Cofinimmo - Annual Financial Report 2014

Nine key challenges for the future

Energy consumption

and CO

emissions

Buildings must achieve optimal energy

performances to reduce CO

emissions

resulting from their use.

ACTIONS 2014:

Cofinimmo strives to go as far as possible

in terms of energy performance, often

exceeding mere legal obligations, within

the limits of the sought-after economic

return. Cofinimmo implemented an energy

accounting software for its office buildings,

for example, and installed meters which can

be read remotely. This approach allowed

the consolidation of the ISO 14001:2004,

BREEAM and BREEAM In-Use certifications.

A collaboration agreement has also been

signed between Cofinimmo, the manage-

ment company Cofinimmo Services and

tenants, in the form of a Green Charter.

Similarly, new maintenance contracts

include incentives to boost energy

consumption savings. Finally, Cofinimmo

published an exhaustive reporting of

performance indicators based on EPRA’s

recommendations

FUTURE ACTIONS:

Cofinimmo aims to increase its knowledge

of its buildings’ energy performance, grad-

ually incorporating the consumption data

of segments other than offices into the

energy accounting system. The analysis

of these data will result in measures being

taken to reduce energy consumption.

It will also continue to install meters which

can be read remotely at a rythm of +/- 20

buildings per year (horizon 2017).

The update of the company’s carbon

footprint is planned for 2015, as well as

the continued BREEAM In-Use certification

for the office buildings which are being

marketed.

Profitability for

investors and access

to capital

Cofinimmo’s share should contribute to the

prosperity of its shareholders and inves-

tors. This objective includes the distribution

of a high and sustainable dividend and the

preservation of the invested capital.

Cofinimmo must also use sufficiently

diversified financing sources at the lowest

possible cost in order to limit the risks and

to guarantee the company’s sustainability.

ACTIONS 2014:

Cofinimmo has taken steps to ensure the

shares’ liquidity. Several specific cam-

paigns have been carried out to raise the

company’s profile among institutional and

individual investors (roadshows, confer-

ences, etc.).

At least 80% of the current result was

distributed. The Group has also ensured a

healthy distribution of market risks.

Cofinimmo diversified its financing sources

(credit lines, commercial papers, convert-

ible and non-convertible bonds, large and

stable banking pool).

FUTURE ACTIONS:

Cofinimmo will maintain its presence on

the capital and banking markets and will

continue its management of financial

resources as described in this 2014 Annual

Financial Report (pages 70 to 73).

Cofinimmo targets a growing net current

result (excluding IAS 39 impact) per share

and a stable dividend.

Innovation

As a major player in the real estate invest-

ment market and a pioneer of certain real

estate trends in Belgium (in-house property

management since 1999, introduction of

healthcare real estate in its portfolio as

from 2005), Cofinimmo intends to pursue

its innovation policy. This is particu-

larly demonstrated in the renewal and

renovation of its portfolio, as well as in its

management style.

ACTIONS 2014:

Cofinimmo has set up a think tank on the

evolution of the company. Four projects

resulting from this think tank are currently

being validated.

FUTURE ACTIONS:

Cofinimmo hope it can implement the

withheld projects as from 2015. In order to

continue to promote innovation, it will set

up a new working group.

Mobility

Mobility has a direct impact on accessi-

bility and therefore on buildings’ appeal.

Cofinimmo therefore contributes to

mobility in cities through the location of its

buildings, the number of parking spaces

available and the proximity to public means

of transport.

ACTIONS 2014:

Cofinimmo conducted impact studies and

led a dialogue with public bodies in order

to assess and reduce a building’s impact

in the construction and operation phases.

Shared vehicles and parking spaces were

The data according to the EPRA principles will be

available on

www.cofinimmo.com/Sustainable

development/Performances & objectives as from

30.04.2015.