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Cofinimmo — Interim / Quarterly Report 2013
Nov 12, 2013
3933_ir_2013-11-12_0a5add8d-3522-4b31-bed6-4dd6b4b41d52.pdf
Interim / Quarterly Report
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REGULATED INFORMATION
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INTERMEDIATE DECLARATION OF THE BOARD OF DIRECTORS FOR THE PERIOD FROM 01.07.2013 TO 30.09.2013
Net current result per share – Group share (excluding IAS 39 impact) of €5.10 at 30.09.2013
- Compared to a net current result per share Group share (excluding IAS 39 impact and based on a pro rata temporis distribution of the Belfius compensation over the financial year 2012) of €5.78 at 30.09.20121
- In line with the forecast of a net current result per share Group share (excluding IAS 39 impact) of €6.74 for the year 20132
On a like-for-like basis, 1.82% increase in the gross rental revenues compared to 31.12.2012
- Positive effect of lease indexation (+2.31%) and new rentals (+2.06%) vs. negative effect of departures (-1.87%) and renegotiations (-0.68%)
On a like-for-like basis, 0.58% decrease in the portfolio fair value compared to 31.12.2012
- Offices: -1.89%; healthcare real estate: +0.77%; other assets3 : +1.27%
Management of large redevelopment/renovation projects
- €34.6 million invested in constructions/extensions/renovations in the healthcare real estate segment during the first three quarters of 2013
- Start of the reconversion works of the Woluwe 34 office building in Brussels into residential units
- Delivery of the renovation works of the student housing building Courses in Brussels
Refinancing of debt maturities until June 2015
- Signature of three new credit lines for a total amount of €170.0 million
- Private placement of non-convertible bonds for a total amount of €50.0 million
1 See also our press release dated 12.11.2012, available on our website.
2 See also our press release dated 02.05.2013, available on our website.
3 The other assets consist mainly of properties of distribution networks, a fitness centre and a police station.
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1. Summary of the activities
The net current result – Group share (excluding IAS 39 impact) stands at €89.8 million at 30.09.2013, compared to €94.1 million at 30.09.2012, i.e. a decrease of 4.6%. This is mainly due to the payment by Belfius Bank, during the first quarter of 2012, of a non-recurrent indemnity for the early termination of its lease contract on the Livingstone I and II buildings. This indemnity amounted to €11.2 million.
The result on the portfolio – Group share moves from €7.7 million at 30.09.2012 to €-21.4 million at 30.09.2013. The change in the fair value of investment properties is negative on 30.09.2013, as a result of the depreciation of some important office buildings requiring major renovation works in the five coming years.
In total, the net result – Group share stands at €57.6 million at 30.09.2013, versus €90.1 million at 30.09.2012. Per share, this result is €3.28 at 30.09.2013, compared to €5.70 at 30.09.2012. In addition to the elements presented above, the depreciation of the net result per share results from the increase of the number of shares entitled to share in the result of the period between 30.09.2012 and 30.09.2013: it moved from 15,790,809 to 17,593,217 between these two dates.
In July 2013, Cofinimmo acquired for an amount of €3.1 million a second asset in the Netherlands in the healthcare real estate segment. It consists of a former office building to be reconverted into a clinic for eye and skin care by the end of the year. The building is rented to the Dutch group Bergman Clinics for a firm duration of 15 years. Cofinimmo also invested €34.6 million in constructions/extensions/renovations in the healthcare real estate segment during the first three quarters of 2013, mainly in Belgium.
In the beginning of July 2013, once the necessary town planning and environmental permits were granted, Cofinimmo started the reconversion works of the Woluwe 34 office building in Brussels into residential units. The works should be finalised by the beginning of 2015. At the publication date of this press release, sales agreements and reservations were signed for 71% of the apartments.
