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The most notable event of the year was without a doubt
the disposal of the shares of the company Galaxy Properties,
owner of the North Galaxy office building in Brussels.
On the financing side, Cofinimmo continued to
optimise its financial resources, namely by offering its
shareholders the option of the payment of their 2013
dividend in cash or in shares.
In 2014, 41.2% of the 2013 dividends were paid in new ordinary
shares, increasing the company’s equity by €32.8 million. We are
thankful to our shareholders for renewing their vote of confidence.
Furthermore, we continue our strategy of diversification of financial
resources with a debt portfolio comprising of bank facilities,
commercial papers, convertible and non-convertible bonds, with an
appropriate spread of maturities.
With regard to the dividend for the financial year 2015
(payable in 2016), Cofinimmo announces a target of
€5.50gross per ordinary share.
We propose to our shareholders a gross dividend of €5.50 for
the financial year 2014, i.e. 6.41% of the net asset value of the
Cofinimmo share at 31.12.2014 and 6.13% of the average share price
over the year.
For the financial year 2015 (dividend payable in 2016), our objective
is to have a net current result per share of €6.85 and a gross
dividend per ordinary share of €5.50, i.e. a pay-out ratio of 80.3%
1
,
barring any unforeseen events that may arise throughout the year.
What will be Cofinimmo’s priorities in 2015?
We will continue to actively manage our office portfolio, on the
letting as well as on the redevelopment and reconversion level.
We will also favour the growth of our healthcare portfolio, namely
in the Netherlands and in Germany. In a context of historically
low long-term interest and inflation rates, we remain focused on
investment opportunities at attractive yields against a moderate
risk level, in order to ensure a regular dividend distribution to our
shareholders in the coming years, while preserving the capital they
entrusted us with.
Jean-Edouard Carbonnelle
Chief Executive Officer
André Bergen
Chairman of the Board of Directors
1
Against 82.1% at 31.12.2014.
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