Cofinimmo - Annual Financial Report 2014

These data are not compulsory under the RREC legislation and are not subject

to a verification by public authorities. The auditor verified whether the “EPRA

Earnings”, “EPRA NAV”, “EPRA NNNAV” and “EPRA Cost ratios” are calculated

according to the definitions included in the 2014 “EPRA Best Practices

Recommendations” and whether the financial data used in the calculation

of these ratios comply with the accounting data included in the audited

consolidated financial statements.

DATA ACCORDING TO THE EPRA PRINCIPLES

Data according

to the EPRA

principles

EPRA performance indicators

2014

2013

Definitions

x €1,000 in €/share

1 EPRA Earnings Current result from core operational activities.

120,479

6.70

119,209

6.78

2 EPRA NAV

Net Asset Value (NAV) adjusted to include the

investment properties at their fair value and to

exclude certain items not expected to crystallise in a

long-term property investment business model.

2,094,867

96.08

2,036,162

98.85

3 EPRA NNNAV

EPRA NAV adjusted to include the fair value of (i)

financial instruments, (ii) debt and (iii) deferred taxes.

2,006,201

92.01

1,972,270

95.74

2014

2013

Definitions

in %

4 (i) EPRA Net

Initial Yield (NIY)

Annualised gross rental income based on the passing

rents at the closing date, less property charges,

divided by the market value of the portfolio, increased

with estimated transaction costs resulting from the

hypothetical disposal of investment properties.

6.06%

6.20%

(ii) EPRA

‘topped-up’ NIY

This measure incorporates an adjustment to the EPRA

NIY in respect of the expiration of rent-free periods

and other incentives.

6.04%

6.16%

5 EPRA

Vacancy rate

Estimated Rental Value (ERV) of vacant spaces

divided by the ERV of the total portfolio.

4.93%

5.04%

6 EPRA Cost ratio

(direct vacancy

costs included)

Administrative/operational expenses per IFRS income

statement, including the direct costs of vacant

buildings, divided by the gross rental income, less

ground rent costs.

18.54%

18.87%

EPRA Cost ratio

(direct vacancy

costs excluded)

Administrative/operational expenses per IFRS income

statement, less the direct costs of vacant buildings,

divided by the gross rental income, less ground rent

costs.

15.93%

16.01%

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