In the beginning of September 2013, the reconversion works of the student housing building Courses in Brussels were delivered. The budget invested by Cofinimmo in this project stands at €14.2 million. The building is rented to the Université Libre de Bruxelles (Brussels University) until July 2039. This transaction is part of a Public-Private Partnership. The internal rate of return stands at 8.52%.
On the financing side, the Group signed three new credit lines in July 2013 for a total amount of €170.0 million. In October 2013, it issued non-convertible bonds for a total amount of €50.0 million. The debt maturities are hence refinanced until June 2015. At 30.09.2013, the consolidated debt ratio of the Group stands at 49.29%.
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2. Consolidated key figures
2.1. Global information
| (X € 1 000 000) | 30.09.2013 | 31.12.2012 |
|---|---|---|
| Portfolio of investment properties (in fair value) | 3,336.1 | 3, 308.6 |
| (x €1000) | 30.09.2013 | 30.09.2012 |
| Property result | 162,887 | 167, 465 |
| Operating result before result on portfolio | 140,607 | 142, 895 |
| Financial result | -57,099 | -55, 397 |
| Net current result (Group share) | 79,074 | 82, 342 |
| Result on portfolio (Group share) | -21,428 | 7, 728 |
| Net result (Group share) | 57,646 | 90, 070 |
| 30.09.2012 | 31.12.2012 | |
| Operating costs/average value of the portfolio under management1 | 0.78% | 0.87% |
| Operating margin | 86.32% | 84.92% |
| Weighted residual lease term2 (in years) |
11.8 | 11.7 |
| Occupancy rate3 | 95.45% | 95.71% |
| Gross rental yield at 100% occupancy | 7.08% | 7.01% |
| Net rental yield at 100% occupancy | 6.67% | 6.55% |
| Average interest rate on borrowings4 | 3.95% | 5 4.11% |
| Debt ratio6 | 49.29% | 49.90% |
| Loan-to-value ratio7 | 50.64% | 51.21% |
2.2. Figures per share8 (in €)
| Results | 30.09.2013 | 30.09.2012 |
|---|---|---|
| Net current result – Group share – excluding IAS 39 impact | 5.10 | 5.95 |
| IAS 39 impact | -0.61 | -0.74 |
| Net current result – Group share | 4.49 | 5.21 |
| Realised result on portfolio | -0.01 | 0.01 |
| Unrealised result on portfolio9 | -1.20 | 0.48 |
| Net result – Group share | 3.28 | 5.70 |
1 Average value of the portfolio plus the value of sold receivables relating to buildings whose maintenance costs payable by the owner are still met by the Group through total cover insurance premiums.
2 Up until the date of the tenant's first break option.
3 Calculated according to actual rents and the estimated rental value for unoccupied buildings.
4 Including bank margins.
5 Until end 2012, the calculation of the average interest rate on borrowings included the depreciation costs of hedging instruments pertaining to the period. As a result of the restructuration of the hedging scheme during the first half-year of 2013, the method used for the calculation of the average interest rate on borrowings has been reviewed and no longer includes these costs. If this calculation method had been applied at 31.12.2012, the average interest rate on borrowings would have been 3.77% instead of 4.11%.
6 Legal ratio calculated in accordance with the legislation regarding Sicafis/Bevaks as financial and other debts divided by total assets.
