2021
UNIVERSAL
REGISTRATION
DOCUMENT
including the annual financial
report and the ESG report
CARING
WORKING
LIVING
2021 UNIVERSAL REGISTRATION DOCUMENT - Annual financial report - ESG report
2021
Risk Factors 2
Preliminary remarks 8
Message to theshareholders 11
Management report 22
Key figures as at 31.12.2021 22
Transactions and achievements in 2021 24
Mission 26
Strategy 27
Healthcare real estate 32
Cofinimmo’s healthcare real estate in Europe 40
Belgium 42
France 44
The Netherlands 46
Germany 48
Spain 50
Finland 52
Ireland 53
Italy 54
United Kingdom 55
Property of distribution networks 56
Public-private partnerships 60
Oces 62
Composition of the consolidated portfolio 70
financial resources MANAGEMENT 79
Summary of the consolidated accounts 85
Appropriation of statutory profits 92
Events after 31.12.2021 94
2022 outlook 98
Statutory auditor’s report on the forecasts 102
ESG report 104
Message to stakeholders 105
Major trends and their impacts on the ESG strategy 106
Value chain 112
Dialogue with stakeholders 116
Environment 120
Social 126
Governance 136
Property report 146
Consolidated real estate portfolio 146
Market commentary 158
Independent real estate valuer’s report 166
Cofinimmo on the stock market 170
Data according to the EPRA principle 176
Corporate governance statement 188
Decision-making bodies 194
Rules and procedures 204
Information required under Article 34 of the Royal decree of 14.11.2007 207
Remuneration report 209
Other parties involved 220
Annual accounts 223
Consolidated accounts 224
Notes to the consolidated accounts 230
Statutory Auditor’s report on the consolidated financial statements 300
Financial statutory statements 304
Statutory auditor’s report on the financial statutory statements 312
Appendices to the ESG report 316
EPRA performance indicators 317
Dashboard 337
Link between topics of cofinimmo and SDGs 342
GRI content index 344
Auditor’s report 348
Cross-reference tables 350
Cross-reference table for the universal registration document 350
Cross-reference table for the annual financial report 356
Standing document 358
Glossary 372
TABLE OF CONTENTS
COFINIMMO UNIVERSAL REGISTRATION DOCUMENT 2021
1983
Company
established
(capital :
6 million EUR)
2005
• First healthcare real
estate investment in
Belgium
• First public-private
partnership : the
Antwerp Courthouse
1994
Listed on the Brussels stock
exchange, now called
Euronext Brussels
1996
Adopted Belgian SICAFI status
2007
Launched partnership
with AB InBev Group
for a portfolio
of 1,068 pubs and
restaurants located in
Belgium and the
Netherlands (Pubstone)
2008
• Began activities in France
in the healthcare real
estate segment
• Adopted SIIC status
(French REIT regime)
2011
• Launched partnership
with MAAF for a portfolio
of 283 insurance agencies
in France (Cofinimur I)
• Issued first of convertible
bonds
HISTORY
2012
• Began activities
in the Netherlands in the
healthcare real estate segment
• Adopted FBI status
(Dutch REIT regime)
2014
• Began activities in Germany in
the healthcare real estate segment
• Adopted RREC status in Belgium
2016
• Continued investing in healthcare
real estate in the Netherlands and Germany
• Opened first Flex Corners
®
and
The Lounges
®
• Issue of green & social bonds
2019
• Accelerated investments in healthcare real estate (almost
500 million EUR)
• Launched activities in Spain in the healthcare real estate
segment
• Accelerated rebalancing of the oce portfolio to the Brussels
Central Business District
• Over 56 % of the consolidated portfolio invested in healthcare
real estate
2015
• Capital increase with
preference rights in the
amount of 285 million EUR
• Continued investing in
healthcare real estate
in the Netherlands and
Germany
2018
• Capital increase with
irrevocable allocation
rights in the amount of
155 million EUR
• Accelerated investments
in healthcare real estate
(300 million EUR)
• Initiated the
rebalancing of the
oce portfolio
2020
• Launched the 30 project, aimed at
reducing the portfolio’s energy intensity
by 30 % by 2030 from 217 levels
• Launched activities in Finland in the
healthcare real estate segment
• Capital increases in the amount of
nearly 143 million EUR
• Issued a first 500 million EUR
benchmark sustainable bond
• More than 700 million EUR invested,
including nearly 600 million EUR in
healthcare real estate in Europe
• 59 % of the consolidated portfolio
invested in healthcare real estate
2021
• Almost 1 billion EUR
invested in healthcare
real estate in Europe
• Launched activities in
Ireland, Italy and the
United Kingdom in the
healthcare real estate
segment
• 67 % of the consolidated
portfolio invested in
healthcare real estate
• Contribution of the oce
portfolio into a subsidiary
• Capital increases in
the amount of nearly
565 million EUR
• Partially disposed of
the Cofinimur I portfolio
(property of distribution
networks) for more than
40 million EUR
The pandemic that the world has been experiencing for two years now has highlighted
the importance of the healthcare sector for each and every one of us. Through its
investments, Cofinimmo is actively participating in the expansion and renewal of the
healthcare property portfolio in Europe.
In 2021, Cofinimmo announced the launch of its operations first in Ireland, Italy and,
finally, the United Kingdom.
These three countries offer interesting opportunities for Cofinimmo to expand its portfolio
and deploy its real estate expertise.
Taking advantage of its many years of experience in developing and improving real
estate assets, Cofinimmo has the ambition to cater to the high demand of Irish, Italian
and British populations for high-quality healthcare facilities specialising in senior care.
5.7
billion EUR
FAIR VALUE OF THE PORTFOLIO
ON 31122021
Cofinimmo has been acquiring, developing and managing rental properties for almost
40 years.
The company has a portfolio spread across Belgium, France, the Netherlands, Germany,
Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately
5.7 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide high-
quality care, living, and working spaces to partner-tenants for their occupants to enjoy.
‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission.
Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio of
approximately 3.8 billion EUR in Europe.
As an independent company applying the highest standards of corporate governance
and sustainability, Cofinimmo oers tenant services and manages its portfolio through a
team of approximately 145 employees in Brussels, Paris, Breda, and Frankfurt and Madrid.
Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in
Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by
the Financial Services and Markets Authority (FSMA), the Belgian regulator.
On 14.03.2022, Cofinimmo’s total market capitalisation was approximately 4.0 billion EUR.
The company applies an investment policy aimed at oering a socially responsible, long-
term, low-risk investment that generates a regular, predictable, and growing dividends.
COFINIMMO IS ACTIVE IN
9 countries
ABOUT COFINIMMO
1
RISK FACTORS
Structure of risk factors
F1 RISKS ASSOCIATED WITH COFINIMMO’S
ACTIVITIES AND WITH ITS SECTORS OF
ACTIVITY
F.1.1 Economic context
F.1.1.1 Coronavirus COVID-19
F.1.1.2 Leasing market in the segments in which
the group operates
F.1.1.3 Investment market in the segments in which
the group operates
F.1.1.4 Interest rate volatility
F.1.1.5 Investigations and inspections towards some
healthcare operators
F.1.2 Property portfolio
F.1.2.1 Negative change in the fair value of property
F.1.2.2 Investments subject to conditions
F.1.3 Customers
F.1.3.1 Concentration risk
F.1.3.2 Vacancy rate
F2 RISKS RELATING TO COFINIMMO’S FINANCIAL
SITUATION
F.2.1 Liquidity risk
F.2.2 Contractual obligations and legal parameters
F.2.3 Change in the group’s public financial rating
F.2.4 Risks arising in the event of a change of control
F3 LEGAL AND REGULATORY RISKS
F.3.1 RREC, FIIS and SIIC regimes
F.3.2 Changes in social security schemes
F.3.3 FBI regime
F4 RISKS RELATING TO INTERNAL CONTROL
F5 ENVIRONMENTAL, SOCIAL AND GOVERNANCE
RISKS
F.5.1 Sustainability of buildings
F.5.2 ESG and sustainability transparency
Following the 21.07.2019 entry into force of the European Parliament
and Council’s Regulation (EU) 2017/1129 of 14.06.2017, known
as the ‘Prospectus’ Regulation, in particular its provisions for the
presentation of risk factors, this chapter includes only the specific
and most significant risk factors faced by the Cofinimmo group.
The inclusion of each risk factor is based on the probability of its
occurrence and the estimated impact on the group. Relevant risk
factors are grouped in categories (numbered F.1 through F.5) and
sub-categories (numbered F.1.1.1 through F.5.2) and listed in order
of significance within each category. The numbering of the risk
factors makes it easier to refer from one factor to another and identify
possible interdependencies. The quantified impacts of the various
risk factors can be interepreted in light of the Group’s 2021 financial
results: it generated a net result - group share of 260 million EUR
and had net assets of 3,233 million EUR, a 44.2% debt-to-assets
ratio, and contractual rents of 313 million EUR as at 31.12.2021.
2
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
F1 RISKS ASSOCIATED WITH COFINIMMO’S
ACTIVITIES AND WITH ITS SECTORS OF ACTIVITY
F.1.1 Economic context
F.1.1.1 Coronavirus COVID-19
Following the outbreak of the COVID-19 coronavirus pandemic
in the countries where the group is active, Cofinimmo has imple-
mented several measures to ensure the continuity of its activities,
while making the health and well-being of all its stakeholders
its priority.
The operational teams remain in close contact with the group’s
tenants to ensure the continuity of services and help them get
through this dicult period. Cofinimmo reviews the situation of its
counterparties on a case-by-case basis in order to find a balanced
solution where appropriate. In this context, Cofinimmo booked
2.0 million EUR writedowns on trade receivables in 2020, with no
equivalent in 2021.
In addition to the information included in this document, it is
stated that :
• in the oce segment, the surface areas leased directly to
merchants (retailers, restaurants, ...) stand for less than 0.2 % of
the group’s contractual rents;
• in the healthcare real estate segment, the sport & wellness
centres account for less than 3 % of the group’s contractual
rents. These centres, located in Belgium and Germany, have
been closed to the public since March 2020 and have only
partially reopened since the end of May/beginning of June 2020.
The operators’ loss of income was significant during this period,
the situation went gradually back to normal and only for a short
period of time in 2020, in accordance with the evolution of the
measures taken to address the healthcare crisis. The Belgian
centres (mainly closed since the end of October 2020) and the
German centres (almost totally closed since the beginning
of November 2020) were reopened in June 2021. Since then,
their operational performance has generally been higher than
the expectations, which have been reviewed to take sanitary
restrictions into account. However, the current infection situation
still calls for caution;
• in the property of distribution networks segment, the Pubstone
portfolios of pubs and restaurants in Belgium and the Netherlands
represent less than 10 % of the group’s contractual rents. During
the 2020 financial year, the fair value of this portfolio remained
stable (the eect of increased registration fees in the Netherlands,
which are taken into account on 31.12.2020, excluded), thanks
in particular to the high residual lease length. During the 2021
financial year, the change in the fair value of this portfolio (on
a like-for-like basis) was -1.0 % in Belgium (taking into account
the increase in the transfer taxes in Flanders from 10 to 12 % on
01.01.2022) and -0.7 % in the Netherlands). Although Cofinimmo’s
counterparty is the AB InBev group, the world’s leading brewer
with a BBB+ rating, it is not excluded that a decrease in the fair
value will be recognised in the 2022 financial year, based on the
evolution of market parameters or due to the evolution of the
COVID-19 pandemic and the measures taken by the authorities to
fight it (such as a mandatory shut-down of the hospitality sector).
As at 31.12.2021, a 5 % decrease in the fair value would have
represented a (non-cash) expense of 22 million EUR with an
adverse eect of around 0.15 % on the debt-to-assets ratio, and
of around 0.73 EUR per share on net assets;
• in the property of distribution networks segment, the Cofinimur I
portfolio of MAAF agencies in France accounts for less than
2 % of the group’s contractual rents. In 2020, the fair value of
this portfolio has been reduced by almost 12 million EUR (i.e.
approximately 10 %) in 2021. During the 2021 financial year, the
change in fair value of this portfolio (on a like-for-like basis) was
-3.3 %. Although Cofinimmo’s counterparty is the Covéa group,
a French insurer with an AA-rating, it is not excluded that a
decrease in the fair value will be recognised in the 2022 financial
year, based on the evolution of market parameters or due to the
evolution of the COVID-19 pandemic and the measures taken by
the authorities to fight it (such as measures aimed at restricting
the flow of people in shopping streets). As at 31.12.2021, a 5 %
decrease in the fair value would have represented a (non-cash)
expense of 3 million EUR with an adverse eect of around 0.03 %
on the debt-to-assets ratio, and of around 0.12 EUR per share
on net assets.
F.1.1.2 Leasing market in the segments in which
the group operates
The leasing market in the two main segments in which the group
operates (healthcare real estate in Europe, oce property in
Belgium and primarily in Brussels) could experience a fall in
demand, over-supply, or the weakening of the financial position
of its tenants. The eects of the current increase in inflation in
Europe can be assessed in particular (see also F.1.3.2) in terms of
the weakening of the financial situation of tenants, if inflation is
such that it makes indexed rents unaordable for some tenants.
Potential eects :
1. Decrease in net income because of an increase in the
vacancy rate and associated costs. At 31.12.2021, a 1 % increase
in the vacancy rate would have had an impact of around
-2.0 million EUR (i.e. -0.8 %) on the net result - group share.
For oces, the impact would have been -0.8 million EUR (i.e.
-0.3 %).
2. Weakening of tenants solvency and an increase in doubtful
accounts reducing the collection of rent. At 31.12.2021, trade
receivables amount to 35 million EUR (see note 28 of the
consolidated accounts). As a reminder, in the course of the
year 2020, writedowns on trade receivables represented a net
expense of 2.0 million EUR, a significant increase compared to
previous years, due to the COVID-19 pandemic. No equivalent
writedown had to be recognised in 2021. An increase in write
-
downs of 1 million EUR would have represented a decrease in
the net result – group share of 0.4 %.
3. Decrease in the fair value of investment properties (see F.1.2.1.
on the following page).
3
RISK FACTORS
F.1.1.3 Investment market in the segments in which
the group operates
The investment market in the two main segments in which
the group operates (healthcare real estate in Europe, oces in
Belgium and primarily in Brussels) could see a fall in demand from
real estate investors. This would lead to a reduction in the market
price observed by independent real estate valuers for properties
comparable to those held by the group, which would be reflected
in the fair value of the investment properties held by the group.
Potential eects :
1. Decrease in the fair value of investment properties (see F.1.2.1
below).
F.1.1.4 Interest rate volatility
Short-term and/or long-term benchmark interest rates may be
subject to significant fluctuations in international financial markets,
particularly in the context of rising inflation. As at 31.12.2021, half
of the 2.6 billion EUR financial debt was concluded at a fixed
rate and half at a floating rate. The floating-rate debt is subject
to hedging. Considering these hedges and the fixed-rate debt,
the interest rate risk is 91 % hedged. The residual interest rate risk
relates to 9 % of the financial debt.
Potential eects :
1. Increase in financial expenses in the event of an increase in
interest rates, on the portion of the debt that was contracted at
a floating rate and is not hedged, and therefore a decrease in
net assets per share. In 2022, assuming that the debt structure
and level remain identical to those at 31.12.2021, and disre
-
garding the hedging instruments put in place, an increase
in interest rates of 50 basis points would result in an 25 basis
points increase in the financing cost, a decrease in the net
result - group share of 6.0 million EUR and a decrease in net
assets per share of 0.19 EUR. Taking into account the hedging
instruments put in place, an increase in interest rates of 50
basis points would result in a 8 basis points increase in the
financing costs, a decrease in the net result - group share
of 2.4 million EUR (i.e. 1.1 %) and a decrease in net assets per
share of 0.07 EUR.
2. Decrease in the fair value of financial instruments in the event
of a fall in interest rates, and hence a decrease in the net result
- group share and in net assets per share. In 2022, a negative
change in the fair value of financial instruments of 1 million EUR
would represent a decrease in the net result - group share of
1 million EUR (or 0.4 %) and a decrease in net assets per share
of 0.03 EUR.
F.1.1.5 Investigations and inspections towards some
healthcare operators
The eects of the recent situation around some healthcare oper-
ators, mainly in France, can be assessed from dierent angles
that fit into the risk factor analysis :
• leasing market in the segments in which the group operates
(see F.1.1.2) : should the occupancy rate of the said operators
durably be aected and/or as a result of an increase in their
operating or financial expenses;
• concentration risk (see F.1.3.1) : should some of the group’s
current tenants be involved in a business combination;
• vacancy rate (see F.1.3.2) : in the event of early termination
of leases;
• changes to social security schemes (see F.3.2) : should the legal
framework in which these operators operate change in a way
that it becomes unfavourable to their development or to the
respect of their existing commitments towards the owners of
the properties they operate;
• lack of ESG transparency (see F.5.2) : in the event of a conta
-
gion eect on the reputation of Cofinimmo and/or the other
owners of properties operated by these tenants.
As a reminder, as a regulated real estate company, Cofinimmo is
in no way involved in the operation of the sites leased to healthcare
operators. The occupancy rate is managed by the operator of the
sites, and the rents are independent of the local occupancy rate
or the financial performance, within the framework of long-term
contracts (see page 76 of chapter ‘Compostion of consolidated
portfolio’ for more details on diversification in terms of tenant
and geography).
F.1.2 Property portfolio
F.1.2.1 Negative change in the fair value of property
The market value of the group’s investment property, as reflected
by the fair value recognised in the balance sheet, is subject to chan-
ges and depends on various factors, some of which are outside
the group’s scope of action (such as a decrease in demand and in
the occupancy rate in the real estate segments in which the group
operates, a change in interest rates in the financial markets, or an
increase in real estate transfer tax in the geographical areas in
which the group operates). Other factors also play a role in the
valuation of investment properties, such as their technical condition,
their commercial positioning, the investment budgets necessary for
their proper functioning and their proper marketing. A significant
negative change in the fair value of investment properties from one
period to another would represent a significant loss in the group’s
income statement, with an adverse eect on its net assets and
debt-to-assets ratio. The resurgence of inflation currently observed
in Europe, coupled with still relatively low nominal interest rates,
is likely to generate positive (rather than negative) changes in the
fair value of buildings.
Potential eects :
1. At 31.12.2021, a 1 % change in value would have had an impact
of around 57.1 million EUR on the net result (compared to
48.7 million EUR at 31.12.2020), 1.80 EUR on the net asset value
per share (compared to 1.80 EUR at 31.12.2020) and 0.41 % on
the debt-to-assets ratio (compared to 0.43 % at 31.12.2020).
2. If the cumulative changes in the fair value of the properties
(repre senting a cumulative unrealised gain of 198 million EUR as
at 31.12.2021) were to be reduced to a cumulative unrealised loss
in value of -800 million EUR (which would mean a writedown
of 998 million EUR), the group would then be partially or totally
unable to pay dividends. The amount of 800 million EUR results
from the application of article 7:212 of the Belgian Code of
Companies and Associations (see page 309 of this document)
and is understood to be after the eect of the distribution in
2022 of the proposed dividends for the financial year 2021.
F.1.2.2 Investments subject to conditions
Some investments announced by the Cofinimmo group are subject
to conditions, particularly in the case of (re)construction, renovation,
extension and acquisition projects that have not yet been formally
completed. The committed investment programme represents
465 million EUR in healthcare real estate (detailed on page 38).
4
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Potential eects :
1. Insofar as the return generated by these investments is already
reflected in the stock market price of Cofinimmo shares, this
price is exposed to a risk in the event of a significant delay or
non-completion of these investments.
F.1.3 Customers
F.1.3.1 Concentration risk
Concentration risk is assessed at the level of buildings, loca
-
tions and (groups of) tenants or operators. As at 31.12.2021,
the Cofinimmo group had a diversified customer base (more
than 340 groups of tenants or operators), of which nearly 60 in
healthcare real estate. In 2021, the group’s five main (groups of)
tenants or operators generated 47.6 % of gross rental revenues. The
two main (groups of) tenants or operators accounted respectively
for 14.7 % (Korian Group) and 9.6 % (AB InBev) of these revenues.
Furthermore, the public sector generated 8.5 % of gross rental
revenues.
Potential eects :
1. Significant reduction in rental income and hence in the net
result - group share and net assets per share, in the event of
the departure of major tenants or operators.
2. Collateral eect on the fair value of investment properties (see
F.1.2.1 above).
3. Non-compliance with the diversification obligations provided
for by the RREC legislation, which provides that “no transaction
carried out by a public RREC can have the eect that more
than 20 % of its consolidated assets are placed in real estate
assets (…) that form a single set of assets, or increase this
proportion further, if it is already higher than 20 %, irrespec
-
tive of the cause of the initial exceedance of this percentage”.
A set of assets is defined as “one or more buildings or assets
(...) whose investment risk is to be considered as a single risk
for the public RREC” (article 30 of the RREC law). The fair value
of investment properties operated by entities of the Korian and
AB InBev groups represents respectively 12.7 % and 7.0 % of the
consolidated assets.
F.1.3.2 Vacancy rate
Vacancy may arise in the event of non-renewal of expiring rental
contracts, early termination, or unforeseen events such as tenant/
operator bankruptcies (see chapter ‘Composition of consolidated
portfolio’). Given the high occupancy rate observed as at 31.12.2021
in the group’s sectors of activity (healthcare real estate : 99.9 %;
oces : 93.7 %; property of distribution networks : 99.5 %; group :
98.1 %), the risk of future rental vacancies is naturally greater than
the opportunity to increase the occupancy rate in each of these
segments. The eects of the current increase in inflation in Europe
can also be seen (see F.1.1.2) in terms of vacancy rate, assuming
that inflation is such that it makes indexed rents unaordable for
some tenants and increases vacancy rates.
Potential eects :
1. As at 31.12.2021, a 1 % increase in the vacancy rate at group level
would have had an impact of about 3.1 million EUR on the net
result – group share, excluding amounts normally borne by
tenants/operators and marketing costs borne by the group.
F2 RISKS RELATED TO COFINIMMO’S FINANCIAL
SITUATION
F.2.1 Liquidity risk
Cofinimmo’s investment strategy is largely based on its ability to
raise funds, whether borrowed capital or shareholder’s equity. This
ability depends particularly on circumstances that Cofinimmo does
not control (such as the state of international capital markets, banks’
ability to grant credit, market participants’ perception of the group’s
solvency, the perception of market participants on real estate in
general and on the real estate segments in which the group is
active in particular). The group could therefore encounter di
-
culties in obtaining the financing necessary for its growth or for
the exercise of its activity. The chapter ‘Management of financial
resources’ of this document details the group’s financing strat
-
egy and the manner in which it is implemented, and presents in
particular the structure of the financial debt and a timetable of
financial commitments.
Potential eects :
1. Inability to finance acquisitions or development projects.
2. Financing at a higher cost than expected, with an impact on
the net result - group share, and hence on net assets per share.
3. Inability to meet the group’s financial commitments (operating
activity, interest or dividends, repayment of maturing debts,
etc.).
F.2.2 Contractual obligations and legal parameters
Cofinimmo group is contractually or statutorily obliged to comply
with certain obligations and certain parameters or ratios,
particularly within the framework of the credit agreements
it has contracted. Non-compliance with these commitments, or
with these parameters or ratios, entails risks for the group. The
main legal obligations and the main parameters or ratios are
specified in the regulations on regulated real estate companies
(Belgian Law of 12.05.2014 and royal decree of 12.07.2014).
The most relevant elements for risk factors are the debt-to-assets
ratio (limited to 65 % by regulations and 60 % by credit agreements)
and the assessment of concentration (see F.1.3.1 above).
Potential eects :
1. Penalties imposed by the regulator in the event of non-com
-
pliance with legal obligations or the resulting parameters or
ratios.
2. Loss of confidence from the group’s credit providers, or even
the arising of early repayment obligations for some or all loans.
Almost all of the debt instruments (representing 2.6 billion EUR
as at 31.12.2021 are indeed subject to acceleration or cross-de-
fault clauses.
F.2.3 Change in the group’s public financial rating
Cofinimmo group has a public financial rating determined by
an independent rating agency. This rating may be adjusted
at any time. Standard & Poor’s gave Cofinimmo a BBB rating
between May 2012 and May 2013. The rating was then reduced
to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo
benefits from a BBB rating for the long term (stable perspective)
and A-2 for the short term (confirmed on 18.03.2021 ).
Potential eects :
1. A rating downgrade would have a direct eect on the group’s
financing cost, and therefore on the net result - group share
and hence on net assets per share.
5
RISK FACTORS
2. A rating downgrade could also have an indirect eect on
the appetite of credit providers to deal with Cofinimmo or an
indirect eect on its financing cost or on its ability to finance
its growth and activities.
F.2.4 Risks arising in the event of a change of control
Most of the loan agreements (syndicated loan, bilateral loans,
bonds, etc.) concluded by Cofinimmo group include a so-called
‘change of control’ clause. This ensures that in the event of a
change of control of Cofinimmo SA/NV (or more precisely in
the event of the acquisition of control of Cofinimmo SA/NV, of
which only one shareholder currently exceeds the 5 % transpar
-
ency notification threshold), lenders have the option to cancel
the loans granted and require early repayment.
Potential eects :
1. Early repayment of loans, to be financed by significant asset
disposals, shareholder’s equity contributions in cash, or new
financing.
F3 LEGAL AND REGULATORY RISKS
F.3.1 RREC, FIIS and SIIC regimes
Cofinimmo and some of its subsidiaries have a particular status
in Belgium and in France. This concerns the status of regulated
real estate company (‘RREC’, qualified as public in the case of
Cofinimmo SA/NV, and institutional in the case of certain subsidi-
aries), of specialised real estate investment funds (‘FIIS’), and
of listed real estate investment company (‘SIIC’) which is reflected
in particular in tax transparency for their activities in Belgium
and in France. These statuses are granted subject to the fulfil
-
ment of a series of conditions determined by the Belgian Law of
12.05.2014 (‘RREC Law’) and the royal decree of 12.07.2014 (‘RREC
royal decree’), together comprising the ‘RREC legislation’, the royal
decree of 09.11.2016 on specialised real estate investment funds
and the French legislation. There is therefore a risk of non-com
-
pliance of the group’s activities with regulatory requirements. In
addition, legislations may be subject to change by the legislator
(see chapter ‘Standing Document’ on page 358).
In addition, when a Belgian company under common law is
absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable
for an exit tax on its unrealised capital gains and tax-exempt
reserves, at a rate lower than the common law tax rate. The exit
tax is calculated in accordance with the provisions of Belgian
circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or
practical application of which may be modified at any time. The
real value of a property, as referred to in this circular, is calculated
after deduction of real estate transfer tax or VAT. This real value
diers from (and may therefore be lower than) the fair value of the
property as mentioned in the IFRS balance sheet of Cofinimmo.
Potential eects :
1. In the event of non-compliance, the sanctions may go as far as
the loss of the status in question, entailing the loss of the benefit
of tax transparency, causing a significant reduction in the net
result - group share, and therefore in net assets per share, as
well as an obligation to repay a large number of loans early.
2. Decrease in net income - group share, and therefore in net
assets per share, in the event of an unfavourable change in
the legislations.
3. Increase in the revenue base on which the exit tax is calculated,
decrease in net result – group share, and hence in net assets
per share.
F.3.2 Changes to social security schemes
In healthcare real estate (accounting for 64 % of contractual rents
and 67 % of investments properties), the income of tenants/oper
-
ators is often derived, at least partially, directly or indirectly, from
subsidies provided by the local social security scheme. These
schemes, which depend on national, regional or local author
-
ities, are subject to reform from time to time.
Potential eects :
1. Reduction in the healthcare real estate tenants’/operators’
solvency in the geographical area concerned by a reform that
would be unfavourable to them, with an adverse impact on
their ability to honour their commitments to Cofinimmo (see
F.1.1.2 above).
2. Decrease in the fair value of part of the investment properties
and hence in net assets per share (see F.1.2.1 above).
F.3.3 FBI regime
In the Netherlands, Cofinimmo benefits, through its subsidiary
Superstone, from the ‘fiscale beleggingsinstelling’ (‘FBI’) status,
which is reflected in particular by tax transparency for its activities
in the Netherlands. This status is granted subject to meeting a
series of conditions determined by Dutch legislation. Early 2020,
the Dutch tax authorities informed Cofinimmo SA/NV that as a
shareholder of Superstone, which benefits from FBI status, the
company would have to undergo a shareholder test (the conditions
for being considered an FBI depend in particular on the activities
and the shareholder structure).
Following recent European case law (DEKA ruling), the Dutch
Ministry of Finance has lifted, in December 2021, an uncertainty
regarding one of the formal conditions - that relating to the
corporate purpose - to be met in the context of the Cofinimmo
shareholding test. In order to maintain the FBI regime in 2021,
it will also be necessary to obtain confirmation from the Dutch
Ministry of Finance that the other conditions of the shareholding
test are met.
In addition, the Dutch State is currently examining whether a
targeted adjustment of the FBI regime is possible and achiev
-
able in the long term by means of an evaluation with, possibly,
a change in policy and/or legislation as from 2022.
Potential eects :
1. The 2021 accounts and the 2022 forecast include provisions
covering the risk associated with the loss of the FBI status.
F4 RISKS RELATING TO INTERNAL CONTROL
An inadequate internal control system may prevent the parties
concerned (internal auditor, compliance ocer, risk ocer,
executive committee, audit committee, board of directors) from
performing their duties, which could jeopardise the eectiveness
of internal control (see chapter ‘Corporate governance statement’,
section ‘Internal control and risk management’).
6
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Potential eects :
1. The company would not be managed in an orderly and
conservative manner, endangering the optimal allocation of
resources.
2. Shortcomings in terms of risk management, cybersecurity
included, could lead to poor protection of the company’s assets.
3. Lack of integrity and reliability of financial and management
data.
4. Shortcomings in terms of compliance with legislation (in particu-
lar regarding Article 17 of the RREC Law), as well as internal
management procedures and directives.
F5 ENVIRONMENTAL, SOCIAL AND GOVERNANCE
RISKS
F.5.1 Sustainability of buildings
The attractiveness of the Cofinimmo group’s assets portfolio
depends in particular on their sustainability (location, energy
intensity, proximity to means of transport, etc.) and their resilience
to climate change (see section ‘ESG Strategy’ on page 31 of this
document). Shortcomings in this area are likely to discourage
potential tenants/operators or potential buyers.
Potential eects :
1. Vacancy rate (see F.1.3.2 above).
2. Negative change in the fair value of properties (see F.1.2.1 above).
F.5.2 ESG transparency
ESG is an increasingly important theme, both in terms of the
general public opinion and for private or institutional investors.
This covers many aspects, for example in terms of the impact of
the company’s activities on the environment, the community and
governance (‘ESG’ aspects, acronym for ‘Environment, Social,
Governance’), which are assessed according to reference frame-
works that are not yet fully defined or standardised, or that are
not yet recognised by all stakeholders. There may therefore be a
risk of perceived lack of transparency in some of these aspects.
Potential eects :
1. Deterioration of the group’s reputation with the various
stakeholders.
2. Less easy access to the capital market (debt and equity).
Quartz oce building –
Brussels CBD (BE) - BREEAM Excellent
7
RISK FACTORS
This universal registration document, which includes the annual financial report
and the ESG report, contains regulated information as defined in the Royal
decree of 14.11.2007 on issuers’ obligations pertaining to financial instruments
admitted to trading on a regulated market.
This universal registration document was filed on 08.04.2022 with
the Financial Services and Markets Authority (FSMA), as competent
authority under Regulation (EU) 2017/1129
1
, without prior approval
in accordance with article 9 of that regulation. In accordance with
the same article, this universal registration document also serves
as annual financial report. The universal registration document
may be used for the purposes of a public oer of securities or
the admission of securities to trading on a regulated market if
it as well as its amendments, if any, and a securities note and
summary approved in accordance with Regulation (EU) 2017/1129
are approved by the FSMA.
Languages
This universal registration document including the annual finan-
cial report and the ESG report has been filed with the FSMA in
French. The Dutch and English versions are translations made under
Cofinimmo’s responsibility. Only the French version constitutes legal
evidence.
Availability of the universal registration
document including the annual
financial report and the ESG report
A free copy of this universal registration document including the
annual financial report and the ESG report can be obtained upon
request by contacting :
Cofinimmo SA/NV
Tel. : 02 373 00 00
Fax : 02 373 00 10
Email : info@cofinimmo.be
This document is also available on the website
www.cofinimmo.com.
Statements
ROYAL DECREE OF 14112007
Responsible persons
The persons responsible for the information contained in the
registration document are the following persons : Mr Jacques van
Rijckevorsel, independent director, chairman of the board of direc-
tors, Mr Jean-Pierre Hanin, managing director, Mr Jean Kotarakos,
executive director, Mrs Françoise Roels, executive director, Mrs Inès
Archer-Toper, independent director, Mr Olivier Chapelle, independ-
ent director, Mr Xavier de Walque, independent director, Mr Maurice
Gauchot, independent director, Mr Benoit Graulich, independent
director, Mrs Diana Monissen, independent director, Mrs Kathleen
Van den Eynde, independent director.
Mr Jacques van Rijckevorsel, chairman of the board of directors,
and Mr Jean-Pierre Hanin, CEO, declare for and on behalf of
Cofinimmo SA/NV that, to the best of their knowledge :
• the financial statements, prepared in compliance with the applic-
able accounting standards, give a true picture of the portfolio,
the financial situation and the results of Cofinimmo SA/NV and
the subsidiaries included in the consolidation;
• the management report contains a truthful account of the develop-
ment of the business, the results and the situation of Cofinimmo SA/
NV and the companies included in the consolidation, as well as
a description of the main risks and uncertainties they are facing.
PRELIMINARY
REMARKS
1. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14.06.2017
on the prospectus to be published when securities are oered to the public or
admitted to trading on a regulated market and repealing Directive 2003/71/EC.
8
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
ANNEX I TO THE DELEGATED REGULATION
(EU) 2019/980 OF 14032019 SUPPLEMENTING
REGULATION (EU) 2017/1129 OF 14062017
Responsible persons, information from third parties,
expert reports and approval by the competent authority
Mr Jacques van Rijckevorsel, chairman of the board of direc-
tors, and Mr Jean-Pierre Hanin, CEO, certify for and on behalf of
Cofinimmo SA/NV, that the information contained in this universal
registration document including the annual financial report and
the report is, to the best of their knowledge, in line with the facts
and contains no omission likely to alter its scope.
Cofinimmo SA/NV declares that the information published in this
universal registration document including the annual financial
report and the ESG report, and originating from third parties,
such as the report of the independent real estate valuers and the
statutory auditor’s reports, has been included with the consent of
the person having endorsed its content, form and context. This
information has been faithfully reproduced and, to the best of
Cofinimmo SA/NV’s knowledge and as far as it is able to ascertain
from the data published by the same third parties, no facts have
been omitted which would render the reproduced information
inaccurate or misleading.
This universal registration document including the annual financial
report and the ESG report is a document filed with the Financial
Services and Markets Authority (FSMA), as the competent authority
under Regulation (EU) 2017/1129, without prior approval in accord-
ance with article 9 of the said regulation. The universal registration
document may be used for the purposes of a public oer of secur-
ities or the admission of securities to trading on a regulated market
if it as well as its amendments, if any, and a securities note and
summary approved in accordance with Regulation (EU) 2017/1129
are approved by the FSMA.
Administration, management and general management
bodies
Cofinimmo SA/NV declares that, regarding the directors and/or
members of the executive committee :
• no family ties exist between them;
• no information relating to (i) any convictions for fraud within
the last five years, (ii) any bankruptcies, receiverships, liquidations
or placing of companies under judicial administration, and (iii)
any ocial public accusations and/or sanctions by statutory or
regulatory authorities (including designated professional bodies),
must be disclosed;
• none of them has already been deprived by a court of the right
to hold oce as a member of the administrative, management or
supervisory bodies of an issuer or to participate in the manage-
ment or conduct of the issuer’s business for at least the previous
five years;
• no conflict of interest exists between their duties towards
Cofinimmo SA/NV and their private interests.
Outlook
Cofinimmo SA/NV certifies that the outlook or profit estimate was
determined and prepared on a basis comparable to the historical
financial information and in accordance with the issuer’s account-
ing policies.
Operation of administrative and management bodies
Cofinimmo SA/NV declares that no service contracts have been
concluded with the directors and the members of the executive
committee providing for the granting of benefits at the end of such
a contract, subject to the comment stated in section ‘Contractual
terms of the members of the executive committee’ of the chapter
‘Corporate governance statement’.
Main shareholders
Cofinimmo SA/NV declares that :
• no directors nor members of the executive committee directly or
indirectly hold a percentage of the share capital or voting rights
of Cofinimmo SA/NV which must be notified under the legislation
on the disclosure of major shareholdings;
• the main shareholders of Cofinimmo SA/NV do not hold dierent
voting rights.
Judicial and arbitration proceedings
Cofinimmo SA/NV declares that during the last 12 months, no admin-
istrative, legal nor arbitration proceedings have been initiated that
could have or have had significant eects on the financial situation
financial situation or profitability of Cofinimmo SA/NV.
Significant change in the financial situation
Cofinimmo SA/NV declares that there has been no significant
changes in the group’s financial situation since the end of the last
financial year.
Available documents
Cofinimmo SA/NV declares that during the period of validity of
the universal registration document including the annual financial
report and the ESG report, the latest version of the articles of asso-
ciation of Cofinimmo SA/NV as well as all reports, letters and other
documents, valuations and declarations established by an expert
at the request of Cofinimmo SA/NV, part of which are included or
referred to in the universal registration document including the
annual financial report and the ESG report, may be consulted on
the website www.cofinimmo.com.
Nursing and care home – Sarriguren (ES)
9
PRELIMINARY REMARKS
Information incorporated by reference
The annual financial reports of the past five years (notably those
of financial years 2019 and 2020 which are included as reference
material in this universal registration document) which include the
annual statutory accounts, the consolidated annual accounts and
the statutory auditor’s reports, as well as the half-yearly financial
reports, can be consulted on the website (www.cofinimmo.com).
For the period covered by the historical information from 2019,
2020 and 2021, the statutory auditor is SC s.f.d. SRL/BV o.v.v.e. CVBA
Deloitte, Réviseurs d’Entreprises/Bedrijfsrevisoren, represented by
Rik Neckebroeck.
Information Document Section
Historical financial
information for the last
three financial years
Annual financial report 2021 Fully (including the key figures on page 22, the summary of the consolidated
accounts on p. 85 to 89 and the annual accounts on p. 223 to 315)
Annual financial report 2020 Fully (including the key figures on page 20, the summary of the consolidated
accounts on p. 75 to 79 and the annual accounts on p. 211 to 297)
Annual financial report 2019 Fully (including the key figures on page 20, the summary of the consolidated
accounts on p. 70 to 74 and the annual accounts on p. 145 to 233)
Statutory auditor’s
statement
Annual financial report 2021 Statutory auditor’s report on :
• The projections on p. 102 and 103
• The consolidated accounts on p. 300 to 303; and
• The consolidated accounts on p. 312 to 315
Annual financial report 2020 Statutory auditor’s report on :
• The projections on p. 92 and 93
• The consolidated accounts on p. 282 to 285; and
• The consolidated accounts on p. 294 to 297
Annual financial report 2019 Statutory auditor’s report on :
• The projections on p. 84 and 85
• The consolidated accounts on p. 214 to 219; and
• The consolidated accounts on p. 228 to 233
Information on
the main investments
Annual financial report 2021 • Healthcare real estate : p. 32 to 55
• Property of distribution networks : p. 56 to 59
• Public-Private Partnerships : p. 60 and 61
• Oces : p. 62 to 69
Annual financial report 2020 • Healthcare real estate : p. 30 to 45
• Property of distribution networks : p. 46 to 49
• Public-Private Partnerships : p. 50 and 51
• Oces : p. 52 to 59
Annual financial report 2019 • Healthcare real estate : p. 30 to 43
• Property of distribution networks : p. 44 to 47
• Public-Private Partnerships : p. 48 and 49
• Oces : p. 50 to 57
Breakdown of total
revenue by type of
activity and by market
for the last three
financial years
Annual financial report 2021 Annual accounts in Note 5 (segment information) p. 240 to 247
Annual financial report 2020 Annual accounts in Note 5 (segment information) p. 228 and 229
Annual financial report 2019 Annual accounts in Note 5 (sector information) p. 162 and 163
Description of the
financial position and
of the results of the
operations
Annual financial report 2021 • Section ‘Management of financial resources’ p. 79 to 84; and
• Notes to the consolidated accounts p. 230 to 299
Annual financial report 2020 • Section ‘Management of financial resources’ p. 69 to 74; and
• Notes to the consolidated accounts p. 218 to 281
Annual financial report 2019 • Section ‘Management of financial resources’ p. 66 to 69; and
• Notes to the consolidated accounts p. 152 to 213
Information
on the personnel
Annual financial report 2021 • Section ‘Corporate governance statement’ p. 192
• Annual accounts in Note 43 p. 297
Annual financial report 2020 • Section ‘Corporate governance statement’ p. 178
• Annual accounts in Note 43 p. 279
Annual financial report 2019 • Section ‘Corporate governance statement’ p. 122
• Annual accounts in Note 43 p. 212
Important agreements
concerning a change
of control in the event
of a takeover bid
Annual financial report 2021 • Section ‘Corporate governance statement’ p. 207
Annual financial report 2020 • Section ‘Corporate governance statement’ p. 192
Annual financial report 2019 • Section ‘Corporate governance statement’ p. 136
10
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
MESSAGE TO
THESHAREHOLDERS
DEAR SHAREHOLDERS,
For two years now, the global COVID-19 pandemic has highlighted
the importance of the healthcare sector. Cofinimmo, through its
investments, actively participates in the operation, maintenance,
expansion, and renewal of a healthcare real estate portfolio that
covers nine countries.
In 2021, Cofinimmo made investments of almost one billion EUR in
various healthcare real estate sub-segments in Europe, including, for
the first time, in Ireland, Italy and the United Kingdom. Given these
investments, healthcare real estate assets (3.8 billion EUR), account
for two thirds of the group’s 5.7 billion EUR consolidated portfolio.
Ongoing development projects, which are due to be completed
by 2024, amount to 700 million EUR.
In the oce segment, Cofinimmo continues to pursue its strategy
which consists of rebalancing the oce portfolio between the vari-
ous sub-segments in favour of high-quality buildings located in
Brussels’ Central Business District (CBD). The group has completed
the divestment of oce buildings located in the periphery of Antwerp
and Brussels’ decentralised area amounting to 60 million EUR.
End October, the group completed the contribution of its oce
portfolio into a subsidiary, thus providing the opportunity to open
the capital of this subsidiary.
Cofinimmo constantly evaluates its assets portfolio given key
elements of its strategy and any market opportunities that arise.
The group has thus disposed of a portion of its Cofinimur I prop
-
erty of distribution networks portfolio in France for more than
40 million EUR.
For almost 15 years, Cofinimmo has pursued an ambitious ESG
policy. This continues to be a priority for the group and its various
eorts have been rewarded once again in 2021. Cofinimmo shows
marked improvements in a series of external ESG ratings (MSCI,
GRESB, CDP, etc.), and has obtained several new BREEAM certifica-
tions for not only oce buildings but also its healthcare real estate
properties. The nursing and care home in Oleiros, for instance, is
the first site in Spain to obtain the BREEAM Excellent certification
in this segment. The energy intensity of the portfolio reaches
165 kWh/m in 2021, down by 13 % and well on track to achieve
the 30 % reduction aimed by 2030 (compared to the 2017 level). In
addition, Cofinimmo received Euronext Brussels’ 2021 Sustainable
Growth Award, an award which recognises the company with the
most sustainable growth over the last decade. Needless to say that
Cofinimmo is closely following the evolution of the recent situation
around some healthcare operators (see section page 35).
In terms of financing, several operations were concluded during the
financial year that improved the balance sheet structure. Cofinimmo
carried out four capital increases (contribution in kind, in cash via
accelerated bookbuilding, optional dividend and conversion of
convertible bonds into shares) totalling nearly 565 million EUR,
and also issued a second sustainable bond for 500 million EUR
in January 2022 (2.5 times oversubscribed), demonstrating that
sustainable investment and sustainable financing are a priority
for the group. As at 31.12.2021, Cofinimmo had 866 million EUR of
headroom on its credit lines after deduction of the backup of the
commercial paper programme.
The group’s momentum in terms of investments and financing
(average cost of debt down to 1.1 %), coupled with ecient manage-
ment of the existing portfolio (occupancy rate of 98.1 %, gross rental
income up by 0.9 % on a like-for-like basis, operating margin of
82.1 %), has enabled the company to realise a net result from core
activities - group share of 212 million EUR as at 31.12.2021. This is
in line with the outlook (compared to the 181 million EUR realised as
at 31.12.2020, i.e. a 17 % increase), and comes mainly from investments
made. The net result from core activities - group share amounts to
7.15 EUR per share (in line with the outlook, compared to 6.85 EUR
as at 31.12.2020, i.e. a 4 % increase). This takes into account the iussu-
ance of shares in 2020 and 2021, which saw the average number of
shares entitled to share in the result for the period increased from
26,478,781 to 29,655,292 between these two dates.
For almost 40 years, Cofinimmo has been developing, managing and investing
in rental real estate. Attentive to societal changes, the company’s constant
objective is to offer high-quality care, living and working spaces (‘Caring, Living
and Working - Together in Real Estate’). Building on its expertise, Cofinimmo
continues to consolidate its leadership in European healthcare real estate. In
2021, the company invested for 1 billion EUR, with a strongly increasing result.
11
MESSAGE TO THE SHAREHOLDERS
“Through its numerous development
projects, Cofinimmo is actively
participating in the extension and
renewal of the property portfolio
dedicated to healthcare in Europe.”
The net result - group share amounted to 260 million EUR
(i.e. 8.78 EUR per share) as at 31.12.2021, compared to 119 million EUR
(i.e. 4.50 EUR per share) as at 31.12.2020. This variation is mainly
due to the increase in the net result from core activities - group
share and given the change in fair value of investment properties
and hedging instruments between 31.12.2020 and 31.12.2021, these
two elements being non-cash items.
With a debt-to-assets ratio of 44.2 % as at 31.12.2021, Cofinimmo’s
consolidated balance sheet (whose BBB/A-2 rating was confirmed
in March 2021) shows a strong solvency position (information on
risks and uncertainties are stated in the chapter ‘Risk factors’).
JACQUES VAN RIJCKEVORSEL,
CHAIRMAN OF THE BOARD OF DIRECTORS
12
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Given these results, the board of directors will propose, at the ordin-
ary general meeting of 11.05.2022, a gross dividend of 6.00 EUR per
share for the 2021 financial year, payable in May 2022.
Considering in particular the disposals carried out in 2021 and
budgeted in 2022, and barring any unexpected events, the
forcast net result from core activities - group share for the 2022
is 219 million EUR (compared to 212 million EUR as at 31.12.2021),
i.e. 6.90 EUR per share, and the gross dividend payable in 2023 is
6.20 EUR per share (up, compared to the 2021 dividend payable
in 2022). This outlook is based on a gross investment budget of
approximately 600 million EUR for 2022 (460 million EUR net) and
takes into account the pro rata temporis dilutive eects of the 2021
capital increases.
Cofinimmo owes its excellent performance to the enthusiasm,
competence and commitment of all its employees, who spare no
eort in furthering the group’s development. The board of directors
wishes to express its warmest congratulations to the Cofinimmo
teams, and to encourage them in this time crises (health and
geopolitics) that aects us all.
“Sustainable investment and
sustainable finance are key priorities
for the group. For almost 15 years,
we have been committed to ESG,
an integral part of our DNA. As a
testament to our success in this
area, Cofinimmo was awarded the
2021 Sustainable Growth Award
by Euronext Brussels. This award
motivates us to continue building
towards a more sustainable
environment.”
JEAN-PIERRE HANIN,
CHIEF EXECUTIVE OFFICER
13
MESSAGE TO THE SHAREHOLDERS
CARING, LIVING
AND WORKING
— TOGETHER IN REAL ESTATE —
14
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
BRUSSELS
FRANKFURT
PARIS
MADRID
BREDA
WORKING
Creating value by
repurposing and
rebalancing the portfolio
to favour Brussels’ Central
Business District (CBD)
LIVING
A market-driven approach
withlong-term income
Cofinimmo’s assets are
managed by ateam
of approximately
145people in Brussels,
Paris, Breda, Frankfurt
and Madrid.
CARING
To be a leading European
healthcare REIT that offers
a top quality portfolio
and pursues innovative
approaches to real estate
that address healthcare
challenges
BREAKDOWN OF THE
CONSOLIDATED PORTFOLIO
67 %
CARING
9 %
LIVING
24 %
WORKING
15
CARING, LIVING AND WORKING TOGETHER IN REAL ESTATE
CARING
To be a leading European healthcare REIT that offers
atopquality portfolio and pursues innovative approaches
to real estate that address healthcare challenges
16
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
5.3 %
GROSS RENTAL YIELD
16 year
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH
266
NUMBER OF ASSETS
161 kWh/m²
ENERGY INTENSITY OF THE SEGMENT
2005
FIRST INVESTMENT IN HEALTHCARE REAL ESTATE
7
BUILDINGS WITH BREEAM CERTIFICATIONS
BREAKDOWN OF THE HEALTHCARE
PORTFOLIO BY COUNTRY
(at fair value - in %)
NOUVEAUX GRAPHS
DÈS RÉCEPTION
DES CHIFFRES 2021
* ES 6 % - FI 2 % - IE 2 % - IT 5 % - UK 2 %
12 %
FRANCE
17 %
OTHERS*
17 %
GERMANY
42 %
BELGIUM
11 %
THE NETHERLANDS
67 %
OF THE CONSOLIDATED PORTFOLIO
3.8 billion EUR
FAIR VALUE OF THE PORTFOLIO
>1,500,000 m²
SURFACE AREA
> 25,600
NUMBER OF BEDS
99.9 %
OCCUPANCY RATE
NEARLY
1 billion EUR
INVESTED IN 2021
17
CARING, LIVING AND WORKING TOGETHER IN REAL ESTATE
LIVING
A market-driven approach with
long-term income
18
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
9 %
OF THE CONSOLIDATED PORTFOLIO
0.5 billion EUR
FAIR VALUE OF THE PORTFOLIO
360,000 m²
SURFACE AREA
98.5 %
OCCUPANCY RATE
6.4 %
GROSS RENTAL YIELD
12 years
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH
2
BUILDINGS WITH BREEAM CERTIFICATIONS
6
ASSETS IN OPERATION IN THE PPP PORTFOLIO,
BOOKED AS FINANCE LEASES
64 kWh/m²
ENERGY INTENSITY OF THE SEGMENT
2005
FIRST PUBLICPRIVATE PARTNERSHIP PPP :
THE COURTHOUSE OF ANTWERP
2007
PARTNERSHIP WITH AB INBEV GROUP FOR
A PORTFOLIO OF PUBS AND RESTAURANTS
2011
PARTNERSHIP WITH MAAF FOR
A PORTFOLIO OF INSURANCE AGENCIES
2021
PARTIAL DISPOSAL OF THE PORTFOLIO
OF INSURANCE AGENCIES
BREAKDOWN OF PROPERTY OF
DISTRIBUTION NETWORKS BY COUNTRY
(at fair value - in %)
26 %
PUBSTONE
NETHERLANDS
55 %
PUBSTONE
BELGIUM
13 %
COFINIMUR I
FRANCE
6 %
OTHER
BELGIUM
1,080 NUMBER OF ASSETS OF WHICH
190
INSURANCE
AGENCIES
889
PUBS AND
RESTAURANTS
1 PPP, BOOKED
AS OPERATING
LEASE
19
CARING, LIVING AND WORKING TOGETHER IN REAL ESTATE
WORKING
Creating value by repurposing and rebalancing the portfolio
to favour Brussels’ Central Business District (CBD)
20
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
24 %
OF THE CONSOLIDATED PORTFOLIO
1.4 billion EUR
FAIR VALUE OF THE PORTFOLIO
490,000 m²
SURFACE AREA
93.7 %
OCCUPANCY RATE
6.3 %
GROSS RENTAL YIELD
62
NUMBER OF ASSETS
6
NUMBER OF ASSETS WITH BREEAM CERTIFICATION
198 kWh/m²
ENERGY INTENSITY OF THE SEGMENT
2016
OPENING OF THE FIRST FLEX CORNERS
®
AND LOUNGES
®
2021
CONTRIBUTION OF THE OFFICE PORTFOLIO
INTO A SUBSIDIARY
58 %
CBD
7 %
PERIPHERY
24 %
DECENTRALISED
11 %
ANTWERP AND OTHER REGIONS
RECENTERING THE PORTFOLIO
TOWARDS BRUSSELS CBD
21
CARING, LIVING AND WORKING TOGETHER IN REAL ESTATE
MANAGEMENT REPORT
KEY FIGURES AS AT 31.12.2021
5.7 billion EUR
FAIR VALUE OF THE
PORTFOLIO
+ 17 %
IN 2021
294 million EUR
PROPERTY RESULT
+ 14.8 %
EN 2021
> 2,375,000 m²
TOTAL SURFACE AREA
1,408
ASSETS
4.5 billion EUR
MARKET
CAPITALISATION
132.33 EUR
AVERAGE SHARE PRICE
IN 2021
+20.7 %
GROSS RETURN
1
OF
THE SHARE IN 2021
5.6 %
GROSS RENTAL YIELD AT 100 %
OCCUPANCY
98.1 %
OCCUPANCY RATE
12 years
WEIGHTED AVERAGE
RESIDUAL LEASE LENGTH
7.15 EUR/share
EPRA RESULT
102.13 EUR/share
NET ASSET VALUE
44.2 %
DEBTTOASSETS RATIO
1.1 %
AVERAGE COST OF DEBT
BBB/long term &
A-2/short term
STANDARD & POOR’S RATING
2
OPERATIONAL
FINANCIAL
1. Increase in the share price + dividend yield.
2. Publication of Standard & Poor’s at 18.03.2021.
GEOGRAPHICAL BREAKDOWN OF PORTFOLIO
(as at 31.12.2021 - at fair value)
10 %
THE
NETHERLANDS
11 %
GERMANY
11 %
OTHERS*
9 %
FRANCE
58 %
BELGIUM
PORTFOLIO BREAKDOWN BY SEGMENT
(as at 31.12.2021 - at fair value)
67 %
HEALTHCARE REAL ESTATE
24 %
OFFICES
9 %
PROPERTY OF
DISTRIBUTION
NETWORKS
* ES 4 % - FI 1 % - IE 2 % - IT 3 % - UK 1 %
22
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
145 employees
43 % men
57 % women
165 kWh/m²
AVERAGE PORTFOLIO ENERGY INTENSITY
48 %
OF THE PORTFOLIO PEB/EPC CERTIFIED
19 %
OF THE PORTFOLIO REMOTELY
MONITORED
83 %
WAGE GAP
BETWEEN GENDERS
4,289
HOURS OF
PAID TRAINING
ENVIRONMENT, SOCIAL & GOVERNANCE (ESG)
CONSOLIDATED KEY FIGURES
(x 1,000,000 EUR) 31.12.2021 31.12.2020 31.12.2019
Portfolio of investment properties (in fair value)
5,710 4,869 4,247
(x 1,000 EUR) 31.12.2021 31.12.2020 31.12.2019
Property result
293,885 255,956 234,615
Operating result before result on the portfolio
241,318 211,112 193,829
Net result from core activities - group share
212,131 181,457 166,498
Result on financial instruments - group share
40,748 -21,906 -24,184
Result on the portfolio - group share
7,458 -40,330 62,301
Net result - group share
260,337 119,222 204,615
Operating margin
82.1 % 82.5 % 82.6 %
31.12.2021 31.12.2020 31.12.2019
Operating costs/average value of the portfolio under management
1
0.95 % 0.98 % 0.97 %
Weighted average residual lease length (in years)
2
12 12 12
Occupancy rate
3
98.1 % 97.4 % 97.0 %
Gross rental yield at 100 % occupancy
4
5.6 % 5.9 % 6,2 %
Net rental yield at 100 % occupancy
5
5.3 % 5.6 % 5.8 %
Debt-to-assets ratio
6
44.2 % 46.1 % 41.0 %
Average cost of debt
7
1.1 % 1.3 % 1.4 %
Average debt maturity (in years)
8
5 5 4
1. Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by the owner are still met by the group through
total cover insurance premiums.
2. Until the first break option for the lessee.
3. Calculated based on real rents (excluding development projects and assets held for sale) and, for vacant space, the rental value estimated by the independent real estate valuers.
4. Passing rents increased by the estimated value of vacant space, divided by the investment value of the portfolio (including transaction costs), and excluding development projects
and assets held for sale.
5. Passing rents increased by the estimated value of vacant space, minus direct costs, divided by the investment value of the portfolio including transaction costs), excluding
development projects and assets held for sale.
6. Legal ratio calculated in accordance with the legislation on RRECs (such as financial and other debt divided by total assets).
7. Including bank margins.
8. See chapter ‘Management of financial resources’ on page 83.
23
MANAGEMENT REPORT KEY FIGURES
TRANSACTIONS
AND
ACHIEVEMENTS
IN 2021
Nursing and care home Ippocrate – Milan (IT)
Rehabilitation clinic St Doolaghs – Dublin (IE) – ©DomusVi
Q2
APRIL
• Belgium : Acquisition of five healthcare sites through contribution in
kind for a conventional value of 103 million EUR.
• Finland : Agreement to acquire, under certain conditions, the compan-
ies that will develop two nursing and care homes in Turku and
Ylörjärvi for approximately 12 million EUR. The conditions were lifted
in April and August 2021.
MAY
• Belgium : Signature of a private agreement regarding the divest-
ment of oce buildings located in the Antwerp and Brussels periph-
ery as well as in the decentralised area of Brussels for more than
80 million EUR. In the meantime, the conditions have been lifted for
part of the portfolio.
• The Netherlands : Acquisition of a plot of land on a care campus
in Hilversum where a care clinic will be built for approximately
30 million EUR (plot of land + works).
• Germany : Signature of an agreement to acquire, under certain
conditions, a nursing and care home currently under construction
in Leipzig for approximately 19 million EUR. The conditions were lifted
in March 2022.
• Spain : Acquisition of 18 nursing and care homes for approximately
150 million EUR.
• Italy : Investment in two funds owning six nursing and care homes
in northern Italy for approximately 190 million EUR.
• Financing : Modification of a traditional credit line into a Sustainability-
linked credit line of 25 million EUR, for which financial conditions will
be adjusted according to the achievement of the objective aiming at
reducing the energy intensity of Cofinimmo’s portfolio (Project 30).
JUNE
• Belgium : Acquisition of 100 % of the shares of the company
owning a plot of land in Juprelle where a new nursing and care home
will be built for approximately 19 million EUR (plot of land + works).
• Spain : Acquisition of a plot of land in Palma de Mallorca where a nurs-
ing and care home will be built for approximately 14 million EUR
(plot of land + works).
• Financing : Optional dividend in shares : 54 % of the 2020 dividend
coupons paid in new shares issued for a total amount of nearly
65 million EUR.
Q1
JANUARY
• Belgium : Signature of an agreement relating to the acquisition of
100 % of the company owning the rights in rem in a plot of land located
in Leuven, where an extension to an existing complex will be built
for a conventional value of 15 million EUR.
• Irland : Acquisition of six nursing and care homes and one rehabili
-
tation clinic in the provinces of Leinster and Ulster for approximately
93 million EUR.
• Finland : Acquisition of a nursing and care home under construction
in Vantaa for approximately 12 million EUR.
FEBRUARY
• Belgium : Launch of the contribution of the office portfolio
into a subsidiary, which was completed in October 2021. Acquisition of
100 % of the shares of the company owning a plot of land in Genappe
where a nursing and care home will be built for approximately
19 million EUR (plot of land + works).
• France : Acquisition of four nursing and care homes, one of which
is under construction, and one assisted-living unit in Normandy for
44 million EUR.
MARCH
• Financing : Capital increase in cash via accelerated bookbuilding
(ABB) for approximately 180 million EUR.
24
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Nursing and care home Lakeview Lodge – Milton Keynes (UK)
Nursing and care home De Blenke
– Hellendoorn (NL)
Q3
JULY
• The Netherlands : Acquisition of a medical office building
on a healthcare campus in Beugen for approximately 12 million EUR.
• Germany : Acquisition of approximately 95 % of the shares of the
company owning a rehabilitation clinic in Bad Langensalza for
approximately 22 million EUR.
• Spain : Acquisition of a nursing and care home in Bilbao for
approximately 9 million EUR.
• United Kingdom : Acquisition of 3 nursing and care homes for
approximately 57 million GBP.
SEPTEMBER
• France : Acquisition of a nursing and care home (EHPAD) to be
redeveloped in Fontainebleau for approximately 17 million EUR.
Signature of private agreements regarding the future disposal
of part of the Cofinimur I property of distribution networks..
• Spain : Acquisition of a plot of land in Alicante where a nursing and
care home will be built for approximately 13 million EUR. Signature
of agreements relating to the future acquisition of three nursing
and care homes, being or to be developed, for approximately
34 million EUR, to be paid after works completion.
• Finland : Acquisition of the company currently developing a nursing
and care home in Turku for approximately 15 million EUR.
•
Financing :
Conversion of 99 % of convertible bonds maturing on
15.09.2021, resulting in the issuance of new shares for a book
value of approximately 216 million EUR.
Q4
OCTOBER
• Belgium : Contribution of the oce portfolio into a subsidiary.
Acquisition of 100 % of the shares of the company that will
build a nursing and care home in Oudenburg for approximately
11 million EUR (plot of land + works).
• The Netherlands : Acquisition of two nursing and care homes in
Nijverdal and Hellendoorn for approximately 23 million EUR.
• Finland : Acquisition of the company that will develop a nursing
and care home in Helsinki for approximately 19 million EUR (plot
of land + works).
NOVEMBER
• France : Acquisition of 100 % of the shares of a company
owning a nursing and care home in Chanteloup-les-Vignes for
approximately 17 million EUR.
• Spain : Signature of an agreement relating to the acquisition
of a nursing and care home in Jaén for approximately 9 million EUR.
• Finland : Acquisition of the company developing a nursing and care
home in Rovaniemi for approximately 8 million EUR (works included).
• Germany : Signature of agreements to acquire, under certain condi-
tions, two nursing and care homes in Essenheim and one nursing
and care home in Bruchmühlbach-Miesau for approximately
39 million EUR. The conditions were lifted in January 2022.
DECEMBER
• Belgium : Acquisition of 100 % of the shares of the company
owning a nursing and care home in Charleroi for approximately
18 million EUR.
• The Netherlands : Acquisition of 100 % of the shares of the company
owning a new healthcare complex in Hattem for approximately
13 million EUR.
• France : Acquisition of an aftercare and rehabilitation clinic under
construction in Revin for 17 million EUR (plot of land + works).
• Finland : Acquisition of the company developing a nursing and care
home in Kuopio for approximately 17 million EUR.
• Financing : Modification into a sustainable programme and
extension of the long-term commercial paper programme to
1,250 million EUR. Extension of a 50 million EUR credit line for
one additional year to bring its maturity to 2027.
25
MANAGEMENT REPORT TRANSACTIONS AND ACHIEVEMENTS
MISSION
Responding to societal changes, Cofinimmo’s mission is to provide
high-quality care, living, and working spaces to partner-tenants for
theiroccupants to enjoy.
‘Caring, Living and Working – Together in real estate’ is the expres-
sion of this mission.
More specifically, Cofinimmo’s mission is to :
• Promote, within its high-quality care, living, and working spaces,
creative exchanges for inspiration and well-being and inspiration
through the provision of services that anticipate and respond to
the needs and aspirations of their occupants;
• Provide an inspiring work and living environment, in service of
an exciting commercial project;
• Provide shareholders with the opportunity to make long-term,
socially responsible, and low risk investments that generate
recurring, predictable, and growing revenue streams that fuel
dividends as well as returns to the community.
Beyond the stakeholders identified above, the community
itself greatly benefits from Cofinimmo’s services on many levels,
whether in healthcare, the working world or simply in places where
people interact and share. Furthermore, Cofinimmo contributes to
enhancement and renovation of public and parapublic property
through its participation in large-scale projects undertaken by way
of public-private partnerships.
Caring, Living
andWorking -
Together in
realestate.
Nursing and care home – Cartagena (ES)
26
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
STRATEGY
Cofinimmo’s strategy is to
consolidate its leadership
In the European health
real estate sector.
Real estate strategy
HEALTHCARE REAL ESTATE
Cofinimmo’s strategy consists in consolidating its leadership in the
European healthcare real estate segment.
The growth of the group goes hand-in-hand with the restructuring,
already initiated, in the healthcare real estate segment itself. Once
restricted to nursing and care homes, it now oers other types of
assets accessible to an investor possessing expertise and substan-
tial experience in healthcare real estate such as Cofinimmo. As an
example, Cofinimmo entered the healthcare real estate segment
in 2005 through the acquisition of nursing and care homes and
then expanded its scope with the acquisition of several medical
oce buildings, specialised clinics, rehabilitation clinics, psychi
-
atric clinics, etc.
On the other hand, the restructuring also takes place on a geograph-
ical level through the expansion of the group’s activities beyond
the countries currently covered, namely Belgium, France, the
Netherlands, Germany, Spain, Finland and, since 2021, Ireland,
Italy and the United Kingdom.
Given the above, it is clear that the share of healthcare real estate
in Cofinimmo’s consolidated portfolio, which already reaches 67 %,
is bound to grow significantly.
As part of its healthcare real estate strategy, Cofinimmo participates
in several innovative projects aiming at making residents’ stay more
attractive but also at encouraging interaction with people living in
the surrounding area as well as visits from relatives. As an example,
in December 2021 , Cofinimmo acquired 100 % of the shares of the
company owning the newly-built healthcare complex Hof van Blom
in Hattem (Gelderland) in the Netherlands. The complex consists of
three wings where specific care services are provided : a nursing
and care home with 32 beds, a wing with 22 assisted-living units
and a general practice. Hof van Bom is located in a residential care
zone, where residents live as independently as possible and where
particular attention is being paid to quality of life and sustainability.
The most important values of this concept are safety, proximity (of
facilities), accessibility, healthy living environment and interaction
between residents.
The healthcare real estate
sector now accounts for
67 % of the consolidated
portfolio and is expected
to grow significantly.
Nursing and care home - Alcalá (ES)
27
MANAGEMENT REPORT MISSION STRATEGY
Cofinimmo’s strategy in the
office segment involves
rebalancing the office
portfolio by reducing
holdings in Brussels’
decentralised area and
periphery and expanding
its holdings of high-quality
buildings in the Central
Business District.
PROPERTY OF DISTRIBUTION NETWORKS AND PPPs
Property of distribution networks, as well as public-private part-
nerships (PPPs), share with healthcare real estate the characteristic
of generating high, predictable and indexed cash flows through
generally long-term contracts.
OFFICES
Since its establishment in 1983, Cofinimmo has been a major
player in the Brussels oce market, which consists of dierent
sub-segments.
It is in this market that the company has built its expertise in real
estate for almost 40 years. Specifically, Cofinimmo’s sta is an
expert in every aspect of the building life cycle and is well-versed in
the A to Z management of major projects. Whether it is the design,
construction, renovation, reconversion or development of sites, the
goal is always the renting or sales of these assets. Besides the oce
segment, this know-how now also applies to healthcare real estate,
property of distribution networks and PPPs, which benefit from the
synergies thus created.
After having divested large single-tenant oce spaces, Cofinimmo
continues the rebalancing of its oces portfolio by reducing its
presence in the decentralised area of Brussels to the benefit of
high-quality buildings located in the Central Business District (CBD).
The vacancy rate in this segment, which is lower than the average
in the Brussels market, makes it possible to obtain higher net yields.
Arts/Kunst 47 oce building –
Brussels CBD (BE)
28
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Benefits of the strategy for stakeholders
Cofinimmo’s strategy results from the mission described above
as well as from the expectations of the main stakeholders (share-
holders, tenants, sta and community).
COMMUNITIES
TENANTS
SHAREHOLDERS
EMPLOYEES
Enhancement of
public and parapublic
property thanks
to PPPs
Socially responsible,
long-term, low-risk
investment generating
a regular flow of
dividends
Growth
Respect and a fulfilling
work environment
Collective and
personal development
opportunities
High-quality care,
living and working
environments
Spaces that meet
rapidly changing needs
and aspirations
Indirect benefits in
healthcare and the
working world or in
places where people
exchange and share
29
MANAGEMENT REPORT STRATEGY
Financial strategy
In order to implement the real estate strategy set out above,
Cofinimmo has developed a financing strategy based on the
following principles :
DIVERSIFICATION OF FINANCING RESOURCES
The group diversifies not only the type of assets and the countries
in which it invests, but also its sources of financing. Cofinimmo
also pays particular attention to the coherence between its finan
-
cial strategy and its ESG objectives. This is why Cofinimmo uses
bank loans, green & social loans, ‘traditional’ straight (non-convert-
ible) bonds, convertible bonds, green & social or sustainable bonds
and both short-term and long-term sustainable commercial paper
programmes as sources of financing. In addition, the company
works closely with about fifteen financial institutions.
REGULAR ACCESS TO CAPITAL MARKETS
Capital increases, optional dividends in shares, sales of treasury
shares, contributions in kind, as well as the issuing of ‘traditional’
straight (non-convertible) or sustainable bonds, convertible bonds
and green & social or sustainable bonds are all means Cofinimmo
uses to raise capital. The two graphs on this page show the financing
sources used by Cofinimmo over the past years.
1,636 million EUR
NEW CREDIT LINES CONCLUDED AS AT 31122021
44.2 %
DEBTTOASSETS RATIO
AS AT 31122021
1.1 %
AVERAGE COST
OF DEBT IN 2021
CAPITAL MARKETS : EQUITY (x 1,000,000 EUR)
CAPITAL MARKETS : DEBT (x 1,000,000 EUR)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Straight bonds
Convertible bonds
Green & social bonds
Treasury notes
Contribution in kind
Sale of treasury shares
Optional dividend
Rights Issues
Accelerated bookbuilding
Conversion of convertible bonds
107
75
29
19
5
63
22 11 38
92
33
33 99 103
173
191
219219
44
155
26
20
10
29
296
31
217
500
55
500
65
100
50
140
50
190190
70
285285
180
7575
7272
9898
6969
3232
4444
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
30
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
DEBTTOASSETS RATIO CLOSE TO 45 %
Even though the legal status of RREC allows a debt-to-assets ratio
(defined as financial and other debts divided by total consolidated
balance sheet assets) of at most 65 % and the banking agreements
allow a ratio of 60 %, the group’s policy is to maintain a debt-to-
assets ratio of approximately 45 %.
This level has been determined at European level through market
standards for listed real estate companies and takes into account
the long weighted average residual length of leases.
OPTIMISATION OF THE DURATION AND COST
OF FINANCING
Cofinimmo actively manages its financing resources by usually
refinancing maturing debts in advance. In this respect, the group
strives to optimise the cost of its debt while ensuring diversification
of its financing resources and monitoring the average maturity
of its debt.
With a part of the debt incurred at floating rate, Cofinimmo is
exposed to a risk of interest rates increase, which could lead
to a deterioration in its financial result. This is why, Cofinimmo
partially hedges its floating-rate debt through the use of hedging
instruments (IRS and caps). The objective is to secure the interest
rates over a minimum of three years for 50 % to 100 % of the esti
-
mated financial debt.
ESG strategy
Cofinimmo, being a major real estate player in Europe, has been
committed for almost 15 years to a global ESG strategy.
In response to the risks generated by climate change, Cofinimmo
decided to raise its environmental ambitions. The strategic thinking
carried out in 2019 led to the ambitious project of reducing the
portfolio’s energy intensity by 30 % (compared to the 2017 level) by
2030, to reach 130 kWh/m (30 project).
This objective has been established following the science based
targets methodology, which has made it possible to objectivise
the eort to be made in order to contribute to the global objective
of limiting global warming to a maximum of 1.5°C. It is a continuation
of the many ESG initiatives conducted by Cofinimmo, and is in line
with the Paris Agreement concluded at COP21 and reconfirmed
by COP26 in 2021.
This business project, initiated at the beginning of the year 2020,
involves not only the oce and healthcare real estate segments,
but also all the activities directly managed within the company such
as sales and acquisitions, development, works management and
day-to-day property management. Only a 360-degree approach,
considering the entire life cycle of buildings, will enable the group
to achieve the objective set.
Cofinimmo’s approach of the risks and opportunities linked
to climate change is explicitly in line with the recommendations
of the Task Force on Climate-related Financial Disclosure (TCFD).
Its commitment is demonstrated by the inclusion of the oversight
of risks and opportunities at all levels of the governance structure
described in the chapter ‘Corporate government statement’ (see
page 188). The main risks are included in the chapter ‘Risk factors’,
section ‘Environmental, social and governance risks’ (see page 7).
A detailed description of the impact of the risks and opportun
-
ities linked to climate change on the strategy is available below
and in the public response to the Carbon Disclosure Project (CDP)
on www.cdp.net.
The ESG report included in this document describes how the group
manages the risks linked to climate change. It more particularly
states the procedures aimed at reducing the greenhouse gas (GHG)
emission due to the energy intensity of the portfolio. Cofinimmo has
adopted the performance indicators advocated by EPRA in order
to be able to monitor the evolution of the performance.
Fully in line with the ESG strategy, Cofinimmo intends to
pursue a sustainable financing policy, as described in the chap
-
ter ‘Profitability for the investors and access to capital’ (see pages
137-145).
Impact potentiel Mitigating factors and measures
1. Physical impact on buildings due to extreme
weather conditions
Issue of sustainable financing instruments to refinance the acquisition and development of high-
performance buildings. (1, 2, 3)
2. Changes to environmental regulations Favour buildings with a good location in terms of mobility and sustainable means of transport.
(1, 2, 3)
3. Negative impact on the value of a building Incorporation of flood risks and environmental aspects into the due diligence process at each
acquisition. (1, 2, 3)
4. Increase in costs to be incurred to maintain
a building in operating condition
Active policy to optimise the energy performance of buildings, getting ahead of legislation
whenever possible. (2, 3, 4, 5)
Active policy to optimise the water consumption of buildings, prioritising on the use of non-drinking
water whenever possible. (2, 3, 4, 5)
5. Negative impact on the group’s ability to
operate a building
Construction and renovation of properties with an excellent energy performance by incorporating
an analysis of the life cycle of buildings. (2, 3, 4, 5)
Purchasing 100 % electricity from renewable sources for buildings under management. (6)
6. Potential impact on the group’s reputation Transparent communication on ESG indicators in accordance with EPRA and GRI. (6)
31
MANAGEMENT REPORT STRATEGY
HEALTHCARE
REAL ESTATE
67 %
OF THE CONSOLIDATED PORTFOLIO
3.8 billion EUR
FAIR VALUE OF THE PORTFOLIO
99.9 %
OCCUPANCY RATE
266
ASSETS
> 25,600
NUMBER OF BEDS
>1,500,000 m²
SURFACE AREA
Nursing and care home –
Cartagena (ES)
32
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Healthcare real estate strategy
Cofinimmo’s strategy consists in consolidating its leadership in the
European healthcare real estate segment by diversifying its oer
for tenants. This diversification is not only geographical as it also
covers the type of property available for leasing.
The company’s primary objective is to expand its healthcare real
estate portfolio at a robust pace, in order to generate profit
-
able growth, by investing in functional buildings of excellent quality.
These generate an elevated, predictable and indexed cash flow
within the framework of usually very long-term contracts.
This growth will go hand in hand with diversification within the
healthcare real estate segment. Originally restricted to nursing
and care homes, this diversification oers other types of property
accessible to an investor possessing the expertise and extensive
experience in healthcare real estate such as Cofinimmo. As an
example, Cofinimmo entered the healthcare real estate segment in
2005 through the acquisition of nursing and care homes. The group
then expanded its scope with the acquisition of medical oce build-
ings, specialised clinics, rehabilitation clinics, psychiatric clinics, etc.
Furthermore, the diversification also takes place on a geograph-
ical level through the expansion of the group’s activities beyond
the countries currently covered, namely Belgium, France, the
Netherlands, Germany, Spain, Finland, Italy, Ireland and the United
Kingdom. The nine countries in which the company has invested in
healthcare assets are at dierent stages of development.
On the operator side, over the past years, the Belgian and French
markets for instance have seen the growth of large operator groups
with an international presence. In the Netherlands and Germany,
operators are usually smaller and manage one or more facilities.
However, concentration has accelerated in Germany over the
past few years. In Spain, the market is consolidating rapidly with
new international operators entering the market by acquiring and
developing local groups or local players entering a phase of signifi-
cant growth. In Finland, private service providers produce a quarter
of all social and health services. Its growth creates a high demand
for state-of-the-art innovative medical centres. In Ireland, the
proportion of people aged 65 and more is expected to grow
at a substantially faster pace than in other European countries
and the current supply of nursing homes and care facilities does not
meet the increasing demand. Therefore, the increase and upgrade
of the existing facilities are essential to meet modern comfort and
safety standards. The Italian nursing home sector is a highly regu-
lated market. Its nursing home bed capacity is one of the lowest
in Europe. The private sector represents 20 % of the beds, and is
expected to grow significantly over the coming years. Federal and
regional authorities use accreditations to organise the distribution of
bed capacity according to regional needs. The United Kingdom has
one of the largest nursing and care home landscapes in Europe,
but the sector remains highly fragmented. Not only is there a need
for a higher quantity of care home beds, but quality issues of the
current stock need to be addressed.
On the investment side, healthcare assets have been increasingly
popular in Belgium and France, and, more recently, in Germany,
resulting in a compression of initial real estate yields. There is less
competition in the Netherlands, especially for smaller assets, and
many operators depend on non-profit foundations. Although
Spain has seen a lower volume of investment compared to other
European countries, investors are increasingly interested in this
promising country where the first signs of yield compression can
be observed.
In the other markets approached by Cofinimmo such as Germany,
the Netherlands, Spain and Finland, the group’s strategy consists
in acquiring assets and developing others for operators. In more
mature markets such as Belgium and France, its strategy consists
in developing or redeveloping existing assets on the one hand,
and, taking advantage of investor appetite for this type of assets
to conduct asset arbitrage, on the other hand. At the same time,
the company is actively seeking to diversify its portfolio.
Finally, all investments in healthcare real estate are made within
the framework of a sustainable and socially responsible approach.
Given the above, it is clear that the share of healthcare real estate
in the consolidated portfolio of Cofinimmo, which already reaches
67 %, is bound to grow significantly.
Cofinimmo is a leading investor in healthcare real estate in Europe with a portfolio
spread over nine countries and consisting of 266 assets that cover the full
spectrum of care, from primary care to acute and skilled nursing facilities.
The group intends to further strengthen this position in the coming years.
Cofinimmo actively participates in the expansion and renewal of the healthcare
property portfolio in Europe through its many development projects.
33
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
ESG
When acquiring an asset, Cofinimmo has a significant influence
which is reflected in particular in the due diligence proced-
ures. Cofinimmo systematically considers factors such as soil
pollution, the presence of asbestos, the location, and the risk
of flooding. In the countries in which it operates and for this
segment, legislation on energy performance targets is increas-
ingly restrictive. Therefore, Cofinimmo systematically considers
the energy performance and the life cycle of a building and
implements a long-term strategy by examining its projects,
usually 30 years into the future, which is a sign of real partner
-
ship with operators.
The management of (re)development projects in health
-
care real estate, the decisions and actions taken by
Cofinimmo have a significant impact on the sustainability of
assets. Firstly, because Cofinimmo, by developing tailor-made,
innovative and comfortable buildings, endeavours to best meet
the changing accommodation and care needs of vulnerable
or dependent people.
Secondly, because Cofinimmo ensures the proper integration
of buildings in the urban fabric, by paying specific attention
to aesthetics and to the diversity of districts. Finally, because
Cofinimmo favours the use of modern techniques and sustain-
able materials to reduce the carbon footprint of the buildings
constructed.
On the other hand, Cofinimmo has moderate influence in
projects developed by operators. In that case, Cofinimmo acts
more as an adviser in the area of sustainable construction,
seeking innovative solutions making the gradual improvement
of the property portfolio possible, at a pace and in line with
budgets that are acceptable to operators.
Cofinimmo has relatively little influence in terms of sustain
-
ability in the day-to-day management of healthcare assets.
Here, the majority of these are managed largely autonomously
by operators-tenants, who decide in particular on the type of
upkeep and maintenance works to be carried out. Nevertheless,
Cofinimmo endeavours to include the data relating to the energy
and water consumption of buildings in the energy accounting
system in order to raise awareness among operators. As medical
oce buildings are under Cofinimmo’s operational control, it
enables more in-depth consumption analysis and monitoring.
In doing so, Cofinimmo intends to fully carry out its social and
environmental responsibilities.
1. Sources : Cushman & Wakefield, Degroof Petercam, Eurostat, ONS, Knight Frank, ABN Amro, Real Capital Analytics, CBRE.
Nursing and care home La Chartreuse –
Liège/Luik (BE)
Market characteristics
1
The healthcare real estate market is characterised by strong growth
potential, a favourable legal environment and long-term leases
with operators.
STRONG GROWTH POTENTIAL
Demographic trends and changes in lifestyles :
an ageing population and a growing need for
specialised care facilities
Population ageing is a growing evolution in most European coun-
tries. The proportion of people aged 80 and over in Europe should
reach 11 % of the total population by 2050. Although the number
of independent seniors within this category is increasing, popula
-
tion ageing will nevertheless be accompanied by a considerable
increase in the number of dependent elderly. This situation
will lead to a greater need for specialised healthcare facilities and,
consequently, for more beds. It is estimated that in Belgium 40,000
additional beds will be necessary by 2030-2035. In Germany and
France, the same trend can be observed with estimated growth of
300,000 and 50,000 additional beds respectively by 2030-2035. In
addition to these, there are also outdated buildings to be rebuilt,
totalling more than 100,000 and 60,000 beds respectively.
In Spain, the number of people aged 65 and over increases annually
by almost 2 %, compared to 1.5 % in Belgium and France. As a result,
it can be expected that in the coming years the demand for care
and accommodation for dependent elderly people will increase
faster in Spain than in Belgium or France. Analyses show that, in
order to be able to meet the demand increase, the accommodation
34
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
capacity for dependent elderly people should increase by at least
100,000 beds by 2030-2035.
In Finland, 22 % of the population are 65 or older and approximately
10 % are 75 or older. The proportion of people aged 65 or more
should reach 26 % after 2030. This demographic situation will
increase the need for high-quality healthcare services.
Italy enjoys the second highest life expectancy at birth in the EU (83
years, which is two years above the EU average). More than 23 % of
Italy’s 60 million inhabitants are aged 65 and older. This percentage
is forecast to increase to over 27 % by 2030. To reach a capacity
comparable to that of most other West European countries, Italy
would need to double its current volume, which should represent
approximately 400,000 additional beds in nursing and care homes.
In Ireland, the proportion of people aged 65 or more is expected
to grow at a substantially higher pace than other European countries
by 2040. The bed capacity should grow by roughly one third of the
current capacity, which amounts to 30,000 beds, to keep up with
demand in the short term.
In the United Kingdom, population over 85 is set to increase by 25 %
until 2030. The country would require an additional 10,000 beds in
nursing and care homes per year to 2050 to keep up with demand.
Budgetary constraints : a search for less costly solutions
for society
At the same time, healthcare spending, whether in Belgium, France,
the Netherlands, Germany, Spain, Finland, Italy, Ireland or the United
Kingdom, accounts for a significant share of GDP. This share ranks
between 6.5 % and 12 %, depending on the country. In a context of
budget restrictions, the organisation of care is subject to further
rationalisation and private players are increasingly taking over from
the public sector in this segment. New and more modern structures,
more suitable for the needs of the patient and less expensive, are
created to respond to this trend and generate a demand increase
for healthcare real estate financing.
Professional healthcare operators
There are three types of operators in the healthcare segment :
public operators, non-profit sector operators and private operators.
The breakdown in market share between these various players
varies from one country to the other. Belgium and Spain have the
most balanced situation in the nursing and care homes segment
with each type of operator representing one third of the market.
Conversely, the non-profit sector has almost a monopoly in the
Netherlands. Meanwhile, Germany and France have intermediary
situations. In Spain, the 10 largest private operators together account
for about 20 % of the total number of beds. In Finland, private service
providers account for more than a quarter of all social and health
services. In Italy, the private sector represents 20 % of the beds and
is expected to grow significantly over the coming years. In Ireland,
the share of private operators is growing strongly and represents
now more than two thirds of the total number of beds. In the United
Kingdom, public operators represent only 6 % of the market, which
is the smallest market share in Europe. Private operators operate
more than 80 % of the beds.
In the private sector, whether in Belgium or France, and more
recently in Germany, there is a move towards consolidation between
operators to create groups on a European level. The most striking
example is the merger in 2014 of French operators Korian and
Medica, followed by acquisitions in other countries, which resulted
in a group operating today over 88,000 beds spread over 1,000
sites in seven countries. Or also, the acquisition of Armonea by the
French group Colisée in February 2019, which led to a total of 270
sites in France, Belgium, Germany, Spain, and Italy.
Consolidation provides operators with a better distribution of risks,
easier access to financing, more regular contact with the public
authorities and certain economies of scale. These clusters are regu-
larly financed by the sale of real estate thus creating an appetite
for healthcare real estate.
Investigations and inspections towards some healthcare
operators
The publication of a book by a French journalist, about investiga-
tions carried out in nursing and care homes in France, prompted
investigations and inspections by the competent authorities of some
operators active in the care of elderly people in France, and to
some extent, in Belgium.
Cofinimmo pleads for a rapid conclusion of these investigations and
inspections, firstly in the interests of the residents concerned and
their families, but also for the benefit of the entire sector dedicated
to the care and support of the elderly.
Cofinimmo is confident that the result of these investigations and
inspections should lead to balanced measures that will strengthen
the quality of life within healthcare facilities. The eects of these
measures on the financial and non-financial indicators will, if neces-
sary, be reflected in the group’s investment policy, in addition to
the current acquisition procedures.
As a reminder, as a regulated real estate company, Cofinimmo is in
no way involved in the operation of the sites leased to healthcare
operators. The occupancy rate is managed by the operator of the
sites, and the rents are independent of the local occupancy rate
or the financial performance, within the framework of long-term
contracts (see page 74 for more details on diversification in terms
of tenant and geography).
35
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
Healthcare system
LOCAL COMMUNITY
REGIONAL
SUPRAREGIONAL
Regulators
Govt.
Hospitals
Medical
Colleges
Rural
Hospitals
Multi-Speciality
Clinics
Primary
Healthcare
Diagnostic
Centres
General
Practioners
Pharmacies
Home
Care
Blood
Banks
Nursing Homes
Small Private
Hospitals
Rehab
Clinics
Super-Speciality
Hospitals
Multi-Speciality
Hospitals
Insurance
A FAVOURABLE LEGAL ENVIRONMENT
Healthcare financing is highly regulated given that the public sector
is involved. This is particularly the case for the nursing and care
home market. In Belgium and France for example, opening or
expanding a nursing and care home requires prior authorisation
to operate a given number of beds. This authorisation is issued by
the public authorities. As they finance up to 50 % of housing and
care costs, the number of authorisations granted per geographical
area is limited in function of the needs of each area.
As the main operators of healthcare real estate sites are front-
line players in the fight against the pandemic, the majority of
them have benefited from government aid. Various compensation
schemes have thus been set up for the residential care sector in
order to compensate for loss of income linked to residents (generally
as a percentage of the actual tari, a lump sum or the social rate)
and social security. In some countries, an additional aid has also
been provided to the sector players to compensate for exceptional
costs related to the health crisis. Each country has thus developed
its own compensation scheme.
BREAKDOWN OF THE CONSOLIDATED
PORTFOLIO BY BUILDING AGE
(as at 31.12.2021 - at fair value)
0-5 years 6-10 years 11-15 years > 15 years
35
30
25
20
15
10
5
0
28.4 %28.4 %
25.3 %
26.3 %
20.0 %
36
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Strategy implementation
ASSET ACQUISITIONS
In due diligence reviews, in addition to the usual aspects of technical
quality, legality and environmental compliance, each healthcare
property studied by the group is also subject to a rating related to
its use as a healthcare asset. This rating is based on various factors :
• catchment area : integration of the asset into its environment and
its role in the healthcare delivery chain;
• intrinsic qualities : size of rooms and other areas, terrace or
garden, light, functionality for residents/patients and medical
sta, etc.;
• energy performance : technical equipment, insulation, etc.;
• operator-tenant : experience level, care quality reputation, finan-
cial solidity, growth ambitions, etc.;
• location : vehicle access, public transport, level of local taxes, etc.;
• environment : presence of shops, pleasant view, living standard of
the local inhabitants, similar care oerings nearby, future demo-
graphics, etc.
Year of entry
Sub-
segment
Share in the
healthcare
real estate
portfolio
Facility
type
2005
2008
2012
2014
2019
2020
2021
2021
2021
Cure centres
Acute care clinics
12 % Rehabilitation clinics
Psychiatric clinics
Primary care
3 % Medical oce buildings
Care centres
Nursing and care homes
82 % Assisted living
Disabled care facilities
Others
3 % Sport & wellness centres
BREAKDOWN OF THE CONSOLIDATED PORTFOLIO BY TYPE OF ASSET
(based on a fair value of 3,798 million EUR - in %)
37
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
COMMITTED INVESTMENT PROGRAMME IN HEALTHCARE REAL ESTATE
Project Type
(of works)
Number
of beds
Surface
area
(in m)
Estimated
completion
date
Total
invest-
ments
Total
invest-
ments
as at
31.12.2021
Total
invest-
ments
in 2022
Total
invest-
ments
after 2022
(after works) (x 1,000,000 EUR)
I. Ongoing development projects
Belgium
Genappe Construction of a nursing and care home
112 6,000
Q3 2023
19 10 6 3
Juprelle Construction of a nursing and care home
119 7,000
Q3 2023
19 7 7 5
Oudenburg Construction of a nursing and care home
68 4,500
Q3 2023
11 2 3 5
France
Villers-sur-Mer Construction of a nursing and care home
84 4,800
Q4 2022
14 10 4 0
Fontainebleau Redevelopment of a nursing and care home
100
1
6,500
Q3 2023
17 6 9 2
Revin Construction of a rehabilitation clinic
91
2
5,600
Q4 2022
17 10 7 0
The Netherlands
Rotterdam – Fundis Demolition/Reconstruction of a nursing and
care home and renovation of a rehabilitation centre
135 11,000
Q1 2022
25 23 1 0
Hilversum Construction of a care clinic
5,500
2023
30 16 12 2
Germany
Leipzig
3
Construction of a nursing and care home
132 7,200
Q1 2022
19 0 19 0
Spain
Cartagena (Murcia) Construction of a nursing and care home
180 7,000
Q1 2022
13 13 0 0
Castellón (Valencia) Construction of a nursing and care home
100 4,000
Q3 2022
8 8 0 0
Lérida (Catalonia) Construction of a nursing and care home
150 6,000
Q2 2022
14 14 0 0
Tarragone (Catalonia) Construction of a nursing and care home
170 6,800
Q4 2022
15 11 4 0
El Puerto de Santa
María (Andalusia)
Redesign of a nursing and care home
180 9,800
Q2 2022
10 9 1 0
Palma de Majorque
(Balearic Islands)
Construction of a nursing and care home
157 7,000
Q2 2023
14 7 2 6
Alicante (Valencia) Construction of a nursing and care home
150 7,300
Q1 2024
13 5 2 6
Oviedo (Asturias)
4
Construction of a nursing and care home
144 6,500
Q4 2023
11 0 8 3
Elche (Valencia)
4
Construction of a nursing and care home
150 6,000
Q4 2023
8 0 7 1
Castellón de la Plana
(Valencia)
4
Construction of a nursing and care home
136 5,600
Q2 2024
11 0 8 3
Finland
Turku Construction of a nursing and care home
43 2,200
Q3 2022
12 9 3 0
Ylöjärvi Construction of a nursing and care home
35 1,500
Q3 2022
Turku Construction of a nursing and care home
68 3,700
Q3 2022
15 7 8 0
Helsinki Construction of a nursing and care home
83 3,900
Q1 2023
19 8 9 2
Rovaniemi Construction of a nursing and care home
57 2,700
Q3 2022
8 4 4 0
Kuopio Construction of a nursing and care home
75 4,200
Q2 2023
17 6 8 3
II. Total investment properties 358 184 134 41
Belgium
Louvain/Leuven
5
Construction of an extension adjacent to an existing
nursing and care home with assisted-living units
90 6,500
Q1 2022
15 0 15 0
Germany
North Rhine-
Westphalia
Development of 9 eco-friendly healthcare
campuses
1,200 100,000
2022-2023
270 21 56 193
686 million EUR
COMMITTED INVESTMENTS IN EUROPE
(RE)DEVELOPMENT PROJECTS
Cofinimmo is able to support the growth of healthcare operators
thanks to its real estate expertise and its integrated approach. The
services oered to them range from simple financing to larger-
scale projects which include design, construction and delivery of
new buildings. The group has an experienced team which includes
financial, technical and legal expertise, and is abreast of the latest
developments in healthcare real estate.
In addition to enabling Cofinimmo to carry out otherwise inaccess-
ible projects and to retain operator-tenants, this (re)development
activity ensures a certain level of asset quality is maintained and,
moreover, creates value.
1. Corresponds to 90 beds and 10 day-care units.
2. Corresponds to 81 beds and 10 day-care units.
3. Project delivered after 31.12.2021.
4. Event occurred after 31.12.2021.
5. In theory recognised in the Cofinimmo accounts as a finance lease.
38
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH
BY COUNTRY UNTIL THE FIRST BREAK
(as at 31.12.2021 - in number of years)
France The Netherlands Others* Belgium Germany
25
20
15
10
5
0
BREAKDOWN OF THE CONSOLIDATED
PORTFOLIO BY OPERATORTENANT
(as at 31.12.2021 - in contractual rents
of 199 million EUR - in %)
48.7 %
OTHERS
23.2 %
KORIAN
13.7 %
COLISÉE
9.5 %
ORPEA
4.9 %
STELLA VITALIS
ASSET ARBITRAGE
Since a few years ago, Cofinimmo initiated a selective asset arbi-
trage policy for its most mature markets such as Belgium and
France. The policy consists in selling non-strategic assets and rein-
vesting the funds in other assets which better match the current
criteria of the group. This enables the company to take advantage
of the growing appetite of certain investors for this type of asset,
while optimising the composition of its portfolio.
The main criteria used to make a sale decision include the size of the
asset, its age, its location, its operation, and the residual lease length.
DIVERSIFICATION
Cofinimmo is actively seeking to diversify its portfolio. This divers-
ification is taking place at three levels :
• by country : the group currently holds healthcare assets in Belgium,
France, the Netherlands, Germany, Spain, Finland, Italy, Ireland
and the United Kingdom;
• by operator-tenant : Cofinimmo has almost 60 healthcare oper-
ators in its client-tenant database;
• by asset type : the group’s healthcare real estate portfolio includes
nursing and care homes, assisted-living units, rehabilitation clinics,
psychiatric clinics, medical oce buildings, care centres for the
elderly or the disabled, acute care clinics, and sport and wellness
centres.
This way the group avoids becoming overly dependent on any
given financing or social security system.
FOLLOWUP OF THE FINANCIAL PERFORMANCE
OF ACQUIRED SITES
Cofinimmo periodically receives a financial data report from its
operators for each site the company owns. This enables Cofinimmo
to assess the financial sustainability of each operation and, specif-
ically, the rent hedging by the operational cash flow (‘EBITDAR’)
generated by the site. A comparison of the prices paid by residents/
patients for housing and by the authorities for care services enables
to rank each operation compared to similar sites and provides an
evaluation of the risk associated with acquiring new units.
