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At the time of the writing of this Annual Financial Report, the
hedging rate of the interest rate risk, assuming constant debt, is
over 70% until the end of 2018 and over 65% until the end of 2019.
Cofinimmo’s result nevertheless remains sensitive to interest rate
fluctuations (see the chapter “Risk Factors” of this Annual Financial
Report).
Financial rating
Since 2001, Cofinimmo has a long- and short-term financial rating
awarded by the rating agency Standard&Poors.
At the time of writing of this Annual Financial Report, this rating was
BBB- for the long term and A-3 for the short term.
Deployment of the debt
financing strategy during
the financial year 2014
In 2014, Cofinimmo took a number of measures to gather financial
resources in order to meet its investment commitments and bolster
its balance sheet structure. Accordingly, since the beginning of
2014, the company has successively proceeded to the following
actions:
Renewal of four credit lines for a
total amount of €252 million
In July 2014, two credit lines maturing on 31.08.2014 were extended
for five years. The amount of these credit lines stands at €100 mil-
lion and €40 million respectively.
In January 2015, two additional credit lines were extended: a line of
€50 million, expiring in 2018, was extended for five years, and a line
of €62 million, expiring in 2016, was extended for seven years.
Net credit availabilities
The available funding from Cofinimmo’s confirmed credit lines
hence amounted to €608.2 million at 31.12.2014. After deducting the
full coverage of outstanding short-term treasury bills (€201.5 mil-
lion), the refinancing of the credit lines maturing in 2015 (€267 mil-
lion) and the long-term commercial papers to be reimbursed in 2015
(€15 million) is thus fully covered.
Strenghtening of equity for
€32.1 million
Cofinimmo regularly taps into the capital markets to strengthen its
financial resources. During the past ten years, the company has
raised equity at an average annual amount of €70 million in various
forms: shares issued as part of a contribution in kind, sale of treas-
ury shares, issuing of preference shares and dividends in shares.
In 2014, the shareholders of Cofinimmo decided to reinvest 41.2%
of their 2013 dividends in new ordinary shares. The shareholders’
equity was thus increased by €32.8 million. The subscription price
of the new ordinary shares stood at €85.50
1
.
Financial
debt
Long-term
commit-
ments
Capital markets
Bonds
190
190
Convertible bonds
381.4
364.1
Long-term commercial
papers
15
15
Short-term commercial
papers
201.5
/
Other
4.1
4.1
Bank facilities
Revolving credits
701.7
1,319.4
Term credits
111.2
111.2
Other
16.6
5.1
TOTAL
1,621.5
2,008.9
Financial debt (x €1,000,000)
Maturities of long-term financial commitments -
€1,989.1 million (x €1,000,000)
0 50 100 150 200 250 300 350 400 450
173
55
50
50
140
62
191
341
170
350
125
282
2015
2016
2017
2018
2019
2020
2021
2022
Refinanced
Bank facilities
Capital markets
Convertible
bonds
381
Other
21
Commercial
paper
202
Bank debt
813
Bonds and
long-term loans
205
Breakdown of debt (x €1,000,000)
1
See also our press releases dated 14.05.2014 and 05.06.2014, available on
www.cofinimmo.com.
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