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The borrowed capital can be a cheaper source of financing than
shareholders’ equity. Short- and long-term financial commitments
require active management.
The three-strong treasury department is responsible for manag-
ing this debt. It also implements the company’s hedging policy to
limit risk of a change in interest rates on borrowed capital and so
optimise its cost.
Cofinimmo seeks to diversify its funding sources in order to
achieve the right balance between the cost and sustainability of
funding sources.
In the past ten years, the company has raised an average of nearly
€260 million a year on the capital markets, both the debt market
and the stock market.
In 2015, Cofinimmo will continue its diversification policy to ensure
the growth in its income and stability of its dividends.
Borrowed capital
Cofinimmo has taken measures to enhance the liquidity of its
shares. It has carried out multiple specific campaigns towards
institutional and private investors (roadshows, conferences…) in
order to reinforce the company’s reputation.
Enhancing the liquidity of the share
Current earnings
per share
€6.70
NAV
(in fair value)
per share
€85.80
2014 dividend
per ordinary
share
€5.50
Average
cost of debt
3.4%
Performance indicators
Direct economic value generated and
distributed for 2014 (2013) (x €1,000)
Total economic
value
distributed
€-152,493
Clients
€205,692
Suppliers of goods
and services
€-19,948
Value added
€185,744
Economic value generated
Human resources
€-14,442
Shareholders
€-76,467
Financial expenditure
€-57,009
Public sector
€-4,575
Economic value distributed
€33,251
Economic value retained within the Group
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