Project Type
(of works)
Number
of beds
Surface
area
(in m)
Estimated
completion
date
Total
invest-
ments
Total
invest-
ments
as at
31.12.2021
Total
invest-
ments
in 2022
Total
invest-
ments
after 2022
(after works) (x 1,000,000 EUR)
Spain
Sarriguren (Navarre)
1
Construction of a nursing and care home 167 8,500
Q1 2022
34 14 18 1Vallecas (Madrid) Construction of a nursing and care home 138 5,900
Q2 2022
Vicálvaro (Madrid) Construction of a nursing and care home 132 5,500
Q1 2023
Jaén (Andalusia) Construction of a nursing and care home 160 6,700
Q1 2024
9 1 4 4
Total investment properties, non-current financial assets,
finance lease receivables and associates
686 221 227 238
1. Project delivered after 31.12.2021.
18
21
Average : 16
3
10
17
* (ES - 21, FI - 18, IE - 14, IT - 8, UK - 35)
39
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
40
THE NETHERLANDS
11 %
OF THE PORTFOLIO
187,000 m²
SURFACE AREA
99.7 %
OCCUPANCY RATE
46
ASSETS
BELGIUM
42 %
OF THE PORTFOLIO
592,000 m²
SURFACE AREA
100 %
OCCUPANCY RATE
88
ASSETS
FRANCE
12 %
OF THE PORTFOLIO
230,000 m²
SURFACE AREA
99.5 %
OCCUPANCY RATE
53
ASSETS
IRELAND
2 %
OF THE PORTFOLIO
39,000 m²
SURFACE AREA
100 %
OCCUPANCY RATE
7
ASSETS
COFINIMMO’S
HEALTHCARE
REAL ESTATE
INEUROPE
COFINIMMO UNIVERSAL REGISTRATION DOCUMENT 2021
UNITED KINGDOM
2 %
OF THE PORTFOLIO
9,500 m²
SURFACE AREA
100 %
OCCUPANCY RATE
3
ASSETS
SPAIN
6 %
OF THE PORTFOLIO
104,000 m²
SURFACE AREA
100 %
OCCUPANCY RATE
17
ASSETS
41
FINLAND
2 %
OF THE PORTFOLIO
6,800 m²
SURFACE AREA
100 %
OCCUPANCY RATE
2
ASSETS
GERMANY
17 %
OF THE PORTFOLIO
294,000 m²
SURFACE AREA
100 %
OCCUPANCY RATE
44
ASSETS
ITALY
5 %
OF THE PORTFOLIO
65,000 m²
SURFACE AREA
100 %
OCCUPANCY RATE
6
ASSETS
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
155 million EUR
INVESTMENTS IN 2021
4
ONGOING DEVELOPMENT PROJECTS
88
SITES IN OPERATION
11,000
BEDS
Nursing and care home - Juprelle
In 2021, Cofinimmo acquired a plot of land in Juprelle (prov-
ince of Liège/Luik) where a 119-bed nursing and care home
of approximately 7,000 m will be built within the framework
of a turnkey project.
The use of modern and sustainable materials as well as the latest
techniques will help reduce the carbon footprint of this building
considerably.
With this development project, the company meets the growing
demand in the region for additional and modern residential
care capacity for dependent elderly people.
BELGIUM
1
2
3
4
5
6
7
8
9
10
In Belgium, Cofinimmo holds investments
properties in healthcare real estate
for a fair value of 1.6 billion EUR, and
21 million EUR in participations in
associates.
11
42
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Louvain /Leuven Construction of an extension
adjacent to an existing care
complex (turnkey)
ongoing 6,500 m 90 VZW Home
Vogelzang
Triple
net
27 15
2
Genappe Construction of a nursing and
care home (turnkey)
ongoing > 6,000 m 112 Korian
Belgium
Triple
net
28 19
3
Clos Régina
Brussels
Nursing and care home 2010 5,800 m 100 Care-Ion Triple
net
27 103
4
Monterey
Brussels
Nursing and care home 2020 5,100 m 90 Care-Ion Triple
net
5
Chant des oiseaux
Bassenge
Nursing and care home 2019 3,300 m 82 Care-Ion Triple
net
6
Serenitas Palace
Grâce-Hollogne
Nursing and care home 2019 6,900 m 129 Care-Ion Triple
net
7
Résidence
de Wégimont
Soumagne
Nursing and care home 2018 4,300 m 83 Care-Ion Triple
net
8
Juprelle Construction of a nursing
and care home (turnkey)
ongoing 7,000 m 119 Korian
Belgium
Triple
net
28 19
9
Oudenburg Construction of a nursing
and care home (turnkey)
ongoing 4,500 m 68 Korian
Belgium
Triple
net
20 11
10
Clos de
la Rivelaine
Charleroi
Nursing and care home with
6 assisted-living apartments
2021 5,500 m 99 Korian
Belgium
Triple
net
20 18
DISPOSALS
1
11
Ten Prins
Brussels
Nursing and care home 2011 3,300 m 99
43
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
Nursing and care home -
Fontainebleau
In 2021, Cofinimmo acquired a nursing and care home (EHPAD)
in Fontainebleau. The existing building will be redeveloped and
the construction of a new wing is also planned.
After completion of the works, the complex will have a total
surface area of approximately 6,500 m and will oer 90 beds
and 10 day-care units. It will combine the advantages a trad
-
itional nursing and care home with an architecture and an oper-
ating mode that were entirely designed for patients suering
from Alzheimer’s disease.
FRANCE
74 million EUR
INVESTMENTS IN 2021
3
ONGOING DEVELOPMENT PROJECTS
53
SITES IN OPERATION
4,200
BEDS
1
2
3
4
5
6
7
8
9
In France, Cofinimmo holds
investment properties in healthcare
real estate for a fair value of
456 million EUR, finance lease receivables
for 21 million EUR and 51 million EUR in
participations in associates.
44
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Nouvel Azur
Saint-Pierre-
du-Regard (Orne)
Assisted-living units 2013 4,100 m 68 DomusVi Double
net
12 44
2
Grand Jardin
Sap-en-Auge
(Orne)
Nursing and care home 1992/2017 2,100 m 50 DomusVi Double
net
3
Les Ondines
Grandcamp-
Maisy (Calvados)
Nursing and care home 2004/2018-2019 2,800 m 64 DomusVi Double
net
4
Vallée d’Auge
Dozulé (Calvados)
Nursing and care home 2003/2019 3,500 m 78 DomusVi Double
net
5
Villers-sur-Mer
(Calvados)
Development project
of a nursing and care home
ongoing 4,800 m 84 DomusVi Double
net
6
Villa Baucis -
Fontainebleau
Redevelopment of a nursing
and care home (EHPAD)
ongoing 6,500 m 100 Villa Baucis Double
net
12 17
7
Résidence
Le Tilleul
Chanteloup-
les-Vignes
Nursing and care home 2007/2018 6,300 m 98 DomusVi Double
net
12 17
8
Revin Construction of an aftercare
and rehabilitation clinic (SSR)
ongoing 5,600 m 91 ORPEA Double
net
12 17
DISPOSALS
9
Jassans-Riottier
Gleteins
Aftercare and
rehabilitation clinic (SSR)
1994 2,500 m 65
45
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
Care complex - Hattem
Cofinimmo acquired the healthcare complex Hof van Blom in
Hattem, which was delivered in December 2021. This complex
of approximately 5,200 m is located in a residential care zone,
where residents live as independently as possible and where
particular attention is being paid to quality of life and sustain
-
ability. It will obtain at least an A-level energy label.
Hof van Blom consists of three wings where specific care services
are provided : a nursing and care home with 32 beds, a wing
with 22 assisted-living units and a general practice. By bringing
together dierent facets of healthcare on one site, this complex
is an example of how the healthcare sector of the future will
be shaped.
THE
NETHERLANDS
80 million EUR
INVESTMENTS IN 2021
2
ONGOING DEVELOPMENT PROJECTS
46
SITES IN OPERATION
1,400
BEDS
In the Netherlands, Cofinimmo
holds a healthcare real estate portfolio
for a fair value of 434 million EUR.
1
6
3
4
5
46
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Monnikenberg
Hilversum
Construction of a nursing and
care home on a care campus
ongoing > 5,500 m n/a Tergooi Triple
net
20 30
2
Beugen Medical oce building 2011 4,250 m n/a Stichting
Pantein
Double
net
10 12
3
De Parallel
Nijverdal
Nursing and care home 2006 4,000 m 45 ZorgAccent Double
net
6
23
4
De Blenke /
Duivencate
Hellendoorn
Nursing and care home 2010 11,000 m 122 ZorgAccent
De Twentse
Zorgcentra
Double
net
5
Hof van Blom
Hattem
Care complex 2021 5,200 m 54 Het Baken
Maatschap
Huisartsen-
praktijk Hof
van Blom
Beter Thuis
Wonen
Double
net
14 13
PROVISIONAL ACCEPTANCE
6
Rivierenbuurt
The Hague
Nursing and care home 2021 < 5,400 m 87 Stichting
Haagse
Wijk- en
Woonzorg
Double
net
15
47
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
GERMANY
41 million EUR
INVESTMENTS IN 2021
9
ONGOING DEVELOPMENT PROJECTS
44
SITES IN OPERATION
4,500
BEDS
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type of lease Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Leipzig Construction of a nursing
and care home
2022 < 7,200 m 132 Azurit Rohr
GmbH
Dach
und
Fach
1
25 19
2
Celenus Klinik an
der Salza
Bad Langensalza
Rehabilitation clinic 1998 > 11,000 m 206 ORPEA Dach
und
Fach
1
15 22
3
Domherrengarten
Haus I
Essenheim
Nursing and care home 2007 5,900 m 152 Alloheim
Senioren-
Residenzen
SE
Dach
und
Fach
1
16 39
4
Domherrengarten
Haus II
Essenheim
Nursing and care home 2014 3,400 m 60 Alloheim
Senioren-
Residenzen
SE
Dach
und
Fach
1
5
Senioren-Zentrum
Bruch mühlbach
Bruch mühlbach-
Miesau
Nursing and care home 2010 4,700 m 90 ORPEA
Deutsch-
land
Dach
und
Fach
1
1
2
3
4
5
In Germany, Cofinimmo holds
a healthcare real estate portfolio for
a fair value of 654 million EUR and
21 million EUR in associates
(investments and receivables).
1. See glossary.
48
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Nursing and care home - Leipzig
In 2021, Cofinimmo signed an agreement to acquire a nursing
and care home under construction in Leipzig. The building oers
132 beds spread over a surface area of almost 7,200 m.
Thanks to the good orientation of the compact new construction
and external sun blinds, the building will require minimal heating
and cooling energy. The use of natural light as well as LED lighting
will also result in an excellent energy performance. Moreover, the
building will be connected to a district heating system making it
free of fossil fuels.
Finally, to promote sustainable mobility, the building will be
equipped with bicycle parking spaces and charging stations for
electric vehicles.
49
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
SPAIN
223 million EUR
INVESTMENTS IN 2021
11
ONGOING DEVELOPMENT PROJECTS
17
SITES IN OPERATION
2,700
BEDS
13
14
15
17
18
20
21
22
1
2
3
4
5
6
7
8
9
10
11
12
Cofinimmo entered Spain
in September 2019, where it already
holds a healthcare real estate
portfolio for a fair value of
240 million EUR, to which were
added46 million EUR of
finance leasereceivables and
16 million EUR ofprepayments
innon-current financial assets.
16
19
26
27
23
24
25
Nursing and care home -
Palma de Mallorca
In 2021, Cofinimmo acquired a plot of land in Palma de
Mallorca (autonomous community of the Balearic Islands)
where a new 157-bed nursing and care home of more than
7,000 m will be built.
The building will have an A-level energy label and every
eort is being made to achieve a BREEAM Excellent certifi
-
cation. The architecture of the building has been subjected
to a quality control in order to assess it respects the environ-
ment while complying with local tradition and heritage values
of the Balearic architecture.
Cofinimmo is currently working on several development
projects in Spain for which BREEAM Very Good or Excellent
certifications are aimed. In 2021, the company was the first
to obtain a BREEAM Excellent certification in Spain, for the
new nursing and care home in Oleiros. A BREEAM Very Good
certification was also granted to the site in Vigo, both of
which are located in the autonomous community of Galicia.
50
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Mont Marti
Barcelona
Nursing and care home 1995/2008 6,800 m 170 DomusVi Triple
net
21
150
2
Regina
Barcelona
Nursing and care home 1997 7,300 m 177 DomusVi Triple
net
3
Can Buxeres
Barcelona
Nursing and care home 2005 6,000 m 178 DomusVi Triple
net
4
Arroyo Valladolid
Valladolid
Nursing and care home 2013 9,200 m 235 DomusVi Triple
net
5
La Salut Josep
Barcelona
Nursing and care home 2002 4,400 m 144 DomusVi Triple
net
6
Monte Arse
Valencia
Nursing and care home 1985/2001 5,500 m 149 DomusVi Triple
net
7
Terraferma
Lérida
Nursing and care home 1995/2001 4,000 m 137 DomusVi Triple
net
8
Villaralbo Zamora
Villaralbo
Nursing and care home 2007 7,000 m
2
169 DomusVi Triple
net
9
Fuentesol
Malaga
Nursing and care home 1997/2006 6,100 m
2
146 DomusVi Triple
net
10
Monte Jara
Huelva
Nursing and care home 1994/2002 6,100 m
2
160 DomusVi Triple
net
11
Monte Val
Ciudad Real
Nursing and care home 1998 5,700 m
2
146 DomusVi Triple
net
12
Can Carbonell
Mallorca
Nursing and care home 2007 5,600 m 120 DomusVi Triple
net
25
13
Ciudad de
Mostoles
Madrid
Nursing and care home 2005 8,500 m 180 DomusVi Triple
net
14
Costa d’en Blanes
Mallorca
Nursing and care home 2007 5,400 m 120 DomusVi Triple
net
15
Capdepera
Mallorca
Nursing and care home 2007 5,500 m 120 DomusVi Triple
net
16
Sierra
de las Nieves
Malaga
Nursing and care home 2005 4,100 m 126 DomusVi Triple
net
17
Rosario
Madrid
Nursing and care home 2000 4,800 m 112 DomusVi Triple
net
18
Monte Alto
Cadix
Nursing and care home 1992/2018 5,700 m 157 DomusVi Triple
net
19
Palma de
Mallorca
Construction of a nursing
and care home
ongoing 7,000 m 157 Clece Double
net
25 14
20
Bilbao Nursing and care home 2021 4,500 m 104 ORPEA Double
net
15 9
21
Alicante Construction of a nursing
and care home
ongoing 7,300 m 150 Solimar Triple
net
25 13
22
Sarriguren
Navarra
Nursing and care home ongoing 8,500 m 167 Amavir Double
net
25 34
23
Vallecas
Madrid
Construction of a nursing
and care home
ongoing 5,900 m 138 Amavir Double
net
24
Vicálvaro
Madrid
Construction of a nursing
and care home
ongoing 5,500 m 132 Amavir Double
net
25
Jaén
Andalusia
Construction of a nursing
and care home
ongoing 6,700 m 160 Amavir Double
net
25 9
PROVISIONAL ACCEPTANCES
26
Vigo
Galice
Nursing and care home
BREEAM Very Good
2021 5,000 m 140 Clece Double
net
25 8
27
Oleiros
Galice
Nursing and care home
BREEAM Excellent
202 5,700 m 140 Clece Double
net
25 11
Acquisition of land reserves
In 2021, Cofinimmo also acquired land reserves in Murcia, Maracena and Valladolid.
51
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
Nursing and care home - Kuopio
In 2021, Cofinimmo acquired a 75-bed nursing and care
home under construction in Kuopio. The building will consist
of two separate wings and have a total surface area of
approximately 4,200 m. It will increase the supply in premium
nursing and care homes dedicated to light to moderate care
in Finland.
The site is located in Maljalahti, a newly-built residential area
based in a unique location on the shore of the Kallavesi lake.
The combination of wood-aluminium windows equipped with
blinds, thermal insulation of the external walls and district
heating will help reduce the energy intensity of the building,
for which at least a B-level energy performance is aimed.
FINLAND
52 million EUR
INVESTMENTS IN 2021
6
ONGOING DEVELOPMENT PROJECTS
2
SITES IN OPERATION
70
BEDS
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
ACQUISITIONS
1
Turku
Construction of a nursing
and care home
ongoing 2,200 m 43 Ikifit Oy Double
net
15
12
2
Ylöjärvi
Construction of a nursing
and care home
ongoing 1,500 m 35 Ikifit Oy Double
net
3
Turku
Construction of a nursing
and care home
ongoing 3,700 m 68 Nonna
Group Oy
Double
net
20 15
4
Helsinki
Construction of a nursing
and care home
ongoing 3,900 m 83 Attendo Double
net
15.5 19
5
Rovaniemi
Construction of a nursing
and care home
ongoing 2,700 m 57 Nonna
Group Oy
Double
net
20 8
6
Kuopio
Construction of a nursing
and care home
ongoing 4,200 m 75 Nonna
Group Oy
Double
net
20 17
PROVISIONAL ACCEPTANCES
7
Vaasa Medical center 2021 4,200 m n/a Mehiläinen
Double
net
20
8
Vantaa
Nursing and care home 2021 2,600 m 68 Esperi Care
Oy
Double
net
15
Cofinimmo entered Finland
in November 2020, where it already
holds a healthcare real estate portfolio
for a fair value of 67 million EUR.
8
1
3
2
7
4
5
6
52
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Cofinimmo entered Ireland
in January 2021, where it already
holds a healthcare real estate portfolio
for a fair value of 89 million EUR.
Start of activities in Ireland
In January 2021, Cofinimmo acquired a portfolio of seven
premium healthcare sites in Ireland, where the nursing home
sector is less equipped than most other European countries.
The current supply does not meet the increasing demand
for high-quality elderly care facilities. The bed capacity
should grow by roughly one third of the current capacity to
keep up with demand in the short term. Additionally, a substan-
tial part of the existing facilities will have to be renovated to
meet modern comfort and safety norms.
Thanks to its deep knowledge of European healthcare real
estate and its almost 40 years of experience in developing
and improving high-quality real estate assets, Cofinimmo will
be able to actively participate in the expansion and upgrade
of the Irish healthcare property.
IRELAND
94 million EUR
INVESTMENTS IN 2021
7
SITES IN OPERATION
500
BEDS
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
1
Castlemanor
Cavan
Nursing and care home 2007 8,500 m 71 DomusVi Triple
net
15
89
2
St Peters
Louth
Nursing and care home 2002 2,500 m 69 DomusVi Triple
net
3
Gormanston Wood
Meath
Nursing and care home 2000 10,500 m 89 DomusVi Triple
net
4
St Doolaghs
Dublin
Rehabilitation clinic 2001 7,000 m 72 DomusVi Triple
net
5
Anovocare
Dublin
Nursing and care home 2016 5,000 m 89 DomusVi Triple
net
6
Suncroft Lodge
Kildare
Nursing and care home 2000 4,000 m 60 DomusVi Triple
net
7
Foxrock
Dublin
Nursing and care home 1999 2,000 m 41 DomusVi Triple
net
Rehabilitation clinic St Doolaghs – Dublin
© DomusVi
1
2
3
4
5
6
7
53
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
Start of activities in Italy
In 2021, Cofinimmo entered the healthcare real estate sector
in Italy by investing in two funds owning six nursing and care
homes in northern Italy. Together, they represent 1,127 beds
and a total surface area of approximately 65,000 m. The
weighted average lease term for those assets is eight years.
Italy enjoys the second highest life expectancy at birth in the
European Union after Spain. However, its nursing home bed
capacity is one of the lowest in Europe. To reach a capacity
comparable to that of most other West European countries,
Italy would need to double its current volume.
Thanks to its deep knowledge of European healthcare real
estate and its nearly 40 years of experience in developing and
improving high-quality real estate assets, Cofinimmo will be
able to actively participate in the expansion and upgrade of
the Italian healthcare property portfolio, while consolidating
its leadership position in European healthcare real estate.
ITALY
191 million EUR
INVESTMENTS IN 2021
6
SITES IN OPERATION
1,100
BEDS
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million EUR)
1
Bollate
Nursing and care home 2003 7,200 m 147 KOS Double
net
9 190
2
Faustino 21 - Milan
Nursing and care home 2002 7,600 m 150 KOS Double
net
3
Faustino 27 - Milan
Nursing and care home
+ a dialysis unit
2002 12,600 m 220 KOS Triple
net
4
Ippocrate - Milan
Nursing and care home 2005 15,400 m 276 Korian Double
net
5
Monza - Milan
Nursing and care home 1996 9,200 m 150 Korian Double
net
6
Padua - Padua
Nursing and care home 1999 12,900 m 184 Codess
Sociale
Triple
net
Nursing and care home Ippocrate 18 – Milan
1
2
3
4
5
6
Cofinimmo entered Italy in May 2021,
where it already holds a healthcare
real estate portfolio for a fair value of
190 million EUR.
54
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Start of activities in
United Kingdom
In July 2021, Cofinimmo acquired three recent premium
nursing and care homes in the United Kingdom. The energy
consumption of the three buildings is relatively low.
The United Kingdom has one of the largest nursing and care
home landscapes in Europe, but the sector remains highly
fragmented. In total, 78 % of the nursing and care home beds
are in properties that originally were not built with care use
in mind or are more than 20 years old.
Based on current rates of occupation, the rise in dementia,
and the high levels of co-morbidity amongst older people, the
United Kingdom would require an additional 10,000 nursing
and care home beds per annum to 2050 to keep up with
demand. Not only is there a need for a higher quantity of
nursing and care home beds, but quality issues of the current
stock need to be addressed urgently.
67 million EUR
INVESTMENTS IN 2021
3
SITES IN OPERATION
200
BEDS
Achievements in 2021
Asset name /
location
Type of works/
Type of asset
Year built /
renovated
Surface
area
Number
of beds
Operator-
tenant
Type
of lease
Lease
length
(in years)
Price /Investment
budget
(in million GBP)
1
Ferrars Hall
Huntingdon
Nursing and care home 2016 3,200 m 66 County
Court Care
Triple
net
35 57
2
Lakeview Lodge
Milton Keynes
Nursing and care home 2017 3,200 m 66 County
Court Care
Triple
net
3
Oakview Lodge
Welwyn Garden
City
Nursing and care home 2018 3,100 m 64 County
Court Care
Triple
net
Nursing and care home Oakview Lodge –
Welwyn Garden City
1
2
3
Cofinimmo entered the United
Kingdom in July 2021, where it already
holds a healthcare real estate portfolio
for a fair value of 69 million EUR.
UNITED
KINGDOM
55
MANAGEMENT REPORT HEALTHCARE REAL ESTATE
PROPERTY
OFDISTRIBUTION
NETWORKS
9 %
OF THE CONSOLIDATED PORTFOLIO
530 million EUR
FAIR VALUE OF THE PORTFOLIO
98.5 %
OCCUPANCY RATE
12 years
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH
362,000 m
2
SURFACE AREA
56
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property of distribution networks strategy
Property of distribution networks and healthcare real estate share
the characteristic of generating high, predictable and indexed cash
flows, within the framework of usually long-term contracts.
The other characteristics of the property of distribution networks
portfolios are their acquisition at an attractive price as part of sale
& leaseback transactions, their usefulness as a retail network for the
tenant, the granularity of risk they carry and the potential to optimise
their composition over time.
ESG
In the acquisition phase of this segment, a long-term partner-
ship with the tenant is essential. A distribution network consists
of a large number of small-scale individual assets. Consequently,
during this phase it is not necessary to thoroughly gather the
technical characteristics of the buildings. A sample of buildings
is analysed and visited. Cofinimmo therefore has relatively little
influence on their sustainability in this phase.
Throughout the term of the lease, however, asset arbitrage
is particularly important to ensure sustainability. Cofinimmo’s
influence is in this case dependent on the contractual clauses.
Cofinimmo endeavours to transform empty areas into useful
spaces, for example through the reconversion of open spaces
into residential apartments, or by temporarily making unused
floors above shops available as dwellings.
Cofinimmo also contributes to the development of certain areas
and to urban cohesion. Finally, it favours the use of modern
techniques and sustainable materials to reduce the carbon foot-
print of buildings during works on the exterior shell of assets.
In particular, an advanced policy is implemented concerning
roofing insulation during watertightness works. The day-to-day
management of assets, in turn, is not under the operational
control of Cofinimmo.
Through these various actions, Cofinimmo intends to fully carry
out its social and environmental responsibilities.
Market characteristics
The assets which make up Cofinimmo’s property of distribution
networks portfolio do not represent traditional commercial assets
since they are let in bulk to a single tenant. This type of portfolio,
acquired within the framework of sale & leaseback transactions,
therefore constitutes a niche market.
SALE & LEASEBACK TRANSACTIONS
The sale price per square metre requested by the seller is usually
reasonable as it concerns buildings which are leased back to the
seller, the latter being therefore responsible for paying rent after
the sale. The latter must therefore bear the rent after the sale.
OPTIMISATION OF THE POINTSOFSALE NETWORK
FOR THE TENANT’S BUSINESS
The buildings are necessary for the tenant’s activity due to their loca-
tion and are leased for the long term. For most of these buildings,
the probability of renewing the contract at the end of the lease is
therefore high.
CAPITAL RISK GRANULARITY
Should the tenant leave, a significant portion of the properties can
be sold as retail outlets or for housing to local investors, profes-
sionals or not, as the amounts to be invested are often attainable
for this type of investor.
SUPPORT OF TENANTS FOR THE MANAGEMENT,
DEVELOPMENT AND RENOVATION OF THE ASSETS
Cofinimmo maintains an ongoing dialogue with the occupant-ten-
ant to increase the geographical scope of the sales network of
the latter. Buildings with leases that will not be renewed at their
term or which require renovation works in the medium term can
thus be identified in advance. In addition, Cofinimmo can acquire
new buildings the tenant would like to include in his network.
Cofinimmo’s property of distribution networks portfolio consists of pubs and
restaurants leased to the AB InBev brewery group (Pubstone) and insurance
agencies leased to the MAAF insurance company (Cofinimur I). These portfolios,
acquired in 2007 and 2011 through sale & leaseback transactions, generate long-term
revenues. In 2021, Cofinimmo invested 5 million EUR and disposed for 49 million EUR
1
.
1. In 2021, two assets have been allocated to the ‘Other (Belgium)’ distribution networks real estate segment. These are the Tenreuken land reserve in Brussels and the federal police
station at Kroonveldlaan 30 in Dendermonde, together representing 6 % of the property of distribution networks portfolio.
57
MANAGEMENT REPORT PROPERTY OF DISTRIBUTION NETWORKS
Pubstone : pubs and restaurants
At the end of 2007, Cofinimmo acquired, within the framework
of a property partnership, the entire portfolio of pubs and restau
-
rants, previously owned by Immobrew SA/NV, a subsidiary of
AB InBev, since renamed Pubstone SA/NV. Cofinimmo leases the
premises back to AB InBev for an initial term of 27 years. AB InBev
sub-leases the premises to operators and retains an indirect stake
of 10 % in the Pubstone organisation. Cofinimmo bears no risk with
respect to the commercial operation of the pubs and restaurants,
but handles the structural maintenance of roofs, walls, façades
and outside woodwork. At the end of the lease, AB InBev can either
renew the lease under the same conditions or return the spaces
free of occupation.
In Belgium, the internal Pubstone team consists of six people, exclud-
ing support services, who work in portfolio management (property
management). There is only one team member in the Netherlands.
ACHIEVEMENTS IN 2021
Sale of 21 cafés and restaurants
In 2021, Cofinimmo sold 21 pubs and restaurants (19 located in
Belgium and 2 located in the Netherlands) through its subsidiaries
Pubstone and Pubstone Properties, which had been vacated by
AB InBev, for a total amount of approximately 5 million EUR, an
amount higher than the fair value of the assets before the conclu
-
sion of the agreements.
Technical interventions and renovation projects
In 2021, the property and project management operational teams
supervised 359 technical interventions on the portfolio of cafés and
restaurants (327 in Belgium and 32 in the Netherlands). They also
managed 214 renovation projects (186 in Belgium and 28 in the
Netherlands), for a total amount of approximately 4.5 million EUR.
This consisted primarily of façade and roofing renovations.
BREAKDOWN OF ASSETS BY COUNTRY (in %)
81 %
OF THE PROPERTY OF DISTRIBUTION NETWORKS PORTFOLIO
430 million EUR
FAIR VALUE OF THE PORTFOLIO
99.6 %
OCCUPANCY RATE
14 years
RESIDUAL LEASE LENGTH
311,000 m
2
SURFACE AREA
889
ASSETS
MAIN RENOVATION PROJECTS IN 2021
Location Type of works
Belgium
Le Grand Café
Boulevard Anspachlaan
Brussels
Renovation of façade and canopy
Le Chandelier d’Or
Place Royale 1
Spa
Renovation of façades and roofs
& insulation
The Celtic Towers Irish Pub
Sint-Michielshelling 5-6 -
Gent/Gand
Renovation of roof and painting
of woodwork
Brasserie Midi
Koophandelsplein 34
Gent/Gand
Renovation of roofs and façades
The Netherlands
Karrenstraat 28
Den Bosch
Renovation of roofs
Molenstraat 43
Veghel
Painting of façade
76 %
BELGIUM
24 %
THE NETHERLANDS
Pub Luxembourg –
Brussels (BE)
58
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
13 %
OF THE PROPERTY OF DISTRIBUTION NETWORKS PORTFOLIO
70 million EUR
FAIR VALUE OF THE PORTFOLIO
92 %
OCCUPANCY RATE
3 years
RESIDUAL LEASE LENGTH
41,000 m
2
SURFACE AREA
190
ASSETS
Cofinimur I : insurance agencies
In December 2011, Cofinimmo acquired, for its Cofinimur I subsidi-
ary, a portfolio of commercial agencies from the MAAF insur-
ance group located in France. Cofinimur I issued mandatory
convertible bonds (MCB) to finance part of the acquisition of the
agencies (see page 48 of the 2011 annual financial report). The
agencies, which are operated by MAAF employees, are leased to
the insurer for an initial average period of 10 years. Cofinimmo is
responsible for the asset and real estate management activities
for the entire portfolio.
In Paris, the internal team of Cofinimur I consists of four people
responsible for managing the portfolio.
ACHIEVEMENTS IN 2021
Partial disposal of the Cofinimur I portfolio
On 01.01.2021, the Cofinimur I property of distribution networks port-
folio in France had 266 sites. As at 30.06.2021, it still consisted of 265
sites, corresponding to a total surface area of 57,178 m and a fair
value of 111 million EUR. On 23.09.2021, Cofinimmo announced to have
signed private agreements regarding the future disposal, in the
course of Q4 2021 and under certain conditions, of part of Cofinimur I.
The sale of these Cofinimur I assets, which occurred in several trans-
actions and with dierent buyers, is fully in line with Cofinimmo’s
strategy in the property of distribution networks segment.
As at 31.12.2021, the fair value of the 76 sites already sold amounts
to 41 million EUR. The sale price is in line with the last fair value
determined by Cofinimmo’s independent real estate valuers, prior
to the conclusion of the agreements. The largest transaction, for
example, involved 31 assets for a sale price of approximately
26 million EUR. The current status of the disposals is as follows :
Location Number
of assets for which
a private agreement
has been signed
Fair value of assets for
which a private agree-
ment has been signed
(x 1,000,000 EUR)
Number
of assets
already sold
Fair value of
financial assets
and liabilities
(x 1,000,000 EUR)
Total number
of assets
already sold
or being sold
01.01.2021 to 30.06.2021
0 0 1 0 1
Movements according to the
announcement of 23.09.2021
64 35 10 5 74
Net movements in the third quarter of 2021,
after the announcement on 23.09.2021
2 2 1 0 3
Sub-total as at 30.09.2021
66 37 12 6 78
Net movements after 30.09.2021
-38 -26 39 27 1
Sub-total according to the quarterly
press release on 27.10.2021
28 10 51 32 79
Net movements 28.10.2021 - 31.12.2021
-18 -7 25 9 7
Sub-total as at 31.12.2021
10 3 76 41 86
Net movements after 31.12.2021
-3 -1 20 14 17
TOTAL AS AT 31012022
7 2 96 55 103
Renovation and construction projects
In 2021, the MAAF Group renovated 18 insurance agencies, fulfilling its contractual obligations.
59
MANAGEMENT REPORT PROPERTY OF DISTRIBUTION NETWORKS
PUBLIC-PRIVATE
PARTNERSHIPS
Courthouse – Antwerp (BE)
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Public-private partnerships strategy
Public-private partnerships and healthcare real estate share the
characteristic of generating high, predictable and indexed cash
flows, within the framework of usually very long-term contracts.
ESG
In the acquisition of unique assets intended for public use, a long-
term partnership with the tenant is also essential. Indeed, the
authorities serve as a model in the area of sustainability. They are
required to include high technical standards in terms of energy
performance, resulting in stringent specifications. This situation
as such gives Cofinimmo little influence on the sustainability of
assets during this phase.
During the design and construction of the asset, Cofinimmo’s
influence is dependent on the contractual clauses. Consequently,
Cofinimmo acts more as an adviser in the area of sustainable
construction. In the context of a competitive dialogue, the group
constantly seeks innovative solutions to help improve the specifi-
cations. Thus, Cofinimmo contributes to the financing of a public
need.
The day-to-day management of assets is not under its oper
-
ational control. However, in some cases, Cofinimmo ensures
the management of assets in accordance with a performance
contract defined by the public authorities. The structures and
procedures in place for the oce segment help comply with the
strict provisions and requirements of the contract.
All this influence enables Cofinimmo to fully carry out its corpor-
ate and environmental responsibilities.
Market characteristics
Cofinimmo strives to meet the specific needs of public authorities
and provides its real estate and financial expertise for long-term
partnerships which are usually subject to public contracts.
Cofinimmo is in charge of studying the economic and technical life
cycle of the project. The analysis identifies the best compromise
between initial investment and future expenses, for both mainten-
ance costs as well as replacement and repair costs.
However, Cofinimmo does not bear the construction risk for this
type of property investment, since this is the responsibility of an
appointed general contractor, with whom is agreed to pay a flat
fee upon delivery of the building. Nevertheless, the group supervises
the quality and execution of the construction works.
Cofinimmo is also responsible for up-keep and maintenance
throughout the tenancy, which is usually under a lease for an
extended period or long-lease. At lease end, the public author
-
ity has the option to purchase the property or to transfer owner-
ship free of charge. Cofinimmo therefore does not have perpetual
ownership of these assets and, as a result, they are included under
the ‘finance lease receivables’ heading in the balance sheet for
85.8 million EUR as at 31.12.2021.
ASSETS IN OPERATION IN THE PPP PORTFOLIO AS AT 31122021
Property Surface area Accounting procedure
Courthouse – Antwerp
72,132 m Finance lease
Prison – Leuze-en-Hainaut
28,316 m Finance lease
Fire station – Antwerp
23,323 m Finance lease
Police station – Termonde/Dendermonde
9,645 m Normal lease (see page 57)
Student housing Nelson Mandela – Brussels (Ixelles/Elsene)
8,088 m Finance lease
Police station – HEKLA zone
3,800 m Finance lease
Student housing Depage – Brussels (Ixelles/Elsene)
3,196 m Finance lease
Cofinimmo invests in special-use buildings in Belgium through public-private
partnerships (PPPs). It thus contributes to the renovation and improvement of public
and parapublic real estate assets. To date, the PPP portfolio consists of seven assets
inoperation.
61
MANAGEMENT REPORT PUBLICPRIVATE PARTNERSHIPS
OFFICES
BREAKDOWN OF THE CONSOLIDATED PORTFOLIO
BY GEOGRAPHICAL AREA (as at 31.12.2021 –
at fair value of 1,381 million EUR – in %)
24 %
OF THE CONSOLIDATED PORTFOLIO
1.4 billion EUR
FAIR VALUE OF THE PORTFOLIO
93.7 %
OCCUPANCY RATE
62
ASSETS
491,000 m
2
SURFACE AREA
7 %
BRUSSELS
PERIPHERY
24 %
BRUSSELS
DECENTRALISED
58 %
BRUSSELS CBD
11 %
ANTWERP AND
OTHER REGIONS
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Oces strategy
Since it was established in 1983, Cofinimmo has been an important
player in the Brussels oce market, which consists of the various
sub-segments described below.
It is in this market that the company has built its real estate expertise
for almost 40 years. Specifically, Cofinimmo’s sta is well-versed
in the A to Z management of major projects encompassing the
design, construction, renovation, reconversion and development
of sites, with the goal of either renting or selling. It is an expert
in every aspect of the life cycle of buildings. This know-how has
expanded from oces to encompass healthcare real estate, prop-
erty of distribution networks and PPPs, which take advantage of
the synergies thus created.
In parallel to the development of the healthcare real estate segment,
Cofinimmo is focusing on the rebalancing of its oce portfolio
between the various sub-segments, to the benefit of high-quality
buildings located in the CBD of Brussels, where vacancy in this
segment is lower than the Brussels market average.
In order to have an optimal operational platform, the size of the
oce portfolio should ideally remain above 1 billion EUR.
As an important player in Brussels’ office sector for almost 40 years, Cofinimmo
draws on its accumulated experience in the sector to dynamically and
proactively manage its portfolio of office buildings. Rental management,
developments adapted to new working methods, renovation and conversion
programmes, and asset arbitrage are carried out with a long-term view.
Oce building with a medical center Trône/Troon 100 –
Brussels CBD (BE)
63
MANAGEMENT REPORT OFFICES
Quartz oce building – Brussels CBD (BE)
ESG
In the day-to-day management of its oce portfolio, Cofinimmo
pursues one of its primary objectives, which is to adopt a sustain-
able and environmental approach. Cofinimmo’s ESG strategy was
first influenced by the European and national or even regional
regulatory frameworks. Wishing to be proactive, Cofinimmo has
gone further and has demonstrated agility by incorporating new
requirements facilitating adaptation to these regulations.
During an acquisition in particular, Cofinimmo’s influence can be
decisive. It assesses the need for the redevelopment of a project
so as to keep the building up to standard over the long term.
During the selection of projects, it considers the location and in
particular the accessibility of the site using sustainable transport.
Of course, Cofinimmo adopts a life cycle approach for the tech-
nical management of buildings. When an oce building reaches
the end of its life, the construction is recycled. In central locations
in Brussels, where demand for oces is high, the building is thor-
oughly renovated. For less central sites, a study is carried out on the
possible reconversion of the building. Thus, Cofinimmo endeavours
to best respond to the changing needs of oce users in terms
of the flexibility, mobility and diversity of living spaces at work.
Furthermore, Cofinimmo pays specific attention to transforming
the urban landscape in a responsible manner by focusing on
aesthetics and the diversity of districts. Cofinimmo also favours the
use of modern techniques and sustainable materials to reduce the
carbon footprint of the buildings developed, while also endeav-
ouring to limit and reuse waste from project sites.
The day-to-day management of oce buildings is also a real
source of leverage in the sustainable development strategy.
Property management has been an in-house activity since 1999,
and its influence is significant. Making tenants aware of their
energy consumption and the signing of agreements with green
energy suppliers is intended to reduce the carbon footprint of
buildings. Energy data management software processes the
consumption figures (water, gas, electricity and waste) for all the
communal spaces of oce buildings under operational control,
as well as the private consumption voluntarily provided by the
dierent tenants. Using this tool helps to identify possible sources
of savings and to measure the impact of the investments made.
Through the installation of meters that can be read remotely, the
whole portfolio of oces under operational control is connected
to the energy accounting software in real time.
Through these areas of focus, Cofinimmo wishes to fully carry
out its corporate and environmental responsibility.
64
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
THE BRUSSELS OFFICE RENTAL MARKET
Information on the oce rental market is included in the chapter
‘Market commentary’ (see pages 158 to 165) of this document.
THE BRUSSELS OFFICE INVESTMENT MARKET
Information on the Brussels oce investment market can be found
in the chapter ‘Market commentary’ (see pages 158 to 165) of this
document.
Market characteristics
1
THE BRUSSELS OFFICE MARKET SUBSEGMENTS
The Brussels oce market consists of several sub-segments. The
first five are often grouped under the heading ‘Central Business
District’ (CBD).
• Brussels centre :
historic heart of the city
Occupants : Belgian public authorities and Belgian medium
or large private companies.
• Leopold district :
European district of the city
Occupants : European institutions and delegations or associations
working with them, medium or large private companies, law
firms, lobbyists.
• Brussels North :
business area
Occupants : Belgian and regional public authorities, semi-public
companies and large private companies.
• Louise district :
prestigious district, mixed zone (residential and oces)
Occupants : law firms, embassies and medium-sized private
companies.
• Midi district :
district surrounding the Brussels-South railway station
Occupants : SNCB/NMBS, railway-related companies, Belgian
public authorities.
• Brussels decentralised :
rest of the territory of the 19 municipalities of the Brussels-Capital
Region, a mainly residential area
Occupants : medium or large private companies.
• Brussels periphery :
area located in the immediate vicinity of the Brussels-Capital
Region, the Ring and the national airport
Occupants : private companies of all sizes.
OCCUPANCY RATE BY GEOGRAPHICAL AREA
(as at 31.12.2021 - in %)
Brussels
Periphery
Brussels
Decentralised
Antwerp Brussels
CBD
Others
1. Market information deriving from the CBRE, Cushman & Wakefield, Jones Lang LaSalle
and BNP market research.
100
90
80
70
60
50
40
30
20
10
0
Average : Average :
93.793.7
81.681.6
92.292.2
93.893.8
99.699.6
96.196.1
BREAKDOWN OF THE CONSOLIDATED
PORTFOLIO BY TENANT BUSINESS SECTOR
(as at 31.12.2021 - in contractual rents of
78 millions EUR - in %)
<1 %
RETAIL COM
MERCIAL USE
9 %
OTHERS
11 %
FINANCE & INSURANCE
& REAL ESTATE
17 %
ICT & TELECOM
& MEDIA
5 %
LOGISTICS
1 %
RETAIL
OFFICE USE
33 %
BELGIAN AND
INTERNATIONAL
PUBLIC SECTOR
7 %
CHEMISTRY
& ENERGY &
PHARMACEUTICAL
18 %
CONSULTANTS
& LAW FIRMS
65
MANAGEMENT REPORT OFFICES
Strategy implementation
CONTRIBUTION OF THE OFFICE PORTFOLIO INTO
A SUBSIDIARY
On 29.10.2021, Cofinimmo contributed its oce branch to a wholly-
owned subsidiary called Cofinimmo Oces SA/NV. This spin-o
stems naturally from the strategy of refocusing on the Brussels
CBD, initiated in mid-2018 and is part of the execution of the value
creation strategy for the oce portfolio. It allows the capital of the
subsidiary specialised in oces to be opened up to future investors,
in due time, who would then benefit from Cofinimmo’s experienced
management and investment platform, while allowing the group
to recycle a part of the capital invested in this portfolio. Cofinimmo
Oces SA/NV has obtained the status of institutional regulated real
estate company (SIRI). As at 31.12.2021, the subsidiary had a total
balance sheet of 1.4 billion EUR, with an equity of 0.8 billion EUR
and a debt-to-assets ratio of approximately 42 %.
PROXIMITY TO CLIENTS
Cofinimmo endeavours to build close and sustainable relationships
with the tenants to ensure client satisfaction and loyalty. Building
management is handled entirely in-house, that is, by its employees.
The size of its oce portfolio, which is in excess of 1 billion EUR,
enables the group to have a complete human and technical
management platform and to bear its costs.
The technical teams consist of industrial and civil engineers, archi-
tects and interior designers who supervise upgrade, maintenance
and renovation works. The service desk is accessible 24/7 and
is responsible for organising the response to requests for service
and repairs.
The sales teams are in regular contact with clients in order to best
cater to their needs in terms of flexibility. The administrative and
accounting teams invoice rents and provide a breakdown of charges
and taxes. The legal department draws up the leases and follows
up on any disputes.
PROACTIVE RENTAL MANAGEMENT
The rental vacancy risk faced by Cofinimmo each year involves
an average of 10 % to 15 % of its oce portfolio. A commercial
strategy based on a close relationship with the clients contrib
-
utes to a continued high occupancy level and positive operating
margin growth.
The commercial strategy is completed by the implementation of
innovative solutions intended to best meet the needs of tenants in
terms of workspace flexibility, mobility, and diversity. The develop-
ment of the Flex Corners
®
and Lounges
®
concepts are examples
of this.
Flex Corner
®
by Cofinimmo
This concept enables clients looking for smaller oce spaces
to lease a private space in an oce building equipped with shared
infrastructure (kitchenette, lounge, meeting rooms). Leases are
oered on a monthly basis and include rent, taxes, and charges
for both the private space and the shared areas. The contracts
are established for a period of time corresponding to the client’s
needs with a minimum of one year. A ‘Custom your lease’ option
is also available, making it possible for tenants to establish their
own lease period based on contractual terms suited to their needs.
This concept was initiated in 2016 and is now available in five of the
buildings in the portfolio which had vacant space. At the end of 2021,
the occupancy rate of the Flex Corners
®
stood at approximately 73 %.
The Lounge
®
by Cofinimmo
The group has two The Lounges
®
by Cofinimmo : the first, inaugur
-
ated in 2016, in the Park Lane in Diegem and the second, completed
in 2017, in The Gradient building in Brussels (Woluwé-Saint-Pierre/
Sint-Pieters-Woluwe).
Cofinimmo provides tenants and their visitors with modern, inspiring
and comfortable shared spaces that include catering, meeting,
networking and relaxation areas. The spaces are managed on-site
by the community manager. The concept meets the growing need
for a range of dierent types of work spaces.
Occupancy rate
Cofinimmo’s oce portfolio occupancy rate was 93.7 % at 31.12.2021
compared to 92.35 % for the overall Brussels oce market
1
. In the
course of 2021, renegotiations and new leases have been signed
for a total of almost 93,939 m of oce spaces compared to more
than 73,623 m recorded as at 31.12.2020. The most important trans-
actions are listed in the table below.
1. Source : Cushman & Wakefield
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Geographical area Name of the facility Type of transaction m
2
Other regions
Stationsstraat 110 - Malines/Mechelen Renegociation 14,700
Brussels CBD
Loi/Wet 57 Renegociation 10,300
Brussels periphery
Rue Mercuriusstraat 30 Renegociation 6,100
Brussels decentralised
Herrmann Debroux 44-46 Renegociation 5,900
Brussels decentralised
Paepsem Renegociation & Lease 4,400
Brussels periphery
Park Lane Renegociation 4,400
Other regions
Stationsstraat 110 - Malines/Mechelen Renegociation 2,000
Brussels decentralised
Souverain/Vorst 278-286 Renegociation 1,800
Antwerp
Prins Boudewijn 41 Lease 1,800
Brussels CBD Guimard 10 Renegociation 1,300
Antwerp Prins Boudewijn 41 Lease 1,200
Brussels decentralised Bourget 50 Lease 1,100
Brussels decentralised Cockx 8-10 (Omega Court) Lease 1,100
Brussels CBD Trône/Troon 100 Lease 1,100
Brussels CBD Guimard 10 Renegociation 1,000
Brussels periphery Noordkustlaan 16 Renegociation 1,000
Antwerp Veldkant 35 Renegociation 1,000
Antwerp Veldkant 35 Renegociation 1,000
Brussels CBD Square de Meeûssquare 23 Lease 800
Brussels periphery Park Lane Lease 700
Brussels CBD Loi/Wet 34 Lease 600
Brussels CBD Trône/Troon 100 Lease 600
Quartz oce building –
Brussels CBD (BE)
67
MANAGEMENT REPORT OFFICES
Oce building Montoyer 10 –
Brussels CBD (BE)
The building will be completely redeveloped in a dynamic design
that will make it easily recognisable. The architectural design will
include a concrete core and basement, while all other superstruc
-
tures (floors, columns, structural facade elements) will be made of
wood from sustainable forests. The use of renewable materials and
technologies is in line with a circular economy, a reduced carbon
footprint and an A-level energy label. Cofinimmo is aiming for a
BREEAM Outstanding certification for this building.
The building will have a private garden, a green roof, accessible
terraces on the sixth and seventh floor, triple glazing, solar panels,
LED lighting and heat pumps.
The ground and first floor will have fully glazed facades with high
transparency, improving the feeling of space and increasing the
interaction between the building’s activities and its environment.
REDEVELOPMENT PROJECTS
Cofinimmo’s internal technical teams, consisting of industrial and
civil engineers, architects and interior designers, are responsible for
redevelopment projects including renovations, reconstruction, and
reconversion. The projects are part of a long-term programme to
optimise the composition of the portfolio, create value and, more
broadly, to responsibly transform the urban landscape.
Oce building Stationsstraat 110 –
Malines/Mechelen
This oce building of almost 15,000 m will be completely reno-
vated and leased to the Vlaams Administratief Centrum in Malines/
Mechelen (‘VAC Mechelen’). After the works, its energy perform-
ance will be well above the current legal requirements. Therefore,
Cofinimmo is aiming for a BREEAM Excellent certification for this
building.
An additional advantage is its excellent accessibility by public trans-
port, by bicycle, on foot and by car. Thanks to its location, it fits
perfectly into the new mobility plans of the city of Malines/Mechelen.
68
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
COMMITTED OFFICE INVESTMENT PROGRAMME
Project Type
(of works)
Estimated
completion
date
Total
investment
Total
investment as
at 31.12.2021
Total
investment
in 2022
Total
investment
after 2022
(x 1,000,000 EUR)
Ongoing development projects
Belgium
Montoyer 10 (Brussels) Redevelopment
Q4 2023 15 0 6 9
Stationsstraat 110 (Malines/Mechelen) Renovation
Q4 2024 27 0 3 24
Total investment properties, non-current financial assets,
finance lease receivables and associates
42 0 9 33
SELECTIVE ARBITRAGE OF ASSETS
Cofinimmo has implemented a selective arbitrage policy for its oce
buildings while maintaining its portfolio above 1 billion EUR which is
compatible with the need for a complete management platform.
In parallel with the development of the healthcare real estate
segment, Cofinimmo is focusing on the rebalancing of its oce
portfolio between the various sub-segments, to the benefit of
high-quality buildings located in the CBD of Brussels. The vacancy
rate in this segment, which is weaker than the average in the Brussels
market, makes it possible to obtain higher net returns.
The goal is to take advantage of investors’ appetite for certain types
of assets and to optimise the composition of the portfolio in terms
of age, size, location and the rental situation of buildings. The funds
collected are then reinvested in high quality buildings located in
the CBD of Brussels.
Sale of 17 oce buildings in progress
On 31.05.2021, Cofinimmo signed a private agreement relating to the
future sale of oce buildings located in the periphery of Antwerp
as well as in the periphery and decentralised area of Brussels. The
acquisition price amounted to just over 80 million EUR. This amount
is in line with the last fair value (available before the announce-
ment, i.e. 31.03.2021) determined by Cofinimmo’s independent real
estate valuers.
The sale of oce buildings with a total surface area of more than
66,800 m is fully in line with Cofinimmo’s strategy in the oce
segment.
The buyer of the oce buildings is Brody Projectontwikkeling &
Investeringen.
By 10.12.2021, 13 of the 17 assets had already been disposed of
for a fair value of approximately 60 million EUR. Therefore, only
the Park Hill site is still included in non-current assets held for sale
as at 31.12.2021.
Property Location Surface area
of planned sale
Number of assets Conclusion of
the planned sale
Paepsem Business Park
Anderlecht (Brussels decentralised) 26,520 m 6 Q4 2021
Veldkant 35
Kontich (Antwerp periphery) 4,157 m 4 Q4 2021
Garden Square
Wilrijk (Antwerp periphery) 7,464 m 1 Q4 2021
Prins Boudewijnlaan 41
Edegem (Antwerp periphery) 6,014 m 1 Q4 2021
Prins Boudewijnlaan 43
Edegem (Antwerp periphery) 6,007 m 1 Q4 2021
Park Hill
Machelen (Brussels periphery) 16,676 m 4 Q2 2022
Total
66,838 m 17
69
MANAGEMENT REPORT OFFICES
The portfolio consists of :
• in Belgium :
healthcare and oce assets, a network
of pubs and restaurants and public-
private partnerships;
• in France :
healthcare assets and a network of
insurance agencies;
• in the Netherlands :
healthcare assets and a network of
pubs and restaurants;
• in Germany :
healthcare assets;
• in Spain :
healthcare assets;
• In Finland :
healthcare assets;
• in Ireland :
healthcare assets;
• in Italy :
healthcare assets;
• In the United Kingdom :
healthcare assets.
At 31.12.2021, the consolidated property portfolio of the Cofinimmo group
consistedof1,408 buildings with a total surface area of 2,379,000 m².
Its fair value amounts to 5,709 million EUR.
Healthcare real estate represents 67 % of the group’s portfolio and is spread over nine
countries : Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and
the United Kingdom. One fourth of the consolidated portfolio is invested in office
buildings. This part of the portfolio located entirely within Belgium, mainly in Brussels, the
capital of Europe. The group also owns two distribution networks leased to major players
in their respective markets (AB InBev in Belgium and the Netherlands, and MAAF in
France).
COMPOSITION OF THE
CONSOLIDATED PORTFOLIO
Medical oce building on care campus
Maasziekenhuis Pantein – Beugen (NL)
70
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
Changes in the consolidated portfolio
CHANGE FROM 1996 TO 2021
Cofinimmo was approved as a public fixed capital investment
company (Sicafi/Vastgoedbevak - now SIR/ GVV) in 1996. The
investment value of its consolidated portfolio amounted to just
600 million EUR at 31.12.1995. At 31.12.2021, it exceeds 5.9 billion EUR.
Between 31.12.1995 and 31.12.2021, the group :
• invested a total of 7,212 million EUR in investment properties (acqui-
sitions, constructions and renovations);
• sold for a total amount of 2,422 million EUR.
At the time of the disposals, Cofinimmo realised on average a net
capital gain in investment value of 8 % compared to the last annual
valuations preceding these disposals, before deduction of payments
to intermediaries and other miscellaneous expenses. These figures
do not include capital gains and losses realised on the sale of shares
of companies owning buildings, these amounts being recorded as
capital gains or losses on the sale of securities.
The graph on the next page shows the breakdown by real estate
segment of investments totalling 7,212 million EUR between 1996
and 2021.
CHANGE IN THE INVESTMENT VALUE OF THE
CONSOLIDATED PORTFOLIO BETWEEN 1996
AND 2021 (x 1,000,000 EUR)
Investment value of the portfolio as at 31.12.1995
609
Acquisitions
6,157
Constructions and renovations
1,055
Net disposal value
-2,626
Realised gains and losses compared to the last annual
estimated value
204
Writeback of lease payments sold
2
25
Change in the investment value
342
Investment value of the portfolio as at 31.12.2021
5,
966
BREAKDOWN OF THE CONSOLIDATED
PORTFOLIO BY REAL ESTATE SEGMENT
(as at 31.12.2021 – at a fair value
of 5,709 million EUR - in %)
BREAKDOWN OF THE CONSOLIDATED PORTFOLIO
BY REAL ESTATE SEGMENT (as at 31.12.2021 –
at a fair value of 5,709 million EUR - in %)
* ES 4 % FI : 1 % IE 2 % IT 3 % UK 1 %
ACCELERATED GROWTH OF THE CONSOLIDATED
PORTFOLIO (between 31.03.2018 and 31.12.2021 -
in billion EUR)
31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021
6.5
6
5.5
5
4.5
4
3.5
3
CAGR : 15 %
3.73.7
4.04.0
4.64.6
5.35.3
6.26.2
67 %
HEALTHCARE
9 %
DISTRIBUTION
NETWORKS
24 %
OFFICES
58 %
BELGIUM
10 %
THE
NETHERLANDS
11 %
GERMANY
11 %
OTHERS*
9 %
FRANCE
71
MANAGEMENT REPORT COMPOSITION OF THE CONSOLIDATED PORTFOLIO
CHANGE IN 2021
The investment value of the consolidated portfolio increased from
5,082 million EUR at 31.12.2020 to 5,966 million EUR at 31.12.2021.
At fair value, the figures were 4,869 million EUR at 31.12.2020 and
5,709 million EUR at 31.12.2021.
In 2021, the Cofinimmo group :
• invested a total of 911 million EUR
1
in investment properties (acqui-
sitions, constructions and renovations);
• divested for a total amount of 120 million EUR.
The 2021 sales consisted mainly in 21 pubs and restaurants of
the Pubstone distribution network, 76 insurance agencies of the
Cofinimur I distribution network and 13 oce buildings.
The graph on this page shows the breakdown by real estate
segment of investments totalling 911 million EUR realised in 2021,
to which the other types of investment were added to reach a total
of 992 million EUR.
The change in fair value of the consolidated portfolio was
841 million EUR in 2021 (884 million EUR in investment value), i.e.
an increase of 17 %. The table on the following page shows the
change in fair value of the portfolio in 2021 by real estate segment
and by geographical area.
CHANGE IN THE INVESTMENT VALUE OF
THE CONSOLIDATED PORTFOLIO IN 2021
(x 1,000,000 EUR)
Investment value of the portfolio
as at 31.12.2020
5,082
Acquisitions
1
844
Constructions and renovations
67
Net disposal value
-127
Realised gains and losses compared to the last
annual estimated value
8
Writeback of lease payments sold
7
Change in the investment value
85
Investment value of the portfolio
as at 31.12.2021
5,
966
BREAKDOWN OF INVESTMENTS BY
REAL ESTATE SEGMENT BETWEEN 1996 AND 2021
(in investment value - x 1,000,000 EUR)
BREAKDOWN OF INVESTMENTS BY
REAL ESTATE SEGMENT IN 2021
(in investment value - x 1,000,000 EUR)
Nursing and care home – Padua (IT)
1. As well as 81 million EUR in investments in associates, finance lease receivables
and other non-current liabilities.
5
PROPERTY OF
DISTRIBUTION
NETWORKS
897
HEALTHCARE
REAL ESTATE
1
10
OFFICES
3,772
HEALTHCARE REAL ESTATE
600
PROPERTY OF
DISTRIBUTION
NETWORKS
2,840
OFFICES
72
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
CHANGE IN FAIR VALUE OF THE CONSOLIDATED PORTFOLIO BY
REAL ESTATE SEGMENT AND BY GEOGRAPHICAL AREA IN 2021
Real estate segment and
geographical area
Change
in fair value
1
Share of the
consolidated portfolio
Healthcare real estate 1.5 % 66.5 %
Belgium
0.4 % 28.0 %
France
-1.8 % 8.0 %
Netherlands
2.9 % 7.6 %
Germany
5.5 % 11.4 %
Spain
2.2 % 4.2 %
Finland
3.7 % 1.2 %
Ireland
0.6 % 1.6 %
Italy
0.8 % 3.3 %
United Kingdom
2.3 % 1.2 %
Oces 0.9 % 24.2 %
Brussels CBD
3.5 % 14.0 %
Brussels decentralised
-1.3 % 5.8 %
Brussels periphery
-5.0 % 1.8 %
Antwerp
4.7 % 0.6 %
Other regions
-4.9 % 2.1 %
Property of distribution networks -1.2 % 9.3 %
Pubstone Belgium
-1.0 % 5.1 %
Others Belgium
-0.2 % 0.5 %
Pubstone Netherlands
-0.7 % 2.4 %
Cofinimur I France
-3.3 % 1.2 %
TOTAL PORTFOLIO
1.1 % 100 %
1. Without the initial eect of the changes in the scope.
Readaptation clinic Celenus Klinik an der Salza –
Bad Langensalza (DE)
73
MANAGEMENT REPORT COMPOSITION OF THE CONSOLIDATED PORTFOLIO
Rental situation of the consolidated
portfolio
The commercial management of the group’s portfolio is handled
entirely in-house : closeness to clients enables the group to
build a long-term relationship of trust, an essential element for
ensuring a high occupancy rate, long lease maturities and quality
tenants.
1. This category represents the following countries: Spain, Finland, Ireland, Italy and the United Kingdom.
OCCUPANCY RATE
The occupancy rate of the consolidated portfolio (excluding
assets held for sale), calculated on the basis of contractual rents
for space leased and the rental values estimated by independent
real estate valuers for unoccupied space was 98.1 % at 31.12.2021.
It is as follows for each real estate segment :
Real estate segment
and country
Occupancy
rate
Comment
Healthcare real estate 99.9 %
Belgium
100 %
The assets acquired are are fully leased to healthcare operators, with whom Cofinimmo
generally signs leases with an initial term going from 20 to 27 years.
Assets in development are all pre-let.
France
99.5 %
The assets acquired are leased in their entirety to healthcare operators, generally through leases
with an initial term of 12 years.
As at 31.12.2021, the average residual lease length is 2.9 years, of which one asset is empty and one
asset has been sold at market value. For the rest, all leases have been extended.
Developed assets are all pre-let.
The Netherlands
99.7 %
Cofinimmo owns 17 medical oce buildings which are directly leased to healthcare professionals
who receive their patients in the facilities. As at 31.12.2021, the occupancy rate of these buildings
was 98.9 %.
All other assets are fully leased to healthcare operators with whom Cofinimmo usually signs leases
with an initial term going from 10 to 20 years.
Developed assets are all pre-let.
Germany
100 %
The assets acquired are fully leased to healthcare operators, usually through leases with an initial
term going from 15 to 30 years.
Others
1
100 %
The assets acquired are fully leased to healthcare operators with whom Cofinimmo usually
signs leases with an initial term going from 15 to 35 years.
Oces 93.7 %
The majority of leases signed by Cofinimmo in this segment are 3/6/9 years.
The rental vacancy risk the group faces each year represents an average of 10 % to 15 % of its oce
portfolio.
By comparison, the average vacancy rate in the Brussels oce market was 7.65 % as at 31.12.2021
(source : Cushman & Wakefield).
Property of
distribution networks
98.5 %
Pubstone Belgium
99.4 %
As of the seventh year of the lease (2014), AB InBev has the option of terminating pub and
restaurant leases each year accounting for up to 1.75 % of the annual rental income of the total
Pubstone portfolio. The brewing group has vacated 145 assets since 2014 : as at 31.12.2021,
13 assets have been leased again, 128 assets have been sold and 7 assets are empty.
Other Belgium
100 %
Two assets have been allocated to this segment, i.e. the land reserve Tenreuken, located in Brussels,
and the federal police station located in Kroonveldlaan 30, Termonde/Dendermonde.
Pubstone Netherlands
100 %
As of the seventh year of the lease and at every five-year anniversary of the sub-lease agreed by AB
InBev and the pubs and restaurants operator, AB InBev has the option of giving up the establishment,
on condition that the total of the terminated leases during a given year do not exceed 1.75 % of the
annual rental income of the total Pubstone portfolio. The brewing group has vacated 32 assets since
2014 : as at 31.12.2021, 32 assets have been sold and 0 asset is empty.
Cofinimur I France
92.0 %
At the time the insurance agencies leased to MAAF were acquired (2011), ten agencies were either
empty or rented through a lease with a residual length of less than one year. As at 31.12.2021, nine of
these ten assets have been sold and one is leased.
Since then, Cofinimmo has announced the partial disposal of the portfolio; 118 agencies have been
released by MAAF since the acquisition of the portfolio : as at 31.12.2021, 87 have been sold, 23 are
empty, 8 have been re-let.
TOTAL 98.1 %
74
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
TIMETABLE OF LEASE MATURITIES
If every tenant were to exercise their first break option, the weighted
average residual length of all leases in eect on 31.12.2021 would
be 12 years. The graph below shows the lease maturity for each
real estate segment as at 31.12.2021.
The average residual lease length would be 13 years if no break
option was exercised, i.e. if all tenants continued to occupy their
areas until the contractual end of the leases.
Furthermore, as at 31.12.2021, more than 64 % of the leases signed
by the group had a residual term greater than 9 years (see table
below).
BREAKDOWN OF THE CONSOLIDATED PORTFOLIO
BASED ON LEASE MATURITIES
(as at 31.12.2021 - in contractual rents)
Lease maturities Share of
the portfolio
Leases > 9 years 64.6 %
Healthcare real estate
49.7 %
Property of distribution networks - Pubstone
9.6 %
Oces – public sector
3.2 %
Oces – private sector
2.1 %
Leases 6-9 years 8.4 %
Healthcare real estate
5.2 %
Oces 2.6 %
Property of distribution networks – Other Belgium 0.4 %
Property of distribution networks – Cofinimur I 0.2 %
Leases < 6 years 27.0 %
Oces
16.9 %
Healthcare real estate
8.7 %
Property of distribution networks – Cofinimur I
1.4 %
TOTAL 100 %
12 years
WEIGHTED AVERAGE RESIDUAL
LEASE LENGTH
98.1 %
OCCUPANCY RATE
Nursing and care home – Vigo (ES)
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH
PER REAL ESTATE SEGMENT
(as at 31.12.2021 – in number of years)
0
2
4
6
8
10
12
14
16
18
Oces Distribution
network
Healthcare
18
16
14
12
10
8
6
4
2
0
5
12
1
16
2
1. For Distribution networks, the weighted average residual lease term per sub-segment
in years is as follows : Pubstone (14), Other Belgium (8) and Cofinimur I (3).
2. For Heathcare, its is as follows : Belgium (18), France (3), Netherlands (10), Germany (21),
Spain (21), Finland (18), Ireland (14), Italy (8) and United Kingdom (35).
Average : Average :
12 years12 years
75
MANAGEMENT REPORT COMPOSITION OF THE CONSOLIDATED PORTFOLIO
14.7 %
8.7 %
TENANTS
The group’s consolidated portfolio consists of more than 340 groups
of tenants coming from a variety of sectors. A diversification
that contributes to the group’s moderate risk profile. The listed
French group Korian, expert in care and support services for the
elderly, is the group’s leading tenant. It is followed by AB InBev
which leases the Pubstone pubs and restaurants portfolio.
CHANGE IN RENTAL INCOME
Gross rental income increased from 258 million EUR in 2020 to
299 million EUR in 2021, or an increase of 16 %. On a like-for-like
basis, gross rental income increased by 0.9 %. The table on the
following page shows the change in gross rental income for the
various real estate segments and countries in 2021, on a like-for-
like basis.
The positive effect of new leases (+1.6 %) and indexation
(+0.9 %) largely compensated the negative eect of departures
(-1.2 %) and renegotiations (-0.3 %).
RENTAL INCOME
Cofinimmo is able to secure its long-term revenue thanks to its
portfolio diversification strategy and its active commercial manage-
ment. Over 77 % of its rental income is contractually guaranteed until
2025. This percentage increases to 81 % if no termination options
are exercised and if all of the tenants remain in their rented spaces
until the contractual end of their lease.
TOP 10 TENANTS (as at 31.12.2021 - based on contractual rents of 313 million EUR - in %) AND
WEIGHTED AVERAGE RESIDUAL LEASE LENGTH UNTIL THE FIRST BREAK OPTION (as at 31.12.2021 –
in number of years)
Korian AB InBev Colisée Public
Sector
ORPEA DomusVi Care-Ion Stella Vitalis Aspria MAAF
9.6 %
8.5 %
6.0 %
3.8 %
3.5 %
3.1 %
2.5 %
1.5 %
20
15
10
5
0
40
30
20
10
0
Proportion of contractual rents (in %)
Length (in years)
BREAKDOWN OF THE CONSOLIDATED
PORTFOLIO BY TENANT BUSINESS SECTOR
(as at 31.12.2021 - based on contractual rents
of 313 million EUR - in %)
63.5 %
HEALTHCARE
9.6 %
AB INBEV
4.4 %
CONSULTANTS
& LAW FIRMS
4.3 %
FINANCE, INSURANCE
& REAL ESTATE
8.5 %
BELGIAN & INTERNATIONAL
PUBLIC SECTOR
5.5 %
OTHERS
4.2 %
ICT, TELECOM
& MEDIA
76
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
CHANGE IN GROSS RENTAL INCOME ON A LIKEFORLIKE BASIS BY
REAL ESTATE SEGMENT IN 2021
Real estate segment Changes in gross rental
revenues on
a like-for-like basis
Share of the
consolidated portfolio
at fair value
Healthcare real estate
0.7 % 66.5 %
Oces
1.7 % 24.2 %
Property of distribution networks
0.2 % 9.3 %
TOTAL
0.9 % 100 %
RENTAL INCOME (as at 31.12.2021 - in contractual rents - in %)
Property of distribution
networks
Healthcare real estate
Oces
Nursing and care home Monterey House –
Brussels (BE)
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 > 2036
100
90
80
70
60
50
40
30
20
10
0
0
10
20
30
40
50
60
70
80
90
100
77
MANAGEMENT REPORT - COMPOSITION OF THE CONSOLIDATED PORTFOLIO
Rental yield
Rental yield is defined as the rental income for rented spaces and
the estimated rental value of unoccupied space, divided by the
investment value of the buildings (excluding assets held for sale)
as established by the independent real estate valuers. This rental
yield is defined as the capitalisation rate of rental income applied
to the real estate portfolio.
The dierence between gross rental yields and net rental yields
reflects direct costs : technical costs (maintenance, repairs, etc.),
commercial costs (agent commissions, marketing expenses, etc.)
and charges and taxes on unoccupied space. The majority of
healthcare real estate leases in France and Belgium are triple
net, while in Germany, the Netherlands and Spain, the majority is
of the double net type (Dach und Fach - see Glossary). The triple
net lease implies that the maintenance and insurance expenses,
as well as the taxes, are at the tenant’s expense, contrary to the
double net lease. Therefore, gross and net rental yields are almost
identical in this segment.
Real estate segment and
country
Number of
buildings
Surface
area
(in m)
Average age
(in years)
Fair value
(x 1,000,000 EUR)
Share of the
consolidated
portfolio at fair
value (in %)
Contractual rents
(x 1,000 EUR)
Share of consoli-
dated portfolio in
contractual rents
(in %)
Healthcare real estate
266 1,526,977 12 3,799 66.5 % 198,681 63.6 %
Belgium
88 591,973 10 1,601 28.0 % 82,883 26.5 %
France
53 230,110 > 15 456 8.0 % 27,599 8.8 %
The Netherlands
46 187,013 10 434 7. 6 % 24,337 7.8 %
Germany
44 293,629 13 654 11.4 % 36,466 11.7 %
Spain
17 103,861 13 240 4.2 % 8,130 2.6 %
Finland
2 6,823 < 1 67 1.2 % 1,597 0.5 %
Ireland
7 39,244 > 15 89 1.6 % 4,637 1.5 %
Italy
6 64,913 > 15 190 3.3 % 9,612 3.1 %
United Kingdom
3 9,411 4 69 1.2 % 3,420 1.1 %
Oces
62 490,759 13 1,381 24.2 % 77,572 24.8 %
Property of
distribution networks
1,080 361,671 > 15 530 9.3 % 36,330 11.6 %
Pubstone Belgium
677 270,060 > 15 292 5.1 % 19,710 6.3 %
Other Belgium
1 9,043 9 30 0.5 % 1,390 0.4 %
Pubstone Netherlands
212 41,319 > 15 138 2.4 % 10,281 3.3 %
Cofinimur I France
190 41,250 > 15 70 1.2 % 4,949 1.6 %
TOTAL
1,408 2,379,407 13 5,710 100 % 312,584 100 %
CAPITALISATION RATES APPLIED TO THE
COFINIMMO PORTFOLIO AND YIELD ON
10-YEAR BELGIAN GOVERNMENT BONDS
(as at 31.12.2021 - in %)
Cofinimmo - Oces
Cofinimmo – Overall portfolio
Cofinimmo – Healthcare real estate
10-year Belgian government bonds
9 %
8 %
7 %
6 %
5 %
4 %
3 %
2 %
1 %
0 %
-1 %
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0
2
4
6
8
10
GROSS/NET YIELDS PER REAL ESTATE SEGMENT
(as at 31.12.2021)
Healthcare
real estate
Property of
distribution
networks
Oces Total
6.4 %
6.3 %
5.1 %
6.1 %
5.4 %
5.3 %
10
8
6
4
2
0
5.3 %
5.6 %
Gross Net Gross Net Gross Net Gross Net
Pub Palmarès – Spa (BE)
78
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
FINANCIAL RESOURCES
MANAGEMENT
The group’s debt and committed credit lines are not subject to
any early repayment clauses, or changes in margin, related to its
financial rating. They are usually subject to conditions related to :
• compliance with RREC legislation;
• compliance with debt-to-assets ratio levels and hedging of finan-
cial charges through the cash flow;
• fair value of the real estate portfolio.
At 31.12.2021 and throughout the 2021 financial year, the ratios were
adhered to. In addition, no payment defaults on the loan contracts,
nor violations of the terms and conditions of these same contracts
are expected in the coming 12 months.
Nursing and care home De Parallel –
Nijverdal (NL)
Cofinimmo’s financial strategy is characterised by its diverse financing sources,
regular use of capital markets, debt-to-assets ratio close to 45 %, and optimal duration
and cost of financing. Cofinimmo also pays particular attention to the alignment
between its financial strategy and ESG objectives (see chapter Strategy of this
document). In addition to the sustainable bonds issued and new sustainable loans
taken out, 2021 was marked by the conversion of the company’s commercial paper
programme into a sustainable programme valued at EUR 1.25 billion EUR. It was also
marked by the first sustainability-linked loan, the conditions of which are linked to
achieving the objectives set out in the company’s 30³ project. These objectives are
detailed in the chapter of this document entitled ‘Environment’. Finally, 2022 started
with the issuance of a second sustainable public bond for 500 million EUR.
79
MANAGEMENT REPORT MANAGEMENT OF FINANCIAL RESOURCES
Financing transactions in 2021
In 2021, Cofinimmo reinforced its financial resources and its balance
sheet structure. The financing transactions carried out during this
financial year enabled the group to increase bank financing, main-
tain a stable schedule of financial debt and maintain an average
cost of its debt at particularly low levels. In addition, following the first
acquisitions in the United Kingdom, Cofinimmo has partly financed
itself in GBP through various bilateral multi-currency financing oper-
ations. These multi-currency financing operations have maturities
going from four to six years and demonstrate the access to dier-
ent sources of financing for acquisitions outside the Eurozone. The
various operations carried out are stated below.
CAPITAL INCREASES
In 2021, Cofinimmo carried out four capital increases (contribution
in kind, in cash via the accelerated bookbuilding, optional dividend
and conversion of convertible bonds into shares) totalling nearly
565 million EUR.
Capital increase in cash via accelerated bookbuilding
Cofinimmo SA/NV launched on 03.03.2021 a capital increase in
cash via accelerated bookbuilding (the ‘ABB’) with international
institutional investors, within the authorised capital, with cancellation
of the preferential subscription right of existing shareholders and
without granting an irreducible allocation right to existing share
-
holders (the ‘capital increase’).
The company successfully completed the ABB. 1,487,603 new shares,
which corresponds to approximately 5.5 % of the outstanding capital
prior to the capital increase, were placed with institutional investors
at an issue price of 121.00 EUR per share. The issue price repre-
sents a discount of 4.3 % compared with the last trading price on
03.03.2021 of 126.40 EUR per share. The gross amount of the capital
increase amounts to approximately 180 million EUR.
The issue, delivery and admission to trading on the Euronext Brussels
regulated market of the new shares took place on 08.03.2021.
Capital increases through contributions in kind
On 08.04.2021, Cofinimmo acquired 5 healthcare sites in Belgium
via a contribution in kind. The contractual value of the assets
amounts to 103 million EUR (rounded amount). To this end, 937,432
new shares were issued as part of the authorised capital, and were
sent to the contributors.
The introducers are companies controlled by the Care-Ion group,
which is a long-term shareholder of Cofinimmo already holding
more than 3 % of the company’s capital since 2019.
As a result of this transaction, Cofinimmo increased its equity by
103,295,632.08 EUR.
Optional dividend
The ordinary general meeting of 12.05.2021 decided to distrib-
ute a gross dividend of 5.80 EUR per share for the 2020 financial
year (i.e. a net dividend of 4.06 EUR per share).
The board of directors decided to oer shareholders the choice
between receiving the dividend payment for the year 2020 in
new shares or in cash, or to opt for a combination of both means
of payment. The subscription price of one new share was set at
117.74 EUR. The new shares are entitled to Cofinimmo’s results as
from 01.01.2021 (first dividend payable in 2022).
Shareholders were invited to communicate their choice between the
dierent payment modalities between 19.05.2021 and 02.06.2021.
A total of 54 % of the 2020 dividend coupons were contributed
to the capital against new shares. This resulted in the issue of
550,658 new shares for a total amount of 64,834,472.92 EUR. The
subscription price of 117.74 EUR per new share was 8.2 % below the
volume-weighted average stock market price of the share during
the subscription period (128.29 EUR).
The remaining dividend pay-out was settled in cash for a net total
amount of 54.8 million EUR (amount from which the withhold
-
ing taxes on dividends relating to reinvested and non-reinvested
coupons has been deducted). The eective day of listing of the
new shares was 08.06.2021.
Maturity of convertible bonds
The convertible bonds matured on 15.09.2021. At the end of the
convertible bond conversion period, Cofinimmo received new
conversion requests from holders of convertible bonds for 1,483,774
convertible bonds out of the 1,502,087 convertible bonds in circula-
tion (i.e. 99 %), resulting in 1,657,750 new Cofinimmo shares (i.e. 5.5 %
of the shares previously in circulation) to be delivered to the holders
of the convertible bonds concerned. These new Cofinimmo shares
were issued on 30.09.2021 and their book value was approximately
217 million EUR.
Nursing and care home Prince Royal –
Brussels (BE)
80
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
As a result, Cofinimmo’s share capital was represented by 31,695,481
shares.
MODIFICATION AND EXTENSION OF THE
COMMERCIAL PAPER PROGRAMME
To further align our funding with our ESG policy, the commer-
cial paper programme has been transformed into a sustainable
commercial paper programme. Certain eligible assets (mainly
social assets) have been selected so that the outstanding amount
of the programme is always covered by sucient investments in
eligible assets (in accordance with Cofinimmo’s sustainable finan-
cing framework).
In addition, to meet the high demand for commercial paper,
Cofinimmo decided to increase the maximum amount of the
programme from 950 million EUR to 1,250 million EUR. The increase
in the programme, eective since 07.12.2021, will enable both short
and long-term issues.
Long-term commercial paper is issued based on reverse inquiries
made by interested investors to the banks managing the commercial
paper programme. Belfius Bank, ING Bank, ABN AMRO and Barclays
Bank Ireland coordinate the issues of long-term commercial paper
for Cofinimmo while Belfius Bank, BNP Paribas Fortis, BRED Banque
Populaire, ING Bank, KBC Bank and Société Générale facilitate the
issues of short-term commercial paper.
ISSUANCE OF A NEW SUSTAINABLE BOND IN
EARLY 2022
On 17.01.2022, Cofinimmo issued a second public benchmark sustain-
able public bond for an amount of 500 million EUR. The bonds will
carry a coupon of 1 % per year and will mature on 24.01.2028. The
proceeds from this issuance will be used to the (re)finance assets,
in accordance with Cofinimmo’s sustainable financing framework
of May 2020. The selected assets as well as the other aspects of
sustainable financing defined by the group are detailed in the ESG
report (see pages 137 to 145). The new issue is listed on Euronext
Growth Brussels. The settlement and admission to trading of the
notes took place on 24.01.2022.
FINANCING OPERATIONS SINCE 01012021
Overall financing developments
• 02.02.2021 : New bilateral credit line of 40 million EUR for a period
of 7 years;
• 11.02.2021 : Extension of a credit line of 20 million EUR for 1 addi
-
tional year to bring its maturity to 2025;
• 12.02.2021 : New bilateral credit line of 50 million EUR over 5 years;
• 15.02.2021 : New bilateral credit line of 50 million EUR over 5 years;
• 15.02.2021 : Extension of a credit line of 50 million EUR for 1 addi-
tional year to bring its maturity to 2026;
• 05.05.2021 : New bilateral credit line of 50 million EUR over 8 years;
• 05.05.2021 : New bilateral credit line of 500 million EUR over 2
years;
• 11.05.2021 : Extension (5 million EUR) and modification of a trad
-
itional credit line into a 25 million EUR ‘sustainability-linked’
credit line for which the financial conditions will be adjusted
according to the achievement of the objective of reducing the
energy intensity of Cofinimmo’s assets (Project 30);
• 29.06.2021 : Reduction of a credit line from 21 million EUR to
14 million EUR and extension of its maturity for another 3 years
to bring its maturity to 2027;
• 30.06.2021 : Signature of the 378 million EUR extension of the
syndicated loan for 1 additional year to increase its maturity to
01.07.2026;
• 28.09.2021 : Conclusion of a new bilateral credit line of
100 million EUR for a period of 2.5 years;
• 30.09.2021 : Conclusion of a new bilateral credit line of 50 million EUR
over 5 years;
• 19.10.2021 : Early refinancing of a 30 million EUR credit line maturing
in March 2022 to bring its maturity to 2025;
• 18.11.2021 : Extension of a credit line of 25 million EUR for 1 additional
year to bring its maturity to 2032;
• 23.11.2021 : Extension of a 50 million EUR syndicated loan of
428 million EUR for 1 additional year to increase its maturity to
01.07.2026;
• 03.12.2021 : Extension of a credit line of 50 million EUR for 1 addi
-
tional year to bring its maturity to 2027;
• 07.12.2021 : Modification and extension of the long-term commer-
cial paper programme (detailed above);
• 14.12.2021 : Extension of a credit line of 50 million EUR for 1 addi
-
tional year to bring its maturity to 2027;
• 10.01.2022 : Extension of a credit line of 25 million EUR for 1 addi
-
tional year to bring tis maturity to 2026;
• 17.01.2022 : Issuance of a public benchmark sustainable bond for
an amount of 500 million EUR and a duration of 6 years (detailed
above).
• 11.02.2022 : Extension of a credit line of 100 million EUR for 1 addi
-
tional year to bring its maturity to 2027.
Interest rate hedging
In the course of 2021, Cofinimmo continued the increase of its
hedging over a period of three to nine years. IRS for the years
2023 (50 million EUR), 2024-2025 (200 million EUR), 2026-2027
(250 million EUR), 2028 (200 million EUR) and 2029 (50 million EUR)
were subscribed in order to increase the hedging for these years.
Following the investments made in the United Kingdom, an IRS was
subscribed in the amount of 20 million GBP (2021-2026).
In 2021, Cofinimmo also increased its hedging for the coming
years with the subscription of caps covering the years 2021-
2022 (600 million EUR), 2023 (400 million EUR),and 2024-2025
(200 million EUR).
81
MANAGEMENT REPORT MANAGEMENT OF FINANCIAL RESOURCES
Debt structure
CONSOLIDATED FINANCIAL DEBTS
At 31.12.2021, the current and non-current consolidated financial
debt, issued by Cofinimmo SA/NV, was 2,568 million EUR. This
included bank facilities and bonds issued on the financial markets.
An overview of the bonds is listed in the table below :
Streight (S)/
Convertible (C)
Current (C) /
Non-current (NC)
Sustainable
financing
Nominal amount
(x 1,000,000 EUR)
Issue
price
(%)
Conversion
price
(EUR)
Coupon
(%)
Issue
date
Maturity
date
S C -
190.0 100.000
-
1.9290 25.03.2015 25.03.2022
S NC -
70.0 99.609
-
1.7000 26.10.2016 26.10.2026
S NC Green & social 55.0 99.941 - 2.0000 09.12.2016 09.12.2024
S NC Sustainable 500.0 99.222 - 0.8750 02.12.2020 02.12.2030
As of 31.12.2021, non-current financial debt was 1,468 million EUR,
of which :
Bond market
• 70 million EUR for a non-convertible bond;
• 55 million EUR of non-convertible green & social bonds which are
part of the Euronext ESG Bonds community of European green &
social bond issuers meeting various objective criteria. Cofinimmo
is currently one of the few issuers listed in Brussels participating
in this committed European community;
• 500 million EUR for a sustainable benchmark-sized bond forming
part of the Luxembourg Green Exchange community in the same
way as many international issuers but also a Belgian real estate
developer and the Walloon Region;
• -6 million EUR mainly for the issue under par of the 500 million EUR
bond and for accrued interest not yet due on bonds;
• 59 million EUR of long-term commercial paper;
• 1 million EUR corresponding to the discounted value of the
minimum coupon of the Mandatory Convertible Bonds issued
by Cofinimur I in December 2011.
Bank facilities
• 771 million EUR of committed bilateral and syndicated loans, with
an initial term of five to ten years, contracted with approximately
ten financial institutions;
• 5 million EUR in financial debts linked to a right of use;
• 12 million EUR in rental guarantees received.
As of 31.12.2021, Cofinimmo’s current financial debts amounted to
1,100 million EUR, of which :
Financial markets
• 193 million EUR of a non-convertible bond including accrued
interest not yet due;
• 770 million EUR of commercial papers with a term of less than
one year, of which 100 million EUR with a term of more than six
months. Short-term commercial paper issues are fully covered
by liquidity on confirmed long-term credit lines. Cofinimmo thus
benefits from the attractive cost of such a short-term financing
programme, while ensuring its refinancing in the event that the
investment of new commercial paper becomes more costly or
unworkable;
• 10 million EUR of commercial paper initially concluded in the long
term with a residual maturity of less than one year.
Bank facilities
• 127 million EUR mainly bilateral bank loans maturing during
the year.
AVAILABILITIES
On 31.12.2021, availabilities on committed credit lines reached
1,636 million EUR. After deduction of the commercial paper
programme, Cofinimmo had at that date 866 million EUR of
surplus lines to finance its activity.
CONSOLIDATED DEBTTOASSETS RATIO
On 31.12.2021, Cofinimmo met the debt-to-assets ratio test. Its
regulatory debt-to-assets ratio (calculated in accordance with the
regulations on RRECs as : financial and other debts / total assets)
reached 44.2 % (compared to 46.1 % as at 31.12.2020). As a reminder,
the maximum debt-to-assets ratio for RRECs is 65 %.
When the loan agreements granted to Cofinimmo refer to a debt
covenant, they refer to the regulatory debt-to-assets ratio and
cap it at 60 %.
Cofinimmo’s debt-to-assets ratio
Legal covenant
31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021
70 %
60 %
50 %
40 %
30 %
20 %
10 %
0 %
82
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Drawn credit lines
Straight bonds & long-term commercial paper
Sustainable instruments
Undrawn credit lines
0
100
200
300
400
500
600
700
800
900
1000
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
200200
221221
5050
150150
8888
2525
8989
4040
178178199199
5050
99
6060
108108
500500
252522
2929
9898
500500
1010
5555
9292
589589
6262
4040
5050
1000
900
800
700
600
500
400
300
200
100
0
TIMETABLE OF LONGTERM FINANCIAL COMMITMENTS ON 24022022
1
(x 1,000,000 EUR)
AVERAGE RESIDUAL MATURITY OF FINANCIAL DEBT
The weighted average maturity of the financial debts remained
stable at five years between 31.12.2020 and 31.12.2021. This calcula-
tion takes into account the new bond of 500 million EUR issued at
the beginning of 2022 for 6 years and the simultaneous cancellation
of a credit line of the same amount maturing in 2023. It excludes
short-term commercial paper maturities, which are fully covered
by tranches available on long-term credit lines.
Committed long-term loans (bank credit lines, bonds, commercial
paper with a term of more than one year and term loans), for which
the total outstanding amount was 3,413 million EUR as at 31.12.2021,
will mature on a staggered basis until 2031. Since 01.01.2022, new
bonds have been conclude for an amount of 500 million EUR.
The timetable per year is shown below.
Average costs of debt and
hedging of the interest rate
The average cost of debt, including bank margins, was 1.1 % for the
2021 financial year, compared to 1.3 % for the 2020 financial year.
Cofinimmo opts for the partial hedging of its floating-rate debt
through the use of interest rate swaps (IRS) and caps. Cofinimmo
conducts a policy aimed at securing the interest rates for a propor-
tion of 50 % to 100 % of the expected debt over a minimum horizon
of three years. In this context, the group uses a global approach
(macro hedging). It therefore does not individually hedge each of
the floating-rate credit lines.
COMPOSITION OF DEBT (as at 31.12.2021)
1. Taking into account the use of credit lines ast at 31.12.2021.
Taking into account the 2021 hedging operations and the new bond
issued in 2022 for 500 million EUR, the breakdown of fixed-rate
debt, hedged floating-rate debt and unhedged floating-rate debt
was as shown in the graph below.
To date, the anticipated market interest rate risk is hedged at nearly
90 % (or more) until the end of 2025. Cofinimmo’s result nevertheless
remains sensitive to fluctuations in market interest rates.
31 %
SHORTTERM
COMMERCIAL
PAPER &
OTHERS
35 %
BANK
CREDITS
2,529 million EUR
34 %
STRAIGHT
BONDS & LONG
TERM COMMERCIAL
PAPER
83
MANAGEMENT REPORT MANAGEMENT OF FINANCIAL RESOURCES
OVERVIEW OF TRANSACTIONS MADE BETWEEN
01012021 AND 31122021 IN THE CONTEXT OF
THE STOCK OPTION PLAN
Date of the
transaction
SOP plan Number
of shares
Exercise
price (EUR)
18.11.2021 2008 1,300 122.92
18.11.2021 2007 1,350 143.66
09.06.2021 2016 150 108.44
03.06.2021 2007 1,000 143.66
02.06.2021 2011 1,600 97.45
01.06.2021 2014 100 88.75
01.06.2021 2008 150 122.92
01.06.2021 2007 200 143.66
09.03.2021 2006 200 129.27
01.03.2021 2016 100 129.27
In accordance with this article, Cofinimmo also declares that it has
disposed of the Cofinimmo shares which it held over the counter
(‘OTC’) with a view to delivering these shares to the members of
its executive committee. This operation is part of the Long-Term
Incentive Plan (LTI) that was approved as part of the remuneration
policy by the ordinary general meeting of 13.05.2020. The shares in
question will be unavailable to the acquirers for the next three years.
Detail of the transaction
Transaction
date
LTI plan Number
of shares
Exercise
price (EUR)
22.06.2021 2020 2,111 111.52
An overview stating all disposals of treasury shares made by
Cofinimmo since 01.01.2020 is available on Cofinimmo’s website.
BREAKDOWN OF FIXED-RATE DEBT, HEDGED FLOATING-RATE DEBT AND
UNHEDGED FLOATING-RATE DEBT (in %)
Fixed-rate debt
Hedged floating-rate debt
Unhedged floating-rate debt
2021 2022 2023 2024 2025
100
90
80
70
60
50
40
30
20
10
0
Financial rating
Since 2001, Cofinimmo has been granted a long-term and short-
term financial rating from the Standard & Poor’s rating agency.
On 18.03.2021, Standard & Poor’s confirmed the company’s BBB
rating for the long term (stable outlook) and A-2 for the short term.
The group’s liquidity has been rated adequate.
Disposal of treasury shares
Article 8:6 of royal decree of 29.04.2019 executing the companies
and associations code stipulates that any disposal of treasury shares
must be disclosed.
In accordance with this article, Cofinimmo declares that, follow
-
ing the exercise of stock options in the context of remuneration
through stock options on Cofinimmo shares (stock option plan), it has
disposed over the counter (OTC) Cofinimmo shares which it held
with a view to delivering these shares to the concerned persons.
0
10
20
30
40
50
60
70
80
90
100
9 %
52 %
40 % 46 %
54 % 54 %
3 %
44 %
9 %
51 %
39 % 39 %
49 %
12 %
84
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
SUMMARY OF THE
CONSOLIDATED ACCOUNTS
Consolidated income statement – Analytical form
(x 1,000 EUR) 31.12.2021 31.12.2020
Rental income, net of rental-related expenses
292,345 249,491
Writebacks of lease payments sold and discounted (non-cash item)
7,262 9,444
Rental-related expenses and taxes on rented properties not recovered
-3,210 -2,483
Taxes on refurbishment not recovered
-936 -739
Redecoration costs, net of tenant compensation for damages
-1,575 243
Property result
293,885 255,956
Technical costs
-6,628 -6,051
Commercial costs
-2,967 -2,344
Taxes and charges on unlet properties
-3,188 -2,765
Property result after direct property costs
281,102 244,796
Corporate management costs
-39,784 -33,684
Operating result (before result on the portfolio)
241,318 211,112
Financial income
11,692 8,186
Net interest charges
-27,343 -24,541
Other financial charges
-1,005 -744
Share in the net result from core activities of associated companies and joint ventures
2,725 215
Taxes
-10,546 -7,907
Net result from core activities
216,842 186,320
Minority interests related to the net result from core activities
-4,711 -4,863
Net result from core activities - group share 212,131 181,457
Change in the fair value of hedging instruments
40,968 -22,756
Restructuring costs of financial instruments
0 0
Share in the result on financial instruments of associated companies and joint ventures
0 0
Result on financial instruments
40,968 -22,756
Minority interests related to the result on financial instruments
-220 850
Result on financial instruments - group share 40,748 -21,906
Gains or losses on disposals of investment properties and other non-financial assets
7,768 4,583
Changes in the fair value of investment properties
34,506 -13,696
Share in the result on the portfolio of associated companies and joint ventures
-421 -2,688
Other result on the portfolio
-36,660 -36,130
Result on the portfolio
5,193 -47,931
Minority interests related to the result on the portfolio
2,265 7,601
Result on the portfolio - group share 7,458 -40,330
Net result
263,002 115,633
Minority interests
-2,666 3,588
Net result - group share 260,337 119,222
85
MANAGEMENT REPORT SUMMARY OF THE CONSOLIDATED ACCOUNTS
NUMBER OF SHARES
31.12.2021 31.12.2020
Number of shares issued
31,695,481 27,061,917
Number of shares outstanding (excluding treasury shares)
31,658,358 27,016,833
Total number of shares used to calculate the result per share 29,655,292 26,478,781
NET RESULT PER SHARE GROUP SHARE
(en EUR) 31.12.2021 31.12.2020
Net result from core activities - group share
7.15 6.85
Result on financial instruments - group share
1.37 -0.83
Result on the portfolio - group share
0.25 -1.52
Net result - group share 8.78 4.50
Nursing and care home – Turku (FI)
86
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Comments on the consolidated income
statement - analytical form
Rents (gross rental income) amount to 299 million EUR, compared
to 258 million EUR as at 31.12.2020, up 16.2 %, thanks to the acquisi
-
tions made between these two dates. On a like-for-like basis, gross
rental income increased by 0.9 % between 31.12.2020 and 31.12.2021
(see section 6.5). Rental income (after gratuities, concessions and
termination indemnities – see details on the calculation of alternative
performance indicators) amounts to 292 million EUR, compared
to 252 million EUR as at 31.12.2020, up 16.2 % compared to 2020.
After taking writedowns on receivables into account, rental income,
net of rental charges, amounts to 292 million EUR, compared to
249 million EUR as at 31.12.2020, up 17.2 %, in line with the outlook
1
announced in October 2021.
Redecoration costs, net of tenant compensation for damages are
up by approximately 2 million EUR, and are in line with the outlook.
By nature, these costs are exposed on a non-regular basis over
the financial year or from one financial year to the next. The credit
amount recorded in 2020 came from the recovery of compensa
-
tions for damages.
As for the direct operating costs, the variations between 31.12.2020
and 31.12.2021 are in line with the outlook.
The variation in corporate management costs over the same period
is also in line with the outlook. The operating margin is established
at 82.1 % and is in line with the outlook.
Financial income increased by 4 million EUR between 31.12.2020
and 31.12.2021. Last year’s figure included non-recurring items
for one million EUR, whereas the 2021 financial income includes
non-recurring items for less than 2 million EUR booked in the 1
st
half-
year, and linked to the contributions in kind of 08.04.2021. Income
from finance lease receivables is up (+1 million EUR), as well as
capitalised interim interest related to ongoing development projects
(+2 million EUR). Net interest charges (27 million EUR) increased
by 3 million EUR. This increase was tempered by the reversal in
the third quarter of the accrued interests on the convertible bonds
that were converted into capital on 30.09.2021. The average cost
of debt decreases to 1.1 %, compared to 1.3 % as at 31.12.2020. The
financial result is in line with the outlook.
The share in the result on net result from core activities of associ
-
ates and joint ventures amounts to 3 million EUR (in line with the
outlook), mainly due to the investment made by Cofinimmo at the
end of 2020 in SCI Foncière CRF, created by the French Red Cross.
Taxes increased and are in line with the outlook.
The group’s momentum in terms of investments and financing,
coupled with eective management of the existing portfolio,
enabled the company to realise a net result from core activities
– group share of 212 million EUR as at 31.12.2021, in line with the
outlook (compared with the 181 million EUR that were made at
31.12.2020, i.e. a 17 % increase), mainly thanks to the investments
made. The net result from core activities per share – group share
amounts to 7.15 EUR (in line with the outlook, compared to 6.85 EUR
as at 31.12.2020, i.e. a 4 % increase), taking into account the issue of
shares in 2020 and 2021. The average number of shares entitled
to the result of the period evolved from 26,478,781 to 29,655,292
between these two dates.
As for the result of financial instruments, the item Change in the
fair value of financial instruments amounts to +41 million EUR as
at 31.12.2021, compared to -23 million EUR as at 31.12.2020. This
variation is explained by the change in the anticipated interest
rate curve between these two periods.
As for the result on the portfolio, the gains or losses on disposals of
investment properties and other non-financial assets is 8 million EUR
as at 31.12.2021 (compared to 5 million EUR as at 31.12.2020). The
item Changes in the fair value of investment properties is positive
as at 31.12.2021 (+35 million EUR compared to -14 million EUR as
at 31.12.2020) : the value appreciation of the healthcare property
portfolios (particularly in Germany and the Netherlands) and that of
the oce buildings located in the Central Business District of Brussels
(CBD) have more than compensated the value depreciation of
certain buildings. These variations are also tempered by the change
of the consolidation scope (mainly the dierence between the price
paid, including transfer taxes, and the fair value determined by
the independent real estate valuers, excluding transfer taxes, on
the acquisitions for the period) and by the increase in the rate of
transfer taxes in Flanders relating to the Pubstone portfolio (going
from 10 % to 12 % as from 01.01.2022, which represented a charge
of 3 million EUR). Without the initial eect from the changes in
the scope, the changes in the fair value of investment proper
-
ties is up (+1.1 %) for the 2021 financial year. The item Other result
on the portfolio is -37 million EUR as at 31.12.2021 (compared to
-36 million EUR as at 31.12.2020) and comprises, among others,
the eect of changes in the scope, that of deferred taxes
2
and the
impairment on goodwill.
