Cofinimmo - Annual Financial Report 2015

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Risk factors........................................................................................................................ 2
Message to the shareholders ............................................................................. 12
Management report .................................................................................................... 14
Key figures .................................................................................................................................. 16
Strategy ....................................................................................................................................... 18
Consolidated accounts and appropriation of company results ................................... 22
- Summary of consolidated accounts.......................................................................... 22
- Summary of quarterly consolidated accounts........................................................ 25
- Appropriation of company results............................................................................... 28
Transactions and performances in 2015 ............................................................................. 30
- Major events in 2015....................................................................................................... 30
- Total portfolio.................................................................................................................... 32
- Rental management........................................................................................................ 36
- Rental yield........................................................................................................................ 40
- Sector information ........................................................................................................... 41
Events after 31.12.2015 and forecasts 2016 ....................................................................... 42
- Events after 31.12.2015................................................................................................... 42
- Forecasts 2016................................................................................................................. 43
- Statutory Auditor’s Report on the Forecasts ........................................................... 46
Property portfolio ...................................................................................................................... 48
- Healthcare real estate.................................................................................................... 48
- Offices................................................................................................................................. 58
- Property of distribution networks............................................................................... 66
- Public-Private Partnerships.......................................................................................... 72
Management of financial resources .................................................................................... 76
Sustainable real estate strategy........................................................................................... 84
Corporate governance statement ....................................................................................... 108
Property report ............................................................................................................... 92
Geographic location .................................................................................................................. 93
Market characteristics ............................................................................................................. 94
Consolidated property portfolio ............................................................................................ 96
Report by the real estate experts ......................................................................................... 104
Corporate governance statement ................................................................... 108
Reference code .......................................................................................................................... 109
Internal audit and risk management .................................................................................... 109
Decision-making bodies .......................................................................................................... 112
Management ............................................................................................................................... 119
Rules and procedures .............................................................................................................. 119
Information required under Article 34 of the Royal Decree of 14.11.2007 ................... 121
Remuneration Report drawn up by the Nomination,
Remuneration and Corporate Governance Committee .................................................. 123
Other parties involved.............................................................................................................. 128
Cofinimmo on the stock market ........................................................................ 130
Ordinary share ........................................................................................................................... 131
Preference share ...................................................................................................................... 135
Convertible bonds .................................................................................................................... 136
Non-convertible bonds ........................................................................................................... 137
Shareholder structure (at 31.12.2015) ................................................................................. 138
Shareholders’ calendar ........................................................................................................... 139
Data according to the EPRA principles ........................................................ 140
Annual Accounts ............................................................................................................ 149
Consolidated accounts ............................................................................................................ 151
Notes to the consolidated Accounts .................................................................................... 158
Statutory Auditor’s Report ...................................................................................................... 209
Company accounts................................................................................................................... 211
Standing document..................................................................................................... 218
General information .................................................................................................................. 218
Share capital ............................................................................................................................... 221
Extracts from the Articles of Association ........................................................................... 223
Glossary ................................................................................................................................ 228