184 / 222
180
ANNUAL ACCOUNTS /
Notes to the consolidated accounts
NOTE 31. RESERVES
(x €1,000)
2014
2013
Legal reserve
1,735
Reserve for the balance of changes in the fair value of investment properties
-127,851
-144,422
Reserve for the estimated transaction costs and transfer duties resulting
from the hypothetical disposal of investment properties
-73,694
-75,715
Reserve for the balance of changes in the fair value of authorised hedging instruments
qualifying for hedge accounting as defined under IFRS
-32,370
-88,745
Reserve for the balance of changes in the fair value of authorised hedging instruments
not qualifying for hedge accounting as defined under IFRS
-13,851
-37,553
Other
495,328
585,965
Tax-exempt reserves
5,053
3,037
Distributable reserves
490,275
582,928
TOTAL
247,562
241,265
The reserves are presented before appropriation of the result of the financial year.
NOTE 32. RESULT PER SHARE
The calculation of the result per share at the closing date is based on
the net current result/net result attributable to the ordinary and pref-
erence shareholders of K€-15,655 (2013: K€104,924)/K€-52,671 (2013:
K€58,737) and a number of ordinary and preference shares entitled to
share in the result of the period ended 31.12.2014 of 17,971,494 (2013:
17,593,767).
The net current result - excluding IAS 39 impact stands at K€120,479
for the financial year 2014. Per share, this result amounts to €6.70.
The diluted result per share takes into account the impact of a the-
oretical conversion of the convertible bonds issued by Cofinimmo,
of the mandatory convertible bonds issued by Cofinimur I and of the
stock options
1
In accordance with IAS 33, the convertible bonds are excluded from the
calculation of the diluted net result of 2013 and 2014, as they would have an
accretive impact on the diluted result per share.
Result attributable to the ordinary and preference shares
(x €1,000)
2014
2013
Net current result attributable to the ordinary and preference shares
-15,655
104,924
Net current result of the period
-11,146
109,930
Minority interests
-4,509
-5,006
Result on the portfolio attributable to the ordinary and preference shares
-37,016
-46,187
Result on the portfolio of the period
-38,147
-48,066
Minority interests
1,131
1,879
Net result attributable to the ordinary and preference shares
-52,671
58,737
Net result of the period
-49,293
61,864
Minority interests
-3,378
-3,127
Diluted result per share
(in €)
2014
2013
Net result - Group share
-52,670,758 58,736,945
Number of ordinary and preference shares entitled to share in the result of the period
17,971,494
17,593,767
Net current result per share - Group share
-0.87
5.96
Result on the portfolio per share - Group share
-2.06
-2.62
Net result per share - Group share
-2.93
3.34
Diluted net result - Group share
-57,043,668
54,350,041
Number of ordinary and preference shares entitled to share in the result of the period taking into account the
theoretical conversion of the convertible bonds, of the mandatory convertible bonds and of the stock options
17,285,009
1
16,945,296
1
Diluted net result per share - Group share
-3.30
1
3.21
1