28 / 236
Consolidated balance sheet
(x 1,000 EUR)
31.12.2015
31.12.2014
Non-current assets
3,325,414
3,410,050
Goodwill
111,256
118,356
Intangible assets
565
659
Investment properties
3,131,483
3,195,773
Other tangible assets
364
411
Non-current financial assets
20
10,933
Finance lease receivables
75,652
78,018
Trade receivables and other non-current assets
41
38
Participations in associated companies and joint ventures
6,033
5,862
Current assets
87,066
88,962
Assets held for sale
2,870
3,410
Current financial assets
14
498
Finance lease receivables
1,656
1,618
Trade receivables
19,801
24,781
Tax receivables and other current assets
17,363
17,505
Cash and cash equivalents
22,040
17,117
Accrued charges and deferred income
23,322
24,033
TOTAL ASSETS
3,412,480
3,499,012
Shareholders’ equity
1,924,615
1,608,965
Shareholders’ equity attributable to shareholders of parent company
1,860,099
1,541,971
Capital
1,124,295
963,067
Share premium account
504,240
384,013
Reserves
127,597
247,562
Net result of the financial year
103,967
-52,671
Minority interests
64,516
66,994
Liabilities
1,487,865
1,890,047
Non-current liabilities
926,891
1,303,250
Provisions
17,636
17,658
Non-current financial debts
809,313
1,148,023
Other non-current financial liabilities
64,656
102,041
Deferred taxes
35,286
35,528
Current liabilities
560,974
586,797
Current financial debts
445,676
473,499
Other current financial liabilities
20,572
24,698
Trade debts and other current debts
62,865
59,850
Accrued charges and deferred income
31,861
28,750
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
3,412,480
3,499,012
COMMENTS ON THE CONSOLIDATED BALANCE SHEET
The test of
goodwill
depreciation resulted in a depreciation of 7.1 mil-
lion EUR on the goodwill of Pubstone Belgium and the Netherlands.
The
investment value
of the property portfolio
1
, as determined by the
independent real estate experts, was 3,262.3 million EUR at 31.12.2015,
compared with 3,329.2 million EUR at 31.12.2014. Its
fair value
, shown
on the consolidated balance sheet, by application of IAS 40, is
obtained by deducting transaction costs from the investment value
2
.
At 31.12.2015, the fair value was 3,134.4 million EUR, compared with
3,199.2 million EUR at 31.12.2014.
The drop of
non-current financial assets
is explained by the repay-
ment of the long-term debt relating to the reconversion project of the
Livingstone I building. The
currect financial assets
adopt the value of
the current IRS hedging instruments.
The item
“Participations in associated companies and joint ven-
tures”
concerns Cofinimmo’s 51% stake in Cofinéa I SAS (medical
residences in France). The item
“Minority interests”
includes the man-
datory convertible bonds issued by the Cofinimur I SA/NV subsidiary
(MAAF/GMF retail network in France), as well as the minority interests
of the Pubstone Group, Pubstone and Rheastone subsidiaries.
The decrease of
non-current financial liabilities
is linked to the capital
increase of May 2015 resulting in a repayment of a part of the debt.
The decrease of
other non-current financial liabilities
is linked to the
restructuring of financial hedging instruments. The drop of reserves
is mainly explained by the appropriation of the 2014 result and the
dividends paid for the financial year 2014.
1
Including assets held for own use and development projects.
2
Since 01.01.2015, the transaction costs upon an acquisition or investment, as well as all variation of the real value of buildings during the current year, are recognised dierectly in the
income statement. The rights accounted before 01.01.2015 according to the old method have not been restated. See also page 160 of this Annual Financial Report.
24
Management report /
Summary of consolidated accounts