7 Ratio calculated as net financial debt divided by total of the portfolio's fair value and finance lease receivables.
8 Ordinary and preference shares.
9 This consists mainly of the variation in the fair value of investment properties.
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Information per share 1 based on a prorata temporis split of the Belfius termination indemnity over the financial year 2012 (in €)
| Results | 30.09.2013 | 30.09.2012 |
|---|---|---|
| Net current result – Group share – excluding IAS 39 impact | 5.10 | 5.78 |
| IAS 39 impact | -0.61 | -0.74 |
| Net current result – Group share | 4.49 | 5.04 |
| Realised result on portfolio | -0.01 | 0.01 |
| 2 Unrealised result on portfolio |
-1.20 | 0.48 |
| Net result – Group share | 3.28 | 5.53 |
| Net Asset Value per share | 30.09.2013 | 31.12.20123 |
|---|---|---|
| Revalued net asset value in fair value4 after distribution of the dividend for the |
91.30 | 85.66 |
| the year 2012 | ||
| Revalued net asset value in investment value5 after distribution of the |
95.65 | 90.31 |
| dividend for the year 2012 |
| Diluted Net Asset Value per share6 | 30.09.2013 | 31.12.20123 |
|---|---|---|
| Diluted revalued net asset value in fair value4 after distribution of dividend for the year 2012 |
94,83 | 88.23 |
| 5 Diluted revalued net asset value in investment value after distribution of dividend for the year 2012 |
98,63 | 92.35 |
1 Ordinary and preference shares.
2 This consists mainly of the variation in the fair value of investment properties.
3 Takes into account the disposal, in January 2013, of 8,000 treasury shares.
4 Fair value: after deduction of transactions costs (mainly transfer taxes) from the value of investment properties.
5 Investment value: before deduction of transactions costs.
6 By assuming the theoretical conversion of the convertible bonds issued by Cofinimmo, the mandatory convertible bonds issued by Cofinimur I and the stock options.
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3. Transactions and important events during the third quarter of 2013
3.1. Offices
Start of the reconversion works of the Woluwe 34 building in Brussels
The reconversion works of the Woluwe 34 office building in Brussels into residential units have started in July 2013, once the necessary town planning and environmental permits were granted. They should be finalised by the beginning of 2015. As a reminder, the total budget for the works is estimated at €13 million, excluding VAT. At the publication date of this press release, sales agreements and reservations were signed for 71% of the apartments.
3.2. Healthcare real estate
Acquisition of a former office building to be reconverted into a clinic in the Netherlands
On 02.07.2013, Cofinimmo acquired a former office building, located in Rijswijk, south of The Hague (Netherlands), for an amount of €3.1 million. The asset will be reconverted into a modern clinic for eye and skin care by the end of 2013. The reconversion works will be entirely financed by the Dutch group Bergman Clinics. The renovated building will count 2,133m² and 25 parking spaces and will feature consultation rooms, medical diagnostic facilities, operating theaters and recovery rooms.
The clinic is rented by Bergman Clinics on a long-term lease ("emphytéose"/"erfpacht") of 15 years. The long-term leaseholder has an option to extend the lease for 10 years, which it must exercise in the 10th year of the lease (2023). Under the long-term lease, the long-term leaseholder is liable for maintenance costs and taxes ("triple net" lease). The initial rental yield is 7.83% in "double net" equivalent1 . The rent is tied to the annual CPI.
Constructions/extensions/renovations
The Group invested €34.6 million in constructions/extensions/renovations in the healthcare real estate segment during the first three quarters of 2013, mainly in Belgium2 . The new/extended/renovated buildings are all prelet.
3.3. Property of distribution network
Disposal of two agencies of the Cofinimur I distribution network
On 03.07. 2013 and 16.09.2013, Cofinimmo, via its subsidiary Cofinimur I, sold two vacant insurance services agencies, located in Vernon and Noisiel (France) respectively, for a gross total amount of €0.9 million. This price lies above the investment value of the two assets as determined by the independent real estate expert as at 31.12.2012.
1 The double net equivalent rental yield allows for an adequate comparison with the office segment yields.
2 See also our press release dated 31.07.2013, available on our website, for an overview of the ongoing (re)development projects.
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3.4. Public-Private Partnerships
Delivery of the renovation works of the student housing building Courses in Brussels
On 11.09.2013 the renovation works of the student housing building Courses in Brussels were delivered. As a reminder, in April 2012, Cofinimmo won the call of tenders of the Université Libre de Bruxelles (ULB - Brussels University) for a Public-Private Partnership concerning two student housing buildings of which one, the Courses, was in need of a major renovation1 .
