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ANNUAL ACCOUNTS /
Notes to the consolidated accounts
Non-controlling interests
1
Non-controlling interests represent third-party interests in subsidiar-
ies neither directly nor indirectly held by the Group.
Cofinimur I
At the end of 2011, Cofinimmo acquired a portfolio of agencies and
offices from the MAAF Group through its subsidiary Cofinimur I.
Foncière Atland owns 2.35% of the shares of the Cofinimur I struc-
ture. In addition, at the time of the acquisition, Cofinimur I also issued
mandatory convertible bonds (MCB), considered as non-controlling
interests.
Foncière Atland is a listed French property company with the SIIC
status. It specialises in corporate real estate, offices, business
premises, warehouses and retail.
For further information about the Group:
www.fonciere-atland.fr.
Pubstone
At the end of 2007, Cofinimmo acquired a portfolio of cafés/restau-
rants owned until then by Immobrew SA/NV, a subsidiary of AB InBev
and renamed Pubstone SA/NV. At 31.12.2014, AB InBev owns an indi-
rect stake of 10% in the Pubstone structure.
In addition, following the restructuration of the Pubstone Group in
December 2013, InBev Belgium owns 10% direct minority interests in
Pubstone Properties BV.
Anheuser-Busch InBev (AB InBev) is the world’s largest brewer by
volume of beer brewed. Listed on the stock exchange, its adminis-
trative offices are located in Leuven, Belgium.
For further information about the Group:
www.ab-InBev.com.
Silverstone
During the financial year 2012, Cofinimmo set up a structure,
Silverstone SA/NV, holding a portfolio of nursing homes in Belgium.
Senior Assist holds 5% of Silverstone SA/NV at 31.12.2014.
Senior Assist is a family group founded in 2005 which operates in
the home care and accommodation of dependent elderly people
sectors. It operates 32 nursing homes in Belgium.
For further information about the Group:
www.senior-assist.be.The holding of these interests by companies outside of the Group,
and therefore not controlled by Cofinimmo, is considered immaterial
with regard to the Group’s total shareholders’ equity (at 31.12.2014,
the minority interests amount to €67 million vs. Cofinimmo’s share-
holders’ equity of €1,609 million, i.e. 4.2%).
Change in non-controlling interests
(x €1,000)
Cofinimur I
Pubstone
Silverstone
Total
Atland MCB-holders
InBev Senior Assist
AT 01.01.2013
1,345
48,133
11,658
5,127
66,263
Interests in the income statement
62
2,860
-265
470
3,127
Reserve for the estimated transaction costs
and transfer duties
1
-15
-21
-35
Transactions with non-controlling interests
277
277
MCB coupon
-2,727
-2,727
Dividends
-32
-241
-273
Other
-136
10
16
3
-107
AT 31.12.2013
1,240
48,276
11,671
5,338
66,525
Interests in the income statement
84
2,927
-132
499
3,378
Reserve for the estimated transaction costs
and transfer duties
-1
-8
-9
-18
MCB coupon
-2,703
-2,703
Dividends
-35
-284
-319
Other
1
130
131
AT 31.12.2014
1,289
48,630
11,531
5,544
66,994
1
The term “non-controlling interests” as defined under IFRS 12 designates minority interests.
2
For more information, see Note 4.
Joint ventures
At 31.12.2014, the Cofinimmo Group owns the joint venture Cofinéa I,
consolidated under the equity method because the Group exercises
a joint control on this company under the contractual partnership
agreement with the associated shareholders.
Given its share in the result of the Cofinimmo Group, this joint venture
is considered to be immaterial.
As a reminder, on 20.06.2014, Cofinimmo bought all the shares of the
company FPR Leuze
2
.
Since that date, Cofinimmo exercises an exclusive control on the
company, which is thus fully consolidated. The share of Cofinimmo
in the result of FPR Leuze before the purchase of the shares is to be
found in the consolidated income statement under the item “Shares
in the result of associated companies or joint ventures”.