership agreement with the partner shareholders.
The share in the result of the Cofinimmo Group of these two joint ventures are considered immaterial.
General information
Company
FPR Leuze
Cofinéa I
Segment
PPP
Healthcare real estate
Country
Belgium
France
% held by the Cofinimmo Group
50%
51%
Partner shareholders
Cordeel Zetel Temse (49%)
Orpea Group OPCI (49%)
Willemen General Contractor (1%)
Date of company creation
2011
2012
Accounting period
Ends on December 31
st
Ends on December 31
st
Net current result (at 100%)
-2,201
872
Other elements of the global result
-191
Global result
-2,201
680
% held by the Cofinimmo Group
50%
51%
Share in the result of associated companies or joint ventures
-1,100
347
Amount of the interest at Cofinimmo
Participations in associated companies and joint ventures
1,692
5,563
Risks and commitments related
to the partner shareholders
FPR Leuze
The partners Cordeel Zetel Temse and Willemen General Contractor are con-
struction companies responsible for the construction of the future prison.
According to the terms of the contract, Cofinimmo will purchase all the
FPR Leuze shares held by the partner shareholders upon the issue of the
Property Availability Certificate by the Buildings Agency (Belgian Federal
State) scheduled for the second quarter of 2014.
This purchase will be done based on the market value of the shares at
the time the Property Availability Certificate is issued. Cofinimmo will then
exercise an exclusive control over the company.
Cofinéa I
The goal of the partnership entered into with the ORPEA Group is to bring
assets operated by the ORPEA Group under the Cofinéa I structure.
Cofinimmo holds 51% of the shares of this structure. However, the part-
nership agreement stipulates that all decisions, particularly with regard to
investments and divestments, are taken in mutual consent, which implies
a joint control of the company.