The budget invested by Cofinimmo in the renovation stood at €14.2 million, VAT included. The asset is rented to the ULB until July 2039. After this date, the full ownership of the building reverts to the University. The internal rate of return stands at 8.52%.
1 See also our press release dated 23.04.2012, available on our website.
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4. Managing financial resources
Signing of three credit lines for a total amount of €170.0 million
In July 2013, Cofinimmo signed three new credit lines with three different banks: two lines, for an amount of €50 million each, maturing in 2018 and in 2019, and one line, for an amount of €70 million, maturing in March 2018 and replacing a credit line maturing in March 2014.
PRESS RELEASE
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5. Consolidated income statement – analytical format (x €1,000)
| 30.09.2013 | 30.09.2012 | |
|---|---|---|
| A. NET CURRENT RESULT | ||
| Rental income, net of rental-related expenses | 146,397 | 153,419 |
| Writeback of lease payments sold and discounted (non-cash) | 18,957 | 17,246 |
| Taxes and charges on rented properties not recovered | -1,798 | -1,670 |
| Redecoration costs, net of tenant compensation for damages | -669 | -1,530 |
| Property result | 162,887 | 167,465 |
| Technical costs | -2,167 | -4,157 |
| Commercial costs | -712 | -725 |
| Taxes and charges on unlet properties | -3,094 | -2,931 |
| Property result after direct property costs | 156,914 | 159,652 |
| Property management costs | -11,265 | -11,241 |
| Property operating result | 145,649 | 148,411 |
| Corporate management costs | -5,042 | -5,516 |
| Operating result (before result on portfolio) | 140,607 | 142,895 |
| Financial income (IAS 39 excluded)1 | 4,302 | 4,122 |
| Financial charges (IAS 39 excluded)2 | -50,682 | -47,789 |
| Revaluation of derivative financial instruments (IAS 39) | -10,719 | -11,730 |
| Share in the result of associated companies and joint ventures | 1,095 | 325 |
| Taxes | -1,672 | -2,917 |
| Net current result3 | 82,931 | 84,906 |
| Minority interests | -3,857 | -2,564 |
| Net current result – Group share | 79,074 | 82,342 |
| B. RESULT ON PORTFOLIO | ||
| Gains or losses on disposals of investment properties | -256 | 173 |
| Changes in fair value of investment properties | -19 566 | 11,834 |
| Share in the result of associated companies and joint ventures | 112 | -70 |
| Other result on the portfolio | -1,706 | -3,315 |
| Result on the portfolio | -21,416 | 8,622 |
| Minority interests | -12 | -894 |
| Result on the portfolio – Group share | -21,428 | 7,728 |
| C. NET RESULT | ||
| Net result – Group share | 57,646 | 90,070 |
| Number of shares | 30.09.2013 | 30.09.2012 |
|---|---|---|
| Number of ordinary shares issued (including treasury shares ) | 16,953,421 | 15,989,69 |
| Number of preference shares issued and not converted | 689,263 | 689,5464 |
| Number of ordinary shares entitled to share in the result of the period | 16,903,954 | 15,101,263 |
| Number of preference shares entitled to share in the result of the period | 689,263 | 689,546 |
| Total number of shares entitled to share in the result of the period | 17,593,217 | 15,790,809 |
1 Including IAS 39, at 30.09.2013 and 30.09.2012, the financial income totalled k€16,059 and k€13,633 respectively.
2 Including IAS 39, at 30.09.2013 and 30.09.2012, the financial charges totalled k€-73,158 and k€-69,030 respectively.
3 Net income excluding the gains or losses on disposals of investment properties, the changes in fair value of investment properties and the exit tax.
PRESS RELEASE
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Comments on the consolidated income statement – analytical format
The rental income amounts to €146.4 million as at 30.09.2013, compared to €153.4 million as at 30.09.2012. This fall is due mainly to the indemnity paid by Belfius Bank in compensation for the termination of its lease contract on the Livingstone I and II buildings. This non-recurrent indemnity of €11.20 million was paid during the first quarter of 2012 and was entirely included in that quarter's income statement. On a like-for-like basis, the gross rental revenues rose by 1.82% over the last 12 months: the positive effect of lease indexation (+2.31%) and new rentals (+2.06%) was offset by departures (-1.87%) and renegotiations (-0.68%).
