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NOTE 20. GOODWILL
Pubstone
Cofinimmo’s acquisition in two stages (31.10.2007 and 27.11.2008) of
89.90% of the shares of Pubstone Group SA/NV (formerly Express
Properties SA/NV) (see page 31 of the 2008 Annual Financial Report)
generated a goodwill for Cofinimmo resulting from the positive differ-
ence between the acquisition cost and Cofinimmo’s share in the fair
value of the net asset acquired. More specifically, this goodwill results
from:
•
the positive difference between the conventional value offered for
the property assets at the acquisition (on which the price paid for
the shares was based) and the fair value of these property assets
(being expressed after deduction of the transfer duties standing at
10.0% or 12.5% in Belgium and at 6.0% in the Netherlands);
•
the deferred tax corresponding to the theoretical assumption
required under IAS/IFRS of an immediate disposal of all the
properties at the closing date. A tax rate of respectively 34% and
25% for the assets located in Belgium and in the Netherlands has
been applied to the difference between the tax value and the
market value of the assets at the acquisition.
Cofinimmo Investissements et Services (CIS)
Cofinimmo’s acquisition of 100% of the shares of Cofinimmo
Investissements et Services (CIS) SA (formerly Cofinimmo France SA)
on 20.03.2008 generated a goodwill for Cofinimmo resulting from the
positive difference between the acquisition cost and the fair value of
the net asset acquired. More specifically, this goodwill results from
NOTE 19. CORPORATE TAX AND EXIT TAX
(x 1,000 EUR)
2015
2014
CORPORATE TAX
4,209
2,493
Parent company
1,888
1,425
Pre-tax result
107,597
-52,775
Result exempted from income tax due to the RREC regime
-107,597
52,775
Taxable result from non-deductible costs
4,853
3,813
Tax at rate of 33.99%
1,650
1,296
Other
238
129
Subsidiaries
2,321
1,068
EXIT TAX - SUBSIDIARIES
-248
-926
The non-deductible costs mainly comprise the office tax in the Brussels Capital Region. With the exception of the institutional RRECs, the Belgian
subsidiaries are not subject to the RREC regime. The Dutch subsidiary Pubstone Properties BV is not eligible for the FBI regime.
Only the changes in the ineffective part of the fair value of cash
flow hedging instruments, as well as the changes in the fair value of
trading instruments, are taken into account here. The changes in the
effective part of the fair value of cash flow hedging instruments are
booked directly in other global result.
When a relationship between a cash flow hedging instrument and
the hedged risk is terminated (even partially), the cumulated gain or
loss at that date, until then deferred under equity, is recycled on the
income statement.
In 2014, the change in the fair value of authorised hedging instru-
ments not eligible for hedge accounting resulted from the effect of the
decrease in interest rates on their revaluation.
The impact of income statement recycling of hedging instruments
for which the relationship to the hedged risk ended results from the
restructuring of 400 million EUR in FLOOR options cancelled in 2015.
These options extended until the end of 2017. This transaction will
result in a decrease of interest charges in the coming years. The total
cost of the restructuring is 32 million EUR. For more details on the
hedging policy, see the “Management of Financial Resources” and
“Risk Factors” chapters of this Annual Financial Report.
NOTE 18. CHANGES IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(x 1,000 EUR)
2015
2014
Authorised hedging instruments qualifying for hedge accounting
-28,654
-54,796
Changes in fair value of authorised hedging instruments qualifying for hedge accounting
-342
1
1,719
1
Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was
terminated
-28,312
-56,515
Authorised hedging instruments not qualifying for hedge accounting
-1,511
-79,927
Changes in fair value of authorised hedging instruments not qualifying for hedge accounting
4,648
2
-71,670
2
Convertible bonds
-6,159
-8,257
Other
-238
-1,420
TOTAL
-30,403
-136,143
1
The gross amounts are respectively an income of 167 K EUR (2014: 3,715 K EUR) and a charge of 509 K EUR (2014: 1,996 K EUR).
2
The gross amounts are respectively an income of 26,740 K EUR (2014: 3,130 K EUR) and a charge of 22,092 K EUR (2014: 74,800 K EUR).
174
ANNUAL ACCOUNTS /
Notes to the consolidated accounts