The net result – group share amounts to 260 million EUR (i.e.
8.78 EUR per share) as at 31.12.2021, compared to 119 million EUR
(i.e. 4.50 EUR per share) as at 31.12.2020. This fluctuation is mainly
due to the increase in the net result from core activities – group
share and to the changes in the fair value of investment properties
and hedging instruments between 31.12.2020 and 31.12.2021, these
two elements being non-cash items.
1. I.e. the quarterly forecasts derived from the annual forecasts presented in section 11.3 of the press release of 27.10.2021.
2. Deferred taxes on the unrealised capital gains relating to the buildings owned by certain subsidiaries.
87
MANAGEMENT REPORT SUMMARY OF THE CONSOLIDATED ACCOUNTS
CONSOLIDATED BALANCE SHEET
(x 1,000 EUR) 31.12.2021 31.12.2020
ASSETS
Non-current assets
5,985,532 5,093,589
Goodwill
41,627 46,827
Intangible assets
2,487 2,172
Investment properties
5,669,990 4,865,581
Other tangible assets
2,019 1,434
Non-current financial assets
36,145 2,883
Finance lease receivables
147,999 104,889
Trade receivables and other non-current assets
1,687 386
Deferred taxes
3,918 1,390
Participations in associated companies and joint ventures
79,661 68,026
Current assets
191,421 160,026
Assets held for sale
39,846 3,320
Current financial assets
0 0
Finance lease receivables
3,667 2,367
Trade receivables
34,835 26,023
Tax receivables and other current assets
50,568 46,605
Cash and cash equivalents
19,857 48,642
Accrued charges and deferred income
42,648 33,069
TOTAL ASSETS
6,176,953 5,253,614
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
3,287,533 2,649,362
Shareholders’ equity attributable to shareholders of the parent company
3,233,274 2,574,775
Capital
1,698,517 1,450,210
Share premium account
916,019 804,557
Reserves
358,402 200,786
Net result of the financial year
260,337 119,222
Minority interests
54,259 74,587
Liabilities
2,889,420 2,604,252
Non-current liabilities
1,616,425 1,417,964
Provisions
27,220 25,359
Non-current financial debts
1,467,877 1,246,850
Other non-current financial liabilities
66,305 100,690
Deferred taxes
55,022 45,064
Current liabilities
1,272,995 1,186,289
Current financial debts
1,100,189 1,036,612
Other current financial liabilities
310 206
Trade debts and other current debts
148,911 126,637
Accrued charges and deferred income
23,585 22,834
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
6,176,953 5,253,614
88
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Comments on the consolidated balance
sheet
The investment value of the consolidated property portfolio
1
, as
determined by the independent real estate valuers, amounts to
5,966 million EUR as at 31.12.2021, compared to 5,082 million EUR as
at 31.12.2020. The fair value, included in the consolidated balance
sheet in application of the IAS 40 standard, is obtained by deducting
the transaction costs from the investment value. As at 31.12.2021, the
fair value reaches 5,710 million EUR, compared to 4,869 million EUR
as at 31.12.2020, i.e. a 17 % increase.
The proportion of due rents related to the 4
th
quarter and actually
collected on 23.02.2022 is comparable to the proportion collected
as at 23.02.2021.
The item ‘Participations in associates and joint ventures’ refers to
Cofinimmo’s 51 % stake in the joint ventures BPG CONGRES SA/NV
and BPG HOTEL SA/NV., as well as participations in associates
(Aldea Group NV for 27.1 %, SCI Foncière CRF for 39 % and participa-
tions in the 9 companies that will develop the eco-friendly healthcare
campuses in the Land of North Rhine-Westphalia, in Germany). The
item ‘Minority interests’ includes the Mandatory Convertible Bonds
issued by the Cofinimur I SA subsidiary (MAAF/GMF distribution
network in France), and the minority interests of four subsidiaries.
Net Asset Value per share
(in EUR)
31.12.2021 31.12.2020
Net Asset Value per share
Revalued net assets per share in fair value
2
after dividend distribution for the 2020
financial year
102.13 89.50
Revalued net assets per share in investment value
3
after dividend distribution for the
2020 financial year
108.57 95.38
Diluted Net Asset Value per share
Revalued diluted net assets per share in fair value
2
after dividend distribution for the
2020 financial year
101.51 89.42
Revalued diluted net assets per share in investment value
3
after dividend distribution
for the 2020 financial year
107.84 95.30
Commentaries on the intrinsic
value of the share
The Mandatory Convertible Bonds (MCB) issued in 2011 and
16,925 treasury shares of the stock option plan have been taken
into account in the calculation of the net assets per share as at
31.12.2021 because they have a dilutive impact.
The Mandatory Convertible Bonds (MCB) issued in 2011 and the
convertible bonds issued in 2016 (matured on 15.09.2021) were not
taken into account in the calculation of the net assets per share as
at 31.12.2020, because they would have had an accretive impact.
Conversely, 22,875 treasury shares of the stock option plan have
been taken into account in the calculation of the above-mentioned
indicator as they have a dilutive impact.
1. Including buildings held for own use, development projects and assets held for sale.
2. Fair value : after deduction of transaction costs (mainly transfer taxes) from the
investment value of investment properties.
3. Investment value : before deduction of transaction costs.
Nursing and care home
Centro residencial Reifs Utrera – Utrera (ES)
89
MANAGEMENT REPORT SUMMARY OF THE CONSOLIDATED ACCOUNTS
SUMMARY OF QUARTERLY
CONSOLIDATED ACCOUNTS
1
Consolidated comprehensive result by quarter (income statement)
(x 1,000 EUR) Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021
Rental income
69,255 72,519 75,192 75,382 292,349
Writeback of lease payments sold and discounted
1,815 1,815 1,815 1,815 7,262
Rental-related expenses
-46 44 -2 0 -3
Net rental income
71,025 74,379 77,006 77,198 299,607
Recovery of property charges
148 120 140 4 411
Recovery income of charges and taxes normally
payable by the tenant on let properties
26,911 4,868 9,409 -401 40,788
Costs payable by the tenant and borne by the landlord
on rental damage and redecoration at end of lease
-395 -130 -198 -1,264 -1,987
Charges and taxes normally payable by the tenant
on let properties
-29,078 -5,278 -10,240 -338 -44,934
Property result
68,610 73,959 76,116 75,199 293,885
Technical costs
-841 -1,235 -1,470 -3,083 -6,628
Commercial costs
-535 -680 -932 -820 -2,967
Taxes and charges on unlet properties
-2,176 -552 -56 -404 -3,188
Property management costs
-7,789 -6,684 -6,259 -7,117 -27,849
Property charges
-11,340 -9,151 -8,717 -11,424 -40,632
Property operating result
57,270 64,809 67,399 63,776 253,253
Corporate management costs
-3,338 -2,865 -2,683 -3,050 -11,935
Operating result before result on the portfolio
53,932 61,944 64,717 60,726 241,318
Gains or losses on disposal of investment properties
545 1,287 411 5,525 7,768
Gains or losses on disposal of other non-financial assets
0 0 0 0 0
Changes in fair value of investment properties
-7,158 -4,322 12,898 33,088 34,506
Other result on the portfolio
-4,949 -9,226 -3,835 -16,705 -34,715
Operating result
42,371 49,682 74,191 82,634 248,877
Financial income
2,286 4,141 2,615 2,650 11,692
Net interest charges
-6,443 -6,199 -6,265 -8,436 -27,343
Other financial charges
-202 -265 -290 -248 -1,005
Changes in the fair value of financial assets
and liabilities
12,415 5,522 4,857 18,175 40,968
Financial result
8,056 3,198 917 12,141 24,312
Share in the result of associates and joint ventures
-1,652 504 1,096 2,357 2,305
Pre-tax result
48,774 53,384 76,203 97,132 275,493
Corporate tax
-3,236 -1,960 -2,127 -3,224 -10,546
Exit tax
-200 -63 4 -1,687 -1,945
Taxes
-3,436 -2,022 -2,123 -4,910 -12,491
Net result
45,338 51,362 74,080 92,222 263,002
Minority interests
-259 -984 -967 -456 -2,666
NET RESULT - GROUP SHARE
45,079 50,378 73,114 91,766 260,337
1. The group did not publish quarterly information between 31.12.2021 and the closing date of this document. Half-yearly and annual data are subject to verification
by the statutory auditor, Deloitte, Company Auditors.
90
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
OTHER ELEMENTS OF THE COMPREHENSIVE RESULT
Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021
Changes in the eective part of the fair value of authorised cash flow
hedge instruments
0 0 0 0 0
Impact of the restructuring of the hedging instruments which
relationship has been terminated
0 0 0 0 0
Share in the other elements of the comprehensive result of associates/
joint ventures
0 0 0 0 0
Convertible bonds
-706 -541 3,120 0 1,873
Currency translation dierences linked to conversion of foreign activities
0 0 0 424 424
Other elements of the comprehensive result
-706 -541 3,120 424 2,298
Minority interests
0 0 0 0 0
OTHER ELEMENTS OF THE COMPREHENSIVE RESULT - GROUP SHARE
-706 -541 3,120 424 2,298
COMPREHENSIVE RESULT
Comprehensive result
44,632 50,821 77,200 92,646 265,300
Minority interests
-259 -984 -967 -456 -2,666
COMPREHENSIVE RESULT - GROUP SHARE
44,373 49,838 76,233 92,190 262,634
Consolidated statement of financial position (balance sheet)
(x 1,000 EUR) Q1 2021 Q2 2021 Q3 2021 Q4 2021
ASSETS
Non-current assets
5,266,714 5,694,568 5,800,003 5,985,532
Goodwill
46,827 46,827 46,827 41,627
Intangible assets
2,571 2,685 2,589 2,487
Investment properties
5,030,705 5,412,279 5,506,996 5,669,990
Other tangible assets
1,784 1,784 1,834 2,019
Non-current financial assets
10,100 10,292 13,698 36,145
Finance lease receivables
104,805 148,964 148,622 147,999
Trade receivables and other non-current assets
386 1,685 1,682 1,687
Deferred taxes
1,658 1,602 3,806 3,918
Participations in associates and joint ventures
67,878 68,451 73,950 79,661
Current assets
165,066 263,875 298,255 191,421
Assets held for sale
3,320 93,335 130,850 39,846
Current financial assets
0 0 0 0
Finance lease receivables
2,397 3,605 3,636 3,667
Trade receivables
35,421 36,219 33,847 34,835
Tax receivables and other current assets
39,601 41,175 39,904 50,568
Cash and cash equivalents
37,793 45,935 48,037 19,857
Accrued charges and deferred income
46,534 43,606 41,982 42,648
TOTAL ASSETS
5,431,780 5,958,444 6,098,258 6,176,953
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
2,871,769 2,919,839 3,216,017 3,287,533
Shareholders’ equity attributable to shareholders of the parent company
2,796,999 2,846,930 3,139,385 3,233,274
Capital
1,529,929 1,609,674 1,698,517 1,698,517
Share premium account
902,688 990,674 1,118,230 916,019
Reserves
319,302 151,126 154,068 358,402
Net result of the financial year
45,079 95,458 168,571 260,337
Minority interests
74,771 72,909 76,632 54,259
Liabilities
2,560,011 3,038,604 2,882,241 2,889,420
Non-current liabilities
1,168,802 1,645,551 1,612,079 1,616,425
Provisions
25,505 24,810 25,048 27,220
Non-current financial debts
1,013,045 1,491,099 1,460,082 1,467,877
Other non-current financial liabilities
85,041 83,560 79,672 66,305
Deferred taxes
45,210 46,082 47,277 55,022
Current liabilities
1,391,209 1,393,053 1,270,162 1,272,995
Current financial debts
1,210,509 1,220,543 1,096,015 1,100,189
Other current financial liabilities
5,249 3,592 1,950 310
Trade debts and other current debts
147,552 148,780 145,538 148,911
Accrued charges and deferred income
27,899 20,138 26,660 23,585
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
5,431,780 5,958,444 6,098,258 6,176,953
91
MANAGEMENT REPORT SUMMARY OF QUARTERLY CONSOLIDATED ACCOUNTS
APPROPRIATION
OF STATUTORY PROFITS
The board of directors of the Cofinimmo group will propose to the
ordinary general meeting of shareholders of 11.05.2022 to approve
the annual accounts as at 31.12.2021, to allocate the result as shown
in the table opposite and to distribute a gross dividend of 6.00 EUR,
i.e. 4.20 EUR net per share.
The dates and payment methods of the dividends are provided in
the ‘Shareholder’s calendar’ (see page 175).
Withholding tax is 30 % (see also section Composition of the port
-
folio and outlook for withholding tax in the chapter ‘2022 Outlook’
of this document).
As at 31.12.2021, the Cofinimmo group held 37,123 treasury shares. For
the 2021 financial year, the board of directors is proposing a divi-
dend of 6.00 EUR per share for the 15,875 treasury shares held by
the subsidiary Gestone III SA/NV and cancel the right to dividends
of 21,248 remaining treasury shares.
The distribution is based on the number of shares outstanding
at the closing date of the 2021 accounts (31.12.2021). Any sale of
shares held by the group, or any new shares issued can modify
the distribution.
After the distribution of 190 million EUR proposed for the 2021 finan-
cial year, the total amount of reserves and the statutory result of
Cofinimmo SA/NV will be 163 million EUR, whereas the amount
remaining for distribution according to the rule defined in article
7:212 of the Belgian Code of companies and associations (formerly
article 617 of the Belgian company code) will reach 800 million EUR
(see chapter ‘Financial Statutory Statements’ in this document).
For 2021, the consolidated net result from core activities - group
share amounts to 212 million EUR and the consolidated net result
- group share to 260 million EUR. The pay-out ratio amounts to
90.0 %, compared to 84.7 % in 2020.
6.00 EUR
GROSS DIVIDEND PER SHARE
PROPOSED FOR THE
2021 FINANCIAL YEAR
90 %
PAYOUT RATIO
PROPOSED FOR THE
2021 FINANCIAL YEAR
Trône/Troon 100 oce building containing a medical center –
Brussels CBD (BE)
92
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Appropriations and deductions
(x 1,000 EUR) 2021 2020
A. Net result
261,635 122,774
B. Transfer from/to reserves
-71.258 48,493
Reserve for the balance of changes in the fair value of properties
-74,456 -5,283
Financial year
-74,456 -5,283
Prior years
0 0
Reserve for the balance of changes in the fair value of properties
0 9,738
Financial year
0 9,738
Prior years
0 0
Transfer to the reserve of the estimated transaction costs and rights resulting
from the hypothetical disposal of investment properties
0 0
Transfer to the reserve of the negative balance of changes in the fair value
of authorised hedging instruments qualifying for hedge accounting
0 0
Financial year
0 0
Prior years
0 0
Transfer to the reserve of the negative balance of changes in the fair value
of authorised hedging instruments not qualifying for hedge accounting
-38,630 20,448
Financial year
-38,630 20,448
Prior years
0 0
Transfer to other reserves
-51 19
Transfer from the result carried forward of previous years
41,879 23,572
C. Distribution
0 -80,571
Distribution provided for in article 13, § 1, first paragraph of the royal decree of 13.07.2014
0 -80,571
D. Distribution for financial year other than return on capital
-190,377 -90,696
Dividends
-190,045 -90,286
Profit-sharing scheme
-332 -410
E. Result to be carried forward
162,540 13,788
93
MANAGEMENT REPORT APPROPRIATION OF STATUTORY PROFITS
EVENTS
AFTER 31.12.2021
Issuance of a new sustainable bond
of 500 million EUR
On 17.01.2022, Cofinimmo issued a second public benchmark sustain-
able public bond for an amount of 500 million EUR. The bonds will
carry a coupon of 1 % per year and will mature on 24.01.2028. The
proceeds from this issuance will be used to the (re)finance assets,
in accordance with Cofinimmo’s sustainable financing framework
of May 2020. The selected assets as well as the other aspects of
sustainable financing defined by the group are detailed in the ESG
report (see pages 137 to 145). The new issue is listed on Euronext
Growth Brussels. The settlement and admission to trading of the
notes took place on 24.01.2022.
Acquisition a plot of land for the
construction of a nursing and
care home in Oviedo (ES)
On 25.01.2022, Cofinimmo acquired, through a subsidiary, a plot
of land in Oviedo, in the autonomous community of Asturias. The
site will see the construction of a new nursing and care home
with a total surface area of 6,500 m which will oer 144 beds. The
investment budget for both the plot of land and the works amounts
to approximately 11 million EUR.
Works are expected to start in Q1 2022 within the framework
of a turnkey project. The delivery of the nursing and care home is
currently scheduled for Q4 2023.
The site will be located in a newly-developed mixed area, combining
residential districts with shopping streets, within walking distance
from the Camino Montecerrao park. It will be easily accessible
thanks to several road connections as well as the proximity of several
bus stops and a train station. In addition, several charging stations
for electric vehicles will be installed in the parking facility of the site.
Modern and sustainable materials as well as the latest techniques
will be used for the construction. Remotely readable meters will help
reduce the energy intensity of the building, for which Cofinimmo
aims for an A-level energy label as well as a BREEAM Excellent
certification.
The site is pre-let to Amavir, one of the country’s leading operators.
A double-net lease with a term of 25 years has been signed. The
rent will be indexed annually according to the Spanish consumer
price index. The gross rental yield will be in line with current market
conditions
Nursing and care home – Oviedo (ES)
No major event which could have a significant impact on the
results as at 31.12.2021 occurred after the balance sheet date.
94
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Future disposal of the Everegreen
oce building (BE)
On 25.01.2022, Cofinimmo Oces SA/NV, a 100 % subsidiary of
Cofinimmo, signed a private agreement relating to the divestment
((by Q4 of 2023, at the end of the current usufruct) of the Everegreen
oce building, located rue de Genèvestraat 12 in 1140 Evere, in the
decentralised area of Brussels for approximately 23 million EUR.
This amount is in line with the latest fair value (at 30.09.2021)
as determined by Cofinimmo’s independent real estate valuer,
before the conclusion of the said agreement. The divestment of
the Everegreen building is fully in line with Cofinimmo’s strategy
in the oce segment. The building oers over 16,000 m of oce
space and more than 300 parking spaces. It was built in the early
1990’s and is currently entirely leased.
Acquisition of a plot of land for
the construction of a nursing and
care home in Elche (ES)
On 17.02.2022, Cofinimmo acquired, through a subsidiary, a plot
of land in the autonomous community of Valencia. The site will
see the construction of a new nursing and care home oering
6,000 m and 150 beds spread over a ground floor and 4 storeys.
The investment budget (including the plot of land and the works)
amounts to approximately 8 million EUR.
The complex will be located near the city centre of Elche and the
municipal park El Palmeral. It will be easily accessible by public
transport. The new nursing and care home will also play a significant
role in the area as it will help meet the increasing need for care
facilities for dependent elderly people in the province of Alicante.
The construction works will start shortly within the framework
of a turnkey project, and the delivery of the new nursing and care
home is currently scheduled for Q4 2023. The nursing and care
home will count more than 80 % of individual bedrooms which will
be divided into co-living units. The entire building is designed for
the residents’ well-being. With this building, Cofinimmo aims for
an A-level energy performance.
The site is pre-let to Grupo Casaverde, one of the leading operators
in neurological rehabilitation as well as in the care and well-being
of dependent elderly people in Spain. A triple-net lease has been
concluded with the operator Grupo Casaverde for a term of 25
years. The rent will be indexed annually according to the Spanish
consumer price index. The gross rental yield is in line with current
market conditions.
Nursing and care home – Elche (ES)
Everegreen oce buidling - Brussels decentralised (BE)
95
MANAGEMENT REPORT EVENTS AFTER 31122021
Nursing and care home – Castellón de la Plana (ES)
Nursing and care home – Le Havre (FR)
Acquisition of a plot of land for the
construction of a nursing and care home
in Castellón de la Plana (ES)
On 18.02.2022, Cofinimmo acquired, through a subsidiary, a plot
of land in the autonomous community of Valencia. The site will see
the construction of a new nursing and care home oering 5,600 m
and 136 beds. The investment budget for both the plot of land and
the works amounts to approximately 11 million EUR.
The complex will be located in a residential area, close to a hospital
and the city-centre, the site will be easily accessible thanks to several
bus lines and the proximity of the train station of Castellón de La
Plana. The parking will also oer two charging stations for electric
vehicles and two parking spaces reserved for shared vehicles.
Sustainable materials with a long lifecycle and high thermal
performance will be used to improve the energy intensity of the
building, for which Cofinimmo aimed for an A-level energy perform-
ance and a BREEAM Excellent certification.
Works are expected to start in March 2022, within the framework
of a turnkey project, and the delivery of the nursing and care home
is currently scheduled for April 2024.
Acquisition of a nursing and care home
in Le Havre (FR)
On 21.02.2022, Cofinimmo acquired a nursing and care home in
Normandy. This is the second phase of the acquisition of health
-
care real estate sites in Normandy announced on 01.02.2021. The
investment amounts to nearly 27 million EUR.
The nursing and care home is located in Le Havre, in the depart
-
ment of Seine-Maritime, in Normandy, which counts approximately
3.5 million inhabitants.
Built in 2010, the site is currently in operation. In total, it oers 104
beds for long-term placement, of which 45 are dedicated to people
suering from Alzheimer’s disease, 7 places for short- to medium-
term placement as well as 15 day-care places, both also dedicated
to the same type of patients, spread over a total surface area of
approximately 6,300 m. Located in a densely populated urban area
which counts several residential areas, the site is easily accessible
thanks to extensive road and public transport connections. The site
also benefits from the proximity of the private hospital L’Estuaire.
Finally, the energy consumption of the building will be monitored
to meet environmental standards.
The site is already pre-let to DomusVi with whom Cofinimmo
signed a double-net lease has been signed with the operator
for a fix term of 12 years. The rent will be indexed annually and
the gross rental yield is in line with current market conditions.
The site is pre-let to Solimar, part of Vivalto Group, with whom
Cofinimmo signed a triple-net lease for a fix term of 25 years.
The rent will be indexed according to the Spanish consumer price
index. The gross rental yield is in line with current market conditions.
96
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Nursing and care home – Velp (NL)
Acquisition of a nursing and care complex
in Velp (NL)
On 01.03.2022, Cofinimmo acquired, through a subsidiary, a nursing
and care site in the Dutch province of Gelderland for approximately
8 million EUR.
The nursing and care site is located at walking distance from the
centre of Velp, a municipality of about 18,000 inhabitants in the green
agglomeration of Arnhem. It oers a good multimodal connection
thanks to a bus station at 150 m and the railway station at 1 km.
The complex dates from 2015 and consists of two connected
residential care buildings, which oer together a surface area
of approximately 2,600 m. The complex counts 48 nursing and
care units (34 single rooms and 14 double rooms, for a total of
62 beds) for residents with mental and/or somatic impairments
as well as a separate oce building with a secure bicycle park
-
ing with charging points for electric bicycles. The level of energy
performance of the nursing and care buildings is A+++ and that
of the oce building is A.
The building is let to Stichting Siza, a renowned healthcare institution,
specialised in the assistance to people suering from impairments,
with whom Cofinimmo signed a double-net lease for a term of 15
years. The rent will be indexed annually and the gross rental yield
amounts to approximately 5 %, taking into account the A+++ energy
performance of this care complex.
97
MANAGEMENT REPORT EVENTS AFTER 31122021
2022 OUTLOOK
Assumptions - internal factors
ASSET VALUATION
The fair value of the real estate portfolio included in the projected
consolidated balance sheet as at 31.12.2022 corresponds to the
fair value of the overall portfolio as at 31.12.2021, increased by the
expenses for major renovations and the investments planned
for 2022.
MAINTENANCE, REPAIRS AND MAJOR
RENOVATIONS
The projections, produced per building, include maintenance
and repair costs which are entered as operating expenses. They
also include major renovation costs which are capitalised and
covered by self-financing or debt. These expenses are included
in the investments and divestments below.
INVESTMENTS AND DIVESTMENTS
n the context of the preparation of its 2022 budget, Cofinimmo
set its investment assumptions, which would amount to
approximately 600 million EUR gross for the 2022 financial year.
Their breakdown is as follows :
• investments in healthcare real estate in the amount of
576 million EUR, resulting from the construction of new units
or the extension of existing units to which the Cofinimmo group
is committed (240 million EUR), but also to new investments
(already made at the beginning of 2022 for 80 million EUR
and under due diligence for 55 million EUR, and hypothetical
for 200 million EUR);
• investments in oces for 20 million EUR, corresponding mainly
to ongoing or planned major renovations expenditures;
• investments in property of distribution networks in Belgium
and the Netherlands for 4 million EUR resulting from major
renovation works on pubs and restaurants in the Pubstone
portfolio.
Furthermore, divestments are planned for a total amount of
approximately 140 million EUR, mainly in oce buildings but also
in healthcare real estate and in property of distribution networks.
These assumptions do not take into account the potential entry
of one or several partners in the capital of Cofinimmo Oces.
The future projects are detailed on page 38 for healthcare real
estate and on page 69 for oces.
Woluwe 58 oce buidling -
Cofinimmo’s head oce - Brussels (BE)
98
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
RENTS
The rent projections take into account assumptions about tenant
departures for each lease contract, analysed case-by-case. The
ongoing contracts are indexed.
The forecast also includes refurbishment costs, a rental vacancy
period, rental charges and taxes on vacant space that apply in
the event of a tenant leaving, as well as agent fees at the time of
relocation. The rent projections are based on the current market,
with no anticipated recovery or deterioration.
The property result also includes writebacks of lease payments
sold and discounted for the gradual reconstitution of the full value
of the buildings whose rents were sold.
A positive or negative change of 1 % in the occupancy rate of the
oce portfolio would lead to a cumulative increase or decrease
in the net result from core activities per share and per year of
0.02 EUR per share.
EXPENSES
The technical charges are estimated for each building, according
to the identified needs, the age of the building and the type of
contract they are subject to.
The corporate management costs are estimated by expenses type
and take into account the group’s growth.
The forecasted tax charge includes, on the one hand, the estimation
of the recurring tax charges per company, and on the other hand,
an anticipation of the identified tax risks.
Assumptions - external factors
INFLATION
Ongoing contracts are indexed. The inflation rate used for rent
increases is between 2.6 % and 4.6 % (external data) depending
on the country, for leases indexed in 2022.
The sensitivity of the projections to variations in the inflation rate
is low for the period considered. A positive or negative change
of 50 basis points in the expected inflation rate would lead to an
increase or decrease in the net result from core activities of 0,05 EUR
per share.
INTEREST RATES
The calculation of financial expenses is based on the future inter-
est rate curve (external data) and ongoing financing contracts
as at 31.12.2021, plus the 500 million EUR sustainable bond issued
in January 2022 and 320 million EUR. Given the foreseen hedging
instruments, the average interest rate (margins included) should
be higher than the 2021 rate.
Changes in the fair value of instruments used to hedge financial
debt are not modelled as they have no impact on the net result
from core activities - group share, and cannot be customised. They
are therefore included as nihil in the forecasts below.
CAVEAT
The projected consolidated balance sheet and income state-
ments are projections which depend, in particular, on the
evolution of the real estate and financial markets. They do
not provide a guarantee and have not been certified by an
auditor.
However, the Statutory Auditor, Deloitte Réviseurs d’Entre
-
prises/ Bedrijfsrevisoren SC s.f.d. SCRL, represented by
Mr Rik Neckebroeck, has confirmed that in his opinion, the
forecast has been properly established on the basis of the
assumptions made by the board of directors and that the
accounting basis used is consistent with the accounting meth-
ods used by the group to prepare the financial statements.
If applicable, Cofinimmo will comply with article 24 of the
royal decree of 13.07.2014, which requires, in the event that the
consolidated debt-to-assets ratio passes 50 %, the creation
of a financial plan and implementation schedule describ
-
ing measures to ensure that this ratio does not exceed 65 %
of consolidated assets. This plan must be sent to the FSMA
(see also page 278).
99
MANAGEMENT REPORT 2022 OUTLOOK
Consolidated outlook
Based on the information currently available and the assump-
tions detailed above (gross investments of 600 million EUR or
460 million EUR net in 2022), and in particular the disposals carried
out in 2021 and budgeted in 2022, Cofinimmo expects, barring
major unforeseen events, to achieve rental income, net of rental
charges of 310 million EUR leading to a net result from core activ
-
ities – group share of 219 million EUR (compared to 212 million EUR
as at 31.12.2021), i.e. 6.90 EUR per share for the 2022 financial year,
taking into account the prorata temporis dilutive eects of the capital
increases carried out in 2021 (approximately 0.50 EUR per share)
and the disposals carried out in 2021 and the ones budgeted in
2022 (approximately 0.35 EUR per share).
Based on the same data and assumptions, the debt-to-assets ratio
would be lower than 49 % as at 31.12.2022. This ratio does not take
into account possible increases in fair value (which, if necessary,
will be determined by the independent real estate valuers).
A projection of the future market value of the group’s buildings is
uncertain. It would, therefore, be hazardous to venture a projection
for the unrealised result on the portfolio. This will depend on the
trend in market rents, changes in their capitalisation rates, and
the anticipated costs of renovating buildings. As a reminder, the
net result from core activities - group share does not include the
result on financial instruments - group share, nor the result on
portfolio - group share.
Changes in the group’s shareholders’ equity will mainly depend on
the net result from core activities, on the result of financial instru-
ments, on the result on the portfolio as well as on the allocation
of dividends.
Dividend per share
The board of directors therefore plans to oer shareholders a gross
dividend of 6.20 EUR per share for the 2022 financial year
(i.e. a consolidated pay-out ratio of 90 %), up compared to 2021.
This outlook is provided subject to the main risks and uncertainties
stated in the chapter ‘Risk factors’ of this document.
This dividend represents a gross yield of 4.7 % compared to the
average market price of the share for the 2021 financial year and
to a gross yield of 6.1 % compared to the net asset value of the share
at 31.12.2021 (at fair value).
The dividend must comply with article 13 of the royal decree of
13.07.2014 in the sense that the amount of the dividend distributed
must represent at least of 80 % of Cofinimmo SA/NV’s (non-con
-
solidated) realised net profit for 2022. In some cases, however, this
article provides for a reduction in the distribution obligation, or
even a lack of distribution obligation. The group will, nevertheless,
exercise its option to distribute under these circumstances, within
the limits provided by article 7:212 of the Belgian CCA (previously
article 617 of the company code).
Pub Tulipant – Brussels (BE)
100
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Portfolio mix and outlook regarding
the withholding tax
Based on the information currently available and the assumptions
detailed above, and barring major unforeseen events, Cofinimmo
expects that the share of healthcare real estate in the consoli-
dated portfolio’s fair value would reach 70 % by the end of the 2022
financial year (compared to 67 % at the end of 2021). However, this
percentage is not the relevant criterion in terms of withholding tax.
Since the publication of the 2020 universal registration document
on 09.04.2021, the framework legislation of 27.12.2021 has increased
the relevant threshold for reduced withholding tax to 80 % (vs. 60 %
previously) (Article 20 of the framework legislation amending Article
171, 3° quater of the Income Tax Code).
This threshold is currently not achieved; the estimated percentage
as at 31.12.2021 is approximately 59 %. The framework legislation
defines the method for calculating the percentage : it is calculated
by adding the values of the valuations and updates at the various
reference points in time and by dividing them by the total value of
these valuations and updates at the various reference points in time.
6.90 EUR/share
FORECAST OF THE 2022 NET RESULT FROM CORE
ACTIVITIES GROUP SHARE
6.20 EUR/share
FORECAST OF THE 2022 GROSS DIVIDEND,
PAYABLE IN 2023
INVESTMENT PROGRAMME FOR 2022
(x 1,000,000 EUR – per segment)
0
100
200
300
400
500
600
Healthcare Distribution
networks
Oces
600
500
400
300
200
100
0
576576
4
20
101
MANAGEMENT REPORT 2022 OUTLOOK
STATUTORY AUDITOR’S REPORT
ON THE FORECASTS
To the board of directors of Cofinimmo SA
Boulevard de la Woluwe 58 - 1200 Brussels
Dear ladies and gentlemen
We report on the Net result from core activities - Group share of Cofinimmo SA/NV (“the Company”) and its subsidiaries (together “the
Group”) for the 12 months period ending 31 December 2022 (the “Profit Forecast”). The Profit Forecast, and the material assumptions
upon which it is based are set out on pages 98 to 101 of the 2021 annual report of the Group (“the Annual Report”). We do not report on
the other elements of the net result, on the projected consolidated balance sheet nor on the projected dividend.
This report is voluntarily required upon request by the board of directors of the Company for the purpose to confirm the Profit Forecast has
been compiled and prepared in accordance with elements (a) and (b) as defined under item 11.2 of Annex 1 of the Commission Delegated
Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the
format, content, scrutiny and approval of the prospectus to be published when securities are oered to the public or admitted to
trading on a regulated market and repealing Commission Regulation (EC) No 809/2004 (the “Commission Delegated Regulation”)
and for no other purpose.
Responsibilities
It is the responsibility of the directors of the Company (the “Directors”) to prepare the Profit Forecast in accordance with Annex 1 section
11 of the Commission Delegated Regulation.
It is our responsibility to form an opinion as to the proper compilation of the Profit Forecast and to report that opinion to you.
Save for any responsibility arising under art. 26 of the Law of 11 July 2018 to any person as and to the extent there provided, to the fullest
extent permitted by law we do not assume any responsibility and will not accept any liability to any other person for any loss suered
by any such other person as a result of, arising out of, or in accordance with this report or our statement, required by and given solely
for the purposes of complying with Annex 1 item 1.3 of the Commission Delated Regulation, consenting to its inclusion in the Universal
Registration document.
Basis of Preparation of the Profit Forecast
The Profit Forecast has been prepared on the basis stated on pages 98 to 101 of the 2021 Annual Report and is based on a forecast for
the 12 months to 31 December 2022. The Profit Forecast is required to be presented on a basis consistent with the accounting policies
of the Group.
Basis of opinion
We conducted our work in accordance with the International Standard on Assurance Engagement 3400 “The Examination of Prospective
Financial Information” (“ISAE 3400”) issued by the International Auditing and Assurance Standards Board (“IAASB”). Our work included
evaluating the basis on which the historical financial information included in the Profit Forecast has been prepared and considering
whether the Profit Forecast has been accurately computed based upon the disclosed assumptions and the accounting policies of the
Group. Whilst the assumptions upon which the Profit Forecast are based are solely the responsibility of the Directors, we considered
whether anything came to our attention to indicate that any of the assumptions adopted by the Directors which, in our opinion, are
necessary for a proper understanding of the Profit Forecast have not been disclosed or if any material assumption made by the
Directors appears to us to be unrealistic.
We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide
us with reasonable assurance that the Profit Forecast has been properly compiled on the basis stated.
Since the Profit Forecast and the assumptions on which it is based relate to the future and may therefore be aected by unforeseen
events, we can express no opinion as to whether the actual results reported will correspond to those shown in the Profit Forecast and
dierences may be material.
Our work has not been carried out in accordance with auditing or other standards and practices generally accepted in jurisdictions
outside Belgium, including the United States of America, and accordingly should not be relied upon as if it had been carried out in
accordance with those standards and practices.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Opinion
In our opinion, the Profit Forecast has been properly compiled on the basis stated which is comparable with the historical financial
information and is consistent with the accounting policies of the Group.
Declaration
For the purposes of art. 26 of the Law of 11 July 2018 we are responsible for this report as part of the Universal Registration document and
declare that we have taken all reasonable care to ensure that the information contained in this report is, to the best of our knowledge,
in accordance with the facts and contains no omission likely to aect its import. This declaration is included in the Universal Registration
document in compliance with Annex 1 item 1.2 of the Commission Delegated Regulation.
Signed at Zaventem, 15
th
March 2022.
The statutory auditor
Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
103
MANAGEMENT REPORT STATURORY AUDITOR’S REPORT ON THE FORECASTS
ESG REPORT
TABLE OF CONTENTS
Message to stakeholders 105
Major trends and theirimpacts on the ESG strategy 106
Value chain 112
Dialogue with stakeholders 116
Environment 120
Energy intensity and GHG emissions 121
Water management 124
Social 126
Safety and well-being of occupants 127
Subcontractor relations 129
Human capital 131
Respect for dierences and cultural diversity 131
Employee training 133
Corporate values 134
Employee safety and well-being 134
Governance 136
Profitability for investors and access to capital 137
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Over the last decade, Cofinimmo has shown the strongest
sustainable growth of all companies listed on Euronext Brussels.
Cofinimmo’s 30³ project confirms its commitment to ESG and its
alignment with the worldwide objective of limiting global warming.
MESSAGE TO STAKEHOLDERS
DEAR STAKEHOLDERS,
Cofinimmo, a major player in European real estate, has been
committed to a global ESG strategy for almost 15 years. It is actively
involved in the Paris Agreement launched at COP21 and recon-
firmed at COP26. The group believes that it is possible to aim
for a carbon-neutral society by 2050 while serving the interests
of all its stakeholders.
Cofinimmo’s 30 project fits perfectly with this view. The project
aims to reduce the energy intensity of the portfolio by 30% to
130 kWh/m by 2030 and is a priority for 2021 and beyond. It is
complemented by relevant ESG topics in healthcare real estate and
given the company’s earlier progress in this area. The 30 targets
take 2017 as their baseline and have been established using the
science-based targets methodology. Through which the group
can objectivise the eort to be made in order to contribute to the
global objective of limiting global warming. The energy intensity
of the portfolio has fallen from 190 kWh/m in 2017 to 165 kWh/m
in 2021 (178 kWh/m in 2019 and 163 kWh/m in 2020), i.e. a total
reduction of 13 % compared to 2017, well on track to achieve the
reduction target by 2030.
In 2020, Cofinimmo joined the Belgian Alliance for Climate Action
(BACA), a platform open to Belgian organisations that want to
reduce their GHG emissions and increase their climate ambitions
using the science-based targets initiative.
In order to achieve the objectives set at COP21 and those related
to the maximum 1.5-degree scenario, Cofinimmo has launched its
first in-depth and structured analysis of physical and transitional
risks. This will make it possible to define the level of risk exposure
for individual assets and put in place an action plan covering the
whole portfolio that complies with the recommendations of the Task
Force on Climate-Related Financial Disclosure (TCFD).
For almost 15 years, Cofinimmo has used an environmental
management system, certified ISO 14001:2015, that covers the life
cycle of its assets. This certification is renewed every three years and
ensures that the company manages the environmental aspects of
its activities in a structured manner, including its compliance with
the environmental regulations in force.
In order to meet the demand of its stakeholders, the group has
acted proactively in the area of ESG, for example by participating
in benchmark assessments and by completing questionnaires that
provide primary and objective data to stakeholders. Throughout
2021, Cofinimmo has obtained certifications and been awarded
ratings by numerous organisations and institutions (CDP, GRESB, ISS
ESG, EPRA, etc.). Although obtaining these recognitions are not the
ultimate goal, they rearm the company’s resolve toward its ESG
commitments and motivate the group to continue along this path.
Cofinimmo pays particular attention to the alignment between
its financial strategy and its ESG objectives. In January 2022, the
company successfully issued a new benchmark-sized public sustain-
able bond for an aggregate nominal amount of 500 million EUR. This
was identical to the November 2020 bond. The proceeds will be used
entirely for asset (re)financing, in line with the May 2020 sustainable
financing framework. This operation has further strengthened the
balance sheet and consolidated Cofinimmo’s reputation on the
international capital market.
In January 2022, Cofinimmo was awarded the Sustainable Growth
Award 2021 by Euronext Brussels. This distinction is a clear recogni-
tion of the company’s historical and ongoing commitment to ESG,
an area in which Cofinimmo has been a pioneer since 2008 and
which is an integral part of its DNA.
Cofinimmo would like to thank all its employees for contributing to its
People, Planet and Profit management approach. The Sustainable
Growth Award is a fantastic motivation for the company and its sta
to continue their eorts to construct a more sustainable environment.
Jacques van Rijckevorsel, Chairman of the board of directors
Jean-Pierre Hanin, Chief Executive Ocer
We support the United Nations Global Compact
and are committed to continuously renew
our commitment to this initiative.
105
ESG REPORT MESSAGE TO THE STAKEHOLDERS
Cofinimmo’s strategy prepares for the tomorrow’s world by anticipating and responding
to major societal trends. The United Nations’ 17 Sustainable Development Goals
(SDGs) are one of the major developments which Cofinimmo takes into account.
MAJOR TRENDS AND
THEIRIMPACTS ON THE ESG
STRATEGY
More than two years have passed since the outbreak of the
COVID-19 coronavirus pandemic, and one can see how cooper
-
ation between businesses, organisations and governments helped
navigate through the crisis. For the first time, the EU has been able
to reap the benefits of this cooperation in the form of the European
recovery plan ‘Next Generation EU’, whereby countries are encour-
aged to invest, among others, in the renovation of buildings and
the development of clean technologies and renewables. Businesses
are called to take action for a proper transition towards sustainable
and resilient economies and societies.
Cofinimmo positions itself as a driver for change in dealing with the
challenges facing the built environment such as climate change,
sustainable water management, population ageing, growing
urbanisation, changing technologies, and working practices.
The health crisis has highlighted some of the new opportunities
that have arisen from the new trends in sustainability. For almost
15 years, Cofinimmo has been building more ecient buildings
and managing them in a more cost-eective way in order to meet
tighter regulations on energy performance.
Convinced that science-based climate action is the most eective
way to achieve its objectives, Cofinimmo has confirmed its commit-
ment to ESG in 2020 by validating the objective of the project 30
through the Science-Based Targets initiative (SBTi) and by becom-
ing a member of the Belgian Alliance for Climate Action (BACA).
As of December 2021, Cofinimmo’s commitments have been avail-
able on the European Climate Pact website, including its emissions
reduction targets, its commitment to a transparent environmental
reporting as well as the integration of the 1.5-degree scenario
analysis in the company’s overall strategy.
But Cofinimmo’s commitment to ESG does not stop there. The
proof is the materiality analysis, developed for the first time in
2014 according to the Global Reporting Initiative (GRI) guidelines,
which has been reviewed and refined every year since.
The 2021 review made it possible to remove mature topics as a prior-
ities. Although the project 30 remains the focus, it is complemented
by topics relevant to the healthcare real estate segment based on
the past trajectory. Sustainable water management, taking into
account water circularity and focusing on people, aligns the ESG
priority areas with most of the activities in healthcare sector.
In 2021, Cofinimmo continued its dialogue with stakeholders to
ensure the highest level of transparency on its activities and its
objectives in terms of energy consumption reduction and its
resilience to climate change, including the path towards a carbon
neutral scenario.
The support of both the board of directors and the executive
committee is therefore essential to transform the company’s ESG
ambitions into concrete projects. As a result of this dialogue with
investors, Cofinimmo has reinforced its proactivity in terms of ESG
benchmarks and questionnaires, which are primary and objective
data sources for investors. For greater transparency, as stipulated
in the TCFD’s recommendations, Cofinimmo has also renewed its
participation in the Carbon Disclosure Project in 2021. The answers
are publicly available and describe in detail the risks and oppor-
tunities associated with climate change that have been identified.
In addition, Cofinimmo is collaborating with MSCI in order to define
the physical and transitional risks of its portfolio, based on a scen-
ario analysis that is in line with the recommendations provided
by the TCFD.
The materiality analysis, shown on the infographics opposite,
consists of three circles, each representing one pillar. The topics
appearing in the three circles each represent a sustainability chal
-
lenge for the company. Their position in the circle reflects their
importance, which is determined not only by the way the topic they
represent is perceived by stakeholders but also by the impact this
same factor could have in the long term, as estimated internally
by Cofinimmo.
The area delineated by the inner circle contains the six priority areas
for action out of the 15 areas identified internally. The most significant
ESG risks are described in the risk factors (see page 7). The other
topics in the materiality analysis are not considered to be a priority
and lie outside of the circle. This does not reflect disinterest but can
be explained by the fact that these topics are subject to strict legis-
lation that requires companies to deal with them, irrespective of the
perception of their importance within the company, or the fact that
these topics have gained maturity within green business process
management. For example, Cofinimmo is pursuing its mobility
policies and strategy but considers that the maturity of this topic
allows it to take second place to other subjects.
All the details of the actions carried out in 2021 and future objectives
are listed in a dashboard (see pages 337-341). The link between
the topics of Cofinimmo and the SDGs is listed in a cross-reference
table (see pages 342-343).
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Business
ethics
Profitability for
investors and
access to capital
GOVERNANCE
Accessibility
for people with
reduced mobility
Aesthetics, respect
for public spaces
and diversity of
districts
Safety and
well-being of
occupants
Human
capital
Relationship
with suppliers
Materiality analysis
The challenges included in the company’s materiality analysis
reflect the importance of these trends for both Cofinimmo and
its stakeholders.
ENVIRONMENTAL SOCIAL
Waste linked
to occupation
Construction
waste
Impact
on green spaces
Use of sustainable /
recycled materials
ESG
Strategy
Energy
intensity and
GHG emissions
Mobility
Water
management
Nature of
the activity
107
ESG REPORT MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY
Climate change
Climate change represents a long-term risk. The sixth assessment
report (AR6) of the IPCC states that it is now unequivocal that human
influence has played a role in warming the global climate since
pre-industrial levels (Source : AR6 Climate Change 2021 : The Physical
Science Basis). The real estate sector strongly believes that climate
change will have a greater impact on real estate in the next 30 years.
Among this sector, 79 % of industry leaders consider that the reduc-
tion of embodied carbon has gained importance over the last year,
which is slightly over the 73 % of those who believe the reduction of
operational carbon emissions is increasingly important (Source :
Emerging Trends in Real Estate
®
, Climate Change, Europe 2022,
PWC & Urban Land Institute). Following up on the targets of the
Paris Agreement at COP21, the COP26’s first objective is to keep the
1.5-degree threshold within reach and to secure global net zero by
mid-century (Source : https ://ukcop26.org/cop26-goals/), which is
considered as a major challenge but also an opportunity by the real
estate sector. Climate change currently has, and will have in the
future, an impact on the level of capital to be invested, operating
costs and the speed of obsolescence of real estate assets.
Cofinimmo’s rationale for adopting science-based climate action
and joining BACA is based on three fundamental messages :
• businesses need to take a more ambitious climate action now;
• only by working hand in hand with all stakeholders can we lead
the transition to a net zero emission economy;
• science-based climate action is the most eective way to achieve
the targets set.
Through its project 30, aiming at reducing energy intensity of its
portfolio by 30 % by 2030, Cofinimmo intends to take up this chal
-
lenge and thus sustain the value of its assets complying with the
Paris Agreement. This project being the key to achieve the objective
validated by the Science-Based Targets initiative.
Nursing and care home - Valladolid (ES)
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Sustainable water management
Water is the foremost and most ancient element on earth, the one that
contributes to the whole ecosystem existence, including human life
and activities. While not limiting the attention to water consumption,
the eects of climate change are demanding a re-think of strategy
for sustainable water management, focusing on all the factors that
make water such a complex and vital element for the entire ecosystem
and life.
Through its agencies and projects, such as FAO and the UN Global
Compact (CEO Water Mandate), the United Nations is promoting
accurate information on water distress and water stewardship in order
to ensure water security in dierent geographies of all the planet,
which are experiencing water distress each one in their own way.
The real estate sector will be challenged by the dramatic eects of
water distress, as it is part of the solution and needs to take a proactive
approach on the issue. This can be represented by the 3 Rs applied to
water management, namely reduce, reuse, recycle in order to promote
water conservation.
From the risk of extreme events such as floods or extreme drought,
real estate can first protect the environment and its assets by collecting
data on water consumption and conducting analysis on ordinary and
extra-ordinary consumption, and act upon when required. In addi-
tion to improving data metering, concrete action involves putting the
building itself at the centre of the solution : from permeable pavements
to bioswales and green roofs, green infrastructure is one of the tools
improving resources such as water.
Ageing population
The acceleration in the ageing of the population has an impact on
current social models. This includes the increase in the retirement age,
the organisation of healthcare, etc.
The growing healthcare real estate segment has to meet the expect-
ations of an ever-increasing section of the population. This means
healthcare buildings which are more flexible in accordance with the
degree of autonomy of individuals, combined with suitable housing.
But what are the population projections for the EU-27? During the
period going from 2020 to 2080, the share of population of working
age is expected to decline steadily until 2060 before stabilising some-
what, while elderly people will likely account for an increasing share
of the total population. Those aged 65 years or over accounted for
20.6 % in 2020. Projections state that this percentage will increase to
30.8 % of the EU-27’s population by 2080. As a result of the population
shift between age groups, the elderly dependency ratio in the EU-27
is projected to almost double, going from 32.0 % in 2020 to 60.9 % by
2080. The total age-related dependency ratio is projected to rise from
55.5 % in 2020 to 80.8 % by 2080 (source : Eurostat, July 2021 data).
This trend is addressed by the core strategy of Cofinimmo, which,
through its healthcare real estate segment, aims to meet the needs of
society, specifically : oering housing to the elderly, whether ill, disabled
or in rehabilitation phase; creating mixed neighbourhoods where each
function co-exists in harmony; promoting the accessibility of buildings
to people with reduced mobility and developing safe buildings where
it is pleasant to live.
Growing urbanisation
According to the most recent studies of the European Commission -
Joint Research Center (JRC) on the future of European cities , which
applies a global people-based definition of cities and settlements in
the form of urban functional area (UFA), the process we call grow
-
ing urbanisation is in fact already happening, with 75 % of the world
population currently living in urban areas. Moreover, JRC projections
to 2030 show that most of European major cities will experience urban
population growth as part of a continuous process of urbanisation.
Urbanisation represents a major challenge in terms of integrating
populations of dierent origins, providing food and shelter for all,
but also in terms of mobility, pollution management, connectivity, etc.
This phenomenon has an impact on the way real estate is thought
about. One of the consequences being, for example, the progressive
decrease in the average housing size.
With an increased focus on health and safety, the COVID-19 coronavirus
increased the need for lower density and more spacious environments,
which will accelerate the growth of suburbs.
Mobility and accessibility
In the context of increasing urban population, pollution and the fight
against GHG emissions, mobility is gradually being rethought.
Cities such as Paris, Brussels, Antwerp, and Gent are starting to exclude
the most polluting vehicles. Public transport companies are moving to
electric vehicles. Initiatives are being taken to promote micro-mobility
such as sharing less polluting bicycles, electric mopeds or scooters.
Mobility is intended to be multimodal, flexible and scalable according
to actual travel needs. Aware of this challenge, Cofinimmo multiplies
its mobility initiatives by testing shared vehicle solutions and by setting
up infrastructures for cyclists in its buildings.
The trend is also aecting real estate. The number of authorised park-
ing spaces is decreasing in order to push abandoned vehicles out of
the cities. More and more charging stations for electric vehicles are
being installed. The number of bicycle racks is increasing. From a circu-
lar point of view, parking areas are built in such a way that they can
eventually be reassigned to another use. Larger drop-o areas are
provided for taxi services or parcel delivery vans.
Accessibility being linked to mobility, the importance of the geograph-
ical location of assets becomes a real social challenge. In the case of
healthcare, nursing and care homes are occupied by elderly citizens
who might feel excluded from society, due to their age and their physical
distance from decision-making infrastructures. Ensuring accessibility
to assets enables occupants to mix with the outside population, which
in turn will help prevent their feelings of exclusion.
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ESG REPORT MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY
The sharing economy
The awareness of part of the society of the importance of limiting
its carbon footprint, the search for a more ecient and reasoned
use of physical and financial resources, lead an increasing number
of people and companies to embrace the principles of the sharing
economy. They become product users rather than product owners
or, in the case of real estate, sole tenants. In addition, this approach
provides users access to flexible solutions which are more in line with
their rapidly changing needs and avoids certain investment costs.
Many sharing applications already directly or indirectly impact the
oce real estate segment : shared meeting rooms in buildings and
business parks, co-working areas, etc. In 2021, most companies have
applied teleworking systems to comply with government directions
to prevent the spread of COVID-19, but also to follow a trend towards
agile working modes. In addition to a more flexible organisation of
working hours, some companies will also reduce their footprint in
order to cut costs. However, oce tenants will seek to expand space
for new forms of collaboration and interaction, while respecting
social distancing measures.
The sharing economy also aects residential real estate. Housing
with more communal areas is being built, sometimes for a very
targeted group of users, like Generation Y, but also for senior citizens
in the form of assisted-living units.
Well aware of this issue, Cofinimmo is innovating by creating shared
spaces such as those clients find in oce buildings in the form of
Lounge
®
, shared meeting rooms or Flex Corner
®
.
The circular economy
Natural resources are limited. As a result of NGOs lobbying, circular
economy initiatives are being promoted and even subsidised by the
European Commission and certain countries, regions, and cities in
Europe, so as to limit waste and increase the rate at which materials
are reused. In 2019, annual waste generated within the EU-27 has
been approximately 500 kilograms per capita, which is higher than
the previous year. (Source : Eurostat data, May 2021 update).
Aware of its impact during (re)development works, Cofinimmo seeks to
select sustainable materials that can easily be recycled or, preferably,
reused. Life cycle analysis is a powerful tool to understand the impacts
that the construction and operating of buildings has on the environment
in terms of embodied carbon, operating carbon and depletion of
resources. This approach helps understand how it is possible to imple-
ment a beneficial circle that re-uses and recycles the resources that
result at the end of life of a building. So that only a minimum of initial
resources ends up being waste. When buildings are demolished, the
waste is thus strictly separated. This is also the case in oce buildings
in operation, where every eort is made to promote sorting, and when
possible, even going beyond legal requirements.
Well-being
In the countries where Cofinimmo is present, there is a gradual decrease
in the proportion of working people due to population ageing, on the
one hand, and to lower birth rates, on the other hand. This phenomenon
should accelerate by 2030. This situation is gradually leading to a talent
war in which the winning company will be the one in a position to
provide its employees with work-life balance, a degree of physical
and mental well-being and, above all, meaningful work.
In this context, Cofinimmo seeks to oer its clients safety and well-being
in its buildings. Innovative infrastructure is therefore made available
and oered through partners. In particular, they comprise concierge-
type services much like those found in the hotel industry. This includes,
for example, play and relaxation areas, a fitness centre, personal
services such as dry-cleaning, ironing, shopping home delivery, car
wash, etc.
New types of certification are supplementing existing environmental
certifications (BREEAM, LEED, HQE, etc.). They assess buildings accord-
ing to their ability to meet human needs : access to quality air and
water, daylight, healthy food, contact with nature, etc.
As a result of the health crisis, health and well-being will become more
important factors in all areas of real estate. The industry will have to
meet higher standards in terms of cleanliness and safety for tenants
and customers to feel safe – and for them to come back especially in
oce buildings, pubs/restaurants. The new focus on personal secur
-
ity will lead to new services and technologies, which will enable the
development of cleaner buildings, improved HVAC infrastructure,
sensors, contactless entry and contact tracking applications.
Every eort is made to ensure a healthy and pleasant environment,
and thus ensure the mental and physical well-being of the occupants.
Digital transformation
In the medium term, the health and economic crisis will accelerate the
inevitable digital transformation of the construction and real estate
sectors. More than ever, the survival of construction and real estate
companies will depend on their ability to adapt, which will include
the adoption of new technologies. The Internet of Things, augmented
reality, artificial intelligence and digitalisation are all promising avenues
that demonstrate the extent of the impact of evolving technology in
the real estate sector. Technology makes it possible to go beyond the
automation of repetitive tasks and today provides support in more
complex intellectual processes, in customer relations, in equipment
maintenance, in the management of breakdowns and in energy
management.
When renovating its buildings, Cofinimmo provides for the integration
of these new technologies. The chosen technologies aim to manage
energy more eciently and in doing so, to reduce GHG emissions
of the buildings.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Generalised telework is seen as the ultimate test of the digital trans-
formation in the workplace. Teleworking policies implemented in
companies which have invested in digital capabilities are actually
very popular among employees.
Since September 2021, Cofinimmo has implemented a booking system
which uses the Proxyclick platform to book the presence of its employ-
ees in the oce. This has helped employees coming back to the oce
in a safe environment, which complies with current Belgian regulations
to prevent the spread of COVID-19.
Evolving technology in healthcare
Technology is enabling a gradual shift from curative to preventive
medicine. The Internet of medical things (IoMT) is enabling a new
way of healthcare management, giving doctors a more dynamic view
of their patients’ health and, if necessary, adapting their treatment
more quickly according to their condition. These sensors can even
trigger a call to emergency services in the event of serious anomalies
in a patient’s parameters. All these possibilities have an impact on
healthcare infrastructure, as hospital stays are now shorter.
Other technologies, such as telehealth and electronic medical records
(EMRs), are leading towards higher flexibility of space in healthcare
facilities. While not intended to substitute the importance of personal
visits, telehealth is helping to redefine the doctor-patient relationship
and the medical oce space, allowing patients to access treatments
from their connected devices, and doctors to rethink their medical
practices.
The EMR system will also help redefine healthcare spaces. With all
records being digital, EMR reduces the amount of space needed to
keep medical records, freeing up considerable space that could be
used for dierent purposes, such as a storage unit for medical devices,
or additional space to create more rooms for patients.
Other types of healthcare real estate properties are being developed to
meet the needs of an ageing population, which nevertheless remains
very autonomous : rehabilitation centres, day centres, etc. This new
generation of senior citizens wants to stay in their own homes as long
as possible, and the technical evolution in healthcare will make this
possible. However, it will require flexible housing design that can evolve
according to a person’s stage in life.
Quartz oce building – Brussels CBD (BE)
Nazli Batur – Treasury ocer Cofinimmo,
Charlotte De Meester – Junior commercial account manager Cofinimmo,
Marie-Louise Diarra – Development assistant Cofinimmo
& Michiel De Muynck – Senior transaction manager Cofinimmo
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ESG REPORT MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY
Financing, expertise, life-cycle analysis and sustainable materials management
that have a positive impact on customer relations over the long term.
VALUE CHAIN
Financing
Cofinimmo’s mission is to enable its shareholders to make long-
term, low-risk and socially responsible investments that gener
-
ate a recurring, predictable and growing stream of income, fuelling
dividends and encouraging a return to the community. It must
also have access to financing sources that are suciently diversi
-
fied and at the lowest possible cost to reduce the refinancing risk
at debt maturity and to guarantee the company’s sustainability.
In May 2020, Cofinimmo reviewed its sustainable financing
framework in order to incorporate the latest trends in the specific
financing of sustainable assets. Vigeo Eiris confirmed in its Second
Party Opinion that this financing framework was in line with the
2018 green bond principles, social bond principles and green loan
principles. Under this framework, Cofinimmo can issue a variety
of sustainable financing instruments, including bonds, convertible
bonds, private placements and (syndicated) banking loan facilities.
The proceeds have been directly fully allocated to various green
& social assets. The list of selected assets for each of the financing
operation is available in chapter ‘Profitability for investors and
access to capital’ (see pages 137-145).
Skills
To implement projects which have an environmental impact, whether
it be the extension of a nursing and care home or the conversion
of an oce building, Cofinimmo has an ISO 14001:2015-certified
environmental management system running throughout the life
cycle of its portfolio (including its head oce).
After the renewal of its certification for the fourth consecutive time on
30.07.2020, the compliance of Cofinimmo’s environmental manage-
ment system with ISO 14001 was reconfirmed through a follow-up
audit in July 2021. This certification was granted for the first time in
2008 and has been systematically renewed since. It guarantees
that the Cofinimmo group has not only set up an environmental
management system, but also that it manages in a structured
manner the environmental aspects of its activities, including its
compliance with the environmental regulations in force.
The levers applied at the dierent stages of the assets’ life cycle
vary by business segment (see table below).
Life cycle analysis and
materials management
In 2021, Cofinimmo scaled up its eort and implemented a struc-
tured life cycle analysis (LCA) procedure. This qualitative as well as
quantitative analysis addresses the entire development portfolio
(renovations and new constructions). A comparison of the previous
LCA reports has been conducted to help define a standardised
and structured procedure for existing and future projects, with
the aim to comply with the legislation in the geographies where
Cofinimmo operates. This procedure will include : defining, for all
projects, a set of common building elements as part of the LCA;
covering the operational stage of a building to ensure a complete
LCA; setting up the same building’s life time for all LCA projects. This
will ensure that all LCAs done for Cofinimmo’s development projects
include the same key and comparable information on its buildings.
Cofinimmo’s approach also takes into account the building’s future
development potential. This method is backed by the BREEAM
certification and the ISO 14001 standard. When combined with
other tools, such as Building Information Modelling (BIM), LCA
makes it possible to map, evaluate and budget all the components
of a building prior to starting works on the site.
Healthcare real estate Distribution networks, PPP Oces
Acquisition
Design
Construction
Commercial management
Property management
Development
Cofinimmo’s influence :
flow
medium
high
Cofinimmo’s influence is described in detail and by segment in the management report (see pages 34, 57, 61 and 64).
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
3
DISTRIBUTION
NETWORKS
190
INSURANCE
AGENCIES
889
PUBS /
RESTAURANTS
62
OFFICE BUILDINGS
279
TENANTS
24,537
OCCUPANTS
266
HEALTHCARE
REAL ESTATE
25,633
RESIDENTS
58*
GROUPS OF
OPERATORS
TENANTS
2.6 billion EUR
DEBT
Financial capital Human capital
1,916
SUPPLIERS
145
EMPLOYEES
3.3 billion EUR
EQUITY
DEVELOPMENT
COMMERCIAL
MANAGEMENT
Enable shareholders to
make long-term, low-risk
and socially responsible
investments that generate
a recurring, predictable
and growing stream of
income, fuelling dividends
and encouraging a return
to the community.
Animate an inspiring work
and living environment,
serving an exciting
business project
Promote exchanges
creating well-being and
inspiration in high-quality
care, living and work
-
ing spaces, by providing
services that anticipate the
needs and aspirations of
their occupants.
PORTFOLIO
PROPERTY
MANAGEMENT
DESIGN
ACQUISITION
CONSTRUCTION
SALE
W
A
S
T
E
R
E
U
S
E
R
E
C
Y
C
L
E
T
R
A
N
S
P
O
R
T
U
S
E
R
A
W
M
A
T
E
R
I
A
L
S
4
4
A
C
Q
U
I
S
I
T
I
O
N
S
1
1
0
D
I
S
P
O
S
A
L
S
2
1
P
R
O
J
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C
T
S
7
,
2
8
2
I
N
T
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R
V
E
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S
3
P
R
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4
P
R
O
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C
T
S
8
8
D
E
A
L
S
* This only encompasses healthcare operators.
113
ESG REPORT VALUE CHAIN
EXTRACT
RAW MATERIALS
A1 A2
A3
A4
A5
B1B5
B6B7
C1
C2
C3
C4
TRANSPORT
TO FACTORY
MANUFCATURE
PRODUCTS
TRANSPORT
TO SITE
CONSTRUCT
THE BUILDING
OPERATIONAL
EMISSIONS
MAINTAIN
THE BUIDLING
DEMOLISH
THE BUILDING
HAUL AWAY
WASTE MATERIALS
WASTE
PROCESSING
LANDFILL
EMBODIED CARBON
What?
A LIFECYCLE ASSESSMENT LCA
is a methodology that assesses the environ-
mental impacts associated with all the life
cycle stages of a building. Performing
an LCA on a new development makes it
possible to understand which stage and
which material is the most harmful to the
environment. Also, an LCA incorporates both
the Operational Carbon and the Embodied
Carbon.
OPERATIONAL CARBON
is the sum of all greenhouse gas emissions
throughout the lifetime of the building and
during its operation.
EMBODIED CARBON
is the sum of all greenhouse gas emissions
throughout the lifetime of the building
related to the construction, maintenance
and end-of-life of a building. Embodied
carbon is now the main challenge, since
operational carbon improvements have had
the focus over the last years.
114
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Why?
ENVIRONMENTAL
CONSIDERATIONS
Currently, our greatest challenge is the
immediate importance of fighting against
global warming and climate change. But
not enough attention is being put on the
hidden side of emissions. In the building
industry, massive amounts of materials
are required and thus massive amounts
of emissions are caused. To truly fight
global warming, Embodied Carbon must
be considered now.
UPCOMING
LEGISLATION
Countries and cities are looking into
the development of legislation to limit
Embodied Carbon in new buildings.
This has been done in France, and is
planned in the United Kingdom. Countries
such as Belgium, The Netherlands
and Germany are also on their way to
implement new legislation on Embodied
Carbon. To be ready for future legislations,
Embodied Carbon must be considered
now.
BEING PROACTIVE, NOT
REACTIVE
Embodied Carbon is a complex issue with
various aspects to consider. Performing
LCAs and developing processes to calcu-
late and reduce Embodied Carbon takes
time. Added to the fact that once a build
-
ing is built, it is already too late to address.
To be part of the solution and not the
problem, Embodied Carbon must be
considered now.
How?
UNDERSTANDING
EMBODIED CARBON
The first and most
important step to
addressing Embodied
Carbon is to
fundamentally understand
what LCAs are, how they
are generated, and how
they can be used.
KEY ACTIONS
Review current LCAs
and their pros/cons.
Schedule training
sessions for property
and project managers.
IMPOSING LCAs
Then, in order to truly
get a grasp of what is
the current state of their
buildings, LCAs should
be a requirement for
new constructions going
forward.
KEY ACTIONS
Require LCAs to
be performed on
properties under
consideration.
IMPROVING LCAs
Once LCAs are required,
these must also be
performed and presented
following best practices.
This is in order to ensure
their comparability and
thus allow to identify
where there is the most
room for improvement.
KEY ACTIONS
Include best practice
LCA guidelines in
tender processes.
Monitor and compare
LCA data.
SETTING TARGETS
This is when the true
crux of the issue can be
addressed, and best prac
-
tice Embodied Carbon
reduction strategies be
developed. And consid
-
ering the long time it can
take to get here, the earlier
the start, the better.
KEY ACTIONS
Stay up to date
with legislation.
Set internal targets,
budgets and reporting
requirements for
Embodied Carbon in
all new constructions.
1 2 3 4
115
ESG REPORT VALUE CHAIN
As a listed real estate company, Cofinimmo provides investors with
the opportunity to invest indirectly in real estate. Fully aware of the
impact of its activities, the company maintains an ongoing dialogue
with its stakeholders at every stage of a building’s life cycle.
DIALOGUE
WITH STAKEHOLDERS
From the design stage and the permit application, Cofinimmo
organises consultation meetings with, among others, local
residents, local government, and retailers. The aim is to strike a balance
between the interests of each stakeholder, in particular by taking
into account the importance of respecting protected natural areas,
heritage conservation, trac in the neighbourhood, retail activ-
ity, residents’ well-being, etc. It also considers the needs of future
occupants and a sucient level of profitability to compensate its
investment.
In the building operation phase, Cofinimmo regularly meets with
its clients to assess their needs and their satisfaction levels.
It also greatly values the motivation and commitment of each of
its employees by valuing, among other things, transparent and
proactive communication and a culture of empowerment in which
sta members contribute to the definition of the company’s object-
ives in order to achieve them together in a spirit of open feedback.
This is partly done through coaching and individual or team training.
As a responsible employer, Cofinimmo is attentive to the well-being
of its sta. It encourages a healthy diet, physical exercise and a good
work-life balance. It also supports the well-being of the company
by giving employees the opportunity to take on socially relevant
responsibilities and activities.
In some cases, Cofinimmo interacts with its stakeholders in multiple
ways : a banker for example can both be a supplier of capital
and, a building tenant, or even a local resident.
Each department of Cofinimmo is responsible for identifying
and interacting with its own stakeholders. The company’s policy
in terms of good conduct, included in its corporate governance
charter, provides guidelines to each employee. The communication
department is there to guide and assist each department, where
appropriate, in its dialogue with its stakeholders.
Cofinimmo strives to improve the exchanges with each stakeholder
on the material subjects relating to its activities, and to consider
them in its decision-making process. It also firmly believes that the
involvement of stakeholders is essential in order to innovate and
ensure its long-term success.
But who are Cofinimmo’s key stakeholders?
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Shareholders and investors
INDIVIDUAL OR INSTITUTIONAL SHAREHOLDERS
AND FINANCIAL INSTITUTIONS
As a stock market listed company, Cofinimmo has a duty
to have a transparent dialogue with all its investors and to ensure
they receive the same information.
The people primarily responsible for this dialogue are the members
of the executive committee and, more specifically, the CEO and
the CFO, assisted by the external communication, finance, and
ESG departments.
In 2021, Cofinimmo participated in about 20 roadshows, confer
-
ences, and other events bringing the company and investors
together. During these roadshows/conferences, it was able to meet
approximately 200 institutional investors and to answer their ques-
tions on the company’s strategy.
Clients and occupants
HEALTHCARE PROPERTIES OPERATORS,
RETAILERS, PUBLIC SERVICES, OFFICE TENANTS
AND OTHER OCCUPANTS
Depending on the business segment, the first contact that a client has
with Cofinimmo is with the M&A team or the commercial represent-
atives. The aim of the commercial sta is to be able to best meet
the needs expressed by the client before a space is leased, while
that of the property managers is to ensure the client’s comfort and
satisfaction throughout the period of occupancy of the building.
If necessary, the project management team is available to carry
out improvement works on tenants’ premises or to initiate more
structural projects in the case of healthcare real estate.
In the healthcare real estate segment, the client also receives visits
from Cofinimmo’s property managers or their representatives. In
some countries, Cofinimmo has signed outsourcing agreements
for the technical management of buildings because the proper
-
ties are geographically dispersed. Each property is visited at least
once a year to establish a proactive dialogue with the operator. In
Finland, Cofinimmo also concluded subcontracts with a local real
estate manager. The main reasons for this are the requested local
knowledge and the absence of Cofinimmo oces in Finland. The
number of visits therefore varies from one per month to one every
six months, depending on the asset and the type of contract.
In January 2022, Cofinimmo conducted a satisfaction survey relating
to 2021 among its tenants in the healthcare real estate segment. The
objective of the survey was, among others, to better understand
the level of satisfaction of the tenants with regard to the perform
-
ance of the buildings they manage. Through this survey, Cofinimmo
wanted to strengthen the dialogue with tenants in the healthcare
real estate segment, in order to understand their priorities in terms
of building management, from an ESG perspective. The results will
be part of a focused action plan to make sure tenant’s feedback
is included in the overall strategy.
In the oce segment, the client meets with a Cofinimmo employee
in person at least once a year. In reality, there may be quarterly
or even more frequent contacts if telephone conversations and
e-mails are included. The client can also contact the company via
the service desk, which is available 24/7. In 2021, the service desk
responded to 7,282 client requests. This number is higher than the
previous year, which can be explained by a progressive return to
buildings by occupants, which occurred after the relaxation, albeit
cautious, of the safety measures that had lowered occupancy rate
since the COVID-19 outbreak.
Employees
Due to the size of the company, which currently counts approximately
145 permanent sta members, employees have regular contacts
with the human resources manager and one of the members of the
executive committee. Information meetings and informal consulta-
tions, open to all employees, are regularly organised and enable
discussion with members of the executive committee.
In 2021, a survey on internal communication and employee inter
-
action was conducted and analysed. A total of 76 % of employees
responded to the survey, indicating a high engagement rate. Based
on the feedback received, a communication and interaction plan
was developed and is being implemented.
The individual performance reviews provide an opportunity to
discuss more formally the expectations, role and objectives of
each employee within the company. At the end of 2021, Cofinimmo
switched to a ‘performance preview’ system, where employees are
empowered to propose their own contributions in order to achieve
the company’s strategic objectives together. The system of two
consultations per year has been abandoned in favour of a perma-
nent feedback system, based on regular interviews. With this new
system, employees and their managers work hand in hand to ensure
the success of their team.
Although the right to freedom of association and collective
bargaining is provided through mandatory social elections, which
take place every four years, no trade union representation has
been set up so far, due to lack of candidates.
117
ESG REPORT DIALOGUE WITH STAKEHOLDERS
Regardless of the above, Cofinimmo is obviously committed to
managing reorganisations responsibly. For operational changes
impacting multiple people, the legislation provides for a minimum
notice period of six weeks. In recent years, no reorganisation involv-
ing job losses has taken place within the group.
Suppliers of goods and services
DEVELOPERS, CONTRACTORS, SERVICE PROVIDERS,
FACILITY MANAGERS, REAL ESTATE AGENTS,
SOLICITORS, CONSULTANTS
Cofinimmo works with more than 1,900 suppliers. These are primar-
ily contractors responsible for the (re)development of buildings,
and companies that carry out regular maintenance on buildings
(technical maintenance, energy supply, cleaning, etc.).
There are many interactions with all the suppliers of goods and
services. From the design phase of a building being (re)developed,
Cofinimmo organises meetings with the architects and, where
appropriate, the contractors. Subsequently, in the construction
phase, site meetings are held on a weekly basis. These make it
possible to assess the works progress, to make decisions on certain
issues based on unforeseen factors encountered, and to ensure
the safety of all the people involved.
In the operation phase, Cofinimmo meets on a monthly basis with
the companies responsible for the maintenance of the technical
installations of the buildings it operates. These meetings are an
opportunity to, among other things, discuss the best way to ensure
the comfort of the occupants and the safety of the technicians, to
carry out the maintenance of the installations, and to limit energy
consumption.
Supervisory authorities
FINANCIAL SERVICES AND MARKETS AUTHORITY
FSMA, THE NATIONAL BANK, AUDITORS,
MUNICIPAL, REGIONAL AND FEDERAL AUTHORITIES
As a Belgian listed company, Cofinimmo contributes to the
economic life of the countries in which it is active, in particular
through the payment of taxes and duties.
It maintains numerous relationships with the public authorities by
which it is supervised to ensure the proper payment of taxes and the
transparency of the financial information published. These contacts
are maintained with the finance team, but also with the operational
teams. The interactions with the authorities take place on an ad hoc
basis : during applications for building, planning, or environmental
permits, for the validation of published financial information, and
for audits of the financial statements, etc.
Media, financial analysts
Through the 58 press releases and the half-yearly and annual
financial reports which it published in 2021, Cofinimmo reached
the entire financial world with an interest in its activities. All this
information is available in three languages (French, Dutch and
English) on its website. The press releases relating to its operations
in Germany, Spain, Italy and Finland are also published respectively
in German, Spanish, Italian, Finnish and Swedish. To follow the
volatility and impact of social media, Cofinimmo is active on Twitter
and LinkedIn. Together these represent 11,479 followers. In 2021,
Cofinimmo published 77 posts on LinkedIn and 56 posts on Twitter.
Lastly, Cofinimmo renewed its participation in several ESG ratings
and benchmarks, notably GRESB, S&P Corporate Sustainability
Assessment, Carbon Disclosure Project and EPRA sBPR, thus main-
taining its position among the best real estate companies.
Civil society, local communities
LOCAL RESIDENTS, CIVIL SOCIETY ASSOCIATIONS,
ETC
Cofinimmo pays close attention to its impact on civil society. In order
to monitor its impact, Cofinimmo regularly takes part in conferen-
ces linked to its activities, gives interviews with journalists or agrees
to help university students in the context of their academic work. The
company is also a member of associations such as, for example,
The Shift, in which both businesses and NGOs participate. These
forums are an opportunity to reflect on the potential improvement
of its sustainability policy.
The Shift is the national contact
point for the World Business
Council for Sustainable
Development (WBCSD) and the
UN Global Compact (UNGC).
Over 530 organisations from
different sectors are members
of this network, including
businesses, NGOs, associations,
universities, public bodies and
other key players in society.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Stakeholders : expectations and responses
Stakeholders Expectations Responses
SHAREHOLDERS
AND INVESTORS
individual and institutional
shareholders, financial
institutions
• A regular, predictable and growing dividend;
• The protection of the invested capital;
• A moderate risk profile;
• The provision of transparent financial information;
• A long-term relationship;
• A socially responsible investment;
• The reimbursement of the debt and the payment
of interests.
• A clear investment policy in the three business segments :
healthcare real estate, distribution networks and PPP, and
oces;
• A search for income over the long term;
• Transparent financial information, audited by the external
auditor, governed by the regulations, and supervised
by the Financial Services and Markets Authority : annual
report, participation to investor fairs, general meeting, etc.;
• Full application of the corporate governance code.
CUSTOMERS
AND OCCUPANTS
healthcare real estate
operators, retailers, public
services, oce tenants and
other occupants
• A building in line with the specific needs of their
activities;
• The ability to innovate in order to meet changing
needs;
• Rents in line with their financial potential and
transparent information on their rights prior to the
signature of a lease;
• Control of rental-related expenses;
• A trustworthy, stable landlord;
• Sustainable buildings which guarantee well-being
and comfort.
• A team of professionals active in various real estate fields :
commercial representatives to fully understand custom-
ers’ needs, project managers to ensure the buildings’
construction quality, property managers to ensure ecient
management of buildings in operation, and control of
rental expenses.
• A commercial oer with clear and transparent clauses.
EMPLOYEES • Pleasant working conditions;
• Fair treatment;
• A guaranteed, stable and attractive wage grid;
• A skills development plan (training, career
prospects, etc.);
• Management with strong ethical values, a sense
of leadership and the ability to listen.
• A policy on good conduct;
• Wage conditions that ensure a fair, appropriate and
comfortable standard of living and salary development
protecting sta against increases in the cost of living;
• A system of permanent dialogue between the employee
and their manager to help each other as much as possible
in successfully contributing to the company’s objectives;
• Consultation on working conditions and working
atmosphere, with a view to improve work through
agreements;
• Freedom of association and collective bargaining
protected by mandatory elections and regular interaction
opportunities with colleagues and the management;
• Responsible management and reorganisation (where it
occurs);
• Access to training;
• Regular employee engagement surveys;
• Fair treatment.
SUPPLIERS OF GOODS
AND SERVICES
developers, contractors,
service providers, facility
managers, real estate agents,
solicitors, consultants
• Collaboration opportunities;
• Compliance with purchase orders and signed
contracts : product and service prices, payment
deadlines, etc.;
• A healthy, well-balanced commercial relationship;
• Respect for suppliers’ sta.
• Clear specifications and tender rules;
• Acceptance of the delivered products and services agreed
upon by both parties;
• Payment of agreed amounts within the agreed deadlines;
• Openness to dialogue in the event of a dispute;
• A policy on good conduct that includes supplier
relationships;
• Commitment to reduce social risks in its supply chain.
SUPERVISORY AUTHORITIES
the Financial Services and
Markets Authority (FSMA),
the National Bank, auditors,
municipal, regional, and
federal authorities
• Compliance with the laws and regulations in
eect, particularly those governing town plan-ning
and environment;
• Open dialogue through professional associations;
• Compliance with public space planning rules.
• Financial publications and press releases that meet
regulatory requirements;
• Timely transmission of information on the transactions
carried out to enable the supervisory authority to review
them without undue haste;
• Compliance with the legislation and procedures in eect,
and the forms required by the authorities.
MEDIA,
FINANCIAL ANALYSTS
• Accurate, reliable information and timely
dissemination.
• Annual reports, press releases and other publications;
• Participation in interviews, round tables, debates and
roadshows;
• Press conferences;
• ESG ratings and references.
CIVIL SOCIETY,
LOCAL COMMUNITIES
local residents, civil society
associations, etc.
• A response to society’s actual real estate needs;
• A contribution to citizens’ well-being;
• Improvement of urban quality of life and harmony;
• Payment of taxes.
• Investment in segments that represent a demand and
respond to a present and future societal challenge
(healthcare real estate, PPP);
• Respect for the neighbourhood when refurbishing
buildings or during new developments;
• Citizens’ initiatives supported by Cofinimmo’s employees.
119
ESG REPORT DIALOGUE WITH STAKEHOLDERS
ENVIRONMENT
156 tonnes of CO
2
e
per EUR million
1
GHG EMISSIONS INTENSITY IN RELATION
TO THE REAL ESTATE RESULT
+1.6 %
CHANGE IN GHG EMISSIONS
-5.7 %
CHANGE IN ELECTRICITY CONSUMPTION
+9.5 %
CHANGE IN FUEL CONSUMPTION
165 kWh/m²
ENERGY INTENSITY
Organisation /
institution
Rating /
certification
Initial
rating
Evolution
2021
Green Star
with a score of 70 %
(with peer average
being 65 %)
45 %
2014
70 %
67 %
70 %
2019 2020 2021
2021
B
(on a scale
from A to D-)
C
2013
B
B
2019 2020 2021
2021
BREEAM or HQE -
Good to Excel-
lent (8 sites)*
BREEAM In-Use -
Good to Very
Good (7 sites)*
1
site
2010
12
sites
7
sites
15
sites
2019 2020 2021
* A rotation policy is applied for BREEAM or BREEAM-equivalent certification favouring the certification of
buildings not certified in the past, which goes beyond a simple extension of the certifications already obtained.
The number of buildings that have thus obtained BREEAM or BREEAM-equivalent certification at one time or
another amounts to 30.
Quartz oce building –
Brussels CBD (BE) – BREEAM Excellent
Belliard 40 oce building –
Brussels CBD (BE) – BREEAM Excellent
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
1. In the context of a carbon tax at 44.60 EUR/ton CO
2
(Source : ‘ADEME’), this corresponds
to a tax of 2.0 million EUR.
The real estate sector is responsible for 40 % of greenhouse gas (GHG) emissions in
Europe. In light of this fact, Cofinimmo aims to reduce its buildings’ emissions and
strives to ensure they deliver optimal energy performance.
Energy intensity and GHG emissions
The European Union’s commitment to
reduce its GHG emissions was reinforced
in 2021 by the Fit for 55 Plan. Building and
renovating in an energy and resource-ef
-
ficient way is one of the policies that will
bring about major changes that will help transform the EU economy
for a sustainable future.
Cofinimmo, as a major real estate player in Europe, has been
committed for almost 15 years to a global ESG strategy, convinced
that it is possible to target a carbon-neutral society by 2050 while
guaranteeing the interests of all its stakeholders.
Its 30 project is part of this approach and contributes
directly to its objective of reducing GHG emissions,
validated by the Science Based Targets initiative
(SBTi). The objective of this ambitious project is to
reduce the energy intensity by 30 % (compared to the
2017 level) by 2030 to achieve the level of 130 kWh/m. To achieve this
objective, a 360-degree approach, taking into account the entire life
cycle of buildings, as well as scopes 1, 2 and 3, will be applied.
This corporate project concerns both the oce and healthcare real
estate segments, as well as all activities managed directly within the
company such as disposals and acquisitions, development, project
management, and day-to-day management of the buildings.
Only 1,000 companies worldwide have a validated target according
to SBTi. The 2030 target is currently defined and an assessment is
carried out each year to ensure that the commitments made are
met. Cofinimmo is also actively working on drawing up its objectives
for 2050. To do this, several intermediate stages will be defined to
enable the achievement of these objectives by 2050, or even before.
REDUCE
Reducing energy intensity starts with a better understanding of the
building portfolio. With this in mind, Cofinimmo is gradually, and
more optimally, recording the consumption of the buildings’ facilities.
The action plan, implemented since 2013 in the multi-tenant oce
segment, was completed in 2018. For this purpose, these buildings
are equipped with remotely readable meters. These connect the
facilities to the energy accounting software. Some operators from
the healthcare real estate portfolio have taken the same step and
automatically record their consumption. This same general approach
is being developed for the healthcare real estate and single-tenant
oce segments in order to equip 75 % of the portfolio in the healthcare
real estate and oce segments with automatic consumption records.
Cofinimmo believes that landlords and tenants have a shared interest
in reducing the environmental impact of a rented space. As building
occupants are responsible for managing their own consumption,
Cofinimmo raises its tenants’ awareness through a sustainable collab-
oration agreement which makes it possible to share consumption
data and to implement initiatives to reduce it. When appropriate, this
agreement is formalised by a green clause, a green charter, a proxy,
or a simple exchange of emails for existing leases.
Since 2020, a green clause has been included in each new lease.
All the consumption data from all the shared spaces managed
by Cofinimmo, as well as the private consumption data volun
-
tarily provided by the dierent tenants, are collected with the
energy accounting software. As at 31.12.2021, 57 tenants have
accepted a sustainable collaboration agreement so that energy
consumption is known for 59 % of the portfolio. All the energy inten
-
sity and GHG emissions data are available in chapter ‘Key EPRA
Performance Indicators’ (see pages 317-336).
Cofinimmo has adopted the performance indicators advocated by
the European Public Real Estate Association (EPRA). The 28 indicators
corresponding to 21 GRI Standards drawn from the Global Reporting
Initiative (GRI) provide a very clear picture of the performance of
dierent buildings from year to year.
5.5 %
RENOVATION OF THE PORTFOLIO
EXCLUDING NEW CONSTRUCTIONS,
EXTENSIONS AND ACQUISITIONS FOR 2026
130 kWh/m²
ENERGY INTENSITY ACROSS ALL SEGMENTS
BY 2030
85 %
SURFACE AREAS COVERED BY
A SUSTAINABLE COLLABORATION
AGREEMENT BETWEEN COFINIMMO
AND THE TENANT HEALTHCARE REAL ESTATE
AND OFFICE SEGMENTS BY 2022
121
ESG REPORT ENVIRONMENT
ENERGY INTENSITY
Buildings with a better energy performance are more
attractive from a commercial point of view. They oer occu
-
pants greater comfort for a lower level of rental-related
expenses. Consumption reports for Cofinimmo have been
available since 2010 and show a decrease in energy intensity
of 27 %, over the last six years, all sectors combined.
2016 2017 2018 2019 2020 2021
250
200
150
100
50
50
100
150
200
250
226
179
178
163
165
189
(kWh/m
2
)
SCOPES 1, 2 & 3 SCOPE 3 DETAIL
CARBON FOOTPRINT OF COFINIMMO’S HEAD
OFFICE
The total carbon footprint of the head oce has been analysed
since 2009 and includes direct and indirect emissions associ-
ated with infrastructure and mobility, as well as indirect emis-
sions associated with waste and equipment.
In 2021, the total footprint was 537 tonnes CO
2
e (-23 % compared
to 2009 and +4 % compared to 2020, but -26 % compared to
2019, i.e. compared to the pre-COVID-19 level). Indeed, the
health crisis continues to strongly impact emissions associ
-
ated with mobility thanks to teleworking. The reduction in the
footprint per FTE is -42 % compared to 2009 and amounts to
4.0 tonnes CO
2
e/FTE.
A green mobility policy is implemented in order to continue to
reduce mobility-related emissions, which directly contributes
to the objective of reducing GHG emissions in scopes 1 and
2 by 50 % by 2030, compared to 2018, as validated by the
Science Based Targets initiative. More details can be found in
the chapter ‘EPRA performance indicators’ (see page 317-329).
‘third-party investor’ formula, relieve Cofinimmo of the responsibility
of energy supplier and enable it to exploit unusable areas for other
activities but reduce the liquidity of the portfolio. This formula is
therefore only applied by way of exception. In the healthcare real
estate segment, operators also participate in third-party investor
projects for the installation of photovoltaic panels and other equip-
ment with a positive impact on the net energy requirement.
COFINIMMO’S HEAD OFFICE FOOTPRINT PER
SCOPE IN 2021 % emissions in tonnes CO
2
e)
PREVENT
What is the best way to actively participate in global eorts to
reduce GHG emissions in the real estate sector? The aim is to reduce
energy consumption through redevelopment or major renovation
of the portfolio (2.2 % of total assets in 2021). Cofinimmo therefore
strives to go as far as possible in terms of energy intensity, often
beyond legal requirements but within the scope of the desired
economic profitability. Depending on the segment, the approach
to reducing consumption diers but the general consideration is to
exclude the use of fossil fuels. For the healthcare real estate segment,
Cofinimmo’s involvement is focused on raising tenants’ awareness.
For oces, Cofinimmo is often involved in the construction/reno-
vation phase and in the day-to-day management of a majority
of buildings. This enables it to have an influence on consumption
as soon as the building is occupied.
In the portfolio under operational control, the levers for initiatives
in terms of emissions reduction go beyond renovations. A five-
year plan ensures that maintenance work aiming at reducing the
portfolio’s energy intensity is planned. Operational management
in collaboration with technical maintenance companies aims to
proactively improve the energy performance of buildings.
RENEWABLE SOURCE
Although reducing and preventing energy consumption are
always a necessity, the overall goal worldwide is to increase the
share of renewable energy. Cofinimmo has signed a contract for the
supply of electricity from renewable sources for areas under oper-
ational control in the healthcare real estate and oce segments.
This electricity from renewable sources is produced o-site and
the GHG emissions linked to this contract are therefore reduced to
zero. The photovoltaic panels installed in 18 buildings of the portfolio
together produce 1,926 MWh per year. All the on-site produced
energy is used internally. However, legal constraints make it dicult
to expand production. Photovoltaic projects, carried out under the
48 %
SCOPE 1
52 %
SCOPE 3
< 1 %
VISITORS
23 %
UPSTREAM
FROM SCOPES
1 & 2
3 %
COMMU
TES
5 %
BUSINESS
TRIPS
< 1 %
WASTE
0 %
SCOPE 2
< 1 %
PAPER
PURCHASE
68 %
EQUIPMENTS
122
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
COMMITTED TO ACT ON CLIMATE CHANGE
The Belgian Alliance for Climate Action is a joint initiative of The
Shift and WWF. It is an open platform to Belgian organisations,
regardless of their size or sector of activity, which want to reduce
their GHG emissions, raise their climate ambitions and use science
based targets to achieve their climate objectives. In total, more
than 90 organisations in Belgium have already joined the Alliance,
committing themselves to aligning their activities with the objectives
of the Paris Agreement, i.e. to limit the global temperature rise to
well below 2°C and to maintain their eorts to limit it to 1.5°C. WWF,
co-founder of the Science Based Targets initiative, will provide
expertise to the members of the alliance in terms of target setting
and will also liaise with other climate alliances around the world.
Cofinimmo has increased its ESG ambitions by launching its project
30. The objective of this project was established using the meth-
odology of science-based targets, thanks to which the group was
able to objectify the eort to be made in order to contribute to
the global objective of limiting global warming to 1.5 degree. It
follows the numerous ESG approaches initiated by Cofinimmo
almost 15 years ago and is actively in line with the approach of
the Paris Agreement concluded at COP21, and confirmed in 2021
by COP26 in order to accelerate climate action.
To limit the financial risk associated with climate change, Cofinimmo
applies an approach with seven levels :
• acquisition policy aiming at reaching an average energy intensity
of 85 kWh/m for the acquired portfolio by 2030;
• renovation projects with a maximum energy intensity of 50 kWh/m,
taking into account the economic profitability and technical
constraints;
• maintenance works to reduce the energy intensity of the existing
portfolio by an average of 10 %;
• operational management in collaboration with suppliers to
improve the energy performance of existing assets;
• proactive dialogue with tenants;
• sustainable financing framework based on a list of eligible green
and social assets;
• implementation of the ESG policy.
Following the renewal of the Non-Financial Reporting Directive (EU
Directive 2014/95), Cofinimmo has until 01.01.2024 to report its activ-
ities according to the European taxonomy. However, Cofinimmo is
getting ready for transparent communication as from 2023 (eligibility
report for the 2022 financial year).
Nursing and care home – Lérida (ES)
123
ESG REPORT ENVIRONMENT
Nursing and care home –
Alcalá (ES)
According to MIT researchers, 52% of the world’s population, now estimated to be
9.7 billion people, will live in regions with water stress by 2050. The U.S. environmental
program also estimates that the built environment is responsible for 20 % of water
consumption. The water consumption data, reported by the real estate sector,
however, is often limited in scope, accuracy and detail. Given the significant volume
of water consumed in the healthcare real estate segment, Cofinimmo seeks to
implement targeted actions for sustainable management of the water cycle.
Water management
Indeed, water management, and more specifically access to drink-
ing water, is no longer the only challenge for developing coun-
tries. Climate change impacts the variability of the water cycle and
its extremes, all over the world. Very concrete phenomena have
emerged in Europe in recent years, where summers have been
marked by a combination of severe droughts and extremely violent
floods.
This situation calls for political action to introduce regulations on
water reuse, wastewater treatment and land use. In addition to
regulations, sustainable certifications such as BREEAM also pay
particular attention to these aspects, both from the point of view of
environmental responsibility and from the point of view of well-be-
ing. These changes impact the construction and management of
the portfolio and require the implementation of specific improve
-
ments. Encouraging the reuse of water, for example, cannot be
done without the installation of water tanks. But the group’s action
is not limited to setting up specific equipment.
MEASURE AND ACT
Since the installation of remotely readable meters, Cofinimmo has
not limited itself to energy but has also equipped the water meters of
buildings with a remote connection. These meters not only measure
water consumption but act directly when a discrepancy is observed.
600
liters/m²
WATER CONSUMPTION PER SURFACE AREA
19 %
BUILDINGS EQUIPPED WITH REMOTELY READABLE
WATER METERS
124
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Simple algorithms can detect anomalies in water consumption. The
following day, an alarm is sent to the building manager to analyse
the source of the problem. The paradox of water consumption bills,
whether in healthcare real estate or in oces, is that the amount
is low in normal use. However, these amounts may increase expo-
nentially in the event of a leak. Indeed, a drop can very quickly
represent thousands of litres of water lost.
The health crisis has clearly shown that water consumption varies
significantly more depending on the occupancy rate of a building
than energy consumption. In the healthcare real estate segment,
we can see that the precautionary measures taken in terms of
hygiene have increased water consumption. Conversely, in the oce
segment, consumption is reduced to zero as soon as teleworking
becomes mandatory.
Another way of limiting water consumption is to use rainwater
for certain uses. This is not yet economically feasible in all cases,
but is part of the feasibility criteria for new constructions. On the
other hand, the installation of low-flow sanitary equipment is bene-
ficial for all parties and is therefore planned for most projects.
EXTERNAL ENVIRONMENT
Responsible management of water resources is not limited
to the internal environment of buildings. The external layout
can have a dual function : creating captured and underground
water reserves, and delaying the evacuation of rainwater.
The installation of green roofs delays the evacuation by creating
active roofs. Limiting hardened surfaces allows better permeability
of the ground and rainwater can thus supply the groundwater. In
the event of heavy rain, which is increasingly common, this makes it
possible to have a positive impact on reducing the risk of flooding.
Not forgetting the impact on biodiversity, carried out by vegetation,
whether on the roof or on the ground.
Finally, we note the positive impact of the presence of water on
the well-being of occupants and the productivity of employees.
In the coming years, water management inside and outside build-
ings will need to change drastically in order to mitigate the physical
risks associated with climate change. It is therefore essential that
companies in general, and the real estate sector in particular,
prepare for tomorrow’s world. Companies, such as Cofinimmo,
which are already thinking about new societal trends and inte
-
grating them into their strategy will therefore be one step ahead
of companies which adopt a more wait-and-see approach.
A smart meter measures water consumption every 15 minutes.
Water is a resource that is very dependent on the presence
of people. During the night, consumption is supposed to drop
to zero. If the consumption does not decrease to zero during
24 hours, a leak is present and a consumption stub is visible
(see area with green background in the graph). After detecting
the cause of the leak, the consumption returns to normal and
the graph shows a normal week’s consumption with five peaks,
one for each day of the week. This saves thousands of litres of
water that would otherwise be lost.
Hourly graph
m³
26/11/2021 00:00 28/11/2021 00:00 30/11/2021 00:00 02/12/2021 00:00 04/12/2021 00:00 06/12/2021 00:00 08/12/2021 00:00 10/12/2021 00:00 12/12/2021 00:00
0
0,2
0,4
0,6
0,8
1
1,2
1,4
125
ESG REPORT ENVIRONMENT
SOCIAL
Organisation /
institution
Rating /
certification
Initial
rating
Evolution
2020
EE+ (Very strong)
(on a scale going
from F to EEE)
SE Belgian Index
& SE Best in
Class Index
EE+
2015
EE+
EE+
EE+
2018 2019 2020
2021
0.75
GDI rating
(ranking 3
rd
place
in Belgium)
18
th
2018
1
0.86
0.81
0.75
2019 2020 2021
2021
Equileap
53 %
58 %
2021
58 %
53 %
2019 2020 2021
2021
Gold
(on a scale going
from Standard
to Gold)
Stand.
2019
Gold
Gold
Gold
2019 2020 2021
1. No GDI rating available for 2018, on the worlwide ranking (out of 600 companies).
126
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Safety and well-being of occupants
Real estate’s impact on the external environment is increasingly well
managed. But what about its impact on the internal environment?
In today’s society, it is not enough to just guarantee safety in build-
ings. Expectations have changed and buildings have to meet the
functionality and well-being needs of communities for which hospi-
tality plays a central role. This change is supported by new labels
and benchmarks, and it is therefore essential that the buildings
provided by Cofinimmo meet these new expectations.
