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1
For more information on the share of Cofinimmo in the result of FPR Leuze before
the purchase of the shares, see Note 43.
2
The amount of K€4,489 includes the price paid for the purchase, at their market
value, of 50% of the shares which were not held (K€2,593) as well as the capital
increase (K€1,896) entirely subscribed by Cofinimmo.
NOTE 4. ACQUISITIONS OF SUBSIDIARIES
FPR Leuze
During the financial year 2014, Cofinimmo bought 100% of the shares
of FPR Leuze. Previously, the company was jointly held by Cordeel
Zetel Temse, Willemen General Contractor and Cofinimmo, forming
the consortium responsible for the construction works of the prison
in Leuze-en-Hainaut.
According to the terms of the contract, at the delivery of the
Availability Certificate of the building by the Buildings Agency
(Belgian Federal State), which took place on 20.06.2014, Cofinimmo
(already holder of 50% of the shares) bought the shares held by
Cordeel Zetel Temse (49%) and Willemen General Contractor (1%) at
their market value.
Since then, Cofinimmo has an exclusive control over the company
and integrates it in its financial statements according to the global
consolidation method. However, the share of Cofinimmo in the result
of FPR Leuze before the purchase of the shares is to be found under
the item “Share in the result of associated companies and joint ven-
tures” of the income statement
1
.
This acquisition is not considered as a business combination as
defined under IFRS 3.
If the purchase of the shares had taken place on 01.01.2014, the addi-
tional impact on the consolidated income statement of Cofinimmo
would have been a gain of K€901, i.e. the result of the shares (50%)
not held before 20.06.2014.
As a reminder, in 2011, the Buildings Agency (Belgian Federal
State) attributed to the Future Prisons consortium, constituted of
Cofinimmo, Cordeel and Willemen, the public contract based on
the Design-Build-Finance-Maintain model for the construction and
maintenance of a new prison in Leuze-en-Hainaut, a 28,316m² facil-
ity destined to accommodate 312 detainees.
The construction works started in August 2012, immediately after
the delivery of the permit. The budget of the works amounted to
€106 million (all costs, taxes and capitalised interests included).
Following the notification of the delivery of the Availability Certificate
of the building by the Buildings Agency, the company reimbursed the
construction credit through the assignement, agreed upon from the
outset, to KBC Bank of 90% of the receivables from the investment
fees due by the Agency over 25 years. FPR Leuze SA/NV keeps the
balance of these receivables, as well as 100% of the maintenance
and facility management fees. These will be used to pay the mainte-
nance and facility management services.
Following this operation, FPR Leuze keeps on its balance sheet a
receivable equal to 10% of the rents not assigned.
General information
Company
FPR Leuze
Segment
PPP Prison
Country
Belgium
% interest of Cofinimmo at 31.12.2014 – global consolidation
100%
% interest of Cofinimmo until 20.06.2014 – equity method
50%
Associated shareholders until 20.06.2014
Cordeel Zetel Temse (49%)
Willemen General Contractor (1%)
Net amount paid at acquisition (x €1,000)
Price paid by Cofinimmo for the purchase of the shares
4,489
2
Cash on the acquisition balance sheet
2,687
Net cash outflow
1,802
Assets and liabilities taken over at acquisition (x €1,000)
Non-current assets
11,496
Current assets
20,787
Current liabilities
25,202