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MANAGEMENT REPORT /
Forecasts 2015
following the restructuring of the financial hedging instruments in
2014. Considering these assumtions, the forecasted debt ratio at
31.12.2015 is below 50%.
Dividend
The Board of Directors plans to offer the shareholders a gross
dividend per ordinary share of €5.50 for the financial year 2015, i.e.
a consolidated pay-out ratio of 80.3%. The proposed dividend level
of €5.50 for the financial year 2015 corresponds to a gross yield of
6.12% against the average share price of the ordinary share during
the financial year 2014, and a gross yield of 6.41% against the net
asset value of the share at 31.12.2014 (in fair value). These yields
remain significantly higher than the average yield of European real
estate companies.
Unless the company is not obliged to distribute a dividend, this
proposal will be in line with the provisions of Article 13 of the Royal
Decree of 13.07.2014, in that it exceeds the minimal requirement to
distribute 80% of the net income of Cofinimmo SA/NV (unconsoli-
dated) forecasted for 2015.
Caveat
The forecast consolidated balance sheet and income statement are
projections, the achievement of which depends namely on trends
in the property and financial markets. They do not constitute a com-
mitment on the part of the company and have not been certified by
the company’s statutory auditor.
Nevertheless, the Auditor, Deloitte Company Auditors SC s.f.d. SCRL,
represented by Mr. Franck Verhaegen, has confirmed that the
forecasts have been drawn up properly on the indicated basis and
that the accounting basis used for the purposes of this forecast are
compliant with the accounting methods employed by Cofinimmo in
preparing its consolidated accounts using accounting methods in
accordance with IFRS standards as executed by the Belgian Royal
Decree of 13.07.2014.
2015 Forecasted consolidated income statement – Analytical form
(x€1,000)
2014
2015
NET CURRENT RESULT
Rental income, net of rental-related expenses
195,827
199,605
Writeback of lease payments sold and discounted (non-cash)
15,931
10,214
Taxes and charges on rented properties not recovered
-2,756
-2,211
Redecoration costs, net of tenant compensation for damages
-928
-1,391
Property result
208,074
206,217
Technical costs
-3,802
-5,662
Commercial costs
-1,137
-904
Taxes and charges on unlet properties
-3,922
-6,082
Property result after direct property costs
199,213
193,570
Property management costs
-14,295
-15,937
Property operating result
184,918
177,632
Corporate management costs
-7,176
-6,771
Operating result (before result on the portfolio)
177,742
170,861
Financial income (IAS39 excluded)
5,577
5,436
Financial charges (IAS39 excluded)
-57,009
-43,311
Revaluation of derivative financial instruments (IAS39)
-136,143
Share in the result of associated companies and joint ventures
1,180
440
Taxes
-2,493
-3,644
Net current result
1
-11,146
129,782
Minority interests
-4,509
-4,357
Net current result - Group share
-15,655
125,425
Number of shares entitled to share in the result of the period
17,971,494 18,306,437
Net current result per share - Group share
-0.87
6.85
Net current result per share - Group share - excluding IAS39 impact
6.70
6.85
1
Net result excluding the result on disposal of investment properties, the changes
in fair value of investment properties and the exit tax.
40