Cofinimmo - Annual Financial Report 2015

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Non-controlling interests 1
Non-controlling interests represent third-party interests in subsidi-
aries neither directly nor indirectly held by the Group.
Cofinimur I
At the end of 2011, Cofinimmo acquired a portfolio of agencies and
offices from the MAAF Group through its subsidiary Cofinimur I.
Foncière ATLAND owns 2.35% of the shares of the Cofinimur I struc-
ture. In addition, at the time of the acquisition, Cofinimur I also issued
mandatory convertible bonds (MCB), considered as non-controlling
interests.
Foncière ATLAND is a listed French property company with the SIIC
status. It specialises in corporate real estate, offices, business prem-
ises, warehouses and retail.
For further information:
Pubstone
At the end of 2007, Cofinimmo acquired a portfolio of pubs/restau-
rants owned until then by Immobrew SA/NV, a subsidiary of InBev
Belgium and renamed Pubstone SA/NV. At 31.12.2015, InBev Belgium
owns an indirect stake of 10% in the Pubstone structure.
In addition, following the restructuration of the Pubstone Group in
December 2013, InBev Belgium owns 10% direct minority interests in
Pubstone Properties BV.
Anheuser-Busch InBev (AB InBev) is the world’s largest brewer by
volume of beer brewed.
For further information about the Group: .
Silverstone
During financial year 2015, Cofinimmo sold its 95% stake in Silverstone
SA/NV to a company of the Senior Assist Group.
As a reminder, in 2012, Cofinimmo set up a structure,
Silverstone SA/NV, holding a portfolio of nursing homes in Belgium.
Rheastone
Following the partial demerger of Silverstone during financial year
2015, Senior Assist holds 2.62% in Rheastone SA/NV.
Senior Assist is a family group founded in 2005 that operates in the
home care and accommodation of dependent elderly people sectors.
It operates 32 nursing homes in Belgium.
For further information: .
Aspria
Cofinimmo acquired two sport and well-being centres in Germany. The
Aspria Group holds a 5.1% interest in Aspria Maschsee BV and Aspria
Uhlenhorst BV.
The Aspria Group, founded in 2000, manages eight luxury sport and
well-being centres in prestigious locations in Germany, Belgium and
Italy. In Belgium, the company operates three centres, of which one is
owned by Cofinimmo.
For further information:
The holding of these interests by companies outside of the Group,
and therefore not controlled by Cofinimmo, is considered immaterial
with regard to the Group’s total shareholders’ equity (at 31.12.2015, the
minority interests amount to 65 million EUR vs. Cofinimmo’s share-
holders’ equity of 1,925 million EUR, i.e. 3.4%).
Change in non-controlling interests
(x 1,000 EUR) Cofinimur I Pubstone Silverstone Rheastone Aspria
Maschsee
Aspria
Uhlenhorst
Total
ATLAND MCB
holders
InBev Senior
Assist
Senior
Assist
Aspria Aspria
AT 01.01.2014 1,240 48,276 11,671 5,338 66,525
Interests on the income statement 84 2,927 -132 499 3,378
Reserve for the estimated
transaction costs and transfer
duties
-1 -8 -9 -18
MCB coupons -2,703 -2,703
Dividends -35 -284 -319
Other 1 130 131
AT 31.12.2014 1,289 48,630 11,531 5,544 66,994
Interests on the income statement 79 3,108 613 530 16 43 93 4,482
MCB coupons -2,904 -2,904
Dividends -44 -383 -317 -744
Aspria acquisitions 536 227 763
Silverstone sale -4,387 -4,387
Other 312 -1,370 1,370 312
AT 31.12.2015 1,324 49,146 11,761 1,386 579 320 64,516
1 The term “non-controlling interests” as defined under IFRS 12 corresponds to minority interests.
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ANNUAL ACCOUNTS /
Notes to the consolidated accounts