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6
8
4
2
0
2006 2007 2008 2009 2010 2011
2012 2013 2014 2015
Shareholders/Investor’s profile
Cofinimmo has a wide range of investors with varied profiles. They
include individual shareholders, located mainly in Belgium, and a broad
base of institutional investors particularly in Belgium, Germany, France,
Luxembourg, the Netherlands, the United Kingdom, Switzerland and
North America.
At 31.12.2015, no shareholder crossed the holding threshold of 5%
requiring notification of crossing the threshold.
Liquidity of the Cofinimmo share
In 2015, Cofinimmo continued its efforts to enhance the liquidity of its
share. The company participated in approximately 30 roadshows and
conferences throughout the year. Cofinimmo also invested in cam-
paigns aimed at strengthening its reputation among both institutional
and individual investors.
With a market capitalisation of its ordinary shares standing at
2.0 billion EUR and an average daily volume of 4.7 million EUR or just
over 46,900 shares, Cofinimmo’s liquidity level is sufficient to capture
the attention of major institutional investors.
Dividend
At the Ordinary General Shareholders’ Meeting of 11.05.2016, the Board
of Directors will propose a dividend in line with the forecast published
in the 2014 Annual Financial Report, i.e. 5.50 EUR gross per ordinary
share. This dividend corresponds to a gross yield of 5.5% in relation to
the average share price of the ordinary share during financial year 2015
(vs. a gross yield of 6.1% in 2014).
The graph below illustrates the dividend yield of the Cofinimmo share
compared with the 10-year OLO rate during the past 10 years. Over this
period, the Cofinimmo share offered an average dividend yield of 6.4%
versus an average 10-year OLO rate of 3.2%.
• Listed on the stock market
since 1994
• Market capitalisation of
2.0 billion EUR at 31.12.2015
• Average daily volume of
46,900 securities
Increase of capital
In May 2015, Cofinimmo carried out a capital increase of 285 mil-
lion EUR, with preferential subscription rights in the proportion of one
new share for six existing shares. It was highly successful with a
take-up rate of 84.5% among existing shareholders. The remaining
balance has been placed using a bookbuilding procedure with institu-
tional investors.
The issued price of the new shares was 95 EUR, i.e. a 7% discount to
the market price , the night just before the operation was launched,
being corrected to allow any variance with the date from which atten-
dant rights come into effect between existing and new securities.
An optional stock dividend has not been proposed to the shareholders.
Dividend yield
Yield on 10-year Belgian
government bonds
Comparison of dividend yield and OLO rate over 10 years (in %)
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