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200
ANNUAL ACCOUNTS /
Company accounts
Non-distributable equity according to Article617 of the Company Code
(x€1,000)
2014
2013
Net assets
1,541,936
1,614,937
Dividend distribution and profit-sharing plan
-99,791
-106,164
NET ASSETS AFTER DISTRIBUTION
1,442,145
1,508,773
Paid-up capital or, if greater, subscribed capital
965,983
945,447
Share premiums unavailable for distribution according to the Articles of Association
463,902
451,673
Reserve for the positive balance of changes in the fair value of investment properties
Reserve for the estimated transaction costs and transfer duties resulting
from the hypothetical disposal of investment properties
-55,225
-60,632
Reserve for the balance of changes in the fair value
of authorised hedging instruments qualifying for hedge account
-42,665
-84,168
Reserve for the balance of changes in the fair value
of authorised hedging instruments not qualifying for hedge accounting
-67,836
3,743
Reserve for own shares
Other reserves declared non-distributable by the General Meeting
3,453
3,279
Legal reserve
NON-DISTRIBUTABLE EQUITY ACCORDING TO ARTICLE 617 OF THE COMPANY CODE
1,267,612
1,259,342
Remaining margin after distribution
174,533
249,431
Dividend distribution obligation according to the Royal Decree of 13.07.2014 concerning RREC
(x€1,000)
2014
2013
Net result
-53,639
57,180
Depreciation (+)
338
374
Writedowns (+)
-10
-61
Writeback of writedowns (-)
-1
Writeback of lease payments sold and discounted (-)
-15,931
-25,276
Other non-cash elements (+/-)
79,165
2,423
Gains or losses on disposals of property assets (+/-)
23,503
8,143
Changes in the fair value of investment properties (+/-)
-2,223
7,663
Corrected result (A)
31,203
50,445
Realised gains and losses
1
on property assets during the financial year (+/-)
3,925
-40,385
Realised gains
1
on property assets during the financial year,
exonerated from the distribution obligation if reinvested within four years (-)
-30,940
-6,594
Realised gains on property assets previously exonerated from the distribution obligation
and not reinvested within four years (+)
Net gains on disposal of property assets not exonerated from the distribution obligation (B)
-27,015
-46,979
TOTAL (A+B) X 80%
3,350
2,773
Debt decrease (-)
-73,756
-62,101
DIVIDEND DISTRIBUTION OBLIGATION
2
0
0
1
In relation to the acquisition value, increased by the capitalised renovation costs.
2
Because of its debt reduction, Cofinimmo SA/NV has no distribution obligation.