185 / 222
181
NOTE 34. PROVISIONS
(x €1,000)
2014
2013
AT 01.01
18,180
20,493
Provisions charged to the income statement
3,576
1,421
Uses
-1,327
-2,166
Provision writebacks credited to the income statement
-2,771
-1,568
AT 31.12
17,658
18,180
The provisions of the Group (K€17,658) can be classified in two
categories:
•
contractual provisions defined under IAS 37 as onerous
contracts. Cofinimmo has committed to undertake the
maintenance and various works for tenants in several
buildings, for K€13,552 (2013: K€13,882);
•
legal provisions to face its potential commitments vis-à-vis
tenants or third parties, for K€4,136 (2013: K€4,298).
These provisions are calculated by discounting the future payments
considered as likely by the Board of Directors.
NOTE 35. DEFERRED TAXES
(x €1,000)
2014
2013
Exit tax
734
1,183
Deferred taxes Pubstone Properties
32,804
33,572
Deferred taxes Cofinimmo branch
1,990
TOTAL
35,528
34,755
The exit tax pertains to two French entities which opted for the SIIC
status in 2013. This exit tax is based on the gains resulting from the
valuation of the properties, i.e. the difference between the value
of the properties as estimated by the expert at 31.12.2012 and the
net book value of these properties at the same date. The taxation
rate applied to this figure stands at 19%. The payment of the exit
tax is spread over four years. The second payment took place in
December 2014 for a total amount of K€626.
The deferred taxes of the Dutch subsidiary Pubstone Properties
BV correspond to the taxation, at a rate of 25%, of the difference
between the investment value of the assets, less registration rights,
and their tax value.
The French Cofinimmo branch is subject to a new tax, the branch tax.
A provision for deferred taxes had to be made.
1
Based on the parent company’s result.
NOTE 33. DIVIDEND PER SHARE
1
(in €)
Paid
in 2014
Paid
in 2013
Gross dividends attributable to the ordinary shareholders
101,431,248.00 99,568,137.50
Gross dividend per ordinary share
6.00
6.50
Net dividend per ordinary share
4.50
4.875
Gross dividends attributable to the preference shareholders
4,386,120.83 4,391,458.89
Gross dividend per preference share
6.37
6.37
Net dividend per preference share
4.7775
4.7775
A gross dividend in respect of the financial year 2014 of €5.50 per
ordinary share (net dividend of €4.125 per ordinary share), amount-
ing to a total dividend of €95,067,549.50, is to be proposed at the
Ordinary General Meeting of 13.05.2015
1
. Indeed, at the closing date,
the number of ordinary shares entitled to the 2014 dividend amounts
to 17,285,009.
The Board of Directors proposes to suspend the right to dividend for
the 39,219 own ordinary shares still held by Cofinimmo under its stock
option plan and to cancel the right to dividend of the remaining 15,195
own shares.
A gross dividend in respect of the financial year 2014 of €6.37 per
preference share (net dividend of €4.7775 per preference share),
amounting to a total dividend of €4,372,909.45, is to be proposed at
the Ordinary General Meeting of 13.05.2015. Indeed, at the closing date,
the number of preference shares entitled to the 2014 dividend stands
at 686,485.
As a reminder, since 01.01.2013, the withholding tax rate applicable
to distributed dividends stands at 25%. The Belgian Law provides
for exemptions that the beneficiaries of the dividends can rely on
depending on their status and the conditions that must be met to
benefit from them. Moreover, the agreements to prevent double tax-
ation provide for reductions of withholdings at source on dividends.