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Management Report /
Data according to the EPRA Principles
62
/
EPRA Cost ratios
(x€1,000)
31.12.2013
31.12.2012
(i)
Administrative/operational expenses per IFRS income statement
-37,323
-38,185
Rent-free periods
-2,479
-1,673
Taxes and charges on rented properties not recovered
-2,376
-1,968
Net redecoration costs
-1,176
-1,010
Technical costs
-5,114
-6,243
Commercial costs
-957
-1,091
Taxes and charges on unlet properties
-4,075
-3,826
Property management costs
-14,258
-15,011
Corporate management costs
-6,888
-7,363
(v)
Share of joint venture expenses
-110
-29
EPRA COSTS (DIRECT VACANCY COSTS INCLUDED) (A)
-37,433
-38,214
(ix)
Direct vacancy costs
5,677
5,149
EPRA COSTS (DIRECT VACANCY COSTS EXCLUDED) (B)
-31,756
-33,065
(x)
Gross rental income less ground rent costs
197,664
204,031
(xii)
Add: Share of joint venture gross rental income
683
468
Gross rental income (C)
198,347
204,499
EPRA COST RATIO (DIRECT VACANCY COSTS INCLUDED) (A/C)
18.87%
18.69%
EPRA COST RATIO (DIRECT VACANCY COSTS EXCLUDED) (B/C)
16.01%
16.17%
Overhead and operational expenses capitalised (including share of joint ventures)
2,534
3,000
Cofinimmo capitalises overhead costs and operational expenses directly related to development projects (legal fees, project management fees, capitalised
interests, etc.).