CHARACTERISTICS OF THE BUILDING
The construction choices but also the quality of maintenance have
an impact on the safety and well-being of the building occupants.
The presence of unverified hazardous materials, non-compliance
with safety standards and inadaquate adjusted air-conditioning
installations can aect their well-being and health.
Cofinimmo systematically analyses all elements likely to have an
impact on public health and well-being. The due diligence process
includes a compulsory analysis of the presence of asbestos, soil
pollution and the aspects relating to fire-fighting and fire prevention
and accessibility services for people with reduced mobility.
The asbestos risk for older buildings in the portfolio is closely
monitored. Asbestos present in the buildings is encapsulated in
the materials. In the event of deterioration, these materials are
removed in accordance with legal requirements that ensure the
safety of people.
Since the outbreak of the
pandemic, the office management
team has taken various initiatives to
improve the working environment
and prevent the spread of the
virus as much as possible.
In 2021, Cofinimmo Offices obtained
official COVID Safe certification for
common areas of its multi-tenant
office buildings. Subsequently,
audits of ventilation rates were
carried out by the Deplasse
agency in all of these buildings.
In 2022, virucide filters from the Belgian
company Deltrian were installed in
the air exchange systems of the multi-
tenant office buildings concerned.
These filters neutralise 99% of viruses,
including COVID-19. Moreover,
these filters are energy class A+ and
comply with the EN 14476 standard.
127
ESG REPORT SOCIAL
INTERNAL AND EXTERNAL FACILITIES
Cofinimmo ensures that users can enjoy outdoor spaces. The
promotion of health through the presence of nature or through land-
scaping is thus confirmed.
The garden of the Orelia Keiheuvel nursing and care home was
redesigned into a natural garden which introduces residents
suering from dementia to the heath landscape, and a wheelchair
path of one kilometer was subsequently created, allowing residents
and visitors with reduce mobility to experience nature again.
At Belliard 40, in the European quarter in the heart of Brussels,
Cofinimmo has created a magnificent indoor garden. Accessible
open spaces have been created, each with its own atmosphere.
Steps lead visitors to the dierent spaces, for a break or a meeting.
Plants and flowing hedges create a natural separation between
the open spaces.
More and more studies are showing the positive eects of nature
on physical and mental health. These positive eects are not only
related to the quality of the air we breathe but also to the quality
of the environment in which we live. Biodiversity is also supported
in each project.
Nowadays, when selecting an oce building, the presence of
relaxation and well-being areas is also considered. In collab
-
oration with the company Easy Day, yoga, BBB and relaxation
sessions are organised in the Lounges
®
, sometimes complemented
by a drink or a healthy and vitamin-rich lunch. The role of the
community manager in charge of the Lounges
®
is to promote actions
that have a positive impact on the well-being of building occupants.
88 %
OF THE DIRECTLY MANAGED PORTFOLIO
WITH FIRE AUDIT AND ASBESTOS MONITORING
No infringements that might
present a financial or health impact on
occupants have been detected during
fire audits and asbestos monitoring
in the directly managed portfolio.
ASBESTOS MANAGEMENT
IN LEASED BUILDINGS (in %)
020406080 100
56
56
66
61
100
44
44
34
39
No traces of asbestos
Traces of encapsulated asbestos
Healthcare real estate 1,526,977 m
Distribution networks 361,671 m
PPP 187,726 m
Offices 490,759 m
Overall portfolio 2,567,133 m
128
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Subcontractor relations
These operating principles apply to all the segments in which
Cofinimmo is active and in all the countries where the company
is established.
POLICY ON SOCIAL ASPECTS
Cofinimmo always seeks to treat its suppliers fairly during purchase
negotiations and also places particular emphasis on the safety of
its sta. Commercial relationships can only be maintained through
the mutual respect of all parties and the understanding of their
respective concerns and objectives. The outsourcing of construction
and maintenance activities go hand in hand with strict monitoring
of these subcontracting operations.
In the context of calls for tenders, Cofinimmo clearly describes the
responsibilities of each party in the specifications and contracts.
The registration of site workers is compulsory in all countries where
Cofinimmo is active. The employment of a young local is required for
each work site and must be implemented by the general contractor.
The monitoring and reporting of any accidents on the work site is
the responsibility of each subcontractor in his capacity as employer.
Each project manager and property manager is responsible for
the application of the ESG policy in the context of the relationship
with suppliers. The ESG policy includes a commitment to the United
Nations Global Compact, whose ten principles are derived from the
Universal Declaration of Human Rights, the International Labour
Organisation Declaration on Fundamental Principles and Rights
at Work, the Rio Declaration on Environment and Development
and the United Nations Convention against Corruption. Through
its values and its activities, Cofinimmo seeks to assume its funda
-
mental responsibilities regarding human rights, employment, the
environment and the fight against corruption.
SAFETY AND WELLBEING
In the context of large-scale renovations, Cofinimmo has employ-
ees trained in safety coordination who identify and monitor the
risks and preventive measures to be implemented for each work
site. Cofinimmo also calls on external safety coordinators when
the workload requires it. The safety coordination provides for an
introduction to safety on the work site for each worker, as well
as regular monitoring of compliance with safety instructions. It is
included in the agenda of weekly work site meetings. In accordance
with a European directive, these measures are applied in all the
countries where Cofinimmo is active.
The monitoring and reporting of any accidents on the work site is
the responsibility of each subcontractor in his capacity as employer.
There were no accidents with fatal consequences on Cofinimmo’s
work sites in 2021.
In 2020, the risk analysis relating to distancing measures in connec-
tion with the health crisis has been stepped up, in order to guarantee
the continuity of work sites in complete safety.
A COVID protocol has been implemented for all work sites since
the beginning of the health crisis. The following elements are part
of this implementation protocol :
• to wash one’s hands (soap available for workers);
• to respect the safety distance of 1.5 m;
• meetings or workers gatherings are forbidden;
• no lunch breaks or else breaks spread out according to specific
time slots;
• restricted access to the site hut;
• gloves compulsory for all workers;
• cleaning of tools at the end of the day;
• forbidden to share personal protective equipment (PPE);
• obligation to wash one’s hands before leaving the site;
• ensuring ventilation inside;
• obligation to apply the sanitary protocol in case of symptoms;
• stopping the work site in the event of positive results and communi
-
cating to other workers who may have been in the vicinity in
the last 15 days.
The obligation to comply with this protocol is clearly specified in
the minutes of the safety and health coordinator. “Any visit will
be accompanied at all times by the sta of the subcontracting
company and you must use the PPE corresponding to the risk to
which you will be exposed”.
Cofinimmo, a listed company and leader in European healthcare real estate
and in the office real estate in Belgium, demonstrates transparency and ethical
behaviour towards its stakeholders. The company condemns any practices
that are questionable or punishable by law (e.g. corruption, money laundering,
undeclared work, social dumping, etc.) as well as those that contravene the
principles of sustainability, fair treatment, equal opportunity and respect for others.
129
ESG REPORT SOCIAL
Nursing and care home – Bilbao (ES)
In the context of the portfolio maintenance, Cofinimmo equips
its buildings with safety systems in order to ensure the physical
safety of suppliers (for example cradles and anchor points for
window-cleaning teams). Subcontractors’ services are covered
by framework contracts to ensure the development of a mutually
beneficial partnership.
130
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Human capital
The success of any organisation depends on an inspiring vision and the people who
comprise it. They must be given the space to use their talents to the maximum and thus
efficiently turn this vision into reality. The group’s human capital strategy is designed to
provide maximum support in this respect. Cofinimmo brings significant added value
to society. Its staff are proud of this and understand that they all make an important
contribution to achieving success together. The group strongly believes in diversity,
respect and equality of its workforce. Different perspectives and experiences enrich
its decision-making processes. Such processes are designed to further enhance
this diversity. In order to expand its business activities, Cofinimmo invests in its staff.
It helps them reach their maximum potential by focusing on their development
through a mix of training and coaching initiatives. The safety, well-being and resilience
of its staff are also central and are actively invested in through various initiatives.
RESPECT FOR DIFFERENCES
AND CULTURAL DIVERSITY
Diversity within Cofimmo is reflected in initiatives in the field of
recruitment, sta management and external positioning of the
company (see page 193 of this document).
Whether internally or when interacting with all the players it deals
with, Cofinimmo has long since adopted a high level of ethics, an
essential prerequisite for diversity, non-discrimination and respect
for individuals, institutions, and the law. This involves :
• good conduct policy;
• shared and supported values : Connectivity, Accountability and
Customer Experience;
• open and transparent feedback and feedforward culture based
on trust and mutual help to succeed together;
• right and encouragement to self-expression, information and
personal development for all employees to develop simultaneously
with the company’s activities.
GENERAL PRINCIPLES OF RECRUITMENT
AND SELECTION
At all stages of the selection process, Cofinimmo’s objective is to
check the candidates’ suitability for the position and the company,
as well as their motivation, without any other consideration that
could be described as discriminatory.
During selection interviews, Cofinimmo undertakes not to express
any evaluation, judgement, or criticism, and not to ask candidates
any questions which might be considered discriminatory or vexa
-
tious, given their values, personal and family choices and lifestyle.
Cofinimmo has the success and well-being of its sta at heart
and refrains from hiring people who may not achieve the desired
levels of success or well-being. In order to avoid casting errors
when recruiting new employees, Cofinimmo can objectify the
selection procedure by using non-discriminatory assessment tests
that measure personal abilities, behaviour traits, preferences and
motivations in order to ensure the most successful match between
the employee and the requirements of the function and corpor-
ate culture. If Cofinimmo calls on an external operator for this
assessment, it ensures that the latter has the skills, methods, and
selection tools adapted to the requirements of the position, and
that the persons responsible for evaluating candidates adhere to
the principle of non-discrimination.
83 %
WOMEN/MEN
REMUNERATION RATIO
BETWEEN GENDERS
AT EMPLOYEE LEVEL
Cofinimmo recognizes the power of
diversity (cultural, generational,
linguistic, gender, etc.) and promotes
equal opportunity, a fundamental
democratic value.
131
ESG REPORT SOCIAL
The company’s diversity policy
and key indicators are an integral
part of the corporate governance
statement (see pages 188-193).
INFORMATION ON JOB VACANCIES AND
SUBCONTRACTING
When Cofinimmo publishes advertisements in order to bring its
job vacancies to the attention of the public, the content of these
advertisements does not include any term, reference, or criterion
of a discriminatory nature. If Cofinimmo calls upon intermediates,
being recruitment and selection professionals, it first ensures that
they adhere to the principle of non-discrimination and that they
apply it at all stages of the procedure.
REDUCED MOBILITY
Cofinimmo expresses its desire to give equal consideration to the
recruitment of a person with reduced mobility for a position whose
content is compatible with this disability. Cofinimmo will make all
reasonable arrangements to facilitate access to its premises and
to the workstation to promote the success and well-being of sta
with reduced mobility.
WELCOME AND ONBOARDING
Irrespective of the position held and its hierarchical level, Cofinimmo
applies a welcome policy so that each new employee can integrate
quickly and harmoniously into the company.
Regardless of their function and their hierarchical level, all employ-
ees who leave Cofinimmo are invited to freely express the reasons
for their decision to their manager and/or the human resources
department during a departure interview.
INFORMATION AND WORKING TOOLS
Cofinimmo believes it to be essential that all its employees, with-
out distinction, have the information they need to carry out their
duties, understand those of their manager and colleagues, and
keep abreast of developments in the company.
The company’s labour regulations are made available to all
employees on the intranet and the company regularly organises
information meetings where all employees - or some of them,
depending on the topics addressed - are invited and given the
opportunity to speak up.
Cofinimmo oers its sta the most modern and best-adapted tools,
procedures, and working methods so that they can succeed in their
position with an optimum level of comfort and well-being.
Cofinimmo regularly ensures that employees with a management
function continue to master their function and that they continue to
do so in the spirit of the principles of equality and diversity within
Cofinimmo.
COMPLIANCE WITH REGULATIONS
Discriminatory practices and homophobic, xenophobic, or racist
remarks, whether made internally or towards people outside
Cofinimmo, are prohibited and are subject to sanctions. The same
applies to the connection to xenophobic or racist websites at work,
or to the use of discriminatory or vexatious language in emails.
The support person designated within Cofinimmo is attentive to
the proper application of the principles of equality and diversity
and prepares a summary report once a year on the cases handled
anonymously and confidentially.
A mechanism for claiming freedom of association and collective
bargaining, including confidential channels such as the confidential
person is available. Procedures are communicated to all employees
on a regular basis and during on-boarding. Progress reports on
individual cases are shared with the executive committee. In 2021,
no cases were reported.
REMUNERATION POLICY
The salary package Cofinimmo oers its employees is based of iden-
tical criteria for every employee and takes into account an object-
ive classification of duties. It includes, among other things, a benefit
plan, a profit-sharing scheme and, since 2009, a non-recurring
bonus tied to company results.
Given the issues of trac jams and work-life balance, employees
express the need to organise their time more optimally. In order
to respond to this request and enable them to work from home
eectively, Cofinimmo has implemented a policy on IT and tele
-
working. It provides appropriate IT infrastructure and has added
an internet subscription to the salary package.
This comes in addition to the other fringe benefits which employ
-
ees already enjoy (company car, group insurance, private health
insurance, meal vouchers and eco-cheques, smartphone, laptop
computer, option plan, etc.).
Cofinimmo attaches importance to the physical well-being of its
employees and oers them the opportunity to undergo regular
preventive medical examinations. It also takes initiatives to promote
physical activity and healthy eating.
In its search for highly qualified profiles, Cofinimmo draws from
the same talent pool as other BEL20 companies. However, most of
them are much larger, while Cofinimmo is closer in size to an SME.
In addition to a dynamic culture and shared values, Cofinimmo
therefore pays close attention to alternative forms of remuneration
to ensure the loyalty of the next generation of talent.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EMPLOYEE TRAINING
In the medium term, Cofinimmo promotes the professional and
personal development of every employee at each stage of his/her
career. In the longer term, it aims to ensure that the end of a career
is both rich in challenges and free of future concerns.
Cofinimmo achieves this through an extensive learning oer,
combining workplace learning, more traditional forms of learning
in the classroom (online or otherwise) and social learning, such as
coaching and mentoring. They are oered on a broad basis, so
that employees can reach their full potential.
Investing in its employees allows Cofinimmo to benefit from their
increased eectiveness and commitment, and above all to meet
its excellence objectives.
INVESTORS IN PEOPLE IIP ACCREDITATION
In 2006, Cofinimmo, together with fewer than ten other companies
in the Brussels-Capital Region, obtained this valuable accreditation
which is extremely widespread worldwide, especially in Anglo-
Saxon countries or in Flanders, but far less in Wallonia.
Since its accreditation, Cofinimmo has managed to renew it
every three years, which demonstrates that the company invests
in and listens to its employees. Such an accreditation also makes
it possible to attract new talent that appreciates the company’s
sustainable approach.
In 2018, Cofinimmo obtained the renewal of its label for three years.
In 2021, the Gold level of this label was reconfirmed.
CONTINUOUS TRAINING POLICY FOR
EMPLOYEES AND MANAGERS
Cofinimmo oers all its employees, without any discrimination what-
soever, the same training and development opportunities.
It is motivated by the desire to ensure that each person is ready, at
all times, for a new position within Cofinimmo or elsewhere, but also
that his or her skills are in line with market requirements. Cofinimmo
promotes from within whenever possible.
Five areas of training are emphasised : business-related technical skills,
sustainable development, languages, IT and personal development.
In 2021, language courses were a key focus area. This is due to the
internationalisation of the company and the need for everyone to be
able to express themselves in a common language.
Training courses are selected jointly by the employee, his manager, and
the human resources department. They take into account advances
made by the competition and the sector, the development needs of
the teams, new trends, and also the potential for taking up a high
-
er-level position.
Managers (in place or potential) were, in turn, provided with (individual
and/or group) leadership and people management development
courses to improve their understanding of the dierent, and very
specific aspects of this role. In addition to in-depth knowledge, the
role requires behaviours and approaches that will generate motivation
and commitment on the part of their subordinates.
All of these opportunities are provided equally, regardless of the country
in which the employee performs his/her duties.
3.8 days
TRAINING PER EMPLOYEE PER YEAR
4,289 hours
CUMULATIVE TOTAL OF PAID TRAINING
46 %
EMPLOYEES WHO ATTENDED ONE OR MORE
TRAINING COURSES
62 %
UNIVERSITY GRADUATES
100 %
COLLABORATORS RECEIVING REGULAR
PERFORMANCE APPRAISALS
Human capital represents a decisive
competitive advantage for
Cofinimmo, both in terms of the
quality of its client services and its
financial and social performance.
133
ESG REPORT SOCIAL
CORPORATE VALUES
Challenging oneself is an attitude which Cofinimmo has always
adopted in order to perfectly fit into the dynamic world we live
in. In this spirit, Cofinimmo has decided in 2018, to put certain
values forward for the coming years : Connectivity, Accountability
and Customer Experience. Beyond the concepts they encapsulate,
these words were chosen to be closely in line with the company’s
societal ambitions.
As for the skills expected from every employee, the concepts of
Reliability and Pioneer have been introduced. Though trendy, these
words mainly aim to help define the attitudes and behaviours
associated with these key values. Here, the aim is to respond to the
changes aecting society and to provide high-quality caring, living
and working spaces (‘Caring, Living and Working - Together in
Real Estate’).
EMPLOYEE SAFETY
AND WELL-BEING
Recruiting good profiles is good. Making them want to stay is
even better. It is so that the vast majority of the current generation
of workers claims to be above all committed to fulfilment in the
workplace.
Cofinimmo has always implemented a series of measures to
promote the well-being of its employees and the performance of
their role under the best possible conditions.
ONBOARDING
On arrival, new employees receive a welcome pack setting out
all the practical measures and the workplace safety standards.
Employees are individually welcomed by the human resources
manager, on the one hand, and by the members of the executive
committee on the other hand.
Information meetings are organised on a regular basis and allow
all employees to discuss matters with the members of the exec
-
utive committee.
In 2021, as part of continuous improvement, a survey on internal
communication was carried out and resulted in a communication
and internal interaction plan that is being implemented.
CONNECTIVITY
CUSTOMER
EXPERIENCE
ACCOUNTABILITY
134
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Informing employees also involves the following actions :
• have physical and digital information channels;
• organise moments of interaction between employees;
• informing employees of their rights and duties regarding safety.
The employees were also asked to express themselves through
a engagement survey. The survey shows that 66 % of employees
are happy and feel good at Cofinimmo and that 73 % feel they have
good relationships with their colleagues, which is in line with the
average. The action points relate to internal communication and
the development of human capital.
RESILIENCE
Cofinimmo pays close attention to mental well-being and to the
phenomenon of stress at work. The increase in stress at work, quite
common in the business world, can have severe consequences
which, in some cases, can lead to burnout. This type of condi
-
tion leads to the prolonged absence of the aected person, and to
disruption and additional costs for the employer. In 2021, the total
absenteeism rate was 7.3 %, which is in line with previous years.
The aim of the home day-care service for sick children is a service
oered by Cofinimmo to all employees in duty. Its objective is to
give parents the opportunity to improve their work-life balance, to
send a qualified person to take care of the sick child(ren) on a short-
term assignment until the parents have found another solution, and
to keep the child in his/her familiar surroundings. Child care costs
are fully covered by Cofinimmo.
Following the outbreak of the COVID-19 coronavirus, Cofinimmo has
implemented several measures to ensure the continuity of its activ-
ities, while making the health and well-being of all its employees its
priority. In addition to the measures taken with regard to teleworking
(without recourse to temporary unemployment), Cofinimmo has
provided its sta with, among others, a day-care service for healthy
children to make teleworking easier.
Flexibility in the organisation of work life, which is oered to all
employees, is particularly used by women, and is developing
among male employees. Flexibility in the work organisation within
Cofinimmo is reflected firstly by the part-time work granted to one
in nine employees, mainly women, but also men who wish to do
so. As work-life balance is essential to the professional well-being
of employees, flexible working hours have also been introduced to
enable employees to adapt their working hours to any constraints
or obligations they might have. Each collaborator has the oppor
-
tunity, depending on his/her needs, to obtain at a specific point in
his/her career a short-term and/or long-term reduction in working
hours to take care of a relative and/or for educational reasons. In
2021, 19% of employees had flexible working hours in 20 dierent
schedules in Belgium.
125 %
MEN
875 %
WOMEN
145
EMPLOYEES
73 %
ABSENTEEISM
RATE
16
EMPLOYEES
WORKING
PART TIME
The good health of a company
is closely related to the motivation
and productivity of its employees.
135
ESG REPORT SOCIAL
GOVERNANCE
Organisation /
institution
Rating /
certification
Initial
rating
Evolution
2021
AA
1
(on a scale going
from CCC to AAA)
BBB
2013
A
A
AA
2019 2020 2021
2021
with a score of C
(on a scale going
from D- to A+)
D
2013
C-
C
C
2019 2020 2021
2021
49
(vs. 30 average
real estate sector)
22
2019
22
44
49
2019 2020 2021
POWERED BY
2021
58 %
(Robust)
Environment : 67 %,
Social : 51 %,
Governance : 61 %
(i.e. above sector’s
average rating)
58 %
2019
58 %
59 %
58 %
2019 2020 2021
2020
Excellence Europe
Ethibel Sustainability
Index (ESI)based
on Vigeo Eiris
EU
Excel.
2018
EU
Excel.
EU
Excel.
EU
Excel.
2018 2019 2020
ECONOMIC VALUE GENERATED
AND DISTRIBUTED IN 2021
(x 1,000 EUR)
+ 314,530
CUSTOMERS
- 22,785
SUPPLIERS OF GOODS
AND SERVICES
+ 280,745
GENERATED VALUE
- 24,183
PERSONNEL
- 110,938
SHAREHOLDERS
- 28,348
FINANCIAL EXPENDITURE
- 12,899
PUBLIC SECTOR
- 176,368
DISTRIBUTED VALUE
+ 104,376
ECONOMIC VALUE RETAINED
WITHIN THE GROUP
Economic value
generated
Economic value
distributed
1. Disclaimer statement – The use by Cofinimmo of any MSCI ESG RESEARCH LLC or its aliates
(“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do
not constitute a sponsorship, endorsement, recommendation, or promotion of Cofinimmo by MSCI.
MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’
and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
136
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
To fulfill its responsibilities and pursue its activities, Cofinimmo must consider its
profitability. This provides a measure of efficiency and also of the value that customers
see in its products and services. It is a determining factor for the allocation of
resources and the protection of investments on which the company’s growth and
continued delivery of services depend. Cofinimmo would not be able to fully fulfill its
financial and societal roles without sufficient profits and a stable financial base.
Profitability for investors and
accessto capital
The Gradient
oce building
–
Brussels decentralised (BE)
INNOVATIVE USE OF SUSTAINABLE FINANCING
Cofinimmo is the first European real estate company to
issue green & social bonds. On 09.12.2016, Cofinimmo success
-
fully closed a private placement of green & social bonds for a total
amount of 55 million EUR, with an eight-year maturity and a fixed
coupon of 2.00 %. In November 2020, Cofinimmo further reinforced its
balance sheet through the issuance of a first public benchmark-sized
sustainable bond for 500 million EUR, paying a coupon of 0.875 %/year
for 10 years. Finally, in January 2022, Cofinimmo further strengthened
its balance sheet with the issuance of a second benchmark-sized
sustainable public bond of 500 million EUR with a maturity of six
years and a coupon of 1 %. The bonds, which, in accordance with the
sustainable financing framework of May 2020 (detailed below), are
meant to (re)finance assets with a positive contribution to sustaina-
bility, were placed with institutional investors.
In March 2019, Cofinimmo carried out the early refinancing of a bilat-
eral credit line, which was due to mature in August 2019, for a total
amount of 40 million EUR. In February 2020, the company carried
out the early refinancing of a bilateral credit line for 40 million EUR
which should have matured in August 2020. Initially, these were trad-
itional credit lines, refinanced in the form of green & social loans.
In accordance with its ESG strategy and performance dashboard,
the green & social loans will be used by Cofinimmo to refinance
assets with both environmental and social objectives.
137
ESG REPORT GOVERNANCE
SUSTAINABLE FINANCING FRAMEWORK
Cofinimmo pays particular attention to the coherence between its
financial strategy and its ESG objectives. In this context, in May 2020,
the company reviewed its sustainable financing framework in
order to incorporate the latest trends in the specific financing of
sustainable assets which contribute to its ESG strategy. Vigeo Eiris
confirmed in its Second Party Opinion that this financing framework
was in line with the 2018 green bond principles, social bond princi-
ples and green loan principles. Within this framework, Cofinimmo
can issue a variety of sustainable financing instruments, including
bonds, convertible bonds, private placements, and (syndicated)
bank loan facilities.
Following the renewal of the Non-Financial Reporting Directive
(EU Directive 2014/95), Cofinimmo has until 01.01.2024 to report its
activities according to the European taxonomy. However, Cofinimmo
is getting ready for transparent communication as from 2023 (eligi-
bility report for the 2022 financial year).
Selection procedure in line with the ESG strategy
The assessment and selection framework was defined and
published on Cofinimmo’s website. It was backed by internal and
external expertise.
The assets listed on pages 141-144 currently make up the portfolio
allocated to green & social bonds financing. Their selection was
based on defined criteria, such as fund allocation and ESG criteria.
The selection procedure was based on the expertise of Cofinimmo’s
in-house teams responsible for these assets, on the one hand, and
on impact assessment studies, BREEAM requirements and other
technical factors collected externally, on the other. Each assessment
step was approved by the executive committee and was part of
an analytical approach to a building’s life cycle. All the selected
assets were in operation at the time of acquisition or were deliv
-
ered between the date of acquisition and the time of refinancing.
The date of construction and/or last renovation is
displayed in the property report of this document
where the assets are identified with the following icon
Funds allocation
Cofinimmo’s Treasury department ensures that the funds collected
through the green & social bonds issued are allocated, within the year
following the issue and throughout the duration of the bond, exclusively
to assets that make up the green & social portfolio. The allocation of
the funds issued prior to the publication of the sustainable financing
framework is as follows : 50 % is allocated to oces with an environ
-
mental and sustainability certification, the other 50 % being allocated to
healthcare assets dedicated to the housing of vulnerable or dependent
people in need of special care. Since May 2020, the environmental
category has been extended to all the segments. A healthcare real
estate asset can therefore be both green and social at the same time.
The objective of the benchmark-sized bond issued in January 2022 is
to allocate at least 50 % of the funds to green assets.
Auditing
Until the maturity of the sustainable funding, the external auditor,
currently Deloitte, will annually assess the funds allocation, the
compliance with the eligibility criteria and the sustainable benefit
indicators of the selected assets. The audit report is availablein the
statutory auditor’s report (see pages 348-349). The indicators that
were verified are identified in the section ESG management
(see pages 144-145 of this document)
by the following icon
COMMITTED COMMUNITY
As Cofinimmo pays particular attention to the coherence between
its financial strategy and its ESG objectives, it is part of the Euronext
Green Bonds community, which brings together European issuers
of green bonds that meet various objective criteria (external reviews,
compliance with international standards, regular updates of the green
& social financing framework, etc.). Cofinimmo is currently one of the
13 issuers listed in Brussels participating in this committed European
community.
SUSTAINABILITY-LINKED
CREDIT LINE
The ‘sustainability-linked credit line’ is a new type
of loan that encourages Cofinimmo to achieve
ambitious and predetermined sustainability
targets, as defined in the company’s 30 project.
Evaluation of the progress of the 30 project is
carried out each year. This triggers an increase
or decrease in the conditions of the credit line,
depending on whether or not the annual energy
intensity target is achieved.
138
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
COMMITTED MORE THAN EVER
TO CARING LIVING WORKING
IN ASUSTAINABLE WAY
2021 SUSTAINABLE GROWTH AWARD
Cofinimmo was granted the 2021 Sustainable Growth Award by
Euronext Brussels on 18.01.2022. This distinction is based soley
on measurable data and rewards companies listed on Euronext
Brussels that have shown strong sustainable growth over the last
decade. The ranking combines the ESG score (determined by
three specialised companies: Refinitiv, Sustainalytics and Vigeo
Eiris) with stock price performance over the last ten years.
Nursing and care home – Sarriguren (ES)
139
ESG REPORT GOVERNANCE
COMPONENTS OF THE SUSTAINABLE FINANCING FRAMEWORK
CRITERIA AND OBJECTIVES :
TWO CATEGORIES OF ELIGIBLE ASSETS
The funds are meant to (re)finance assets contributing positively to the ESG strategy.
The buildings selected within the framework of the green & social financing have environmental
and/or social objectives
SUSTAINABLE BENEFITS
Climate change mitigation :
Reduction of GHG emissions.
Protection of natural resources :
Water and energy savings, use of
sustainable materials, etc.
Improvement of healthcare services :
Increased provision of healthcare beds
and services.
SELECTION PROCEDURES
GREEN
Investments in existing/future green assets in Cofinimmo’s
portfolio with an environmental and sustainabil-
ity certi fication (BREEAM or BREEAM In-Use with
at least a Very Good rating, LEED, HQE or at least a B-level
PEB/EPC certification).
Objectives
• Climate change mitigation by implementing energy
savings and the suppression or reduction of GHG
emissions.
• Environmental design and management of assets
through :
- energy performance scorecard;
- equipment and installation upgrades;
- extension of BREEAM and/or BREEAM In-Use
certifications.
Objectives
• Renovating and/or expanding the healthcare real estate
portfolio to meet current and future needs in terms of
housing and care of vulnerable people.
• Encouraging healthcare operators to reduce the energy
footprint of buildings by incorporating sustainable archi-
tecture, ecological materials and more energy-ecient
facilities (construction or renovation of buildings).
SOCIAL
Investments in existing/future assets providing and/or
promoting access to essential healthcare services for
vulnerable groups of people and in certain medical
specialties.
FUND
ALLOCATION
ASSET
SELECTION
FUND
MANAGEMENT
ANNUAL
INDICATORS
REPORT
EXTERNAL
AUDITING
Assessment and selection framework
• Environmental criteria;
• Social criteria;
• Governance criteria.
In line with the strategy
• Improve the environmental footprint
of the portfolio and the company;
• Ensure the safety and well-being
of occupants;
• Select socially-aware and responsible
projects.
• External assessments and requirements;
• Approval by the executive committee;
• Treasury allocation;
• Assessment by the external auditor;
• Expertise of internal teams.
140
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
GREEN
50 %
SOCIAL
50 %
2016 GREEN & SOCIAL PORTFOLIO
Issuer Nominal amount
(x 1,000,000 EUR)
Issue
price
Coupon Issue
date
Maturity
date
Cofinimmo SA/NV
55 99.941 % 2.00 % 09.12.2016 09.12.2024
55 million EUR
RESIDENCE TILLENS - UCCLE/UKKEL (BE)
This nursing and care home with a speciality in psychogeriatrics,
was acquired in July 2011 and was renovated in 2015, with particular
attention to patient safety. The aim of the renovation was to create an
environment that promotes the life expectancy of people suering from
dementia. The presence of green spaces, with adapted vegetation,
is a real added value for this type of asset.
100 %
Refinancing
50 %
Healthcare real estate
50 %
Oces
Improvement of healthcare services:
311 out of 25,633 beds in the categories
nursing and care homes, rehabilitation clinics,
psychiatric and acute care clinics, special
care facilities and those with assisted-living
units.
Climate change mitigation:
Energy intensity 23 % below the average
energy intensity of the portfolio in kWh/m.
141
ESG REPORT GOVERNANCE
2019 AND 2020 GREEN & SOCIAL LOAN PORTFOLIO
Issuer Nominal amount
(x 1,000,000 EUR)
Issue
date
Maturity
date
Cofinimmo SA/NV
40 13.03.2019 31.01.2027
Cofinimmo SA/NV
40 14.08.2020 14.02.2023
80 million EUR
BELLIARD 40 - BRUSSELS CBD (BE)
Cofinimmo acquired this oce building in 2001, located along one of
the busiest trac arteries in Brussels. The company redeveloped it in
2016 into a passive building of around 20,000 m, illustrating its ‘life cycle’
approach. Thanks to the materials used and the technical equipment
installed, this premium environmental building received a BREEAM
Excellent certification.
Since its design, it has been recognised as an ‘exemplary building’ by
the Brussels-Capital Region. This emblematic building has not only
brought about an architectural renewal thanks to its singular structure
composed of one block on top of two others, but also thanks to the
presence of a transparent five-storey atrium, allowing passers-by to
see, from the esplanade running alongside the building, an interior
garden located at the rear of the building.
GREEN
100 %
100 %
Refinancing
100 %
Oces
Climate change mitigation:
Energy intensity 29 % below the average
energy intensity of the portfolio in kWh/m.
142
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
2020 SUSTAINABLE BONDS PORTFOLIO
Issuer Nominal amount
(x 1,000,000 EUR)
Issue
price
Coupon Issue
date
Maturity
date
Cofinimmo SA
500 99.222 % 0.875 % 02.12.2020 02.12.2030
500 million EUR
BRAILLELAAN 10 - RIJSWIJK (NL)
Cofinimmo built this new clinic of almost 4,000 m as part of
an extension strategy for an existing clinic that was located
across the street. The latter was the result of the conversion
of a former oce building by Cofinimmo in 2013. The two build-
ings were connected by a pedestrian bridge. The ensemble
forms a specialised orthopaedic clinic with rooms, consulting
rooms and a new operating theatre, and meets the current
and future needs in the field of acute care for an entire region.
GREEN
100 %
SOCIAL
74 %
100 %
Refinancing
74 %
Healthcare real estate
26 %
Oces
Improvement of healthcare services:
1,733 out of 25,633 beds in the categories
nursing and care homes, rehabilitation clinics,
psychiatric and acute care clinics, special
care facilities and those with assisted-living
units.
Climate change mitigation:
Energy intensity 15 % below the average
energy intensity of the portfolio in kWh/m.
2022 SUSTAINABLE BONDS PORTFOLIO
Issuer Nominal amount
(x 1,000,000 EUR)
Issue
price
Coupon Issue
date
Maturity
date
Cofinimmo SA
500 99.826 % 1 % 24.01.2022 24.01.2028
500 million EUR
100 %
Refinancing
100 %
Healthcare real estate
Improvement of healthcare services:
3,862 out of 25,633 beds in the categories
nursing and care homes, rehabilitation clinics,
psychiatric and acute care clinics, special
care facilities and those with assisted-living
units.
Climate change mitigation:
Energy intensity 22 % below the average
energy intensity of the portfolio in kWh/m.
NURSING AND CARE HOME - VIGO (ES)
This new nursing and care home with a surface area of
approximately 5,000 m oers 140 beds and has a garden. It
is located in a neighbourhood which did not have a nursing
and care home before. It has a very high energy performance,
with an A rating. Energy consumption is minimised by, among
other things, LED lighting, a heat pump, condensing boilers
and ventilation units with heat recovery in winter and free cooling in summer. Part of the
electricity is produced by photovoltaic panels. The building is easily accessible by public
transport (bus stop and coach station within walking distance).
Thanks to its performance in terms of mobility, energy and ecology, this site obtained
BREEAM Very Good certification.
GREEN
53 %
SOCIAL
100 %
143
ESG REPORT GOVERNANCE
ESG MANAGEMENT
ENVIRONMENT
HEALTHCARE REAL ESTATE OFFICES TOTAL
Environmental strategy
Five-year portfolio renewal objective
✔
6.5 % 6.4 % 5.5 %
Energy eciency of buildings
Yearly energy intensity (standardised by surface area)
✔
161 kWh/m 198 kWh/m 165 kWh/m
GHG emissions per year, based on location
✔
32 kg CO
2
e/m 40 kg CO
2
e/m 33 kg CO
2
e/m
Estimated MWh (solar energy production)
✔
931 MWh 766 MWh 1,926 MWh
Cooperation with tenants to reduce the environmental impact of buildings
Buildings equipped with remotely readable meters (as % of surfaces) 14 % 58 % 19 %
Number of sustainable collaboration agreements (in % of surface areas) 63 % 72 % 59 %
Number of inspection visits during which aspects associated with
environment have been discussed with the occupant (in % of surface areas)
56 % 100 % 53 %
Inclusion of environmental factors in the logistics chain
Materials reused after building refurbishment In 2021, the opportunity to recover materials before demolition
did not arise in any redevelopment project.
Number of supplier contracts with environmental clauses concerning
major development and refurbishment projects
The ESG policy is attached to all general contracting
agreements.
PORTEFEUILLE
SUSTAINABLE TREASURY NOTES 2021
Issuer Programe’s
maximum amount
(x 1,000,000 EUR)
Date of
programme
update
Maturity
date
Cofinimmo SA/NV
1,250 07.12.2021 Undefined
1,250 million EUR
HENRI DUNANT –
BRUSSELS PERIPHERY (BE)
In April 2012, Cofinimmo acquired two plots of land on the
Vishay industrial site as part of the redevelopment of the site
into a multifunctional complex, in order to build a nursing home.
This project has contributed to the creation of a completely
new urban district with excellent architectural and urbanistic coherence. Résidence
Dunant has a surface area of approximately 8,700 m and accommodates a total of
162 residents. Cofinimmo has built this building according to quality and sustainability
criteria. It opted for an overall thermal insulation level of K27, which is significantly better
than the regulatory K level (K40). The building also has 1,300 m of green roofs and is
equipped with a double-flow ventilation system.
SOCIAL
100 %
100 %
Refinancing
100 %
Healthcare real estate
Improvement of healthcare services:
11,037 out of 25,633 beds in the categories
nursing and care homes, rehabilitation clinics,
psychiatric and acute care clinics, special
care facilities and those with assisted-living
units.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
SOCIAL
HEALTHCARE REAL ESTATE OFFICES TOTAL
Responsible customer relations
Number of flexible contracts (space, duration) n/a In 2021, 5 contracts were
signed in Flex Corners
®
for gross surface area of
between 33 m and 113 m and
terms of 1 to 3 years.
n/a
Number of requests n/a In 2021, the service desk
handeld 7,282 requests.
n/a
Progress of asbestos detection and removal 56 % of the portfolio does not
contain traces of asbestos.
66 % of the portfolio does not
contain traces of asbestos.
For the overall
portfolio, see the
chapter ‘Safety and
well-being of
occupants’.
Number of inspection visits during which social
aspects have been discussed with the occupant
(in % of surface areas)
56 % 100 % 53 %
Inclusion of social factors in the logistics chain
Number of controversies related to social aspects
in the logistics chain
✔
No issues related to social aspects in the logistics chain were detected.
Promotion of social and economic development
Number of contracts with a clause promoting local
youth employment
✔
n/a The clause concerning the
employment of a trainee is
included in every general
contractor agreement.
Building accessibility
Number of audits related to the accessibility
for persons with reduced mobility
✔
Compliance checks are part of
the due diligence process and
are regulated by the licence to
operate the assets.
25 % of multi-tenant
buildings have been audited
since 2013.
n/a
Number of audits for building connectivity
(proximity and multi-modal transport)
✔
An audit is not mandatory at the
time of acquisition but is often
carried out proactively (in the due
diligence phase).
See infographic on this page. n/a
GOVERNANCE
Prevention of corruption and money laundering
Number of external audits and controversies
✔
In 2021, two external audits were carried out on the accounts by Deloitte. During the financial
audit, there was an IT audit, focusing on SAP.
Audit and internal control
Number of internal controls and results
✔
In 2021, one internal audit was carried out by the internal auditor on GDPR and maintenance
framework agreement. Furthermore, on 31.12.2021, 40 recommendations are ongoing, coming
from the internal and external audits of 2021 and previous years, and 17 recommendations
were closed in 2021.
OFFICE BUILDING ACCESSIBILITY
(in public transport / bike)
25 %
VERY GOOD
21 %
GOOD
48 %
ACCEPTABLE
6 %
POOR
145
ESG REPORT GOVERNANCE
The assets included in the sustainable portfolios are marked in this report by .
Overview of the real estate portfolio per segment as at 31.12.2021
Segment Acquisition price
(x 1,000,000 EUR)
Insured value
1
(x 1,000,000 EUR)
Fair value
(x 1,000,000 EUR)
Gross rental
yield
Estimated
rental value
2
(x 1,000 EUR)
Healthcare real estate
3,347 885 3,799 5.3 % 199,718
Oces
1,361 1,243 1,381 6.3 % 77,499
Property of
distribution networks
483 32 530 6.4 % 33,903
TOTAL
5,192 2,160 5,710 5,6 % 311,119
Overview of the top 10 investment properties as at 31.12.2021
Property Address Year of
con struction
(last reno-
vation)
Year of
acquisition
Surface
area
(in m)
Contractual
rents
(x 1,000 EUR)
Occupancy
rate
3
Share of
consolidated
portfolio at
fair value
Belliard 40
Brussels
Rue Belliardstraat 40
1000 Brussels
2018 2001 20,322 5,218 99 % 2.3 %
Port/Haven 86 C
Brussels
Avenue du Port/
Havenlaan 86 C
1000 Brussels
2014 2020 16,725 3,976 100 % 1.8 %
Quartz
Brussels
Avenue des Arts/
Kunstlaan 19 H
1000 Brussels
2020 1996 9,186 2,114 100 % 1.1 %
The Gradient
Brussels
Avenue de Tervuren/
Tervurenlaan 270-272
1150 Brussels
1976 (2013) 1997 19,580 3,549 90 % 1.0 %
Guimard 10-12
Brussels
Rue Guimardstraat 10-12
1000 Brussels
1980 (2015) 2004 10,410 2,609 100 % 1.0 %
Ippocrate 18
Milan
Via Ippocrate 18
20161 Milan
2005 2021 15,444 2,469 100 % 0.9 %
Bourget 42
Brussels
Av. du Bourgetlaan 42
1130 Brussels
2001 2002 14,262 1,976 100 % 0.8 %
Damiaan
Tremelo
Pater Damiaanstraat 39
3120 Tremelo
2003 (2014) 2008 20,274 2,706 100 % 0.8 %
Albert I
er
4
Charleroi
Rue Albert I
er
, 4
6000 Charleroi
1967 (2005) 2005 19,189 2,954 100 % 0.8 %
Trône/Troon 100
Brussels
Rue Sombre/
Donkerstraat 56
1200 Brussels
2020 2020 7,258 1,202 64 % 0.8 %
Others
2,226,757 283,841 97 % 88.7 %
TOTAL
2,379,407 312,614 98 % 100 %
PROPERTY REPORT
CONSOLIDATED
REALESTATE PORTFOLIO
1. This amount only includes assets for which the group pays the insurance premium directly. This does not include insurances taken during the works nor those borne by the
occupants.
2. The estimated Rental Value takes into account the market data, the property’s location, its quality and the tenant’s financial data (EBITDAR) (if available) and, for healthcare assets
the number of beds.
3. The occupancy rate is calculated as follows : contractual rents divided by (contractual rents + ERV (Estimated Rental Value) on unlet spaces).
146
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
The rental situation of buildings under finance lease, for which the tenants benefit from a call option at the end of the lease, and prop-
erties held by associates and joint ventures is described below :
Inventory of buildings excluding investment properties
Property Surface area
(in m
2
)
Contractual rents
1
(x 1,000 EUR)
Occupancy
rate
2
Tenant
Financial assets under finance leases
Courthouse - Antwerp
72,132 1,441 100 % Building Agency
Fire station - Antwerp
23,323 208 100 % City of Antwerp
Police station - HEKLA zone
3,800 699 100 % Federal police
Student housing Depage - Brussels
3,196 86 100 % ULB - Brussels University
Student housing Nelson Mandela - Brussels
8,088 1,265 100 % ULB - Brussels University
Prison - Leuze-en-Hainaut
28,316 755 100 % Building Agency
Hospital SSR - Chalon-sur-Saône
9,269 1,085 100 % French Red Cross
Sierra de la Nieves
4,117 289 100 % DomusVi
Rosario
4,773 156 100 % DomusVi
Monte Alto
5,698 118 100 % DomusVi
Costa d'En Blanes
5,422 444 100 % DomusVi
Ciudad de Mostoles
8,545 703 100 % DomusVi
Capdepera
5,477 354 100 % DomusVi
Can Carbonell
5,570 731 100 % DomusVi
Assets held by associates and joint ventures
9 sites under development - Germany
- - - Schönes Leben Gruppe
19 sites Aldea - Belgium
88,000 5,650 80 % Curavi, ORPEA, Vivalto
6 sites French Red Cross - France
93,000 9,324 100 % French Red Cross
1. Part of the unsold lease payments, varying from 4 % to 100 % depending on the properties.
2. Occupancy rate is calculated as follows : contractual rents / (contractual rents + estimated rental value on unlet premises).
Courthouse – Antwerp (BE)
147
PROPERTY REPORT REAL ESTATE PORTFOLIO
The table hereafter includes :
• properties for which Cofinimmo receives rents;
• properties with lease payments partially or entirely sold to a third party and of which Cofinimmo keeps the ownership and the residual
value
1
;
• dierent projects and renovations in progress.
It does not include the properties held by the group’s subsidiaries under equity consolidation.
All properties of the consolidated property portfolio are held by Cofinimmo SA/NV, except those marked with an asterisk, which are
partially or entirely held by one of its subsidiaries (see Note 40).
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
HEALTHCARE REAL ESTATE 1,510,234 198,681 100 % 198,906
Belgium 591,973 82,883 100 % 82,883
Operator : Anima Care 6,752 763 100 % 763
ZEVENBRONNEN - WALSHOUTEM
2001 (2012) 6,752 763 100 % 763
Operator : Armonea 206,934 26,374 100 % 26,374
BINNENHOF - MERKSPLAS
2008 3,775 467 100 % 467
DAGERAAD - ANVERS
2013 5,020 913 100 % 913
DE WYNGAERT - ROTSELAAR
2008 (2010) 6,878 838 100 % 838
DEN BREM - RIJKEVORSEL
2006 (2015) 5,408 756 100 % 756
DOMEIN WOMMELGHEEM - WOMMELGEM
2002 6,836 829 100 % 829
DOUCE QUIÉTUDE - AYE
2007 4,635 485 100 % 485
MATHELIN - MESSANCY
2004 6,392 1,305 100 % 1,305
HEIBERG - BEERSE
2006 (2011) 13,568 1,517 100 % 1,517
HEMELRIJK - MOL
2009 9,362 1,093 100 % 1,093
HENRI DUNANT - EVERE
2014 8,570 1,279 100 % 1,279
HEYDEHOF - HOBOKEN
2009 2,751 380 100 % 380
HOF TER DENNEN - VOSSELAAR*
1982 (2008) 3,279 497 100 % 497
LA CLAIRIÈRE - WARNETON
1998 2,533 288 100 % 288
LAARSVELD - GEEL
2006 (2009) 5,591 964 100 % 964
LAARSVELD SERVICEFLATS - GEEL
2009 809 63 100 % 63
LAKENDAL - ALOST*
2014 7,894 859 100 % 859
LE CASTEL - JETTE
2005 5,893 533 100 % 533
LE MÉNIL - BRAINE-L'ALLEUD
1991 5,430 647 100 % 647
LES TROIS COURONNES - ESNEUX
2005 4,519 597 100 % 597
L’ORCHIDÉE - ITTRE
2003 (2013) 3,634 619 100 % 619
L’ORÉE DU BOIS - WARNETON
2004 5,387 621 100 % 621
MARTINAS - MERCHTEM*
2017 7,435 998 100 % 998
MILLEGHEM - RANST
2009 (2016) 9,592 1,027 100 % 1,027
DE HOVENIER - RUMBEKE*
2011 (2015) 5,079 807 100 % 807
NETHEHOF - BALEN
2004 6,471 719 100 % 719
NOORDDUIN - COXYDE
2015 6,440 904 100 % 904
PLOEGDRIES - LOMMEL*
2018 6,991 686 100 % 686
RÉSIDENCE DU PARC - BIEZ
1977 (2013) 12,039 703 100 % 703
SEBRECHTS - MOLENBEEK-SAIN-JEAN
1992 8,148 1,141 100 % 1,141
T'SMEEDESHOF - OUD-TURNHOUT
2003 (2012) 8,648 1,034 100 % 1,034
TILLENS - UCCLE
2015 4,960 1,134 100 % 1,134
VOGELZANG - HERENTALS
2009 (2010) 8,044 1,083 100 % 1,083
VONDELHOF - BOUTERSEM
2005 (2009) 4,923 587 100 % 587
Operator : Aspria 7,196 2,792 100 % 2,792
SOMBRE 56 - WOLUWÉ-SAINT-LAMBERT
2004 (2012) 7,196 2,792 100 % 2,792
1. The ‘Contractual rents’ section comprises the reconstitution of sold and discounted lease payments and, if applicable, the share of unsold lease payments (see Note 22).
2. Occupancy rate is calculated as follows : contractual rents / (contractual rents + estimated rental value on unlet premises).
148
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : Calidus 6,063 796 100 % 796
WEVERBOS - GENTBRUGGE
2011 6,063 796 100 % 796
Operator : Care-Ion 69,612 10,862 100 % 10,862
CHANT DES OISEAUX - BASSENGE
2019 3,345 500 100 % 500
CLOS DE LA QUIÉTUDE - EVERE
1997 (2016) 7,227 1,094 100 % 1,094
CLOS REGINA - ANDERLECHT
2010 5,772 850 100 % 850
DE BLOKEN - WELLEN
2008 7,564 1,120 100 % 1,120
DE GERSTJENS - AALST
2015 6,252 1,069 100 % 1,069
LE DOUX REPOS - NEUPRÉ
2011 6,875 967 100 % 967
MONTEREY - SAINT-GILLES
2020 5,105 1,000 100 % 1,000
PAALEYCK - KAPPELLE-OP-DEN-BOS
2016 3,744 687 100 % 687
RÉSIDENCE DU NIL - WALHAIN
1996 5,040 611 100 % 611
RÉSIDENCE WÉGIMONT - SOUMAGNE
2018 4,339 800 100 % 800
SENIOR'S FLATEL - SCHAERBEEK
1972 7,491 913 100 % 913
SERENITAS PALACE - GRÂCE-HOLLOGNE
2019 6,858 1,250 100 % 1,250
Operator : Korian 156,828 21,399 100 % 21,399
ARCUS - BERCHEM-SAINTE-AGATHE
2008 (2009) 10,719 1,926 100 % 1,926
BETHANIE - SAINT-SERVAIS
2005 4,780 524 100 % 524
CLOS DE LA RIVELAINE – MONTIGNIES-SUR-SAMBRE*
2021 5,458 761 100 % 761
DAMIAAN - TREMELO
2003 (2014) 20,274 2,706 100 % 2,706
DE PASTORIJ - DENDERHOUTEM*
2013 8,089 823 100 % 823
LA CAMBRE - WATERMAEL-BOITSFORT
1982 13,023 2,029 100 % 2,029
NOOTELAER - KEERBERGEN
1998 (2011) 2,467 358 100 % 358
PALOKE - MOLENBEEK-SAINT-JEAN
2001 11,262 1,401 100 % 1,401
PRINSENPARK - GENK
2006 (2013) 11,035 1,462 100 % 1,462
PROGRÈS - LA LOUVIÈRE*
2000 4,852 528 100 % 528
ROMANA - LAEKEN
1995 4,375 929 100 % 929
SEIGNEURIE DU VAL - MOUSCRON
1995 (2008) 6,797 1,221 100 % 1,221
VAN ZANDE - MOLENBEEK-SAINT-JEAN
2008 3,463 438 100 % 438
VLASHOF - STEKENE*
2016 6,774 957 100 % 957
ZONNETIJ - AARTSELAAR
2006 (2013) 7,817 872 100 % 872
ZONNEWEELDE - KEERBERGEN
1998 (2012) 6,106 805 100 % 805
ZONNEWEELDE - RIJMENAM
2002 (2019) 15,327 2,110 100 % 2,110
ZONNEWENDE - AARTSELAAR
1978 (2013) 14,210 1,548 100 % 1,548
Operator : Le Noble Age 6,435 1,274 100 % 1,274
PARKSIDE - LAEKEN
1990 (2013) 6,435 1,274 100 % 1,274
Operator : ORELIA 38,544 4,496 100 % 4,496
DILHOME - DILBEEK*
2010 5,170 766 100 % 766
EDEN PARK - AALST*
2008 4,212 373 100 % 373
KEIHEUVEL - BALEN*
2019 6,746 857 100 % 857
PUTHOF - BORGLOON*
2018 11,333 1,210 100 % 1,210
SERRENHOF - SINT-TRUIDEN*
2020 8,038 907 100 % 907
TEN BERGE - BELSELE*
2000 3,045 383 100 % 383
Operator : ORPEA Belgique 51,745 8,150 100 % 8,150
GRAY COURONNE - IXELLES*
2014 7,042 961 100 % 961
L’ ADRET - GOSSELIES
1980 4,800 497 100 % 497
LINTHOUT - SCHAERBEEK
1992 2,837 503 100 % 503
LUCIE LAMBERT - BUIZINGEN
2004 8,314 1,562 100 % 1,562
PRINCE ROYAL - IXELLES*
2015 6,242 1,314 100 % 1,314
PAUL DELVAUX - WATERMAEL-BOITSFORT*
2014 6,283 1,008 100 % 1,008
RINSDELLE - ETTERBEEK
2001 3,054 586 100 % 586
TOP SENIOR - TUBIZE
1989 3,570 391 100 % 391
VIGNERON - RANSART
1989 2,200 187 100 % 187
VORDENSTEIN - SCHOTEN*
2014 7,403 1,141 100 % 1,141
149
PROPERTY REPORT REAL ESTATE PORTFOLIO
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : 't Hofke 7,061 891 100 % 891
SAUVEGARDE - RUISBROEK*
2016 7,061 891 100 % 891
Operator : Vivalto 8,033 1,503 100 % 1,503
VIVALYS - BRUXELLES
1983 (2017) 8,033 1,503 100 % 1,503
Operator : Vlietoever 3,435 628 100 % 628
VLIETOEVER - BORNEM*
2012 3,435 628 100 % 628
Operator : Vulpia 18,841 2,369 100 % 2,369
CHARTREUSE - LIÈGE*
2015 11,013 1,267 100 % 1,267
CLOS BIZET - ANDERLECHT*
2017 7,828 1,102 100 % 1,102
Operator : Zwaluw 4,494 585 100 % 585
ZWALUW - GALMAARDEN
2002 4,494 585 100 % 585
France 213,367 27,599 99 % 27,749
Operator : Colisée Patrimoine Groupe 6,344 848 100 % 848
CAUX DU LITTORAL - NEVILLE*
1950 (2016) 3,230 421 100 % 421
OLIVIERS - CANNES LA BOCCA*
2004 3,114 426 100 % 426
Operator : DomusVi 18,864 2,179 100 % 2,179
LA VALLÉE D'AUGE - DOZULÉ*
2003 (2019) 3,529 529 100 % 529
LE GRAND JARDIN - SAP-EN-AUGE*
1992 (2017) 2,112 223 100 % 223
LE TILLEUL - CHANTELOUP-LES-VIGNES*
2007 (2018) 6,319 804 100 % 804
LES ONDINES - GRANDCAMP-MAISY*
2004 (2019) 2,841 350 100 % 350
NOUVEL AZUR - SAINT-PIERRE-DU-REGARD*
2013 4,063 272 100 % 272
Operator : Korian 154,956 19,351 100 % 19,351
ASTREE - SAINT-ÉTIENNE*
2006 3,936 440 100 % 440
AUTOMNE - REIMS*
1990 3,552 653 100 % 653
AUTOMNE - SARZEAU*
1994 2,482 447 100 % 447
AUTOMNE - VILLARS-LES-DOMBES*
1992 2,889 412 100 % 412
BROCÉLIANDE - CAEN*
2003 4,914 716 100 % 716
BRUYÈRES - LETRA*
2009 5,374 754 100 % 754
CANAL DE L'OURCQ - PARIS*
2004 4,550 926 100 % 926
CENTRE DE SOINS DE SUITE - SARTROUVILLE*
1960 3,546 378 100 % 378
CHÂTEAU DE LA VERNÈDE - CONQUES-SUR-ORBIEL*
1992 (1998) 3,789 525 100 % 525
DEBUSSY - CARNOUX-EN-PROVENCE*
1996 3,591 373 100 % 373
DOMAINES DE VONTES - EVRES-SUR-INDRE*
1967 (2019) 8,209 664 100 % 664
ESTRAIN - SIOUVILLE-HAGUE*
1976 (2004) 8,750 696 100 % 696
FRONTENAC - BRAM*
1990 (2014) 3,388 307 100 % 307
GRAND MAISON - L'UNION*
1992 (2009) 6,338 783 100 % 783
L'ERMITAGE - LOUVIER*
2007 4,013 485 100 % 485
LE CLOS DU MURIER - FONDETTES*
2008 4,510 588 100 % 588
LE JARDIN DES PLANTES - ROUEN*
2004 3,000 274 100 % 274
LES AMARANTES - TOURS*
1996 4,208 487 100 % 487
LES HAUTS D’ANDILLY - ANDILLY*
2008 3,069 501 100 % 501
LES HAUTS DE JARDY - VAUCRESSON*
2008 4,373 731 100 % 731
LES HAUTS DE L'ABBAYE - MONTIVILLIERS*
2008 4,572 533 100 % 533
LES JARDINS DE L’ANDELLE - PERRIERS-SUR-ANDELLE*
2009 3,348 452 100 % 452
LES LUBÉRONS - LE PUY-SAINTE-RÉPARADE*
1990 (2016) 6,414 691 100 % 691
LES OLIVIERS - LE PUY-SAINTE-RÉPARADE*
1990 4,130 481 100 % 481
MEUNIÈRES - LUNEL*
1988 4,275 731 100 % 731
MONTPRIBAT - MONFORT-EN-CHALOSSE*
1972 (1999) 5,364 632 100 % 632
PAYS DE SEINE - BOIS-LE-ROY*
2004 (2010) 6,496 1,233 100 % 1,233
POMPIGNANE - MONTPELLIER*
1972 6,201 873 100 % 873
ROUGEMONT - LE MANS*
2006 5,986 422 100 % 422
SAINT GABRIEL - GRADIGNAN*
2008 6,274 778 100 % 778
VILLA EYRAS - HYÈRES*
1991 7,636 682 100 % 682
WILLIAM HARVEY - SAINT-MARTIN-D'AUBIGNY*
1989 (2016) 5,779 703 100 % 703
150
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : Philogeris 4,698 373 100 % 373
CUXAC - CUXAC-CABARDES*
1989 2,803 211 100 % 211
LAS PEYRERES - SIMORRE*
1969 1,895 162 100 % 162
Operator : ORPEA France 26,305 4,850 100 % 4,850
BELLOY - BELLOY*
1991 (2009) 2,559 466 100 % 466
HAUT CLUZEAU - CHASSENEUIL*
2007 2,512 413 100 % 413
LA JONCHÈRE - RUEIL-MALMAISON*
2007 3,731 689 100 % 689
LA RAVINE - LOUVIERS*
2000 (2010) 3,600 663 100 % 663
LA SALETTE - MARSEILLE*
1956 3,582 627 100 % 627
LE CLOS SAINT SÉBASTIEN - SAINT-SÉBASTIEN-SUR-
LOIRE*
2005 3,697 484 100 % 484
MUSICIENS - PARIS*
2004 (2020) 4,264 1,375 100 % 1,375
VILLA NAPOLI - JURANCON*
1950 2,360 134 100 % 134
VIDE 2,200 - 0 % 150
CHAMPGAULT - ESVRES-SUR-INDRE*
1972 (1982) 2,200 - 0 % 150
The Netherlands 187,013 24,337 100 % 24,412
Assets directly leased to healthcare professionals 45,773 5,746 99 % 5,820
GANZENHOEF - AMSTERDAM *
2000 (2013) 2,469 415 100 % 415
BURGEMEESTER MAGNEESTRAAT 12 - BERGEIJK*
1991 (2020) 2,946 476 100 % 476
SIONSBERG - DOKKUM*
1980 (2015) 15,693 851 100 % 851
DODEWAARDLAAN 5-15 - TIEL*
2009 3,951 531 100 % 531
TERGOOI - WEESP*
1991 (2019) 2,569 401 99 % 403
OOSTERKERKSTRAAT 1 - LEIDEN*
2012 1,813 268 100 % 268
MOERGESTELSEWEG 22-26 - OISTERWIJK - VOORSTE
STROOM*
2008 1,561 210 87 % 241
MOERGESTELSEWEG 32 - OISTERWIJK*
2007 1,768 303 100 % 303
MOERGESTELSEWEG 34 - OISTERWIJK*
2002 1,625 225 95 % 238
ORANJEPLEIN - GOIRLE*
2013 1,854 348 100 % 348
OOSTERSTRAAT 1 - BAARN*
1963 (2011) 1,423 202 95 % 212
PIUSHAVEN - TILBURG*
2011 2,257 451 98 % 460
TORENZICHT 26 - EEMNES*
2011 1,055 182 100 % 182
WATERLINIE - UITHOORN*
2013 3,223 645 99 % 650
ZOOMWIJCKPLEIN 9-13-15 - OUD BEIJERLAND*
2018 1,566 238 98 % 243
Operator : Bergman Clinics 14,529 2,176 100 % 2,176
BRAILLELAAN 5 - RIJSWIJK*
2013 (2019) 2,133 261 100 % 261
BRAILLELAAN 10 - RIJSWIJK*
2020 3,917 667 100 % 667
RIJKSWEG 69 et 69 A - NAARDEN*
2010 5,821 953 100 % 953
RUBENSSTRAAT 165-173 - EDE*
1991 (2014) 2,658 294 100 % 294
Operator : DC Klinieken 3,152 466 100 % 466
KRIMKADE 20 - VOORSCHOTEN*
1992 1,181 216 100 % 216
LOUIS ARMSTRONGWEG 28 - ALMERE*
2000 1,971 250 100 % 250
Operator : Domus Magnus 3,342 1,066 100 % 1,066
LAURIERSGRACHT - AMSTERDAM*
1968 (2010) 3,342 1,066 100 % 1,066
Operator : Fundis 18,159 1,564 100 % 1,564
BRECHTZIJDE 20 - NS ZOETERMEER*
1997 (2008) 9,059 610 100 % 610
VAN BEETHOVENLAAN 60 - ROTTERDAM*
1966 (1999) 9,100 954 100 % 954
Operator : Gemiva 3,875 570 100 % 570
CASTORSTRAAT 1 - ALPHEN AAN DEN RIJN*
2016 3,875 570 100 % 570
Operator : Het Baken, Estea & Hof van Blom 5,182 646 100 % 646
HOF VAN BLOM 5-7, HATTEM*
2021 5,182 646 100 % 646
Operator : HWW 5,326 745 100 % 745
CHRISTOFFEL PLANTIJNSTRAAT 3 - DEN HAAG *
1986 (2021) 5,326 745 100 % 745
Operator : Stichting Amphia 14,700 1,989 100 % 1,989
DE PLATAAN - HEERLEN*
2017 14,700 1,209 100 % 1,209
AMPHIA - BREDA*
2016 0 780 100 % 780
151
PROPERTY REPORT REAL ESTATE PORTFOLIO
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : Attent Zorg en Behandeling 1,795 221 100 % 221
KASTANJEHOF 2 - VELP*
2012 1,795 221 100 % 221
Operator : Stichting ASVZ 1,624 222 100 % 222
GANTELWEG - SLIEDRECHT*
2011 1,624 222 100 % 222
Operator : Stichting Gezondheidszorg Eindhoven (SGE) 2,237 367 100 % 367
STRIJP-Z - EINDHOVEN*
2015 2,237 367 100 % 367
Operator : Stichting JP van den Bent 1,565 216 100 % 216
HOF VAN ARKEL - TIEL*
2012 1,565 216 100 % 216
Operator : Stichting Leger des Heils 1,181 101 100 % 101
NIEUWE STATIONSTRAAT - EDE*
1985 (2008) 1,181 101 100 % 101
Operator : Stichting Martha Flora 2,142 373 100 % 373
KLOOSTERSTRAAT - BAVEL*
2017 2,142 373 100 % 373
Operator : Stichting Pantein 4,254 683 100 % 683
DR. KOPSTRAAT 2 - BEUGEN*
2011 4,254 683 100 % 683
Operator : Stichting Philadelphia Zorg 7,250 766 100 % 766
BARONIE 149-197 - ALPHEN AAN DEN RIJN*
2016 2,000 190 100 % 190
CHURCHILLLAAN - LOPIK*
2015 2,883 262 100 % 262
WIJNKOPERSTRAAT 90-94 - GORINCHEM*
2019 2,367 314 100 % 314
Operator : Stichting Rijnstate 3,591 454 100 % 454
MARGA KLOMPELAAN 6 - ARNHEM*
1994 3,591 454 100 % 454
Operator : Stichting Saer 8,694 1,177 100 % 1,177
NEBO - DEN HAAG*
2004 8,694 1,177 100 % 1,177
Opérateurs : Stichting Sozorg & Martha Flora 3,074 511 100 % 511
DE RIDDERVELDEN - GOUDA*
2014 3,074 511 100 % 511
Operator : Stichting TanteLouise 16,652 2,291 100 % 2,291
VEILINGDREEF 6 - BERGEN OP ZOOM*
2010 16,652 2,291 100 % 2,291
Operator : Stichting Zorgaccent 4,063 376 100 % 376
DAHLIASTRAAT 1 - NIJVERDAL*
2006 4,063 376 100 % 376
Operator : Stichting Zorgaccent & Twentse Zorgcentra 10,966 1,001 100 % 1,001
REGGEWEG – HELLENDOORN*
(2010) 10,966 1,001 100 % 1,001
Operator : Stichting Zorggroep Noordwest-Veluwe 3,887 610 100 % 610
ARCADE NW - ERMELO *
2014 3,887 610 100 % 610
Germany 293,629 36,466 100 % 36,466
Operator : Alloheim 12,927 1,352 100 % 1,352
AUF DER ALTEN BAHN 10 - BICKENBACH*
2011 6,638 812 100 % 812
BACHSTELZENRING 3 – NIEBÜLL*
1997 6,289 540 100 % 540
Operator : Aspria 18,836 4,888 100 % 4,888
MASCHSEE CLUB - HANOVRE*
2009 11,036 2,526 100 % 2,526
UHLENHORST CLUB - HAMBOURG*
2012 7,800 2,362 100 % 2,362
Operator : Azurit Rohr 32,621 3,342 100 % 3,342
DR. SCHEIDERSTRAE 29 – RIESA*
2018 6,538 856 100 % 856
GAUSTRAE 5 – CHEMNITZ*
2004 7,751 765 100 % 765
JOSEPH-KEHREIN-STRAE 1-3 - MONTABAUR*
2003 (2015) 11,615 1,195 100 % 1,195
SENIORENZENTRUM BRÜHL - CHEMNITZ*
2007 6,717 526 100 % 526
Operator : Convivo 4,354 512 100 % 512
LANGE STRASSE 5-7 - LANGELSHEIM*
2004 4,354 512 100 % 512
Operator : Curata 32,050 3,112 100 % 3,112
BURG BINSFELD – NOERVENICH*
1533 (1993) 8,146 860 100 % 860
HAEHNER WEG 5 - REICHSHOF – DENKLINGEN*
1900 (1998) 7,604 870 100 % 870
HERZOG-JULIUS-STRASSE 93 - BAD HARZBURG*
1870 (2010) 12,459 1,320 100 % 1,320
SCHLOSSFREIHEIT 3 - NEUSTADT-GLEWE*
1997 3,841 62 100 % 62
Operator : Domus Cura 9,604 1,540 100 % 1,540
OSTLICHE RINGSTRASSE 12 - INGOLSTADT*
1991 6,518 760 100 % 760
SCHONE AUSSISCHT 2 - NEUNKIRCHEN*
2009 3,086 780 100 % 780
152
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : Kaiser Karl Klinik (Groupe Eifelhöhen-Klinik) 11,881 2,264 100 % 2,264
KAISER KARL KLINIK - BONN*
1995 (2013) 11,881 2,264 100 % 2,264
Operator : Korian Germany 12,741 1,383 100 % 1,383
TRINENKAMP 17 - GELSENKIRCHEN*
1998 6,641 728 100 % 728
AUF DER HUDE 60 - LÜNEBURG*
2004 6,100 655 100 % 655
Operator : M.E.D. Gesellschaft für Altenpflege 4,602 588 100 % 588
SENIORENRESIDENZ CALAU - CALAU*
2015 4,602 588 100 % 588
Operator : Mohring Gruppe 10,513 910 100 % 910
WESTSTRAE 12-20 - BAD SASSENDORF*
1968 (2013) 10,513 910 100 % 910
Operator : Oberberg 8,036 1,380 100 % 1,380
AM SANDFELD 34 – KAARST*
2020 8,036 1,380 100 % 1,380
Operator : ORPEA Germany 44,493 5,019 100 % 5,019
AM KASTANIENPARK 2 & 24 - WIESMOOR*
1997 (2020) 4,926 538 100 % 538
FOCKENBOLLWERKSTRASSE 31 - AURICH*
1994 (2020) 4,858 572 100 % 572
KURPROMENADE 6-8 - BAD LANGENSALZA*
1998 11,507 1,181 100 % 1,181
NEXUS - BADEN-BADEN*
1896 (2005) 4,706 878 100 % 878
PROF.-KURT-SAUER-STRASSE 4 - BAD SCHÖNBORN*
1997 (2020) 18,496 1,850 100 % 1,850
Operator : Stella Vitalis 88,031 9,797 100 % 9,797
AM TANNENWALD 6 - SWISTTAL*
2018 5,081 594 100 % 594
BAHNHOFSTRASSE 10 - HAAN*
2010 5,656 740 100 % 740
BIRKSTRASSE 41 - LECK*
1999 (2000) 4,407 340 100 % 340
BRESLAUER STRASSE 2 - WEIL AM RHEIN*
2015 5,789 602 100 % 602
BRUNNENSTRASSE 6 A - LUNDEN*
1999 (2002) 8,153 485 100 % 485
BUCHAUWEG 22 - SCHAFFLUND*
1998 (2004) 3,881 435 100 % 435
DORSTENER STRASSE 12 - BOCHUM*
2010 5,120 760 100 % 760
EPPMANNSWEG 76 - GELSENKIRCHEN*
2017 5,074 550 100 % 550
ESCHWEILER STRASSE 2 - ALSDORF*
2010 5,302 690 100 % 690
FÖRSTEREIWEG 6 - ASCHEFFEL*
1991 (1997) 4,925 351 100 % 351
JUPITERSTRASSE 28 - DUISBURG-WALSUM*
2007 4,420 641 100 % 641
KÖLNER STRASSE 54-56 - WEILERWIST*
2016 4,205 594 100 % 594
OSTERENDE 5 - VIÖL*
2002 3,099 261 100 % 261
OSTERFELD 3- GOSLAR*
2014 (2015) 5,880 498 100 % 498
OSTRING 100 - BOTTROP*
2008 4,377 590 100 % 590
SEESTRASSE 28/30 - ERFSTADT*
2008 7,072 1,066 100 % 1,066
STAPELHOLMER PLATZ - FRIEDRICHSTADT*
2017 5,590 600 100 % 600
Operator : Wecare 2,940 378 100 % 378
AM STEIN 20 - NEUSTADT/WESTERWALD*
2012 2,940 378 100 % 378
Spain 103,861 8,130 100 % 8,130
Operator : Clece 10,189 1,096 100 % 1,096
EMILIA PARDO BAZAN 116 – VIGO*
2021 5,373 462 100 % 462
ERNESTO CHE GUEVARA – OLEIROS*
2021 4,816 634 100 % 634
Operator : DomusVi 68,107 5,161 100 % 5,161
ACCESO IV PLANT 41 - SAGUNT*
1985 (2001) 5,544 516 100 % 516
AMAPOLA 38 - VALDEPENAS*
1998 5,677 192 100 % 192
AMETLLER 6 – HOSPITALET DE LLOBREGAT*
2005 5,968 612 100 % 612
ANTEQUERA 8 - BARCELONA*
2002 4,370 547 100 % 547
CASSERRES 1 – PUIG REIG*
1995 (2008) 6,794 759 100 % 759
FRANCISCO VITORIA 24 - VALLADOLID*
2013 9,246 601 100 % 601
MARE DE DEU DEL COLL 22 - BARCELONA*
1997 7,300 743 100 % 743
MEJORANA 100 – ALHAURIN DE LA TORRE*
1997 (2006) 6,107 228 100 % 228
MORALEJA 1 - VILLARALBO*
2007 7,006 254 100 % 254
PARTIDA GRAO - ALPICAT*
1995 (2001) 3,964 506 100 % 506
POLIGONO SANTA BARBARA - THARSIS*
1994 (2002) 6,131 203 100 % 203
153
PROPERTY REPORT REAL ESTATE PORTFOLIO
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Operator : ORPEA 10,628 865 100 % 865
CAPUCHINOS 85 - CASTELLÓN*
2020 6,100 433 100 % 433
ZABALBIDE - BILBAO*
2021 4,528 432 100 % 432
Operator : Reifs 14,937 1,008 100 % 1,008
CONSTELACIÓN CORONA AUSTRAL, 1 - UTRERA*
2004 7,067 556 100 % 556
MARTIN DE GAINZA 12 - ALCALÁ DE GUADAÍRA*
2006 7,870 452 100 % 452
Finland 6,823 1,597 100 % 1,597
Operator : Mehiläinen 4,200 979 100 % 979
VAASANPUISTIKKO 22 - VAASA*
2021 4,200 979 100 % 979
Operator : Esperi Care 2,623 618 100 % 618
HARRIKUJA 8 - VANTAA*
2021 2,623 618 100 % 618
Ireland 39,244 4,637 100 % 4,637
Operator : DomusVi 39,244 4,637 100 % 4,637
CAIRN HILL WESTMINSTER ROAD - CORNELSCOURT*
1999 1,742 433 100 % 433
DRUMALEE - CAVAN*
2007 8,540 400 100 % 400
MALAHIDE ROAD - BALGRIFFIN*
2001 6,998 1,118 100 % 1,118
SEA ROAD - CASTLEBELLINGHAM*
2002 2,520 550 100 % 550
STAMULLEN ROAD - GORMANSTON*
2000 10,367 650 100 % 650
STOCKHOLE LANE - CLOGHRAN*
2016 4,956 959 100 % 959
THE CURRAGH - SUNCROFT*
2000 4,121 528 100 % 528
Italy 64,913 9,612 100 % 9,612
Operator : Codess Sociale 12,898 1,447 100 % 1,447
BOCCACCIO 96 – PADUA*
2000 (2012) 12,898 1,447 100 % 1,447
Operator : Korian 24,640 3,884 100 % 3,884
CRESCITELLI 1 - MONZA*
1987 (1997) 9,196 1,415 100 % 1,415
IPPOCRATE 18 - MILAN*
2005 15,444 2,469 100 % 2,469
Operator : Kos 27,375 4,281 100 % 4,281
DON LUIGI UBOLDI 40 - BOLLATE*
2003 7,210 1,038 100 % 1,038
SAN FAUSTINO 21 - MILAN*
2003 7,588 1,247 100 % 1,247
SAN FAUSTINO 27 - MILAN*
2003 12,577 1,996 100 % 1,996
United Kingdom 9,411 3,420 100 % 3,420
Operator : Country Court Care Homes 9,411 3,420 100 % 3,420
ELBA GATE - MILTON KEYNES*
2017 3,158 1,125 100 % 1,125
FERRARS ROAD 14 - HUNTINGDON*
2016 3,166 1,152 100 % 1,152
PRINCES AVE - WELWYN GARDEN*
2018 3,087 1,143 100 % 1,143
OFFICES
419,314 70,190 93 % 75,431
Brussels CBD 129,269 28,639 95 % 30,029
ARTS/KUNST 27*
1977 (2009) 3,734 949 98 % 973
ARTS/KUNST 46*
1966 (1998) 11,516 2,328 96 % 2,420
AUDERGHEM 22-28*
2004 5,853 1,147 86 % 1,336
BELLIARD 40*
2018 20,322 5,218 99 % 5,252
PORT/HAVEN 86 C*
2014 16,725 3,976 100 % 3,976
GUIMARD 10-12*
1980 (2015) 10,410 2,609 100 % 2,612
LIGNE 13*
2007 3,693 769 98 % 784
LOI/WET 34*
2001 6,882 915 76 % 1,206
LOI/WET 57*
2001 10,279 1,953 100 % 1,953
LOI/WET 227*
1976 (2009) 5,915 1,442 99 % 1,459
MEEÛS 23*
2010 8,807 2,185 98 % 2,221
ARTS/KUNST 19 H (Quartz)*
2020 9,186 2,114 100 % 2,114
SCIENCE/WETENSCHAP 41*
1960 (2001) 2,932 620 99 % 629
TRÔNE/TROON 98*
1986 5,757 1,212 99 % 1,218
TRÔNE/TROON 100*
2020 7,258 1,202 64 % 1,876
154
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
Brussels decentralised 167,149 25,322 92 % 27,516
BOURGET 40*
1998 (2020) 14,262 1,976 100 % 1,977
BOURGET 42*
2001 25,746 3,868 90 % 4,281
BOURGET 44*
2001 14,049 2,127 91 % 2,349
BOURGET 50*
1998 (2021) 4,878 283 40 % 703
BRAND WHITLOCK 87-93*
1991 6,216 913 91 % 999
COCKX 8-10 (Omega Court)*
2008 16,472 2,072 79 % 2,630
RUE DE GENÈVE/GENEVESTRAAT 12 (Everegreen)*
1992 (2006) 16,062 2,089 100 % 2,089
GEORGIN 2*
2007 17,681 3,488 100 % 3,488
HERRMANN DEBROUX 44-46*
1992 9,666 1,624 97 % 1,676
SOUVERAIN/VORST 36*
1998 8,310 854 100 % 854
SOUVERAIN/VORST 280*
1989 (2005) 7,074 1,185 96 % 1,232
TERVUREN 270-272 (The Gradient)*
1976 (2013) 19,580 3,549 90 % 3,941
WOLUWE 58 (+ parking Saint-Lambert)*
1986 (2001) 3,868 785 100 % 785
WOLUWE 62*
1988 (1997) 3,285 510 99 % 514
Brussels periphery 61,998 6,587 82 % 8,075
MERCURIUS 30*
2001 6,124 583 100 % 583
NOORDKUSTLAAN 16 A-B-C (West-End)*
2009 10,022 1,504 90 % 1,680
PARK LANE*
2000 36,636 3,680 74 % 4,945
WOLUWELAAN 151*
1997 9,216 820 94 % 868
Antwerp periphery 12,994 2,073 94 % 2,209
AMCA - AVENUE BUILDING*
2010 9,403 1,522 96 % 1,583
AMCA - LONDON TOWER*
2010 3,530 542 88 % 618
NOORDERPLAATS (AMCA)*
2010 61 9 100 % 9
Other regions 47,904 7,570 100 % 7,602
ALBERT I
er
4 - CHARLEROI*
1967 (2005) 19,189 2,954 100 % 2,954
MECHELEN STATION - MALINES/MECHELEN*
2002 28,715 4,616 99 % 4,648
OFFICE BUIDLINGS WITH SOLD LEASE RECEIVABLES
33,785 7,382 100 % 7,384
Brussels decentralised 4,137 442 100 % 442
COLONEL BOURG 124*
1988 (2009) 4,137 442 100 % 442
Brussels CBD 26,188 5,900 100 % 5,902
LOI/WET 56*
2008 9,484 2,309 100 % 2,309
LUXEMBOURG/ LUXEMBURG 40*
2007 7,522 1,233 100 % 1,233
NERVIENS/NERVIÊRS 105*
1980 (2008) 9,182 2,232 100 % 2,232
MEEÛS 23 (+ parking)*
2010 0 126 98 % 128
Other regions 3,460 1,040 100 % 1,040
MAIRE 19 - TOURNAI*
1997 3,460 1,040 100 % 1,040
PROPERTY OF DISTRIBUTION NETWORKS 359,617 36,330 99 % 36,878
Pubstone 311,379 29,991 100 % 30,108
Pubstone Belgium (677 buildings)* 270,060 19,710 99 % 19,827
Brussels
40,258 4,029 100 % 4,029
Flanders
167,258 11,579 100 % 11,622
Wallonia
62,544 4,102 98 % 4,176
Pubstone Netherlands (212 buildings)* 41,319 10,281 100 % 10,281
MAAF (180 buildings)* 39,196 4,949 92 % 5,380
Other Belgium 9,043 1,390 100 % 1,390
KROONVELDLAAN 30 - DENDERMONDE
2012 9,043 1,390 100 % 1,390
TOTAL INVESTMENT PROPERTIES AND WRITEBACK
OF SOLD AND DISCOUNTED LEASE PAYMENTS
2,322,950 312,584 98 % 318,599
155
PROPERTY REPORT REAL ESTATE PORTFOLIO
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
ASSETS HELD FOR SALE 39,602
Belgium 20,805
COLONEL BOURG 122*
1988 (2006) 4,129
PARK HILL*
2000 16,676
France 18,797
PONT - BEZONS*
1988 (1999) 2,500
LAC - MONCONTOUR*
1991 1,286
HÉLIO-MARIN - HYÈRES*
1975 12,957
MAAF (10 buildings)*
2,054
HEALTHCARE RENOVATION PROJECTS 0
Belgium 0
BLOEMENLAAN - OUDENBURG*
-
NEW FARNIENTANE – JUPRELLE*
-
NEW SITELLES – GENAPPE*
-
France 0
REVIN*
-
VILLA BAUCIS - FONTAINEBLEAU*
-
VILLERS-SUR-MER*
-
The Netherlands 0
TERGOOI - HILVERSUM*
-
Spain 0
BARCELONA 11 - CASTELLÓN*
-
CALLAO 13 – MALLORCA*
-
JAUME II 57 - LÉRIDA*
-
MARIANO SANZ 39 - CARTAGENA*
-
MATERNITAT D’ELNA 1 – TARRAGONA*
-
NOVELDA 26/28 - ALICANTE*
-
SAN LUCAR 20 – PUERTO SANTA MARÍA*
-
Finland 0
AALLONMURTAJANKATU 3 - KUOPIO*
-
AURA - TURKU*
-
AURA - YLÖJÄRVI*
-
FLORA - TURKU*
-
PUNAKIVENTIE 19 – HELSINKI*
-
RIISTATIE 3 - ROVANIEMI*
-
OFFICES RENOVATION PROJECTS 16,855
ARTS/KUNST 47-49*
6,915
LOI/WET 85*
3,735
MONTOYER 10*
6,205
RENOVATION PROJECTS
REAL ESTATE OF DISTRIBUTION NETWORKS
0
TENREUKEN
-
LAND RESERVE HEALTHCARE REAL ESTATE
- - -
OSTLICHE RINGSTRASSE 11 - INGOLSTADT
- -
ROOSEVELT - BRUXELLES*
- -
NOORDDUIN - KOKSIJDE
- -
SUR SEAUMONT - MARCHE-EN-FAMENNE
- -
CLAVELES – MARACENA*
- -
ISLAS CANARIAS 98 – SANTA CRUZ DE TENERIFE*
- -
PAU ALJAMAR 10 - TOMARES*
- -
PINADA 81/83 - MURCIA*
- -
ZAMORA 43 - VALLADOLID*
- -
156
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Property Year of
construction
(last
renovation/
extension)
Surface area
(in m)
A
Contractual,
rents,
(x 1,000,EUR)
C = A/B
2
Occupancy
rate
B
Rents + ERV
on unlet
premises
(x 1,000 EUR)
LAND RESERVE OFFICES - 30 30
Brussels CBD - 27 27
DE LIGNE*
3 3
EGMONT I *
14 14
EGMONT II *
6 6
LOUISE 140*
- -
MEIBOOM 16-18*
- -
MONTOYER 14*
2 2
MONTOYER 40*
- -
Brussels decentralised - 2 2
WOLUWE 34*
2 2
Brussels periphery - - -
KEIBERG PARK*
- -
WOLUWE GARDEN 26-30*
- -
Antwerp Singel - 1 1
QUINTEN*
- -
REGENT* - -
ROYAL HOUSE* - -
UITBREIDINGSTRAAT 2-8* - -
UITBREIDINGSTRAAT 10-16* 1 1
PORTFOLIO GRAND TOTAL 2,379,407 312,614 318,629
157
PROPERTY REPORT REAL ESTATE PORTFOLIO
MARKET COMMENTARY
1
1. All market commentaries were written in English by Cushman & Wakefield, PwC, CBRE, Colliers and Jones LangLasalle.
Healthcare real estate
As at 31.12.2021, the fair value of Cofinimmo’s consolidated health-
care real estate portfolio accounted for 67 % of the company’s total
consolidated portfolio. In this segment, Cofinimmo owns properties
worth nearly 3,800 million EUR in nine countries, namely : Belgium,
France, Germany, the Netherlands, Spain, Finland, Ireland, Italy
and the United Kingdom. In total, Cofinimmo owns 266 healthcare
assets having together a total capacity of nearly 25,600 beds.
THE BELGIAN HEALTHCARE MARKET
Demographic evolution in Belgium
According to the National Planning Bureau, the percentage of
persons aged 67 and over in Belgium is increasing and will peak
at 22.4 % of the population by 2040, representing 2.7 million people.
The proportion of persons aged 80 and over was 5.6 % in 2020 and
will gradually rise to reach 7.5 % by 2040. Irrespective of the current
oer, an increase in the number of nursing and care homes is
required to meet the growing demand associated with the ageing
of the population.
Nursing and care homes landscape
According to the latest statistics available (provided by Femarbel),
Belgium counts about 1,500 nursing and care homes oering
together a total capacity of approximately 150,000 beds.
It is estimated that an overall capacity of around 178,000 accommo-
dation units will be needed by 2030 and of approximately 287,000
units by 2050. This represents an average annual growth of 4,500
accommodation units between now and 2050.
Public operators account for approximately 30 % of the beds, private
operators for approximately 35 % and non-profit sector operators
for approximately 35 % of the beds.
Market Trends
The transaction volume over the year 2021 amounted to nearly
3.6 billion EUR, i.e a 35 % decrease compared to the previous year.
Approximately 10 % of the investment volumes refers to nursing
and care homes. Belgian players (REITs, Insurance companies)
dominated this market.
The prime yield is at 4 % in Flanders (compared to 4.3 % in Brussels
and 4.5 % in Wallonia), stable at an all-time low, but which is
still slightly higher than investments returns generated by other
asset classes (e.g. oces at 3.6 %). Prime yields should remain stable
in the medium-term.
Due to the Covid-19 pandemic, the occupancy rate of care
homes had decreased by the end of 2020 and early 2021. However,
as vaccination programmes have been rolled out, occupancy
rates have started to recover during the second part of the year.
THE FRENCH HEALTHCARE MARKET
Demographic evolution in France
As a direct consequence of the post-war baby-boom (1946 to 1976),
the proportion of over 65 s is inevitably set to rise through to 2040.
According to INSEE, the percentage of persons aged 65 and over
in France is increasing and will peak at 26.5 % of the population by
2040, representing 18,3 million people. The proportion of persons
aged 80 and over was 6.0 % in 2021 and will gradually rise to reach
9.7 % by 2040. Irrespective of the current oer, an increase in the
number of nursing and care homes is required to meet the growing
demand associated with the ageing of the population.
Care dependency
Considering the growing proportion of elderly in the French popu-
lation, the total number of care-dependent persons will increase
from 1.3 million in 2017 to 2 million by 2040, i.e., a 54 % increase.
Needless to say that the proportion of care-dependent persons
increases with age.
Nursing and care homes landscape
According to the latest statistics available, France counts about
7,400 nursing and care homes oering together a total capacity
of approximately 595,200 beds.
It is estimated that an overall capacity of around 700,000 accommo-
dation units will be needed by 2030 and of approximately 900,000
units by 2045. This represents an average annual growth of 50 %
accommodation units between now and 2045.
Public operators account for approximately 44 % of the beds, private
operators for approximately 25 % and non-profit sector operators
for approximately 31 % of the beds.
The cure centres (healthcare centres/
rehabilitation clinics/psychiatric clinics)
In a drive to rationalise patient care and optimise structural costs,
public and private for-profit establishments have been taking the
approach of concentrating their various entities and services. In
addition, changes in surgical techniques, the ageing population
and chronic conditions are increasingly pushing healthcare estab-
lishments towards flexibility. Driven by an activity-based funding
approach, there has also been an increase in day/night hospital
-
isations and ambulatory care in particular. In Medical, Surgical
and Obstetrics (MSO), full hospitalisations fell by an average of
0.9 % per year from 2006 to 2016 whereas partial hospitalisations
rose by 4.7 % per year. The same trend can be seen for aftercare
and rehabilitation centers (SSR) with growth of 1.1 % for full hospi
-
talisations and 7.6 % for partial hospitalisations.
Nationally, beds in private clinics account for 24 % of the overall
health stock, compared with 61 % for public establishments and 15 %
for not-for-profit. However, penetration rates vary considerably
by department : relatively low in the North-East (less than 10 % in
Ardennes, Meuse, Bas-Rhin and Haut-Rhin) and conversely very
high in the South and Corsica (over 40 % in Bouches du Rhône,
Haute Garonne and Hérault).
158
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Generally speaking, public establishments dominate in terms of full
hospitalisations for long-term care (90 %), psychiatrics (62 %) and
MSO (74 %). Conversely, half of partial hospital days in the MSO
sector are in the, private sector.
Only private operators are currently choosing to outsource their
real estate. However, there is nothing to stop similar moves being
made by public establishments. In fact with high levels of debt in the
struggling public health sector (debt ratio of 51.5 % in 2016), this option
could one day be explored by public bodies seeking to release
capital in order to finance modernisation (equipment, connected
tools, scientific research activity, etc.) and hospital development.
The French market has been experiencing an increasing investor
appetite for surgical clinics - long considered risky, more Capex-
demanding with lower operational margins and larger investment
sizes. This appetite shows that any healthcare related opportunity
would likely be appreciated by investors.
Market Trends
Health and social care operators currently face several challen-
ges. The first is linked to a lack of land; this is limiting development
projects and encouraging operators to approach developers and
real estate specialists to support their hunt for new development
opportunities. The second is human in nature with pressure on the
employment market in this sector and genuine diculties in recruit-
ing qualified and specialist sta : doctors, nurses, care workers. The
third is demographic, with a growing need for residential care and
an increase in chronic illness which require trained sta, specific
care and facilities. Encouraged by public authorities, specialists
in care services and assisted living are now diversifying into the
senior citizen market. Strategies vary from one operator to the
other : diversifying home-support services, creating a network of
shared housing solutions for seniors, etc.
Transaction volume
The healthcare transaction volume (excluding assisted living) over
the year 2021 amounted to approx. 1.4 billion EUR, i.e a 60 % increase
compared to 2020. Approximately 66 % of the investment volumes
refers to nursing and care homes (920 M EUR). Local players domin-
ated this market. In 2021, the transaction volume was significantly
driven by the acquisition of a portfolio of 33 nursing homes by
Primonial on behalf of its Primovie SCPI. All 33 nursing homes are
fully let under fixed long-term leases to Colisée. Despite the strong
appetite of investors for French healthcare assets, few other signifi-
cant transactions over 100 million EUR have been recorded in 2021
due to lack of opportunities on the market.
Prime yield
The prime yields for nursing homes leased by major operators
through long fixed-period leases are still under pressure and can
reach 4.00 % in region. A recent landmark portfolio transaction in
France demonstrated another yield compression for secondary
regional locations.
Prime yields in Paris and Greater Paris area could reach the 3.50 %
mark although no deal has been recorded at this level in 2021.
Comment on COVID-19
In contrast to other commercial real estate asset classes, healthcare
market has shown a great resilience following the Covid-19 outbreak.
Despite punctual general trend of lower than normal occupancy
and increased costs and trade interruption through infection control
procedures, rents and incentives have remained largely unchanged,
with operators taking a robust long term view. We have not observed
any significant change in normative long-terms rents. More gener-
ally since the Covid-19 outbreak, the healthcare market has been
considered as a haven for investment with no repricing nor yield
increase recorded.
Comment on current economic situation
France’s annual inflation rate was confirmed at a robust 2.8 % year-
on-year in December of 2021. According to the last publications, the
annual inflation rate is expected to amount approx. 2.0 % in 2022.
Major operators might partly reflect the inflation increase in their
rates.
THE DUTCH HEALTHCARE MARKET
Demographic evolution in the Netherlands
With the aging of the population, the number of (vulnerable) elderly
people is increasing sharply. In 2040 there will be 4.8 million over-
65 s, 2.5 million over-75 s and 340,000 over-90 s. In addition, the
number of single elderly people is increasing and there is more
dementia and loneliness (Actiz, 2020). In the coming years, the
proportion of 65-79 year-olds in the total population will rise sharply.
From 2025, the group of over-80 s will also increase sharply (double
aging) (CBS, 2021). With all these developments, the demand for
care is increasing sharply.
Care dependency
Considering the growing proportion of elderly in the Dutch popu-
lation, the total number of care-dependent persons is expected to
increase. For example, the number of people with dementia and
with an indication for nursing home care is expected to increase to
165,000 in 2040, an increase of 117 % compared to 2015 (RIVM, 2018).
In addition, the proportion of care-dependent persons increases
with age.
Nursing and care homes landscape
The current and expected capacity of care homes has been mapped
by TNO (2020) nationally and regionally based on existing regis-
trations. The total contracted or delivered intramural capacity is
approximately 142,000 places. The theoretically available capacity
is calculated at approximately 152,000 beds. Expansion plans for
approximately 9,000 places including accommodation have been
announced. The intended expansion plans are not sucient to meet
the need when looking at the prognosis, where approximately
30,000 extra people will already need care based on an (Wlz)
indication in 2025 and more than 100,000 extra people in 2040.
159
PROPERTY REPORT MARKET COMMENTARY
Primary health care centre and clinic landscape
In addition to the trend of healthcare providers in the care sector of
selling their real estate, a same shift is increasingly noticed within
the cure sector. An example of this trend is the sale of (parts of) the
Albert Schweitzer hospital in Dordrecht. The hospital was leasing
parts of the hospital to other tenants and decided to sell these parts
in order to focus on their core task of providing care.
Regarding primary health care centres, a study of the national
association of general practitioners (LHV, 2021) shows that GPs face
diculties regarding housing. A large proportion of GPs indicate that
there is a lack of suitable housing and space to build. Moreover, the
rental or purchase prices are often considered too high in relation
to the reimbursement that GPs receive. Not only in (large) cities,
but also in other parts of the country, GPs indicate that there is
insucient space in the building and that they are getting stuck in
their search for suitable housing.
Market Trends
The transaction volume over the year 2021 amounted to
approximately 1 billion EUR. Approximately 75 % of the investment
volumes refers to nursing and care homes. A major part of the
investment volume is invested by Dutch institutional and private
real estate funds, while the number of international (listed and
non-listed) investors keeps increasing in the past year.
The prime net initial yields are in range of approximately 3.8 % -
5.5 % for care homes of prime assets depending on the quality of
the location, building and tenant as well as the remaining lease
term. The net initial yield showed a decreasing trend in 2021.
A lack of supply of investment opportunities in combination
with a growing number of interested parties in care home real
estate, keeps downwards pressure on yields. This resulted in
parties having to broaden their scope and consider investing in
other segments within the care and cure sector, such as primary
health care centres, clinics and rehabilitation centres. The prime net
initial yields are in range of approximately 4.5 % - 6.5 % for primary
health care centres of prime assets depending on the quality of
the location, building and tenant(s) as well as the remaining lease
term. The net initial yield showed a decreasing trend in 2021.
Occupancy rate in relation to COVID-19
After a period of lower occupancy rates in nursing and care homes,
the occupancy rate started to rise again from February 2021. The
increase in the occupancy rate in nursing and care homes is still
slow and the dierences between regions are large. The wait
-
ing lists are getting shorter, and this decrease can be seen in all
sectors (NZA, 2021).
THE GERMAN HEALTHCARE MARKET
Demographic evolution in Germany
According to the German Federal Statistical Oce (Destatis), the
percentage of persons aged 67 and over in Germany is increasing
and will peak at 26 % of the population by 2037, representing an
increase of 21 million people. The proportion of persons aged 80
and over was 7 % in 2019 and will gradually rise to reach 12 % by
2060. Irrespective of the current oer, an increase in the number of
nursing and care homes is required to meet the growing demand
associated with the ageing of the population.
Care dependency
Considering the growing proportion of elderly in the German popu-
lation, the total number of care-dependent persons will increase
from 4.13 million in 2019 to 5.1 million by 2030, i.e. a 23 % increase.
Needless to say that the proportion of care-dependent persons
increases with age.
Nursing and care homes landscape
According to the latest statistics available, Germany counts about
15,380 nursing and care homes oering together a total capacity
of approximately 969,553 beds.
It is estimated that an overall capacity of around 157,000 accom
-
modation units will be needed by 2030. This represents an average
annual growth of 293,000 accommodation units between now
and 2030.
