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Management Report /
Forecasts 2014
70
/
DIVIDEND
The Board of Directors considers that the dividend per share will need to
be reduced starting from the financial year 2014 (dividend payable in
June 2015). It plans to offer the shareholders a gross dividend per ordinary
share of €5.50, better aligned with the cash flow per share forecasted for
the financial year 2014.
The proposed dividend level of €5.50 for the financial year 2014 corre-
sponds to a gross yield of 6.23% against the average share price of the
ordinary share during the financial year 2013, and a gross yield of 5.99%
against the net asset value of the share at 31.12.2013 (in fair value). These
yields remain significantly higher than the average yield of European real
estate companies
2
.
This proposal will be in line with the provisions of Article 27 of the Royal
Decree of 07.12.2010, in that it exceeds the minimal requirement to distrib-
ute 80% of the net income of Cofinimmo SA/NV (unconsolidated) foreseen
for 2014.
CAVEAT
The forecasted consolidated balance sheet and income statement are pro-
jections, the achievement of which depends namely on trends in the prop-
erty and financial markets. They do not constitute a commitment on the
part of the company and have not been certified by the company’s auditor.
Nevertheless, the Auditor, Deloitte Company Auditors SC s.f.d. SCRL/BV
o.v.v.e. CVBA represented by Mr. Franck Verhaegen, has confirmed that the
forecasts have been drawn up properly on the indicated basis and that the
accounting basis used for the purposes of this forecast are compliant with
the accounting methods employed by Cofinimmo SA/NV in preparing its
consolidated accounts using accounting methods in accordance with IFRS
standards as executed by the Belgian Royal Decree of 07.12.2010.
1
Net income excluding gains or losses on disposals of investment properties and other non-financial assets, changes in the fair value of investment properties, the item “Other result on
the portfolio” and the exit tax.
2
The EPRA Euronext index offers a gross dividend yield of 4.51% at 31.12.2013.
Consolidated income statement – Analytical form
(x €1,000)
2013
2014
NET CURRENT RESULT
Rental income, net of rental-related expenses
195,186
196,457
Writeback of lease payments sold and discounted (non-cash)
25,276
27,627
Taxes and charges on rented properties not recovered
-2,377
-2,624
Redecoration costs, net of tenant compensation for damages
-1,176
-1,350
Property result
216,909
220,110
Technical costs
-5,230
-5,612
Commercial costs
-841
-1,718
Taxes and charges on unlet properties
-4,075
-3,748
Property result after direct property costs
206,763
209,032
Property management costs
-14,257
-14,971
Property operating result
192,506
194,061
Corporate management costs
-6,887
- 7,060
Operating result (before result on the portfolio)
185,619
187,001
Financial income (IAS 39 excluded)
5,723
5,778
Financial charges (IAS 39 excluded)
-66,972
-67,285
Revaluation of derivative financial instruments (IAS 39)
-13,686
Share in the result of associated companies and joint ventures
1,425
1,630
Taxes
-2,179
-3,662
Net current result
1
109,930
123,462
Minority interests
-5,006
-4,519
NET CURRENT RESULT – GROUP SHARE
104,924
118,943
NUMBER OF SHARES ENTITLED TO SHARE IN THE RESULT OF THE PERIOD
17,593,767
17,980,904
NET CURRENT RESULT PER SHARE – GROUP SHARE
(in
€
)
5.96
6.61
NET CURRENT RESULT PER SHARE – GROUP SHARE – EXCLUDING IAS 39 IMPACT
(in
€
)
6.78
6.61