Direct and indirect operating costs represent 0.78% of the average value of the assets under management as at 30.09.2013, compared to 0.86% as at 30.09.2012. The operating result (before result on the portfolio) stands at €140.6 million as at 30.09.2013, against €142.9 million one year before.
The financial result comes at €-57.1 million as at 30.09.2013, compared to €-55.4 million as at 30.09.2012. The financial charges come from €-47.8 million as at 30.09.2012 to €-50.7 million as at 30.09.2013. This can be explained mainly by a rise in the average interest rate, including bank margins (3.95% as at 30.09.2013, versus 3.71% 1 as at 30.09.2012).
Taxes include the corporate income tax due by subsidiaries which do not benefit from the Sicafi/Bevak, SIIC or FBI tax regime and the tax on non-deductible costs of a Sicafi/Bevak (primarily the office tax in the Brussels Capital Region).
The net current result - Group share amounts to €79.1 million as at 30.09.2013, against €82.3 million as at 30.09.2012. Per share, it represents €4.49 as at 30.09.2013, against €5.21 as at 30.09.2012. The number of shares entitled to share in the result of the period increased from 15,790,809 to 17,593,217 between these two dates.
The change in fair value of investment properties stands at €-19.6 million as at 30.09.2013, mainly due to the decrease in value of several office buildings which will be subject to a major renovation in the five coming years. On a like-for-like basis, the change in fair value of investment properties stands at -0.58%.
The share in the result of associated companies and joint ventures concerns the stakes of 50% and 51% held by Cofinimmo in FPR Leuze SA/NV and Cofinéa I SAS respectively. Minority interests relate to the mandatory convertible bonds issued by the subsidiary Cofinimur I SA, as well as third-party holdings in the subsidiaries Silverstone and Pubstone.
The net result – Group share is €57.6 million as at 30.09.2013, compared to €90.1 million as at 30.09.2012. Per share, these figures stand at €3.28 as at 30.09.2013 and €5.70 as at 30.09.2012.
1 The average interest rate on borrowings as at 30.09.2012, as published in the press release dated 12.11.2012, has been reviewed and no longer includes the depreciation costs of hedging instruments pertaining to the period.
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30.09.2013 31.12.2012 Non-current assets 3,583,141 3,533,691 Goodwill 150,356 150,356 Intangible assets 796 605 Investment properties 3,326,702 3,297,900 Other tangible assets 747 856 Non-current financial assets 30,058 24,672 Finance lease receivables 67,556 53,397 Trade receivables and other non-current assets 37 97 Participations in associated companies and joint ventures 6,889 5,808 Current assets 132,070 108,797 Assets held for sale 9,380 10,670 Current financial assets 1,743 6,501 Finance lease receivables 2,342 2,973 Trade receivables 27,035 22,636 Tax receivables and other current assets 42,697 29,142 Cash and cash equivalents 8,698 3,041 Accrued charges and deferred income 40,175 33,834 TOTAL ASSETS 3,715,211 3,642,488 Shareholders' equity 1,673,192 1,542,292 Shareholders' equity attributable to shareholders of the parent company 1,606,197 1,476,029 Capital 942,796 857,822 Share premium account 372,102 329,592 Reserves 233,653 190,543 Net result of the financial year 57,646 98,072 Minority interests 66,995 66,263 Liabilities 2,042,019 2,100,196 Non-current liabilities 1,685,340 1,566,005 Provisions 19,280 20,493 Non-current financial debts 1,537,779 1,388,883 Other non-current financial liabilities 93,221 120,835 Deferred taxes 35,060 35,794 Current liabilities 356,679 534,191 Current financial debts 207,224 351,203 Other current financial liabilities 29,835 81,959 Trade debts and other current debts 77,789 64,560 Accrued charges and deferred income 41,831 36,469 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,715,211 3,642,488
6. Consolidated balance sheet (x €1,000)
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Comments on the consolidated balance sheet
The fair value of the property portfolio1 , as appears from the consolidated balance sheet, by application of IAS 40, is obtained by deducting transaction costs from the investment value. At 30.09.2013, the fair value stands at €3,336.1 million, compared to €3,308.6 million at 31.12.2012.
