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The shareholders’ equity is presented before distribution of the divi-
dends for the financial year.
Net current result per share
Based on the current expectations and in the absence of major unfore-
seen events, the company has set an objective for its net current
result – Group share (excluding IAS 39 impact) of 6.19 EUR per share for
financial year 2016, a 4.2% decrease compared with financial year 2015
(6.46 EUR). The net current result (excluding IAS 39 impact) forecasted
for 2016 amounts to 129.8 million EUR, compared with the net current
result (excluding IAS 39 impact) of 2015 of 128.5 million EUR. The
decline in the net current result (excluding IAS 39 impact) per share is
explained mainly by the increase in the number of shares entitled to
share in the net result of the financial year (5.5%). Considering these
assumptions, the forecasted debt ratio at 31.12.2016 is maintained
below 50%.
Dividend
The Board of Directors intends to propose to the shareholders a gross
dividend per ordinary share of 5.50 EUR for financial year 2016, i.e. a
consolidated pay-out ratio of 88.9%. The proposed dividend level of
5.50 EUR for financial year 2016 corresponds to a gross yield of 5.53%
in relation to the average share price of the ordinary share during
financial year 2015, and a gross yield of 6.85% in relation to the net
asset value of the share at 31.12.2015 (in fair value). These yields remain
significantly higher than the average yield of European real estate
companies.
Unless the company has an obligation to distribute a dividend, this
proposal should comply with the requirement of Article 13 of the Royal
Decree of 13.07.2014 in that it exceeds the minimal requirement to
distribute 80% of the net income of Cofinimmo SA/NV (unconsolidated)
projected for 2016. This article foresees an absence of the obligation
to distribute a dividend in certain cases. However, Cofinimmo will use
the right to do so in these circumstances, when the net result and the
stipulation laid down in Article 617 of the Company Code allow it.
Caveat
The forecasted consolidated balance sheet and income statement are
projections, the achievement of which depends namely on trends in
the property and financial markets. They do not constitute a commit-
ment on the part of the company and have not been certified by the
company’s auditor.
Nevertheless, the Auditor, Deloitte Company Auditors SC s.f.d. SCRL/
BV o.v.v.e. CVBA, represented by Franck Verhaegen, has confirmed that
the forecasts have been drawn up properly on the indicated basis
and that the accounting basis used for the purposes of this forecast
are compliant with the accounting methods employed by Cofinimmo
in preparing its consolidated accounts using accounting methods in
accordance with IFRS standards as executed by the Belgian Royal
Decree of 13.07.2014.
2016 projected consolidated income statement – Analytical form
(x 1,000 EUR)
31.12.2015
31.12.2016
NET CURRENT RESULT
Rental income, net of rental-related expenses
201,903
198,556
Writeback of lease payments sold and discounted (non-cash)
10,214
11,265
Taxes and charges on rented properties not recovered
-3,478
-2,170
Redecoration costs, net of tenant compensation for damages
-1,105
-2,213
Property result
207,534
205,438
Technical costs
-5,643
-7,266
Commercial costs
-950
-1,388
Taxes and charges on unlet properties
-3,451
-3,540
Property result after direct property costs
197,490
193,244
Property management costs
-15,343
-17,498
Property operating result
182,147
175,746
Corporate management costs
-7,806
-7,345
Operating result (before result on portfolio)
174,341
168,401
Financial income (IAS 39 excluded)
5,735
5,105
Financial charges (IAS 39 excluded)
-42,970
-35,862
Revaluation of derivative financial instruments (IAS 39)
-30,403
-5,950
Share in the result of associated companies and joint ventures
460
469
Taxes
-4,209
-3,875
Net current result
1
102,954
128,288
Minority interests
-5,248
-4,284
Net current result – Group share
97,706
124,004
Number of shares entitled to share in the result of the period
19,888,379
20,980,112
Net current result per share – Group share
4.91
5.91
Net current result per share – Group share – excluding IAS39 impact
6.46
6.19
1
Net income excluding gains or losses on disposals of investment properties, changes in fair value of investment properties and exit tax.
44
Management report /
2016 FORECAST