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NOTE 34. PROVISIONS
(x 1,000 EUR)
2015
2014
AT 01.01
17,658
18,180
Provisions charged to the income statement
2,765
3,576
Uses
-1,477
-1,327
Provision writebacks credited to the income statement
-1,310
-2,771
AT 31.12
17,636
17,658
The provisions of the Group (17,636 K EUR) can be separated into
two categories:
•
contractual provisions defined according to IAS 37 as loss-making
contracts. Cofinimmo has committed to provide maintenance for
several buildings as well as works vis-à-vis tenants, with a total
cost of 13,382 K EUR (2014: 13,522 K EUR);
•
legal provisions to face its potential commitments vis-à-vis tenants
or third parties for 4,254 K EUR (2014: 4,136 K EUR).
These provisions correspond to the discounted future payments
considered as likely by the Board of Directors.
NOTE 35. DEFERRED TAXES
(x 1,000 EUR)
2015
2014
Exit tax
734
Deferred taxes Pubstone Properties
32,083
32,804
Deferred taxes Cofinimmo branch
2,341
1,990
Deferred taxes Aspria Maschsee
323
Deferred taxes Aspria Uhlenhorst
539
TOTAL
35,286
35,528
In 2014, the exit tax pertained to two French entities that opted for
the SIIC status in 2013. This exit tax is based upon the gains resulting
from the valuation of the properties, i.e. the difference between
the value of the properties as estimated by the expert at 31.12.2012
and the net book value of these properties at the same date. The
taxation rate applied to this figure stands at 19%. The payment of the
exit tax is spread over four years. The third payment took place in
December 2015 for a total amount of 626 K EUR. The final tranche is
incorporated into current debts (see Note 36).
The deferred taxes of the Dutch subsidiary
Pubstone Properties BV corresponds to the taxation, at a rate of 25%,
of the difference between the investment value of the assets, less
registration rights, and their tax value.
Since 2014, the Cofinimmo’s French branch is subject to a new tax, the
branch tax. A provision for deferred taxes had to be established.
1
Based on the parent company’s result.
2
The gross dividend for the new ordinary shares created following the capital increase of the 12.05.2015 is calculated on a pro rata basis at 3.54 EUR (net 2.58 EUR), which
represents the dividend of the period from 12.05.2015 till 31.12.2015.
3
17,289,946 ordinary shares entitled to the full result of financial year 2015 and 3,004,318 new ordinary shares created as part of the capital increase on 12.05.2015, entitled to the
result of financial year 2015 as from 12.05.2015.
NOTE 33. DIVIDEND PER SHARE
1
(in EUR)
Paid in 2015
Paid in 2014
Gross dividends attributable to the ordinary shareholders
95,067,764.00 101,431,248.00
Gross dividend per ordinary share
5.50
6.00
Net dividend per ordinary share
4.125
4.50
Gross dividends attributable to the preference shareholders
4,372,661.02
4,386,120.83
Gross dividend per preference share
6.37
6.37
Net dividend per preference share
4.7775
4.7775
A gross dividend in respect of the financial year 2015 for ordinary
shares of 5.50 EUR
2
per share (net dividend of 4.015 EUR per share),
amounting to a total dividend of 105,729,988.72 EUR, will be proposed
at the Ordinary General Meeting of 11.05.2016. At the closing date, the
number of ordinary shares entitled to the 2015 dividend stands at
20,294,264
3
.
The Board of Directors proposes to suspend the right to dividend for
the 40,225 own ordinary shares still held by Cofinimmo under its stock
option plan and to cancel the dividend right of the remaining 9,889
own shares.
A gross dividend in respect of the financial year 2015 of 6.37 EUR per
preference share (net dividend of 4.6501 EUR per preference share),
amounting to a total dividend of 4,368,851.76 EUR, is to be proposed
at the Ordinary General Meeting of 11.05.2016. Indeed, at the closing
date, the number of preference shares entitled to the 2015 dividend
stands at 685,848.
Since 01.01.2016, the withholding tax rate applicable to distributed
dividends stands at 27%. The Belgian Law provides for exemptions
that the beneficiaries of the dividends can rely on depending on their
status and the conditions that must be met to be eligible for them.
Moreover, the agreements to prevent double taxation provide for
reductions of withholdings at source on dividends.
195