The investment value of the property portfolio1 , as established by the independent real estate experts, is €3,465.9 million at 30.09.2013, compared with €3,436.1 million at 31.12.2012.
The "Participations in associated companies and joint ventures" header regards Cofinimmo's 50% and 51% stakes in respectively FPR Leuze SA and Cofinéa I SAS.
The "Minority interests" section includes the mandatory convertible bonds issued by the subsidiary Cofinimur I SA, as well as the minority interests of subsidiaries Silverstone SA, Pubstone Group SA and Pubstone SA.
1 Including own-use buildings and development projects.
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7. Commercial results
7.1. Occupancy rate
For comparison, the occupancy rate on the Brussels office market stood at 89.2% as at 30.09.2013 (source: DTZ Research).
7.2. Weighed residual lease term
In years, up until the date of the tenant's first break option:
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8. Property portfolio
| GLOBAL PORTFOLIO OVERVIEW | ||||||
|---|---|---|---|---|---|---|
| Extract from the report prepared by the independent real estate experts Winssinger & Associates and | ||||||
| PricewaterhouseCoopers based on the investment value | ||||||
| (x €1,000,000) 30.09.2013 31.12.2012 |
||||||
| Total investment value of the portfolio | 3, 465.9 | 3, 436.1 | ||||
| Projects and development sites | -109.9 | -135.2 | ||||
| Total properties under management 3, 356.0 3, 300.9 |
||||||
| Contractual rents | 226.8 | 221.6 | ||||
| Gross yield on properties under management 6.76% 6.71% |
||||||
| Contractual rents and estimated rental value on unlet space | 237,6 | 231.6 | ||||
| Gross yield at 100% portfolio occupancy | 7.08% | 7.01% | ||||
| Occupancy rate of properties under management1 | 95.45% | 95.71% |
At 30.09.2013, the "Projects and development sites" item mainly includes the buildings Livingstone I and II and Woluwe 34. It also includes projects or extensions in the healthcare real estate segment, the most important being located in Aalst, Evere and Uccle .
| Segment | Fair value | Property result after direct costs |
|||
|---|---|---|---|---|---|
| (in €1,000) | (as a %) | Changes over the 2 period |
(in €1,000) | (as a %) | |
| Offices | 1,528,771 | 45.82 | -1.89% | 69,022 | 43.99 |
| Brussels Leopold/Louise districts |
303,057 | 9.08 | -5.33% | 13,456 | 8.58 |
| Brussels Centre/North | 312,118 | 9.36 | +0.02% | 13,002 | 8.29 |
| Brussels Decentralised | 595,537 | 17.85 | -2.11% | 26,696 | 17.01 |
| Brussels Periphery & Satellites | 144,171 | 4.32 | -1.24% | 7,237 | 4.61 |
| Antwerp | 62,525 | 1.87 | -0.50% | 3,225 | 2.06 |
| Other Regions | 111,363 | 3.34 | +2.33% | 5,406 | 3.44 |
| Healthcare real estate | 1,218,253 | 36.52 | +0.77% | 56,630 | 36.09 |
| Belgium | 783,802 | 23.50 | +0.61% | 34,521 | 22.00 |
| France | 420,111 | 12.59 | +1.07% | 21,492 | 13.70 |
| Netherlands | 14,340 | 0.43 | +0.58% | 617 | 0.39 |
| Property of distribution networks | 528,138 | 15.83 | -0.05% | 28,008 | 17.85 |
