Cofinimmo - Annual Financial Report 2014

75 / 222

1 See also our press release dated 12.06.2014, available on
In 2014, Cofinimmo raised equity for €32 million through
the distribution of dividends in shares.
Capital markets
Cofinimmo regularly has access to capital markets to finance its investment projects. At 31.12.2014, the funds raised on the capital markets
were made up of:
• €190 million in the form of non-convertible bonds ;
• €381.4 million in the form of convertible bonds ;
Following the 2013 dividend distribution of €6.00 per ordinary share, the rights of the holders of convertible bonds issued in 2013 have
been adjusted 1. Hence, as of 06.06.2014 (settlement date of the 2013 dividend), the conversion price of these bonds stands at €104.231.
Issuer Par value
(x €1,000,000)
Issue price Coupon Issue date Maturity date
Cofinimmo SA/NV €140.0 100% 3.598% 26.07.2012 07.02.2020
Cofinimmo SA/NV €50.0 100% 2.78% 23.10.2013 23.10.2017
Issuer Par value
(x €1,000,000
Issue price Conversion price Coupon Issue date Maturity date
Cofinimmo SA/NV €173.3 100% €116.60 3.125% 28.04.2011 28.04.2016
Cofinimmo SA/NV €190.8 100% €104.231 2.00% 20.06.2013 20.06.2018
55%
50%
45%
06/200912/200906/201012/201006/201112/2011 06/201212/201206/201312/2013 06/201412/2014
Evolution of the debt ratio (half-yearly)
5%
4.5%
4%
3.5%
3%
06/200912/200906/201012/201006/201112/201106/201212/201206/201312/201306/201412/2014
Evolution of the average cost of debt (in %)
48.01%
3.39%
4.91%
4.70%
4.33%
4.20%
4.11%
3.92%
52.94%
49.97%
47.50%
49.89% 49.90%
48.87%
71