Public operators account for approximately 5 % of the beds, private
operators for approximately 43 % and non-profit sector operators
for approximately 52 % of the beds.
Rehabilitation Clinics
According to the latest statistics available (2016), Germany counts
about 1,149 rehabilitation facilities oering together a total capacity
of approximately 165,223 beds. The average occupancy rate
amounted to 83 % and the average length of stay for a patient
to 25.3 days.
Private operators dominate account for 53 % of the market, with
609 facilities in 2017. The federal and state government pension
insurance (a public operator) is the largest operator for rehabilita-
tion clinics with around 90 facilities. Nevertheless, the public sector
operators still only account for some 20 % of the total market.
Rehab Clinics are also gaining importance among the asset classes
with long-term leases and stable and often indexed rents. They
benefit from demographic trends such as the rising age of the
population. What is true of senior flats and nursing homes is also
true of rehabilitation clinics. The asset class is gaining significantly
in importance among healthcare properties with rising transaction
volume, only slowed down by the lack of available products for
sale. Yields for core investments range between 4.3 % and 4.8 %.
Market Trends
The transaction volume over the year 2021 amounted to nearly
3.7 billion EUR, i.e. a 23 % increase compared to the previous year
and approx. 208 % compared to 5 years ago (2017). Approximately
59 % of the investment volumes of 2021 refers to nursing and care
homes. International investors dominated this market with approx.
1 billion EUR invested in the German healthcare real estate market.
The prime yield decreased at 3.9 %, which was an all-time low, but
which is still higher than investments returns generated by other
asset classes (e.g. 2.76 % for oce). It is expected that demand from
national and international institutional investors for well-positioned
care homes will remain high, with new development activity in this
asset class remaining far too low. Pressure on yields will therefore
remain high.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Comment on COVID-19
The COVID-19 crisis had no impact on the transaction volume; on
the contrary, demand has increased. This further prove the resiliency
of this asset class. Furthermore, investment volume is expected to
increase even more, once all COVID-19 related measures are lifted
from healthcare assets. In general, there is a large vaccination rate
in German nursing homes, limiting outbreaks in establishments
and facilitating day to day operations. Although nursing homes
were required to set aside a small number of rooms for potential
COVID-19 cases, this had in general little impact on the occupancy.
Comment on current economic situation
Uncertainty combined with the eects of the measures imposed to
cut the number of infections created a deep recession in the German
economy in Q1 2020, with a fall in GDP of 11.5 %. As virus containment
measures were eased, cases fell and the economy bounced back by
some 8 % in Q3. New measures to curtail a second wave of infections
were imposed in late October and, the rebound slowed, bringing
GDP growth for the year as a whole to -4.93 %. The pattern in 2021
followed a similar course but was less onerous, with GDP recovering
to 2.85 %. A sustained recovery is now expected, despite the Omicron
wave, as the proportion of the population which is vaccinated
increases and confidence recovers. Expectations regarding the
sustained rebound are reflected in the positive 2022 GDP growth
forecast of 3.56 %. The current and forecasted high rate of inflation
only has a limited impact on the operators’ rental payments, since
the indexation is usually concluded at a relatively low level.
THE SPANISH HEALTHCARE MARKET
Demographic evolution in Spain
According to INE, the percentage of persons aged 67 and over in
Spain is increasing and will peak at 29 % of the population by 2051,
representing 14,491,157 million people. The proportion of persons
aged 80 and over was 6 % in 2020 and will gradually rise to reach
14 % by 2061. Irrespective of the current oer, an increase in the
number of nursing and care homes is required to meet the growing
demand associated with the ageing of the population.
Care dependency
Considering the growing proportion of elderly in the Spanish popu-
lation, the total number of care-dependent persons will increase
from 1.4 million in 2021 to 2.1 million by 2030, i.e. a 50 % increase.
Needless to say that the proportion of care-dependent persons
increases with age.
Nursing and care homes landscape
According to the latest statistics available included in the 2021 report
“Informes Envejecimiento en red”, Spain counts about 5,556 nursing
and care homes oering together a total capacity of approximately
384,251 beds. It is estimated that additional 200,000 beds will be
needed by 2030 and of approximately 400,000 units by 2050. This
represents an average annual growth of c.100 % accommodation
units between now and 2050.
Public operators account for approximately 27 % of the beds, private
operators for approximately 73 %. Approximately 25 % of the total
privately operated beds are publicly subsidized (“camas concer
-
tadas”). Therefore, fully private demand represents approximately
50 % of the total stock.
Market Trends
The transaction volume in nursing homes over the year 2021
continued at historic record high levels. The main transaction
in Spain in 2021 was the acquisition of 18 nursing homes that
Cofinimmo acquired to Batipart for approximately 150 million EUR.
The number of partnerships between investors and operators has
continued to increase during 2021 and it is expected to continue
in the future, leading to further increase in investment volumes.
The prime yield decreased slightly during 2021 and as at end-2021
it stands at 4.50 %, which was an all-time low, but which is still
higher than investments return generated by other asset classes
such as oces : 3.15 %; retail high street : 3.50 % and logistics : 4.00 %;
amongst others.
On the operational side, in 2021 operators have progressively
recovered from the COVID-19 outbreak. The vaccination program
in Spain has been implemented successfully with all the residents
in nursing homes having the third vaccine which has contributed
to containing the spread of COVID-19.
THE IRISH HEALTHCARE MARKET
Demographic evolution in Ireland
According to the CSO (Central Statistics Oce) the percentage of
persons aged 65 and over in Ireland is increasing and will peak at
18.21 % of the population by 2036, representing c. 1.02 million people.
The proportion of persons aged 80 and over was 3.1 % within the
most recent 2016 census and is predicted to gradually rise and to
reach 5.8 % by 2036. An increase in the number of nursing homes
nationally, is required to meet the growing demand associated
with the ageing demographic of the population.
Care dependency
Considering the growing proportion of elderly in the Irish popula-
tion, it is estimated that the total number of care home-depend-
ent persons will increase from approx. 29,000 to 43,000 by 2031,
i.e. a 48 % increase. The proportion of care-dependent persons
increases with age.
Nursing and care homes landscape
According to the latest statistics available, Ireland counts about
540 nursing and care homes, oering together a total capacity of
approximately 31,900 beds.
Based upon a recent 2021 report produced by BDO on behalf of
Nursing Homes Ireland, it is estimated that an overall capacity of
around 45,000 bed spaces will be needed by 2031. This represents
an average annual growth of 1,310 bed spaces within this period.
Public operators and the non-profit sector account for approximately
20 % of the beds and private operators approximately 80 %.
Market Trends
The transactional volume within the Nursing Home sector over 2021
amounted to nearly 600 million EUR. Approximately 45 % of this
sum was by Prop Co investment funds with the remainder relat
-
ing to Op Co activity. There was no sale and leaseback activity of
note within the preceding year. Continental rather than domestic
entities have dominated both markets.
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PROPERTY REPORT MARKET COMMENTARY
The prime fair value yield remained stable at approx. 4.5 %. By
contrast, prime Dublin oce yields currently range between 3.85 %
to 4.25 %, with the prime Dublin PRS (Private Rental Schemes) and
the high performing Industrial sectors, currently ranging between
3.65 %-4.25 % and 3.95 % to 4.75 % respectively. Rental eorts within
the Nursing Home sector, have ranged at between 50-55 % of
EBITDAR.
Comment on COVID-19
As at January 2022, the COVID-19 pandemic has had a notable
impact within Ireland, in health, economic and social terms. The
impact on the care home market was substantial in operational
terms, with homes having been in eective self-isolation between
Q1 2020 to early Q2 2021 inclusive.
COVID-19 remerged in a very aggressive third wave within Q1
2021, which impacted negatively on the operational side of the
nursing home sector, much like in Q2 2020. The vast majority of
nursing home sta and residents have since been fully vaccinated.
This has led to a welcome stabilisation of the disease within nursing
home settings, with family visitations etc. remerging, in a grad-
ual return to more a normalised operational environment; albeit
now subject to heightened COVID-19 preventative measures. The
government additionally rolled out a supplementary booster
programme to nursing home residents, frontline workers and the
over 80’s from September onwards.
In terms of State support the TAPS or Temporary Assistance Payment
Scheme, which commenced within April 2020 to support voluntary
and private nursing homes with additional costs due to COVID-19,
ended in June of 2021.
The State exited its highest emergency setting, aka level 5,
within April 2021. As at January 2022 close to 95 % of the States
population, above the age of twelve, have been vaccinated, which
represents one of the highest proportions per population, within
the EU.
Notwithstanding the diculties encountered as a result of COVID-19;
and the emergence of the Omnicorn variant towards the latter
end or 2021, we consider that the fundamentals of the care home
industry within Ireland to remain relatively sound over the longer
term for modern/purpose-built homes.
There has been a marked increase in investment sale and lease
-
back activity within the preceding 12 months; coupled with onward
expansion on the part of newer continental operators.
THE FINNISH HEALTHCARE MARKET
Demographic evolution in Finland
According to Statistics Finland, the number of persons aged 75
and over is expected to increase by nearly 330,000 people repre
-
senting a 57 % growth by the year 2040. Rapid ageing of the Finnish
population is expected to be among the fastest in European Union
over the next 20 years. The population growth will continue to be
slow until year 2035, and decreasing moderately thereafter.
The number of persons aged 65 and over is expected to be
approximately 1,500,000 in 2040 representing proportion of 27 %
of the population. Irrespective of the current oer, an increase
in the number of nursing and care homes is required to meet
the growing demand associated with the ageing of the popula
-
tion. Demographics and population growth are the main drives for
increasing need for elderly care and healthcare facilities.
Nursing and care homes
According to the latest statistics available, Finland counts over
2,000 nursing and care homes oering together a total capacity
of approximately 65,300 beds. Public operators account for
approximately 46 % of the beds and private operators for
approximately 54 %.
Market Trends
The recovery of the economy improved the real estate market senti-
ment and activity in Finland during 2021. As result of the increased
activity the transaction volume of the second half of the year 2021
rose to ca. 4.1 billion EUR. The total transaction volume in the year
2021 was ca. 7.1 billion EUR, up 19.6 % from 2020. In 2021, 58 % of
the total volume came from cross-border investors and 55 % of the
capital was allocated in properties in the Helsinki Metropolitan
Area. Residential was the largest sector with 33 % of the total volume
(2.4 billion EUR) followed by oces and industrial and logistics with
31 % and 13 %, respectively.
The steady long-dated income from care and other commun
-
ity properties has remained in high demand among investors.
Investment volume for public properties totalled 843 million EUR
in 2021 decreasing by 34 % from 2020. Although investment volume
did not reach the previous year’s records, the number of trans-
actions increased. Public property sector was the fourth largest
sector with a 12 % share of total volume. The sector has expanded
from traditional care into a larger range of sub-sectors, such as
fire stations and community service centres.
Investment demand for these properties has grown steadily and
the main drivers are demographic and structural megatrends.
The sector is appealing to investors due to its defensive attribute
as a sector oering relatively steady long-term cash flows. The
market is dominated by domestic and Nordic investors – however in
recent years, there have been market entries beyond Nordics, espe-
cially from Belgium. The prime yield for care homes has continued to
compress during year 2021, decreasing from 4.75 % to 4.25 % driven
by strong investor demand and favourable market fundamentals.
THE ITALIAN HEALTHCARE MARKET
Demographic evolution in Italy
According to Healthcare European Review, published by Colliers
International in 2019, the percentage of persons aged 65 and over
in Italy is increasing and will peak at 27,1 % of the population by
2030, representing around 16,4 million people. The proportion of
persons aged 75 and over was 10,4 % in 2020 and will gradually rise
to reach 11,6 % by 2030. The share of people aged 80+ in the Italian
population is expected to more than double by 2060, i.e. to grow up
to 13.2 % with most of the growth happening after 2030. Irrespective
of the current oer, an increase in the number of nursing and care
homes is required to meet the growing demand associated with
the ageing of the population.
Moreover according to Healthcare Report published by Colliers
EMEA in 2021, Italy has the highest life expectancy and one of
the lower fertility rates.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Care dependency
According to Colliers EMEA “Senior Living and Healthcare 2021”
report; the characteristics of the aging process aecting Italian
population translates into a growing “health-care need”.
Considering the growing proportion of elderly in the Italian popu
-
lation, the total number of care-dependent persons will increase
from 2,9 million in 2021 to 5 million by 2030, i.e. a 72 % increase.
Needless to say that the proportion of care-dependent persons
increases with age. Year on year, spending on health increased by
over 8 % between 2017 and 2019 (including drugs and supplements
by 6 %). Although around 3 % of consumer spending goes towards
healthcare, this is set to rise to 4 % by 2035. It will need to, in order
to counteract the current lack of spending by government.
Nursing and care homes landscape
Before COVID-19, investors primarily targeted health facilities such
as private clinics and nursing homes. This focus was largely driven
by the aging population.
According to the latest statistics available (Annuario Statistico del
Servizio Sanitario Nazionale, published by Ministero della Salute on
18.12.2020), In Italy, there are around 7,500 residential care homes,
83 % of which is private and 46 % of which is dedicated to the elderly
care assistance.
The North of the Country counts the higher number of care homes.
The most equipped region is Lombardy with more than 1,400 struc-
tures and more than 69,000 beds. The total number of beds
increased by 26 % in the last 10 years, but nevertheless, the actual
coverage ratio is low, standing at 1.8 %, indeed at European level,
Italy presents one of the lowest beds’ supply.
It is estimated that by 2035 more than 600.000 beds need to be
added to the current oer, which therefore should more than double.
Market Trends
The transaction volume in senior living and care homes over the first half
of the year 2021 amounted to nearly 280 million EUR, i.e a total of
700 million invested in elderly care in the last five years.
However, the amount of capital invested in 2020 was the lowest in the
past six years (approximately 300 million in Senior Housing property
type). This figure reflects the main problem facing investors, namely the
scarcity of existing product. Therefore, sometimes it is necessary to be
able to build operations through a process of sale & leaseback deals.
The prime yield in Italy has remained almost stable at 5-5,75 % during
the last year and it is still higher than investments returns generated
by other asset classes (e.g. prime oce, high street retail, logistics);
however a slight compression is expected for the future.
The COVID-19 vaccine campaign in Italy, as in other European coun
-
tries, has highlighted the need for greater investment into health-
care infrastructure in Italy. With current healthcare demands rising,
and a further (potential) increase in healthcare requirements to come,
there does not seem to be enough existing supply, either private or
public, to match these needs. The Residential Care Home (RCH)
segment is one where the public sector is investing less and less - despite
sociodemographic statistics showing that the need will increase more
and more - leaving a significant margin of action for private capital
to engage in going forwards.
THE BRITISH HEALTHCARE MARKET
Demographic evolution in United Kingdom
According to The Oce of National Statistics, the percentage of
persons aged 65 and over in United Kingdom is increasing and will
peak at 18.9 % of the population by 2022, representing 12.7 million
people. The proportion of persons aged 85 and over was circa
1.6 million persons in 2020 and will gradually rise to over 3.7 million
by 2050. Irrespective of the current oer, an increase in the number
of nursing and care homes is required to meet the growing demand
associated with the ageing of the population.
Care dependency
Considering the growing proportion of elderly in the British popula-
tion. LaingBuisson (Care Home for Older People, 31
st
Edition) reports
an additional demand of 17,000 care-dependant persons in England
over the next decade, compared with the pre-COVID-19 level of
demand in 2020, all of which will need to be accommodated in
independent sector care homes as public sector provision continues
to decline.
By 2030, 7 % of the UK population will be over 75, and this age group
is 6 times more likely to need a care home than someone aged
65-74.
Nursing and care homes landscape
According to the latest statistics available, United-Kingdom counts
circa 17,600 nursing and care homes oering together a total
capacity of approximately 500,000 beds.
It is estimated that an overall capacity of around 80,000 accommo-
dation units will be needed by 2030 and of approximately 280,000
units by 2050. This represents an average annual growth of 10,000
accommodation units between now and 2050.
The sector is vastly dominated by private and not-for-profit oper
-
ators who make up 95 % of all beds, with the remaining 5 % relating
to public operators.
Market Trends
As at August 2021, Healthcare investment in the UK across the prior
12 months totalled 4.1 billion EUR.
There remains a large pool of European capital targeting while
several potential new entrants looking for suitable opportunities.
The sector is an ideal vehicle for funds looking to increase their
ESG profile, with a heavy emphasis on the social element. Cross-
boarder investors made up 40 % of the sale & leaseback market
across EMEA during 2021.
The prime yield remained stable at 4.25 % and which is stronger
than investments returns generated by other asset classes (e.g.
6.50 % on prime retail and 5.50 % on prime industrial warehouses).
As with many other sectors, COVID-19 has had a significant impact
on the care home occupational market. Between the period
of March and June 2020, there were 14,519 COVID-19 related deaths
within care home settings – approximately 25 % of all care home
deaths within the same period. This resulted in a drop in average
occupancy levels from 85 % of registered beds in March 2020 to
circa 77 % at September 2020. An average drop of approximately
8 percentage points. Total care home deaths involving COVID-19 in
the UK at the end of February 2021 stood at approximately 34,000.
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PROPERTY REPORT MARKET COMMENTARY
The high proportion of deaths within the elderly care sector can be
attributed to several factors; the age profile of the residents - who
fall under the most vulnerable category, the lack of guidance and
the conflicting advice in the initial period of uncertainty.
Expectation is that average weekly fees in the UK will increase to
counteract the impacts of rising inflation, increases to National
Living Wage costs and National Insurance increases. Operators
may come under pressure where there is greater local compe
-
tition requiring them to be more competitive in terms of pricing
to maintain occupancy and attract new residents. This will also
relate to retaining sta through attractive wages and benefits, or
risk shouldering more agency costs due to lack of available care/
nursing sta.
The oce market
As at 31.12.2021, the fair value of Cofinimmo’s portfolio in the oce
segment accounts for 24 % of the company’s total consolidated
portfolio.
THE BRUSSELS OFFICE MARKET
Rental market/Take up
The oce market in Belgium ended 2021 with a total take-up of
679,500 m (including leases, extensions and purchases for own
occupancy), which was an increase of approximately 23 % compared
to the level of activity observed last year (551,000 m). The 2021
expectations have outperformed 2020.
The office market in Brussels (including the periphery)
recorded a take-up of 438,500 m. This represents a rise of nearly
55 % compared with last year. Some 328 deals were carried out,
which is more than 10 % more than the previous year.
In total, 455,000 m of oce spaces are under construction in 2021,
and nearly 215,000 m entered the market before the end of the
year and 49,000 m were built on a speculative basis. In 2021, 77 %
of the projects under construction were pre-let. Thanks to this trend,
the impact of the new deliveries on the vacancy rate is lower than
expected. Meaning that, at the end 2021, the Brussels oce market
remains stable with an average rental vacancy of 7.65 %, which
represents a slight decrease compared to the last quarter of 2021.
Combined with the speculative pipeline currently under construction,
the vacancy rate could reach 8.5 % by the end of 2022.
Currently, the vacancy rate remains above 4.00 % in the central
Brussels districts, and stands at approximately 3.70 % in the Leopold
district, 5.00 % in the North district, and 3.90 % in the Pentagon.
Whereas the average vacancy rate in the decentralised and periph-
eral districts remains high, respectively at 11.05 % and 18.44 %.
As at 31.12.2021, the occupancy rate of Cofinimmo’s oce portfolio
was 93,7 %, to compare to 7.65 % for the overall Brussels oce market.
Prime oce rents in Brussels remain stable at 320 EUR/m/year
throughout 2021. Most districts maintained their prime rents in Q4,
to the exception of the North district where the prime rent fell to
Nursing and care home – Oleiros (ES)
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
230 EUR/m/year. By the end of 2022, prime rents could increase
to reach 325 EUR/m/year.
Investment market
The Belgian oce market recorded a total investment volume
of 2.396 billion EUR, of which 2.284 billion EUR in the Brussels’
oce market. In total, 19 transactions of more than 30 million EUR
were recorded in the oces market in Brussels. The most notable
transactions being the acquisition of the REALEX for more than
250 million EUR, the sale of the ASTRO TOWER (over 230 million EUR)
and the acquisition of the MOBIUS II for more than 210 million EUR.
Premium yields for oces in Brussels have continued their compres-
sion to reach 3.60 % in the Central Business District. In 2022, the prime
yield is expected to drop to 3.50 % for products with 3/6/9 leases
due to an intense competition for core assets. The long prime yield
stands at 3.20 % in the last quarter of 2021 and is also expected to
drop to 3.15 % as early as next year.
Property of distribution networks
As at 31.12.2021, the fair value of Cofinimmo’s portfolio in the prop-
erty of distribution networks accounts for 9 % of the company’s total
consolidated portfolio. The risk profile of the subsidiaries (Pubstone
for the restaurant/café sector in Belgium and the Netherlands,
and Cofinimur I for the local agencies/shops sectors in France) is
diversified both geographically and through their particular nature
between commercial real estate and investment properties with
possible redevelopment potential.
The COVID-19 outbreak impacted the retail market and especially
the Food & Beverage sector with the successive lockdowns and
containment measures. However, retailers and Food & Beverage
operators adapted to this situation with the implementation of
alternatives such as an important increase of deliveries or take-
away activities. Since April 2021, situation is enhancing as the
vaccination rate is on the rise and the implementation of the “Covid
Safe Ticket” allow Food & Beverage operators to open their doors
with some conditions at the time being but which should be only
temporary.
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PROPERTY REPORT MARKET COMMENTARY
Brussels, 23 February 2021
To the Board of Cofinimmo SA/NV
Re : Valuation as of 31 December 2021
Context
We have been engaged by Cofinimmo to value its consolidated
real estate portfolio as of 31 December 2021 with a view to finalising
its financial statements at that date.
Cushman & Wakefield (C&W), Jones Lang Lasalle (JLL),
PricewaterhouseCoopers (PwC), CBRE and Colliers have each
separately valued a part of Cofinimmo SA consolidated portfolio.
C&W, PwC, JLL have each separately valued a part of the oces
portfolio.
C&W and PwC have each separately valued part of the healthcare
portfolio in Belgium.
C&W and JLL France have each separately valued part of the
healthcare portfolio in France.
The healthcare portfolio in The Netherlands has been valued by
PwC Netherlands.
PwC and C&W Germany have each separately valued part of the
healthcare portfolio in Germany.
The healthcare portfolio in Spain has been valued by C&W Spain.
The healthcare portfolio in Finland has been valued by CBRE
Finland.
The healthcare portfolio in Ireland has been valued by C&W Ireland.
The healthcare portfolio in Italy has been valued by Colliers Italy.
The healthcare portfolio in the United Kingdom has been valued
by JLL United Kingdom.
The portfolios of Pubstone in Belgium and the Netherlands have
been valued by C&W.
The portfolio of other distribution networks in Belgium have been
valued by JLL and PwC.
The portfolio of distribution networks in France has been valued
by C&W.
C&W, PwC, JLL, CBRE and Colliers have in-depth knowledge of
the real estate markets in which Cofinimmo is active and have the
necessary, recognised professional qualifications to perform this
assessment. In conducting this assessment, they have acted with
complete independence.
As is customary, our assignment has been carried out on the basis of
information provided by Cofinimmo regarding tenancy schedules,
charges and taxes borne by the landlord, works to be carried out
and all other factors that could aect property values. We assume
that the information provided is complete and accurate. Our valu-
ation reports do not in any way constitute an assessment of the
structural or technical quality of the buildings or an in-depth analysis
of their energy eciency or of the potential presence of harmful
substances. This information is well known to Cofinimmo, which
manages its properties in a professional way and performs technical
and legal due diligence before acquiring each property.
Opinion
We confirm that our valuation has been done in accordance
with national and international market practices and standards
(International Valuation Standards issued by the International
Valuation Standards Council and included in RICS Valuation –
Professional Standards January 2020, the Red Book of the Royal
Institute of Chartered Surveyors.
The Investment value (in the context of this valuation) is defined as
the amount most likely to be obtained at normal conditions of sale
between willing and well-informed parties, inclusive of transactions
costs (mainly transfer taxes) to be paid by the acquirer. It does
not reflect the costs of future investments that could improve the
property or the benefits associated with such costs.
Valuation methodology
The valuation methodology adopted is mainly based on the follow-
ing methods :
Method of estimated rental value capitalisation
(ERV capitalisation)
This method consists in capitalising the estimated rental value of
the property by using a capitalisation rate (‘yield’) in line with the
investment market. The choice of the capitalisation rate used is linked
to the capitalisation rates applied in the real estate investment
market, which takes into account the property location, the quality
of the buildings and that of the tenant, and the quality and duration
of the lease at the valuation date. The rate corresponds to the rate
anticipated by potential investors at the valuation date. To deter-
mine the estimated rental value, one takes into account the market
data, the location of the property and the quality of the building.
The resulting value must be adjusted if the passing rent generates
operational income higher or lower than the estimated market value
used for capitalisation. The valuation takes into consideration the
charges that will need to be incurred in the near future.
Discounted cash flow method (DCF)
Under this method, it is required to assess the net rental income
generated by the property on a yearly basis for a specific period
and discounted at today’s value. The projection period generally
varies between 10 and 18 years. At the end of the period a terminal
value is calculated using either a residual value, either a capital-
isation rate is applied onto the estimated rental value that takes
into account the anticipated condition of the building at the end
of the projection period, discounted at today’s value.
INDEPENDENT REAL ESTATE
VALUER’S REPORT
166
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Residual value method
The value of a project is determined by defining the development
potential on site. This implies that the intended use of the project is
known or foreseeable in a qualitative (planning) and quantitative
manner (number of square metres that can be developed, future
rents, etc.). The value is obtained by deducting the costs upon
completion of the project from its anticipated value.
Approach by market comparables
This method is based on the principle that a potential purchaser
will not pay more for the acquisition of a property than the price
recently paid on the market for similar properties.
Transaction Costs
In theory, the disposal of properties is subject to a transfer tax
charged by the Government and paid by the acquirer, which repre-
sent substantially all transaction costs. For properties situated in
Belgium, the amount of this tax mainly depends on the mode of
transfer, the capacity in which the acquirer acts and the prop
-
erty’s location. The first two variables, and therefore the amount
of tax payable, are only known once the sale is contracted. Based
on a study from independent real estate experts dated February 8
th
2006 and reviewed on June 30
th
2016, the “average” transaction
cost for properties over EUR 2,500,000 is assessed at 2.5 %.
The fair value (as defined under IFRS 13 and by the BEAMA’s
(Belgian Asset Managers Association) press release of February 8
th
2006 and reviewed on June 30
th
2016) for properties over EUR
2,500,000 can therefore be obtained by deducting 2.5 % of “aver
-
age” transaction cost from their investment value. This 2.5 % figure
will be reviewed periodically and adjusted if on the institutional
investment transaction market a change of at least +/- 0.5 % in the
eectively “average” transaction cost is observed.
For properties with an investment value under € 2,500,000 transfer
taxes of 12 %
1
or 12.5 % have been subtracted, depending on the
region of Belgium where they are situated.
The transfer taxes on properties in the other countries have been
deducted in full from their investment values to obtain their fair
values.
1. As from 1.1.2022 transfer tax in Flanders (excluding single and own homes) has been increased to 12 %. This change has been already taken into account in the values at 31.12.2021.
Assets subject to a sale of receivables
Cofinimmo is owner of several buildings of which the rents have
been sold in the past to a third party. The valuers have valued
those properties as freehold (before sale of receivables). At the
request of Cofinimmo , the values mentioned below represent
for these buildings the freehold value net of the rents still due
(residual value), as calculated by Cofinimmo. This calculation by
Cofinimmo has not been analysed in depth by the valuers. In the
forthcoming quarters, the residual value will evolve in such a way
as to be, at the maturity of the sale of the receivables, equivalent
to the freehold value.
Market conditions explanatory note :
novel coronavirus (COVID-19)
The outbreak of COVID-19, declared by the World Health Organisation
as a “Global Pandemic” on the 11
th
March 2020, has and continues
to impact many aspects of daily life and the global economy –
with some real estate markets having experienced lower levels of
transactional activity and liquidity. Travel restrictions have been
implemented by many countries and “lockdowns” applied to
varying degrees. Whilst restrictions have now been lifted in some
cases, local lockdowns may continue to be deployed as necessary
and the emergence of significant further outbreaks is possible.
The COVID-19 pandemic and measures to tackle it continue to aect
economies and real estate markets globally. Nevertheless, as at
the valuation date property markets are mostly functioning, with
transaction volumes and other relevant evidence at levels where
enough market evidence exists upon which to base opinions of
value. Accordingly - and for the avoidance of doubt, our valuation
is not reported as being subject to ‘material valuation uncertainty’
as defined by VPS 3 and VPGA 10 of the RICS Valuation – Global
Standards.
For the avoidance of doubt this explanatory note has been included
to ensure transparency and to provide further insight as to the
market context under which the valuation opinion was prepared.
In recognition of the potential for market conditions to move rapidly
in response to changes in the control or future spread of COVID-19
we highlight the importance of the valuation date.
167
PROPERTY REPORT INDEPENDENT REAL ESTATE VALUER’S REPORT
Investment Value and Fair Value
Taking into account the above opinions, the investment value
(transaction costs not deducted) of Cofinimmo’s consolidated
real estate portfolio as at 31 December 2021 is estimated at EUR
5,965,998,000.
Taking into account the above opinions, the fair value, after the
deduction of the transaction costs, of Cofinimmo’s consolidated
real estate portfolio as at 31 December 2021, corresponding to
the fair value under IAS/IFRS, is estimated at EUR 5,709,836,000.
On this basis, the yield on rent, received or contracted, including
from assets that form the object of an assignment of receivables,
but excluding projects, assets held for sale, land and buildings
undergoing refurbishment, and after the application of imputed
rent to the premises occupied by Cofinimmo, amounts to 5.5 % of
the investment value.
If the properties were to be let in full, the yield would increase
to 5.6 %. Investment properties have an occupancy rate of 98.1 %.
The contractually passing rent and the estimated rental value on
the empty spaces (excluding development projects, assets held
for sale and assets subject to a sale of receivables) for let space
plus the estimated rental value for vacant space is 2.5 % above
the estimated rental value for the whole portfolio at this date. This
dierence results mainly from the inflation indexation of contractual
rents since the inception of the in-place leases.
The consolidated real estate portfolio is broken down by segment as follows :
Investment Value Fair Value % Fair Value
Healthcare real estate 3,968,137,000 3,798,728,800 67 %
Oces 1,415,618,000 1,381,090,600 24 %
Property of distribution networks 582,243,000 530,017,000 9 %
TOTAL 5,965,998,000* 5,709,836,000* 100 %
The consolidated real estate portfolio is broken down by expert as follows :
Expert Investment Value Fair Value
C&W Belgium 2,093,003,200 2,014,362,000
C&W France 482,948,400 452,575,000
C&W The Netherlands 149,531,000 138,455,000
C&W Germany 64,253,500 60,300,000
C&W Spain 247,070,000 239,645,000
C&W Ireland 98,124,500 89,280,000
Total C&W 3,134,930,600 2,994,617,000
CBRE Finland 69,400,000 66,800,000
Total CBRE 69,400,000 66,800,000
Colliers Italy 193,361,000 189,570,000
Total Colliers 193,361,000 189,570,000
JLL Belgium 389,369,000 379,872,000
JLL France 79,080,000 73,890,000
JLL United Kingdom 73,542,000 68,667,600
Total JLL 541,991,000 522,429,600
PwC Belgium 932,319,000 909,579,800
PwC The Netherlands 467,176,000 433,590,000
PwC Germany 626,820,000 593,250,000
Total PwC 2,026,315,000 1,936,419,800
Grand Total 5,965,998,000* 5,709,836,000*
* Rounded to the thousand.
168
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
C&W Opinion
With respect to the Belgian part of the portfolio valued by C&W,
C&W Belgium confirmed an investment value of EUR 2,093,003,200
and a fair value of EUR 2,014,362,000.
• Gregory Lamarche, MRICS
C&W Partner, Head of Valuation
1. SRL / BV.
With respect to the French part of the portfolio valued by C&W,
C&W France confirmed an investment value of EUR 482,948,400
and a fair value of EUR 452,575,000.
• Jean-Philippe Carmarans, MRICS
C&W International Partner,
Head of Valuation France
With respect to the Dutch part of the portfolio valued by
C&W, C&W The Netherlands confirmed an investment value
of EUR 149,531,000 and a fair value of EUR 138,455,000.
• Frank Adema LLM MSRE MRICS RT – CIS HypZert (MLV)
C&W International Partner,
Head of Valuation Netherlands
With respect to the German part of the portfolio valued by C&W,
C&W Germany confirmed an investment value of EUR 64,253,500
and a fair value of EUR 60,300,000.
• Martin Belik, MRICS
C&W International Partner,
Head of Valuation & Advisory Germany
With respect to the Spain part of the portfolio valued by C&W,
C&W Spain confirmed an investment value of EUR 247,070,000
and a fair value of EUR 239,645,000.
• Tony Loughran, MRICS
C&W Partner,
Head of Valuation & Advisory Spain
With respect to the Ireland part of the portfolio valued by C&W,
C&W Ireland confirmed an investment value of EUR 98,124,500
and a fair value of EUR 89,280,000.
• Patricia Staunton, MRICS
Regional Director,
Cushman & Wakefield Ireland
CBRE opinion
CBRE Finland confirmed an investment value of EUR 69,400,000
and a fair value of EUR 66,800,000.
• Olli Kantanen
Head of Valuation & Research,
CBRE Finland OY
Colliers opinion
Colliers Italy confirmed an investment value of EUR 193,361,000
and a fair value of EUR 189,570,000.
• Giulia Longo, MRICS
CEO,
Colliers Real Estate Services Italia
JLL opinion
With respect to the Belgian part of the portfolio valued by JLL,
JLL Belgium confirmed an investment value of EUR 389,369,000
and a fair value of EUR 379,872,000.
• Greet Hex, MRICS
JLL Director Valuation & Consulting,
Belgium
With respect to the French part of the portfolio valued by JLL,
JLL France confirmed an investment value of EUR 79,080,000
and a fair value of EUR 73,890,000.
• Pierre-Jean Poli
Director expertises Grand Lyon,
for and on behalf of Jones Lang LaSalle Expertises
With respect to the British part of the portfolio valued by JLL,
JLL United Kingdom confirmed an investment value
of EUR 73,542,000 and a fair value of EUR 68,667,600.
• Alan Bennett, MRICS
Director,
for and on behalf of Jones Lang LaSalle Limited
PwC opinion
With respect to the Belgian part of the portfolio valued by PwC,
PwC Enterprise Advisory bv confirmed an investment value
of EUR 932,319,000 and a fair value of EUR 909,579,800.
• PwC Enterprise Advisory SRL / BV
Représenté par Georoy Jonckheere*, MRICS Partner
(*) Georoy Jonckheere SRL, Partner,
represented by its permanent representative, Georoy Jonckheere
With respect to the Dutch part of the portfolio valued by PwC, PwC
Netherlands confirmed an investment value of EUR 467,176,000
and a fair value of EUR 433,590,000.
• Koniwin Domen, MRICS
Director, PwC Netherland
With respect to the German part of the portfolio valued by PwC,
PwC Germany confirmed an investment value of EUR 626,820,000
and a fair value of EUR 593,250,000.
• Dirk Hennig,
Partner, PwC Germany
169
PROPERTY REPORT INDEPENDENT REAL ESTATE VALUER’S REPORT
Cofinimmo offers two types of instruments listed on the stock market,
each of which provides different risk, liquidity and yield profiles.
36.6 %
AVERAGE PREMIUM OF THE SHARE
ON THE NET ASSET VALUE IFRS
MARKET PERFORMANCE (basis 100 as at 31.12.2020)
Cofinimmo’s share
Cofinimmo’s share has been listed on Euronext Brussels (ticker :
COFB) since 1994. Cofinimmo’s share is included in the BEL20 and
Euronext 150 indexes, as well as in the EPRA Europe and GPR 250
real estate indexes. As at 31.12.2021, Cofinimmo’s market capital
-
isation was 4.5 billion EUR.
STOCK MARKET CONTEXT
In contrast to 2020, 2021 was marked by a strong growth in the
equity and bond markets. Several events had a positive eect on
the markets. Despite the health crisis, vaccination in developed
countries and research related to the virus led to a GDP growth in
the United States of +5.6 % and Europe shows a historical growth
of +5.2 %. Concerning bond yields, the main long rates were rising
in 2021 such as the 10-year Bund, which reached a high of -0.10 %
or the 10-year Treasuries rate which exceeded +1.7 %. The equity
market has remained highly volatile while also reaching record
highs.
To support the economy in the face of the pandemic, support and
economic recovery plans were put in place in the US and Europe.
This growth has led to several consequences such as an over
-
supply of production potential resulting in an imbalance between
supply and demand, a significant increase in the price of raw
materials and energy, an acceleration of inflation and a drop in
the unemployment rate.
Late 2021, after supporting the economy through the health crisis,
central banks took some decisions on monetary policy as part of
the fight against inflation.
125
120
115
110
105
100
95
90
85
80
75
70
65
60
65
60
31/12/2020 31/03/2021 30/06/2021 30/09/2021 31/12/2021
COFB share BEL20 index EPRA Europe index
COFINIMMO ON
THE STOCK MARKET
COMPARISON OF THE SHARE MARKET PRICE
AND THE REVALUED NET ASSET PER SHARE (in EUR)
160
150
140
130
120
110
100
90
80
31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021
Stock price Revalued net asset per share (at fair value)
170
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
The US Federal Reserve has accelerated the end of its asset
purchase programme and plans three Fed Funds rate hikes in
2022. The European Central Bank has not touched its key rates,
but it is also starting to reduce its asset purchases to implement
the end of tapering.
As a result, 2021 was marked by a significant rise in the majority of
the world’s financial markets, with global growth of +5.6 %. As an
indication, the BEL20 index achieved a positive performance of
+19 % over the year and the EPRA Europe index +15 %.
SHARE TREND
The first graph on the previous page shows Cofinimmo’s share
performance in 2021 compared to the BEL20 and EPRA Europe
indexes. The Cofinimmo share price fluctuated between 121.00 EUR
and 144.20 EUR, with an annual average of 132.33 EUR. The clos-
ing price as at 31.12.2021 was 140.50 EUR, which corresponds
to a decrease of 15.35 % in the share price compared to the closing
price of the previous year.
The second graph shows the Cofinimmo share price in relation to
its net asset value (IFRS) over the past five years. The share traded
at an average premium of 28.2 % over five years and at an average
premium of 36.6 % in 2021. If we compare the share price to the EPRA
NAV (until end of 2019) or the EPRA NTA (since 2020), the average
premium is 21.7 % over five years or 29.6 % in 2021.
COFINIMMO SHARE LIQUIDITY
In 2021, Cofinimmo continued its eorts to enhance the liquidity
of its share. Throughout the year, the company participated in
around twenty roadshows, conferences and other events bringing
the company and investors together. Cofinimmo also invested in
promotional campaigns to raise its visibility both among institutional
and retail investors.
With a market capitalisation of 4.5 billion EUR as at 31.12.2021 and
an average daily volume of 6.2 million EUR, or approximately 47,100
shares, Cofinimmo’s liquidity level is sucient to stay on the radar
of major institutional investors.
TOTAL RETURN
(base 100 as at 31.12.2016)
4.5 billion EUR
MARKET CAPITALISATION AS AT 31122021
COFB share BEL20 index EPRA Europe index
31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021
210
190
170
150
130
110
90
70
COMPARISON BETWEEN COFINIMMO’S DIVIDEND YIELD
AND THE 10YEAR OLO RATE
Dividend yield of COFB share 10-year OLO rate
2016 2017 2018 2019 2020 2021
6 %
5 %
4 %
3 %
2 %
1 %
0 %
-1 %
171
COFINIMMO ON THE STOCK MARKET
TOTAL RETURN (in %)
The total return for shareholders is measured on the basis of the
change in the share price and includes the distribution of the divi
-
dend or any other distribution carried out or paid. Assuming the
reinvestment of the 2020 dividend made available for payment
in May 2021, the Cofinimmo share achieved a total return of
+20.7 % over 2021. The first graph on the previous page illustrates
the performance of the Cofinimmo share compared to the BEL20
and EPRA Europe indexes over the past five years, dividend yield
included. During this period, the Cofinimmo share generated a total
return of +65.2 %, corresponding to an average annual return of
+13.0 %. The BEL20 and EPRA indexes recorded total variations of
+39.5 % and +44.6 %, respectively, which corresponds to average
annual yields of +7.9 % and +8.9 %.
SHAREHOLDERS/INVESTOR PROFILE
Cofinimmo has a large number of investors with diversified profiles.
They include, on the one hand, a broad base of institutional invest-
ors located primarily in Belgium, Germany, France, Luxembourg, the
Netherlands, the United Kingdom, Switzerland, and North America,
and on the other hand, retail investors, mainly located in Belgium.
As at 31.12.2021, two shareholders exceeded the 5 % holding thresh
-
old resulting in an obligation to notify that the threshold has been
exceeded. This was the US investment fund BlackRock, which held
5.20 % of Cofinimmo’s capital, and the Belgian corporation Forever
Care-Ion, which held 6.69 %.
DIVIDEND
At the ordinary general meeting of 11.05.2022, the board of directors
will propose a dividend in line with the forecast published in the
2020 annual financial report, being 6.00 EUR gross per share. This
dividend corresponds to a gross yield of 4.5 % compared to the
average price of the share during the 2021 financial year (compared
to a gross yield of 4.5 % in 2020).
The second graph on the previous page shows the dividend yield
of Cofinimmo’s share compared to the 10-year OLO over the past
five years. Over this period, Cofinimmo’s share provided an average
yield on the dividend of +4.8 %, compared to an average 10-year
OLO rate of +0.3 %.
WITHHOLDING TAX
Since 01.01.2017, the applicable withholding tax on distributed divi-
dends has been 30 %.
However, Belgian Law provides exemptions. In order to benefit from
them, the dividend recipients must first meet certain conditions.
In addition, the agreements in place to prevent double taxation
provide for reductions in the withholding tax on dividends.
Reference should also be made to the section ‘Portfolio mix and
outlook regarding the withholding tax’ in chapter ‘2022 Outlook’ of
this document, for current considerations regarding the prospects
for reduced withholding tax.
ISIN BE0003593044 2021 2020 2019
Share price (in EUR)
Highest
144.20 159.00 135.40
Lowest
121.00 108.00 108.50
At close
140.50 121.80 131.00
Average
132.33 127.04 120.81
Dividend yield
1
4.5 % 4.6 % 4.6 %
Gross yield
2
(over 12 months)
20.7 % -2.8 % 7.9 %
Dividend
3
Gross
6.00
4
5.80 5.60
Net
4.20
4
4.06 3.92
Volume
Average daily volume
47,123 52,687 40,860
Annual volume
12,157,686 13,540,479 10,419,399
Number of shares
31,695,481 27,061,917 25,849,283
Market capitalisation at close (x 1,000 EUR)
4,453,215 3,296,141 3,386,256
Free Float
5
95 % 100 % 95 %
Velocity
5
40.4 % 50.0 % 42.4 %
Payout ratio
83.9 % 84.7 % 82.2 %
1.. Gross dividend on the average annual share price.
2. Dividends are subject to a 30 % withholding tax.
3. Increase in the share price + dividend yield.
4. Subject to approval by the ordinary general meeting of 11.05.2022.
5. According to the Euronext definition.
172
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Convertible bonds
Cofinimmo has issued only one convertible bond, which matured on 15.09.2021 (see chapter ‘Management of financial resources’ in
this document).
ISIN BE0002259282 (Cofinimmo SA/NV 2016-2021) 2021 2020 2019
Share price (in EUR)
At close
- 147.21 151.69
Average
- 150.75 148.24
Average yield through maturity (annual average)
- -1.0 % -2.0 %
Eective yield at issue
- 0.2 % 0.2 %
Interest coupon (in %)
Gross (per tranche of 146.00 EUR)
- 0.1875 0.1875
Net (per tranche of 146.00 EUR)
- 0.1313 0.1313
Number of securities
- 1,502,196 1,502,196
Conversion price (in EUR)
- 133.4121 135.8237
Nursing and care home Ciudad Mostoles –
Madrid (ES)
+ 20.7 %
TOTAL RETURN FOR SHAREHOLDERS IN 2021
173
COFINIMMO ON THE STOCK MARKET
Straight bonds
Cofinimmo issued four straight bonds, including one green & social bond in 2016 and a benchmark-sized sustainable bond issued in
2020 (see chapter ‘Management of financial resources’ in this document).
ISIN BE0002224906 (Cofinimmo SA/NV 2015-2022) 2021 2020 2019
Share price (in EUR)
At close
100.37 101.64 101.91
Average
101.58 100.52 101.71
Average yield to maturity (annual average)
0.3 % 0.6 % 1.0 %
Eective yield at issue
1.9 % 1.9 % 1.9 %
Interest coupon (in %)
Gross (per tranche of 100,000 EUR)
1.92 1.92 1.92
Net (per tranche of 100,000 EUR)
1.34 1.34 1.34
Number of securities
1,900 1,900 1,900
ISIN BE0002267368 (Cofinimmo SA/NV 2016-2026) 2021 2020 2019
Share price (in EUR)
At close
103.49 100.05 99.63
Average
104.12 99.76 100.13
Average yield to maturity (annual average)
1.0 % 1.7 % 1.8 %
Eective yield at issue
1.7 % 1.7 % 1.7 %
Interest coupon (in %)
Gross (per tranche of 100,000 EUR)
1.70 1.70 1.70
Net (per tranche of 100,000 EUR)
1.19 1.19 1.19
Number of securities
700 700 700
ISIN BE0002269380 (Cofinimmo SA/NV 2016-2024) 2021 2020 2019
Share price (in EUR)
At close
104.96 102.16 99.80
Average
105.05 97.85 100.33
Average yield to maturity (annual average)
0.3 % 1.5 % 2.0 %
Eective yield at issue
2.0 % 2.0 % 2.0 %
Interest coupon (in %)
Gross (per tranche of 100,000 EUR)
2.00 2.00 2.00
Net (per tranche of 100,000 EUR)
1.40 1.40 1.40
Number of securities
550 550 550
ISIN BE6325493268 (Cofinimmo SA/NV 2020-2030) 2021 2020 2019
Share price (in EUR)
At close
96.84 101.73 -
Average
100.39 101.75 -
Average yield to maturity (annual average)
1.252 % 0.694 % -
Eective yield at issue
0.957 % 0.957 % -
Interest coupon (in %)
Gross (per tranche of 100,000 EUR)
0.875 0.875 -
Net (per tranche of 100,000 EUR)
0.613 0.613 -
Number of securities
5,000 5,000 -
174
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Shareholding structure as at 31.12.2021
The graph below shows the Cofinimmo shareholders holding
more than 5 % of the capital. The transparency notifications and
the control chains are available on the website. At the closing date
of this document, Cofinimmo has not received any transparency
notification presenting a situation subsequent to that of 12.04.2021.
According to the Euronext definition, the free float is 95 %.
Nursing and care home Les Musiciens – Paris (FR)
1. Subject to approval by the ordinary general meeting of 11.05.2022.
2. Date from which the stock exchange trading takes place without any entitlement to the future dividend payment.
3. Date on which positions are recorded in order to identify shareholders entitled to the dividend.
SHAREHOLDING
0.12 %
COFINIMMO
GROUP
5.20 %
BLACKROCK, INC
87.99 %
OTHERS < 5 %
6.69 %
FOREVER CAREION
Shareholder’s calendar
Event Maturity
Publication of the 2021 universal registration
document - including the annual financial report
and the ESG report
08.04.2022
Quarterly information : results as at 31.03.2022
29.04.2022
(after market close)
2021 ordinary general meeting
11.05.2022
Payment of the dividend relating to the 2021
financial year
1
Coupon
N° 37
Ex-date
2
16.05.2000
Record date
3
17.05.2022
Dividend payment date
From 18.05.2022
Half-Year Financial Report : results as at 30.06.2022
29.07.2022
(before market)
Quarterly information : results as at 30.09.2022
28.10.2022
(after market close)
Annual press release : results as at 31.12.2022
03.03.2023
(before market)
At the end of September 2021, Cofinimmo had an analysis of
its shareholder base carried out. In total, 93 % of the holders of
outstanding shares have been identified, of which 55 % are institu-
tional shareholders, 28 % are retail investors and 10 % are corporate
shareholders. Consequently, 7 % of the shares were not identified.
175
COFINIMMO ON THE STOCK MARKET
EPRA - Performance indicators
Definition 31.12.2021 31.12.2020
(x 1,000 EUR) EUR/share (x 1,000 EUR) EUR/share
1 EPRA earnings Current result from strategic operational activities
212,131 7.15 181,457 6.85
EPRA diluted
earnings
Current result from strategic operational activities
taking into account financial instruments
with a potential dilutive impact at the closing date.
212,131 7.15 181,457 6.85
2 EPRA NRV The EPRA Net Reinstatement Value (NRV) assumes that
the company will never sell its assets, and provides an
estimate of the amount required to reconstitute the
company.
3,637,015 114.82 2,976,658 110.11
3 EPRA NTA The EPRA Net Tangible Assets (NTA) assumes that the
company acquires and disposes assets, of which would
result in the materialisation of certain deferred taxes
that cannot be avoided.
3,368,548 106.35 2,750,288 101.74
4 EPRA NDV The EPRA Net Disposal Value (NDV) represents the
value accruing to the company’s shareholders
in a scenario of disposal of its assets, resulting in the
settlement of deferred taxes, the liquidation of financial
instruments and the recognition of other liabilities for
their maximum amount, all net of taxes.
3,278,098 103.49 2,595,527 96.01
Definition 31.12.2021 31.12.2020
5 (i) EPRA net initial
yield (NIY)
Annualised gross rental income based on the passing rents at the closing date, less
property charges, divided by the market value of the portfolio, increased with estimated
transaction costs resulting from the hypothetical disposal of investment properties.
5.2 % 5.5 %
(ii) EPRA
‘topped-up’
NIY
This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of
rent-free periods and other incentives.
5.2 % 5.5 %
6 EPRA vacancy
rate
Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio.
1.9 % 2.6 %
7 EPRA cost ratio
(direct vacancy
costs included)
Administrative/operational expenses per the IFRS income statement, including the direct
costs of vacant buildings, divided by the gross rental income, less ground rent costs.
21.7 % 20.7 %
8 EPRA cost ratio
(direct vacancy
costs excluded)
Administrative/operational expenses per the IFRS income statement, less the direct costs
of vacant buildings, divided by the gross rental income, less ground rent costs.
19.3 % 18.4 %
DATA ACCORDING
TO THE EPRA PRINCIPLE
1. These data are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The auditor verified whether the EPRA earnings, EPRA NRV,
EPRA NTA, EPRA NDV and EPRA cost ratios are calculated according to the definitions included in the ‘EPRA Best Practice Recommendations’ and whether the financial data used in
the calculation of these figures comply with the accounting data included in the audited consolidated financial statements.
1
176
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA - Earnings & EPRA earnings per share
1
(x 1,000 EUR) 2021 2020
Net earnings per the financial statements
260,337 119,222
Adjustments to calculate EPRA earnings, to exclude :
-48,206 62,235
(i) Changes in fair value of investment properties and assets held for sale
-13,025 37,342
Changes in fair value of investment properties
-34,506 13,696
Writeback of rents earned but not expired (other results on portfolio)
7,644 13,226
Others (other results on portfolio)
13,837 10,420
(ii) Gains or losses on disposal of investment properties and other non-financial assets
-7,768 -4,583
(v) Goodwill impairment (other result on the portfolio)
5,200 10,120
(vi) Changes in fair value of financial instruments
-40,968 22,756
(vii) Costs & interest on acquisitions and joint ventures
0 0
(viii) Deferred taxes in respect of EPRA adjustments (other result on the portfolio)
9,979 2,365
(ix) Adjustments related to joint ventures
421 2,688
(x) Minority interests in respect of the above adjustments
-2,045 -8,452
EPRA earnings
212,131 181,457
Number of shares
29,655,292 26,478,781
EPRA earnings per share (in EUR/share)
7.15 6.85
EPRA diluted earnings
2
212,131 181,457
Diluted number of shares
29,671,967 26,495,581
EPRA diluted earnings per share (in EUR/share)
7.15 6.85
1. The summary and the comments on the consolidated income statements are on pages 85-89 of the current document.
2. The MCBs issued in 2011 have not been taken into account as at 31.12.2021 in the calculation of the EPRA diluted earnings, concepts defined by the EPRA Best Practice Recommendations.
The MCBs issued in 2011 and the convertible bonds issued in 2016 (matured on 15.09.2021) were not taken into account in the calculation of the EPRA diluted earnings as at 31.12.2020
Nursing and care home Nouvel Azur –
Saint-Pierre-du-Regard (FR)
177
DATA ACCORDING TO THE EPRA PRINCIPLE
EPRA - Net Asset Value
1
(x 1,000 EUR)
2021
2020
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS equity attributable to the parent company shareholders
3,233,274 3,233,274 3,233,274 2,574,775 2,574,775 2,574,775
Includes/Excludes :
i) Hybrid instruments
0 0 0 0 0 0
Diluted net asset value (NAV)
3,233,274 3,233,274 3,233,274 2,574,775 2,574,775 2,574,775
Includes :
ii.a) Revaluation of investment properties available for rent
(if the IAS 40 cost model is applied)
0 0 0 0 0 0
ii.b) Revaluation of investment properties
(if the IAS 40 cost model is applied)
0 0 0 0 0 0
ii.c) Revaluation of other non-current investments
0 0 0 0 0 0
iii) Revaluation of finance lease receivables
80,887 80,887 80,887 90,967 90,967 90,967
iv) Revaluation of assets held for sale
0 0 0 0 0 0
Diluted NAV at fair value
3,314,160 3,314,160 3,314,160 2,665,742 2,665,742 2,665,742
Excludes :
v) Deferred taxes relating to revaluations of investment properties at fair value
51,104 51,104 0 43,675 43,675 0
vi) Fair value of financial instruments
47,397 47,397 0 89,870 89,870 0
vii) Goodwill resulting from deferred taxes
-31,808 -31,808 -31,808 -35,782 -35,782 -35,782
viii.a) Goodwill according to IFRS balance sheet
0 -9,818 -9,818 0 -11,045 -11,045
viii.b) Intaglible assets according to IFRS balance sheet
0 -2,487 0 0 -2,172 0
Includes :
ix) Fair value of fixed interest rate debt
0 0 5,564 0 0 -23,388
x) Revaluation of intangible assets at fair value
0 0 0 0 0 0
xi) Real estate transfer taxes
256,161 0 0 213,154 0 0
NAV
3,637,015 3,368,548 3,278,098 2,976,658 2,750,288 2,595,527
Diluted number of shares
31,675,033 31,675,033 31,675,033 27,033,633 27,033,633 27,033,633
NAV per share (in EUR/share)
114.82 106.35 103.49 110.11 101.74 96.01
EPRA - Net Initial Yield (NIY)
2
and EPRA ‘Topped-Up’ NIY
2
(x 1,000,000 EUR)
2021 2020
Healthcare
real estate
Oces Property of
distribution networks
TOTAL Healthcare
real estate
Oces Property of
distribution networks
TOTAL
BE FR NL DE
Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR BE FR NL DE
Others
Pubstone
BE
Pubstone
NL
Cofinimur I
FR
Investment properties at fair value
1,601.1 456.5 433.6 653.6 654.0 1,381.1 291.7 29.9 138.5 70.0 5,709.8 1,455.6 392.7 346.2 597.8 89.8 1,438.9 295.4 139.0 113.6 4,868.9
Assets held for sale
- -13.2 - - - -23.6 - - - -3.1 -39.8 - - - - - -3.3 - - - -3.3
Development projects
-25.1 -25.5 -14.6 -0.7 -113.3 -67.2 - -6.5 - - -252.9 -0.9 - -7.2 -0.7 -66.9 -57.1 - - - -132.8
Assets available for lease
1,576.1 417.8 419.0 652.9 540.6 1,290.3 291.7 23.4 138.5 66.9 5,417.1 1,454.7 392.7 339.0 597.2 22.9 1,378.4 295.4 139.0 113.6 4,732.8
Estimated transfer fees and taxes at the
hypothetical disposal of investment properties
39.4 29.3 32.4 37.5 23.6 32.3 35.6 0.6 11.1 4.6 246.4 36.4 27.3 24.3 34.0 0.8 34.5 32.4 11.1 7.9 208.7
Investment value (including notarial and
registration charges) of assets available
for lease
1,615.5 447.1 451.4 690.4 564.2 1,322.5 327.3 24.0 149.5 71.5 5,663.4 1,491.1 420.0 363.3 631.1 23.7 1,412.9 327.8 150.1 121.4 4,941.4
Annualised gross rental income
82.9 27.6 24.3 36.5 27.4 77.6 19.7 1.4 10.3 4.9 312.6 77.1 27.7 20.6 35.3 1.4 86.0 19.6 10.1 7.8 285.6
Property charges
-1.4 -0.2 -2.1 -2.5 -0.8 -8.4 -0.6 -0.7 -0.4 -0.3 -17.6 -0.3 -0.2 -1.8 -1.4 - -7.9 -0.9 -0.4 -0.5 -13.4
Annualised net rental income
81.5 27.4 22.2 34.0 26.6 69.2 19.1 0.6 9.8 4.7 295.0 76.8 27.5 18.9 33.9 1.4 78.1 18.7 9.7 7.3 272.2
Rent-free periods expiring within 12 months
and other lease incentives
- - - - - - - - - - - - - - - - - - - - -
Topped-up annualised net rental incomes
81.5 27.4 22.2 34.0 26.6 69.2 19.1 0.6 9.8 4.7 295.0 76.8 27.5 18.9 33.9 1.4 78.1 18.7 9.7 7.3 272.2
EPRA NIY
5.0 % 6.1 % 4.9 % 4.9 % 4.7 % 5.2 % 5.8 % 2.7 % 6.6 % 6.5 % 5.2 % 5.1 % 6.5 % 5.2 % 5.4 % 6.0 % 5.5 % 5.7 % 6.5 % 6.0 % 5.5 %
EPRA ‘topped-up’ NIY
5.0 % 6.1 % 4.9 % 4.9 % 4.7 % 5.2 % 5.8 % 2.7 % 6.6 % 6.5 % 5.2 % 5.1 % 6.5 % 5.2 % 5.4 % 6.0 % 5.5 % 5.7 % 6.5 % 6.0 % 5.5 %
1. The MCBs issued in 2011 have not been taken into account as at 31.12.2021 in the calculation of the EPRA NVR, the EPRA NTA and the EPRA NDV, concepts defined by the EPRA
Best Practice Recommendations. The MCBs issued in 2011 and the convertible bonds issued in 2016 (matured on 15.09.2021) were not taken into account in the calculation of the
EPRA NVR, the EPRA NTA and the EPRA NDV as at 31.12.2020
2. For more segment information (see Note 5).
178
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA - Net Asset Value
1
(x 1,000 EUR)
2021
2020
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS equity attributable to the parent company shareholders
3,233,274 3,233,274 3,233,274 2,574,775 2,574,775 2,574,775
Includes/Excludes :
i) Hybrid instruments
0 0 0 0 0 0
Diluted net asset value (NAV)
3,233,274 3,233,274 3,233,274 2,574,775 2,574,775 2,574,775
Includes :
ii.a) Revaluation of investment properties available for rent
(if the IAS 40 cost model is applied)
0 0 0 0 0 0
ii.b) Revaluation of investment properties
(if the IAS 40 cost model is applied)
0 0 0 0 0 0
ii.c) Revaluation of other non-current investments
0 0 0 0 0 0
iii) Revaluation of finance lease receivables
80,887 80,887 80,887 90,967 90,967 90,967
iv) Revaluation of assets held for sale
0 0 0 0 0 0
Diluted NAV at fair value
3,314,160 3,314,160 3,314,160 2,665,742 2,665,742 2,665,742
Excludes :
v) Deferred taxes relating to revaluations of investment properties at fair value
51,104 51,104 0 43,675 43,675 0
vi) Fair value of financial instruments
47,397 47,397 0 89,870 89,870 0
vii) Goodwill resulting from deferred taxes
-31,808 -31,808 -31,808 -35,782 -35,782 -35,782
viii.a) Goodwill according to IFRS balance sheet
0 -9,818 -9,818 0 -11,045 -11,045
viii.b) Intaglible assets according to IFRS balance sheet
0 -2,487 0 0 -2,172 0
Includes :
ix) Fair value of fixed interest rate debt
0 0 5,564 0 0 -23,388
x) Revaluation of intangible assets at fair value
0 0 0 0 0 0
xi) Real estate transfer taxes
256,161 0 0 213,154 0 0
NAV
3,637,015 3,368,548 3,278,098 2,976,658 2,750,288 2,595,527
Diluted number of shares
31,675,033 31,675,033 31,675,033 27,033,633 27,033,633 27,033,633
NAV per share (in EUR/share)
114.82 106.35 103.49 110.11 101.74 96.01
EPRA - Net Initial Yield (NIY)
2
and EPRA ‘Topped-Up’ NIY
2
(x 1,000,000 EUR)
2021 2020
Healthcare
real estate
Oces Property of
distribution networks
TOTAL Healthcare
real estate
Oces Property of
distribution networks
TOTAL
BE FR NL DE
Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR BE FR NL DE
Others
Pubstone
BE
Pubstone
NL
Cofinimur I
FR
Investment properties at fair value
1,601.1 456.5 433.6 653.6 654.0 1,381.1 291.7 29.9 138.5 70.0 5,709.8 1,455.6 392.7 346.2 597.8 89.8 1,438.9 295.4 139.0 113.6 4,868.9
Assets held for sale
- -13.2 - - - -23.6 - - - -3.1 -39.8 - - - - - -3.3 - - - -3.3
Development projects
-25.1 -25.5 -14.6 -0.7 -113.3 -67.2 - -6.5 - - -252.9 -0.9 - -7.2 -0.7 -66.9 -57.1 - - - -132.8
Assets available for lease
1,576.1 417.8 419.0 652.9 540.6 1,290.3 291.7 23.4 138.5 66.9 5,417.1 1,454.7 392.7 339.0 597.2 22.9 1,378.4 295.4 139.0 113.6 4,732.8
Estimated transfer fees and taxes at the
hypothetical disposal of investment properties
39.4 29.3 32.4 37.5 23.6 32.3 35.6 0.6 11.1 4.6 246.4 36.4 27.3 24.3 34.0 0.8 34.5 32.4 11.1 7.9 208.7
Investment value (including notarial and
registration charges) of assets available
for lease
1,615.5 447.1 451.4 690.4 564.2 1,322.5 327.3 24.0 149.5 71.5 5,663.4 1,491.1 420.0 363.3 631.1 23.7 1,412.9 327.8 150.1 121.4 4,941.4
Annualised gross rental income
82.9 27.6 24.3 36.5 27.4 77.6 19.7 1.4 10.3 4.9 312.6 77.1 27.7 20.6 35.3 1.4 86.0 19.6 10.1 7.8 285.6
Property charges
-1.4 -0.2 -2.1 -2.5 -0.8 -8.4 -0.6 -0.7 -0.4 -0.3 -17.6 -0.3 -0.2 -1.8 -1.4 - -7.9 -0.9 -0.4 -0.5 -13.4
Annualised net rental income
81.5 27.4 22.2 34.0 26.6 69.2 19.1 0.6 9.8 4.7 295.0 76.8 27.5 18.9 33.9 1.4 78.1 18.7 9.7 7.3 272.2
Rent-free periods expiring within 12 months
and other lease incentives
- - - - - - - - - - - - - - - - - - - - -
Topped-up annualised net rental incomes
81.5 27.4 22.2 34.0 26.6 69.2 19.1 0.6 9.8 4.7 295.0 76.8 27.5 18.9 33.9 1.4 78.1 18.7 9.7 7.3 272.2
EPRA NIY
5.0 % 6.1 % 4.9 % 4.9 % 4.7 % 5.2 % 5.8 % 2.7 % 6.6 % 6.5 % 5.2 % 5.1 % 6.5 % 5.2 % 5.4 % 6.0 % 5.5 % 5.7 % 6.5 % 6.0 % 5.5 %
EPRA ‘topped-up’ NIY
5.0 % 6.1 % 4.9 % 4.9 % 4.7 % 5.2 % 5.8 % 2.7 % 6.6 % 6.5 % 5.2 % 5.1 % 6.5 % 5.2 % 5.4 % 6.0 % 5.5 % 5.7 % 6.5 % 6.0 % 5.5 %
179
DATA ACCORDING TO THE EPRA PRINCIPLE
1. For more details on the rental vacancy rate, see page 74 of this document.
2. ERV = estimated rental value.
3. It concerns the year-to-year variations (indexations, new locations, departures and renegotiations) of gross rental income, excluding the variations linked to changes in scope
(major renovations, acquisitions and sales) occurred during the financial period.
4. Including writeback of lease payments sold and discounted.
EPRA - Vacancy rate
1
(x 1,000 EUR) 2021
2020
Healthcare
real estate
Oces Property of
distribution networks
TOTAL Healthcare
real estate
Oces Property of
distribution networks
TOTAL
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR BE FR NL DE Others
Pubstone
BE
Pubstone
NL
Cofinimur I
FR
Rental space (in m
2
)
591,973 213,367 187,013 293,629 224,252 453,099 270,060 9,043 41,319 39,196 2,322,950 564,439 214,035 157,325 281,655 21,065 530.909 275,870 42,133 57,322 2,144,753
ERV
2
of the vacant space
- 150 74 - - 5,243 117 - - 431 6,016 - 150 77 - - 6.702 67 31 462 7,490
ERV
2
of the total portfolio
79,475 30,955 24,317 36,466 28,505 77,469 19,406 1,190 8,297 5,009 311,089 74,139 30,858 19,995 35,296 1,492 87.640 19,576 8,340 7,959 285,296
EPRA vacancy rate
0.0 % 0.5 % 0.3 % 0.0 % 0.0 % 6.8 % 0.6 % 0.0 % 0.0 % 8.6 % 1.9 % 0.0 % 0.5 % 0.4 % 0.0 % 0.0 % 7. 6 % 0.3 % 0.4 % 5.8 % 2.6 %
EPRA - Evolution of gross rental income
3
(x 1,000 EUR) 2021 2020
Gross rental
income –
at comparable
scope vs. 2020
Acquisitions Disposals Other Regularisation
of rental
income related
to previous
periods
Gross rental
income
4
–
at current
scope
Gross Rental
income
4
Healthcare real estate
149,348 35,840 -120 - - 185,068 148,276
Healthcare real estate Belgium 70,762 10,143 -120 - - 80,784 69,943
Healthcare real estate France 26,799 1,934 - - - 28,733 26,982
Healthcare real estate Netherlands 19,438 2,266 - - - 21,704 19,246
Healthcare real estate Germany 31,928 4,011 - - - 35,939 31,684
Healthcare real estate Others
422 17,487 - - - 17,909 420
Oces
80,265 6,638 -1,273 -1,051 - 84,579 81,223
Property of distribution networks
37,739 - -1,006 368 - 37,100 37,658
Pubstone Belgium 19,794 - -293 - - 19,502 19,556
Other Belgium
2 - - 368 - 370 -
Pubstone Netherlands 10,196 - -36 - - 10,159 10,033
Cofinimur I France 7,747 - -677 - - 7,070 8,069
GRAND TOTAL PORTFOLIO 267,352 42,478 -2,399 -684 - 306,748 267,157
180
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA - Vacancy rate
1
(x 1,000 EUR) 2021
2020
Healthcare
real estate
Oces Property of
distribution networks
TOTAL Healthcare
real estate
Oces Property of
distribution networks
TOTAL
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR BE FR NL DE Others
Pubstone
BE
Pubstone
NL
Cofinimur I
FR
Rental space (in m
2
)
591,973 213,367 187,013 293,629 224,252 453,099 270,060 9,043 41,319 39,196 2,322,950 564,439 214,035 157,325 281,655 21,065 530.909 275,870 42,133 57,322 2,144,753
ERV
2
of the vacant space
- 150 74 - - 5,243 117 - - 431 6,016 - 150 77 - - 6.702 67 31 462 7,490
ERV
2
of the total portfolio
79,475 30,955 24,317 36,466 28,505 77,469 19,406 1,190 8,297 5,009 311,089 74,139 30,858 19,995 35,296 1,492 87.640 19,576 8,340 7,959 285,296
EPRA vacancy rate
0.0 % 0.5 % 0.3 % 0.0 % 0.0 % 6.8 % 0.6 % 0.0 % 0.0 % 8.6 % 1.9 % 0.0 % 0.5 % 0.4 % 0.0 % 0.0 % 7. 6 % 0.3 % 0.4 % 5.8 % 2.6 %
EPRA - Evolution of gross rental income
3
(x 1,000 EUR) 2021 2020
Gross rental
income –
at comparable
scope vs. 2020
Acquisitions Disposals Other Regularisation
of rental
income related
to previous
periods
Gross rental
income
4
–
at current
scope
Gross Rental
income
4
Healthcare real estate
149,348 35,840 -120 - - 185,068 148,276
Healthcare real estate Belgium 70,762 10,143 -120 - - 80,784 69,943
Healthcare real estate France 26,799 1,934 - - - 28,733 26,982
Healthcare real estate Netherlands 19,438 2,266 - - - 21,704 19,246
Healthcare real estate Germany 31,928 4,011 - - - 35,939 31,684
Healthcare real estate Others
422 17,487 - - - 17,909 420
Oces
80,265 6,638 -1,273 -1,051 - 84,579 81,223
Property of distribution networks
37,739 - -1,006 368 - 37,100 37,658
Pubstone Belgium 19,794 - -293 - - 19,502 19,556
Other Belgium
2 - - 368 - 370 -
Pubstone Netherlands 10,196 - -36 - - 10,159 10,033
Cofinimur I France 7,747 - -677 - - 7,070 8,069
GRAND TOTAL PORTFOLIO 267,352 42,478 -2,399 -684 - 306,748 267,157
Medical centre Mehiläinen – Vaasa (FI)
181
DATA ACCORDING TO THE EPRA PRINCIPLE
1. For more details on the rental data, refer to the property report (pages 146 to 169).
2. Including writeback of lease payments sold and discounted.
3. ERV = Estimated Rental Value.
4. For more details on the valuation data, see the property report at sections ‘Healthcare real estate’ (page 32 to 55), ‘Oces’ (pages 62 to 69)
and ‘Property of distribution networks’ (page 56 to 59).
Investment properties - Rental data
1
(x 1,000 EUR) 2021 2020
Segment Gross rental
income for
the period
2
Net rental
income for
the period
Available
rental space
(in m)
Passing rent
at the end of
the period
ERV
3
at the
end of the
period
Vacancy rate at
the end of the
period
Gross rental
income for the
period
2
Net rental
income for the
period
Available
rental space
(in m)
Passing rent
at the end of
the period
ERV
3
at the
end of the
period
Vacancy rate at
the end of the
period
Healthcare real estate
185,068 184,045 1,510,234 198,681 199,718 0.1 % 148,276 145,809 1,238,519 162,166 161,781 0.1 %
Healthcare real estate Belgium
80,784 80,046 591,973 82,883 79,475 0.0 % 69,943 68,855 564,439 77,080 74,139 0.0 %
Healthcare real estate France
28,733 28,733 213,367 27,599 30,955 0.5 % 26,982 26,982 214,035 27,724 30,858 0.5 %
Healthcare real estate The Netherlands
21,704 21,597 187,013 24,337 24,317 0.3 % 19,246 19,169 157,325 20,633 19,995 0.4 %
Healthcare real estate Germany
35,939 35,774 293,629 36,466 36,466 0.0 % 31,684 30,382 281,655 35,296 35,296 0.0 %
Healthcare real estate Others
17,909 17,896 224,252 27,396 28,505 0.0 % 420 420 21,065 1,434 1,492 0.0 %
Oces
84,579 78,904 453,099 77,572 77,469 6.8 % 81,223 75,863 530,909 85,988 87,640 7. 6 %
Property of distribution networks
37,100 36,658 359,617 36,330 33,903 1.6 % 37,658 37,263 375,325 37,475 35,875 1.6 %
Pubstone Belgium
19,502 19,119 270,060 19,710 19,406 0.6 % 19,556 19,266 275,870 19,567 19,576 0.3 %
Other Belgium
370 305 9,043 1,390 1,190 0.0 % - - - - - 0.0 %
Pubstone Netherlands
10,159 9,993 41,319 10,281 8,297 0.0 % 10,033 9,897 42,133 10,139 8,340 0.4 %
Cofinimur I France
7,070 7,241 39,196 4,949 5,009 8.6 % 8,069 8,100 57,322 7,769 7,959 5.8 %
GRAND TOTAL PORTFOLIO
306,748 299,607 2,322,950 312,584 311,089 1.9 % 267,157 258,935 2,144,753 285,629 285,296 2.6 %
Investment properties - Valuation data
4
(x 1,000 EUR) 2021 2020
Segment Fair value of the
portfolio
Changes
in fair value
over the period
EPRA
Net Initial Yield
Changes
in fair value
over the period
Fair value of the
portfolio
Changes
in fair value
over the period
EPRA
Net Initial Yield
Changes
in fair value
over the period
Healthcare real estate
3,606,330 32,486 5.0 % 0.9 % 2,806,419 -14,991 5.4 % -0.5 %
Healthcare real estate Belgium
1,576,063 1,549 5.0 % 0.1 % 1,454,699 7,295 5.1 % 0.5 %
Healthcare real estate France
417,790 -8,432 6.1 % -2.0 % 392,690 -12,041 6.5 % -3.0 %
Healthcare real estate The Netherlands
418,990 9,695 4.9 % 2.4 % 339,030 -8,397 5.2 % -2.4 %
Healthcare real estate Germany
652,850 32,826 4.9 % 5.3 % 597,150 -1,075 5.4 % -0.2 %
Healthcare real estate Others
540,638 -3,152 4.7 % -0.6 % 22,850 -773 6.0 % -3.3 %
Oces
1,290,289 7,903 5.2 % 0.6 % 1,378,394 15,139 5.5 % 1.1 %
Property of distribution networks
520,445 -6,689 6.0 % -1.3 % 547,947 -11,690 6.0 % -2.1 %
Pubstone Belgium
291,714 -3,288 5.8 % -1.1 % 295,424 2,103 5.7 % 0.7 %
Other Belgium
23,391 - 2.7 % 0.0 % - - 0.0 % 0.0 %
Pubstone Netherlands
138,455 -1,020 6.6 % -0.7 % 138,974 -1,948 6.5 % -1.4 %
Cofinimur I France
66,885 -2,380 6.5 % -3.4 % 113,550 -11,845 6.0 % -9.4 %
GRAND TOTAL PORTFOLIO
5,417,064 33,701 5.2 % 0.6 % 4,732,761 -11,542 5.5 % -0.2 %
Reconciliation with IFRS consolidated income statement
Investment properties under development
252,926 841 132,820 -2,120
Assets held for sale
39,846 -35 3,320 -34
TOTAL
5,709,836 34,506 4,868,901 -13,696
182
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Investment properties - Rental data
1
(x 1,000 EUR) 2021 2020
Segment Gross rental
income for
the period
2
Net rental
income for
the period
Available
rental space
(in m)
Passing rent
at the end of
the period
ERV
3
at the
end of the
period
Vacancy rate at
the end of the
period
Gross rental
income for the
period
2
Net rental
income for the
period
Available
rental space
(in m)
Passing rent
at the end of
the period
ERV
3
at the
end of the
period
Vacancy rate at
the end of the
period
Healthcare real estate
185,068 184,045 1,510,234 198,681 199,718 0.1 % 148,276 145,809 1,238,519 162,166 161,781 0.1 %
Healthcare real estate Belgium
80,784 80,046 591,973 82,883 79,475 0.0 % 69,943 68,855 564,439 77,080 74,139 0.0 %
Healthcare real estate France
28,733 28,733 213,367 27,599 30,955 0.5 % 26,982 26,982 214,035 27,724 30,858 0.5 %
Healthcare real estate The Netherlands
21,704 21,597 187,013 24,337 24,317 0.3 % 19,246 19,169 157,325 20,633 19,995 0.4 %
Healthcare real estate Germany
35,939 35,774 293,629 36,466 36,466 0.0 % 31,684 30,382 281,655 35,296 35,296 0.0 %
Healthcare real estate Others
17,909 17,896 224,252 27,396 28,505 0.0 % 420 420 21,065 1,434 1,492 0.0 %
Oces
84,579 78,904 453,099 77,572 77,469 6.8 % 81,223 75,863 530,909 85,988 87,640 7. 6 %
Property of distribution networks
37,100 36,658 359,617 36,330 33,903 1.6 % 37,658 37,263 375,325 37,475 35,875 1.6 %
Pubstone Belgium
19,502 19,119 270,060 19,710 19,406 0.6 % 19,556 19,266 275,870 19,567 19,576 0.3 %
Other Belgium
370 305 9,043 1,390 1,190 0.0 % - - - - - 0.0 %
Pubstone Netherlands
10,159 9,993 41,319 10,281 8,297 0.0 % 10,033 9,897 42,133 10,139 8,340 0.4 %
Cofinimur I France
7,070 7,241 39,196 4,949 5,009 8.6 % 8,069 8,100 57,322 7,769 7,959 5.8 %
GRAND TOTAL PORTFOLIO
306,748 299,607 2,322,950 312,584 311,089 1.9 % 267,157 258,935 2,144,753 285,629 285,296 2.6 %
Investment properties - Valuation data
4
(x 1,000 EUR) 2021 2020
Segment Fair value of the
portfolio
Changes
in fair value
over the period
EPRA
Net Initial Yield
Changes
in fair value
over the period
Fair value of the
portfolio
Changes
in fair value
over the period
EPRA
Net Initial Yield
Changes
in fair value
over the period
Healthcare real estate
3,606,330 32,486 5.0 % 0.9 % 2,806,419 -14,991 5.4 % -0.5 %
Healthcare real estate Belgium
1,576,063 1,549 5.0 % 0.1 % 1,454,699 7,295 5.1 % 0.5 %
Healthcare real estate France
417,790 -8,432 6.1 % -2.0 % 392,690 -12,041 6.5 % -3.0 %
Healthcare real estate The Netherlands
418,990 9,695 4.9 % 2.4 % 339,030 -8,397 5.2 % -2.4 %
Healthcare real estate Germany
652,850 32,826 4.9 % 5.3 % 597,150 -1,075 5.4 % -0.2 %
Healthcare real estate Others
540,638 -3,152 4.7 % -0.6 % 22,850 -773 6.0 % -3.3 %
Oces
1,290,289 7,903 5.2 % 0.6 % 1,378,394 15,139 5.5 % 1.1 %
Property of distribution networks
520,445 -6,689 6.0 % -1.3 % 547,947 -11,690 6.0 % -2.1 %
Pubstone Belgium
291,714 -3,288 5.8 % -1.1 % 295,424 2,103 5.7 % 0.7 %
Other Belgium
23,391 - 2.7 % 0.0 % - - 0.0 % 0.0 %
Pubstone Netherlands
138,455 -1,020 6.6 % -0.7 % 138,974 -1,948 6.5 % -1.4 %
Cofinimur I France
66,885 -2,380 6.5 % -3.4 % 113,550 -11,845 6.0 % -9.4 %
GRAND TOTAL PORTFOLIO
5,417,064 33,701 5.2 % 0.6 % 4,732,761 -11,542 5.5 % -0.2 %
Reconciliation with IFRS consolidated income statement
Investment properties under development
252,926 841 132,820 -2,120
Assets held for sale
39,846 -35 3,320 -34
TOTAL
5,709,836 34,506 4,868,901 -13,696
183
DATA ACCORDING TO THE EPRA PRINCIPLE
Investment properties - Rental data
(x 1,000 EUR) Lease figures according to their end date
Average lease length
(in years)
Passing rents
of the leases maturing in
ERV
1
of the leases maturing in
Until the
break
2
Until the
end of
the lease
Year 1 Year 2 Years
3- 5
Year 1 Year 2 Years
3- 5
Healthcare real estate
15.6 15.7 15,891 3,440 5,030 17,627 3,425 5,423
Healthcare real estate Belgium
18.4 18.4 15 14 44 8 14 39
Healthcare real estate France
2.9 3.1 14,705 3,065 2,777 16,555 3,065 3,225
Healthcare real estate The Netherlands
9.9 10.4 1,171 362 2,159 1,064 346 2,116
Healthcare real estate Germany
21.4 21.4 - - 50 - - 44
Healthcare real estate Others
17.0 17.0 - - - - - -
Oces
4.6 5.6 12,993 11,758 17,697 11,558 10,094 16,259
Property of distribution networks
12.1 12.3 97 2,668 77 87 2,482 70
Pubstone Belgium
13.8 13.8 - - - - - -
Other Belgium
8.2 8.2 - - - - - -
Pubstone Netherlands
13.8 13.8 - - - - - -
Cofinimur I France
2.7 4.5 97 2,668 77 87 2,482 70
GRAND TOTAL PORTFOLIO
12.4 12.8 28,981 17,866 22,803 29,272 16,000 21,752
(x 1,000 EUR) Lease figures according to their revision date (break)
Passing rents of the leases
subject to revision in
ERV
1
of the leases
subject to revision in
Year 1 Year 2 Years 3 -5 Year 1 Year 2 Years 3 -5
Healthcare real estate
16,082 3,950 5,516 17,809 3,766 5,994
Healthcare real estate Belgium
15 14 44 8 14 39
Healthcare real estate France
14,838 3,530 2,777 16,685 3,365 3,225
Healthcare real estate The Netherlands
1,228 406 2,646 1,116 387 2,686
Healthcare real estate Germany
- - 50 - - 44
Healthcare real estate Others
- - - - - -
Oces
16,841 14,030 20,814 15,015 12,280 19,183
Property of distribution networks
97 3,535 407 87 3,292 354
Pubstone Belgium
- - - - - -
Other Belgium
- - - - - -
Pubstone Netherlands
- - - - - -
Cofinimur I France
97 3,535 407 87 3,292 354
GRAND TOTAL PORTFOLIO
33,019 21,515 26,737 32,911 19,337 25,530
1. ERV = Estimated Rental Value.
2. First break option for the tenant.
184
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA - Cost ratios
(x 1,000 EUR) 2021 2020
(i) Administrative/operational expenses per income statement
-64,941 -53,283
Cost of rent-free periods
-6,652 -5,460
Charges and taxes not recovered from the tenant on let properties
-4,146 -3,221
Net redecoration expenses
-1,575 243
Technical costs
-6,628 -6,051
Commercial costs
-2,967 -2,344
Taxes and charges on unlet properties
-3,188 -2,765
Corporate management costs
-39,784 -33,684
(v) Share of joint venture expenses
0 -17
EPRA COST RATIO (DIRECT VACANCY COSTS INCLUDED) (A)
-64,941 -53,300
(ix) Direct vacancy costs
7,335 5,987
EPRA COSTS (DIRECT VACANCY COSTS EXCLUDED) (B)
-57,606 -47,313
(x) Gross rental income less ground rent costs
299,001 256,981
(xii) Share of joint venture gross rental income
0 295
Gross rental income (C)
299,001 257,276
EPRA cost ratio (direct vacancy costs included) (A/C)
21.7 % 20,7 %
EPRA cost ratio (direct vacancy costs excluded) (B/C)
19.3 % 18,4 %
Overhead and operational expenses capitalised (including share of joint ventures)
2,629 1,190
Cofinimmo capitalises the overhead costs and operational expenses (legal fees, project management fees, capitalised interests, etc.)
directly linked to development projects.
Psychiatric clinic – Kaarst (DE)
185
DATA ACCORDING TO THE EPRA PRINCIPLE
Development projects
In the course of 2021, Cofinimmo carried out multiple redevelopment projects.
For details of these ongoing and future projects, see page 38 of chapter
‘Healthcare real estate’.
Nursing and care home – Jaén (ES)
EPRA CAPEX
(x 1,000 EUR) 31.12.2021
Group
(excl. Joint
Ventures)
Healthcare
real estate
Oces
Property of
distribution networks
Joint
Ventures
(propor-
tionate
share)
Total
group
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR
Acquisitions
1
802,086 144,854 65,178 55,776 22,486 513,714 79 0 0 0 0
0
802,086
4
Development
2
87,282 4,124 8,150 14,678 0 52,330 7,941 0 58 0 0
0
87,282
5
External costs capitalised
85,708 3,952 8,029 14,490 0 51,796 7,383 0 58 0 0
0
85,708
Overhead and other expenses capitalised
1,574 171 122 188 0 534 558 0 0 0 0
0
1,574
Investment properties
22,077 5,093 304 9,370 388 686 1,740 3,544 0 952 0
0
22,077
6
Major projects already (partially)
income-generating
17,674 4,865 227 8,781 374 0 1,216 1,533 0 679 0
0
17,674
No incremental lettable space
3,347 203 77 413 14 686 132 1,549 0 273 0
0
3,347
Overhead and other expenses capitalised
1,056 25 0 176 0 0 392 462 0 0 0
0
1,056
Total CapEx
3
911,444 154,070 73,632 79,824 22,874 566,730 9,761 3,544 58 952 0 0 911,444
7
Conversion from accual to cash basis
-8,948 -6,253 -1,792 -2,417 1,470 1,664 -566 -533 -53 -468 0
0
-8,948
Total CapEx on cash basis
902,496 147,818 71,840 77,407 24,343 568,394 9,195 3,010 5 484 0 0 902,496
(x 1,000 EUR) 31.12.2020
Group
(excl. Joint
Ventures)
Healthcare
real estate
Oces
Property of
distribution networks
Joint
Ventures
(propor-
tionate
share)
Total
group
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR
Acquisitions
607,723 233,280 26,130 49,428 99,351
58,402
141,132 0
0
0 0 0 607,723
Development
31,458 19 0 5,872 0
20,978
4,590 0
0
0 0 0 31,458
External costs capitalised
31,095 0 0 5,850 0 20,978 4,267 0
0
0 0 0 31,095
Overhead and other expenses capitalised
364 19 0 22 0 0 323 0
0
0 0 0 364
Investment properties
27,132 1,581 11 10,401 6,974
9
4,240 3,071
0
844 0 0 27,132
Major projects already (partially)
income-generating
22,547 1,417 0 10,145 6,713 0 3,778 494
0
0 0 0 22,547
No incremental lettable space
3,758 132 11 257 260 9 121 2,124
0
844 0 0 3,758
Overhead and other expenses capitalised
827 32 0 0 0 0 341 454
0
0 0 0 827
Total CapEx
666,313 234,880 26,141 65,701 106,325
79,389
149,962 3,071
0
844 0 0 666,313
Conversion from accrual to cash basis
8,820 83 -10 4,125 228 -5,016 8,277 1,061
0
72 0 0 8,820
Total CapEx on cash basis
675,133 234,963 26,131 69,825 106,553
74,373
158,240 4,132
0
917 0 0 675,133
186
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA CAPEX
(x 1,000 EUR) 31.12.2021
Group
(excl. Joint
Ventures)
Healthcare
real estate
Oces
Property of
distribution networks
Joint
Ventures
(propor-
tionate
share)
Total
group
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR
Acquisitions
1
802,086 144,854 65,178 55,776 22,486 513,714 79 0 0 0 0
0
802,086
4
Development
2
87,282 4,124 8,150 14,678 0 52,330 7,941 0 58 0 0
0
87,282
5
External costs capitalised
85,708 3,952 8,029 14,490 0 51,796 7,383 0 58 0 0
0
85,708
Overhead and other expenses capitalised
1,574 171 122 188 0 534 558 0 0 0 0
0
1,574
Investment properties
22,077 5,093 304 9,370 388 686 1,740 3,544 0 952 0
0
22,077
6
Major projects already (partially)
income-generating
17,674 4,865 227 8,781 374 0 1,216 1,533 0 679 0
0
17,674
No incremental lettable space
3,347 203 77 413 14 686 132 1,549 0 273 0
0
3,347
Overhead and other expenses capitalised
1,056 25 0 176 0 0 392 462 0 0 0
0
1,056
Total CapEx
3
911,444 154,070 73,632 79,824 22,874 566,730 9,761 3,544 58 952 0 0 911,444
7
Conversion from accual to cash basis
-8,948 -6,253 -1,792 -2,417 1,470 1,664 -566 -533 -53 -468 0
0
-8,948
Total CapEx on cash basis
902,496 147,818 71,840 77,407 24,343 568,394 9,195 3,010 5 484 0 0 902,496
(x 1,000 EUR) 31.12.2020
Group
(excl. Joint
Ventures)
Healthcare
real estate
Oces
Property of
distribution networks
Joint
Ventures
(propor-
tionate
share)
Total
group
BE FR NL DE Others
Pubstone
BE
Other
BE
Pubstone
NL
Cofinimur I
FR
Acquisitions
607,723 233,280 26,130 49,428 99,351
58,402
141,132 0
0
0 0 0 607,723
Development
31,458 19 0 5,872 0
20,978
4,590 0
0
0 0 0 31,458
External costs capitalised
31,095 0 0 5,850 0 20,978 4,267 0
0
0 0 0 31,095
Overhead and other expenses capitalised
364 19 0 22 0 0 323 0
0
0 0 0 364
Investment properties
27,132 1,581 11 10,401 6,974
9
4,240 3,071
0
844 0 0 27,132
Major projects already (partially)
income-generating
22,547 1,417 0 10,145 6,713 0 3,778 494
0
0 0 0 22,547
No incremental lettable space
3,758 132 11 257 260 9 121 2,124
0
844 0 0 3,758
Overhead and other expenses capitalised
827 32 0 0 0 0 341 454
0
0 0 0 827
Total CapEx
666,313 234,880 26,141 65,701 106,325
79,389
149,962 3,071
0
844 0 0 666,313
Conversion from accrual to cash basis
8,820 83 -10 4,125 228 -5,016 8,277 1,061
0
72 0 0 8,820
Total CapEx on cash basis
675,133 234,963 26,131 69,825 106,553
74,373
158,240 4,132
0
917 0 0 675,133
1. See main achievements 2021 on pages 43 to 55.
2. See the committed investment programme in healthcare real estate on pages 38 to 39.
3. See management report, section ‘Healthcare real estate’ (pages 32 to 55), section ‘Oces’ (pages 62 to 69) and section ‘Property of distribution
networks’ (pages 56 to 59).
4. See Note 22 and Note 37.
5. See Note 37. The sum of elements in footnotes 4 and 5 amounts to 109,359 KEUR, see Note 22.
6. See Note 37. The sum of elements in footnotes 4 and 5 amounts to 109,359 KEUR, see Note 22.
7. See pages 71 and 72.
187
DATA ACCORDING TO THE EPRA PRINCIPLE
CORPORATE
GOVERNANCE
STATEMENT
Cofinimmo seeks to maintain the highest standards of corporate governance and
continuously reassesses its methods based on accepted principles, practices,
and requirements in the field.
Reference code and corporate
governance charter
Cofinimmo applies the Belgian Corporate Governance Code 2020
(‘2020 Code’) which constitutes its reference code within the mean-
ing of article 3:6 §2, 1° of the Code of Companies and Associations
(‘CCA’). The code is available on the website
www.corporategovernancecommittee.be/en.
On 31.12.2021, the board of directors has stated that, to its know
-
ledge, its corporate governance practice is compliant with the 2020
Code. However, it is recalled that the ordinary general meeting
of 12.05.2021 renewed the mandate of Mr Xavier de Walque as
independent director in accordance with article 7:87 §1 of the CCA.
The board of directors considered appropriate to depart from one
of the independence criteria provided for in prinsiple 3.5 of the
2020 Code, since the term of oce of Mr Xavier de Walque, which
exceeds 12 years, in no way impedes his independence. In fact, Mr
Xavier de Walque does not have any relationship with the company
nor with any of its major shareholders which could jeopardise his
independence. Moreover, Mr Xavier de Walque has always demon-
strated during the exercise of his mandate that he has a free,
independent, and critical mind while putting the company’s sake
at the centre of his concerns.
The corporate governance charter, which provides thorough infor-
mation on the governance rules applicable within the company,
deals in particular with the principles and processes of the govern-
ance structure, the policy for the prevention of conflicts of interest, the
Dealing Code and the policy on good conduct. It can be consulted
on the Cofinimmo website.
Internal control and risk management
MANAGERIAL STAFF
Cofinimmo has implemented a risk management and internal
control process in accordance with the rules of corporate govern
-
ance and the various laws applicable to public regulated real estate
companies.
The company has chosen as its reference framework the Enterprise
Risk Management (ERM) model developed by COSO (Committee
of Sponsoring Organizations of the Treadway Commission -
www. coso.org). COSO is a private sector organisation. Its goal is
to promote quality improvements in financial and non-financial
reporting through the implementation of business ethics rules, an
eective internal control system and corporate governance rules.
The ERM model consists of the following components : internal
environment; evaluation of risks, control activities; information and
internal communication; monitoring and follow-up.
COMPONENTS
Internal environment
The concept of internal environment includes the vision, integrity,
ethical values, personal skills and the way in which the executive
committee assigns authority and responsibilities and organises
and trains its sta, all under the control of the board of directors.
• Corporate governance rules and the existence of an audit commit-
tee, a nomination, remuneration and corporate governance
committee consisting entirely of independent directors as meant
by article 7:87 §1 of the CCA and the 2020 Code and an internal
auditor, a risk manager, a management controller and a compli-
ance ocer.
• The integration within the executive committee of the notion
of risk for any investment, transaction and commitment which
may have a significant impact on the company’s objectives.
• The existence of an ESG policy addressing the vision and obli
-
gations in terms of sustainability.
1. This chapter forms an integral part of the statutory and consolidated management report.
1
188
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
• The existence of a code of conduct dealing with conflicts of
interest, professional secrecy, rules governing the purchase and
disposal of shares, prevention of corporate funds misuse, accept-
ance of business gifts, communication, respect for individuals
and a whistleblowing procedure, that are part of the corporate
governance charter.
• Respect of the task separation principles and the application
of rules regarding the delegation of powers clearly established
at all levels of the group and the application of strict criteria
for human resources management, particularly with respect to
selection, sta recruitment rules, training policy, performance
review process and identification of annual targets.
• External players are also involved in this risk control environment.
They include, in particular, the Financial Services and Markets
Authority (FSMA), company auditors, legal consultants, independ-
ent real estate valuers, financial institutions, rating agencies, finan-
cial analysts and shareholders.
Risk assessment
• Risk assessment includes the identification of risk events, their
analysis and the measures taken to address them in an eective
manner.
• A strategy defined by the board of directors on the basis
of a proposal from the executive committee, including the risks
and opportunities associated with climate change. The strategy
is then translated into operational, compliance, and reporting
objectives which apply to all of the company’s operating levels,
from the most global level to their implementation in the functional
units.
• Overall in-depth risk analysis of the company is carried out
periodically in collaboration with all the hierarchic levels of the
company, each for its respective area of competence.
• Analysis based on strategic choices, legal constraints and the
environment within which the company operates, including risks
related to sustainability, such as the impact of climate change on
the company’s activities :
– identification of potential risks;
– probability of occurrence;
– impact on objectives viewed from dierent angles : risks relating
to Cofinimmo’s activities and its business segments, risks relating
to Cofinimmo’s financial situation, legal and regulatory risks,
risks relating to internal control as well as environmental, social
and governance risks.
• Analysis formalised in a document which is presented and
discussed at an executive committee meeting. It is updated
throughout the year according to the evolution of business activities
and new commitments, taking into account the lessons from the
past. As part of the major risks analysis, this document is presented
once a year to the audit committee, which will use it, among other
things, to decide on the audit assignments entrusted to the internal
auditor. Furthermore, each major project undergoes a specific
risk analysis based on an organised framework to improve the
quality of information used in the decision-making process. This
framework includes transition risks associated with climate change
such as energy performance projects, as well as physical risks
associated with climate change such as flood risk.
Control activities
Controls are implemented in the various departments in response
to the risks identified :
Financial control activities
• budget : a budget, which is the quantified application of the
company’s objectives, is drawn up annually and checked each
quarter. It includes both income outlook, such as rents for the year,
but also costs related to the management and development of the
property portfolio, as well as financial costs related to the financing
structure of the activities. The budget is validated by the executive
committee and then presented to the board of directors, which
approves it. Variations between the estimated budget and the
actual result are reviewed quarterly by the executive committee,
the audit committee and the board of directors;
• credit : the solvency of the most important clients without a finan-
cial rating is analysed at dierent key points in time. The amounts
and validity of the rental guarantees established by all of the
tenants are checked quarterly by the operational teams;
• accounting : the use of an ERP application (Enterprise Resource
Planning, that is, an integrated management software package),
namely SAP, includes a number of automatic controls. SAP covers
all accounting and financial aspects as well as all data related
to the real estate business (i.e. monitoring of rental contracts,
rent invoices, statements of charges, orders, purchases, work site
budget monitoring, etc.);
• treasury : the use of a range of financing sources and financial
institutions and the spreading of maturities limit the risk of refinan-
cing concentration. Interest rate risk is limited by the application
of a hedging policy and the use of a treasury software facilitates
the day-to-day monitoring of cash positions and cash-pooling
operations.
