161 / 222
157
Group insurance
The group insurance subscribed by Cofinimmo (under the defined
contribution form) for its employees and the members of its
Executive Committee, has the following objectives:
•
payment of a life benefit to the affiliate at retirement;
•
payment of a death benefit to the beneficiaries of the affiliate
in case of death before retirement;
•
payment of a disability pension in case of accident or long-
term illness other than professional;
•
waiver of premiums in the same cases.
In order to protect workers, the Law on the Supplementary Pensions
defines a guaranteed minimum return required on the “Life” share of
premiums.
This minimum return amounts to 3.75% of the gross premiums for the
personal contributions and to 3.25% of the premiums for the employ-
er’s contributions.
The rate guaranteed by the insurer stands at 2.25% since 2013.
Cofinimmo therefore covers part of the rates guaranteed by the Law
on Supplementary Pensions. If necessary, additional amounts must
be brought under the reserves to reach the guaranteed returns for
the services given. A provision of €72,843 was recorded under the
income statement at 31.12.2014.
Emoluments of the Auditor
The fixed emoluments of Deloitte, Company Auditors for reviewing
and certifying Cofinimmo’s company and consolidated accounts
amounted to €116,700 (excluding VAT). Its emoluments for certifying
the company accounts of Cofinimmo’s subsidiaries amounted to
€131,150 (excluding VAT) and are calculated per company based on
their effective performances.
The fees of the Degroof Bank as financial service provider for the pay-
ment of the dividends are to be found under the item “Other” of “Fees
paid to third parties”. It is a fixed amount for their annual services.
(x €1,000)
2014
2013
Emoluments of the Company Auditor
318
312
Emoluments for the execution of a mandate of Company Auditor
248
247
Emoluments for exceptional services or special assignments within the Group
70
65
Other certification assignments
55
24
Assignments other than auditing duties
15
41
Emoluments of people with whom the Auditor is connected
124
70
Emoluments for exceptional services or special assignments within the Group
124
70
Other certification assignments
15
Tax advisory duties
106
70
Assignments other than auditing duties
3
TOTAL
442
382
The emoluments of the Company Auditors, other than Deloitte, appointed for the Group’s French companies amounted to K€14 (excluding VAT).
NOTE 12. GAINS OR LOSSES ON DISPOSALS OF INVESTMENT PROPERTIES AND
OTHER NON-FINANCIAL ASSETS
(x €1,000)
2014
2013
Disposals of investment properties
Net disposals of properties (selling price - transaction costs)
75,351
21,699
Book value of properties sold
-74,014
-21,589
Fair value of properties sold
-70,855
-20,909
Writeback of the impact on the fair value of estimated transfer duties resulting from
the hypothetical disposal of investment properties
-3,159
-680
Other
612
37
SUBTOTAL
1,949
147
Disposals of other non-financial assets
Net disposals of other non-financial assets
6,530
Book value of other non-financial assets sold
-19,953
Other
1
-10,967
SUBTOTAL
-24,390
TOTAL
-22,441
147
1
The amount of K€10,967 is the realised loss from the transfer of the freehold of the North Galaxy building from Cofinimmo SA/NV to Galaxy Properties SA/NV, as well as the
cancellation of the writeback of lease payments sold and discounted booked since 01.01.2014.
The future hypothetical transaction costs and transfer duties are
deducted directly from the shareholders’ equity on the acquisition of
properties. When the properties are sold, this amount must therefore
be deducted from the difference between the price obtained and the
book value of these properties in order to calculate the gain or loss
effectively made.
The loss on disposals of subsidiaries is related to the disposal of
100% of the shares of the company Galaxy Properties SA/NV, owner
the North Galaxy building. The disposal price of the shares of the
company amounted to €7 million, the difference with the conven-
tional value of the building comprising mainly in debts taken over
by the buyers.
The transaction implied a realised book loss of K€24,390 for
Cofinimmo, resulting mainly from the difference between the price
received by Cofinimmo for the shares of Galaxy Properties SA/NV
and their book value, and, incidentally, from the cancellation of the
writeback of lease payments sold and discounted booked since
01.01.2014.
This operation implied the payment of K€26,729 of registration rights.
The net amount received by Cofinimmo within the context of this dis-
posal stood at K€207,988, less the cash of the closing balance sheet
of the subsidiary (K€10,005).