| Pubstone - Belgium | 269,639 | 8.08 | -0.18% | 14,684 | 9.36 |
| Pubstone - Netherlands | 149,084 | 4.47 | -0.57% | 7,613 | 4.85 |
| Cofinimur I - France | 109,415 | 3.28 | +0.99% | 5,711 | 3.64 |
| Others | 60,920 | 1.83 | +1.32% | 3,255 | 2.07 |
| TOTAL PORTFOLIO | 3,336,082 | 100.00 | -0.58% | 156,915 | 100.00 |
1 Calculated based on rental income.
2 On a like-for-like basis.
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9. Events after 30.09.2013
Disposal of two pubs of the Pubstone distribution network
Cofinimmo, via two of its Belgian and Dutch subsidiaries, disposed of two pubs, located in Hoegaarden (Belgium) and Dordrecht (Netherlands) respectively, for a gross total amount of €0.5 million. This price lies above the investment value of the two assets as determined by the independent real estate expert as at 31.12.2012.
Disposal of an agency of the Cofinimur I distribution network
On 07.10.2013, Cofinimmo, via its subsidiary Cofinimur I, sold an insurance services agency located in Marseille for a gross total amount of €0.3 million. This price lies above the investment value of the asset as determined by the independent real estate expert as at 31.12.2012.
As a reminder, at the time of the acquisition of the MAAF portfolio by Cofinimmo at the end of 2011, five of the 265 agencies acquired were vacant (including Marseille) and five others were subject to a one-year tenancy-at-will1 . At the publication date of this press release, out of these ten assets at risk, seven have already been sold.
Disposal of a revalidation clinic ("clinique de Soins de Suite et de Revalidation") in France
On 24.10.2013, Cofinimmo, via one of its French subsidiaries, disposed of the revalidation clinic La Pinède, located in Sigean in France and vacated by the Korian Group on 30.09.2013, for a gross total amount of €0.7 million. This price lies above the investment value of the asset as determined by the independent real estate expert as at 31.12.2012.
Private placement of a non-convertible bond for a total amount of €50 million
On 09.10.2013, Cofinimmo successfully closed the private placement of a four-year non-convertible bond, for a total amount of €50 million, offering a fixed coupon of 2.78%. The bond was placed by Bank Degroof with a limited number of institutional investors.
1 See also our press release dated 21.12.2011, available on our website.
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For more information:
Valerie Kibieta Chloé Dungelhoeff Tel.: +32 2 373 60 36 Tel.: +32 2 777 08 77 [email protected] [email protected] Ellen Grauls Tel.: +32 2 373 94 21 [email protected]
Financial Communication Corporate Communication
About Cofinimmo:
Cofinimmo is the foremost listed Belgian real estate company specialising in rental property. The company owns a property portfolio worth over €3.3 billion, representing a total area of 1,850,00m². Its main investment segments are offices and healthcare properties, and property of distribution networks. Cofinimmo is an independent company, which manages its properties in-house. It is listed on Euronext Brussels (BEL20) and benefits from the fiscal REIT regime in Belgium (Sicafi/Bevak), in France (SIIC) and in the Netherlands (FBI). Its activities are controlled by the Financial Services and Markets Authority (FSMA). At 30.09.2013, its total market capitalisation stands at €1.5 billion.