Examples of operational control activities
• the rental situation is analysed every six months, as well as lease
terms and the risks and opportunities in terms of rental income;
• the dual signature principle is applied within the limits of dele
-
gations of power for commitments to third parties, whether this
involves asset acquisitions, rental transactions, orders of any type,
approvals of invoices or payments;
• the use of workflow software in the various stages of commercial
activity (space rental) strengthens controls at key stages of the
process;
• the register and movements of COFB registered shares are
integrated in a secure IT application (Capitrack programme),
developed and supplied by Belgium’s central depository Euroclear;
• the use of an online platform that allows the monitoring of
the group’s tax obligations and facilitates data exchange.
Similarly, a tax control system has been put in place which allows
internal control, in accordance with the rules of the Organisation
for Economic Cooperation and Development (OECD), of processes
and transactions with tax consequences;
• the use of an online platform to manage the legal secretariat
of the group’s subsidiaries;
• the implementation of an internal system to control the processing
of personal data. In 2021, this system was audited by an external
consultant specialising in this field, who concluded that the level
of compliance in place was quite satisfactory.
189
CORPORATE GOVERNANCE STATEMENT
Information and internal communication
Information and communication between the various levels of the
company and the information they disseminate is based on work
meetings and on reporting.
• A management report, established quarterly by the Control
department, details the situation of the income statement and the
balance sheet, the key performance indicators, the acquisitions/
sales situation, and their impact on the results. It also includes an
inventory of assets, project progress, and cash-flow positions. It is
discussed by the executive committee, the audit committee, and
the board of directors.
• Each department also periodically prepares specific reports about
its own activities.
• The executive committee meets weekly to systematically review
important issues dealing with the company’s operations and
business, and to discuss in more detail property investments
and divestments, construction, and rental matters. A report is
created for each meeting with, if necessary, an action plan for
the implementation of the decisions taken at the meeting.
In 2021, the company launched a satisfaction survey on inter
-
nal communication among its employees. From this survey, the
human resources department has developed an action plan to
promote and develop internal communication within the company,
both in terms of information relating to human resources and the
company’s activities.
Surveillance and monitoring
The company conducts ongoing and/or ad hoc assessments to
verify whether the internal control components have been put in
place and whether they are functioning.
• A closing is prepared each quarter using the same procedures
as for the end of the financial year. On this occasion, consoli
-
dated accounts are established. Key indicators are calculated and
analysed. This data is collected in the management report referred
to in the point above. All this data is discussed and analysed by
the executive committee, the audit committee, and the board of
directors.
• Each department collects relevant information at its own level
which is analysed quarterly and compared to the objectives set
for the year. The executive committee regularly invites heads
of departments to present an update on the evolution of their
specific business activities.
• Assignments of the internal auditor cover various procedures.
The results of the audits are submitted to the audit committee,
which ensures the implementation of the recommendations, and
to the board of directors.
• Integrity of data and information systems through the strength-
ening of the information system controls and measures put in
place to prevent and respond to the occurrence of a cybersecurity
incident that could disrupt its business. The executive committee
deals with strategic issues on cybersecurity, which are themselves
controlled by the audit committee. A post-disaster recovery plan
defines the measures to be implemented in the event of a crisis.
There are gradations in the implementation of these measures
depending on the type and gravity of the incident that has
occurred. This recovery plan also contains the order in which
services must be restored, according to their priority, in order
to allow the company to operate in a degraded mode, in other
words, a mode of operation without its usual resources, in order
to react quickly, provide essential services, and resume its normal
business operations as quickly as possible. Backup copies of data
are organised according to the 3-2-1 strategy, i.e. three copies of
the same file on two dierent media, one of which is an o-site
backup. Measures are also being taken to secure access to the
company data, particularly that relating to the IT tool supporting
the financial process (SAP). In addition, this tool is subject to an
annual audit by the external auditor. In terms of risk coverage,
the company is insured for the consequences of a cybersecurity
incident. Finally, in addition to the regular training sessions, aware
-
ness campaigns on cybersecurity risks are regularly carried out
among sta members. To date, the company is not aware of any
incident that occurred during the financial year which resulted
in a breach of the integrity of its information systems, whether in
the form of a loss or leakage of data.
Rehabilitation clinic De Plataan –
Heerlen (NL)
190
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Governance structure
Shareholders’ structure
The table below shows the Cofinimmo shareholders holding more
than 5 % of the capital. The transparency notifications and the control
chains are available on the website. At the closing date of this docu-
ment, Cofinimmo has not received any transparency notification
presenting a situation subsequent to that of 12.04.2021. According
to Euronext’s definition, the free float is 95 %.
This table presents the situation based on the transparency notifi
-
cations received under the law of 02.05.2007. Any changes notified
since 31.12.2021 have been published according to the provisions
of the above-mentioned law and are available on the company’s
website www.cofinimmo.com.
The board of directors declares that the shareholders listed do
not have dierent voting rights.
Company %
BlackRock
5.20
Forever Care-Ion
6.69
Cofinimmo Group
1
0.12
Others < 5 %
87.99
TOTAL
100.00
1. Voting rights attached to the treasury shares are suspended.
HEAD OF ESG
• Ensures a holistic approach to environmental, social and governance aspects by integrating
these aspects into the activities of the dierent departments
• Promotes dialogue with all stakeholders to determine where eorts should be pursued,
and to develop long-term partnerships that increase the positive impact of actions
taken
• Evaluates and manages the risks and opportunities associated with climate change and :
suggests specific and economically reasonable measures to improve the environmental
performance of the company, its portfolio and, by extension, the spaces occupied by its
tenants
ensures that the group complies with legal, national, and international environmental
requirements
follows, in collaboration with the operational teams, the implementation in the field of
the group’s environmental strategy in all business segments
COMPLIANCE OFFICER
• Ensures compliance with the code of
conduct : conflicts of interest, incompat
-
ible mandates, compliance with
company values, market abuse and
manipulations
• Ensures compliance with all the legal and
regulatory provisions in force
INTERNAL AUDITOR
• Carries out all verification tasks based on
the audit committee’s directives
• Reviews the reliability, consistency, and
integrity of information and operational
procedures
• Reviews the systems implemented
to ensure that the organisation
complies with the rules, plans,
procedures, laws and regulations which
may have a significant impact on its
operations
AUDIT COMMITEE
• Assists the board of directors with respect
to the independence of the auditor and
regarding :
the process of preparing financial,
non-financial and sustainability-
linked information
the eectiveness of the company’s
internal control and risk
management mechanisms
the internal audit and its
eectiveness
the legal audit of the annual and
consolidated accounts
environmental and social aspects
EXECUTIVE COMMITEE
• Handles the company’s day-to day
management, under the chairmanship
of the CEO
• Proposes the company’s strategy
to the board of directors, also in terms
of ESG
• Executes the strategy approved by the
board of directors
• Monitors the risks and opportunities
associated with climate change, and
other ESG topics
NOMINATION COMMITTEE,
COMPENSATION AND
CORPORATE GOVERNANCE
• Advises and assists the board of
directors for all questions relating to the
composition of the board of directors, its
committees and the executive committee
the selection, evaluation and
appointment of the members of the
board of directors and the executive
committee
the remuneration policy for the
members of the board of directors and
the executive committee
• Assists the board of directors for all
questions relating to governance
BOARD OF DIRECTORS
• Decides the company’s strategic directions
• Actively oversees the quality of management and its compliance with the strategy
• Examines the quality of the information given to investors and the public
• Determines the corporate governance
•
Incorporates the risks and opportunities associated with climate change into the global strategy
• Decides the ESG’s directions and supervises their implementation
191
CORPORATE GOVERNANCE STATEMENT
21
MANAGERS
140
EMPLOYEES OF WHICH 21 MANAGERS
Gender
Seniority
Age
Nationality
Departements
67 %
Men
67 %
31-50
years
33 %
Women
33 %
> 50 years
43 %
Men
57 %
Women
7 %
< 30
years
28 %
> 50
years
66 %
31-50 years
53 %
< 5
years
19 %
> 15
years
29 %
> 15
years
13 %
6-10 years
5 %
6-10 years
%
11-15 years
33 %
11-15 years
81 %
Belgian
80 %
Belgian
19 %
UE
19 %
UE
47 %
Real estate
51 %
Real estate
24 %
Finance
34 %
Finance
29 %
Corporate
15 %
Corporate
1 %
Non-UE
33 %
< 5
years
Board
of directors
Executive
committee
Audit
committee
Nomination,
remuneration and
corporate governance
committee
Members independents/total
8/11
(73 %)
- 3/3
(100 %)
4/4
(100 %)
Gender equality
Men
64 % 60 % 67 % 75 %
Women
36 % 40 % 33 % 25 %
Age
aged 31-50 year
9 % 60 % - -
> 50 ans
91 % 40 % 100 % 100 %
Internationalisation rate
27 % - 33 % 50 %
Background
Healthcare
55 % 100 % 33 % 50 %
Financial
55 % 60 % 100 % -
Real estate
64 % 100 % 67 % 50 %
Industry
27 % 20 % - 50 %
ESG
55 % 40 % 33 % 100 %
Average term of oce
6 years 5 years 7 years 5 years
192
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Diversity policy
RESPECT FOR DIFFERENCES AND CULTURAL
DIVERSITY
Cofinimmo is convinced by the appeal of diversity (cultural, gener-
ational, linguistic, gender, etc.) for both the company and the
community, and promotes equal opportunities, which is a funda
-
mental value of democracies.
Measures relating to recruitment, selection and sta management
are detailed in chapter ‘Human capital’ of the ESG report (see
page 113).
The main goal of governance is to achieve quality, development
and sustainability. The highest degree of management quality can
be achieved through diversity, among other things.
DIVERSITY IN THE BOARD OF DIRECTORS AND
ITS COMMITTEES
Diversity in the board of directors is not only demonstrated by
the high proportion of women, but also by the presence of three
dierent nationalities and a variety of backgrounds. This selec
-
tion within the board of directors and its committees enables the
company to broaden its knowledge of the dierent countries and
market segments in which it operates. Furthermore, the significant
presence of women at Cofinimmo has been confirmed by several
studies on gender diversity in the governance bodies of Belgian
companies. By way of example, the study covering the year 2021
carried out on gender diversity in corporate governance bodies by
the organisation European Women On Boards (EWOB) indicates
that Cofinimmo ranks 125
th
among 668 companies and 3
rd
among
Belgian companies in its ‘Gender Diversity Index’.
DIVERSITY WITHIN MANAGEMENT
For many years, the majority of the group’s employees have been
female and many of them have a management role. In total, 33 %
of managers are women. All female managers play this role in the
Finance and Corporate departments.
All employees are oered flexibility in the organisation of their
working life, which is mostly used by women but is increasingly
being used by male employees. The potential for development
and growth within Cofinimmo remains unchanged for women
returning from maternity leave, as promotions are based on the
recognition of talent and skills, regardless of their origin.
DIVERSITY AMONG EMPLOYEES
Diversity management is inseparable from human resources
management. Equity, also demonstrated by the regular renewal
of the company’s ‘Investors in People’ accreditation, is sought in
every area and at all levels : access to training, coaching and stress
management, skills transfer, career management, etc.
Cofinimmo is one of the few Belgian real estate companies where
there is also a significant presence of women. Furthermore, employ-
ees have varied cultural origins and educational backgrounds,
which stimulates internal creativity and enhances team perform
-
ance. Generational diversity, in turn, helps to bring together experi-
ence and innovation, and in this way find reproducible solutions.
Recruitment
In 2021, Cofinimmo recruited 22 new colleagues of which 6 were
outside Belgium. Among them, four people are older than 50 and
four people are younger than 25 years. The company’s outlook
on talent aims to be diverse and open to all types of profile. The
company’s performance in terms of sensitive ratios (age, origin,
etc.) continues to be a focus for the human resources department.
Sta management
On arrival, each new employee is presented with the corporate
governance charter which is an integral part of the welcome pack
and ensures that he/she expresses his/her adherence to it before
joining Cofinimmo.
Communication
Today, the company’s external communication regarding its
commitment to diversity occurs mainly through documents such
as the universal registration document and the website.
At the same time, Cofinimmo pays specific attention to internal
communication by sharing a commitment to openness with all
the stakeholders. Above all, the company is successful in creat
-
ing among its employees a shared desire to commit to always
performing better.
Cofinimmo’s commitment is to
continue to measure progress
toward equity. Its aim is not to
promote employees on the basis
of gender or age, but to recruit
and retain the best talent.
It is important that employees
understand that departments stand
to gain from greater diversity.
Equal treatment is the group’s
ultimate goal.
193
CORPORATE GOVERNANCE STATEMENT
DECISION-MAKING BODIES
Since 2020, Cofinimmo has opted for a one-tier governance structure, as provided
for in articles 7:85 et seq. of the CCA. Moreover, the board of directors has delegated
certain special powers to a statutory executive committee, consisting of members
who may or may not be directors, each of whose members, acting jointly with another
committee member, is responsible for the day-to-day management of the company.
Board of directors
CURRENT COMPOSITION
According to the general principles governing the composition of
the board of directors, as adopted on a proposal by the nomination,
remuneration, and corporate governance committee, the board
currently comprises 11 directors, including seven non executive and
independent as meant by article 7:87 §1 of the CCA and the 2020
Code, one non executive and independant as meant by article
7:87 §1 of the CCA and three executive directors (members of the
executive committee). At the end of the ordinary general meeting
of 12.05.2021, the board of directors currently consists of 11 directors
following the non-renewal of the term of oce of Mrs Cécile Scalais.
The company is in the process of identifying two candidates (of
which one female candidate) in order to propose their appointment
as independent directors as meant by article 7:87 §1 of the CCA and
the 2020 Code at the general meeting of 11.05.2022, or at a subse-
quent general meeting if the recruitment process would not have
been completed at the time of convening to this general meeting.
Directors are appointed for a maximum term of four years by the
general meeting and may be dismissed in the same way at any time,
eective immediately and without cause. They are re-electable.
Sept independent directors comply with the independence criteria
as set out in article 7:87 §1 of the CCA and the 2020 Code. Mr Xavier
de Walque is an independent director as meant by article 7:87 §1
of the CCA and the 2020 Code. His mandate has been renewed at
the ordinary general meeting of 13.05.2020. The board of directors
considered appropriate to depart from one of the independence
criteria provided for in provision 3.5 of the 2020 Code, since the
term of oce of Mr Xavier de Walque, which exceeds 12 years, in
no way impedes his independence. In fact, Mr Xavier de Walque
does not have any relationship with the company nor with a major
shareholder of the latter that could jeopardise his independence.
Moreover, Mr Xavier de Walque has always demonstrated during
the exercise of his mandate that he has a free, independent and
critical mind while putting the company’s sake at the centre of his
concerns. The operating rules of the board of directors are stated
in the corporate governance charter.
The objective to achieve a ratio of at least one third of the members
of the board whose gender is dierent from that of the other
members, in accordance with article 7:86 of the CCA with regard
to gender diversity on the board of directors, has been met since
2016. In fact, the board of directors consists of four women and seven
men, i.e. a mix ratio of 36 % exceeding the third party set by law.
Cofinimmo also sponsors the activities of the non-profit association
Women on Board, which aims at promoting the presence of women
on boards of directors. Mrs Françoise Roels, director and member
of the executive committee, is one of the founding members of this
non-profit organisation and has been its chair since May 2016. In
this respect, Cofinimmo is among the bests in class at European
and global levels (see section ‘Diversity on the board of directors
and its committees’).
194
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Mr Jacques van Rijckevorsel
Independent director as meant by arti-
cle 7:87 §1 of the CCA and the 2020 Code,
Chairman of the board of directors
Chairman of the nomination, remuneration,
and corporate governance committee
• Gender : M
• Nationality : Belgian
• Year of birth : 1950
• Start of term : 10.05.2017
• Last renewal : 12.05.2021
• End of term : 14.05.2025
• Current position : chairman of the board
of directors of Cliniques Universitaires
Saint-Luc (UCL) (Avenue Hippocrate/
Hippocrateslaan 10, 1200 Brussels)
• Current mandates : Cliniques Universitaires
Saint-Luc, Duve Institute, N-Side, Fondation
Médicale Reine Elisabeth, Fondation Saint-
Luc, Fondation Louvain, Louvain School
of Management, Consultative Committee
of ING Brussels, Capricorn Sustainable
Chemistry Fund
• Previous mandates : Solvay and several
subsidiaries, Guberna, CEFIC, Plastics
Europe, Belgian-Luxembourg Chamber
of Commerce for Russia and Belarus,
Synergia Medical
Mr Jean-Pierre Hanin
Managing director
Eective manager
• Gender : M
• Nationality : Belgian
• Year of birth : 1966
• Start of term : 09.05.2018
• Last renewal : -/-
• End of term : 11.05.2022
• Current position : Chief Executive Ocer
of Cofinimmo SA/NV (Boulevard de la
Woluwe/Woluwedal 58, 1200 Brussels)
• Current mandates : various mandates
in Cofinimmo group subsidiaries, United
Fund for Belgium
• Previous mandates : Etex group
Mr Jean Kotarakos
Executive director
Eective manager
• Gender : M
• Nationality : Belgian
• Year of birth : 1973
• Start of term : 09.05.2018
• Last renewal : -/-
• End of term : 11.05.2022
• Current position : Chief Financial Ocer
of Cofinimmo SA/NV (Boulevard de la
Woluwe/Woluwedal 58, 1200 Brussels)
• Current mandates : various mandates in
Cofinimmo group subsidiaries
• Previous mandates : Aedifica and various
mandates in Aedifica group subsidiaries
Mrs Françoise Roels
Executive director
Eective manager
• Gender : F
• Nationality : Belgian
• Year of birth : 1961
• Start of term : 27.04.2007
• Last renewal : 12.05.2021
• End of term : 14.05.2025
• Current position : Chief Corporate Aairs
& Secretary General of Cofinimmo SA/NV
(Boulevard de la Woluwe/Woluwedal 58,
1200 Brussels)
• Current mandates : several mandates the
subsidiaries of the Cofinimmo group and
as representative of Cofinimmo, Guberna,
Women on Board ASBL/VZW, PMH SA/
NV, Domicilia NV, Les Petits Riens ASBL/
Spullenhulp VZW
• Previous mandates : -/-
Mrs Inès Archer-Toper
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
Member of the audit committee
• Gender : F
• Nationality : French
• Year of birth : 1957
• Start of term : 08.05.2013
• Last renewal : 12.05.2021
• End of term : 14.05.2025
• Current position : Company director
195
CORPORATE GOVERNANCE STATEMENT DECISIONMAKING BODIES
• Current mandates : Aina Investment Fund
(Luxembourg - an entity of Edmond de
Rothschild group), Gecina SA (France),
Lapillus OPCI (France), Nimanimmo SAS
(France)
• Previous mandates : Segro PLC SA
(United Kingdom), Axcior Immo and Axcior
Corporate Finance SA (France), Orox Asset
Management SA (Switzerland), EDRCF
(France)
Mr Olivier Chapelle
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
Member of the nomination, remuneration
and corporate governance committee
• Gender : M
• Nationality : Belgian
• Year of birth : 1964
• Start of term : 11.05.2016
• Last renewal : 13.05.2020
• End of term : 08.05.2024
• Current position : Chief Executive Ocer
(CEO) of Recticel SA/NV (Avenue du
Bourget/Bourgetlaan 42, 1130 Brussels)
• Current mandates : Fédération des
Entreprises Belges/Verbond van Belgische
Ondernemingen (FEB/VBO), Calyos SA/
NV, Sofindev, Corporate Governance
Committee
• Previous mandates : Guberna, Essenscia
Mr Xavier de Walque
Independent director as meant by article
7:87 §1 of the CCA,
Member of the audit committee
• Gender : M
• Nationality : Belgian
• Year of birth : 1965
• Start of term : 24.04.2009
• Last renewal : 13.05.2020
• End of term : 08.05.2024
• Current position : member of the executive
committee and Chief Financial Ocer of
Cobepa SA/NV (Rue de la Chancellerie/
Kanselarijstraat 2/1, 1000 Brussels)
• Current mandates : several mandates in
Cobepa group subsidiaries (Cobepa North
America, Cosylva, Financière Cronos, Ibel,
Mascagna, Mosane, Sophinvest, Ulran),
JF Hillebrand AG, AG Insurance, Degroof
Equity, DSDC
• Previous mandates : Cobepa Nederland,
Guimard Finance, Cobib, Cobsos,
Groupement Financier Liégeois, Kanelium
Invest, SGG Holdings, Sapec, Sophielux 2,
Sofireal (now Cobid), BrunchCo 21, Puccini
Partners, Lunch Time, Sophielux 1
Mr Maurice Gauchot
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
Member of the nomination, remuneration
and corporate governance committee
• Gender : M
• Nationality : French
• Year of birth : 1952
• Start of term : 11.05.2016
• Last renewal : 13.05.2020
• End of term : 08.05.2024
• Current position : Company director
(Avenue Pierre I
er
de Serbie 16, 75116 Paris,
France)
• Current mandates : Stone Estate (Zurich),
Codic SA/NV, La Foncière Numérique,
Interconstruction SCI Foncière CRF
• Previous mandates : CBRE Holding France
196
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Mr Benoit Graulich
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
Chairman of the audit committee
• Gender : M
• Nationality : Belgian
• Year of birth : 1965
• Start of term : cooptation on 25.04.2019,
appointment on 05.05.2019
• Last renewal : -/-
• End of term : 10.05.2023
• Current position : Managing Partner
of Bencis Capital Partners, Belgium,
Netherlands, Germany (Culliganlaan 2 E,
1831 Diegem)
• Current mandates : Lotus Bakeries NV,
Bencis Capital Partners and its subsidiaries
• Previous mandates : Van de Velde NV
Mrs Diana Monissen
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
Member of the nomination, remuneration
and corporate governance committee
• Gender : F
• Nationality : Dutch
• Year of birth : 1955
• Start of term : 11.05.2016
• Last renewal : 13.05.2020
• End of term : 08.05.2024
• Current position : Director of companies
• Current mandates : Vz RvT Reinier
de Graaf Groep, Vz RvC Regionale
Ontwikkelingsmaatschappij Utrecht, Vz
RvT Hivos
• Previous mandates : MC Slotervaart,
Prinses Maxima Centrum voor
Kinderoncologie
Mrs Kathleen Van Den Eynde
Independent director as meant by article
7:87 §1 of the CCA and the 2020 Code
• Gender : F
• Nationality : Belgian
• Year of birth : 1962
• Start of term : 13.05.2015
• Last renewal : 08.05.2019
• End of term : 10.05.2023
• Current position : Chief Executive
Ocer Belgium and Chief Life, Health &
Investment of Allianz Benelux (Boulevard
du Roi Albert II/ Koning Albert II-laan 32,
1000 Brussels)
• Current mandates : Allianz Benelux SA/
NV, Allianz Life Luxembourg SA, Allianz
Nederland Group NV, SCOB SA, Climmolux
Holding SA/NV, Sofiholding SA/NV
• Previous mandates : Assurcard, Allianz
Nederland,Asset Management BV,
UP36 SA/NV
197
CORPORATE GOVERNANCE STATEMENT DECISIONMAKING BODIES
DIRECTOR RENEWALS AND APPOINTMENTS
The ordinary general meeting of 12.05.2021 approved the renewal
of the term of oce of Mr Jacques van Rijckevorsel and Ms Inès
Archer-Toper as independent directors as meant by article 7:87 §1
of the CCA and the 2020 Code, and the renewal of the term of oce
of Ms Françoise Roels as executive director. Their term of oce
will expire on 14.05.2025. The board of directors decided that Mr
Jacques van Rijckevorsel would continue in his role as chairman of
the board of directors and chairman of the nomination, remuner-
ation and corporate governance committee, that Mrs Inès Archer-
Toper would continue her role as member of the audit committee
and that Mrs Françoise Roels would continue in her role as Chief
Corporate Aairs Ocer & Secretary General.
Subject to approval by the FSMA and by the general meeting of
11.05.2022, the board of directors will propose the renewal of the
term of oce of Mr Jean-Pierre Hanin and Mr Jean Kotarakos
as executive directors. In case of approval by the general meet
-
ing, the board of directors has decided that Mr Jean-Pierre Hanin
will continue his function as Chief Executive Ocer and Mr Jean
Kotarakos as Chief Financial Ocer. Their mandates would expire
at the end of the 2026 general meeting.
The company is in the process of identifying two candidates (of
which one female candidate) in order to propose their appoint
-
ment for four years as independent directors as meant by article
7:87 §1 of the CCA and the 2020 Code at the general meeting of
11.05.2022, or at a subsequent general meeting if the recruitment
process would not have been completed at the time of convening
to this general meeting.
BOARD OF DIRECTORS’ ACTIVITY REPORT
Throughout the year, the board of directors dealt with issues
while paying particular attention to subjects linked to ESG, both in
terms of the environmental, social and governance aspects, and
always within the framework of an overall strategy. The existence
of a sustainability strategy within Cofinimmo, in particular through
its 30 project, is indeed necessary to guarantee the company’s
value in the long term, and the board of directors is guided by it
in each decision-making process.
In addition to issues related to corporate social responsibility, more
technical and operational strategic issues, such as cybersecurity
issues, have become a focus of the board’s attention given the
damaging consequences of a cyber attack, both in terms of the
company’s reputation and credibility and the financial losses that
would result from business interruption or data loss. The board was
particularly keen to ensure that this aspect was monitored. Training
and regular actions were implemented on an ongoing basis with
the members of the company.
The board also paid particular attention to maintaining and devel-
oping dialogue with its shareholders by organising its first digital
general meeting. Despite the restrictive health measures, share
-
holders were able to participate remotely and exercise their voting
rights digitally and live during the general meeting.
In 2021 the board of directors met nine times. In addition to recur
-
rent subjects, the board of directors also took decisions on various
matters, more specifically in the following fields :
Strategy
• monitoring of Cofinimmo’s strategy and development, including
the ESG (environmental, social and governance) strategy.
Real estate
• the analysis and approval of investment, divestment, and (re)
development projects, among which the acquisition of healthcare
real estate assets in Ireland, Italy and the United Kingdom;
• stakes in real estate companies in Belgium, Spain, the Netherlands
and Germany, and in two real estate funds in Italy;
• a capital increase through contributions in kind of healthcare real
estate assets within the framework of the authorised capital;
• the contribution of the oce portfolio into the Cofinimmo Oces
subsidiary;
• the disposals of oce buildings and distribution networks;
• the analysis of the impact of the COVID-19 pandemic on the
company’s activities;
• the renewal of the authorisation given to the board of directors
to increase the capital within the framework of the authorised
capital;
• the approval of the proposed merger in the context of operations
similar to a merger by absorption of the companies Rheastone 2
Co SA/NV, Dilhome SA/NV, Ten Berge SA/NV, Balen SA/NV, Puthof SA/
NV, Viaducstraat SA/NV, Polyserve SA/NV, Quatrobuild SA/NV,
Profilia SA/NV, Cura Invest SA/NV, Musikantenwijk SA/NV, Rusthuis
Martinas SA/NV and Ploegdries SA/NV.
Financial
• the monitoring of the company’s financing;
• a capital increase in cash through a private placement by an
accelerated book building procedure with qualified investors as
part of the autohorised capital;
• a capital increase through contribution in kind of an optional
dividend within the framework of the authorised capital;
• a capital increase in the context of the conversion of convertible
bonds.
Internal control
• internal control plans and reports of the compliance ocer, the
risk manager and the internal auditor;
• the review of major risks;
• annual report and core document of the actual management of
internal control.
Governance
• the monitoring of the well-being and safety of employees during
the COVID-19 health crisis;
• the assessment of the executive committee, setting its objectives,
and the fixed and variable remuneration;
• the self-assessment of the board of directors and its committees;
• the composition of the shareholder structure.
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Composition of the board
• the proposal to renew the terms of oce at the ordinary general
meeting of 12.05.2021 as independent directors as meant by arti-
cle 7:87 §1 of the CCA and the 2020 Code, of Mr Jacques van
Rijckevorsel and Mrs Inès Archer-Toper;
• the reappointment of Mr Jacques van Rijckevorsel as chairman
of the board of directors;
• the proposal to reappoint Françoise Roels as an executive director
at the ordinary general meeting of 12.05.2021.
Composition of the audit committee
• the reappointment of Ms Inès-Archer Toper
• the reappointment of Ms Inès-Archer Toper as a member of the
audit committee.
Human resources
• internal organisation of the company.
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CORPORATE GOVERNANCE STATEMENT DECISIONMAKING BODIES
Audit committee
CURRENT COMPOSITION
The audit committee consists of three directors. They are Mr Benoit
Graulich (chairman), Mrs Inès Archer-Toper as independent direc-
tors as meant by article 7:87 §1 of the CCA and the 2020 Code, and
Mr Xavier de Walque as independent director as meant by article
7:87 §1 of the CCA.
The chairman of the board of directors and the members of the
executive committee are not members of the audit committee.
They are invited to attend the meetings, but are not entitled to vote.
The chairman of the audit committee is appointed by the
members of the committee. The members of the audit commit
-
tee have a collective expertise in the company’s field of activities.
At least one member has accounting and auditing competences.
The current composition of the audit committee and the tasks it has
been assigned, meet the requirements of the law of 17.12.2008
relating to the creation of an audit committee in listed and finan
-
cial companies and by the law of 07.12.2016 on the organisation
of the profession and the public supervision of auditors. The audit
committee’s procedural rules are detailed in the corporate govern-
ance charter.
AUDIT COMMITTEE ACTIVITY REPORT
In 2021, the audit committee met five times.
It addressed matters that fall within the framework of its mission,
which is to guarantee the accuracy and truthfulness of the reporting
of Cofinimmo’s annual, half-yearly and quarterly accounts, the
quality of internal and external control, and of the information
provided to the shareholders.
The audit committee also reviewed the following topics :
• the recommendations made by the auditor concerning internal
control and IT procedures;
• the migration towards SAP S4/HANA;
• results of the IT intrusion test;
• the recommendations made by the internal auditor;
• the major risks;
• the list of incidents;
• ongoing disputes;
• the balance sheet items to be transferred on the contribution of
the ‘oces’ branch to Cofinimmo Oces;
• the management of financial resources and in particular the
financing of development projects and the financing of activities
outside the euro zone;
• the internal valuation of the portfolio;
• the renewal of certain insurance coverages;
• the management of the actual Ultimate Beneficial Owners (UBO)
registers;
• the achievement of the objectives of the members of the executive
committee;
• the achievement of the company’s ESG objectives;
• the annual report and core document of the actual management
of internal control;
• the new legislation;
• its own assessment.
Early 2022, the audit committee initiated a procedure for the selec-
tion of the auditor who will take over from the current auditor (whose
mandate can no longer be renewed, in accordance with the applic-
able rotation rules) as of the ordinary general meeting in May 2023.
Nomination, remuneration and corporate
governance committee
CURRENT COMPOSITION
The Nomination, Remuneration and Corporate Governance
Committee (NRC) consists of four independent directors as meant
by article 7:87 §1 of the CCA and the 2020 Code. They are Mr
Jacques van Rijckevorsel (chairman), Mr Olivier Chapelle, Mr
Maurice Gauchot and Mrs Diana Monissen. The members of the
executive committee are not members of the NRC.
The current composition of the NRC and the tasks it has been
assigned fulfil the conditions of article 7:100 of the CCA. The NRC’s
procedural rules are stated in the corporate governance charter.
NOMINATION, REMUNERATION, AND CORPORATE
GOVERNANCE COMMITTEE ACTIVITY REPORT
In 2021, the committee paid particular attention to the entry into
oce of the new Head of HR & Internal Communications and
to a new reflection on the company’s human resources policy. It
also gave further consideration to various governance issues, such
as the right positioning of ESG function within the organisation.
The committee met three times. The main topics covered were
as follows :
Composition of the board
• renewal of the term of oce of two non-executive and independ-
ent directors as meant by article 7:87 §1 of the CCA and the 2020
Code, Mr Jacques van Rijckevorsel and Ms Inès Archer-Toper;
• renewal of the term of oce of one executive director, Mrs
Françoise Roels.
Evaluation, objectives and remuneration
of the executive committee
• evaluation of the executive committee members and their
remuneration as well as the criteria for granting variable
remuneration;
• preparation of the 2022 objectives of the executive committee
members;
• the benchmark of the remuneration of the members of the exec-
utive committee.
Remuneration of non-executive directors
• the benchmark for non-executive directors’ remuneration.
Governance
• the preparation of a remuneration report;
• consideration of the composition of the board of directors;
• review of the new legislation.
Evaluation of the board of directors and committee
• the follow-up of the 2018 board evaluation exercise;
• steering the assessment of the board of directors;
• its own assessment.
Human resources
• reflexion on the human resources policy.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Executive committee
CURRENT COMPOSITION
It is recalled that in 2020, the extraordinary general meeting of
Cofinimmo approved statutory amendments following the entry
into force on 01.01.2020 of the CCA, which replaces the Company
Code. In particular, Cofinimmo has opted for a one-tier govern
-
ance structure, as provided for in articles 7:85 et seq. of the CCA.
The board of directors has delegated certain special powers to
an executive committee, consisting of members who may or may
not be directors, and entrusted the day-to-day management of
the company to each of the members of this executive committee,
whose creation and existence is provided for in article 13 of the
Articles of Association.
The executive committee consists of five members. In addition
to its chairman, Mr Jean-Pierre Hanin (Chief Executive Ocer), it
includes the following other members : Mr Jean Kotarakos (Chief
Financial Ocer), Mrs Françoise Roels (Chief Corporate Aairs &
Secretary General), Mr Sébastien Berden (Chief Operating Ocer
Healthcare), and Mrs Yeliz Bicici (Chief Operating Ocer Oces
& Real Estate Development).
Each member of the executive committee has a specific area of
responsibility. The committee meets weekly. In accordance with
article 14 of the law of 12.05.2014 on regulated real estate companies,
the members of the executive committee are directors as meant by
this article and are also responsible for the day-to-day manage-
ment of the company.
The executive committee’s procedural rules are stated in the corpor-
ate governance charter.
Jean-Pierre Hanin
Chief Executive Ocer
Eective manager
Jean-Pierre Hanin joined Cofinimmo in February 2018 and holds
several oces in subsidiaries of Cofinimmo group. He has a Law
degree from the KUL (Catholic University of Leuven). He also
holds a Master’s degree in Tax Management from the Solvay
Business School and a LL.M from Georgetown University. He
started his career as a business attorney. He then joined various
international groups where he took up financial and manage
-
ment positions, among which Chief Financial Ocer and Chief
Executive Ocer of Lhoist group, global leader in lime and dolomite.
More recently, he was Chief Financial Ocer then manager of the
‘Building Performance’ division of the construction materials group
Etex. His functions led him to operate in various regions all over
the world for over 20 years, and to carry out both consolidation
and development activities.
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CORPORATE GOVERNANCE STATEMENT DECISIONMAKING BODIES
Jean Kotarakos
Chief Financial Ocer
Eective manager
Jean Kotarakos joined Cofinimmo in June 2018 as CFO. He holds a degree
in Commercial Engineering from the Solvay Brussels School of
Economics and Management (ULB). He has taught there since 2010
in the Real Estate Executive Programme. He oversees Accounting,
Communication & IR, Control, IT, Mergers & Acquisitions, and Treasury
& Project Finance. He also holds several oces in subsidiaries of the
Cofinimmo group. He has held numerous financial positions during
his career in various companies. After working for approximately ten
years for KPMG and D’Ieteren, he joined Aedifica, where he was Chief
Financial Ocer from 2007 to May 2018.
Françoise Roels
Chief Corporate Aairs & Secretary General
Eective manager
Françoise Roels joined Cofinimmo in August 2004. She is a Law graduate
(RUG 1984), candidate in Philosophy (RUG 1984) and holds a Master’s
degree in Taxation (École Supérieure des Sciences Fiscales 1986). She
is in charge of the company’s general secretariat and the compli-
ance and risk management functions. She is also responsible for
matters involving shareholders and relations with the Belgian finan-
cial supervisory authorities. She also supervises the company’s ESG,
Tax, Governance, Information Management, Legal and Human
Resources departments. She also holds several oces in subsidi
-
aries of the Cofinimmo group. Before joining Cofinimmo, Françoise
Roels worked for the Loyens law firm, for Euroclear/JP Morgan and
for the Belgacom group. She was responsible for tax aairs and
corporate governance.
Sébastien Berden
Chief Operating Ocer Healthcare
Eective manager
Sébastien Berden joined Cofinimmo in 2004, first as Investor
Relations Ocer, then as Development Manager Healthcare,
and Head of Healthcare, a position he held from 2011 to 2018.
Since July 2018, he has been Chief Operating Ocer Healthcare
and oversees the Healthcare department for Belgium, France,
the Netherlands, Ireland, Italy and the United Kingdom, as well
as business development in new geographies. He holds several
oces in subsidiaries of the Cofinimmo group. He is also a director
in Aldea Group SA/NV and SCI Foncière CRF. Sébastien Berden
holds a Master’s degree in Applied Economics from the University
of Antwerp. He also followed a post-graduate training in financial
analysis and completed a Leadership Development Programme
at Harvard Business School. Moreover, he holds a post-graduate
degree in Hospital and Care Management from the UCL. He started
his career in 1998 at KPMG successively as financial auditor and
Corporate Finance Consultant.
Yeliz Bicici
Chief Operating Ocer Oces &
Real Estate Development
Eective manager
Yeliz Bicici joined Cofinimmo in 2008, first as Property Manager, then
Area Manager and finally Development Manager, before becoming
Head of Development in 2014. Since July 2018, she has been Chief
Operating Ocer Oces & Real Estate Development. She supervises
the Healthcare department for Spain, Germany and the Nordic
countries as well as the Development, Project Management, Oces
and Distribution networks departments and also holds several oces
in subsidiaries of the Cofinimmo group. She holds a double Master’s
degree in Real Estate (Antwerp Management School 2012 and KUL
2009), she completed the General Management Programme in
2021 and followed a post-graduate training in energy engineer
-
ing (UGent) and financial analysis. Before joining Cofinimmo, she
worked for Robelco from 2001 to 2008 and for Uniway until 2001.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Evaluation of the board of
directors and committees
In accordance with the 2020 Code and its rules of procedure, the
board of directors conducts, under the leadership of its chairman,
regular evaluations of its size, composition and performance and
of those of its committees as well as its interaction with the exec
-
utive committee.
The in-depth evaluation of the board takes place in a cycle of
two to three years to allow for an eective implementation of the
conclusions and decisions taken. Alternating between an in-depth
evaluation with the help of an external expert and an internal
evaluation allows the board to question itself and to reflect on its
work in a new way. For this in-depth evaluation exercise, the board
is assisted by the NRC. For the audit committee and the NRC, the
annual self-assessment can lead to prompt actions and reactions.
The evaluation fo the board and committees has four objectives :
• appraise the functioning of the board of directors or the committee
concerned;
• verify that important matters are being prepared and discussed
adequately;
• evaluate the actual contribution of each director by their presence
at the board of directors and committees meetings, and their
constructive involvement in the discussions and decision-making
process;
• validate the current composition of the board of directors or the
committees.
In addition, the board of directors also assesses every five years
whether the current one-tier governance structure is still appropriate.
In 2021, the board of directors continued to monitor the implemen-
tation of the findings and decisions of the 2018 in-depth evaluation.
At each board of directors meeting and in the absence of the
executive committee members, the non-executive directors discuss
topics related to the executive committee and the evaluation of
their interactions with the latter.
Similarly, at the end of each term of oce, the board proceeds
with an evaluation of the director under the guidance and with the
contribution of the NRC and the assistance of an external consult-
ant. On this occasion, the NRC also reviews the board members’
skills/experience grid and ensures that the board’s composition
continues to be appropriate. When the term of oce of an executive
committee member comes to an end, this evaluation process takes
place at the time of the annual evaluation of the objectives and
achievements of the executive committee. The NRC then makes
recommendations regarding the renewal of terms of oce that are
about to expire to the board of directors which decides to submit
them to the general meeting.
In 2021, the board of directors thus launched the evaluation of the
two non-executive directors whose renewal of term of oce were
be proposed to the general meeting of 12.05.2021, namely, Mrs
Inès Archer-Toper and Mr Jacques van Rijckevorsel. The board of
directors carried out the same internal evaluation of Mrs Françoise
Roels, whose term of oce expired at the same general meet-
ing. This evaluation covered participation in board meetings or
board committess, commitment and constructive involvement in
the discussions and decision-making process.
Management
The executive committee is assisted by a team of departmental head
and other managers. Each person reports directly to one depart-
mental head or one of the members of the executive committee
and assumes specific managerial responsibility.
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CORPORATE GOVERNANCE STATEMENT DECISIONMAKING BODIES
RULES AND
PROCEDURES
Prevention of conflicts of interest
With regard to the prevention of conflicts of interest, the company is
subject to the provisions of the CCA (articles 7:96 and 7:97) and to
the specific provisions of the RREC regulations regarding integrity
policy and concerning certain transactions referred to in article
37 of the RREC act.
The directors and the members of the executive committee have at
duty to avoid any act which would be, or appear to be in conflict with
the interests of the company and its shareholders. They immediately
inform the chairman of the board of directors or the chairman of
the executive committee of any such possible conflict of interest.
Directors and members of the executive committee undertake not
to solicit and to refuse any remuneration, in cash or in kind, or any
personal benefit oered because of their professional ties with
the company. This includes, but is not limited to, consulting fees,
sales, rental, investment and success fees, etc. In addition, they
do not use business opportunities intended for the company for
their own benefit.
The rules regarding the prevention of conflicts of interest are
described more extensively in the corporate governance charter.
During the 2021 financial year, two decisions resulted in the appli
-
cation of article 7:96 of the CCA. During the session of 25.02.2021,
the board of directors deliberated on the following topics relat
-
ing to the members of the executive committee : achievement of
the 2020 objectives, the variable remuneration for 2020, the fixed
remuneration for 2021, the modification of the Long-term Incentive
Plan (LTI), and the ownership of shares, and during the session of
10.03.2021, the board of directors deliberated on the short-term vari-
able compensation in the form of an individual pension promises.
EXTRACT OF THE MINUTES OF THE BOARD OF
DIRECTORS MEETING OF 25022021
“Pursuant to Article 7:96 of the CCA, the executive directors,
Mr Hanin, Mr Kotarakos, and Mrs Roels announce that they have
an opposing interest of a financial nature to that of the company, of
which the auditor has been informed. The members of the executive
committee left the room together with Mr Berden and Mrs Bicici.
Achievement of the 2020 objectives
The chairman reports to the board members on the NRC delib-
erations of 24.02.2021. After a broad overview, an on the recom-
mendation of the NRC, the board sets the overall percentage
of achievement of the KPIs relating to the STI at 137 %, and the
KPIs relating to the LTI at 124 %. The 137 % coecient for the STI
includes a discretionary supplement to take into account the excep-
tional context related to the health crisis. On the recommendation
of the CEO and the NRC, the board decided not to apply a salary
dierential in the calculation of the KPI achievement in order to
appreciate the quality of the teamwork carried out and to support
the collegiality of the executive committee members in achiev-
ing the company’s objectives. The percentage of the variable STI
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
remuneration applied to the fixed annual remuneration is there-
fore 54.8 % (137 % * 40 %) and the percentage of the variable LTI
remuneration applied to the fixed annual remuneration is therefore
49.6 % (40 % *124 %).
This allocation of variable remuneration is in line with the require
-
ments of article 7:91 of the CCA.
The board meeting to be held in March will decide on the part of
their respective STI variable remuneration that will be converted
into individual pension promises.
Note that the amount of the variable remuneration allocated within
the framework of the LTI, after deduction of the withholding tax
on professional income, must be allocated to the acquisition of
Cofinimmo shares which the members of the executive committee
undertake to enter in the register of registered shares and to hold
for a period of at least 3 years. These shares may be acquired
at a unit price corresponding to the last known closing stock market
price multiplied by a factor of 100/120, in accordance with commen-
tary 36/16 of the Income Tax Code.
Fixed remuneration 2021
On recommendation of the NRC, the board decides to increase
the annual fixed remunerations as follows :
• Mrs Yeliz Bicici : + 15,000 EUR (i.e. 290,000 EUR);
• Mr Sébastien Berden : + 15,000 EUR (i.e. 290,000 EUR).”
EXTRACT OF THE MINUTES OF THE BOARD OF
DIRECTORS MEETING OF 25022021
“Pursuant to article 7:96 of the CCA, the executive directors, Mr
Hanin, Mr Kotarakos, and Mrs Roels announce that they have an
opposing interest of a financial nature to that of the company, of
which the auditor has been informed. The members of the executive
committee left the room.
The board decides to allocate funds from the STI 2020 envelope
to the ‘EIP’ contracts of Mrs Roels and Mr Hanin.
The company will therefore pay :
• an insurance premium of 148,800 EUR for Mrs Roels;
• an insurance premium of 267,840 EUR for Mr Hanin.
These premiums will be paid in accordance with the tax legislation
in force.”
During the 2021 financial year, no decision nor operation resulted
in the application of article 7:97 of the CCA.
In addition, article 37 of the law of 14.05.2014 on regulated real estate
companies provides for special provisions when one of the persons
referred to in that article acts as counterparty in a transaction with
the RREC or one of the companies within its scope. During the
year 2021, the decision of the board of directors to increase the
capital through contribution in kind as part of the distribution of an
optional dividend has been subject to a disclosure in application
of that article.
Code of conduct
The code of conduct explicitly stipulates that the members of the
governing bodies and the personnel must refrain from using third
parties, and refuse any remuneration, in cash or in kind, or any
personal advantages oered by reason of their professional asso-
ciation with the company.
Whistleblowing policy
Cofinimmo already has a whistleblowing procedure to report irregu-
larities covering situations in which an employee of the company,
and generally, any person working on behalf of the company,
reports a concern about an irregularity he/she has observed, which
aects or could potentially aect third parties including clients,
suppliers, other members of the company, the company itself (its
assets, income, or reputation), its subsidiaries or the public interest.
According to directive (EU) 2019/1937 of the European parliament
and of the council of 23.10.2019 on the protection of persons who
report violations of Union law, Cofinimmo has until 17.12.2023 to
establish internal reporting channels in accordance with article 8,
paragraph 3 of the directive. However, the board of directors has
decided to already comply to it in the course of 2022.
Acquisition and sale of Cofinimmo shares
(insider trading)
In accordance with the principles and values of the company, a deal-
ing code containing the rules which must be followed by directors
and the designated persons wishing to trade the financial instru
-
ments issued is provided for in the corporate governance charter.
This dealing code contains restrictions relating to transactions in
Cofinimmo shares, and in particular prohibits the purchase and sale
of Cofinimmo shares during the period running from the day after
each quarter’s closing date up to (and including) the publication of
the annual, half-yearly or quarterly results. The rules of the dealing
code have been aligned with regulation (EU) No. 596/2014 of the
European Parliament and of the Council of 16.04.2014 on market
abuse, the fair presentation of investment recommendations and
the reporting of conflicts of interest.
Judicial and arbitration procedures
The executive committee declares that there are no government
interventions, legal proceedings or arbitration procedures that
could have a significant impact, or may have had such an impact
in the recent past, on the financial position or profitability. Similarly,
to the executive committee’s knowledge, there is no situation or
fact that could cause these governmental interventions, litigation
or arbitration.
Compliance ocer and risk management
Mrs Françoise Roels, Chief corporate aairs and secretary general,
is the compliance ocer. Her duties involve ensuring that the code
of conduct as well as, more generally, all prevailing laws and regu-
lations are complied with. She is also the company’s risk manager
within the executive committee and is responsible for identifying
and managing events potentially aecting the organisation.
Internal audit
Mr Christophe Pleeck is responsible for the internal audit function.
His duties involve examining and assessing the smooth running,
eectiveness, and relevance of the internal control system.
Research and development
With the exception of the innovation present in the construction and
major renovation projects mentioned in the chapter ‘Transactions
and achievements in 2021’, no research and development activities
were carried out during the 2021 financial year.
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CORPORATE GOVERNANCE STATEMENT RULES AND PROCEDURES
Power of representation
Article 17 of the articles of association stipulates that, except where
specially delegated by the board of directors, the company shall
be validly represented in all acts, including those involving a public
ocial or a ministerial ocer, as well as in legal proceedings,
both in claiming and in defending, either by two directors acting
jointly, or, within the limits of the powers conferred to the executive
committee, by two members of the aforementioned committee
acting jointly, or, within the limits of the day-to-day management,
by two delegates to such management acting jointly.
The company is also validly represented by special representa
-
tives of the company within the limits of the mandate conferred
to them for this purpose by the board of directors or the executive
committee or, within the limits of the day-to-day management, by
two delegates for such management acting jointly. The following
persons may, therefore, represent and validly commit the company
for all acts and all obligations with regard to all third parties or
authorities, public or private, by the joint signature of two of them :
• Mr Jean-Pierre Hanin, managing director, chairman of the exec-
utive committee;
• Mr Jean Kotarakos, executive director, member of the executive
committee;
• Mrs Françoise Roels, executive director, member of the executive
committee;
• Mr Sébastien Berden, member of the executive committee;
• Mrs Yeliz Bicici, member of the executive committee.
The board of directors has delegated certain special powers to
the executive committee by virtue of a notarial deed of 15.01.2020,
published in the Belgian Ocial Gazette (Moniteur Belge/Belgisch
Staatsblad) of 11.02.2020 and the executive committee has dele-
gated certain specific powers by virtue of a decision of 25.10.2021,
published in the Belgian Ocial Gazette (Moniteur Belge/Belgisch
Staatsblad) of 14.02.2022, for certain types of deeds such as leases
and endorsements, works, loans, borrowings, credits, securities and
hedging operations, information and communication technologies,
human resources, legal aairs, tax management, money transfer
operations, and insurance operations.
Cofinimmo’s articles of association
Extracts from the articles of association are published on pages
362 to 370 of this document. The company’s articles of association
were updated on 08.03.2021, 08.04.2021, 04.06.2021, 07.06.2021,
31.08.2021 and on 30.09.2021.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
INFORMATION REQUIRED UNDER
ARTICLE 34 OF THE ROYAL DECREE
OF 14.11.2007
Capital structure
On the closing date of this document, the company’s capital is
set at 1,698,516,600.09 EUR and is represented by 31,695,481 fully
paid-up shares, each representing an equal share.
On 15.09.2016, the company issued a bond convertible into ordinary
shares, represented by 1,502,196 convertible bonds with a nominal
value of 146.00 EUR, i.e. a total amount of 219,320,616.00 EUR. On
the maturity date of 15.09.2021, Cofinimmo received conversion
requests from convertible bondholders relating to 1,483,774 convert-
ible bonds out of the 1,502,087 convertible bonds in circulation (i.e.
99 %), resulting in 1,657,750 new Cofinimmo shares (i.e. 5.5 % of the
shares previously in circulation) to be delivered to the convertible
bondholders concerned. These new Cofinimmo shares were issued
on 30.09.2021 and their book value amounted to approximately
217 million EUR. The applicable adjusted conversion price was set
at 130.6754 EUR, taking into account the terms and conditions of
the bond issue. There are no more convertible bonds outstanding.
Legal, statutory limits to the transfer
of securities
The transfer of company shares is not subject to any specific legal
or statutory limits. In accordance with principle 7 of the 2020 Code
and the remuneration policy, non-executive directors must invest
20 % of their net annual remuneration in company shares. These
shares are held for at least one year after the non-executive direc-
tor has left the board, and for at least three years after their allo-
cation. Members of the executive committee must allocate their
entire net long-term variable remuneration to the acquisition of
company shares, which they undertake to hold for a minimum
period of three years. In accordance with principle 7 of the 2020
Code and the remuneration policy, the CEO and the other members
of the executive committee must hold a certain number of company
shares throughout their term of oce.
All of the company shares are listed on the regulated market of
Euronext Brussels.
Special control rights of shareholders
The company does not have any shareholders benefiting from
special control rights.
Control mechanism provided for
in any employee shareholding
system when control rights are not
exercised directly by the employee
No employee shareholding system has been put in place.
Legal or statutory limits to voting rights
In accordance with articles 7:217 and 7:221 of the CCA, the voting
rights of the treasury shares of the company and its subsidiary
are suspended. As at 31.12.2021, the company and its subsidiaries
held 37,123 own shares.
Agreements between shareholders, known
by the company, which could limit the
transfer of shares and/or voting rights
To the company’s knowledge, there are no agreements between
shareholders that could limit the transfer of shares and/or the
exercise of voting rights.
Rules for the nomination and
replacement of members of the board
of directors and for any modification
in the articles of association
In accordance with article 10 of the articles of association, the
members of the board of directors are appointed for four years by
the general meeting and are always revocable by it. The directors
are re-eligible. The term of oce of the director who is not re-elected
ends immediately after the general meeting which decides on the
re-election.
In the event of one or more terms being vacant, the remaining
directors of the board shall have the power to provisionally fill the
vacancy until the next general meeting which will proceed with
the final election.
Regarding the amendment of the company’s articles of association,
there is no regulation other than that determined by the CCA and
the RREC act.
In accordance with article 34 of the royal decree of 14.11.2007 on the obligations of
issuers of financial instruments admitted to trading on a regulated market, the company
discloses and, where appropriate, explains the factors likely to have an impact in the
event of a takeover bid.
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CORPORATE GOVERNANCE STATEMENT INFORMATION REQUIRED UNDER ARTICLE 34 OF THE ROYAL DECREE OF 14112007
Powers of the board of directors regarding
the issuance or repurchase of shares
On 07.06.2021, the extraordinary general meeting granted the
board of directors a new authorisation for a period of five years
from the date of publication of the minutes of this meeting in the
appendices to the Belgian Ocial Gazette (Moniteur belge/Belgisch
Staatsblad).
The board of directors is therefore authorised to increase the capital
on one or more occasions by a maximum amount of :
1. 804,800,000.00
EUR
, i.e. 50 % of the amount of the capital on the
date of the extraordinary general meeting of 07.06.2021, for
capital increases through contributions in cash, providing for
the possibility for the company’s shareholders to exercise their
preferential right or irreducible allocation right;
2. 321,900,000 EUR, i.e. 20 % of the amount of the capital on the date
of the extraordinary general meeting of 07.06.2021, for capital
increases in the context of the distribution of an optional dividend;
3. 160,900,000 EUR, i.e. 10 % of the amount of the capital on the
date of the extraordinary general meeting of 07.06.2021, for :
a) capital increases through contributions in kind,
b) capital increases through contributions in cash without the
possibility for the company’s shareholders to exercise their
preferential right or irreducible allocation right, or
c) any other form of capital increase,
it being understood that the capital, within the framework of this
authorisation, may under no circumstances be increased by an
amount exceeding 1,287,600,000 EUR, being the cumulative amount
of the various authorisations with regard to authorised capital.
On this document’s cut-o date, the board of directors has not yet
made use of this authorisation.
The board of directors is specifically authorised, for a period of
five years from the publication of the minutes of the extraordinary
general meeting of 15.01.2020, to acquire, pledge, and alienate
(even o-market) the company’s treasury shares for the account
of Cofinimmo, at a unit price which cannot be inferior to 85 % of
the closing market price of the day preceding the transaction date
(acquisition, sale, and pledge) and which cannot be superior to
115 % of the closing market price of the day preceding the date of
the transaction (acquisition, pledge), without Cofinimmo being able
at any time to hold more than 10 % of the total number of shares
issued. At 31.12.2021, and on this document’s cut-o date, Cofinimmo
and its subsidiaries held 37,123 treasury shares.
Important agreements, to which the issuer
is a stakeholder and which take eect, are
modified or terminated in the event of a
change of control following a takeover bid
It is customary to include a so-called ‘Change-of-Control’ clause in
financing contracts that allows the lender to demand repayment
of the loan in the event of a change of control of the company. The
history of the important agreements, in which the issuer is a stake-
holder and which take eect, are modified or terminated in the
event of a change of control following a takeover bid prior to 2021
is available in the 2020 annual financial report and that of previous
years, section ‘Corporate governance statement’, ‘Change in control’
and ‘Important agreements, to which the issuer is a stakeholder
and which take eect, are modified or terminated in the event
of a change of control following a takeover bid’. These documents
are available on the company’s website www.cofinimmo.com.
The following credit agreements concluded in 2021 contain
such a change-of-control clause :
• Extension of a syndicated loan agreement of 11.05.2020 with ABN
AMRO,
• Split and extension of a credit agreement of 09.06 2020 with KBC
BANK,
• Early refinancing on 02.10.2020 with BELFIUS BANK,
• Issuance of a bond on 02.12.2020,
• Credit agreement of 18.12.2020 with BECM,
• Credit agreement of 02.02.2021 and 15.03.2021 with KBC BANK,
• Credit agreement of 12.02.2021 with SOCIÉTÉ GÉNÉRALE,
• Credit agreement of 15.02.2021 with ABN AMRO,
• Credit agreement of 05.05.2021 with SOCIÉTÉ GÉNÉRALE and
BNP PARIBAS FORTIS.
The change-of-control clauses included in the agreements
concluded until 05.05.2021 have been approved by the ordinary
general meeting of 12.05.2021, the other change-of-control clauses
will be submitted to the approval of the general meeting of
11.05.2022.
Agreements between the issuer and
the members of the board of directors
which provide for indemnities if the
members of the board of directors
resign or have to leave oce without
good reason or if the employment of
sta terminates due to a takeover bid
The contractual terms of the directors who are members of the
executive committee are described in the Remuneration Policy,
which can be found on the company’s website in the documentation
made available to shareholders in connection with the ordinary
general meeting on 13.05.2020..
Nursing and care home De Bloken –
Wellen (BE)
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
REMUNERATION REPORT
1. Introduction
This remuneration report complies with the provisions of the 2020
corporate governance code (‘2020 Code’) and of article 3:6 §3,
point 2, of the CCA.
The remuneration report provides a complete overview of the
remuneration, including all benefits in whatever form, granted or
due during the 2021 financial year to each of the non-executive
directors and members of the executive committee.
It is part of the Remuneration Policy approved by the ordinary
general meeting of 13.05.2020 in accordance with provision 7.3 of the
2020 Code. The Remuneration Policy can be found on the company’s
website in the documentation made available to shareholders in
connection with the ordinary general meeting on 13.05.2020.
The board of directors intends to submit the modification of the
remuneration policy concerning the amounts of remuneration
for non-executive directors, with eect as from 01.01.2022, to the
approval of the ordinary general meeting of 11.05.2022. it is so
that the amount of their remuneration has not been adapted
since the general meeting of 28.04.2006, except for the allocation
to non-executive directors residing abroad of 1,000 EUR per trip
to participate in a board or committee. The components of the
remuneration will remain unchanged, i.e. a fixed annual remuner-
ation and attendance fees for board and committee meetings
attended as a member or chairman.
Following a benchmarking exercise, and on the recommendation
of the NRC, the board decided to propose to the ordinary general
meeting of 11.05.2022 to adapt the amounts of this remuneration as
follows : on the one hand, a fixed annual remuneration of 30,000 EUR,
instead of 20,000 EUR for being a member of the board of directors
(the amounts of 6,250 EUR for being a member of a committee
and 12,500 EUR for chairing a committee remain unchanged), and
on the other hand, 1,000 EUR per meeting, instead of 700 EUR,
for attending committee meetings (the amount of 2,500 EUR for
attending board of directors meetings remains unchanged). The
board of directors also proposes that the remuneration of the chair-
man of the board be adjusted as follows 100,000 EUR per annum
for his responsibilities at board level, 12,500 EUR for chairing the
NRC and an attendance fee of 1,000 EUR per NRC meeting, instead
of the current EUR 100,000 per annum for all his responsibilities at
both the board and the committees levels.
For the 2022 financial year, the board of directors decided to increase
the fixed annual remuneration of the members of the executive
committee, as per their management agreement, by a gross amount
of 60,000 EUR for the CEO, 35,000 EUR for the CFO, 30,000 EUR
for the CCR&SG, and 30,000 EUR for each COO.
Finally, the board of directors will conduct a benchmarking exercise
in 2022 regarding the remuneration of the members of the executive
committee, both in terms of structure, short-term and long-term
remuneration plans, and the level of remuneration. This exercise
could lead to changes, if any, which would then be subject to
approval by the annual general meeting in 2023.
1 TOTAL REMUNERATION
1.1. Remuneration of non-executive directors
The non-executive directors were remunerated in accordance with
the remuneration policy adopted by the ordinary general meeting
of 13.05.2020.
Presence of non-executive directors in 2021
Name, Position Board
of directors
Nomination,
remuneration and
corporate governance
committee
Audit
committee
Jacques van Rijckevorsel – Non-executive director -
Chairman of the board of directors and the NRC
9/9 3/3 5/5
Benoit Graulich – Non-executive director - Chairman of the audit committee
8/9 4/5
Cécile Scalais – Non-executive director - End of term of oce 12.05.2021
5/6
Diana Monissen – Non-executive director - Member of the NRC
9/9 3/3
Inès Archer-Toper – Non-executive director - Member of the audit committee
9/9 5/5
Kathleen van den Eynde – Non-executive director
7/9
Maurice Gauchot – Non-executive director - Member of the NRC
8/9 3/3
Olivier Chapelle – Non-executive director - Member of the NRC
8/9 3/3
Xavier de Walque – Non-executive director - Member of the audit committee
9/9 5/5
The attendance of the members of the executive committee in 2021 can be found on page 211 .
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CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
Number of shares held as at 31.12.2021
The number of shares held by non-executive directors takes
into account the requirement of the 2020 Code that part of their
remuneration be in the form of shares. The board has set this share
threshold at 20 % of the annual remuneration after deduction of
the withholding tax. In order to comply with this requirement and
in accordance with the remuneration policy, the directors acquired
in 2021 the necessary number of shares to cover the remaining
period of their mandate.
Name, Position Number of shares as at 31.12.2021
Jacques van Rijckevorsel
Non-executive director - Chairman of the board of directors and the NRC
1,034
Benoit Graulich
Non-executive director - Chairman of the audit committee
971
Cécile Scalais
Non-executive director - End of term of oce 12.05.2021
0*
Diana Monissen
Non-executive director - Member of the NRC
265
Inès Archer-Toper
Non-executive director - Member of the audit committee
440
Kathleen van den Eynde
Non-executive director
0*
Maurice Gauchot
Non-executive director - Member of the NRC
419
Olivier Chapelle
Non-executive director - Member of the NRC
1,039
Xavier de Walque
Non-executive director - Member of the audit committee
726
* In accordance with the remuneration policy, directors representing an institutional shareholder are not subject to the rule of the obligation to reinvest in Cofinimmo shares insofar
as they cede their remuneration back to the shareholder they represent.
Total remuneration
Name, Position Fixed remuneration of a director
(in EUR)
Jacques van Rijckevorsel
Non-executive director - Chairman of the board of directors and the NRC
100,000
Benoit Graulich
Non-executive director - Chairman of the audit committee
55,300
Cécile Scalais
Non-executive director - End of term of oce 12.05.2021
20,833
Diana Monissen
Non-executive director - Member of the NRC
51,850
Inès Archer-Toper
Non-executive director - Member of the audit committee
52,250
Kathleen van den Eynde
Non-executive director
37,500
Maurice Gauchot
Non-executive director - Member of the NRC
50,350
Olivier Chapelle
Non-executive director - Member of the NRC
48,350
Xavier de Walque
Non-executive director - Member of the audit committee
52,250
210
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
1.2. Remuneration of the members of the executive committee
The members of the executive committee were remunerated in
accordance with the remuneration policy adopted by the ordinary
general meeting of 13.05.2020.
The board of directors considered it useful to update the benchmark
of the remuneration of the members of the executive committee.
This exercise took into consideration 20 REIT companies, both in
Belgium and abroad. The companies considered were the follow
-
ing : Aedifica SA/NV, Assura plc, Befimmo SA/NV, CA Immobilien
Anlagen AG, CLS Holdings plc, Cofinimmo SA/NV, Covivio, Deutsche
Wohnen SE, Grainger plc, Hammerson plc, Icade SA/NV, Immofinanz
AG, LondonMetric Property plc, Merlin Properties Socimi SA/NV,
Metrovacesa SA/NV, Patrizia AG, Primary Health Properties plc, S
Immo AG, Safestore Holdings plc, and Warehouses De Pauw NV.
In view of the company’s strong ESG ambition, the board of direc
-
tors has decided that the new leasing contracts for the company
cars of the members of the executive committee concluded as from
01.01.2022 will be dedicated to fully electric vehicles. According to
the benchmarking exercise carried out in this respect, the annual
budget excluding VAT and fuel will be 20,000 EUR for the CEO and
16,000 EUR for the other members of the executive committee,
compared to the current 15,000 EUR for all executive committee
members.
Remuneration of the members of the executive committee
Name, Position Board
of directors
Nomination,
remuneration and
corporate governance
committee
Audit
committee
Jean-Pierre Hanin
Managing director - Chief Executive Ocer
9/9 3/3* 5/5*
Françoise Roels
Executive director - Chief Corporate Aairs & Secretary General
9/9 3/3* 5/5*
Jean Kotarakos
Executive director - Chief Financial Ocer
9/9 5/5*
Sébastien Berden
Chief Operating Ocer Healthcare
9/9*
Yeliz Bicici
Chief Operating Ocer Oces & Real Estate Development
9/9*
* The members of the executive committee attend the meetings as guests.
Nursing and care home Dilhome – Dilbeek (BE)
211
CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
Total renumeration
Name, Position 1. Fixed remuneration 2. Variable remuneration 3. Exceptional
component
4. Pension 5. Total
remuneration
6. Proportion of fixed
and variable remuneration
Conventional
basic
remuneration
1
Additional
benefits
Variable over
1 year -
Short-term
Incentive Plan
2
Variable over
several years -
Long-term
Incen-tive Plan
Jean-Pierre Hani
Managing Director - Chief Executive Ocer
540,000 EUR 20,492 EUR 324,000 EUR 324,000 EUR 100,000 EUR 1,308,492 EUR Fixed : 50.48 %
Variable : 49.52 %
Françoise Roels
Director - Chief Corporate Aairs & Secretary General
300,000 EUR 19,461 EUR 164,070 EUR 123,660 EUR 62,000 EUR 669,191 EUR Fixed : 57.00 %
Variable : 43.00 %
Jean Kotarakos
Director - Chief Financial Ocer
325,000 EUR 22,776 EUR 177,743 EUR 133,965 EUR 62,000 EUR 721,484 EUR Fixed : 56.80 %
Variable : 43.20 %
Sébastien Berden
Chief Operating Ocer Healthcare
290,000 EUR 20,484 EUR 158,601 EUR 119,538 EUR 62,000 EUR 650,623 EUR Fixed : 57.25 %
Variable : 42.75 %
Yeliz Bicici
Chief Operating Ocer Oces & Real Estate Development
290,000 EUR 23,584 EUR 158,601 EUR 119,538 EUR 62,000 EUR 653,723 EUR Fixed : 57.45 %
Variable : 42.55 %
1. The “Basic remuneration” column corresponds to the amount provided for in the management contracts.
2. It is recalled that in accordance with the remuneration policy, the board of directors may decide to allocate a short-term variable remuneration in the form of an individual pension promise.
2021 performance
After analysis by the audit committee of the accounting and finan-
cial data used as a basis to assess to which extent the KPIs were
achieved, the NRC assessed the achievement of the objectives of
the members of the executive committee.
During its session on 24.02.2022 and on the recommendation of
the NRC, the board of directors set the percentage of achievement
of the STI KPIs at 144.72 %, adjusted to 150 %, for the CEO and at
136.72 % for the other members of the executive committee. The
percentage of the variable STI remuneration applied to the fixed
annual contractual remuneration is therefore 60 % (40 % * 150 %)
for the CEO and 54.69 % (40 % * 136.72 %) for the other members
of the executive committee. These percentages were determined
based on the degree of achievement of the KPIs. The dierence in
the percentage of achievement between the CEO and the other
members is the result of the assessment of the personal object
-
ives of each of them as well as the decisive impact of the CEO in
achieving the company’s objectives for the year.
On the same session, and on the recommendation of the NRC,
the board of directors set the LTI KPI achievement percentage
at 140.54 %, adjusted to 150 %, for the CEO and 103.04 % for the
other members of the executive committee. The percentage of the
variable LTI remuneration applied to the fixed annual contractual
remuneration is therefore 60 % (40 % * 150 %) for the CEO and 41.22 %
(40 % * 103.04 %) for the other members of the executive committee.
The dierence in the percentage of achievements between the CEO
and the other members is the result of the evaluation of the personal
objectives of each of them as well as the personal involvement
of the CEO both in growth-related dossiers which have a signifi
-
cant long-term impact on Cofinimmo’s portfolio and on dossiers
which have a lasting impact on the company’s organisation.
These percentages were determined based on the degree of
achievement of the net result from core activities per share as
well as the dividend analysed in the context of a long-term strategy
that shows a positive evolution of these parameters.
Regarding the implementation of the ESG - 30 strategy, a linear
approach to the strategy (reduction of energy intensity in health
-
care real estate and oces) would imply a result of 169 kWh/m
by 2021. Since the 2021 result of 165 kWh/m is below 169 kWh/m,
the target is achieved.
The allocation of the variable remuneration will comply with the
requirements of article 7:91 of the CCA.
Company 2018 2019 2020 2021
EPS
6.55 EUR 6.81 EUR 6.85 EUR 7.15 EUR
Dividend
5.50 EUR 5.60 EUR 5.80 EUR 6.00 EUR
ENERGY INTENSITY (in kWh/m)
200
190
180
170
160
150
140
130
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
kWh/m
2
189
130
165
163
178
179
212
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Total renumeration
Name, Position 1. Fixed remuneration 2. Variable remuneration 3. Exceptional
component
4. Pension 5. Total
remuneration
6. Proportion of fixed
and variable remuneration
Conventional
basic
remuneration
1
Additional
benefits
Variable over
1 year -
Short-term
Incentive Plan
2
Variable over
several years -
Long-term
Incen-tive Plan
Jean-Pierre Hani
Managing Director - Chief Executive Ocer
540,000 EUR 20,492 EUR 324,000 EUR 324,000 EUR 100,000 EUR 1,308,492 EUR Fixed : 50.48 %
Variable : 49.52 %
Françoise Roels
Director - Chief Corporate Aairs & Secretary General
300,000 EUR 19,461 EUR 164,070 EUR 123,660 EUR 62,000 EUR 669,191 EUR Fixed : 57.00 %
Variable : 43.00 %
Jean Kotarakos
Director - Chief Financial Ocer
325,000 EUR 22,776 EUR 177,743 EUR 133,965 EUR 62,000 EUR 721,484 EUR Fixed : 56.80 %
Variable : 43.20 %
Sébastien Berden
Chief Operating Ocer Healthcare
290,000 EUR 20,484 EUR 158,601 EUR 119,538 EUR 62,000 EUR 650,623 EUR Fixed : 57.25 %
Variable : 42.75 %
Yeliz Bicici
Chief Operating Ocer Oces & Real Estate Development
290,000 EUR 23,584 EUR 158,601 EUR 119,538 EUR 62,000 EUR 653,723 EUR Fixed : 57.45 %
Variable : 42.55 %
1. The “Basic remuneration” column corresponds to the amount provided for in the management contracts.
2. It is recalled that in accordance with the remuneration policy, the board of directors may decide to allocate a short-term variable remuneration in the form of an individual pension promise.
Nursing and care home Sauvegarde –
Ruisbroek (BE)
213
CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
2021 performance
Performance criteria Relative
weighting
Objectif 2021 results Achievement
Short-term incentive plan
Net result from core activities per share
25 % 7.00 EUR 7.15 % 25.54 %
Operating margin
10 % 81.60 % 82.10 % 10.06 %
Strategic growth
25 %
More than
420 million EUR
992 million EUR 59.05 %
Occupancy rate of the portfolio
10 % 97.40 % 98.10 % 10.07 %
Special projects
10 % 100 % 100 % 10.00 %
Personal objectives
Jean-Pierre Hanin
20 % 100 % 150 % 30 %
Françoise Roels
20 % 100 % 110 % 22 %
Jean Kotarakos
20 % 100 % 110 % 22 %
Sébastien Berden
20 % 100 % 110 % 22 %
Yeliz Bicici
20 % 100 % 110 % 22 %
Long-term incentive plan
Net result from core activities per share
25 % 7.00 EUR 7.15 EUR 25.54 %
Dividend
25 % 6.00 EUR 6.00 EUR 25 %
Implementation of ESG strategy
25 % Linear approach 165 kWh/m 25 %
Personal objectives
Jean-Pierre Hanin
25 % 100 % 260 % 65.00 %
Françoise Roels
25 % 100 % 110 % 27.50 %
Jean Kotarakos
25 % 100 % 110 % 27.50 %
Sébastien Berden
25 % 100 % 110 % 27.50 %
Yeliz Bicici
25 % 100 % 110 % 27.50 %
During its session of 24.02.2022, the board of directors analysed
the breakdown of the various components and the conditions for
obtaining the variable remuneration. Taking into account these
conclusions, and on the recommendation of the NRC, the board
of directors decided that the criteria for the allocation of the 2022
variable compensation would be as follows :
2022 performances
Performance criteria Poids relatif Objectif
Short-term incentive plan
Net result from core activities per share
25 % 6.90 EUR
Operating margin
10 % 80.90 %
Strategic growth
25 %
- acquisitions, capex and financial investments
600 million EUR
- divestments
140 million EUR
Occupancy rate of the portfolio
10 % 98.80 %
Special projects
10 % 100 %
Personal objectives
Jean-Pierre Hanin
20 % 100 %
Françoise Roels
20 % 100 %
Jean Kotarakos
20 % 100 %
Sébastien Berden
20 % 100 %
Yeliz Bicici
20 % 100 %
Long-term incentive plan
Net result from core activities per share
25 % 6.90 EUR
Dividend
25 % 6.20 EUR
Implementation of the ESG startegy - 30 (reduction of the energy intensity in healthcare real estate and oces)
25 % Linear + adjusted
approach *
Personal objectives
Jean-Pierre Hanin
25 %
Françoise Roels
25 %
Jean Kotarakos
25 %
Sébastien Berden
25 %
Yeliz Bicici
25 %
* The objective is to reduce the energy intensity of the healthcare real estate and oces portfolio to 130 kWh/m within the framework of the project 30. A linear approach to
Project 30 would imply a reduction to 164 kWh/m and 160 kWh/m respectively by 2022-2023. The portfolio turnover, both in terms of acquisitions and sales, the maintenance
and renovation programme and the development projects do not guarantee perfect alignment with this linear approach. Thus, in the event of a negative variation, a so-called
‘corrective’ capex plan will be presented and taken into account to assess the achievement of the ESG - 30 strategy target for the year in question.
214
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Number of shares held as at 31.12.2021
The number of shares held by the members of the executive
committee takes into account the requirement of the 2020 Code
to hold a minimum threshold of shares throughout their term of
oce. The threshold to be reached by the end of 2024 for the CEO
is 2,200 shares and for the other executive committee members
1,200 shares.
Name, Position Number of shares as at 31.12.2021
Jean-Pierre Hanin – Managing director - Chief Executive Ocer
3,994
Françoise Roels – Executive director - Chief Corporate Aairs & Secretary General
4,590
Jean Kotarakos – Executive director - Chief Financial Ocer
1,646
Sébastien Berden – Chief Operating Ocer Healthcare
934
Yeliz Bicici – Chief Operating Ocer Oces & Real Estate Development
994
For information purposes, the ratio between the CEO’s total
remuneration in 2021 and the lowest remuneration among employ-
ees, expressed on a full-time equivalent basis, is 14.
Similarly, the ratio between the 2021 total annual remuneration and
the median total annual compensation of all employees (excluding
the CEO) is 7.8. Finally, the median increase percentage of the total
annual remuneration for all employees (excluding the CEO) is 5.66 %.
These data were calculated taking into account the gross monthly
salaries of employees on a full-time equivalent basis.
2 STOCK BASED REMUNERATION
As of 2017, the company no longer grants rights to acquire shares
(stock option plan) and as of 2018 share-related instruments (share
valuation rights). However, the former plans remain applicable
with regard to the rights already granted to Mrs Françoise Roels
as member of the executive committee, Mr Sébastien Berden, and
Mrs Yeliz Bicici before their appointment as member of the executive
committee (see page 216-219).
3 SEVERANCE PAYMENTS
The provisions relating to severance payments are included in the
remuneration policy. No severance fees were paid to any member
of the executive committee during the 2021 financial year.
4 USE OF THE RIGHTS OF RESTITUTION
In accordance with the remuneration policy, the contracts concluded
with the members of the executive committee provide that, in the
event that the variable emoluments have been granted or paid
on the basis of inaccurate financial information, the company may
defer payment of all or part of the variable emoluments concerned,
depending on the amounts unduly granted. In the 2021 financial
year, these restitution rights were not exercised.
5 DEVIATIONS FROM THE REMUNERATION POLICY
In the 2021 financial year, there were no deviations from the
remuneration policy as approved by the ordinary general meet
-
ing of 13.05.2020.
6 SHAREHOLDERS’ VOTE
On 12.05.2021, the ordinary general meeting approved, by separ-
ate vote, the compensation report presented for the financial
year ending on 31.12.2020 with the following proportions of votes :
11.647.345 ‘in favour’, i.e. 86.40 % of votes cast, 1.845.851 ‘against’,
i.e. 13.64 % of votes cast and 44,372 ‘abstentions’.
7 EVOLUTION OF THE COMPANY’S COMPENSATION
AND PERFORMANCE
Chief Executive Ocer
The total remuneration of the Chief Executive Ocer remained
stable from 2015 to 2017.
There was a positive variation of 38.4 % in 2018 as the year 2018
was marked by a change in the CEO. On this occasion, Cofinimmo’s
board of directors reviewed the company’s strategic objectives
and, based on an in-depth benchmarking carried out with the
help of consultants specialised in Compensations & Benefits (see
2018 Remuneration report), adapted the remuneration package
for the CEO position.
Other members of the executive committee
The total remuneration of the other members of the executive
committee (formerly management committee) remained stable
from 2015 to 2018.
In 2018, the composition of the executive committee has been reshuf-
fled to take into account the end of the CFO and COO functions. It
is specified that the severance payments of the former CFO and
COO have not been taken into account in the calculation of the
annual change in the total remuneration of the other members of
the executive committee.
This total remuneration saw a positive change of 45.9 % in 2019
as a result of the arrival of the new CFO and two new COOs, bearing
in mind that the position of COO was previously held by a single
person. As of 2018, 4 persons will serve as members of the executive
committee, instead of 3 previously, together with the CEO, bringing
the total number of members of the executive committee from 4 to 5.
Following the 2018 benchmarking exercise, the board of direc-
tors decided to align the company’s annual contributions to the
saving and pension plan and all the executive committee members’
percentages applied to the fixed remuneration when determining
the variable remuneration for the 2019 financial year.
Non-executive directors
The positive or negative variations in the compensation of non-exec-
utive directors in other years are usually explained by the higher
or lower number of meetings and the attendance rates in the years
concerned.
In 2020, the total remuneration of non-executive directors decreased
by 28.8 %, as a result, among other things, of the board of direc-
tors’ decision on 13.04.2020 to reduce the attendance fees of the
non-executive directors by 15 % to finance a solidarity action in the
context of the COVID-19 pandemic.
215
CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
Average remuneration of employees on a full-time
equivalent basis
The group’s employees include the employees of Cofinimmo SA/NV
as well as the employees of other companies both in the group
and internationally. The average wages were calculated based on
the sum of gross monthly wages, on a full-time equivalent basis.
The negative changes in the average remuneration of employees
can be explained by the arrival of new employees who gener
-
ally have below-average wages compared to previous years.
The positive changes in the average compensation of employees
can be explained by the fact that employees who have left their
jobs represent a lower wage bill than those who started their job
the following year.
Comparison of the company’s remuneration and performances over the last five financial years
Total remuneration
Annual change 2017 vs 2016 2018 vs 2017 2019 vs 2018 2020 vs 2019 2021 vs 2020
Chief Executive Ocer
+0.4 % +38.4 % +16.1 % +12.6 % +11.7 %
Other members of the management committee/
executive committee
-3.6 % +1.9 % +45.9 % +15.1 % +2.9 %
Non-executive directors
+0.1 % -1.3 % +16.7 % -28.8 % +13.7 %
Company performance
Annual change 2017 vs 2016 2018 vs 2017 2019 vs 2018 2020 vs 2019 2021 vs 2020
Net result from core activities - group share
+3.6 % +4.3 % +14.8 % +9.0 % +16.9 %
Operating margin
+0.2 % +0.2 % +0.6 % -0.1 % -0.5 %
Strategic growth
(measured by the fair value of the portfolio)
+4.2 % +6.3 % +13.9 % +14.6 % +17.3 %
Occupancy rate of the portfolio
+0.1 % +1.3 % +1.3 % +0.4 % +0.7 %
Dividend N paid in N+1
+1.5 % +4.4 % +17.5 % +18.2 % +11.2 %
Average remuneration of the employees on a full-time equivalent basis
Annual change 2017 vs 2016 2018 vs 2017 2019 vs 2018 2020 vs 2019 2021 vs 2020
Group employees
+5.06 % -3.43 % +15.15 % +3.09 % +1.95 %
Company employees
+0.05 % +0.77 % +2.52 % -0.23 % +2.65 %
Stock option remuneration exercised in 2021
Name, Position
Main provisions of the stock appreciation rights plan
Main provisions of the stock option plan
Opening balance sheet In the course of the year Closing balance sheet
1.
Identification
of the plan
2.
Date of
proposal
3.
Acquisition
date
4.
End of
the retention
period
5.
Exercise
period
6.
Exercise
price
7.
Number of options
at the beginning of the year
8.
a) Number of options
proposed
b) Value of the underlying
stocks on the date of proposal
9.
a) Number of options
granted
b) Value of the underlying
stocks on the acquisition date
c) Value @ exercise price
d) Capital gain @ Acquisition date
10.
Number of options oered
but not yet exercised
Françoise Roels
Executive director -
Chief Corporate Aairs
& Secretary General
SOP 2016 30.06.2016 30.06.2019 - 01.07.2019 -
15.06.2026
108.44 € 1,600 - 1,600
SOP 2015 30.06.2015 30.06.2018 - 01.07.2015 -
16.06.2025
95.03 € 1,600 - 1,600
SOP 2008 12.06.2008 12.06.2011 - 13.06.2011 -
12.06.2023
122.92 € 1,000 - a) 1.000
b) 52.470
c) 122.920
d) 70.450
0
SOP 2007 12.06.2007 12.06.2010 - 13.06.2010 -
12.06.2022
143.66 € 1,000 - a) 1.000
b) 35.790
c) 143.660
d) 107.870
0
Total 5,200
- a) 2.000
b) 88.260
c) 266.580
d) 178.320
3,200
Yeliz Bicici
Chief Operating Ocer Oces
& Real Estate Development
SOP 2015 30.06.2015 30.06.2018 - 01.07.2015 -
16.06.2025
95.03 € 200 - 200
SOP 2014 30.06.2014 30.06.2019 - 01.07.2014 -
16.06.2024
88.75 € 200 - 200
Total 400 - 400
216
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
8 STOCK BASED REMUNERATION
As a reminder, since 2017, the company no longer grants rights to
acquire shares (stock option plan) and since 2018 share-related
instruments (share valuation rights). However, the former plans
remain applicable with regard to the rights already granted to
Mrs Françoise Roels as a member of the executive committee, Mr
Sébastien Berden and Mrs Yeliz Bicici before their appointment as
member of the executive committee.
a) Rights to acquire stocks
Stock option plan
The ‘Stock Option Plan’ (SOP Plan) was implemented for the first
time in 2006. The company has decided not to grant any more
stock options as of 2017.
The exercise period of an option is ten years from the date of the
oer. At its meeting of 11.06.2009, the board of directors decided
to extend the exercise period by five years for the options granted
in 2006, 2007, and 2008, pursuant to the Economic Recovery law
of 27.03.2009.
Stock options vest at the end of the third year following the granting
and can therefore only be exercised after the end of the calendar
year following the year of the granting. If the options have not
been exercised by the end of the exercise period, they become
ipso facto null and void. In the event of the voluntary or involuntary
departure (with the exception of dismissals on the ground of serious
misconduct) of a beneficiary, the accepted and vested stock options
may be exercised until the initial expiry of the plan. In the event
of the involuntary departure of a beneficiary on the grounds of
serious misconduct, any stock options accepted but not yet exer
-
cised, whether vested or not, will be cancelled.
Cofinimmo applies the IFRS 2 standard by recognising the fair
value of stock options on the date of the granting (i.e., three years)
in accordance with the progressive acquisition method at the rate
of vesting.
Stock option remuneration exercised in 2021
Name, Position
Main provisions of the stock appreciation rights plan
Main provisions of the stock option plan
Opening balance sheet In the course of the year Closing balance sheet
1.
Identification
of the plan
2.
Date of
proposal
3.
Acquisition
date
4.
End of
the retention
period
5.
Exercise
period
6.
Exercise
price
7.
Number of options
at the beginning of the year
8.
a) Number of options
proposed
b) Value of the underlying
stocks on the date of proposal
9.
a) Number of options
granted
b) Value of the underlying
stocks on the acquisition date
c) Value @ exercise price
d) Capital gain @ Acquisition date
10.
Number of options oered
but not yet exercised
Françoise Roels
Executive director -
Chief Corporate Aairs
& Secretary General
SOP 2016 30.06.2016 30.06.2019 - 01.07.2019 -
15.06.2026
108.44 € 1,600 - 1,600
SOP 2015 30.06.2015 30.06.2018 - 01.07.2015 -
16.06.2025
95.03 € 1,600 - 1,600
SOP 2008 12.06.2008 12.06.2011 - 13.06.2011 -
12.06.2023
122.92 € 1,000 - a) 1.000
b) 52.470
c) 122.920
d) 70.450
0
SOP 2007 12.06.2007 12.06.2010 - 13.06.2010 -
12.06.2022
143.66 € 1,000 - a) 1.000
b) 35.790
c) 143.660
d) 107.870
0
Total 5,200
- a) 2.000
b) 88.260
c) 266.580
d) 178.320
3,200
Yeliz Bicici
Chief Operating Ocer Oces
& Real Estate Development
SOP 2015 30.06.2015 30.06.2018 - 01.07.2015 -
16.06.2025
95.03 € 200 - 200
SOP 2014 30.06.2014 30.06.2019 - 01.07.2014 -
16.06.2024
88.75 € 200 - 200
Total 400 - 400
217
CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
Remuneration in stock appreciation rights
Name, Position
Main provisions of the stock appreciation rights plan
Main provisions of the stock appreciation rights plan
Opening balance sheet In the course of the year Closing balance sheet
1.
Identification
of the plan
2.
Date of
proposal
3.
Acquisition
date
4.
End of the
retention
period
5.
Exercise
period
6.
Fair value at
the date of
acquisition
7.
Number of stock
appreciation rights
at the beginning
of the year
8.
a) Number of stock
appreciation rights
proposed
b) Value of the stock
appreciation rights
at the date of proposal
9.
a) Number of stock
appreciation rights
granted
b) Value of the stock
appreciation rights
on the acquisition date
c) Value at exercise price
d) Capital gain on
acquisition date
10.
Number of options
oered but not yet
exercised
Françoise Roels
Executive director -
Chief Corporate Aairs &
Secretary General
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 1,600 - - 1,600
SAR 2018 30.06.2018 01.07.2021 - 01.07.2021 -
16.06.2031
106.52 EUR 1,600 - - 1,600
Total 3,200 - - 3,200
Sébastien Berden
Chief Operating Ocer Healthcare
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 250 - - 250
Total 250 - - 250
Yeliz Bicici
Chief Operating Ocer Oces &
Real Estate Development
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 250 - - 250
Total 250 - - 250
b) Stocks or stock-based instruments
Stock appreciation rights plan
The Stock Appreciation Rights Plan (“SAR Plan”) was first imple-
mented in 2017 but the company decided not to grant any more
stock appreciation rights as of 2018. On 28.06.2018, the Board of
Directors decided, for the last time and to ensure a continuity prin-
ciple, to grant 1,600 SAR to Ms Françoise Roels.
The SAR plan gives entitlement to the cash value of the dierence
between the Cofinimmo market share price on the date of the
exercise and that on the allocation date, increased by the equiva
-
lent amount of the gross dividend allocated to the share since the
allocation date. The SARs were allocated in a discretionary manner
to members of management. No targets were set in this respect.
The Board of Directors therefore considered that this compensation
did not constitute variable compensation within the meaning of
the law of 06.04.2010 The exercise period of an SAR is ten years
from the allocation date. SARs will vest only on the vesting date,
all at once, in full, after three years, i.e., on the first calendar day of
the month following the third anniversary of the allocation date. If
the SARs have not been exercised by the end of the financial year,
they become ipso facto null and void. In the event of voluntary
or involuntary departure (except for termination on the ground
of serious misconduct), permanent incapacity for work or entitle
-
ment to a pension (including early retirement or a pre-pension),
the SARs allocated and vested must be exercised by the beneficiary
in the first exercise period following the date of the departure.
Non-vested SARs will be cancelled.
In the event of the involuntary departure of a beneficiary on
the grounds of serious misconduct, the SARs granted but not yet
exercised, whether vested or not, will be cancelled. In the event of
death, the SARs granted, whether vested or not, will be definitively
vested and will be considered as having been exercised in the
first exercise period following the death. These conditions for
the granting and exercising of SARs in the event of departure,
whether voluntary or involuntary, will apply without prejudice to
the authorisation of the board of directors to make changes to
these provisions to the advantage of the beneficiary, on the basis
of objective and relevant criteria.
218
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Remuneration in stock appreciation rights
Name, Position
Main provisions of the stock appreciation rights plan
Main provisions of the stock appreciation rights plan
Opening balance sheet In the course of the year Closing balance sheet
1.
Identification
of the plan
2.
Date of
proposal
3.
Acquisition
date
4.
End of the
retention
period
5.
Exercise
period
6.
Fair value at
the date of
acquisition
7.
Number of stock
appreciation rights
at the beginning
of the year
8.
a) Number of stock
appreciation rights
proposed
b) Value of the stock
appreciation rights
at the date of proposal
9.
a) Number of stock
appreciation rights
granted
b) Value of the stock
appreciation rights
on the acquisition date
c) Value at exercise price
d) Capital gain on
acquisition date
10.
Number of options
oered but not yet
exercised
Françoise Roels
Executive director -
Chief Corporate Aairs &
Secretary General
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 1,600 - - 1,600
SAR 2018 30.06.2018 01.07.2021 - 01.07.2021 -
16.06.2031
106.52 EUR 1,600 - - 1,600
Total 3,200 - - 3,200
Sébastien Berden
Chief Operating Ocer Healthcare
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 250 - - 250
Total 250 - - 250
Yeliz Bicici
Chief Operating Ocer Oces &
Real Estate Development
SAR 2017 30.06.2017 01.07.2020 - 01.07.2020 -
01.07.2030
108.02 EUR 250 - - 250
Total 250 - - 250
Nursing and care home –
Oleiros (ES)
219
CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
OTHER PARTIES INVOLVED
Certification of accounts
An auditor appointed by the general meeting must certify the
annual accounts and review the half-yearly accounts, as for
any limited liability company and, as the company is a RREC,
prepare special reports at the request of the FSMA.
The auditor of Cofinimmo is SC SCRL Deloitte, Réviseurs d’Entre-
prises/Bedrijfsrevisoren, represented by Mr Rik Neckebroeck, an
FSMA-certified auditor registered to the Institut des Réviseurs
d’entreprises/Instituut voor Bedrijfsrevisoren under number
A01529 with registered oce at 1930 Zaventem, Luchthaven
Nationaal 1 J. The ordinary general meeting of 13.05.2020
renewed the mandate of SC SCRL Deloitte, Réviseurs d’Entre
-
prises/Bedrijfsrevisoren, represented by Mr Rik Neckebroeck
until the end of the ordinary general meeting to be held in 2023.
The auditor Deloitte, Réviseurs d’Entreprises/Bedrijfsrevisoren,
received a fixed remuneration of 177,596 EUR (excluding VAT) for
reviewing and certifying Cofinimmo’s statutory and consolidated
accounts. Its fees for the revision of the statutory accounts of
Cofinimmo’s subsidiaries amounted to 340,869 EUR (excluding
VAT), this amount includes the auditor’s emoluments for reviewing
the accounts of the group’s French subsidiaries. The fees paid
to the Deloitte group for legal and other assistance totalled
152,256 EUR (excluding VAT) for the financial year.
The fees cap of 70 % of audit fees applied to other services
provided by the auditor Deloitte, Réviseurs d’Entreprises/
Bedrijfsrevisoren, is respected.
Real estate expertise
The independent real estate valuers designated by the group to
certify the overall value of its property portfolio are :
CATELLA :
• in France, Catella Valuation Advisors SAS (RSC Paris B 435 339 098)
CBRE :
• in Finland, CBRE Finland Oy (Register 21970698)
COLLIERS :
• in Italy, Colliers Real Estate Services Srl (VAT 06180000967)
CUSHMAN & WAKEFIELD :
• in Germany, Cushman & Wakefield (U.K.) LLP - German Branch
(Register OC 328588)
• in Belgium, Cushman & Wakefield Belgium SA/NV
(RPM Brussels 0422 118 165)
• in France, Cushman & Wakefield Valuation France SA
(RCS Nanterre 332 111 574)
• in the Netherlands, Cushman & Wakefield Netherlands B.V.
(KvK 33260655)
• in Spain, Cushman & Wakefield Spain Limited Sucursal en España
(CIF W0061691
B
)
• in Ireland, Cushman & Wakefield Commercial Ireland Limited
(Register 443760)
PRICEWATERHOUSECOOPERS :
• in Belgium, PricewaterhouseCoopers Enterprise Advisory SCRL/
CVBA (RPM Brussels 0415 622 333)
• in the Netherlands, PricewaterhouseCoopers Belastingadviseurs
NV (KvK 34180284)
• in Germany, PricewaterhouseCoopers GmbH Wirthschaftsprün-
fungsgesellschaft (HRB 107858)
JONES LANG LASALLE :
• in Belgium, Jones Lang LaSalle SPRL/BVBA
(RPM Brussels 0403 376 874)
• in France, Jones Lang LaSalle Expertises SAS (RCS Paris 444 628 150)
• in the United Kindom, Jones Lang Lasalle Limited (Registre in
England & Wales 1188567)
STADIM :
• in Belgium, Stadim SCRL/CBVA (RPM Bruxelles 0458 797 033)
Nursing and care home Glück im Winkel –
Neunkirchen (DE)
220
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
REAL ESTATE VALUERS’ MANDATES AT 31122021
Segment Number of
assets under
mandate
Location People
physical
Start
of mandate
End
of mandate
CBRE
Healthcare real estate
8 Finland Olli Kantanen 01.10.2020 30.09.2023
COLLIERS
Healthcare real estate
6 Italy Giulia Longo 06.05.2021 31.03.2024
CUSHMAN & WAKEFIELD
Oces
24 Belgium Gregory Lamarche 30.06.2021 31.12.2022
Healthcare real estate
2 Germany Martin Belik 01.10.2020 30.09.2023
Healthcare real estate
61 Belgium Gregory Lamarche 30.06.2021 31.12.2022
Healthcare real estate
49 France Jean-Philippe Carmarans 01.01.2020 31.12.2022
Healthcare real estate
29 Spain Tony Loughran 01.07.2019 30.06.2022
Healthcare real estate
7 Ireland Johanna Gill 01.01.2021 31.12.2023
Property of distribution networks – Cofinimur I
190 France Jean-Philippe Carmaran 01.01.2021 31.12.2023
Property of distribution networks – Pubstone
212 The Netherlands Frank Adema 31.12.2020 31.12.2022
Property of distribution networks – Pubstone
677 Belgium Gregory Lamarche 30.06.2021 31.12.2022
PRICEWATERHOUSECOOPERS
Oces
23 Belgium Georey Jonckheere 01.01.2020 31.12.2022
Property of distribution networks – Others
1 Belgium Georey Jonckheere 01.01.2020 31.12.2022
Healthcare real estate
30 Belgium Georey Jonckheere 01.01.2020 31.12.2022
Healthcare real estate
49 The Netherlands Koniwin Domen 01.01.2021 31.12.2023
Healthcare real estate
42 Germany Dirk Hennig 01.01.2021 31.12.2023
JONES LANG LASALLE
Oces
15 Belgium Greet Hex 01.01.2020 31.12.2022
Property of distribution networks – Others
1 Belgium Greet Hex 01.01.2020 31.12.2022
Healthcare real estate
7 France Pierre-Jean Poli 01.01.2020 31.12.2022
Healthcare real estate
3 United Kingdom Alan Bennett 26.07.2021 30.06.2024
1. Including investment properties, properties under development and assets held for sale.
REAL ESTATE VALUERS’ MANDATES AS AT 31122021 FOR ASSOCIATES
Segment Number of
assets under
mandate
Location People
physical
Start
of mandate
End
of mandate
CATELLA
Healthcare real estate
6 France Jean-François Drouets 15.12.2020 30.09.2023
STADIM
Healthcare real estate
19 Belgium Tim Leysen 31.12.2020 31.12.2023
CUSHMAN & WAKEFIELD
Healthcare real estate
4 Germany Martin Belik 01.10.2020 30.09.2023
In accordance with article 47 of the law of 12.05.2014 on RRECs,
the independent real estate valuers carry out a valuation of all the
properties in the portfolio of the public RREC and its subsidiaries at
the end of each financial year. The valuation determines the value
of the properties appearing in the balance sheet. Furthermore, at
the end of each of the first three quarters of the year, the valuers
update the overall valuation made at the end of the previous finan-
cial year, based on market developments and the nature of the
properties concerned. Lastly, in accordance with the provisions of
article 47 of the law of 12.05.2014 on RRECs, each property which is
to be acquired or disposed of by the RREC (or a company within its
scope) is valued by the valuers prior to the transaction. The trans-
action must be carried out at the value determined by the valuer
when the other party is a company with which the public RREC
is related or linked by participating interests or when any of the
above-mentioned parties gain an advantage from the transaction.
