176 / 236
NOTE 14. OTHER RESULT ON THE PORTFOLIO
(x 1,000 EUR)
2015
2014
Changes in the deferred taxes
3
-744
-1,739
Writeback of rents already earned but not expired
-550
505
Goodwill impairment
4
-7,100
-11,000
Other
-164
930
TOTAL
-8,558
-11,304
The writeback of already earned rents not expired, recognised during the period, results from the application of the accounting method detailed in
Note 2, paragraph R.
NOTE 13. CHANGES IN FAIR VALUE OF INVESTMENT PROPERTIES
(x 1,000 EUR)
2015
2014
Positive changes in the fair value of investment properties
39,848
55,806
Negative changes in the fair value of investment properties
-48,468
-61,261
TOTAL
-8,620
-5,455
The breakdown of the changes in fair value of properties is presented in Note 22.
1
As the accounting method has been adapted on 01.01.2015, the split between investment value of assets sold and writeback of the impact on fair value of estimated transaction
costs and taxes resulting from hypothetical disposal of investment properties is no longer relevant.
2
In 2014, the amount of 10,967 K EUR corresponded to the capital loss realised during the transfer of the subsoil of the North Galaxy from Cofinimmo SA/NV to
Galaxy Properties SA/NV as well as the cancellation of the reconstitution of the lease payments sold and discounted recorded since 01.01.2014.
3
See Note 35.
4
See Note 20.
NOTE 12. RESULT ON DISPOSALS OF INVESTMENT PROPERTIES AND
OTHER NON-FINANCIAL ASSETS
(x 1,000 EUR)
2015
2014
Disposal of investment properties
(A)
Net disposal of properties (selling price - transaction costs)
26,383
75,351
(B)
Book value of properties sold (fair value of assets sold)
-24,363
-70,855
(C)
Investment value of assets sold
1
-74,014
Writeback of the impact on fair value of estimated transaction costs and rights resulting from hypothetical disposal of
investment properties
1
3,159
Other
9
612
SUBTOTAL
2,029
1,949
Disposal of other non-financial assets
Net disposals of other non-financial assets
20,396
6,530
Book value of other non-financial assets sold
-19,953
Other
-10,967
2
SUBTOTAL
20,396
-24,390
TOTAL
22,425
-22,441
Since 2015, future hypothetical transaction fees and costs are
charged directly to the income statement when properties are
acquired (and no longer to shareholders’ equity as previously – see
Note 2 for more details). When the properties are sold, this amount
therefore must not be deducted from the difference between the price
obtained and the book value of these properties in order to calculate
the gain or loss effectively made. Costs are already recognised on the
income statement at acquisition.
Given the adaptation of the treatment of transfer fees and costs,
gains or losses on disposals of investment properties are calculated
in 2015 by comparing the net sale of buildings
(A)
at their fair value
(B)
. In 2014, the gains or losses on disposals of investment properties
were calculated by comparing the net sale of properties
(A)
with their
investment value
(C)
.
The added value on the sale of other non-financial assets is
related to the sale of all the shares of Livingstone II SA/NV and
Silverstone SA/NV. The sale price of the shares of these two compa-
nies was 139.8 million EUR; the difference between this and the
agreed value of the buildings mainly consisted of debts taken over by
the buyers.
These transactions allowed Cofinimmo to realise an accounting gain
of 20,396 K EUR, which results mainly from the difference between the
price received by Cofinimmo for the shares of the two companies and
their book values.
As a reminder, the capital loss of 24,390 K EUR realised in 2014 is
related to the sale of all the shares of Galaxy Properties SA/NV, owner
of the North Galaxy building.
172
ANNUAL ACCOUNTS /
Notes to the consolidated accounts