Cofinimmo - Annual Financial Report 2015

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In 2015, Cofinimmo strongly reinforced its financial resources and the
structure of its balance sheet in order to honour its investment com-
mitments. Accordingly, since the beginning of 2015, the company has
successively carried out the following transactions:
Private bond placement of
190 million EUR
On 25.03.2015, Cofinimmo successfully completed a private bond
placement for a period of seven years in the amount of 190 million EUR
with a fixed coupon of 1.929%. Taking into account a slight issue pre-
mium, the average yield of this private placement amounts to 1.92%.
The bonds were placed with a limited number of Belgian and European
institutional investors. They are listed on Alternext Brussels1.
Strengthening of shareholders’ equity
for 285.4 million EUR
Cofinimmo regularly taps into the equity markets to strengthen its
financial resources. During the past 10 years, the company raised
equity in various forms: issue of shares as part of a contribution in
kind, sale of treasury shares, issue of preference shares, and divi-
dends payable in shares.
On 22.04.2015, Cofinimmo launched a capital increase with preferen-
tial rights for a gross amount of 285.4 million EUR with the objective
of (i) financing its investments already committed for 2015 until 2017
and (ii) strengthening its balance sheet structure to pursue growth
in the context of the strategic priorities of the Group. On 12.05.2015,
Cofinimmo issued 3,004,318 new shares at a subscription price of
95 EUR, i.e. 285.4 million EUR 2.
Renewal of credit lines for
750 million EUR
In 2015, in a volatile financial environment, Cofinimmo took advan-
tage of favourable market conditions to extend nine credit lines with
four financial institutions for a total of 450 million EUR. The term of
these extensions varies from five to seven years.
In November 2015, a five-year syndicated loan was renewed. At
the same time, the loan amount was increased to 300 million EUR.
Six banking institutions participated in the transaction.
Net availability of credit
Cofinimmo’s confirmed long-term credit line availability thus reached
1,285.5 million EUR at 31.12.2015. After deducting the full hedging of out-
standing short-term treasury bills (220.5 million EUR), the refinancing
of the credit lines maturing in 2016 (353.3 million EUR), 2017 (171.0 mil-
lion EUR) and 2018 (290.8 million EUR) is thus fully covered.
DEPLOYMENT OF THE DEBT FINANCING STRATEGY
DURING FINANCIAL YEAR 2015
Financial debts (x 1,000,000 EUR)
Financial debt Long-term
commitments
Equity market
Bonds 379.4 380.0
Convertible bonds 387.6 364.2
Long-term commercial papers 26 26
Short-term commercial papers 220.5
Other 3.8 3.8
Bank facilities
Revolving credits 33.5 1,319.0
Term credits 190.7 190.7
Other 13.4 13.4
TOTAL 1,254.9 2,297.1
1 See also our press release of 19.03.2015, available at
2 See also our press releases dated 21.04.2015 and 07.05.2015, available on the website .
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