The valuation of a property consists of determining its value
on a specific date, i.e., the price at which the property is likely
to be exchanged between purchasers and sellers who are duly
informed and wish to carry out such a transaction, without any
account being taken of any special advantage between them. This
value is known as the ‘investment value’ when it corresponds to the
total price payable by the purchaser, including, where appropriate,
the registration fees or VAT (if the acquisition is subject to VAT).
The fair value, as meant by IAS/IFRS accounting principles, can
be obtained by deducting an appropriate portion of the registra
-
tion fees and/or VAT, constituting the transaction costs from the
investment value.
Transactions other than sales may lead to the mobilisation of the
portfolio, or a portion thereof, as illustrated by the operations carried
out by Cofinimmo since it acquired the status of RREC (formerly
Sicafi/Bevak).
221
CORPORATE GOVERNANCE STATEMENT OTHER PARTIES INVOLVED
Belliard 40 oce building – Brussels CBD (BE)
The valuers’ valuation depends on the following criteria :
• location;
• building age and type; state of repair and level of comfort; archi-
tectural appearance;
• gross/net surface area ratio; number of parking spaces; rental
conditions;
• for healthcare real estate, the ratio of rents/operating cash flow
before rents.
In 2021, the remuneration of the independent real estate valuers for
the valuation of the consolidated portfolio as well as the associates,
calculated quarterly based on a fixed lump sum plus a fixed fee, was
1,277,247 EUR (excluding VAT), distributed as follows : 680,987 EUR for
Cushman & Wakefield, 432,239 EUR for PricewaterhouseCoopers,
88,620 EUR for Jones Lang LaSalle, 13,500 EUR for CBRE, 19.800 EUR
for Colliers, 22.000 EUR for Stadim and 20.100 EUR for Catella.
222
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
ANNUAL ACCOUNTS
Consolidated accounts 224
Notes to the consolidatedaccounts 230
Note 1. General information 230
Note 2. Significant accounting methods 230
Note 3. Management of operational risk 238
Note 4. Acquisitions of subsidiaries 239
Note 5. Segment information 240
Note 6. Rental income and rental-related expenses 248
Note 7. Net redecoration expenses 249
Note 8. Charges and taxes not recovered from the tenant on let properties 249
Note 9. Technical costs 250
Note 10. Commercial costs 250
Note 11. Management costs 250
Note 12. Gains or losses on disposals of investment properties and other non-financial assets 252
Note 13. Changes in fair value of investment properties 252
Note 14. Other result on the portfolio 252
Note 15. Financial income 252
Note 16. Net interest charges 253
Note 17. Other financial charges 253
Note 18. Changes in the fair value of financial assets and liabilities 253
Note 19. Corporate tax and exit tax 254
Note 20. Net result per share - group share 254
Note 21. Goodwill 256
Note 22. Investment properties 258
Note 23. Breakdown of the changes in the fair value of investment properties 268
Note 24. Intangible assets and other tangible assets 268
Note 25. Financial instruments 269
Note 26. Non-current financial assets and finance lease receivables 279
Note 27. Assets held for sale 279
Note 28. Current trade receivables 280
Note 29. Tax receivables and other current assets 280
Note 30. Deferred charges and accrued income – assets 281
Note 31. Provisions 281
Note 32. Deferred taxes 281
Note 33. Trade debts and other current debts 282
Note 34. Accrued charges and deferred income – liabilities 282
Note 35. Non-cash charges and income 282
Note 36. Changes in working capital requirements 283
Note 37. Evolution of the portfolio per segment during the financial year 283
Note 38. Off-balance sheet rights and commitments 285
Note 39. Ongoing development projects 287
Note 40. Consolidation criteria and scope 287
Note 41. Sales options permitted for non-controlling shareholders 296
Note 42. Payments based on shares 297
Note 43. Average number of people linked by an employment contract or by a permanent service contract 297
Note 44. Related-party transactions 297
Note 45. Events after closing date 298
Note 46. Climate-related aspects 299
Statutory Auditor’s report on the consolidated financial statements 300
Financial statutory statements 304
Statutory auditor’s report on the financial statutory statements 312
223
ANNUAL ACCOUNTS
CONSOLIDATED ACCOUNTS
Consolidated comprehensive result (income statement)
(x 1,000 EUR) Notes 2021 2020
A. NET RESULT
Rental income
6
Writeback of lease payments sold and discounted
6
Rental-related expenses
6
-3 -2,030
Net rental income
5, 6
Recovery of property charges
7
Recovery income of charges and taxes normally payable by the tenant on let properties
8
Costs payable by the tenant and borne by the landlord on rental damage and redecoration at
end of lease
7
-1,987 -330
Charges and taxes normally payable by the tenant on let properties
8
-44,934 -36,888
Property result
Technical costs
9
-6,628 -6,051
Commercial costs
10
-2,967 -2,344
Taxes and charges on unlet properties
-3,188 -2,765
Property management costs
11
-27,849 -23,579
Property charges
-40,632 -34,740
Property operating result
Corporate management costs
11
-11,935 -10,105
Operating result before result on the portfolio
Gains or losses on disposals of investment properties
5, 12
Gains or losses on disposals of other non-financial assets
5, 12
Changes in fair value of investment properties
5, 13, 22, 23
Other result on the portfolio
5, 14
-34,715 -33,815
Operating result
Financial income
15
Net interest charges
16
-27,343 -24,541
Other financial charges
17
-1,005 -744
Changes in the fair value of financial assets and liabilities
18
Financial result
Share in the result of associates and joint ventures
40
Pre-tax result
Corporate tax
19
-10,546 -7,907
Exit tax
19
-1,945 -2,315
Taxes
-12,491 -10,223
Net result
Minority interests
40
-2,666 3,588
NET RESULT - GROUP SHARE
(in EUR)
Net result per share - group share
20 8.78 4.50
Diluted net result per share - group share
20 8.68 4.09
ANNUAL ACCOUNTS
224
COFINIMMO DOCUMENT D’ENREGISTREMENT UNIVERSEL 2021
(x 1,000 EUR) Notes 2021 2020
B OTHER ELEMENTS OF THE COMPREHENSIVE RESULT RECYCLABLE UNDER THE INCOME STATEMENT
Changes in the eective part of the fair value of authorised cash flow hedging instruments
Impact of the recycling on the income statement of hedging instruments for which relationship with
the hedged risk was terminated
18 0 0
Share in the other elements of the comprehensive result of associates/joint ventures
Convertible bonds
25 1,873 7,721
Currency translation dierences linked to conversion of foreign activities
Other elements of the comprehensive result
Minority interests
40 0 0
OTHER ELEMENTS OF THE COMPREHENSIVE RESULT - GROUP SHARE
(x 1,000 EUR) Notes 2021 2020
C. COMPREHENSIVE RESULT
Comprehensive result
Minority interests
40 -2,666 3,588
COMPREHENSIVE RESULT - GROUP SHARE
ANNUAL ACCOUNTS
225
Consolidated statement of financial position (balance sheet)
(x 1,000 EUR) Notes 2021 2020
Non-current assets
Goodwill
5, 21 41,627 46,827
Intangible assets
24 2,487 2,172
Investment properties
5, 22 5,669,990 4,865,581
Other tangible assets
24 2,019 1,434
Non-current financial assets
25, 26 36,145 2,883
Finance lease receivables
26 147,999 104,889
Trade receivables and other non-current assets
Deferred taxes
Participations in associates and joint ventures
40 79,661 68,026
Current assets
Assets held for sale
5, 27 39,846 3,320
Current financial assets
Finance lease receivables
26 3,667 2,367
Trade receivables
28 34,835 26,023
Tax receivables and other current assets
29 50,568 46,605
Cash and cash equivalents
Accrued charges and deferred income
30 42,648 33,069
TOTAL ASSETS
Shareholders’ equity
Shareholders’ equity attributable to shareholders of parent company
Capital
p. 216-217 1,698,517 1,450,210
Share premium account
p. 216-217 916,019 804,557
Reserves
p. 216-217 358,402 200,786
Net result for the financial year
p. 216-217 260,337 119,222
Minority interests
40 54,259 74,587
Liabilities
Non-current liabilities
Provisions
31 27,220 25,359
Non-current financial debts
25 1,467,877 1,246,850
Banks
25 771,827 354,979
Other
25 696,050 891,871
Other non-current financial liabilities
25 66,305 100,690
Deferred taxes
32 55,022 45,064
Exit tax
32 0 0
Other
32 55,022 45,064
Current liabilities
Current financial debts
25 1,100,189 1,036,612
Banks
25 126,830 5,328
Other
25 973,358 1,031,283
Other current financial liabilities
25 310 206
Trade debts and other current debts
33 148,911 126,637
Exit tax
33 6,704 6,275
Other
33 142,207 120,361
Accrued charges and deferred income
34 23,585 22,834
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
ANNUAL ACCOUNTS
226
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Calculation of debt-to-assets ratio
(x 1,000 EUR) 2021 2020
Non-current financial debts
Other non-current financial liabilities (except for hedging instruments)
+ 11,678 10,644
Current financial debts
+ 1,100,189 1,036,612
Trade debts and other current debts
+ 148,911 126,637
Total debt
= 2,728,655 2,420,743
Total assets
Hedging instruments
- 7,541 382
Total assets (except hedging instruments)
/ 6,169,412 5,253,233
DEBT-TO-ASSETS RATIO
= 44.23 % 46.08 %
Consolidated statement of cash flows
(x 1,000 EUR) Notes 2021 2020
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR
OPERATING ACTIVITIES
Net result for the period
Adjustments for interest charges and income
Adjustments for gains and losses on disposal of property assets
-7,768 -4,583
Adjustments for non-cash charges and income
35 -53,305 46,337
Changes in working capital requirements
36 -15,223 1,534
Cash flow resulting from operating activities
INVESTMENT ACTIVITIES
Investments in intangible assets and other tangible assets
-1,518 -1,907
Acquisitions of investment properties
37 -281,574 -163,386
Extensions of investment properties
37 -82,505 -33,550
Investments in investment properties
37 -17,906 -33,859
Acquisitions of consolidated subsidiaries
4 -459,964 -292,389
Acquisitions of associates and joint ventures
9,491 69,172
Disposals of investment properties
37 60,147 9,310
Disposals of assets held for sale
37 61,322 33,900
Disposals of other assets
Payment of exit tax
-1,167 -16,976
Finance lease receivables
Other cash flows from investment activities
-15,919 630
Cash flow resulting from investment activities
-745,436 -565,161
FINANCING ACTIVITIES
Capital increase
Acquisitions/disposals of treasury shares
Dividends paid to shareholders
-107,093 -101,160
Transactions with mandatory convertible bond (MCB)-holders
40 -26,616 -3,009
Dividends paid to minority shareholders
40 -1,199 -1,296
Increase of financial debts
Decrease of financial debts
-464 -365
Financial income received
Financial charges paid
-28,093 -25,206
Other cash flows from financing activities
-568 -586
Cash flow resulting from financing activities
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR
ANNUAL ACCOUNTS
227
Consolidated statement of changes in shareholders’ equity
(x 1,000 EUR) At
31.12.2019
Allocation
of 2019
net income
Dividends/
Coupons
Share
issue
Purchase/
disposal of
treasury
shares
Cash flow
hedging
Transfer between
available and
unavailable
reserves on
disposal of assets
Other Result
of the
financial
year
At
31.12.2020
Capital
Share premiums
Reserves
Reserve of the balance of changes in fair value of property assets
-871 100,321 0 0 0 0 44,501 -126,398
1
0 17,553
Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties
-104,263 -21,524 0 0 0 0 -611 126,398
1
0 0
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is applied
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is not applied
-3,801 -24,394 0 0 0 0 0 0 0 -28,195
Distributable reserve
Non-distributable reserve
Reserve for treasury shares
-3,645 0 0 0 663 0 0 0 0 -2,982
Reserve for change in fair value of convertible bond attributable to change in 'own' credit risk
-11,627 0 0 0 0 0 0 7,721 0 -3,906
Net result of the financial year
Total shareholders’ equity attributable to shareholders of the parent company
Minority interests
TOTAL SHAREHOLDERS' EQUITY
(x 1,000 EUR) At
31.12.2020
Allocation
of 2020
net income
Dividends/
Coupons
Share
issue
Purchase/
disposal of
treasury
shares
Cash flow
hedging
Transfer between
available and
unavailable
reserves on
disposal of assets
Other Result
of the
financial
year
At
31.12.2021
Capital
Share premiums
Reserves
Reserve of the balance of changes in fair value of property assets
Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is applied
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is not applied
-28,195 -20,448 0 0 0 0 0 0 0 -48,643
Distributable reserve
Non-distributable reserve
Reserve for treasury shares
-2,982 0 0 0 967 0 0 0 0 -2,015
Reserve for currency translation dierences linked to conversion of foreign activities
Reserve for change in fair value of convertible bond attributable to change in ‘own’ credit risk
-3,906 0 0 0 0 0 2,033 1,873 0 0
Net result of the financial year
Total shareholders’ equity attributable to shareholders of the parent company
Minority interests
TOTAL SHAREHOLDERS' EQUITY
ANNUAL ACCOUNTS
228
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
1. In accordance with FSMA circular dated 02.07.2020.
.
Consolidated statement of changes in shareholders’ equity
(x 1,000 EUR) At
31.12.2019
Allocation
of 2019
net income
Dividends/
Coupons
Share
issue
Purchase/
disposal of
treasury
shares
Cash flow
hedging
Transfer between
available and
unavailable
reserves on
disposal of assets
Other Result
of the
financial
year
At
31.12.2020
Capital
1,385,227 0 0 64,983 0 0 0 0 0 1,450,210
Share premiums
727,330 0 0 77,227 0 0 0 0 0 804,557
Reserves
134,163 204,615 -145,036 0 663 0 0 6,381 0 200,786
Reserve of the balance of changes in fair value of property assets
-871 100,321 0 0 0 0 44,501 -126,398
1
Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties
-104,263 -21,524 0 0 0 0 -611 126,398
1
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is not applied
-3,801 -24,394 0 0 0 0 0 0 0 -28,195
Distributable reserve
254,024 149,707 -145,036 0 0 0 -43,890 -1,129 0 213,678
Non-distributable reserve
4,345 505 0 0 0 0 0 -212 0 4,638
Reserve for treasury shares
-3,645 0 0 0 663 0 0 0 0 -2,982
Reserve for change in fair value of convertible bond attributable to change in 'own' credit risk
-11,627 0 0 0 0 0 0 7,721 0 -3,906
Net result of the financial year
204,615 -204,615 0 0 0 0 0 0 119,222 119,222
Total shareholders’ equity attributable to shareholders of the parent company
2,451,335 0 -145,036 142,211 663 0 0 6,381 119,222 2,574,775
Minority interests
82,625 0 -4,306 0 0 0 0 -144 -3,588 74,587
TOTAL SHAREHOLDERS' EQUITY
2,533,960 0 -149,342 142,211 663 0 0 6,237 115,633 2,649,362
(x 1,000 EUR) At
31.12.2020
Allocation
of 2020
net income
Dividends/
Coupons
Share
issue
Purchase/
disposal of
treasury
shares
Cash flow
hedging
Transfer between
available and
unavailable
reserves on
disposal of assets
Other Result
of the
financial
year
At
31.12.2021
Capital
1,450,210 0 0 248,306 0 0 0 0 0 1,698,517
Share premiums
804,557 0 0 313,673 0 0 -202,211 0 0 916,019
Reserves
200,786 119,222 -171,169 0 967 0 202,211 6,385 0 358,402
Reserve of the balance of changes in fair value of property assets
17,553 -13,861 0 0 0 0 -3,632 0 0 60
Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging
accounting defined in IFRS is not applied
-28,195 -20,448 0 0 0 0 0 0 0 -48,643
Distributable reserve
213,678 152,215 -171,169 0 0 0 203,820 4,698 0 403,232
Non-distributable reserve
4,638 1,315 0 0 0 0 0 -611 0 5,343
Reserve for treasury shares
-2,982 0 0 0 967 0 0 0 0 -2,015
Reserve for currency translation dierences linked to conversion of foreign activities
0 0 0 0 0 0 0 424 0 424
Reserve for change in fair value of convertible bond attributable to change in ‘own’ credit risk
-3,906 0 0 0 0 0 2,033 1,873 0 0
Net result of the financial year
119,222 -119,222 0 0 0 0 0 0 260,337 260,337
Total shareholders’ equity attributable to shareholders of the parent company
2,574,775 0 -171,169 561,979 967 0 0 6,385 260,337 3,233,274
Minority interests
74,587 0 -4,374 0 0 0 0 -18,620 2,666 54,259
TOTAL SHAREHOLDERS' EQUITY
2,649,362 0 -175,543 561,979 967 0 0 -12,235 263,002 3,287,533
ANNUAL ACCOUNTS
229
Note 1. General information
31.12.2021 comprise the company and its subsidiaries (the ‘group’). The consolidation scope has evolved since 31.12.2020. Cofinimmo
acquired the shares of 18 companies, created 11 new subsidiaries and acquired interests in one associate. The consolidation scope at
31.12.2021 is presented in Note 40.
The consolidated financial and statutory statements were adopted by the board of directors on 14.03.2022 and will be submitted to
the general meeting on 11.05.2022.
The accounting principles and methods adopted for the preparation of the financial statements are identical to those used for the
annual financial statements for the 2020 financial year, except for what is mentioned in Note 2.
Note 2. Significant accounting methods
A STATEMENT OF COMPLIANCE
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS),
as adopted by the Belgian royal decree of 13.07.2014 concerning regulated real estate companies.
The principles and methods used to prepare the financial statements are the same as those used in the annual financial statements
for the 2020 financial year.
The preparation of the financial statements requires the company to make significant judgments that aect the application of account-
ing methods (such as, for example, the determination of the classification of lease contracts) and to proceed to a certain number of
estimations (in particular, the provisions estimation). These assumptions are based on the management’s experience, on the assistance
of third parties (real estate valuers) and on various other sources that are believed to be relevant. Actual results may dier from these
estimations. These estimations are reviewed on a regular basis and adapted if need be.
B BASIS OF PREPARATION
The financial statements are presented in euro, rounded to the nearest thousand. They are prepared on the historical costs basis, except
the following assets and liabilities, which are stated at their fair value : investment properties, assets held for sale, convertible bonds
issued, derivative financial instruments and sales options permitted to non-controlling shareholders.
Some financial figures in this universal registration document have been rounded up and, consequently, the overall totals in this docu
-
ment may dier slightly from the exact arithmetical sum of the preceding figures.
Finally, some reclassifications can intervene between the publication date of the annual results and that of the universal registration
document.
C BASIS OF CONSOLIDATION
I. Subsidiaries
The consolidated financial statements include the financial statements of the company and the financial statements of the entities
(including the structured entities) that it controls and its subsidiaries. The company has control when it :
• holds power over the issuing entity;
• is exposed or entitled to variable returns because of its ties with the issuing entity;
• has the ability to exercise its power so as to aect the amount of the returns that it receives.
The company must reassess whether it controls the issuing entity when the facts and circumstances indicate that one or more of the
three control elements listed above have changed.
The financial statements of the subsidiaries are included in the consolidated financial statements from the date the control starts until
the date the control ends.
Where necessary, accounting principles of subsidiaries have been changed to ensure consistency with the principles adopted by
the group. The subsidiaries’ financial statements cover the same accounting period as that of the company.
Changes in the group’s participations in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
The book value of the participations in subsidiaries, held by the group or by third parties, is adjusted to reflect the changes in the
respective levels of participation. Any dierence between the amount by which the minority interests are adjusted and the fair value
of the consideration paid or received is recognised directly under equity.
NOTES TO THE
CONSOLIDATEDACCOUNTS
ANNUAL ACCOUNTS
230
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
II Joint ventures
A joint venture is an entity subject to an agreement whereby the parties who exercise joint control have rights over the net assets of
the agreement. Under the equity accounting method, the consolidated income statement includes the group’s share in the result of
joint ventures. This share is calculated from the date on which the joint control starts until the date on which the joint control ends. The
financial statements of the jointly controlled entities cover the same accounting period as that of the company.
III Associates
An associate is an entity over which the company exercises significant influence. The consolidated income statement includes the group’s
share in the profit or loss of associates, in accordance with the equity method.
IV Transactions eliminated on consolidation
Intragroup balances and transactions, as well as any gains arising from intragroup transactions, are eliminated in preparing the consoli-
dated financial statements. Gains arising from transactions with jointly controlled entities are eliminated to the extent of the group’s
interest in the entities. Losses are eliminated in the same way as gains, but only to the extent that there is no evidence of impairment.
A list of the group’s companies is included in Note 40.
D GOODWILL AND BUSINESS COMBINATIONS
When the group takes control of an integrated combination of activities and assets corresponding to the definition of a company
(‘business’) according to IFRS 3 - ‘Business combinations’, the assets, liabilities and contingent liabilities of the business acquired are
recorded at their fair value at the acquisition date. The goodwill represents the positive dierence between the acquisition costs (exclud-
ing acquisition-related costs), plus any minority interests, and the fair value of the acquired net assets. If this dierence is negative
(‘negative goodwill’), it is immediately recorded on the income statement after confirmation of the values.
After its initial recording, the goodwill is not amortised but submitted to an impairment test realised at least every year on the cash-gen-
erating units to which the goodwill was allocated. If the book value of a cash-generating unit exceeds its value in use, the resulting
writedown is recorded on the income statement and first allocated in reduction of the possible goodwill and then to the other assets of
the unit, proportionally to their book value. An impairment booked on goodwill is not written back during a subsequent year.
In accordance with IFRS 3, the goodwill can be set temporarily at the acquisition and adjusted within the 12 following months. In the
event of the disposal of a cash-generating unit, the amount of goodwill that is allocated to this unit is included in the determination of
the gain or loss on the disposal.
E TRANSLATION OF FOREIGN CURRENCIES
I Foreign entities
The group has two subsidiaries whose financial accounts are prepared in foreign currencies (GBP).
II Foreign currency transactions
Foreign currency transactions are recognised initially at exchange rates prevailing at the date of the transaction.
At closing, monetary assets and liabilities denominated in foreign currencies are translated at the then prevailing currency rate. Gains
and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are included on the income statement as financial income or financial charges. However, in the group’s
consolidated financial statements, exchange dierences relating to the translation of items qualifying as net investments in foreign
operations are recognised in ‘Other comprehensive income’.
III Exchange rate
The exchange rates used in the company’s consolidated accounts for the year ended 31.12.2021 are as follows :
• Rate at closing on 31.12.2021 = 0.84028
• Average rate over the financial year = 0.85224
F FINANCIAL INSTRUMENTS
I Derivative financial instruments
The group uses derivative financial instruments to hedge against interest rate risks originating from operational, financial and invest-
ment activities (for more details about the derivative financial instruments, see Note 25).
A. Recognition of derivative financial instruments :
These derivative financial instruments are interest rate swaps (IRS) and CAP options applied as economic hedges. Derivatives are initially
recognised at fair value on the date on which the contracts for derivative interest instruments are entered into and are subsequently
revalued at their fair value on the following closing dates. The resulting gain or loss is recognised immediately in the result unless the
derivative is designated and eective as a hedging instrument, in which case the timing of recognition in the result depends on the
nature of the hedging relationship. The group does not apply hedge accounting.
ANNUAL ACCOUNTS
231
B. Revaluation of derivative financial instruments :
Revaluation takes place for all derivative financial instruments on the basis of the same price and volatility assumptions using an
application from the independent supplier of market data (Bloomberg). This revaluation is compared to that of the banks, whereby
each significant dierence between the two revaluations is documented (see also point W below).
II. Amortised cost and eective interest method
Interest-bearing loans, to the exception of convertible bonds, are initially recognised at cost less the attributable transaction costs.
Subsequently, interest-bearing loans are measured at amortised cost, where the dierence between the repayment cost and the
repayment value is booked in the income statements over the period of the loan on the basis of the eective interest rate method. As
an example, fees are paid to the lender or legal fees are integrated into the calculation of the eective interest rate.
Financial assets are valued at amortised cost using the SPPI test (Solely payment of principal and interests) since on the one hand,
the group aims to hold them, and on the other hand, the contractual terms of the financial asset give rise to specific dates, cash flows
consisting exclusively of payments of the principal and interest.
III Derecognition of financial assets and liabilities
The group derecognises a financial asset in the result, only if the contractual rights to the cash flows from that asset lapse or when the
financial asset and almost all risks and rewards of ownership of the asset are transferred to another party. When a financial asset is
derecognised at amortised cost, the dierence between the carrying amount of the asset and the sum of the consideration received
and claim is included in the result.
For financial liabilities, the group derecognises when the contractual obligations have expired or have been cancelled.
Finally, when a change in contractual rights or obligations occurs without leading to the derecognition of the underlying financial asset
or liability, the dierence from the new balance sheet value is recognised in the income statement.
IV Convertible bond
The convertible bond does not qualify in whole or in part as an equity instrument. The instrument contains embedded derivatives. In
order to facilitate this instrument’s valuation, Cofinimmo decided to value it at fair value. The change in fair value resulting from chan
-
ges in market conditions during the financial year is recognised in the income statement while the change in fair value resulting from
changes in credit risk during the financial year is recognised in other items of the comprehensive income.
G INVESTMENT PROPERTIES
Investment properties are properties which are held to earn rental income for the long term. In accordance with IAS 40, investment
properties are stated at fair value.
Independent real estate valuers determine the valuation of the property portfolio every three months. Any gain or loss arising, after
the acquisition of a property, from a change in its fair value is recognised on the income statement. Rental income from investment
properties is accounted for as described under section R.
The real estate valuers carry out the valuation on the basis of the method of calculating the present value of the rental income in
accordance with the ‘International Valuation Standards/RICS Valuation Standards’, established by the International Valuation Standards
Committee/Royal Institute of Chartered Surveyors, as set out in the corresponding report. This value, referred to hereafter as the
‘investment value’, corresponds to the price that a third-party investor would be prepared to pay in order to acquire each of the prop
-
erties making up the property portfolio and in order to benefit from their rental income while assuming the related charges, without
deduction of transfer taxes.
The disposal of an investment property is usually subject to the payment to the public authorities of transfer rights or VAT. A share
of transfer rights is deducted by the valuers from the investment value of the investment properties to establish the fair value of the
investment properties, as evidenced in their valuation report (see Note 22).
When an acquisition or investment is made, the transfer rights to be incurred during a subsequent theoretical sale are recognised
directly on the income statement; any change in the fair value of a building during the financial year is also recognised on the income
statement. These two movements are allocated to the reserve during the appropriation of the result for the financial year. In the event
of a disposal, the transfer rights do not have to be deducted from the dierence between the price obtained and the book value of
the sold properties for calculating the capital gain or loss eectively realised. Indeed, the rights have already been recognised in the
income statement upon acquisition.
If an investment property becomes owner-occupied, it is reclassified as asset held for own use, and its fair value at the date of reclassi
-
fication becomes its cost for subsequent accounting purposes.
ANNUAL ACCOUNTS
232
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
H DEVELOPMENT PROJECTS
Properties that are being built, renovated, developed or redeveloped for future use as investment properties are classified as develop-
ment projects until the completion of the works and stated at their fair value. This concerns nursing and care homes under construction
or development (extensions) and empty oce buildings that are or will be under renovation or redevelopment. At the time of completion
of the works, the properties are transferred from the ‘Development project’ category to the ‘Properties available for rent’ category or
to ‘Properties held for sale’ if they are put up for sale. The fair value of the oce buildings which will undergo a renovation or redevel
-
opment decreases as the end of the lease and the beginning of the works approaches.
All costs directly associated with the purchase and construction, and all subsequent capital expenditures qualifying as acquisition costs,
are capitalised. Provided the project exceeding one year, interest charges are capitalised at a rate reflecting the average borrowing
cost of the group.
I LEASES
I The group as lessor
A. Types of long leases
In compliance with the law, properties can be let for long periods under two dierent regimes :
• long ordinary leases : the lessor’s obligations are essentially those under any lease : for instance, to ensure that space in a state of being
occupied is available to the lessee during the entire term of the lease. This obligation is met by the lessor by bearing the maintenance
costs (other than rental) and the insurance costs against fire and other damages;
• long leases which involve the assignment of a real right by the assignor to the assignee : in this case, the ownership passes temporarily
to the assignee who will bear namely maintenance (other than rental) and insurance costs. According to Belgian law, three contract
types fall under this category : (a) the leasehold (‘bail emphytéotique/erfpachtovereenkomst’) which must last a minimum of 15 years
and a maximum of 99 years and can apply to land and/or constructions; (b) the building lease (‘droit de superficie/recht van opstal’)
which may not exceed 50 years but has no minimum duration and (c) the usufruct right (‘droit d’usufruit/recht van vruchtgebruik’)
which may not exceed 30 years and has no minimum duration and can apply to land with a construction or bare land. It may apply
to land built or not. Under all these contracts, the assignor keeps a residual right in that it will recover the full ownership of the property
at the end of the term of the lease, including the ownership of the constructions erected by the assignee, with or without indemnity for
these constructions, depending on the contractual terms. A purchase option for the residual right may, however, have been granted,
which the lessee can exercise during or at the end of the lease.
B. Long leases qualifying as finance leases
Provided these leases meet the criteria of a finance lease under IFRS 16:63, the group as assignor will present them at their inception
as a receivable for an amount equal to the net investment in the lease agreement. The dierence between this amount and the book
value of the leased property (excluding the value of the residual right kept by the group) at the lease inception will be recorded on the
income statement for the period. Any payment made periodically by the lessee will be treated by the group partly as a repayment of
the principal and partly as a financial income based on a pattern reflecting a constant periodic rate of return for the group.
At each closing date, the residual right kept by the group will be recognised at its fair value. It will increase each year and will corres
-
pond, at the end of the lease, to the market value of the full ownership. These changes in the fair value will be recognised under the
item ‘Changes in the fair value of investment properties’ on the income statement.
C. Sale of future lease payments under a long lease not qualifying as a finance lease
The amount collected by the group as a result of the sale of the future lease payments will be recognised in deduction of the property’s
value to the extent that this sale of lease payments is opposable to third parties and that, as a consequence, the market value of the
property is reduced by the amount of the future lease payments sold (hereafter ‘reduced value’). Indeed, pursuant to article 1690 of
the Belgian Civil Code, a third party that would buy the properties, would be deprived of the right of receiving rental revenues.
The progressive reconstitution of the lease payments sold will be recognised at each period under the item ‘Writeback of lease payments
sold and discounted’ on the income statement and will be added to the reduced value of the building on the assets side. This gradual
constitution of the non-reduced value relies on the basis of the interest rates and inflation (indexation) conditions applied at the time
of transfer and implied in the price obtained at that moment by the group from the transferee for the sold receivables.
The change in the reduced fair value of the property will be recognised separately under the item ‘Changes in the fair value of invest
-
ment properties’ according to the following formula :
RFV year n-1
RFV year n-2
NRFV year n-1
NRFV year n-2
*
Cumulative change year n
*
Cumulative change year n-1
–
in which :
RFV : reduced fair value of the property (resulting from the information mentioned in the two preceding paragraphs);
NRFV : non-reduced fair value of the property (that is, if the future rental income would have not been sold and as established at
each closing date by the independent real estate valuers according to the real estate market);
Cumulative change : change of the cumulative non-reduced fair value since the disposal of the future rents.
ANNUAL ACCOUNTS
233
II The group as a lessee
The group assesses each new contract to determine whether it is a lease. If armative, the group recognises a right to use for the asset
and a corresponding lease liability (except for short-term contracts or contracts for low-value assets, for which the group recognises
a simple operating expense).
A. Lease liability
The lease liability is initially recognised at the present value of the future lease payments. The discount rate is the rate implicit in the
contract. If this cannot be determined, the group’s marginal interest rate will be applied. Any payments made periodically by the group
will be treated partly as repayment of principal and partly as a finance charge.
B. Right to use
The right to use is initially recognised as an asset for an amount corresponding to the lease liability, taking into account any costs related
to obtaining the contract. Subsequently, this right will be amortised over the term of the contract (unless the anticipated useful life is
shorter than that provided for in the contract). In terms of classification, the right to use is presented among assets of the same nature
held in full ownership.
J OTHER FIXED ASSETS
I Assets held for own use
In accordance with the alternative method allowed by IAS 16 § 31, the part of the property used by the company itself as head oce is
stated at its fair value. It appears under the heading ‘Assets held for own use’.
II Subsequent expenditure
Expenditure incurred to renovate a property, that is recognised separately, is capitalised. Other expenditure is capitalised only when it
increases the future economic benefits attributed to the property. All other expenditure is recorded as costs on the income statement
(see point S II).
III Depreciation
Investment properties, whether land or constructions, are not depreciated but posted at fair value (see point G). Depreciation is charged
to the income statement on a straight-line basis over the expected lifetime as indicated below :
• fixture and fittings : 4-10 years;
• fixtures : 8-10 years;
• IT hardware : 3-4 years;
• software : 4 years.
However, software depreciation can be spread over a longer period of time corresponding to the likely useful life and according to the
consumption pattern of the economic benefits associated with the asset.
IV Assets held for sale
Assets held for sale (investment properties) are presented separately on the balance sheet at a value corresponding to their fair value.
V Impairment
The other assets are subject to an impairment test only if there is an indication showing that their book value will not be recoverable
by their use or disposal.
K FINANCE LEASE RECEIVABLES AND REAL ESTATE PUBLICPRIVATE PARTNERSHIPS
I Finance lease receivables
Finance lease receivables are valued based on their discounted value at the interest rate prevailing at the time of their issue. If they
are indexed to an inflation index, this is not taken into account when determining the discounted value. If a derivative financial instru
-
ment provides hedging, the market interest rate for this instrument will serve as a reference rate for calculating the market value of the
receivable at the close of each accounting period. In this case, the entire unrealised gain generated by the valuation at market value
of the receivable is limited to the unrealised loss relating to the valuation at market value (see point F I) of the hedging instrument.
Conversely, any unrealised loss generated by the receivable will be entirely recognised in the income statement.
II Real estate Public-Private Partnerships
With the exception of the police station in Termonde/Dendermonde, considered as operational leasing and, therefore, recognised
as investment property, Public-Private Partnerships are classified as a finance lease receivable and are subject to IFRIC 12 (for the
recognitions, see point K I).
L CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise current accounts, cash and short-term investments.
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234
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
M EQUITY
I Ordinary shares
Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net
of tax, of the proceeds.
II Preference shares and mandatory convertible bonds
Preference share and mandatory convertible bond capital is classified as equity if it meets the definition of an equity instrument under
IAS 32.
III Repurchase of shares
When treasury shares are repurchased by the group, the amount of the consideration paid, including directly attributable costs, is
recognised as a change in equity. Repurchased shares are presented as deduction in the items ‘Capital’ and ‘Share premium’. The
proceeds on sales of treasury shares are directly included under equity without impacting the income statement.
IV Dividends
Dividends are recognised as debt when they are approved by the general meeting.
V Contribution of the oce portfolio into the Cofinimmo Oces subsidiary
On 29.10.2021, the ‘oces’ branch of Cofinimmo SA/NV has been contributed to Cofinimmo Oces SA/NV, a wholly-owned subsidiary of
Cofinimmo SA/NV. The contribution includes all the assets, liabilities, rights and obligations relating to the said branch. The contribution
therefore referred in particular to the ‘oces’ investment properties directly held by Cofinimmo SA/NV, the participations in the subsidiaries
which themselves hold oce properties, the financial debts, the other assets and liabilities linked to the operation of the oces, the
contracts in progress linked to the operation of the oces as well as the sta dedicated to the operation of these properties. In the context
of the contribution of balance sheet items valued at fair value (mainly investment properties), the fair value reserves (in Cofinimmo SA/
NV’s equity) relating to the balance sheet items contributed have been transferred to the fair value reserves relating to the investments
in subsidiaries (in Cofinimmo SA/NV’s equity), in accordance with the interpretation CNC 2009/15 of the (Belgian) Accounting Standards
Committee “The accounting treatment of the contribution of a branch or of a universality of assets”. Consequently, the equity of Cofinimmo
Oces SA/NV at the time of the contribution does not include any fair value reserves relating to the balance sheet items contributed by
Cofinimmo SA/NV. This point of presentation has no eect either on the total amount of the equity or on the total amount of the reserves
of Cofinimmo Oces SA/NV. Furthermore, it has had no eect on the group’s consolidated equity and reserves.
N OTHER NONCURRENT FINANCIAL LIABILITIES
‘Other non-current financial liabilities’ mainly includes the fair value of derivative financial instruments underwritten by the group.
Besides, the group may give shareholders who do not hold control on subsidiaries an undertaking to acquire their share of the capital
in these subsidiaries, should they exercise their put options. The exercise price of such options permitted to non-controlling shareholders
is recognised in the ‘Other non-current financial liabilities’ line.
O EMPLOYEE BENEFITS
Contributions paid under the defined contribution pension plans are recognised as charges insofar as employees provided the services
giving them the right to such contributions.
In Belgium, certain pension plans based on defined contributions, are subject to a legally guaranteed minimal return by the employer
and are therefore qualified as defined benefit pension plans (see Note 11).
The cost of the defined benefit pension plan is determined by means of the projected credit units method and actuarial evaluations
are made at the end of each period when the financial information is presented. The revaluations, comprising the actuarial dierences
and return of the system’s assets (excluding interests) are directly recognised in the statement of the financial position, and a debit or
credit is recognised in the other elements of the global result during the financial year in which they occur. The revaluation under the
other elements of the global result are directly recognised in the retained earnings and will not be reclassified to net income.
Costs of past services are recognised in net income in the period in which a system change occurs.
The net interest calculation is carried out by multiplying the net liabilities of the accrued net benefits defined at the beginning of the
period by the actualisation rate.
Costs of the defined benefits are classified under the following categories :
• cost of services (cost of services rendered during the period, cost of passed services, as well as gains and losses arising from reductions
and liquidations);
• net interests (charges);
• revaluations.
The group presents the first two components of the defined benefits costs in the net result under ‘Personnel cost’.
The accrued benefit obligations recorded in the consolidated statement of the financial position represents the actual amount of the
deficit of the defined benefits systems of the group.
ANNUAL ACCOUNTS
235
P PROVISIONS
A provision is recognised on the balance sheet when the group has a legal or contractual obligation resulting from a past event, and
if it is likely that resources will be required to settle the obligation. Provisions are determined by discounting the expected future cash
flows at the market rate reflecting, where appropriate, the risk specific to the liability.
Q TRADE DEBTS AND OTHER DEBTS
Trade debts and other debts are stated at amortised cost.
R OPERATING REVENUES
Operating revenues include revenues from lease contracts on buildings and revenues from real estate services.
Revenues from lease contracts are recognised in the rental income item. Some lease contracts allow for a period of free occupancy
followed by a period during which the agreed rent is due by the tenant. In this case, the total amount of the contractual rent to be
collected until the first break option for the tenant is recognised on the income statement (item ‘rental income’) prorata temporis over
the length of the lease contract, beginning at the start of the occupancy and ending at the first break option (i.e. the firm term of
the lease). More accurately, the contractual rent expressed in annual amount is first recognised as revenue and the rent-free period
spread over the firm term of the lease is then booked as an expense. Hence, an accrued income account is at first debited at the start
of the lease for an amount corresponding to the rental income (net of the cost of rent-free periods) already earned but not yet expired.
When real estate valuers make an estimation of the value of the buildings based on the discounted value of future cash flows method,
they include in these values the total rents yet to be collected. Hence, the accrued income account referred to above is redundant with
the part of the buildings representing rents already earned and recognised on the income statement but not yet due. Therefore, in order
to avoid this redundancy, which would wrongfully swell the total of the balance sheet and of the shareholders’ equity, the amount under
the accrued income account is reversed against a charge booked under the item ‘Other result on the portfolio’. Once the date of the first
break option is passed, no charge is to be recorded on the income statement, as would have been the case without this reverse booking.
As a consequence, the operating result before result on the portfolio (and thus the net result from core activities of the analytical form)
reflects the rents spread over the firm term of the lease, whereas the net result reflects the rents to date and as they are cashed.
The concessions granted to tenants are, on their part, booked as charges over the firm term of the lease. They refer to incentives
consisting of the financing by the landlord of certain expenses normally borne by the tenant, such as the cost of the fitting works of
private surfaces for example.
S OPERATING EXPENSES
I Service costs
Service costs paid, as well as those borne on behalf of the tenants, are included in the direct property expenses. Their recovery from
the tenants is presented separately.
II Works carried out on properties
Works carried out that are the responsibility of the building owner are recorded in the accounts in three dierent ways, depending on
the type of works :
• expenditure on maintenance and repairs that does not add any extra functionality or does not increase the comfort standard of the
building is considered as current expenditure for the period, and as property costs;
• extensive renovation works : these are normally undertaken at intervals of 25 to 35 years and virtually involve the reconstruction of
the buildings whereby, in most cases, the existing carcass work is re-used and state-of-the-art building techniques are applied; on
completion of such renovation works, the property can be considered as new and expenditure is capitalised;
• improvement works : these are works carried out on an occasional basis to add functionality to the property or significantly enhance
the comfort standard, thus making it possible to raise the rent and, hence, the estimated rental value. The costs of these works are
capitalised by reason of the fact that and insofar as the valuer normally recognises a corresponding appreciation in the value of the
property. Example : installation of an air conditioning system where one did not previously exist.
Works that generate expenses to be activated are identified taking into account the previous criteria during the preparation of the
budgets. The capitalised expenses are related to materials, engineering works, technical studies, internal costs, architect fees and
interests during the construction.
III Commissions paid to letting agents and other transaction costs
Commissions relating to property lettings are entered under current expenditure for the year, under the item ‘commercial costs’.
Commissions relating to the acquisition of properties, transfer duties, notary fees and other ancillary costs are considered as transaction
costs and included in the acquisition cost of the acquired property. These costs are also considered as part of the acquisition cost when
the purchase is done through a business combination.
Commissions on property sales are deducted from the sale price obtained to determine the gain or loss made. Property valuation costs
and technical valuation costs are always recognised on current expenditure.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
IV Financial result
Net financing costs comprise interest payable on borrowings, calculated using the eective interest rate method, and gains and losses
on hedging instruments that are recognised on the income statement (see point F).
Interest income is recognised on the income statement as it accrues, taking into account the eective yield on the asset.
Dividend income is recognised on the income statement on the date that the dividend is declared.
T INCOME TAX
The income tax of the financial year comprises the current tax. The income tax is recognised on the income statement except to the
extent that it relates to items recognised directly under equity.
The current tax is the expected tax payable on the taxable income of the past year, using the tax rate enacted at the closing date, and
any adjustment to taxes payable in respect of previous years.
U EXIT TAX AND DEFERRED TAXES
The exit tax is the tax on the added value that arises upon approval of a non-RREC Belgian company as a RREC or of the merger of
a non-RREC with a RREC. When the non-RREC, which is eligible for this regime, first enters the consolidation scope of the group, a
provision for an exit tax liability is recorded simultaneously with a revaluation added value on the property corresponding to the market
value of the property, and taking into account a forecasted date of merger or approval.
Any subsequent adjustment to this exit tax liability is recognised on the income statement. When the approval or merger takes place,
the provision becomes a debt and any dierence is also recognised on the income statement.
The same treatment is applied mutatis mutandis to French companies eligible for the SIIC regime and to Dutch companies eligible
for the FBI regime.
When companies not eligible for the RREC, FIIS, SIIC or FBI regimes are acquired, a deferred tax is recognised on the unrealised added
value of the investment property.
V STOCK OPTIONS
Equity-settled share-based payments to employees and executive committee members are measured at the fair value of the equity
instruments at the date of granting (See Note 42).
W ESTIMATES, JUDGMENTS AND MAIN SOURCES OF CONCERN
I Fair value of the property portfolio
Cofinimmo’s portfolio is valued quarterly by independent real estate valuers. This valuation by independent real estate valuers is intended
to determine the market value of a property at a certain date, taking into account the market evolution and the characteristics of the
properties. In parallel to the work of the independent real estate valuers, Cofinimmo proceeds with its own valuation of its assets with
a view on their long-term operation by its teams. The portfolio is recorded at the fair value established by the independent real estate
valuers in the group’s consolidated accounts (see Note 22). It should be noted that as a result of the increase in the rate of registration
fees in Flanders (from 10 to 12 % as at 01.01.2022), registration fees of 12 % for the Pubstone portfolio have been taken into account by the
independent real estate valuers in determining the fair value as at 31.12.2021.
In accordance with the Valuation Practice Alert of 02.04.2020 published by the Royal Institute of Chartered Surveyors (‘RICS’), the
independent real estate valuers’ report mentions an explanatory note on the impacts of the coronavirus (COVID-19) and no longer
takes into account a ‘material valuation uncertainty’ (as defined by the RICS standards).
II Financial instruments
The fair value of the group’s financial instruments is calculated on the basis of the market values in the Bloomberg
1
system. These fair
values are compared with the quarterly estimations received from the banks, and major variations are analysed (more details are
given in Note 25).
III Goodwill
Goodwill is calculated at the acquisition date as the positive dierence between the acquisition cost and Cofinimmo’s share in the fair
value of the net asset acquired. Such goodwill is then the subject of an impairment test by comparing the net book value of the groups
of buildings with their value in use. The calculation of the value in use is based on assumptions of future cash flows, indexation rates,
cash flow years and residual values (more details are given in Note 21).
IV Transactions
When acquiring a portfolio through the purchase of company shares, the group takes into account the percentage of shares held
and the appointment capacity by the directors in order to determine whether the control exercised by the group is joint or exclusive.
When a property portfolio meets the definition of a business combination as defined under IFRS 3, the group restates the assets
and liabilities acquired in the context of the business combination at their fair value. The fair value of the property acquired is based
on the value determined by the independent real estate valuers (further details are provided in Note 40).
1. The data provided by Bloomberg result from price observations relating to actual transactions and the application to these observations of valuation models developed in the
scientific literature (www.bloomberg.com).
ANNUAL ACCOUNTS
237
V Coronavirus COVID-19
Following the outbreak of the COVID-19 coronavirus pandemic in the countries where the group is active, Cofinimmo has implemented
several measures to ensure the continuity of its activities, while making the health and well-being of all its stakeholders its priority.
Operational teams remain in close contact with the group’s tenants to ensure the continuity of services and help them get through
this dicult period. Cofinimmo reviews the situation of its counterparties on a case-by-case basis in order to find a balanced solution
where appropriate. In this context, Cofinimmo has booked writedowns on trade receivables for approximately 2.0 million EUR in 2020,
without equivalent in 2021.
In addition to the information included in this document, it is specified that :
• in the oce segment, the surface areas rented directly to merchants (retailers, restaurants, ...) only account for less than 0.2 % of
the group’s contractual rents;
• in the healthcare real estate segment, the wellness & sport centres account for less than 3 % of the group’s contractual rents. These
centres, located in Belgium and Germany, have been closed to the public since March 2020 and are only partially reopen since the
end of May/beginning of June 2020. The operators’ loss of income was significant during this period, the situation went gradually back
to normal and only for a short period of time, in accordance with the evolution of the measures taken to address the health crisis. The
Belgian centres (largely closed since end October 2020) and the German centres (almost completely closed since early November 2020)
reopened in June 2021. Since then, their operational performance is globally higher than the expectations, which had been reviewed
to take the sanitary measures into account. However, the current wave of contamination resurgence calls for caution;
• in the property of distribution segment, the Pubstone portfolio of pubs and restaurants in Belgium and the Netherlands accounts
for less than 10 % of the group’s contractual rents. During the 2020 financial year, the fair value of this portfolio remained stable
(excluding the eect of the increased registration fees in the Netherlands taken into account on 31.12.2020), thanks in particular to the
high residual lease length. During the 2021 financial year, the change in fair value of this portfolio (on a like-for-like basis) was -1.0 %
in Belgium (taking in particular the increase in registration fees in Flanders from 10 % to 12 % as at 01.01.2022 into account) and -0.7 %
in the Netherlands. Although Cofinimmo’s counterparty is the AB InBev group, the world’s leading brewer with a BBB+ rating, it is not
excluded that a decrease in the fair value will be recognised in the 2022 financial year, based on the evolution of market param
-
eters due to the evolution of the COVID-19 pandemic and the measures taken by the authorities to fight it (such as an extension of
the mandatory shutdown of pubs and restaurants). As at 31.12.2021, a 5 % fair value reduction would have represented a (non-cash)
charge of 22 million EUR having an adverse eect of approximately 0.15 % on the debt-to-assets ratio, and approximately 0.73 EUR
per share on the net assets.
• in the property of distribution network segment, the Cofinimur I portfolio of MAAF agencies in France accounts for less than 2 % of
the group’s contractual rents. In 2020, the fair value of this portfolio has been reduced by nearly 12 million EUR (i.e. nearly 10 %). During
the 2021 financial year, the change in fair value of this portfolio (on a like-for-like basis) was -3.3 %. Although Cofinimmo’s counterparty
is the Covéa group, a French insurer with an AA-rating, it is not excluded that a decrease in the fair value will be recognised in the
2022 financial year, based on the evolution of market parameters due to the evolution of the COVID-19 pandemic and the measures
taken by the authorities to fight it (such as an extension of the measures aimed at restricting the flow of people in shopping streets).
As at 31.12.2021, a 5 % fair value reduction would have represented a (non-cash) charge of 3 million EUR having an adverse eect of
approximately 0.03 % on the debt-to-assets ratio, and approximately 0.12 EUR per share on the net assets.
Note 3. Management of operational risk
By operating risk, Cofinimmo means the risk of losses due to inadequacies in the company’s procedures or failures in its management.
The group actively manages its client base in order to minimise vacancies and tenant turnover in the oce segment. The property
management team is responsible for swiftly resolving tenant complaints, while the letting team maintains regular contact with them so
as to oer alternative solutions from within the portfolio should tenants require more or less space. Although this activity is fundamental
to protect rental income, it has little impact on the price at which a vacant property can be let, as that price depends on the prevailing
market conditions. Most of the lease contracts include a provision whereby rents are annually indexed. Before accepting a new client,
an analysis of the credit risk is carried out, if need be on the basis of the opinion of an outside rating agency. An advance deposit or
bank guarantee corresponding to six months’ rent is generally requested from private sector tenants.
With a few exceptions, rents are payable in advance, on a monthly, quarterly or yearly basis. A quarterly provision covering property
charges and taxes incurred by the group but contractually rechargeable to tenants is also requested. Losses on lease receivables
net of recoveries represent 0.059 % of total turnover over the period 1996-2021. An important deterioration in the general economic
situation is likely to magnify losses on lease receivables. The possible insolvency of a major tenant can represent a significant loss for
Cofinimmo, as well as an unexpected vacancy or even having to rent out the vacant space at a price significantly lower than the level
of the terminated contract.
Direct operating costs, on the other hand, are driven essentially by two factors :
• the age and quality of buildings, which determine the level of maintenance and repair expenses, both closely monitored by the
property management team, while the execution of the works is outsourced;
• the vacancy level of oce properties and the tenant turnover, which determine the level of expenses for unlet space, the letting fees,
the refurbishment costs, the incentives granted to new clients, etc. Operational costs which the active commercial management of
the portfolio is designed to minimise.
ANNUAL ACCOUNTS
238
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
The healthcare facilities and the property of distribution networks assets are almost occupied at 100 %. The first ones are rented to oper-
ator groups whose solvency is analysed annually. The second ones are let to large companies. The reletting or reconversion scenarios
at the end of the lease are cautiously analysed and prepared in due time. The smaller buildings included in the distribution networks
are sold when the tenant leaves.
Construction and refurbishment projects are prepared and supervised by the group’s project management team with a mandate to
complete them on time and on budget. For the management of large-scale projects, specialised outside companies are brought in
by the group.
The risk of buildings being destroyed by fire or other calamities is assured for a total reconstruction value of 2,159.82 million EUR
1
,
compared to a fair value of the insured investment property of 2,271.11 million EUR as at 31.12.2021, which includes the value of the land.
Cover has also been taken against vacancies resulting from these events. Moreover, Cofinimmo has insurance for its public liability as
the building’s owner or project supervisor (details of the group’s financial risk are provided in Note 25).
Note 4. Acquisitions of subsidiaries
General information
Company Acquisition
date
Number
of entities
Segment Country % of ownership by
Cofinimmo group
on 31.12.2021 -
global
consolidation
Direct or indirect
acquisition by
Cofinimmo SA/NV
Building valuation
to determine
the acquired
securities’ value
(x 1,000,000 EUR)
KIINTEISTÖ Oy VANTAAN HARRIKUJA 8
21.01.21 1 Healthcare
real estate
Finland 100 % Indirect 12
RHEASTONE 3 S.A.
(ex. Immo WZC Genappe BV)
12.02.21 1 Healthcare
real estate
Belgium 100 % Direct 19
KIINTEISTÖ Oy TURUN SKANSSIN
AURORA
01.04.21 1 Healthcare
real estate
Finland 100 % Indirect 15
KIINTEISTÖ Oy YLOJARVEN TAIMTIE 3 &
KIINTEISTÖ Oy TURUN LINNANHERRA
01.04.21 2 Healthcare
real estate
Finland 100 % Indirect 12
LAGUNE IPM S.L.U. & LAGUNE
Island Baleares IPM 2 S.L.U.
06.05.21 2 Healthcare
real estate
Spain 100 % Indirect 150
2
ACHESO LAGUNE &
ACHESO LAGUNE 2
06.05.21 2 Healthcare
real estate
Italy 93 % Indirect 190
RHEASTONE 4 S.A.
(ex. Immo WZC Juprelle BV)
30.06.21 1 Healthcare
real estate
Belgium 100 % Direct 19
SALZA VERWALTUNGS GmbH
30.06.21 1 Healthcare
real estate
Germany 95 % Indirect 22
RHEASTONE 5 S.A.
ex. Immo WZC Oudenburg BV)
13.10.21 1 Healthcare
real estate
Belgium 100 % Direct 11
KIINTEISTÖ Oy HELSINGIN SVENGI
21.10.21 1 Healthcare
real estate
Finland 100 % Indirect 19
KIINTEISTÖ Oy ROVANIEMEN
RIISTAKALTIO
17.11.21 1 Healthcare
real estate
Finland 100 % Indirect 8
OUVRE-TOIT SCI
29.11.21 1 Healthcare
real estate
France 100 % Direct 16
KIINTEISTÖ Oy KUOPION
Aallonmurtajankatu 3-5
10.12.21 1 Healthcare
real estate
Finland 100 % Indirect 17
SUPERSTONE 6 NV
(ex. De Vastgoedexploitant BV)
16.12.21 1 Healthcare
real estate
The
Netherlands
100 % Direct 13
TRAM NEW
21.12.21 1 Healthcare
real estate
Belgium 100 % Direct 18
These acquisitions were not considered as business combinations as stipulated in IFRS 3 since they themselves are not ‘business’
acquisitions. A ‘business’ is defined as an integrated set of activities and assets.
1. This amount only includes assets for which the group pays the insurance premium directly. This does not include insurances taken during the works nor those borne
by the occupants.
2. Of which 11 assets under freehold (for approximately 105 million EUR) accounted for as operating leases.
ANNUAL ACCOUNTS
239
Note 5. Segment information
At fair value, healthcare real estate represents 66.5 % of assets, oces 24.2 %, property of distribution networks 9.3 % (the dierent real
estate sectors are described on pages 32 to 69).
One client represents more than 10 % of the contractual rent : the Korian group in the healthcare real estate sector, for 46 million EUR.
Segment information (x 1,000 EUR) - Overall portfolio
INCOME STATEMENT Healthcare
real estate
Property of
distribution
networks
Oces Unallocated
amounts
Total
AS AT 3112 2021 2021 2021 2021 2021
Net rental income
184,045 36,658 78,904 299,607
Property result after direct property costs
176,978 34,541 69,583 281,102
Property management costs
-27,849 -27,849
Corporate management costs
-11,935 -11,935
Gains or losses on disposals of investment properties
and other non-financial assets
216 2,348 5,203 7,768
Changes in fair value of investment properties
28,931 -6,813 12,389 34,506
Other result on the portfolio
-26,540 -6,554 -1,607 -13 -34,715
Operating result
179,584 23,522 85,568 -39,797 248,877
Financial result
24,312 24,312
Share in the result of associates and joint ventures
2,305 2,305
Taxes
-12,491 -12,491
NET RESULT
263,002
Net result - group share
260,337
INCOME STATEMENT Healthcare
real estate
Property of
distribution
networks
Oces Unallocated
amounts
Total
AS AT 3112 2020 2020 2020 2020 2020
Net rental income
145,809 37,263 75,863 258,935
Property result after direct property costs
142,085 35,500 67,211 244,796
Property management costs
-23,579 -23,579
Corporate management costs
-10,105 -10,105
Gains or losses on disposals of investment properties
and other non-financial assets
25 2,066 2,491 4,583
Changes in fair value of investment properties
-16,032 -11,690 14,026 -13,696
Other result on the portfolio
-13,768 -16,214 -403 -3,429 -33,815
Operating result
112,309 9,661 83,325 -37,113 168,184
Financial result
-39,855 -39,855
Share in the result of associates and joint ventures
-2,473 -2,473
Taxes
-10,223 -10,223
NET RESULT
115,633
Net result - group share
119,222
ANNUAL ACCOUNTS
240
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
BALANCE SHEET Healthcare
real estate
Property of
distribution
networks
Oces Unallocated
amounts
Total
AS AT 3112 2021 2021 2021 2021 2021
Assets
Goodwill
41,627 41,627
Investment properties of which :
3,785,529 526,927 1,357,534 5,669,990
Development projects
179,198 6,482 67,245 252,926
Assets held for own use
6,883 6,883
Assets held for sale
13,200 3,090 23,556 39,846
Other assets
425,490 425,490
TOTAL ASSETS
6,176,953
Shareholders’ equity and liabilities
Shareholders’ equity
3,287,533 3,287,533
Shareholders’ equity attributable to shareholders
of parent company
3,233,274 3,233,274
Minority interests
54,259 54,259
Liabilities
2,889,420 2,889,420
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
6,176,953
BALANCE SHEET Healthcare
real estate
Property of
distribution
networks
Oces Unallocated
amounts
Total
AS AT 3112 2020 2020 2020 2020 2020
Assets
Goodwill
46,827 46,827
Investment properties of which :
2,882,091 547,947 1,435,543 4,865,581
Development projects
75,672 57,148 132,820
Assets held for own use
6,418 6,418
Assets held for sale
3,320 3,320
Other assets
337,886 337,886
TOTAL ASSETS
5,253,614
Shareholders’ equity and liabilities
Shareholders’ equity
2,649,362 2,649,362
Shareholders’ equity attributable to shareholders of parent
company
2,574,775 2,574,775
Minority interests
74,587 74,587
Liabilities
2,604,252 2,604,252
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
5,253,614
ANNUAL ACCOUNTS
241
Segment information (x 1,000 EUR) - Healthcare real estate
INCOME STATEMENT Belgium France The
Netherlands
Germany Others
1
Total
AS AT 3112 2021 2021 2021 2021 2021 2021
Net rental income
80,046 28,733 21,597 35,774 17,896 184,045
Property result after direct property costs
78,634 28,524 19,504 33,262 17,054 176,978
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties
and other non-financial assets
146 70 216
Changes in fair value of investment properties
1,330 -8,802 7,546 32,836 -3,980 28,931
Other result on the portfolio
-7,293 -1,559 1,102 -8,170 -10,620 -26,540
Operating result
72,817 18,233 28,152 57,928 2,454 179,584
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
INCOME STATEMENT Belgium France The
Netherlands
Germany Others
2
Total
AS AT 3112 2020 2020 2020 2020 2020 2020
Net rental income
68,855 26,982 19,169 30,382 420 145,809
Property result after direct property costs
68,542 26,754 17,403 28,979 408 142,085
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties
and other non-financial assets
23 2 25
Changes in fair value of investment properties
7,114 -12,041 -9,231 -1,075 -801 -16,032
Other result on the portfolio
-1,738 -860 -314 -10,052 -805 -13,768
Operating result
73,942 13,853 7,860 17,852 -1,198 112,309
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
1. i.e. Spain, Finland, Ireland, Italy and the United Kingdom.
2. In 2020, the section ‘Others’ consisted of Spain and Finland.
ANNUAL ACCOUNTS
242
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
BALANCE SHEET Belgium France The
Netherlands
Germany Others
1
Total
AS AT 3112 2021 2021 2021 2021 2021 2021
Assets
Goodwill
Investment properties of which :
1,601,136 443,290 433,590 653,550 653,963 3,785,529
Development projects
25,073 25,500 14,600 700 113,325 179,198
Assets held for own use
Assets held for sale
13,200 13,200
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders
of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
BALANCE SHEET Belgium France The
Netherlands
Germany Others
2
Total
AS AT 3112 2020 2020 2020 2020 2020 2020
Assets
Goodwill
Investment properties of which :
1,455,553 392,690 346,220 597,840 89,788 2,882,091
Development projects
854 7,190 690 66,938 75,672
Assets held for own use
Assets held for sale
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders
of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
1. i.e. Spain, Finland, Ireland, Italy and the United Kingdom.
2. In 2020, the section ‘Others’ consisted of Spain and Finland.
ANNUAL ACCOUNTS
243
Segment information (x 1,000 EUR) - Property of distribution networks
INCOME STATEMENT Pubstone
Belgium
Other
Belgium
Pubstone
Netherlands
Cofinimur I
France
Total
AS AT 3112 2021 2021 2021 2021 2021
Net rental income
19,119 305 9,993 7,241 36,658
Property result after direct property costs
18,478 -441 9,557 6,946 34,541
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and
other non-financial assets
1,227 -52 1,173 2,348
Changes in fair value of investment properties
-3,288 -89 -1,020 -2,415 -6,813
Other result on the portfolio
-4,818 -750 -987 -6,554
Operating result
11,599 -530 7,735 4,718 23,522
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
INCOME STATEMENT Pubstone
Belgium
Other
Belgium
Pubstone
Netherlands
Cofinimur I
France
Total
AS AT 3112 2020 2020 2020 2020 2020
Net rental income
19,266 9,897 8,100 37,263
Property result after direct property costs
18,381 9,501 7,618 35,500
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and
other non-financial assets
2,031 20 15 2,066
Changes in fair value of investment properties
2,103 -1,948 -11,845 -11,690
Other result on the portfolio
-9,952 -6,263 -16,214
Operating result
12,563 1,310 -4,212 9,661
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
ANNUAL ACCOUNTS
244
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
BALANCE SHEET Pubstone
Belgium
Other
Belgium
Pubstone
Netherlands
Cofinimur I
France
Total
AS AT 3112 2021 2021 2021 2021 2021
Assets
Goodwill
25,407 16,220 41,627
Investment properties of which :
291,714 29,873 138,455 66,885 526,927
Development projects
6,482 6,482
Assets held for own use
Assets held for sale
3,090 3,090
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders of parent
company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
BALANCE SHEET Pubstone
Belgium
Others
Belgium
Pubstone
Netherlands
Cofinimur I
France
Total
AS AT 3112 2020 2020 2020 2020 2020
Assets
Goodwill
30,607 16,220 46,827
Investment properties of which :
295,424 138,974 113,550 547,947
Development projects
Assets held for own use
Assets held for sale
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders of parent
company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
ANNUAL ACCOUNTS
245
Segment information (x 1,000 EUR) - Oces
INCOME STATEMENT Brussels
CBD
Brussels
decentralised
Brussels
periphery
Antwerp Other
regions
Total
AS AT 3112 2021 2021 2021 2021 2021 2021
Net rental income
32,676 24,804 7,238 4,966 9,220 78,904
Property result after direct property costs
28,897 20,252 6,646 4,674 9,114 69,583
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties
and other non-financial assets
1,650 3,553 5,203
Changes in fair value of investment properties
26,742 -4,444 -5,278 1,440 -6,070 12,389
Other result on the portfolio
-1,823 216 -1,607
Operating result
53,815 17,674 1,367 9,668 3,043 85,565
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
INCOME STATEMENT Brussels
CBD
Brussels
decentralised
Brussels
periphery
Antwerp Other
regions
Total
AS AT 3112 2020 2020 2020 2020 2020 2020
Net rental income
27,806 25,539 7,636 5,294 9,588 75,863
Property result after direct property costs
25,210 23,141 6,476 2,680 9,702 67,211
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties
and other non-financial assets
1,008 1,736 -252 2,491
Changes in fair value of investment properties
24,952 -1,582 -5,647 -2,301 -1,396 14,026
Other result on the portfolio
-370 -33 -403
Operating result
50,799 23,263 577 380 8,307 83,325
Financial result
Share in the result of associates and joint ventures
Taxes
Net result
Net result - group share
ANNUAL ACCOUNTS
246
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
BALANCE SHEET Brussels
CBD
Brussels
decentralised
Brussels
periphery
Antwerp Other
regions
Total
AS AT 3112 2021 2021 2021 2021 2021 2021
Assets
Goodwill
Investment properties of which :
800,413 326,567 79,821 32,860 117,874 1,357,534
Development projects
66,445 74 475 251 67,245
Assets held for own use
6,883 6,883
Assets held for sale
3,320 20,236 23,556
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders
of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
BALANCE SHEET Brussels
CBD
Brussels
decentralised
Brussels
periphery
Antwerp Other
regions
Total
AS AT 3112 2020 2020 2020 2020 2020 2020
Assets
Goodwill
Investment properties of which :
761,276 356,565 105,018 66,966 145,718 1,435,543
Development projects
43,968 12,283 451 446 57,148
Assets held for own use
6,418 6,418
Assets held for sale
3,320 3,320
Other assets
TOTAL ASSETS
Shareholders’ equity and liabilities
Shareholders’ equity
Shareholders’ equity attributable to shareholders
of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
ANNUAL ACCOUNTS
247
Note 6. Rental income and rental-related expenses
(x 1,000 EUR) 2021 2020
Rental income
Gross potential income
1
311,007 268,256
Vacancy
2
-11,521 -10,542
Rents
299,486 257,713
Cost of rent-free periods
-6,652 -5,460
Concessions granted to tenants
-984 -879
Indemnities for early termination of rental contracts
3
499 147
Rental income (royal decree of 13.07.2014 form)
292,349 251,521
Rental-related expenses
-3 -2,030
Rent payable on rented premises
-10 -32
Writedowns on trade receivables
-23 -2,017
Writeback of writedowns on trade receivables
30 19
Rental income, net of rental-related expenses (analytical form)
292,345 249,492
Writeback of lease payments sold and discounted
7,262 9,444
Rental income, net of rental-related expenses,
including writeback of lease payments sold and discounted
299,607 258,935
Except in some rare cases, the leases contracted by the group are subject to indexation.
The group leases out its investment properties under operating leases and finance leases. Only revenues from operating leases appear
under rental income.
The amount under the item ‘Writeback of lease payments sold and discounted’ represents the dierence between the discounted
value (at the rate agreed upon disposal), at the beginning and at the end of the year, of the future rents (indexed at the rate agreed
upon disposal) of the lease contracts for which receivables have been sold. The writeback through the income statement allows for
a gradual reconstitution of the initial value of the concerned buildings at the end of the lease. It is a recurring and non-cash income
item (see Note 2 : ‘Significant accounting methods, I. Leases, I. The group as lessor, C. Sale of future lease payments under a long lease
not qualifying as a finance lease’).
The change in the fair value of these buildings is determined by the independent real estate valuer and is taken as profit or loss under
the item ‘Changes in the fair value of investment properties’ in the proportion indicated in Note 2. This time, it is a non-recurring item
as it depends on the valuer’s assumptions as to future market conditions.
TOTAL RENTAL INCOME
When a lease is classified as a finance lease, the property is considered to be disposed of, and the group is considered to have an
interest in a finance lease instead. Payments received on the finance leases are split between ‘capital’ and ‘interests’ : the capital element
is taken to the balance sheet and oset against the group’s finance lease receivables and the interest element are recognised on the
income statement. Hence, only the part of the rents relating to interests flows through the income statement.
Total income generated from the group’s properties, through operating and finance leases
(x 1,000 EUR) 2021 2020
Rental income from operating leases
292,349 251,521
Interest income in respect of finance leases
7,230 6,121
Capital receipts in respect of finance leases
3,138 2,237
TOTAL
302,717 259,879
1. The gross potential income corresponds to the sum of the real rents and the estimated rents attributed to vacant spaces.
2. The vacancy rate is calculated on unlet spaces based on the rental value estimated by independent real estate valuers.
3. Termination indemnities are booked directly in full on the income statement.
ANNUAL ACCOUNTS
248
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Total minimum future rental receivables under non-cancellable
operating leases and finance leases in eect at 31 December
(x 1,000 EUR) 2021 2020
Operating lease
3,854,404 3,386,946
Less than one year
299,390 268,760
More than one year but less than two years
273,698 245,629
More than two years but less than three years
255,480 225,618
More than three years but less than four years
242,359 206,609
More than four years but less than five years
233,661 196,725
More than five years
2,549,815 2,243,605
Finance lease
151,666 107,256
Less than one year
3,667 2,367
More than one year but less than two years
3,801 2,464
More than two years but less than three years
3,946 2,556
More than three years but less than four years
4,061 2,657
More than four years but less than five years
4,186 2,728
More than five years
132,005 94,484
TOTAL
4,006,070 3,494,202
Note 7. Net redecoration expenses
1
(x 1,000 EUR) 2021 2020
Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease
2
1,987 330
Recovery of property charges
-411 -573
TOTAL
1,575 -243
Note 8. Charges and taxes not recovered from the tenant on let properties
(x 1,000 EUR) 2021 2020
Recovery income of charges and taxes normally payable by the tenant on let properties
40,788 33,667
Rebilling of rental charges invoiced to the landlord
19,807 17,120
Rebilling of withholding taxes and other taxes on let properties
20,980 16,547
Charges and taxes normally payable by the tenant on let properties
-44,934 -36,888
Rental charges invoiced to the landlord
-20,879 -17,834
Withholding taxes and other taxes on let properties
-23,119 -18,315
Taxes on refurbishment not recovered
-936 -739
TOTAL
-4,146 -3,221
Under usual lease terms, these charges and taxes are borne by the tenants through rebilling. However, a number of lease contracts of
the group provide otherwise, leaving taxes or charges to be borne by the landlord.
1. According to Annex C of the royal decree of 13.07.2014, the exact terminology is ‘Cost payable by the tenant and borne by the landlord on rental damage and redecoration at end
of lease’ and ‘Recovery of the property charges’.
2. Refurbishment costs, net of indemnities for rental damage, are by nature not incurred on a regular basis during the financial year or from one financial year to the next.
ANNUAL ACCOUNTS
249
Note 9. Technical costs
(x 1,000 EUR) 2021 2020
Recurrent technical costs
5,073 3,882
Repairs
4,928 3,634
Insurance premiums
145 248
Non-recurrent technical costs
1,555 2,169
Major repairs (building companies, architects, engineering oces, etc.)
1
1,423 2,244
Damage expenses
133 -75
Losses providing from disasters and subject to insurance cover
603 535
Insurance compensation for losses providing from disasters
-470 -610
TOTAL
6,628 6,051
Note 10. Commercial costs
(x 1,000 EUR) 2021 2020
Letting fees paid to real estate brokers
305 254
Advertising
5 5
Fees paid to valuers
2,657 2,084
TOTAL
2,967 2,344
Note 11. Management costs
Management costs are split between asset management costs and other costs.
PROPERTY MANAGEMENT COSTS
These costs comprise the costs of the personnel responsible for this activity, the operational costs of the company head oce and
the fees paid to third parties. The management fees collected from tenants partially covering the costs of the property management
activity are deducted.
The portfolio is managed in-house, except for the healthcare real estate properties in Germany.
CORPORATE MANAGEMENT COSTS
The corporate management costs cover the overhead costs of the company as a legal entity listed on the stock exchange and as an
RREC. These expenses are incurred in order to provide complete and continued information, economic comparability with other types of
investment and liquidity for the shareholders who invest indirectly in a property portfolio. Certain costs of studies relating to the group’s
expansion also come under this category.
The internal costs of property management and corporate management costs are divided as follows :
Property management costs Corporate management costs Total
(x 1,000 EUR) 2021 2020 2021 2020 2021 2020
Oce charges
2,048 1,835 878 786 2,925 2,621
Fees paid to third parties
8,209 6,196 3,518 2,656 11,727 8,852
Recurrent
6,161 4,347 2,640 1,863 8,801 6,210
Non recurrent
2,048 1,849 878 793 2,925 2,642
Public relations, communication and advertising
440 783 188 335 628 1,118
Personnel expenses
15,505 13,053 6,645 5,594 22,151 18,647
Salaries
12,257 10,338 5,253 4,431 17,510 14,769
Social security
1,884 1,610 807 690 2,691 2,300
Pensions and other benefits
1,365 1,104 585 473 1,949 1,578
Taxes and regulatory fees
1,647 1,712 706 734 2,353 2,446
TOTAL
27,849 23,579 11,935 10,105 39,784 33,684
The independent real estate valuers’ fees for the consolidated portfolio and associates amounted to 1,227,425 EUR (excl. VAT) for the
year 2021. These honoraria are partly calculated based on a fixed amount per square metre and partly on a fixed amount per property.
1. With the exception of capitalised expenses.
ANNUAL ACCOUNTS
250
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
GROUP INSURANCE
The group insurance, subscribed by Cofinimmo for its employees and the members of its management, has the following objectives :
• payment of a ‘Life’ benefit to the aliate at retirement;
• payment of a ‘Death’ benefit to the beneficiaries of the aliate in case of death before retirement;
• payment of a disability pension in case of accident or long-term illness other than professional;
• waiver of premiums in the same cases.
In order to protect workers, the law of 18.12.2015 aiming to ensure the sustainability and the social nature of supplementary pensions and
to strengthen the supplementary nature in relation to retirement pensions provides that Cofinimmo’s employees must be guaranteed
a minimum return on the ‘Life’ portion of the premiums.
This minimum return was 3.75 % of the gross premiums for the personal contributions and to 3.25 % of the premiums for the employer’s
contributions until 31.12.2015. As from 2016, the minimum return required by law on the supplementary pension decreased to 1.75 %.
The rate guaranteed by the insurer is 0.1 %. Cofinimmo must, therefore, cover part of the rates guaranteed by the law. If necessary,
additional amounts must be brought under the reserves to reach the guaranteed returns for the services given.
EMOLUMENTS OF THE AUDITOR
The fixed emoluments of Deloitte, Réviseurs d’Entreprises/Bedrijfsrevisoren for reviewing and certifying Cofinimmo’s statutory and
consolidated accounts amounted to 177,596 EUR (excluding VAT). Its fees for the revision of the statutory accounts of Cofinimmo’s
subsidiaries amounted to 340,869 EUR (excluding VAT) and are calculated per company based on their actual services. This amount
includes the auditor’s emoluments for reviewing the accounts of the group’s French subsidiaries. The fees for non-audit services
performed by Deloitte, Réviseurs d’Entreprises/Bedrijfsrevisoren, amounted to 152,256 EUR (excluding VAT) during the financial year
and relate to legal assignments and other assistance, in accordance with the independence rules. The auditor confirms compliance
with the ‘70 % (Article 3:64 of the CCA) rule’ for the 2021 financial year.
(x 1,000 EUR) 2021 2020
Emoluments of the auditor
671 494
Emoluments for the execution of a mandate of company auditor
519 409
Emoluments for exceptional services or special assignments within the group
152 85
Other certification assignments
97 53
Other assignments external to the auditing duties
55 32
Emoluments of people with whom the auditor is connected
0 0
Emoluments for exceptional services or special assignments within the group
0 0
Other opinion missions
0 0
Tax advisory duties
0 0
Other assignments external to the auditing duties
0 0
TOTAL
671 494
The fees of the statutory auditors, other than Deloitte, appointed for the group’s French companies amounted to 25 KEUR (excluding
VAT) in 2021. They are not included in the table above.
ANNUAL ACCOUNTS
251
Note 12. Gains or losses on disposals of investment properties and
other non-financial assets
(x 1,000 EUR) 2021 2020
Disposal of investment properties
Net disposal of properties (sale price - transaction costs)
121,469 43,210
Book value of properties sold (fair value of assets sold)
-113,702 -38,627
SUBTOTAL
7,768 4,583
Disposal of other non-financial assets
Net disposals of other non-financial assets
0 0
Other
0 0
SUBTOTAL
0 0
TOTAL
7,768 4,583
The disposals of investment properties relate to all segments (see Note 37 for more details).
Note 13. Changes in fair value of investment properties
(x 1,000 EUR) 2021 2020
Positive changes in the fair value of investment properties
112,147 59,790
Negative changes in the fair value of investment properties
-77,640 -73,486
TOTAL
34,506 -13,696
The breakdown of the changes in fair value of properties is presented in Note 23.
Note 14. Other result on the portfolio
(x 1,000 EUR) 2021 2020
Changes in the deferred taxes
1
-8,034 -49
Writeback of rents already earned but not expired
-7,644 -13,226
Goodwill impairment
2
-5,200 -10,120
Others
3
-13,837 -10,420
TOTAL
-34,715 -33,815
Writeback of rents already earned but not expired, recognised during the period, results from the application of the accounting method
in Note 2, point R.
Note 15. Financial income
(x 1,000 EUR) 2021 2020
Interests and dividends received
4
2,773 920
Interest receipts from finance leases and similar receivables
7,230 6,121
Others
5
1,688 1,145
TOTAL
11,692 8,186
1. See Note 32.
2. See Note 20.
3. Includes in particular the dierence between the price paid, plus incidental expenses, and the share in the revalued net assets of the companies acquired.
4. The amount of dividends received is null at 31.12.2021.
5. The other financial income of the financial year represent non-recurring income related to the indemnities received from the contribution in kind of 08.04.2021 in compensation
for the allocation of a full dividend right to the new shares issued on that day.
ANNUAL ACCOUNTS
252
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 16. Net interest charges
(x 1,000 EUR) 2021 2020
Nominal interest on borrowings
13,442 10,768
Bilateral loans - floating rate
4,591 2,937
Commercial paper - floating rate
-2,004 -343
Investment credits - floating or fixed rate
641 701
Bonds - fixed rate
10,330 7,062
Convertible bonds
-116 412
Reconstitution of the nominal value of financial debts
1,748 1,131
Charges relating to authorised hedging instruments
7,056 9,053
Authorised hedging instruments qualifying for hedge accounting under IFRS
0 0
Authorised hedging instruments not qualifying for hedge accounting under IFRS
7,056 9,053
Income relating to authorised hedging instruments
0 0
Authorised hedging instruments qualifying for hedge accounting under IFRS
0 0
Authorised hedging instruments not qualifying for hedge accounting under IFRS
0 0
Other interest charges
1
5,098 3,589
TOTAL
27,343 24,541
The eective interest charge on loans corresponds to an average eective interest rate on loans of 1.09 % (2020 : 1.32 %). The eective
charge without taking into account the hedging instruments stands at 0.81 % (2020 : 0.84 %). This percentage can be split up between
-0.07 % (2020 : 0.19 %), for the loans booked at fair value, and 0.86 % (2020 : 0.92 %), for the loans recognised at amortised cost
2
.
Cofinimmo no longer holds interest rate hedging instruments to which the hedge accounting of the cash flow is applied.
Note 17. Other financial charges
(x 1,000 EUR) 2021 2020
Bank fees and other commissions
749 664
Others
255 79
TOTAL
1,005 744
Note 18. Changes in the fair value of financial assets and liabilities
(x 1,000 EUR) 2021 2020
Authorised hedging instruments qualifying for hedge accounting
0 0
Changes in fair value of authorised hedging instruments qualifying for hedge accounting
0 0
Impact of the recycling on the income statement of hedging instruments which relationship
with the hedged risk was terminated
0 0
Authorised hedging instruments not qualifying for hedge accounting
41,849 -20,448
Changes in fair value of authorised hedging instruments not qualifying for hedge accounting
3
41,906 -19,461
Convertible bonds
-57 -987
Others
-881 -2,308
TOTAL
40,968 -22,756
1. This usually concerns commissions on unused credit facilities.
2. Interest on loans at amortised cost (2021:20,404 KEUR/2020: 15,077 KEUR) consists of ‘Other interest charges’, ‘Reconstitution of the nominal amount of financial debts’ and ‘Nominal
interest on loans’ (with the exception of the ‘Convertible bonds’). Interest on loans at fair value through the net result (2021: 6,940 KEUR/2020: 9,465 KEUR) consists of ‘Costs and
Proceeds from permitted hedging instruments’, as well as the ‘Convertible Bonds’.
3. The gross amounts are respectively a product of 42,159 KEUR (2020 : 3,597 KEUR) and an expense of 252 KEUR (2020 : 23,058 KEUR).
ANNUAL ACCOUNTS
253
Note 19. Corporate tax and exit tax
(x 1,000 EUR) 2021 2020
CORPORATE TAX
-10,546 -7,907
Parent company
-3,082 -2,331
Pre-tax result
264,717 125,105
Result exempted from income tax due to the RREC regime
-264,717 -125,105
Taxable result from non-deductible costs
4,198 5,616
Tax at rate of 25 %
-1,050 -1,404
Others
-2,032 -927
Subsidiaries
-7,464 -5,576
EXIT TAX - SUBSIDIARIES
-1,945 -2,315
The non-deductible costs mainly comprise the oce tax in the Brussels-Capital Region and the corporate tax. With the exception of
the institutional RRECs and the specialised real estate investment funds (‘FIIS’), the Belgian subsidiaries are subject to common law.
The Dutch subsidiary Pubstone Properties BV is not eligible for the FBI regime. The results from investments in Germany, Spain, Finland,
Ireland and the United Kingdom are partly taxable. Investments in Italy benefit from the It-Fund regime.
Note 20. Net result per share - group share
The calculation of earnings per share at the reporting date is based on the net result from core activities/net result attributable to the
ordinary shareholders of 212,131 KEUR (2020 : 181,457 KEUR)/260,337 KEUR (2020 : 119,222 KEUR) and on a number of ordinary shares
entitled to share in the result for the financial year ended 31.12.2021 of 29,655,292 (2020 : 26,478,781).
The 2021 diluted result per share includes the eect of the theoretical conversion of the mandatory convertible bonds (MCB) issued by
Cofinimur I, as well as stock options.
The 2020 diluted result per share included the eect of the theoretical conversion of the convertible bonds issued by Cofinimmo, the
mandatory convertible bonds (MCB) issued by Cofinimur I, as well as stock options.
(in EUR) 2021 2020
Net result - group share
260,336,602 119,221,574
Number of ordinary shares entitled to share in the result of the period
29,655,292 26,478,781
Net result from core activities per share - group share
7.15 6.85
Net result per share - group share
8.78 4.50
Net diluted result - group share
262,239,024 116,871,706
Number of ordinary shares entitled to share in the result of the period taking into account the theoretical
conversion of the convertible bonds, the mandatory convertible bonds (MCB) and stock options
1
30,213,884 28,545,519
NET DILUTED RESULT PER SHARE GROUP SHARE
8.68 4.09
DIVIDEND PER SHARE
2
(in EUR) 2021 financial
year (to be
paid in 2022)
2020 financial
year (paid
in 2021)
Gross dividends attributable to ordinary shareholders
189,950,148.00 170,764,574.40
Gross dividend per ordinary share
6.00 5.80
Net dividend per ordinary share
4.20 4.06
Gross dividends attributable to preference shareholders
0 0
Gross dividend per preference share
0 0
Net dividend per preference share
0 0
1. In accordance with IAS 33, the MCB’s issued in 2011 as well as the 16,925 treasury shares of the stock option plan were taken into account in the calculation of the net diluted result
per share as at 31.12.2021 because they had a dilutive impact. As at 31.12.2020, the MCB’s issued in 2011, the convertible bonds issued in 2016 as well as 22,875 treasury shares of the
stock option plan were taken into account in the calculation of the net diluted result per share because they had a dilutive impact.
2. Based on the parent company’s result.
ANNUAL ACCOUNTS
254
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
A gross dividend for the 2021 financial year of 6.00 EUR per share (net dividend per share of 4.20 EUR), representing a total dividend
of 189,950,148.00 EUR will be proposed to the ordinary general meeting of 11.05.2022. The number of shares receiving the dividend for
the 2021 financial year was on the reporting date of 31,658,358. The board of directors is proposing a dividend of 6.00 EUR per share
for the 15,875 treasury shares held by the subsidiary Gestone III SA and cancel the right to the dividend of 21,248 remaining treasury
shares. The withholding tax rate applicable to dividends allocated since 01.01.2017 is 30 %. The Belgian law provides for exemptions which
dividend beneficiaries can benefit from depending on their status and the eligibility conditions to be met. In addition, the agreements
in place to prevent double taxation provide for reductions in the withholding tax on dividends.
Shares
(number) 2021 2020
Number of shares (A)
AS AT 01.01
27,061,917 25,849,283
Capital increase
4,633,564 1,212,634
Conversion of convertible bonds into ordinary shares
0 0
AS AT 31.12
31,695,481 27,061,917
Treasury shares held by the group (B)
AS AT 01.01
45,084 50,691
Treasury shares (sold/acquired) - net
-7,961 -5,607
AS AT 31.12
37,123 45,084
Number of shares outstanding (A-B)
AS AT 01.01
27,016,833 25,798,592
Capital increase
4,633,564 1,212,634
Conversion of convertible bonds into ordinary shares
0 0
Treasury shares (sold/acquired) - net
7,961 5,607
AS AT 31.12
31,658,358 27,016,833
SHARE CATEGORIES
The group issued two share categories :
Ordinary shares : holders of ordinary shares are entitled to dividends when they are declared and are entitled to one vote per share at
the company’s general meetings. The par value of each ordinary share was 53.59 EUR as at 31.12.2021. The ordinary shares are listed
on the First Market of Euronext Brussels.
Convertible preference shares : as a reminder, on 12.07.2019, all of the preferred shares were converted into ordinary shares. The preferred
shares were issued in 2004 in two separate series, both with the following main characteristics :
• preferential right to a fixed annual gross dividend of 6.37 EUR per share, capped at this amount and non cumulative;
• preferential right in the event of liquidation to a distribution equal to the issue price of these shares, capped at this amount;
• option for the holder to convert his preferred shares into ordinary shares from the fifth anniversary of their issue date (01.05.2009), in
the ratio of one ordinary share for one preferred share;
• option for a third party designated by Cofinimmo (for example one of its subsidiaries) to purchase in cash and at their issue price, as
from the 15
th
anniversary of their issue (2019), the preference shares which have not yet been converted;
• the preference shares were registered and listed on the First Market of Euronext Brussels and carried the same voting rights as the
ordinary shares.
The first series of preference shares was issued at 107.89 EUR and the second at 104.40 EUR per share. The par value of both series
was 53.33 EUR per share.
Shares held by the group : at 31.12.2021, the group held 37,123 ordinary treasury shares (31.12.2020 : 45,084) (see also page 34).
In accordance with the law of 14.12.2005 on the abolition of bearer shares, as amended by the law of 21.12.2013, the company proceeded
with the sale of the physical securities still outstanding and received a report from its auditor certifying the conformity of the procedure
implemented for this sale.
AUTHORISED CAPITAL
For more information, see chapter ‘Corporate governance statement’.
ANNUAL ACCOUNTS
255
Note 21. Goodwill
PUBSTONE
Cofinimmo’s acquisition in two stages (31.10.2007 and 27.11.2008) of 89.90 % of the shares of Pubstone Group SA/NV (formerly Express
Properties SA/NV) (see page 31 of the 2008 annual financial report) generated for Cofinimmo a goodwill resulting from the positive
dierence between the acquisition cost and Cofinimmo’s share in the fair value of the net asset acquired. More specifically, this goodwill
results from :
• the positive dierence between the conventional value oered for the property assets at the acquisition (consideration of the price
paid for the shares) and the fair value of these property assets (being expressed after deduction of the transfer rights standing at
10.0 % or 12.5 % in Belgium and at 6.0 % in the Netherlands);
• the deferred tax corresponding to the theoretical assumption required under IAS/IFRS of an immediate disposal of all the properties
at the closing date. A tax rate of respectively 34 % and 25 % for the assets located in Belgium and in the Netherlands has been applied
to the dierence between the tax value and the market value of the assets at the acquisition.
(x 1,000 EUR) Pubstone
Belgium
Pubstone
Netherlands
Total
COST
AT 01.01.2021
100,157 39,250 139,407
AT 31.12.2021
100,157 39,250 139,407
WRITEDOWNS
AT 01.01.2021
69,550 23,030 92,580
Writedowns recorded from 01.01 until 31.12
5,200 0 5,200
AT 31.12.2021
74,750 23,030 97,780
BOOK VALUE
AT 01.01.2021
30,607 16,220 46,827
AT 31.12.2021
25,407 16,220 41,627
IMPAIRMENT TEST
At the end of the 2021 accounting period, a goodwill impairment test was conducted (addressing the groups of properties to which it
was allocated by country) by comparing the fair value of the properties plus goodwill to their value in use.
The fair value of the buildings is the value of the portfolio as established by the independent real estate valuers. This fair value is established
using three valuation methods : the ERV (estimated rental value) capitalisation approach, the expected cash flow approach (projection
of cash flows) and the residual valuation approach. To carry out the calculation, the independent real estate valuers take as main
assumptions the indexation rate, the capitalisation rate and the buildings’ estimated end-of-lease disposal value. These assumptions
are based on market observations in order to take into account investors’ expectations, particularly regarding revenue growth and
market risk premium (for further information, see the report of the independent real estate valuers).
The value in use is established by the group according to expected future net cash flows based on the rents stipulated in the tenants’ leases,
the expenses to maintain and manage the property portfolio as well as the expected gains from disposals. The main assumptions
are the indexation rate, the discount rate, an attrition rate (number of buildings and corresponding volume of revenues for which the
tenant will terminate the lease, year after year) as well as the buildings’ end-of-lease disposal value. These assumptions are based
on the group’s knowledge of its own portfolio. The average return required on its shareholders’ equity and borrowed capital is used
as the discount rate.
Given the dierent methods used to calculate the fair value of the buildings as established by the independent real estate valuers and
the value in use as established by the group, as well as the fact that the assumptions used to calculate each of these may dier, the
two values may not be the same and the dierences can be justified.
ANNUAL ACCOUNTS
256
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
a) Assumptions used in the calculation of the value in use of Pubstone
A projection of future net cash flows was prepared for the remaining duration of the lease bearing on the rents less the maintenance
costs, an investment budget (including more specifically climate-related aspects) and operating expenses, as well as the proceeds
from asset disposals.
During this residual term, an attrition rate is taken into account based on the terms of the lease signed with AB InBev. The buildings
vacated are assumed to have all been sold. At the end of the lease, a residual value is calculated.
b) Impairment test at 31.12.2021
The result of this test (illustrated in the table below) led to an impairment of 5,200 KEUR on the goodwill of Pubstone Belgium and to
no impairment on the goodwill of Pubstone Netherlands. It is worth mentioning that during the 2021 financial year, the fair value of the
Pubstone Belgium recorded a negative change of 3,288 KEUR and 1,020 KEUR respectively. As far as the Pubstone Belgium portfolio is
concerned, there was a negative variation, mainly due to the increase in registration fees in Flanders from 10 % to 12 % as from 01.01.2022.
In terms of assumptions, the sale price of the properties and the residual value were based on the average value of i) the fair value
per m assigned by the expert as at 31.12.2021 and ii) the sale price per m of the latest disposals, indexed at 1.8 % (2020 : 1.3 %) per year.
Since 2015, as a precautionary measure, no margin on the expert’s value is taken in the cash flow projection.
The indexation considered on these cash flows was 1.8 % for Pubstone Belgium and Pubstone Netherlands. In 2020, the indexation was
1.3 % for Pubstone Belgium and Pubstone Netherlands.
The discount rate used amounts to 4.45 % (2020 : 4.37 %).
Impairment of goodwill at 31.12.2021
(x 1,000 EUR)
Building group Goodwill
at 01.01.2021
Net book
value
1
Value in use Impairment Goodwill
at 31.12.2021
Pubstone Belgium
30,607 322,321 317,121 -5,200 25,407
Pubstone Netherlands
16,220 154,675 156,416 0 16,220
TOTAL
46,827 476,996 473,537 -5,200 41,627
Sensitivity analysis of the value in use when the main changes of the impairment test at 31.12.2021 vary
Change in the value in use
Building group Change in
inflation
Change in
discount rate
+0.50 % -0.50 % +0.50 % -0.50 %
Pubstone Belgium
4.55 % -4.32 % -4.40 % 4.68 %
Pubstone Netherlands
4.35 % -4.13 % -4.27 % 4.54 %
Sensitivity analysis of the impairment when the main changes of the impairment test at 31.12.2021 vary
Change in the impairment
2
(x 1,000 EUR)
Building group Impairment
loss recognised
Change in
inflation
Change in
discount rate
+0.50 % -0.50 % +0.50 % -0.50 %
Pubstone Belgium
-5,200 0 -18,915 -19,171 0
Pubstone Netherlands
0 0 -4,726 -4,944 0
TOTAL
-5,200
1. Including goodwil.
2. The value of 0 has been indicated when the value in use is higher than the net book value.
ANNUAL ACCOUNTS
257
Note 22. Investment properties
(x 1,000 EUR) Properties
available for
rent
Development
projects
Assets held for
own use
Total
AT 01.01.2020
4,089,636 121,640 7,246 4,218,522
Investments
27,100 31,458 32 58,590
Acquisitions
527,920 77,983 0 605,903
Transfers from/to properties available for rent and assets held for
sale
-7,007 0 0 -7,007
Transfers from/to development projects and properties available
for rent
96,142 -96,142 0 0
Sales/Disposals (fair value of assets sold/disposed of)
-6,210 0 0 -6,210
Writeback of lease payments sold and discounted
9,444 0 0 9,444
Changes in the fair value
-10,681 -2,120 -861 -13,662
AT 31.12.2020
4,726,343 132,819 6,418 4,865,581
Investments
21,728 87,282 349 109,359
Acquisitions
710,526 91,559 0 802,086
Transfer from/to properties available for lease and assets held for
sale
-93,343 0 0 -93,343
Transfers from/to development projects and properties available
for rent
58,719 -58,719 0 0
Sales/Disposals (fair value of assets sold/disposed of)
-56,064 -856 0 -56,921
Writeback of lease payments sold and discounted
7,262 0 0 7,262
Changes in the fair value
33,585 841 116 34,541
Currency translation dierences linked to conversion of foreign
activities
1,425 0 0 1,425
AT 31.12.2021
5,410,181 252,926 6,883 5,669,990
1
The fair value of the portfolio, as determined by the independent real estate valuers, reaches 5,709,836 KEUR at 31.12.2021.
It includes investment properties for 5,669,990 KEUR and the properties available for sale for 39,846 KEUR.
FAIR VALUE OF INVESTMENT PROPERTIES
Investment properties are recognised at fair value using the fair value model in accordance with IAS 40. This fair value is the price at
which a property could be exchanged between knowledgeable and willing parties in normal competitive conditions. It is determined
by the independent real estate valuers in a two-step approach.
In a first stage, the valuers determine the investment value of each property (see methods below).
In a second stage, the valuers deduct from the investment value an estimated amount for the transaction costs that the buyer or seller
must pay in order to carry out a transfer of ownership. The investment value less the estimated transaction costs (transfer rights) is the
fair value within the meaning of IAS 40.
When determining the fair value of investment properties, the planned investments (including climate-related investments) are passed
on to the independent real estate valuers, who take into account, among other things, the quality of the properties at the valuation date.
Therefore, the group considers that climate-related aspects are integrated into the valuation of investment properties.