www.cofinimmo.com
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Appendix: Global result – Form Royal Decree of 07.12.2010 (x €1,000)
| 3Q2013 | 3Q2012 | 30.09.2013 9 months |
30.09.2012 9 months |
|
|---|---|---|---|---|
| A. NET RESULT | ||||
| Rental income | 48,801 | 48, 588 | 146,424 | 155,567 |
| Writeback of lease payments sold and discounted | 6,319 | 5 ,749 | 18,957 | 17, 246 |
| Rental-related expenses | -19 | -735 | -27 | -2, 148 |
| Net rental income | 55,101 | 53, 602 | 165,354 | 170, 665 |
| Recovery of property charges | 14 | 69 | 696 | |
| Recovery income of charges and taxes normally payable by the tenant on let properties |
12,090 | 10, 696 | 32,979 | 33, 661 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease |
-334 | -256 | -738 | -2, 226 |
| Charges and taxes normally payable by the tenant on let properties |
-12,716 | -11, 282 | -34,777 | -35, 331 |
| Property result | 54,141 | 52, 774 | 162,887 | 167, 465 |
| Technical costs | -441 | -851 | -2,167 | -4, 157 |
| Commercial costs | -114 | -261 | -712 | -725 |
| Taxes and charges on unlet properties | -965 | -921 | -3,094 | -2, 931 |
| Property management costs | -3,459 | -3, 395 | -11,265 | -11, 241 |
| Property charges | -4,979 | -5, 428 | -17,238 | -19 ,054 |
| Property operating result | 49,162 | 47, 346 | 145,649 | 148, 411 |
| Corporate management costs | -1,581 | -1, 721 | -5,042 | -5, 516 |
| Operating result before result on portfolio | 47,581 | 45, 625 | 140,607 | 142, 895 |
| Gains or losses on disposals of investment properties | -597 | 78 | -256 | 173 |
| Changes in fair value of investment properties | -7,847 | 3, 772 | -19,566 | 11, 834 |
| Other portfolio result1 | -570 | -393 | -1,946 | -2, 164 |
| Operating result | 38,567 | 49, 082 | 118,839 | 152, 738 |
| Financial income | 1,770 | 1, 374 | 4,302 | 4, 122 |
| Net interest charges | -16,634 | -16, 585 | -49,744 | -47, 274 |
| Other financial charges | -28 | -281 | -938 | -515 |
| Changes in fair value of financial assets and liabilities | -1,087 | -11, 440 | -10,719 | -11, 730 |
| Financial result | -15,979 | -26, 932 | -57,099 | -55, 397 |
| Share in the result of affiliated companies and joint | 476 | 636 | 1,207 | 255 |
| ventures Pre-tax result |
23,064 | 22, 786 | 62,947 | 97, 596 |
| Corporate tax | -959 | -936 | -1,672 | -2, 917 |
| Exit tax | 109 | -642 | 240 | -1, 151 |
| Taxes | -850 | -1, 578 | -1,432 | -4, 068 |
| Net result | 22,214 | 21, 208 | 61,515 | 93, 528 |
| Minority interests | -1,096 | -697 | -3,869 | -3 ,458 |
| Net result – Group share | 21,118 | 20, 511 | 57,646 | 90, 070 |
| Net current result – Group share | 29,841 | 17, 638 | 79,074 | 82, 342 |
| Result on portfolio – Group share | -8,723 | 2, 873 | -21,428 | 7, 728 |
1 This item includes the writeback of deferred taxes.
REGULATED INFORMATION
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| B. OTHER ELEMENTS OF THE GLOBAL RESULT | ||||
|---|---|---|---|---|
| Impact on fair value of estimated transaction costs | ||||
| resulting from hypothetical disposal of investment | -440 | -996 | -1,522 | -2, 229 |
| properties | ||||
| Change in the effective part of the fair value of | ||||
| authorised cash flow | 8,489 | -15, 714 | 49,499 | -50, 477 |
| hedging instruments | ||||
| Other elements of the global result | 8,049 | -16, 710 | 47,977 | -52, 706 |
| Minority interests | -19 | 5 | -14 | 165 |
| Other elements of the global result – Group share | 8,030 | -16, 705 | 47,963 | -52, 541 |
| C. GLOBAL RESULT | ||||
| Global result | 30,263 | 4, 498 | 109,492 | 40, 822 |
Minority interests -1,115 -692 -3,883 -3, 293 Global result – Group share 29,148 3, 806 105,609 37, 529