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Appropriation of
company results
The Board of Directors proposes to the Ordinary General
Shareholders’ Meeting of 13.05.2015 to approve the annual state-
ments at 31.12.2014, to appropriate the result as indicated in the
table hereafter and to distribute the following dividends:
•
€5.50 gross, i.e. €4.12 net per ordinary share;
•
€6.37 gross, i.e. €4.78 net per preference share.
The dividend payment dates and modalities are mentioned in the
agenda of the shareholder on page 125. The deduction for withhold-
ing taxes stands at 25%.
At 31.12.2014, the Cofinimmo Group held 54,414 ordinary treasury
shares.
The Board of Directors proposes to suspend the right to a dividend
for the financial year 2014 of 39,219 own ordinary shares in view
of its stock option plan and to cancel the right to dividend of the
remaining 15,195 own ordinary shares. The remuneration of the
capital is based on the number of ordinary and preference shares
issued on 31.12.2014. Possible conversions of preference shares
into ordinary shares during the conversion period from 22.03.2015
to 31.03.2015, the conversion of convertible bonds into ordinary
shares, as well as any sale of ordinary shares held by the Group,
can modify the remuneration of the capital.
Because of the debt decrease between the beginning and the
end of the financial year 2014 (€-73.8 million), the company has
no obligation to distribute a dividend (see the chapter “Company
accounts” of this Annual Financial Report). Nevertheless, in
accordance with what has been proposed in the past, Cofinimmo
wishes to remunerate its shareholders on a regular basis and pro-
poses a gross dividend of €5.50 for the financial year 2014.
After the proposed remuneration of the capital for the financial
year 2014, i.e. €99.44 million, the total amount of the reserves and
the company result of Cofinimmo SA/NV will stand at €12.61 mil-
lion whereas the remaining distributable amount in accordance
with the provisions of Article 617 of the Company Code will reach
€174.53 million (see the chapter “Company accounts” of this Annual
Financial Report).
The 2014 consolidated net current result (Group share) stands at
€-15.66 million and the consolidated net result (Group share) at
€-52.67 million. This negative result can be explained by the neg-
ative revaluation of the financial instruments, which includes, on
the one hand, the costs related to the restructuring of the interest
rate hedging instruments and, on the other hand, the negative
impact of the decrease in interest rates on the instruments which
were not restructured. The pay-out ratio on the consolidated net
current result (IAS 39 excluded) of €120.49 million amounts to 82%
(compared to 89% for 2013).
MANAGEMENT REPORT /
Consolidated accounts and appropriation of company results
24