218 / 236
NON-DISTRIBUTABLE EQUITY ACCORDING TO ARTICLE 617 OF THE COMPANY CODE
(x 1,000 EUR)
2015
2014
Net assets
1,860,118 1,541,936
Distribution of dividends and profit-sharing plan
-110,496
-99,791
Net assets after distribution
1,749,622 1,442,145
Paid-up capital or, if greater, subscribed capital
1,126,980
965,983
Share premium account unavailable for distribution according to the Articles of Association
583,961
463,902
Reserve for the positive balance of changes in the fair value of investment properties
Reserve for the estimated transaction costs and transfer duties resulting from the hypothetical disposal of
investment properties
-55,777
-55,225
Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge account
-10,325
-42,665
Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge
accounting
-67,123
-67,836
Reserve for own shares
Other reserves declared non-distributable by the General Meeting
3,520
3,453
Legal reserve
Non-distributable equity according to Article 617 of the Company Code
1,581,237
1,267,612
Margin remaining after distribution
168,385
174,533
OBLIGATION TO DISTRIBUTE DIVIDENDS ACCORDING TO THE ROYAL DECREE OF 13.07.2014 CONCERNING RRECS
(x 1,000 EUR)
2015
2014
Net result
-103,601
-53,639
Depreciation (+)
365
338
Writedowns (+)
671
-10
Writeback of writedowns (-)
Writeback of lease payments sold and discounted
-10,214
-15,931
Other non-cash elements (+/-)
6,173
79,165
Result on disposal of property assets (+/-)
-25,639
23,503
Changes in fair value of investment properties (+/-)
-7,675
-2,223
Corrected result (A)
67,283
31,203
Capital gains and losses realised
1
on property assets during the financial year (+/-)
25,374
3,925
Realised gains
1
on property assets during the year, exempt from the obligation to distribute if reinvested within
four years (-)
-25,729
-30,940
Realised gains on property assets previously exempt from the obligation to distribute and that were not reinvested
within four years (+)
Net gains on realisation of property assets not exempt from the distribution obligation (B)
-355
-27,015
TOTAL (A+B) X 80%
53,543
3,350
Debt decrease (-)
-153,229
-73,756
OBLIGATION TO DISTRIBUTE DIVIDENDS
2
0
0
1
In relation to the acquisition value, increased by the capitalised renovation costs.
2
Because of the decrease in its debt, Cofinimmo SA/NV has no distribution obligation.
214
ANNUAL ACCOUNTS /
Company accounts