61 / 220
500
400
300
200
100
0
2014
2015
2016
2017
2018
2019
2020
50
0
100
200
300
400
500
200
173.3
190.8
15
140
140
242.4
220
210
341
267
Bank facilities
Capital markets
Financial debt
(x €1,000,000)
Financial
debt
Long-term
commitments
Capital markets
Bonds
394.4
390.0
Convertible bonds
373.1
364.1
Long-term commercial papers
15.0
15.0
Short-term commercial papers
103.2
Other
4.2
4.2
Bank facilities
Revolving credits
705.0
1,319.4
Term credits
111.9
111.9
Other
15.4
8.0
Total
1,722.2
2,212.6
STRENGHTENING OF EQUITY
Cofinimmo regularly taps into the capital markets to strengthen its finan-
cial resources. During the past ten years, the company has raised equity
at an average annual amount of €85.9 million in various forms: issue of
shares as part of a contribution in kind, sale of treasury shares, issue of
preference shares, dividends payable in shares.
During 2013, Cofinimmo strengthened its equity in two ways:
•
the sale of treasury shares for €91.7 million
During the first half of 2013, Cofinimmo sold 1,056,283 own ordinary
shares for an average net price of €86.78 per share (average gross
price of €87.69 per share), thereby strengthening its equity by
€91.7 million. Of these 1,056,283 own ordinary shares, 989,413 were
sold via an accelerated bookbuilding offering at a gross price of
€87.50 per share
1
, and the balance on the stock market.
•
the distribution of dividends in new shares for €43.9 million gross
The shareholders’ equity was increased by €43.9 million, further to a
decision by the shareholders of Cofinimmo to reinvest 52.7%
2
of their
2012 dividends in new ordinary shares. The subscription price of the
new ordinary shares was €82.875
3
, i.e. a 4.48% discount versus the
average share price during the considered period.
Repayment schedule for long-term financial commitments -
€2,189.5million
(x €1,000,000)
1
See also our press releases dated 25.03.2013 and 26.03.2013, available on the website
www.cofinimmo.com.2
Against 40.8% for the 2011 dividend.
3
See also our press releases dated 08.05.2013 and 06.06.2013, available on the website
www.cofinimmo.com.
\ 55
Management of Financial Resources
\ Management Report