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Total economic
value distributed
-168,185 EUR
Clients
230,063EUR
Suppliers of goods and services
-23,910EUR
Value added
206,153EUR
Economic value generated
Human resources
-15,310EUR
Shareholders
-103,530EUR
Financial expenditure
-42,970EUR
Public sector
-6,375EUR
Economic value distributed
Economic value retained within the Group
2016 Objectives
The raised funds will be devoted to:
• improving the sustainability of the portfolio
through the renovation and redevelopment
of technically obsolete office buildings;
• pursing investments in healthcare real
estate while diversifying by country, by
operator, and by care specialty.
The target dividend for financial year 2016
(payable in 2017) is 5.50 EUR gross per
ordinary share.
Performance
indicators
Shareholders’ equity
By investing in Cofinimmo shares on the stock market,
shareholders support the company’s development
despite the upward or downward economic fluctuations
which may occur.
Cofinimmo does its utmost to maintain a moderate risk
profile corresponding to its shareholders’ expectations.
Therefore it has adopted a long-term income generation
strategy through the following actions:
•
diversification of the real estate portfolio in order to
find new guaranteed long-term income sources ;
•
property portfolio arbitrage, involving the sale of the
riskiest assets in favour of more stable assets;
•
conversion of buildings: from offices to residential or
other uses, taking into account market demand;
•
cost monitoring by a team of professionals.
Furthermore, Cofinimmo’s status as a RREC (Regulated
Real Estate Company) limits the authorised amount of
risk-taking and guarantees the compulsory distribution
of at least 80 % of the net income to shareholders.
Borrowed capital
The borrowed capital can be a cheaper source of
financing than shareholders’ equity. Short and long-term
financial commitments require active management.
The Treasury department, consisting of three people, is
responsable for managing this debt. It also implements
the company’s hedging policy to limit the risk of changes
in interest rates on borrowed capital and as such
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.
2015 achievements
Cofinimmo took advantage of a favourable economic
environment and significantly strengthened its debt
structure, as reflected by:
•
a capital increase with preferential subscription rights
for 285.4 million EUR;
•
a private bond placement of 190 million EUR;
•
the renewal of nearly 750 million EUR in credit lines.
Net current result
(IAS39 excluded) per share
6.46
EUR
Net asset value per share
(in fair value)
88.66
EUR
2015 dividend
per ordinary share
5.50
EUR
Average cost of debt
2.9
%
Direct economic value generated and distributed for 2015 (x 1,000 EUR)
37,968
EUR
At the end of these operations, Cofinimmo’s market
capitalisation was 2.1 billion EUR, and the average cost of
debt decreased (2.9% versus 3.4% in 2014).