In Belgium, the transfer of ownership of a property is subject to the payment of transfer rights. The amount of these rights depends on
the method of transfer, the type of purchaser and the location of the property. The first two elements, and therefore the total amount
of rights to be paid, are only known once the transfer has been completed.
The range of methods for the major types of property transfer and corresponding rights include :
• sale contracts for property assets : 12.5 % for properties located in the Brussels-Capital Region and in the Walloon Region, 12.0 %
2
for
properties located in the Flemisch Region;
• sale of property assets under the rules governing estate traders : 4.0 % to 8.0 % depending on the regions;
• leasehold agreement for property assets (up to 99 years for building leases and leasehold) : 2.0 %;
• sale contracts for property assets where the purchaser is a public body (e.g. an entity of the European Union, the Federal Government,
a regional government or a foreign government) : tax exemption;
• contributions in kind of property assets against the issue of new shares in favour of the contributing party : tax exemption;
• sale contracts for shares of a real estate company : no taxes;
• mergers, splits and other forms of company restructuring : no taxes, etc.
1. Including the fair value of the investment properties, for which receivables have been assigned, amounting to 126,746 KEUR.
2. As from 01.01.2022.
ANNUAL ACCOUNTS
258
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
The eective rate of the transfer right therefore varies from 0 % to 12.5 %, whereby it is not possible to predict which rate would apply to
the transfer of a given property before that transfer has eectively taken place.
Historically, in January 2006, the independent real estate valuers
1
who carry out the periodic valuation of the Belgian RECCs’ assets were
asked to compute a weighted average transaction cost percentage to apply on the RECC’s property portfolios, based on supporting
historical data. For transactions concerning properties with an overall value exceeding 2.5 million EUR, given the range of dierent
methods for property transfers (see above), the valuers have calculated that the weighted average transfer tax comes to 2.5 %.
During 2016, the same real estate valuers have revaluated this percentage thoroughly based on recent transactions. As a result of this
revaluation, the weighted transfer tax is maintained at 2.5 %.
For transactions concerning properties located in Belgium with an overall value of less than 2.5 million EUR, transaction costs of between
12.0 %
2
and 12.5 % apply, depending on the Region in which the property is located.
At 01.01.2004 (date of transition to IAS/IFRS), the transaction costs deducted from the investment value of the property portfolio amounted
to 45.5 million EUR and were recorded under a separate equity item entitled ‘Impact on the fair value of estimated transaction costs
and transfer rights resulting from the hypothetical disposal of investment properties’.
The 2.5 % transaction costs have been applied to the subsequent acquisitions of buildings. At 31.12.2021, the dierence between the
investment value and the fair value of the global portfolio amounted to 256.2 million EUR or 8.09 EUR per share.
It is worth noting that the average gain in relation to the investment value realised on the disposals of assets operated since the
changeover to the RECC regime in 1996 stands at 9.08 %. Since that date, Cofinimmo has carried out 437 disposals for a total amount
of 2,225.56 million EUR. This capital gain would have been 8.84 % if the deduction of transfer costs and duties had been recognised as
early as 1996.
The transfer rights applied to the buildings located outside Belgium dier as follows :
• for transactions relating to healthcare real estate in France, 6.20 % or 6.90 % of purchase costs are withheld depending on the department
in which the asset is situated and 1.80 % for assets less than five years old. An additional tax of 0.60 % is applied to transfer duties for
assets in Île-de-France;
• for property of distribution networks situated in France, 6.90 % of purchase costs are withhelded for assets located in the departments
included in the list published by the Directorate-General for Public Finance (Direction générale des Finances publiques) on 01.06.2017.
For all assets in all other departments, a purchase cost of 6.20 % was withheld from the purchase price. An additional tax of 0.60 % is
applied to the transfer duties applicable to commercial buildings in Île-de-France;
• the transfer rights applied to healthcare real estate in the Netherlands depend on the last purchase date, the type of building (residential,
commercial, etc.) and the type of ownership. They usually amount to 8 %;
• for healthcare real estate in Germany, the transfer rights depend on the Land in which the asset is located; they usually vary between
3.5 % and 6.5 %;
• for healthcare real estate in the other countries (Spain, Finland, Ireland, the United Kingdom), the applicable transfer rights, which
are specific for each country, as well as the professional fees have been taken into account. They usually vary between 1 % and 9 %.
1. Cushman & Wakefield, de Crombrugghe & Partners, Winssinger & Associés, Stadim and Troostwijk-Roux.
2. As from 01.01.2022.
ANNUAL ACCOUNTS
259
DETERMINATION OF THE VALUATION LEVEL OF THE FAIR VALUE OF INVESTMENT PROPERTIES
The fair value of investment properties on the balance sheet results exclusively from the portfolio’s valuation by independent real estate
valuers.
To determine the fair value of investment properties, the nature, characteristics and risks of these properties, as well as available market
data, were examined.
Because of the state of market liquidity and the diculty to find unquestionably comparable transaction data, the level of valuation,
within the meaning of IFRS 13, of the fair value of the Cofinimmo buildings is 3, and this for the entire portfolio.
Determination of the valuation level of the fair value of investment properties
(x 1,000 EUR) 31.12.2021 31.12.2020
Asset category
1
Level 3 Level 3
Healthcare real estate
3,798,729 2,882,091
Belgium
1,576,063 1,454,699
France
430,990 392,690
The Netherlands
418,990 339,030
Germany
652,850 597,150
Others
540,638 22,850
Healthcare real estate under development
179,198 75,672
Oces
1,381,091 1,438,863
Antwerp
32,609 66,520
Brussels CBD
733,968 717,308
Brussels decentralised
329,813 347,602
Brussels periphery / satellites
99,582 104,567
Other regions
117,874 145,718
Oces under development
67,245 57,148
Property of distribution networks
530,017 547,947
Pubstone Belgium
291,714 295,424
Other Belgium
29,873 0
Pubstone Netherlands
138,455 138,974
Cofinimur I France
69,975 113,550
TOTAL
2
5,709,836 4,868,901
VALUATION METHODS USED
Based on a multi-criteria approach, the valuation methods used by the real estate valuers are the following :
Discounted estimated rental value method
This method involves capitalising the property’s estimated rental value by using a capitalisation rate (yield) in line with the real estate
market. The choice of the capitalisation rate used depends essentially on the capitalisation rates applied in the property investment
market, taking into account the location and the quality of the property and that of the tenant at the valuation date. The rate corresponds
to the rate anticipated by potential investors at the valuation date. The determination of the estimated rental value takes into account
market data, the property’s location, its quality, and, for the healthcare assets, the number of beds and, if available, the tenant’s financial
data (EBITDAR).
The resulting value must be adjusted if the current rent generates an operating income above or below the estimated rental value used
for the capitalisation. The valuation also takes into account the costs to be incurred in the near future.
1. The basis for the valuations resulting in the fair values can be classified according to IFRS 13 as :
- level 1 : quoted prices observable in active markets;
- level 2 : observable data other than the quoted prices included in level 1;
- level 3 : unobservable data.
2. Including building held for sale for 39,846 KEUR in 2021 (3,320 KEUR in 2020).
ANNUAL ACCOUNTS
260
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Discounted cash flow method
This method requires an assessment of the net rental income generated by the property on an annual basis during a defined period.
This flow is then discounted. The projection period usually varies between 10 and 18 years. At the end of this period, a residual value is
calculated using the capitalisation rate on the terminal rental value, which takes into account the building’s expected condition at the
end of the projection period, discounted.
Market comparables method
This method is based on the principle that a potential buyer will not pay more for the acquisition of a property than the price recently
paid on the market for the acquisition of a similar property.
Residual value method
The value of a project is determined by defining what can/will be developed on the site. This means that the purpose of the project is
known or foreseeable in terms of quality (planning) and quantity (number of m that can be developed, future rents, etc.). The value is
obtained by deducting the costs to completion of the project from its anticipated value.
Other considerations
If the fair value cannot be determined reliably, the properties are valued at the historical cost. In 2021, the fair value of all properties
could be determined reliably so that no building was valued at historical cost.
In the event that the future sale price of a property is known at the valuation date, the properties are valued at the sale price.
For the buildings for which several valuation methods were used, the fair value is the average of the results of these methods.
During the year 2021, there was no transfer between valuation levels 1, 2 and 3 (within the meaning of IFRS 13). In addition, there was
no change in valuation methods for the investment properties in 2021.
Changes in the fair value of investment properties, based on unobservable data
(x 1,000 EUR)
Fair value at 01.01.2021
4,868,901
Gains/losses recognised on the income statement
34,506
Acquisitions
802,086
Extensions/Redevelopments
87,282
Investments
22,077
Writeback of lease payments sold
7,262
Sales/Disposals
-113,702
Currency translation dierences linked to conversion of foreign activities
1,425
Fair value at 31.12.2021
5,709,836
Quantitative information related to the determination of the fair value of investment properties, based on unobservable data (level 3)
The quantitative information in the following tables is taken from the dierent reports produced by the independent real estate valuers.
The figures are extreme values and the weighted average of the assumptions used in the determination of the fair value of investment
properties. The lowest discount rates apply to specific situations.
ANNUAL ACCOUNTS
261
Determination of the valuation level of the fair value of investment properties
(x 1.000 EUR)
Asset
category
Fair value
at 31.12.2021
Valuation method Unobservable data
1
Extreme values
(weighted average)
at 31.12.2021
Extreme values
(weighted average)
at 31.12.2020
HEALTHCARE
REAL ESTATE
3,798,729
Belgium
1,576,063 Discounted cash flow
Estimated rental value (ERV)
62 - 275 (138) EUR/m² 62 - 208 (135) EUR/m²
Discount rate
3.67 % - 7.77 % (5.13 %) 3.60 % - 6.75 % (5.10 %)
Capitalisation rate of the final net ERV
4.60 % - 10.50 % (7.08 %) 4.70 % - 9.60 % (7.12 %)
Inflation rate
1.75 % - 2.00 % (1.81 %) 1.60 %
Operating costs
0.00 % - 1.00 % (0.31 %) 0.00 % - 1.00 % (0.36 %)
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
10.7 - 26.3 (18.3) 11.7 - 26.9 (19.9)
Number of m²
809 - 20,274 m² (7,889 m²) 809 - 20,274 m² (8,018 m²)
Duration of the initial projection period
(in years)
11 - 27 (17.9) 12 - 27 (19.4)
Capitalisation of
estimated rental value
Estimated rental value (ERV)
62 - 275 (142) EUR/m² 62 - 223 (138) EUR/m²
Capitalisation rate
3.47 % - 8.02 % (4.94 %) 3.32 % - 6.75 % (4.97 %)
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
10.7 - 26.3 (18.4) 11.7 - 26.9 (19.7)
Number of m²
809 - 20,274 m² (7,855 m²) 809 - 20,274 m² (8,015 m²)
France
430,990 Discounted cash flow
Estimated rental value (ERV)
53 - 245 (153) EUR/m² 53 - 245 (153) EUR/m²
Discount rate
4.00 % - 7.00 % (4.04 %) 4.75 % - 5.50 % (4.77 %)
Capitalisation rate of the final net ERV
5.00 % - 8.00 % (6.17 %) 5.00 % - 8.00 % (6.33 %)
Inflation rate
0.60 % - 1.57 % (1.00 %) 0.60 % - 1.55 % (0.91 %)
Operating costs
0 0
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
0.5 - 11.9 (3.2) 0.1 - 10.7 (3.1)
Number of m²
1,286 - 8,750 m² (4,843 m²) 1,286 - 12,957 m² (5,123 m²)
Duration of the initial projection period
(in years)
1 - 12 (3.7) 1 - 11 (3.6)
Capitalisation of
estimated rental value
Estimated rental value (ERV)
53 - 322 (162) EUR/m² 53 - 316 (163) EUR/m²
Capitalisation rate
3.93 % - 72.76 % (7.14 %) 3.95 % - 72.76 % (7.31 %)
Occupancy rate
(based on current contracts)
0 % - 100 % (99.9 %) 0 % - 100 % (99.9 %)
Residual length of current lease
(in years)
0.5 - 11.9 (2.9) 0.1 - 10.7 (3.1)
Number of m²
1,286 - 12,957 m² (4,835 m²) 1,286 - 12,957 m² (4,863 m²)
The Netherlands
418,990 Capitalisation of
estimated rental value
Estimated rental value (ERV)
59 - 299 (144) EUR/m² 59 - 299 (143) EUR/m²
Capitalisation rate
3.70 % - 7.80 % (4.84 %) 3.70 % - 8.20 % (5.05 %)
Occupancy rate
(based on current contracts)
87 % - 100 % (100 %) 77 % - 100 % (99.7 %)
Residual length of current lease
(in years)
0.9 - 24.7 (9.9) 1.7 - 25.7 (10.8)
Number of m²
430 - 16,652 m² (6,487 m²) 430 - 16,652 m² (6,537 m²)
Germany
652,850 Discounted cash flow
Estimated rental value (ERV)
16 - 303 (137) EUR/m² 16 - 303 (139) EUR/m²
Discount rate
3.50 % - 9.05 % (6.03 %) 3.70 % - 9.00 % (6.25 %)
Capitalisation rate of the final net ERV
2.80 % - 8.30 % (5.29 %) 3.00 % - 8.50 % (5.55 %)
Inflation rate
1.99 % 1.89 %
1. Net rental income is incorporated in Note 6.
ANNUAL ACCOUNTS
262
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
(x 1.000 EUR)
Asset
category
Fair value
at 31.12.2021
Valuation method Unobservable data
1
Extreme values
(weighted average)
at 31.12.2021
Extreme values
(weighted average)
at 31.12.2020
Operating costs
6 % - 59 % (11 %) 7 % - 42 % (11 %)
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
12.5 - 26.8 (21.4) 13.5 - 27.8 (22.4)
Number of m²
2,940 - 18,496 m² (7,971 m²) 2,940 - 18,496 m² (7,870 m²)
Duration of the initial projection period
(in years)
10 10
Capitalisation of
estimated rental value
Estimated rental value (ERV)
16 - 303 (137) EUR/m² 16 - 303 (139) EUR/m²
Capitalisation rate
2.75 % - 8.30 % (5.29 %) 3.00 % - 8.50 % (5.55 %)
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
12.5 - 26.8 (21.4) 13.5 - 27.8 (22.4)
Number of m²
2,940 - 18,496 m² (7,971 m²) 2,940 - 18,496 m² (7,870 m²)
Others
540,638 Discounted cash flow
Estimated rental value (ERV)
112 - 236 (163) EUR/m² n/a
Discount rate
5.42 % - 6.49 % (5.65 %) n/a
Capitalisation rate of the final net ERV
4.60 % - 5.00 % (4.95 %) n/a
Inflation rate
1.60 % - 1.74 % (1.62 %) n/a
Operating costs
1 % - 13 % (8 %) n/a
Occupancy rate
(based on current contracts)
100 % n/a
Long-term vacancy
n/a n/a
Residual length of current lease
(in years)
6.5 - 20.2 (9.6) n/a
Number of m²
2,623 - 15,444 m² (10,508 m²) n/a
Duration of the initial projection period
(in years)
10 - 15 (10.7) n/a
Capitalisation of
estimated rental value
Estimated rental value (ERV)
36 - 370 (174) EUR/m² 59 - 92 (74) EUR/m²
Capitalisation rate
4.60 % - 6.70 % (4.94 %) 5.55% - 6.70% (6.26%)
Occupancy rate
(based on current contracts)
100 % 100 %
Residual length of current lease
(in years)
14.0 - 34.6 (20.9) 15 - 29.6 (24.2)
Number of m²
1,742 - 10,367 m² (5,408 m²) 6,100 - 7,870 m² (6,947 m³)
Healthcare
real estate under
development
2
179,198 Residual value
Estimated rental value (ERV)
67 - 277 (141) EUR/m² 67 - 234 (129) EUR/m²
Capitalisation rate
4.00 % - 5.65 % (4.48 %) 4.50 % - 5.90 % (5.32 %)
Discount rate
4.00 % - 6.74 % (5.21 %) n/a
Capitalisation rate of the final net ERV
4.10 % - 5.50 % (4.79 %) n/a
Costs at completion
n/a
3
n/a
3
Inflation rate
0.6 % - 2.00 % (1.49 %) 1.74 % - 1.80 % (1.76 %)
Number of m²
1,450 - 9,762 m² (5,639 m²) 810 - 9,762 m² (5,628 m²)
Residual construction costs (EUR/m²)
0 - 2 812 (1 178) 77 - 1,901 (935)
Estimated construction period
(in years)
0.1 - 2.1 (0.9) 0 - 2.5 (0.9)
1. Net rental income is incorporated in Note 6.
2. Only includes ongoing projects.
3. The costs required to complete an investment property are directly related to each project (amounts and stage of completion).
ANNUAL ACCOUNTS
263
(x 1.000 EUR)
Asset
category
Fair value
at 31.12.2021
Valuation method Unobservable data
1
Extreme values
(weighted average)
at 31.12.2021
Extreme values
(weighted average)
at 31.12.2020
OFFICES
1,381,090
Antwerp
32,609 Capitalisation of
estimated rental value
Estimated rental value (ERV)
135 - 169 (166) EUR/m² 120 - 171 (151) EUR/m²
Capitalisation rate
4.10 % - 6.45 % (6.44 %) 4.15 % - 8.00 % (7.33 %)
Occupancy rate
(based on current contracts)
88 % - 100 % (94 %) 85 % - 100 % (94 %)
Residual length of current lease
(in years)
0.2 - 4.0 (3.8) 1.2 - 4.4 (3)
Number of m²
61 - 9,403 m² (7,806 m²) 61 - 9,403 m² (6,917 m²)
Long-term vacancy (in months)
3 - 9 (9) 3 - 12 (9)
Brussels CBD
733,968 Capitalisation of
estimated rental value
Estimated rental value (ERV)
164 - 256 (229) EUR/m² 155 - 252 (226) EUR/m²
Capitalisation rate
3.35 % - 6.80 % (4.35 %) 3.49 % - 6.40 % (4.48 %)
Occupancy rate
(based on current contracts)
64 % - 100 % (96 %) 43 % - 100 % (95 %)
Residual length of current lease
(in years)
0.1 - 14.0 (5.5) 1.1 - 15.0 (6.7)
Number of m²
2,932 - 20,322 m² (11,611 m²) 2,932 - 20,322 m² (11,615 m²)
Long-term vacancy (in months)
6 - 24 (12) 6 - 24 (11)
Brussels
decentralised
329,813 Capitalisation of
estimated rental value
Estimated rental value (ERV)
107 - 188 (150) EUR/m² 60 - 193 (152) EUR/m²
Capitalisation rate
6.00 % - 10.00 % (7.19 %) 6.00 % - 10.00 % (7.32 %)
Occupancy rate
(based on current contracts)
40 % - 100 % (92 %) 63 % - 100 % (93 %)
Residual length of current lease
(in years)
0.7 - 7.3 (3.4) 0.7 - 8.3 (3.7)
Number of m²
3,285 - 25,746 m² (15,452 m²) 2,240 - 25,746 m² (15,221 m²)
Long-term vacancy (in months)
9 - 36 (14) 9 - 36 (14)
Brussels
periphery/
satellites
99,582 Capitalisation of
estimated rental value
Estimated rental value (ERV)
82 - 154 (114) EUR/m² 66 - 167 (123) EUR/m²
Capitalisation rate
7.75 % - 9.50 % (8.63 %) 8.25 % - 9.25 % (8.59 %)
Occupancy rate
(based on current contracts)
35 % - 100 % (83 %) 13 % - 100 % (77 %)
Residual length of current lease
(in years)
1.3 - 6.6 (3.2) 1.2 - 4.6 (2.7)
Number of m²
325 - 10,022 m² (5,948 m²) 325 - 10,022 m² (5,863 m²)
Long-term vacancy (in months)
12 - 36 (17) 12 - 36 (17)
Other regions
117,874 Capitalisation of
estimated rental value
Estimated rental value (ERV)
120 - 301 (147) EUR/m² 120 - 280 (140) EUR/m²
Capitalisation rate
5.75 % - 6.60 % (6.14 %) 5.25 % - 6.35 % (5.93 %)
Occupancy rate
(based on current contracts)
94 % - 100 % (99.6 %) 92 % - 100 % (99.5 %)
Residual length of current lease
(in years)
0.5 - 10 (5.4) 1.1 - 11 (6.6)
Number of m²
1,980 - 19,189 m² (13,211 m²) 1,980 - 19,189 m² (12,681 m²)
Long-term vacancy (in months)
6 - 12 (9) 6 - 18 (11)
Oces under
development
2
67,245 Residual value
Estimated rental value (ERV)
99 - 266 (236) EUR/m² 99 - 250 (216) EUR/m²
Capitalisation rate of the final net ERV
4.00 % - 9.35 % (4.95 %) 4.50 % - 9.35 % (5.54 %)
Costs at completion
n/a
3
n/a
3
Inflation rate
1.50 % - 1.75 % (1.53 %) 1.50 % - 1.75 % (1.54 %)
Number of m²
3,735 - 6,915 m² (6,167 m²) 3,735 - 6,915 m² (5,856 m²)
1. Net rental income is incorporated in Note 6.
2. Only includes ongoing projects.
3. The costs required to complete an investment property are directly related to each project (amounts and stage of completion).
ANNUAL ACCOUNTS
264
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
(x 1.000 EUR)
Asset
category
Fair value
at 31.12.2021
Valuation method Unobservable data
1
Extreme values
(weighted average)
at 31.12.2021
Extreme values
(weighted average)
at 31.12.2020
PROPERTY OF
DISTRIBUTION
NETWORKS
530,017
Pubstone
Belgium
291,714 Discounted cash flow
Estimated rental value (ERV)
18 - 455 (101) EUR/m² 18 - 455 (99) EUR/m²
Discount rate
6.00 % 6.00 %
Capitalisation rate of the final net ERV
6.53 % 6.56 %
Inflation rate
1.5 0% 1.50 %
Operating costs
6.20 % 6.20 %
Occupancy rate
(based on current contracts)
99.5 % 99.7 %
Long-term vacancy (% of passing rents)
1.75 % 1.75 %
Residual length of current lease
(in years)
13.8 14.8
Number of m²
87 - 1,781 m² (496 m²) 87 - 1,781 m² (495 m²)
Duration of the initial projection period
(in years)
14 15
Capitalisation of
estimated rental value
Estimated rental value (ERV)
18 - 455 (101) EUR/m² 18 - 455 (99) EUR/m²
Capitalisation rate
4.00 % - 9.75 % (5.82 %) 4.00 % - 9.50 % (5.89 %)
Occupancy rate
(based on current contracts)
99.5 % 99.7 %
Residual length of current lease
(in years)
13.8 14.8
Number of m²
87 - 1,781 m² (496 m²) 87 - 1,781 m² (495 m²)
Long-term vacancy (% of passing rents)
1.75 % 1.75 %
Other Belgium
29,873
Pubstone
Netherlands
138,455 Capitalisation of
estimated rental value
Estimated rental value (ERV)
64 - 662 (241) EUR/m² 47 - 662 (239) EUR/m²
Capitalisation rate
3.50 % - 9.00 % (5.87 %) 3.50 % - 11.50 % (5.89 %)
Occupancy rate
(based on current contracts)
100 % 99.8 %
Residual length of current lease
(in years)
13.8 14.8
Number of m²
42 - 698 m² (249 m²) 42 - 698 m² (251 m²)
Long-term vacancy (% of passing rents)
1.75 % 1.75 %
Cofinimur I
France
69,975 Discounted cash flow
Estimated rental value (ERV)
63 - 519 (143) EUR/m² 63 - 519 (174) EUR/m²
Discount rate
4.75 % 4.75 %
Capitalisation rate of the final net ERV
4.40 % - 13.70 % (8.16 %) 3.96 % - 14.20 % (7.73 %)
Inflation rate
-1.5 % - 1.25 % (0.14 %) -1.5 % - 1.25 % (0.63 %)
Operating costs
0 0
Occupancy rate
(based on current contracts)
100 % 100 %
Long-term vacancy (% of passing rents)
0 % - 75 % 0 % - 60 %
Residual length of current lease
(in years)
0.9 - 8.4 (2.8) 0.7 - 9 (3.7)
Number of m²
60 - 1,853 m² (388 m²) 51 - 1,853 m² (367 m²)
Duration of the initial projection period
(in years)
1 - 9 (3) 1 - 9 (4)
1. Net rental income is incorporated in Note 6.
ANNUAL ACCOUNTS
265
(x 1.000 EUR)
Asset
category
Fair value
at 31.12.2021
Valuation method Unobservable data
1
Extreme values
(weighted average)
at 31.12.2021
Extreme values
(weighted average)
at 31.12.2020
Capitalisation of
estimated rental value
Estimated rental value (ERV)
60 - 519 (142) EUR/m² 60 - 519 (172) EUR/m²
Capitalisation rate
3.72 % - 13.19 % (7.02 %) 3.98 % - 13.19 % (6.55 %)
Occupancy rate
(based on current contracts)
93 % 96 %
Residual length of current lease
(in years)
0 - 8.4 (2.8) 0 - 9 (3.5)
Number of m²
59 - 1,853 m² (378 m²) 51 - 1,853 m² (361 m²)
Long-term vacancy (% of passing rents)
0 % - 75 % 0 % - 60 %
TOTAL
5,709,836
SENSITIVITY OF THE BUILDING’S FAIR VALUE TO CHANGES OF THE UNOBSERVABLE DATA
A 10 % increase in the ERV would result in an increase of 421,147 KEUR of the fair value of the portfolio. A 10 % decrease in ERV would result
in a decrease of 425,844 KEUR of the fair value of the portfolio.
An increase in capitalisation rates of 0.5 % would result in a decrease of 453,285 KEUR of the fair value of the portfolio. A decrease in
capitalisation rates of 0.5 % would result in an increase of 565,957 KEUR of the fair value of the portfolio.
A ±0.5 % change in the capitalisation rate and a ±10 % change in the estimated rental values are reasonably foreseeable.
There are interrelations between the various rates and rental values, as they are partly determined by market conditions. As a general
rule, a change in the estimated rental value assumptions (per m² and per year) is accompanied by a change in the capitalisation rates
in the opposite direction. This interrelation is not incorporated into the sensitivity analysis.
For investment properties under construction, the fair value is influenced by whether or not the project is complete within the budget
and timeframe originally planned for the project.
VALUATION PROCESS
In accordance with the legal provisions, the valuations of properties are performed on a quarterly basis based on the valuation reports
prepared by independent and qualified real estate valuers.
The independent real estate valuers are appointed for a period of three years. Their appointment is notified to the FSMA. The selection
criteria include market knowledge, reputation, independence and application of professional standards.
The external valuers determine :
• whether the fair value of a property can be determined reliably;
• which valuation method must be applied to each investment property;
• the assumptions made for the unobservable data used in the valuation methods.
The hypotheses adopted for the non-observable data :
The DCF method is applied for the healthcare real estate and property of distribution networks segments. For this :
• the remaining economic life of the asset is not formally established, but recognised implicitly via the discounting rate and capitalisation
rate at departure (exit yield), including a factor for the ageing of the building. In all cases, this remaining economic life is at least equal
to the remaining duration of the current lease agreement;
• the long-term vacancy (or structural vacancy rate) for buildings intended for nursing and care homes is zero because all these assets
are fully leased to one tenant (excluding antennas).
The activation method is applied for all segments. For this :
• the remaining economic life of the asset is not formally established, but recognised implicitly by the capitalisation rate used, including
a factor for the ageing of the building;
• the long-term vacancy rate (or structural vacancy rate) is generally zero for all assets in operation in the assessed portfolios. If
applicable, some short-term vacancy-related corrections are considered;
• the assumptions used for the valuation and any significant changes in value are discussed quarterly between management and the
valuers. Other outside sources are also examined.
1. Net rental income is incorporated in Note 6.
ANNUAL ACCOUNTS
266
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
USE OF PROPERTIES
The management considers the current use of the investment properties recognised at fair value on the balance sheet to be optimal
taking into account the possibilities on the rental market and their technical characteristics.
DISPOSAL OF LEASE RECEIVABLES
On 22.12.2008, the Cofinimmo group sold to a subsidiary of the Société Générale group the usufruct receivables for an initial period of
15 years payable by the European Commission and relating to the Loi/Wet 56 and Luxembourg 40 buildings owned by Cofinimmo in
Brussels. The usufructs from these two buildings end between February 2022 and April 2022. Cofinimmo retains bare ownership and
the indexation part of the receivables from the Luxembourg 40 building was not sold.
On 20.03.2009, the Cofinimmo group sold to a subsidiary of the Société Générale group the usufruct receivables for an initial period
of 15 years payable by the European Commission and relating to the Nerviens/Nerviërs 105 building located in Brussels. The usufruct
ends in May 2023. Cofinimmo retains bare ownership of the building.
On 23.03.2009, the Cofinimmo group sold to Fortis Banque/Bank 90 % of the finance lease receivables payable by the City of Antwerp
relating to the fire station. At the end of the financial lease, the building will automatically be transferred to the City of Antwerp for free.
The Cofinimmo group also sold on the same date and to the same bank lease receivables payable by the Belgian State relating to
the Colonel Bourg/Kolonel Bourg 124 building in Brussels and the Maire 19 building in Tournai/Doornik. Cofinimmo retains ownership
of these two buildings.
On 28.08.2009, the Cofinimmo group sold to BNP Paribas Fortis 96 % of the lease receivables pertaining to 2011 and the subsequent
years relating to the Egmont I and Egmont II buildings located in Brussels. These receivables were bought back on 13.02.2018, prior to
the granting of a 99-year leasehold right to these buildings.
The usufructs from the Loi/Wet 56, Luxembourg 40 and Nerviens/Nerviërs 105 buildings, as well as the leases related to the Colonel
Bourg/Kolonel Bourg 124 and Maire 19 buildings do not qualify as finance leases.
At the time of disposal, the amount levied by the group, resulting from disposal of future rents, has been recorded as a discount of the
property value, as far as the disposal of rents is eective against third parties and, as a consequence, the property market value had
to be deducted from the amount of future lease payments sold (see Note 2 : Significant accounting methods, I. Leases, I. The group
as lessor, C. Sale of future lease payments under a long lease not qualifying as a finance lease).
Although neither specifically foreseen nor forbidden under IAS 40, the writeback of the gross value of the properties, that of the residual
value of the future receivables or lease payments sold allows, in the opinion of Cofinimmo’s board of directors, an exact and fair
presentation of the value of the properties in the consolidated balance sheet at the time of disposal of the rents. The gross value of the
properties corresponds to the independent real estate valuer’s valuation of the properties, as required by article 47 § 1 of the law of
12.05.2014 relating to regulated real estate companies.
In order to benefit from nominal rents, the sold receivables not terminated at the moment should be repurchased at their present
value from the assignee bank. The actual redemption value of these non-terminated receivables can dier from their present value
established at the moment of disposal, due to basic interest rates’ evolution, applied margins on these rates, and expected inflation,
as such possibly having an impact on the future rents’ indexation.
ANNUAL ACCOUNTS
267
Note 23. Breakdown of the changes in the fair value of investment properties
(x 1,000 EUR) 2021 2020
Properties available for rent
33,585 -10,681
Development projects
841 -2,120
Assets held for own use
116 -861
Assets held for sale
-35 -34
TOTAL
34,506 -13,696
This section includes the changes in fair value of investment properties and assets held for sale.
Note 24. Intangible assets and other tangible assets
(x 1,000 EUR) Intangible assets Other tangible assets
2021 2020 2021 2020
AT 01.01
2,172 935 1,434 1,278
Acquisitions
899 1,558 1,172 805
IT software
899 1,558
Oce fixtures and fittings
623 340
Right to use according to IFRS 16
549 466
Depreciation
-584 -321 -587 -649
IT software
-584 -321
Oce fixtures and fittings
-281 -283
Right to use according to IFRS 16
-306 -366
Disposals
0 0 0 0
Oce fixtures and fittings
AT 31.12
2,487 2,172 2,019 1,434
The intangible assets and other tangible assets are exclusively assets held for own use. The depreciation rates used depend on the
duration of the economic life :
• fixtures : 10 % to 12.5 %;
• IT hardware : 25 % to 33 %;
• IT software : 25 %
However, software depreciation can be spread over a longer period of time corresponding to the likely useful life and according to the
consumption pattern of the economic benefits associated with the asset.
ANNUAL ACCOUNTS
268
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 25. Financial instruments
A CATEGORIES AND DESIGNATION OF FINANCIAL INSTRUMENTS
IFRS 9 defines three main categories in terms of classification of financial assets and liabilities, i.e. designated at fair value by means
of the net result, mandatory measured at fair value by means of the net result and measured at amortised cost. IFRS 9 also defines
two other classification categories : designated at fair value through other comprehensive income and measured at fair value through
other comprehensive income.
Regarding the impairment of financial assets measured at amortised cost, including trade receivables and finance lease receivables, the
application of the expected credit loss model in accordance with IFRS 9, has no material impact on Cofinimmo’s consolidated financial
statements, taking into account the relatively small amounts of trade receivables and finance leases, combined with low credit risk.
(x 1,000 EUR) 31.12.2021
Designated
at fair value
through
the net result
Must be measured
at fair value through
the net result
Financial assets
or liabilities
measured at
amortised cost
Fair
value
Interests
accured
and
not due
Qualification
of fair values
NON-CURRENT FINANCIAL ASSETS
7,541 149,686 236,158 0
Hedging instruments
7,541 7,541 0
Derivative instruments
7,541 7,541 0 Level 2
Credits and receivables
149,686 228,617 0
Non-current finance lease receivables
147,999 226,930 0 Level 2
Trade receivables and other non-
current assets
1,687 1,687 0 Level 2
CURRENT FINANCIAL ASSETS
0 60,947 62,902 0
Hedging instruments
0 0 0
Derivative instruments
0 0 0 Level 2
Credits and receivables
41,090 43,046 0
Current finance lease receivables
3,667 5,623 0 Level 2
Trade receivables
34,835 34,835 0 Level 2
Other
2,588 2,588 0 Level 2
Cash and cash equivalents
19,857 19,857 0 Level 2
TOTAL
0 7,541 210,632 299,060 0
NON-CURRENT FINANCIAL LIABILITIES
1,079 54,628 1,473,118 1,529,194 1,019
Non-current financial debts
1,079 1,461,440 1,462,888 1,019
Bonds
618,259 614,868 647 Level 2
Convertible bonds
0 0 Level 1
Mandatory convertible bonds (MCB)
1,079 1,079 0 Level 2
Lease liability
838 838 0 Level 2
Credit institutions
771,733 774,853 94 Level 2
Long-term commercial paper
59,000 59,641 277 Level 2
Rent guarantees received
11,609 11,609 0 Level 2
Other non-current financial liabilities
54,628 11,678 66,305 0
Derivative instruments
54,628 54,628 0 Level 2
Other
11,678 11,678 0 Level 3
CURRENT FINANCIAL LIABILITIES
0 310 1,143,986 1,145,102 2,832
Current financial debts
0 0 1,097,335 1,098,140 2,832
Commercial paper
780,500 780,500 0 Level 2
Bonds
190,000 190,805 2,832 Level 2
Convertible bonds
Level 1
Credit institutions
126,830 126,830 0 Level 2
Other
5 5 0 Level 2
Other current financial liabilities
310 310 0
Derivative instruments
310 310 0 Level 2
Trade debts
46,651 46,651 0 Level 2
TOTAL
1,079 54,938 2,617,104 2,674,295 3,850
ANNUAL ACCOUNTS
269
(x 1,000 EUR) 31.12.2020
Designated
at fair value
through
the net result
Must be measured
at fair value through
the net result
Financial assets
or liabilities
measured at
amortised cost
Fair
value
Interests
accured
and
not due
Qualification
of fair values
NON-CURRENT FINANCIAL ASSETS
382 105,275 194,616 0
Hedging instruments
382 382 0
Derivative instruments
382 382 0 Level 2
Credits and receivables
105,275 194,234 0
Non-current finance lease
receivables
104,889 193,848 0 Level 2
Trade receivables and other non-
current assets
386 386 0 Level 2
CURRENT FINANCIAL ASSETS
0 80,144 82,151 0
Hedging instruments
0 0 0
Derivative instruments
0 0 0 Level 2
Credits and receivables
31,502 33,510 0
Current finance lease receivables
2,367 4,375 0 Level 2
Trade receivables
26,023 26,023 0 Level 2
Other
3,112 3,112 0 Level 2
Cash and cash equivalents
48,642 48,642 0 Level 2
TOTAL
0 382 185,419 276,767 0
NON-CURRENT FINANCIAL LIABILITIES
1,535 90,046 1,251,822 1,374,323 4,151
Non-current financial debts
1,535 1,241,177 1,273,633 4,151
Bonds
807,466 832,665 3,479 Level 2
Convertible bonds
0 0 Level 1
Mandatory convertible bonds (MCB)
1,535 1,535 0 Level 2
Lease liability
697 697 0 Level 2
Credit institutions
354,599 359,574 380 Level 2
Long-term commercial paper
69,000 69,746 292 Level 2
Rent guarantees received
9,417 9,417 0 Level 2
Other non-current financial liabilities
90,046 10,644 100,690 0
Derivative instruments
90,046 90,046 0 Level 2
Other
10,644 10,644 0 Level 3
CURRENT FINANCIAL LIABILITIES
221,137 206 855,639 1,076,982 121
Current financial debts
221,137 0 815,354 1,036,491 121
Commercial paper
810,000 810,000 0 Level 2
Bonds
0 0 0 Level 2
Convertible bonds
221,137 221,137 121 Level 1
Credit institutions
5,328 5,328 0 Level 2
Other
26 26 0 Level 2
Other current financial liabilities
206 206 0
Derivative instruments
206 206 0 Level 2
Trade debts
40,285 40,285 0 Level 2
TOTAL
222,672 90,252 2,107,461 2,451,305 4,272
ANNUAL ACCOUNTS
270
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Monetary and non-monetary changes in financial liabilities
Monetary
changes
Non-monetary changes
(x 1,000 EUR) 31.12.2020 Acquisitions/
Interests
accrued and
not due /
IFRS 16
Changes in
fair value
31.12.2021
NON-CURRENT FINANCIAL LIABILITIES
1,378,475 205,331 8,956 -62,618 1,530,144
Non-current financial debts
1,277,784 205,331 7,991 -27,199 1,463,907
Bonds
836,144 -190,000 -7,046 -23,583 615,515
Convertible bonds
0 0 0
Mandatory Convertible Bonds (MCB)
1,535 -456 1,079
Lease liability
697 -463 604 838
Credit institutions
359,954 406,658 11,391 -3,056 774,947
Long-term commercial paper
70,038 -10,000 -15 -105 59,918
Rental guarantees received
9,417 -863 3,056 11,609
Other non-current financial debts
100,690 0 965 -35,418 66,237
Derivative instruments
90,046 -35,418 54,628
Other
10,644 965 11,609
CURRENT FINANCIAL LIABILITIES
1,077,103 279,997 -205,862 -3,304 1,147,933
Current financial debts
1,036,612 279,997 -212,229 -3,409 1,100,972
Commercial paper
810,000 -29,500 780,500
Bonds
0 190,000 7,045 -3,409 193,637
Convertible bonds
221,258 -2,005 -219,253 0 0
Credit institutions
5,328 121,502 126,830
Other
26 -21 5
Other current financial liabilities
206 0 6,366 105 310
Derivative instruments
206 105 310
Trade debts
40,285 0 6,366 46,651
TOTAL
2,455,578 485,328 -196,907 -65,922 2,678,077
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
Some financial instruments (derivative instruments, convertible bonds) are measured at fair value after their initial entry in the balance
sheet. The other financial instruments are measured at amortised cost and their fair value is given in the appendix (see table above).
The fair value of financial instruments can be presented at three levels (1 to 3). The level allocation depends on the level of observability
of the variables used for the evaluation of the instrument, namely :
• the level 1 fair value measurements are those derived from listed prices (unadjusted) in active markets for similar assets or liabilities;
• the level 2 fair value measurements are those established using observable data for the assets or liabilities concerned. These data
may be either ‘direct’ (prices, other than those covered by level 1) or ‘indirect’ (data derived from prices);
• the level 3 fair value measurements are those that are not based on observable market data for the assets or liabilities in question.
ANNUAL ACCOUNTS
271
Level 1
The convertible bonds issued by Cofinimmo are subject to a level 1 valuation.
Change in fair value of convertible bonds
(x 1,000 EUR) 2021 2020
AT 01.01
221,137 227,871
Change in fair value resulting from changes in market conditions during the financial year, booked under the
income statement
0 987
Change in fair value resulting from changes in credit risk during the financial year, booked under the other
elements of the comprehensive result
0 -7,721
AT 31.12
0 221,137
As at 31.12.2020, the convertible bond maturing in 2021 has a fair value of 221,136,771 EUR. The convertible bonds matured on 15.09.2021.
At the end of the conversion period for the convertible bonds, Cofinimmo received new conversion requests from convertible bondholders
for 1,483,774 convertible bonds out of the 1,502,087 convertible bonds in circulation (i.e. 99 %), resulting in 1,657,750 new shares in
Cofinimmo. The unconverted bonds were reimbursed at maturity for a total amount of 2,673,698 EUR.
Level 2
All other financial assets and liabilities, namely the derivative financial instruments stated at fair value, are level 2. The fair value of
financial assets and liabilities with standard terms and conditions and negotiated on active and liquid markets is determined based
on stock market prices. The fair value of ‘Trade receivables’, ‘Trade debts’ as well as any other floating-rate debt is close to their book
value. Bank debts are primarily in the form of rollover credit facilities. The calculation of the fair value of ‘Finance lease receivables’ is
based on the discounted cash flow method, using a yield curve adapted to the duration of the instruments and that of the derivative
financial instruments is obtained through the valorisation tool of the derivative financial instruments available on Bloomberg.
More details on the finance lease receivables can be found in Note 26.
Level 3
Currently, Cofinimmo does not hold any financial instrument meeting the definition of level 3, with the exception of sales options
permitted to non-controlling shareholders (see Note 41 for further details). The exercise price of put options granted to non-controlling
shareholders is measured at their fair value. This value is determined in particular based on the fair value of the share of the net assets
held by these shareholders.
Lease liability
(x 1,000 EUR) 2021 2020
Lease liability at 01.01
697 596
Change in principal
141 101
Lease liability at 31.12
838 697
ANNUAL ACCOUNTS
272
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
B MANAGEMENT OF FINANCIAL RISK
Interest rate risk
Since the Cofinimmo group owns a (very) long-term property portfolio, it is highly probable that the loans financing this portfolio will
be refinanced upon maturity by other loans. Therefore, the company’s total financial debt is regularly renewed for an indefinite future
period. For reasons of cost eciency, the group’s financing policy by debt separates the loan raising (liquidity and margins at floating
rates) from the management of interest rates risks and charges (fixing and hedging of future floating interest rates). A part of the funds
are borrowed at floating rate.
Breakdown of loans (non current and current) at floating rate and at fixed rate (calculated on their nominal values)
(x 1,000 EUR) 2021 2020
At floating rate
1,543,451 1,150,783
in EUR
1,496,800 1,150,783
in GBP (equivalent in EUR)
47,751 0
At fixed rate
1,009,311 1,117,721
in EUR
1,009,311 1,117,721
in GBP (equivalent in EUR)
0 0
TOTAL
2,552,762 2,268,503
In accordance with its hedging policy, the group hedges at least 50 % of its total debt portfolio for at least three years by entering into
fixed-rate debts and contracting interest rate derivative instruments for hedging the debt at floating rate.
In the course of 2021, Cofinimmo continued the increase of its hedging over a period of three to nine years. IRS for the years 2023
(50 million EUR), 2024-2025 (200 million EUR), 2026-2027 (250 million EUR), 2028 (200 million EUR) and 2029 (50 million EUR) were
subscribed in order to increase the hedging for these years.
Following the investments made in the United Kingdom, an IRS was subscribed for 20 million GBP (2021-2026).
In 2021, Cofinimmo also increased its hedging for the coming years with the subscription of caps for 2021-2022 (600 million EUR), 2023
(400 million EUR) and 2024-2025 (200 million EUR).
The minimum three-year hedging period was chosen to oset the negative eect of a time lag between an increase in nominal interest
rates, increasing interest charges, and an increase in inflation, increasing rental income from indexed leases, on the net result. It is
believed that a rise in actual interest rates is usually a consequence of a rise in inflation and an upturn in general economic activity,
resulting in better rental conditions, which could benefit the net result.
The banks that sign these IRS contracts are usually dierent from those providing the funds, however the group makes sure that the
periods of the interest rate derivatives and the dates at which they are contracted correspond to the renewal periods of its loan contracts
and the dates at which their rates are set.
If a derivative instrument hedges an underlying debt contracted at floating rate, the hedge relationship is qualified as a cash flow
hedge. If a derivative instrument hedges an underlying debt contracted at fixed rate, it is qualified as a fair value hedge. In accordance
with IFRS 9, this is applicable if an eciency test is performed and a documentation is established to support the hedge. Although the
financial instruments, whether issued or held, were used for hedging the interest rate risk, as the group does not designate a relation
with a particular risk, these instruments are presented in the accounting category ‘Mandatory measured at fair value by means of the
net result’ under IFRS 9.
Below are the results of a sensitivity study of the impact of changes in interest rates on the net result from core activities. A change in
interest rate will impact directly the non-hedged part of the floating debt through an increase or a decrease of interest charges, and
indirectly the hedged part in function of the hedging instruments used. A change in interest rate will have as additional consequence
a change of the IRS fair value, which will be booked in the income statement.
ANNUAL ACCOUNTS
273
Summary of the potential eects, on equity and on the income statement,
of a 1 % change in the interest rate
(x 1,000,000 EUR) 2021 2020
Change Income statement Shareholders’ equity Income statement Shareholders’ equity
+1 %
0.44 0.00 -0.48 0.00
-1 %
0.59 0.00 -0.07 0.00
The table above shows that a 1 % increase in interest rates would result in a loss of 0.44 million EUR whereas it would have generated a
gain of 0.48 million EUR in 2019. Moreover, a gain of 0.60 million EUR would have resulted from a 1 % decrease in interest rates whereas
it would have resulted in a loss of 0.07 million EUR in 2020. While the equity is not directly aected by the change of interest rate.
In a context where interest rates are low and negative, the dierence between 2020 and 2021 in the event of an increase in rates is mainly
explained by the increase in hedging through cap and IRS, which protects us more in the event of a 1 % rate hike. Since Cofinimmo’s
hedging for the coming year consists more of cap than IRS (contrary to 2020), a rate cut enables savings to be made on the issuance
of floating-rate debt, while the hedging cost only increases to a limited extent with IRS.
Credit risk
In the framework of its activity, Cofinimmo deals with two main counterparties : banks and clients. The group maintains a minimum rating
standard for its financial counterparties. Financial counterparties with whom Cofinimmo has liabilities have an external ‘investment grade’
rating (a minimum BBB-rating according to the rating agency Standard & Poor’s). The financial counterparties with whom the group has
receivables also have an external ‘investment grade’ rating. Cofinimmo pursues a policy that is aimed at not maintaining relationships
with financial counterparties that do not meet this criterion. While customer risk is mitigated by a diversification of clients and an analysis
of their solvency before and during the lease contract.
Price risk
Following the conversion of convertible bonds in 2021, the company is no longer exposed to price risk.
Currency risk
Since July 2021, Cofinimmo has been active in the United Kingdom. The group owns three nursing and care homes and only generates
a very limited part (< 1 %) of its revenues and costs in the United Kingdom, whereby the group is now exposed to currency risk.
Following its first investment outside the Euro zone, the group introduced an exchange rate risk hedging policy. This policy is characterised,
in part, by the implementation of a natural hedging of the exchange risk, enabling this risk to be reduced at the level of Cofinimmo.
At present, Cofinimmo borrows an amount close to 40 million GBP from its creditors who have made bilateral multi-currency credits
available. These external loans, which are made at floating rates and partly hedged through the subscription of an IRS in GPB (see
section C. of this note), are used for the granting of an internal loan of around 40 million GBP to the subsidiary in the United Kingdom.
Cofinimmo is therefore not very sensitive to exchange rate risk at present.
The group’s functional currency being the euro, exchange rate variations may also impact rental income and costs incurred in the
United Kingdom. As these items in the income statement are currently limited, Cofinimmo is not very sensitive to this exchange rate risk.
Within the framework of its hedging policy, Cofinimmo also has the possibility of contracting hedging instruments (derivatives) for existing
exchange rate risks or for risks whose probability is deemed significant and material. In 2021, Cofinimmo did not make use of synthetic
hedging instruments. The exposure to the exchange rate risk is now reviewed periodically and in the event of significant changes in the
exchange rate or in the investments made in this currency.
With its entry into the United Kingdom, the abolition of reference indices (last publication of LIBOR on 31.12.2021) was anticipated during
the negotiation of the multi-currency credit contracts (backed by SONIA) as well as during the negotiation of the interest rate risk
hedging instruments (IRS in GBP), given that SONIA was already available in 2021. There is therefore no particular impact to mention
for Cofinimmo.
Liquidity risk
The liquidity risk is limited by the diversification of the financing sources and by the refinancing which is usually done at least one year
before the maturity date of the financial debt.
Obligation of liquidity for repayments
(x 1,000 EUR) 2021 2020
Between one and two years
417,987 523,024
Between two and five years
686,781 173,943
Beyond five years
720,290 871,673
TOTAL
1,825,058 1,568,641
ANNUAL ACCOUNTS
274
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Long-term undrawn loan facilities
(x 1,000 EUR) 2021 2020
Expiring within one year
0 0
Expiring after one year
1,636,474
1,332,125
Collateralisation
At 31.12.2021, the carrying amount of the pledged financial assets was 55,966,707.44 EUR (2020 : 55,803,211.84 EUR). The terms and
conditions of the pledged financial assets are detailed in Note 38. During 2021, there were no payment defaults on loan agreements
nor violations of the terms of these agreements.
C DERIVATIVE FINANCIAL INSTRUMENTS
Types of derivative financial instruments relating to interest rates
As at 31.12.2021, the group uses IRS and caps (interest rate options with a predefined maximum level) to hedge its exposure to interest
rate risks arising from its operational, financial and investment activity.
Interest Rate Swap (IRS)
An IRS is an interest rate forward contract whereby Cofinimmo exchanges a floating interest rate against a fixed interest rate. The IRS
are detailed in the table on the next page.
Caps
A cap is an interest rate option whereby, in return for the payment of a one-o premium, Cofinimmo receives a floating interest rate when
the latter exceeds a specific threshold (e.g. 0 %) during a specific future period. The caps are described in the table on the next page.
Floating-rate loans at 31.12.2021 hedged by derivative financial instruments
As detailed in the table below, floating rate debt (1,543 million EUR) is obtained by deducting the elements of the debt contracted at a
fixed rate and the elements not requiring coverage of the total debt (2,568 million EUR).
(x 1,000 EUR) 2021 2020
Financial debts
2,568,066 2,283,462
Convertible bonds
-221,137
Bonds at fixed rate
-815,000 -815,000
Bonds convertible into shares (minimum fixed coupon)
-6,286 -2,232
Loans at fixed rate
-180,000 -81,260
Commercial paper at fixed rate
-15,000 -15,000
Other (accounts receivable, rental guarantees received, accrued interests not due)
-8,313 -10,714
Debts at floating rate covered by derivate financial instruments
1,543,466 1,138,120
As explained in the chapter ‘Financial resources management’, Cofinimmo’s financial policy consists in maintaining a debt-to-assets
ratio of approximately 45 % with partial hedging of its floating-rate debt with hedging instruments (IRS or caps).
At 31.12.2021, Cofinimmo had floating-rate debt in the notional amount of 1,543 million EUR. This amount was hedged against interest
rate risk by IRS for a notional amount of 468 million EUR and by caps for a notional amount of 850 million EUR.
In the course of 2021, Cofinimmo continued the increase of its hedging over a period of three to nine years. IRS for the years 2023
(50 million EUR), 2024-2025 (200 million EUR), 2026-2027 (250 million EUR), 2028 (200 million EUR) and 2029 (50 million EUR) were
subscribed in order to increase the hedging for these years.
Following the investments made in the United Kingdom, an IRS was subscribed for 20 million GBP (2021-2026).
In 2021, Cofinimmo also increased its hedging for the coming years with the subscription of caps for 2021-2022 (600 million EUR), 2023
(400 million EUR) and 2024-2025 (200 million EUR).
Cofinimmo expects its portfolio to be partially financed by debt, at least from 2022 to 2029. As a result, the company will have an ongoing
interest payment, which is the item hedged with the derivative financial instruments held for transaction purposes described above.
ANNUAL ACCOUNTS
275
Interest rate derivative financial instruments
(x 1,000 EUR)
Start Period covered by instrument Active /Forward Option Exercise price Floating Rate Currency 2021 notional
2021 2021
Active IRS 1.03 % 1 M EUR 50,000,000
2021 2021
Active IRS 1.00 % 1 M EUR 50,000,000
2022 2022
Forward IRS 1.31 % 1 M EUR 75,000,000
2022 2022
Forward IRS 1.32 % 1 M EUR 75,000,000
2023 2023 2024 2025
Forward IRS 1.18 % 1 M EUR 25,000,000
2023 2023 2024 2025
Forward IRS 1.10 % 1 M EUR 25,000,000
2023 2023 2024 2025
Forward IRS 1.15 % 1 M EUR 50,000,000
2023 2023 2024 2025
Forward IRS 1.18 % 1 M EUR 50,000,000
2023 2023 2024 2025
Forward IRS 1.12 % 1 M EUR 50,000,000
2021 2021
Active IRS 0.14 % 1 M EUR 50,000,000
2022 2022 2023 2024
Forward IRS 1.70 % 1 M EUR 100,000,000
2020 2021
Active IRS 0.93 % 1 M EUR 100,000,000
2022 2022 2023 2024
Forward IRS 1.79 % 1 M EUR 150,000,000
2022 2022
Forward IRS 0.24 % 1 M EUR 50,000,000
2023 2023 2024 2025
Forward IRS 0.95 % 1 M EUR 75,000,000
2025 2025 2026 2027 2028
Forward IRS 0.91 % 1 M EUR 100,000,000
2025 2025 2026 2027 2028
Forward IRS 0.72 % 1 M EUR 100,000,000
2023 2023
Forward IRS 0.71 % 1 M EUR 40,000,000
2024 2024
Forward IRS 0.96 % 1 M EUR 40,000,000
2025 2025
Forward IRS 1.17 % 1 M EUR 40,000,000
2023 2023
Forward IRS 0.80 % 1 M EUR 60,000,000
2024 2024
Forward IRS 1.05 % 1 M EUR 60,000,000
2025 2025
Forward IRS 1.26 % 1 M EUR 60,000,000
2023 2023
Forward IRS 0.68 % 1 M EUR 50,000,000
2024 2024
Forward IRS 0.93 % 1 M EUR 50,000,000
2025 2025
Forward IRS 1.14 % 1 M EUR 50,000,000
2023 2023
Forward IRS 0.67 % 1 M EUR 30,000,000
2024 2024
Forward IRS 0.92 % 1 M EUR 30,000,000
2025 2025
Forward IRS 1.13 % 1 M EUR 30,000,000
2023 2023
Forward IRS 0.78 % 1 M EUR 20,000,000
2024 2024
Forward IRS 1.03 % 1 M EUR 20,000,000
2025 2025
Forward IRS 1.24 % 1 M EUR 20,000,000
2026 2026 2027 2028
Forward IRS 0.46 % 1 M EUR 50,000,000
2026 2026 2027 2028
Forward IRS 0.44 % 1 M EUR 50,000,000
2026 2026 2027 2028
Forward IRS 0.21 % 1 M EUR 100,000,000
2026 2026 2027 2028
Forward IRS -0.05 % 1 M EUR 100,000,000
2023 2023 2024 2025
Forward IRS 1.00 % 1 M EUR 110,000,000
2026 2026 2027 2028
Forward IRS 0.17 % 1 M EUR 50,000,000
2026 2026 2027 2028
Forward IRS 0.17 % 1 M EUR 50,000,000
2025 2025 2026 2027 2028 2029
Forward IRS 0.80 % 1 M EUR 100,000,000
2026 2026 2027 2028 2029
Forward IRS -0.08 % 1 M EUR 50,000,000
2026 2026 2027 2028 2029
Forward IRS 1.16 % 1 M EUR 100,000,000
2026 2026 2027 2028 2029
Forward IRS -0.10 % 1 M EUR 50,000,000
2023 2023 2024 2025 2026 2027
Forward IRS 0.14 % 1 M EUR 50,000,000
2024 2024 2025
Forward IRS 0.89 % 1 M EUR 150,000,000
2021 2021 2022 2023 2024 2025
Active IRS 0.61 % SONIA GBP 20,000,000
2021 2021 2022
Active CAP 0.50 % 1 M EUR 100,000,000
2021 2021 2022
Active CAP 0.50 % 1 M EUR 100,000,000
2021 2021 2022 2023
Active CAP 0.50 % 1 M EUR 100,000,000
2021 2021 2022 2023
Active CAP 0.50 % 1 M EUR 100,000,000
2026 2026 2027 2028
Forward IRS 1.02 % 1 M EUR 150,000,000
2021 2021
Active IRS 0.99 % 1 M EUR 195,000,000
2022 2022 2023
Forward IRS 0.45 % 1 M EUR 50,000,000
2022 2022 2023 2024
Forward IRS 0.38 % 1 M EUR 50,000,000
2021 2021 2022 2023 2024 2025
Active CAP 0.50 % 1 M EUR 200,000,000
2023 2023 2024 2025
Forward IRS 0.96 % 1 M EUR 90,000,000
2021 2021 2022
Active CAP 0.00 % 1 M EUR 50,000,000
2022 2022
Forward CAP 0.00 % 1 M EUR 50,000,000
2022 2022
Forward CAP 0.00 % 1 M EUR 50,000,000
2022 2022
Forward CAP 0.00 % 1 M EUR 50,000,000
2021 2021 2022
Active CAP 0.00 % 1 M EUR 50,000,000
2021 2021 2022 2023 2024
Active CAP 0.00 % 1 M EUR 100,000,000
2021 2021
Active CAP 0.00 % 1 M EUR 50,000,000
ANNUAL ACCOUNTS
276
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Obligation of liquidity at maturity, related to derivative financial instruments
(x 1,000 EUR) 2021 2020
Between one and two years
-22,996 -24,722
Between two and five years
-23,921 -47,559
Beyond five years
-5,950 -17,776
TOTAL
-52,867 -90,058
This table mainly reflects the increase in the debt and, as a result, in hedging (IRS) carried out by Cofinimmo during 2021 on the various
maturities shown.
The tables below represent the net positions of assets and liabilities of derivative financial instruments.
Osetting financial assets and financial liabilities
(x 1,000 EUR) 31.12.2021
Gross amount
of recognised
financial assets
Gross amount
of financial
assets oset in
the statement of
financial position
Net amount of
financial assets
presented in the
position of the
financial assets
Amounts not oset in the statement
of financial position
Net amount
Financial
instruments
Guarantees
received in cash
Financial assets
CAP
3,477 3,477 3,477
IRS
4,064 4,064 4,064
TOTAL
7,541 0 7,541 0 0 7,541
(x 1,000 EUR) 31.12.2021
Gross amount
of recognised
financial assets
Gross amount
of financial
assets oset in
the statement of
financial position
Net amount of
financial assets
presented in the
position of the
financial assets
Amounts not oset in the statement
of financial position
Net amount
Financial
instruments
Guarantees
received in cash
Financial liabilities
IRS
54,938 54,938 54,938
TOTAL
54,938 0 54,938 0 0 54,938
Osetting financial assets and financial liabilities
(x 1,000 EUR) 31.12.2020
Gross amount
of recognised
financial assets
Gross amount
of financial
assets oset in
the statement of
financial position
Net amount of
financial assets
presented in the
position of the
financial assets
Amounts not oset in the statement
of financial position
Net amount
Financial
instruments
Guarantees
received in cash
Financial assets
CAP
382 382 382
IRS
0 0 0
TOTAL
382 0 382 0 0 382
(x 1,000 EUR) 31.12.2020
Gross amount
of recognised
financial assets
Gross amount
of financial
assets oset in
the statement of
financial position
Net amount of
financial assets
presented in the
position of the
financial assets
Amounts not oset in the statement
of financial position
Net amount
Financial
instruments
Guarantees
received in cash
Financial liabilities
IRS
90,252 90,252 90,252
TOTAL
90,252 0 90,252 0 0 90,252
ANNUAL ACCOUNTS
277
Summary of derivative financial instruments active at 31.12.2021
Option Period Exercise price Floating rate Currency 2021 notional
(x 1,000 EUR)
Held for trading
IRS
2021 1.03 % 1 M EUR 50,000
IRS
2021 1.00 % 1 M EUR 50,000
IRS
2021 0.14 % 1 M EUR 50,000
IRS
2021 0.93 % 1 M EUR 100,000
IRS
2021 - 2022 - 2023 - 2024 - 2025 0.61 % SONIA GBP 20,000
IRS
2021 0.99 % 1 M EUR 195,000
CAP
2021 - 2022 - 2023 - 2024 - 2025 0.50 % 1 M EUR 200,000
CAP
2021 - 2022 0.00 % 1 M EUR 50,000
CAP
2021 - 2022 0.00 % 1 M EUR 50,000
CAP
2021 - 2022 - 2023 - 2024 0.00 % 1 M EUR 100,000
CAP
2021 0.00 % 1 M EUR 50,000
CAP
2021 - 2022 0.50 % 1 M EUR 100,000
CAP
2021 - 2022 0.50 % 1 M EUR 100,000
CAP
2021 - 2022 - 2023 0.50 % 1 M EUR 100,000
CAP
2021 - 2022 - 2023 0.50 % 1 M EUR 100,000
D MANAGEMENT OF CAPITAL
As a result of article 13 of the royal decree of 13.07.2014 on RRECs, the public RREC must, where the consolidated debt-to-assets ratio
exceeds 50 % of the consolidated assets, draw up a financial plan accompanied by a time frame, detailing the measures taken to
prevent this debt-to-assets ratio from exceeding 65 % of the consolidated assets. This financial plan is subject to a special auditor’s
report confirming that the latter has verified the method for drawing up the plan, namely with regard to its economic bases, and that
the figures it contains are coherent with the public RREC’s accounts. The annual and half-yearly financial reports must justify the way
in which the financial plan has been executed during the period in question and the way in which the RREC intends to execute the
plan in the future.
Evolution of the debt-to-assets ratio
As at 31.03.2021, 30.06.2021 and 30.09.2021, the debt ratio reached 43.9 %, 48.2 % and 44.5 % respectively, remaining below 50 %.
As at 31.12.2021, the debt-to-assets ratio stood at 44.2 %.
Debt-to-assets ratio policy
Cofinimmo’s policy is to maintain a debt-to-assets ratio close to 45 %. It may repeatedly rise above or fall below the 45 % bar without
this signalling a change in policy in one or the other direction.
Each year, Cofinimmo prepares a financial plan for the medium term which includes all the financial commitments of the group. This
plan is updated during the year when a new important commitment is made. The debt-to-assets ratio and its future evolution are
calculated with each edition of this plan. Cofinimmo therefore always has a prospective view of this core parameter of its consolidated
balance sheet structure to keep the debt-to-assets ratio close to 45 %.
Forecast of the debt-to-assets ratio evolution
Cofinimmo’s updated financial plan shows that Cofinimmo’s consolidated debt-to-assets ratio should not deviate significantly from the
45 % level on December 31
st
of each of the next three years. This forecast nevertheless remains subject to the occurrence of unforeseen
events. In this respect, specific reference is made to the chapter ‘Risks factors’ of this document.
Decision
Cofinimmo’s board of directors thus considers that the debt-to-assets ratio will not exceed 65 % and that, for the moment, in view of the
economic and real estate trends in the segments in which the group is present, the investments planned and the expected evolution of
its portfolio, it is not necessary to take additional measures to those contained in the financial plan referred to above.
ANNUAL ACCOUNTS
278
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 26. Non-current financial assets and finance lease receivables
NONCURRENT FINANCIAL ASSETS
(x 1.000 EUR) 2021 2020
Derived instruments
7,541 382
Other non-current financial assets
28,604 2,502
Receivables towards associates
12,684 2,502
Other
1
15,920 0
TOTAL
36,145 2,883
FINANCE LEASE RECEIVABLES
The group has concluded finance leases for several buildings. Given the quality of the tenants (especially the Belgian government) on the
one hand, and the low credit risk associated with financial lease receivables (established based on an analysis of historical credit losses)
on the other, the model of expected credit losses under IFRS 9 has no material impact on the group.
The group has also granted financings linked to refurbishment works to certain tenants. The average implied interest rate on these
finance leases is 4.4 % for 2021 (2020 : 5.1 %). During the 2021 financial year, conditional rents (indexations) were recorded as revenues of
the period for 0.01 million EUR (2020 : 0.03 million EUR).
(x 1,000 EUR) 2021 2020
less than one year
8,001 5,514
more than one year but less than two years
8,034 5,447
more than two years but less than three years
8,218 5,630
more than three years but less than four years
7,937 5,349
more than four years but less than five years
7,884 5,296
more than five years
245,683 204,503
Minimum lease payments
285,756 231.738
Deferred financial income
-134,091 -124,482
Discounted value of minimum lease payments
151,666 107.256
Non-current finance lease receivables
147,999 104,889
more than one year but less than two years
3,801 2,464
more than two years but less than three years
3,946 2,556
more than three years but less than four years
4,061 2,657
more than four years but less than five years
4,186 2,728
more than five years
132,005 94,484
Current finance lease receivables
3,667 2,367
less than one year
3,667 2,367
Note 27. Assets held for sale
(x 1,000 EUR) 2021 2020
AT 01.01
3,320 28,764
Disposals
-56,781 -32,417
Change in fair value
-35 -34
Transfer to investment properties
93,343 7,007
AT 31.12
39,846 3,320
All the assets held for sale are investment properties.
1. The line ‘Other’ represents advance payments for the acquisition of investment properties under construction.
ANNUAL ACCOUNTS
279
Note 28. Current trade receivables
GROSS TRADE RECEIVABLES
(x 1,000 EUR) 2021 2020
Gross trade receivables which are due but not provisioned
16,849 5,353
Gross trade receivables which are not due
17,810 20,317
Bad and doubtful receivables
587 696
Provisions for the impairment of receivables (-)
-411 -343
TOTAL
34,835 26,023
During the financial year ending on 31.12.2021, the group recognised writedowns on trade receivables of 23 KEUR (1,998 KEUR in 2020).
These mainly fit within the framework of point W of Note 2. The board of directors considers that the book value of the trade receivables
approximates their fair value.
Given the quality of the tenants on the one hand, and the low credit risk associated with financial lease receivables (established based on
an analysis of historical credit losses) on the other, the model of expected credit losses under IFRS 9 has no material impact on the group.
GROSS TRADE RECEIVABLES WHICH ARE DUE BUT NOT PROVISIONED
(x 1,000 EUR) 2021 2020
Due under 60 days
5,021 2,079
Due within 60 to 90 days
2,565 497
Due beyond 90 days
9,263 2,777
TOTAL
16,849 5,353
PROVISIONS FOR DOUBTFUL DEBTS
(x 1,000 EUR) 2021 2020
AT 01.01
343 233
Use
75 -1,888
Provisions charged to the income statement
23 2,017
Writebacks credited to the income statement
-30 -19
AT 31.12
411 343
Note 29. Tax receivables and other current assets
(x 1,000 EUR) 2021 2020
Taxes
41,639 38,713
Taxes
24,788 19,685
Regional taxes
4,171 5,594
Withholding taxes
12,680 13,434
Other
8,929 7,891
TOTAL
50,568 46,605
ANNUAL ACCOUNTS
280
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 30. Deferred charges and accrued income – assets
(x 1,000 EUR) 2021 2020
Outstanding income from property
4,603 1,120
Rent-free periods and incentives granted to tenants to be spread
3,924 2,821
Prepaid property charges
30,566 26,977
Prepaid interests and other financial charges
3,555 2,152
TOTAL
42,648 33,069
Note 31. Provisions
(x 1,000 EUR) 2021 2020
AT 01.01
25,360 24,176
Provisions charged to the income statement
1,812 2,347
Accretion of provisions charged to the income statement
1,454 1,296
Uses
-1,405 -1,452
Provision writebacks credited to the income statement
-1,008
AT 31.12
27,220 25,359
Group provisions (27,220 KEUR) can be divided into two categories :
• contractual provisions defined according to IAS 37 as loss-making contracts. Cofinimmo has committed to provide maintenance for
several buildings as well as works vis-à-vis tenants, with a total cost of 23,181 KEUR (2020 : 22,236 KEUR);
• legal provisions to face its potential commitments vis-à-vis tenants or third parties for 4,039 KEUR (2020 : 3,123 KEUR). These provisions
correspond to the discounted future payments considered as likely by the board of directors.
Note 32. Deferred taxes
(x 1,000 EUR) 2021 2020
Exit Tax
0 0
Deferred taxes
55,022 45,064
Property of distribution networks in the Netherlands
29,952 29,032
Pubstone Properties
29,952 29,032
Healthcare real estate in France
8,211 7,937
Cofinimmo’s branch oce
8,211 7,937
Healthcare real estate in Germany
14,193 8,095
Healthcare real estate Other
2,666
TOTAL
55,022 45,064
The deferred taxes of the Dutch subsidiary Pubstone Properties BV as well as the subsidiary having at least one asset in Germany
correspond to the taxation, at a rate of respectively 25 % and 15.825 %, of the dierence between the investment value of the assets, less
registration rights, at their tax value.
Since 2014, the Cofinimmo’s French branch is subject to a new tax (‘Withholding tax on benefits realised in France by foreign entities’).
A provision for deferred taxes had to be established.
ANNUAL ACCOUNTS
281
Note 33. Trade debts and other current debts
(x 1,000 EUR) 2021 2020
Trade debts
46,651 40,285
Other current debts
102,260 86,351
Exit Tax
6,704 6,275
Taxes, social charges and salaries debts
58,024 51,989
Taxes
56,151 49,922
Social charges
178 253
Salaries debts
1,695 1,814
Other
37,532 28,087
Dividend coupons
3,312 2,506
Provisions for withholding taxes and other taxes
14,103 15,138
Miscellaneous
20,117 10,443
TOTAL
148,911 126,637
Note 34. Accrued charges and deferred income – liabilities
(x 1,000 EUR) 2021 2020
Rental income received in advance
20,886 19,439
Interests and other charges accrued and not due
2,298 3,314
Other
400 82
TOTAL
23,585 22,834
Note 35. Non-cash charges and income
(x 1,000 EUR) 2021 2020
Charges and income related to operating activities
-8,333 24,243
Changes in the fair value of investment properties
-34,506 13,696
Writebacks of lease payments sold and discounted
-7,262 -9,444
Movements in provisions and stock options
1,861 1,315
Depreciation/Writedowns (or writebacks) on intangible and tangible assets
1,418 970
Exit tax
1,945 2,315
Deferred taxes
8,034 49
Goodwill impairment
5,200 10,120
Rent-free periods
-1,103 -304
Minority interests
2,666 -3,588
Other
1
13,415 9,114
Charges and income related to financing activities
-44,972 22,094
Changes in the fair value of financial assets and liabilities
-43,272 22,756
Other
-1,700 -662
TOTAL
-53,305 46,337
1. The amounts correspond to the dierence between the price paid, plus incidental expenses, and the share in the revalued net assets of the acquired companies.
ANNUAL ACCOUNTS
282
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 36. Changes in working capital requirements
(x 1,000 EUR) 2021 2020
Movements in asset items
-15,304 -11,898
Trade receivables
-4,573 -3,891
Tax receivables
-4,773 -7,624
Other short-term assets
853 -3,128
Deferred charges and accrued income
-6,810 2,746
Movements in liability items
81 13,432
Trade debts
-3,345 2,537
Taxes, social charges and salaries debts
2,431 126
Other current debts
1,489 1,817
Accrued charges and deferred income
-493 8,952
TOTAL
-15,223 1,534
Note 37. Evolution of the portfolio per segment during the financial year
The tables below show the movements of the portfolio per segment during the 2021 financial year in order to detail the amounts
included on the statement of cash flows.
The amounts related to properties and included on the statement of cash flows and in the tables below are shown in investment value.
ACQUISITIONS OF INVESTMENT PROPERTIES
Acquisitions made during a financial year can be realised in four ways :
• acquisition of the property directly against cash, shown under the item ‘Acquisitions of investment properties’ of the statement of cash
flows;
• acquisition of the property against shares, these transactions are not included in the cash flow statement as they do not generate
cash flow;
• acquisition of the company owning the property against cash, shown under the item ‘Acquisitions of consolidated subsidiaries’ of the
statement of cash flows for the amount of the shares bought;
• acquisition of the company owning the property against shares, these transactions are not included in the cash flow statement as
they do not generate cash flow.
(x 1,000 EUR) Healthcare real estate Oces Property of
distribution
networks
Total
BE FR NL DE Others
1
Properties
available for rent
Direct properties
2,701 30,764 35,124 170,072 79 238,740
Properties against shares
103,296 103,296
Companies against cash
18,183 16,694 13,153 22,486 297,975 368,491
Companies against shares
0
Subtotal
124,180 47,458 48,277 22,486 468,047 79 0 710,527
Development projects Direct properties
17,720 7,499 17,615 42,834
Properties against shares
0
Companies against cash
20,674 28,052 48,726
Subtotal
20,674 17,720 7,499 0 45,667 0 0 91,559
TOTAL
144,854 65,178 55,776 22,486 513,714 79 0 802,086
The amount of 281,574 KEUR booked on the statement of cash flows under the heading ‘Acquisitions of investment properties’ comprises
the sum of the direct property acquisitions.
1. i.e. Spain, Finland, Ireland, Italy and the United Kingdom.
ANNUAL ACCOUNTS
283
EXTENSIONS OF INVESTMENT PROPERTIES
Extensions of investment properties are financed in cash and are shown under the item ‘Extensions of investment properties’ of the
statement of cash flows.
(x 1,000 EUR) Healthcare real estate Oces Property of
distribution
networks
Total
BE FR NL DE Others
1
Development projects
4,124 8,150 14,678 52,330 7,941 58 87,282
TOTAL
4,124 8,150 14,678 0 52,330 7,941 58 87,282
Amount paid in cash
1,767 6,491 12,807 54,008 7,427 5 82,505
Change in provisions
2,357 1,659 1,872 -1,678 514 53 4,777
TOTAL
4,124 8,150 14,678 0 52,330 7,941 58 87,282
INVESTMENTS IN INVESTMENT PROPERTIES
Investments in investment properties are financed in cash and are shown under the item ‘Investments in investment properties’ of the
statement of cash flows.
(x 1,000 EUR) Healthcare real estate Oces Property of
distribution
networks
Total
BE FR NL DE Others
1
Properties available for rent
5,093 304 9,370 388 686 1,390 4,496 21,728
Assets held for own use
349 349
TOTAL
5,093 304 9,370 388 686 1,740 4,496 22,077
Amount paid in cash
1,198 171 8,825 1,857 673 1,688 3,494 17,906
Change in provisions
3,895 133 545 -1,470 14 52 1,002 4,171
TOTAL
5,093 304 9,370 388 686 1,740 4,496 22,077
DISPOSALS OF INVESTMENT PROPERTIES
The amounts shown on the statement of cash flows under the item ‘Disposals of investment properties’ represent the net price received
in cash from the buyer.
This net price consists of the net book value of the property at 31.12.2021 and the net gain or loss realised on the disposal after deduction
of the transaction costs.
(x 1,000 EUR) Healthcare real estate Oces Property of
distribution
networks
Total
BE FR NL DE Others
1
Investment properties
Net book value
9,459 1,030 45,576 56,064
Result on the disposal of assets
138 70 2,348 2,556
Net sale price received
9,597 1,100 47,924 58,621
Assets held for sale
Net book value
56,781 56,781
Result on transfer of assets
4,541 4,541
Net sale price received
61,322 61,322
Development projects
Net book value
359 498 856
Result on the disposal of assets
8 662 670
Net sale price received
366 1,160 1,526
TOTAL
9,963 1,100 0 0 0 62,482 47,924 121,469
1. i.e. Spain, Finland, Ireland, Italy and the United Kingdom.
ANNUAL ACCOUNTS
284
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 38. O-balance sheet rights and commitments
IN THE CONTEXT OF DISPOSAL OF RECEIVABLES
• With regard to the assignment of lease receivables relating to the lease concluded with the Buildings Agency (Belgian Federal State)
for the courthouse of Antwerp, the balance of the receivables not assigned has been pledged in favour of a bank, under certain
conditions. Cofinimmo furthermore granted a tracker mortgage and a mortgage mandate on the plot of land (in accordance with
article 41 of the law of 12.05.2014). With regard to the transfer of the finance lease debt vis-à-vis Justinvest Antwerpen SA/NV to an
external trustee (JPA Properties SPRL/BVBA administered by Intertrust Belgium) concerning the construction cost of the courthouse
of Antwerp, the liquidities transferred to JPA have been pledged in favour of Cofinimmo SA/NV. The benefit of the pledge has been
transferred in favour of a bank, under certain conditions.
• As part of the assignment of lease receivables or annual lease payments relating to current agreements with the Buildings Agency
(Belgian Federal State) or the European Commission on the Colonel Bourg/Kolonel Bourg 124 and Maire 19 buildings as well as the
current lease with the City of Antwerp on the fire station, the shares of Bestone SA/NV have been pledged in favour of a bank under
certain conditions.
• In the context of other assignments of lease receivables, Cofinimmo has taken various commitments and granted certain guarantees,
namely with regard to the assignment of the investment receivables of the prison in Leuze after the execution of the works.
CALL OPTIONS/PREFERENTIAL RIGHTS
• With regard to the leases signed with the Buildings Agency (Belgian Federal State) relating to, among other properties, the courthouse of
Antwerp and the police station of Termonde/Dendermonde, a call option has been granted in favour of the Agency, which, at the end of
the lease, can leave the premises, extend the contract or buy the building;
• Cofinimmo has granted a call option to the HEKLA Police Zone in Antwerp on the property granted under leasehold to this entity, to be taken
up on the expiry of the leasehold;
• The Cofinimmo group is committed to and benefits from, on behalf of its subsidiaries Pubstone and Pubstone Properties, a preferential
right on future developments (hospitality industry) to be realised in partnership with AB InBev, and AB InBev benefits from a preferential
right on future developments (hospitality industry);
• Cofinimmo (and Pubstone group) is committed to and benefits from preferential rights on the shares of Pubstone SA/NV and Pubstone group;
and InBev Belgium benefits from a purchase right on the shares of Pubstone SA/NV and Pubstone group;
• Leopold Square and InBev Belgium benefit reciprocally from a preferential right on the shares of Pubstone Properties;
• Cofinimmo benefits from a call option on shares in companies holding real estate in Germany;
• Cofinimmo has granted a put option to the former shareholders of Aspria Roosevelt SA/NV which owns the Solvay Sports site in Brussels
for the construction of a new sport and wellness centre to be operated by the Aspria group;
• In the context of a leasehold relating to a car park in Breda, Superstone has agreed with Amphia, the bare owner, a right of first oer in the
context of the transfer of the leasehold right and a call option under certain conditions;
• Superstone has granted the seller a call option relating to a building in Almere and a building in Voorschoten at the end of the lease
agreement with the tenant;
• Cofinimmo has granted various preferential rights and/or call options on leasehold, at market value, on part of its portfolio of nursing and
care homes and clinics;
• Cofinimmo has granted a preferential right of first refusal, at market value, on the residual rights of ownership of an oce building in Brussels;
• Cofinimmo has granted a put option and has been granted a call option (cross option agreement) on an oce building located in Brussels;
• Cofinimmo has call options on subsoil for which the leasehold rights to which they are encumbered - relating to buildings for nursing homes
- are held by subsidiaries of Cofinimmo;
• Cofinimmo has been granted a call option and granted a put option (exercisable in 2023) on the shares of a French real estate company
by and in favour of another shareholder of this company. It also has a pre-emptive right in the event that the other shareholders would sell
their shares;
• In the context of its equity investment in a Belgian property company, Cofinimmo became the holder, in the same way as the other shareholders
and under certain conditions, of a preferential right, a pre-emptive right, a follow-on right, a follow-on obligation, a put option and a call
option relating to the company’s shares.
ANNUAL ACCOUNTS
285
FINANCING OPERATIONS
• Cofinimmo has entered into various commitments not to undertake certain actions (‘negative pledge’) at the end of various financing
contracts;
• Cofinimmo is committed to find a buyer for the Notes maturing in 2027 and issued by Cofinimmo Lease Finance (see page 42 of the
2001 annual financial report) in the event that a withholding tax would be applicable on the interest on these Notes due to a change
in tax legislation aecting a holder residing in Belgium or the Netherlands;
• Cofinimmo will have the option of acquiring in 2023, at their intrinsic value, all the bonds redeemable in shares issued by Cofinimur I either
in cash or by delivery of Cofinimmo ordinary shares, in the latter case with the agreement of two-thirds of the holders.
GUARANTEES
• Cofinimmo has granted various guarantees in connection with the disposal of the shares of a company that it held and received guarantees
from the buyers for the solidarity commitments that it had made with the sold company;
• Cofinimmo has granted various guarantees in connection with the disposal of the shares of companies that it held;
• With regard to its lease agreements, Cofinimmo receives a rental guarantee (in cash or as a bank guarantee) of an amount generally
representing three to six months of rent;
• Within the context of calls for tenders, Cofinimmo regularly issues commitments to obtain bank guarantees.
INVESTMENT COMMITMENTS
In Belgium :
On 14.01.2021, Cofinimmo signed an agreement relating to the acquisition of 100 % of the shares of the limited liability company Home
Vogelzang OG. This company owns, for the 30 years to come, the rights in rem in a plot of land located in Leuven, in Flemish Brabant.
An extension will be added to an existing complex located on the plot of land. The conventional value for the calculation of the share
price amounts to approximately 15 million EUR.
On 12.02.2021, Cofinimmo acquired 100 % of the shares of a company owning a plot of land in Genappe, in Walloon Brabant. A nursing
and care home is currently under construction on this plot of land. The investment budget (including the plot of land and the works)
amounts to approximately 19 million EUR.
On 29.06.2021, Cofinimmo acquired 100 % of the shares of a company owning a plot of land in Juprelle, in the province of Liège. A nursing
and care home is currently under construction on this plot of land. The investment budget (including the plot of land and the works)
amounts to approximately 19 million EUR.
On 13.10.2021, Cofinimmo acquired 100 % of the shares of a company developing a nursing and care home in West Flanders (Oudenburg).
The investment budget (including the plot of land and the works) amounts to approximately 11 million EUR. The nursing and care home
is already pre-let.
In France :
At the beginning of 2021, Cofinimmo announced (through its French branch) the acquisition of 5 assets in France. Among those 5 assets,
a nursing home (EHPAD) is currently under construction for a total budget of 14 million EUR.
On 06.09.2021, Cofinimmo acquired a nursing and care home (EHPAD) to be redeveloped in the south-east of Paris (Fontainebleau).
The site, dedicated to patients suering from Alzheimer’s disease, is already pre-let. The investment for the building and the works
amounts to approximately EUR 17 million.
On 23.12.2021, Cofinimmo acquired, in future state of completion and through its French branch, an aftercare and rehabilitation clinic (SSR)
currently under construction in France. The investment budget (including the plot of land and the works) amounts to approximately EUR
17 million.
At the end of 2021, Cofinimmo was committed to acquiring a nursing and care home in Normandy for an amount of 27 million EUR.
This acquisition was finalised on 21.02.2022.
In the Netherlands :
Cofinimmo is committed to financing the major renovation of the rehabilitation centre as well as the demolition and redevelopment
of the nursing and care home on a site located in Hillegersberg, a municipality of Rotterdam. The acquisition price of the current site
(acquired in December 2018) and the budget for the works is 25 million EUR.
On 20.05.2021, Cofinimmo acquired through one of its subsidiaries a plot of land on the Monnikenberg care campus in Hilversum,
on which a care clinic is under construction. The investment budget for the purchase of the plot of land and the works amounts to
approximately 30 million EUR.
In Germany :
Cofinimmo has acquired a participation in the capital of nine companies that will develop nine eco-responsible care campuses in
North Rhine-Westphalia. The total conventional value of this transaction amounts to approximately 270 million EUR. The payment of
the shares is spread over time (from 2020 to 2023).
ANNUAL ACCOUNTS
286
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
In the context of the above transaction, Cofinimmo has entered into an exclusive partnership with the local design and project management
company that will develop the nine projects. In the long term, Cofinimmo has the possibility to integrate this platform in its entirety into
its structure.
On 11.05.2021, Cofinimmo signed, through a wholly owned subsidiary, an agreement to acquire, under certain conditions, a nursing and
care home in Leipzig, in the Land of Saxony, for approximately 19 million EUR.
On 22.11.2021, Cofinimmo signed agreements to acquire, under certain conditions, three nursing and care homes in the Land of Rhineland-
Palatinate. The investment for all three sites amounts to approximately 39 million EUR. The conditions were lifted in January 2022,
allowing the acquisition to be completed.
In Spain :
Since the announcement of its establishment in Spain in September 2019, Cofinimmo has committed to several construction projects,
of which the first deliveries took place in the course of 2021. At 31.12.2021, 11 construction projects were still ongoing for a total investment
of 130 million EUR. Most of these projects involve the construction of nursing and care homes.
In Finland :
Cofinimmo entered the Finnish healthcare real estate sector in Q4 2020. Since then, the first two assets have been delivered. At 31.12.2021,
Cofinimmo was committed in developing six construction projects for a total investment of 71 million EUR.
Note 39. Ongoing development projects
The group has ongoing development projects of approximately 477 million EUR (31.12.2020 : 358 million EUR) with respect to capital
expenditures contracted for at the balance sheet date but not yet incurred, for the construction of new properties and extensions.
Renovation works are not included in this figure.
Note 40. Consolidation criteria and scope
CONSOLIDATION CRITERIA
The consolidated financial statements group the financial statements of the parent company and those of the subsidiaries and joint
ventures, as drawn up at the closing date.
Consolidation is achieved by applying the following consolidation methods.
Full consolidation for the subsidiaries
Full consolidation consists of incorporating all the assets and liabilities of the subsidiaries, as well as income and charges. Minority
interests are shown in a separate item of both the balance sheet and the income statement.
The full consolidation method is applied when the parent company holds exclusive control.
The consolidated financial statements have been prepared at the same date as that on which the consolidated subsidiaries prepared
their own financial statements.
Consolidation under the equity method for associates and joint ventures
The equity method consists of replacing the book value of the securities by the shareholders’ equity of the entity (more details are
provided in Note 2, paragraph C).
OFFICES
12 entities
PROPERTY OF
DISTRIBUTION
NETWORKS
5 entities
PUBLICPRIVATE
PARTNERSHIPS
3 entities
HEALTHCARE
REAL ESTATE
120 entities
COFINIMMO
ANNUAL ACCOUNTS
287
Subsidiaries wholly owned by Cofinimmo group
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
GERMANY
COFINIMMO DIENSTLEISTUNGS-GmbH
Registered address : Frankfurt-am-Main HRB 114372
Business address : Guiollettstraße 48 – D-60325 Frankfurt-am-Main
100 100
GESTONE BICKENBACH GmbH & Co. KG
Registered address :
Hamburg HRA 127143 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
100 100
GESTONE Deutschland GmbH
Registered address : Frankfurt-am-Main HRB 115151
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
100 100
STERN BETEILIGUNGS GmbH
Registered address : Frankfurt-am-Main
HRB 112550
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
100 100
GESTONE GP GmbH
Registered address : Frankfurt-am-Main
HRB 122350
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
100
BELGIUM
BEIRESTONE 1 SA/NV
0759 959 564
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
BENOSTONE CO 1 SA/NV
0755 869 827
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
BESTONE SA/NV
0670 681 160
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
COFINIMMO OFFICES SA/NV
0755 538 641
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
BUILDING GREEN ONE SA/NV
0501 599 965
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
COFINIMMO SERVICES SA/NV
0437 018 652
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
COPADE SA/NV
0631 930 353
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
COUVENT DE LA CHARTREUSE SA/NV
0822 171 901
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
CURA INVEST SA/NV
0465 524 972
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
FPR LEUZE SA/NV
0839 750 279
Boulevard de la Woluwe 58 – 1200 Brussels
100 100
GECARE 1 SA/NV
0720 629 826
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 10 SA/NV
0751 676 853
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 11 SA/NV
0751 677 150
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 12 SA/NV
0751 677 348
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 13 SA/NV
0722 900 319
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 7 SA/NV
0748 688 857
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
ANNUAL ACCOUNTS
288
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
GESTONE CO 8 SA/NV
0751 676 556
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE CO 9 SA/NV
0751 676 754
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 1 SA/NV
0655 814 822
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 2 SA/NV
0670 681 259
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 3 SA/NV
0696 911 940
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 4 SA/NV
0683 716 475
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 5 SA/NV
0722 901 804
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
GESTONE 6 SA/NV
0722 902 495
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
LEOPOLD SQUARE SA/NV
0465 387 588
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
LEX 85 SA/NV
0811 625 031
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
LIGNE INVEST SA/NV
0873 682 661
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
LS OFFICES SA/NV
0755 537 849
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
PRIME BEL RUE DE LA LOI-T SA/NV
0463 603 184
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
RHONE ARTS SA/NV
413 742 414
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
RHEASTONE 1 SA/NV
0893 787 296
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
STERN-FIIS 1 SA/NV
0691 982 756
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
STERN-FIIS 2 SA/NV
0696 912 831
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
STERN-FIIS 3 SA/NV
0696 912 930
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
STERN-FIIS 4 SA/NV
0696 913 029
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
TRIAS BEL SOUVERAIN-T SA/NV
0597 987 776
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
XL TRONE SA/NV
0715 937 303
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100 100
ASPRIA ROOSEVELT SA/NV
0554 737 060
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100
RHEASTONE 3 SA/NV
0739 887 492
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100
ANNUAL ACCOUNTS
289
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
RHEASTONE 4 SA/NV
0739 839 586
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100
RHEASTONE 5 SA/NV
0739 842 160
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100
TRAM NEW BV/SPE
0707 645 286
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
100
SPAIN
COFIHEALTHCARE SPAIN 1 SL
NIF B-88542717
Calle Maldonado, 4 – 28006 Madrid
100 100
COFIHEALTHCARE SPAIN 2 SL
NIF B-88542667
Calle Maldonado, 4, 28006 Madrid
100 100
COFIHEALTHCARE SPAIN 3 SL
NIF B-88542600
Calle Maldonado, 4 – 28006 Madrid
100 100
COFIHEALTHCARE SPAIN 4 SL
NIF B-42722819
Calle Maldonado, 4 – 28006 Madrid
100
COFIHEALTHCARE SPAIN 5 SL
NIF B-42722801
Calle Maldonado, 4 – 28006 Madrid
100
COFIHEALTHCARE SPAIN 6 SL
NIF B-42722827
Calle Maldonado, 4 – 28006 Madrid
100
GLORIA HEALTH CARE PROPERTIES SL
NIF B-88347885
Calle Maldonado, 4 – 28006 Madrid
100 100
GLORIA HEALTH CARE PROPERTIES 2 SL
NIF B-88415385
Calle Maldonado, 4 – 28006 Madrid
100 100
IBERI HEALTHCARE PROPERTIES SL
NIF B-88347869
Calle Maldonado, 4 – 28006 Madrid
100 100
LAGUNE IPM SL
NIF B-64205966
Calle Maldonado, 4
–
28006 Madrid
100
LAGUNE ISLAND BALEARES IPM 2 SL
NIF B-65223174
Calle Maldonado, 4 – 28006 Madrid
100
FINLAND
KIINTEISTÖ Oy VAASANPUISTIKKO 22 VAASA
2910835-7
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100 100
POLARISTONE CO 1 Oy
3007096-6
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100 100
POLARISTONE CO 2 Oy
3146900-4
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy VANTAAN HARRIKUJA 8
3006164-8
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
POLARISTONE CO 3 Oy
3146912-7
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy TURUN SKANSSIN AURORA
3168686-9
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
POLARISTONE CO 4 Oy
3207147-9
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
POLARISTONE CO 5 Oy
3207149-5
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
ANNUAL ACCOUNTS
290
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
KIINTEISTÖ Oy YLÖJÄRVEN TAIMITIE 3
3186885-7
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy TURUN LINNANHERRA
2887482-6
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy HELSINGIN SVENGI
2786955-8
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy ROVANIEMEN RIISTAKALTIO
2992724-8
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
KIINTEISTÖ Oy KUOPION AALLONMURTAJANKATU 3-5
3133518-8
c/o Colliers International Finland, Ratamestarinkatu 7 B – 00520 Helsinki
100
FRANCE
COFINIMMO INVESTISSEMENTS ET SERVICES SA
487 542 169
13, rue du Docteur Lancereaux – 75008 Paris
100 100
COFINIMUR I SA
537 946 824
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI AC NAPOLI
428 295 695
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI BEAULIEU
444 644 553
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI CUXAC II
343 262 341
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI DE L’ORBIEU
383 174 380
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI DU DONJON
377 815 386
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SNC DU HAUT CLUZEAU
319 119 921
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SARL HYPOCRATE DE LA SALETTE
388 117 988
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI LA NOUVELLE PINEDE
331 386 748
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI RESIDENCE FRONTENAC
348 939 901
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI SOCIBLANC
328 781 844
13, rue du Docteur Lancereaux – 75008 Paris
100 100
COFINEA I SAS
538 144 122
13, rue du Docteur Lancereaux – 75008 Paris
100 100
SCI OUVRE TOIT
497 494 716
13, rue du Docteur Lancereaux – 75008 Paris
100
LUXEMBOURG
COFINIMMO LUXEMBOURG SA
B100044
1, rue Isaac Newton – L-2242 Luxembourg
100 100
KAISERSTONE SA
B202584
1, rue Isaac Newton – L-2242 Luxembourg
100 100
MASCHSEE PROPERTIES SARL
B240471
1, rue Isaac Newton – L-2242 Luxembourg
100 100
UHLENHORST PROPERTIES SARL
B240610
1, rue Isaac Newton – L-2242 Luxembourg
100 100
ANNUAL ACCOUNTS
291
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
WELLNESSTONE SA
B197443
1, rue Isaac Newton – L-2242 Luxembourg
100 100
WELLNESSTONE GP SARL
B238555
1, rue Isaac Newton – L-2242 Luxembourg
100 100
MONACO
MANUJACQ
73 SC 03180
20, avenue de Fontvieille – 98000 Monaco
100 100
THE NETHERLANDS
SUPERSTONE NV
530704488
Verlengde Poolseweg 16 – 4818 CP Breda
100 100
SUPERSTONE 2 NV
77325001
Verlengde Poolseweg 16 – 4818 CP Breda
100 100
SUPERSTONE 3 NV
78160162
Verlengde Poolseweg 16 – 4818 CP Breda
100 100
SUPERSTONE 4 NV
81142579
Verlengde Poolseweg 16 – 4818 CP Breda
100 100
SUPERSTONE 5 NV
81144016
Verlengde Poolseweg 16 – 4818 CP Breda
100 100
SUPERSTONE 6 BV
68297556
Verlengde Poolseweg 16 – 4818 CP Breda
100
UNITED KINGDOM
COFIHEALTHCARE UK 1 CO LIMITED
13351765
One, Chamberlain Square – Birmingham, West midlands, B3 3 AX
100
COFIHEALTHCARE UK 2 LIMITED
13346688
One, Chamberlain Square – Birmingham, West midlands, B3 3 AX
100
Subsidiaries held by Cofinimmo group with minority interests
(non-controlling interests)
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
GERMANY
ARCON-TRUST DRITTE IMMOBILIENANIAGEN GMBH & CO. KG
Registered address : Hamburg
HRA 126199 (en cours de transfert vers Frankfurt-am-Main)
Business address :
Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
89.9
89,9
PFLEGE PLUS + OBJEKT ALSDORF GMBH & CO. KG
Registered address : Hamburg
HRA 124930 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT BOCHUM GMBH & CO. KG
Registered address : Hamburg HRA 124935 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT BOTTROP GMBH & CO. KG
Registered address : Hamburg
HRA 124934 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT ERFSTADT/ LIBLAR GMBH & CO. KG
Registered address : Hamburg
HRA 124933 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT FRIEDRICHSTADT GMBH & CO. KG
Registered address : Hamburg
HRA 124938 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
ANNUAL ACCOUNTS
292
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Name and address of the registered oce
List of fully consolidated subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
PFLEGE PLUS + OBJEKT GELSENKIRCHEN GMBH & CO. KG
Registered address : Hamburg
HRA 124986 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT GOSLAR GMBH & CO. KG
Registered address : Hamburg
HRA 124957 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT HAAN GMBH & CO. KG
Registered address : Hamburg
HRA 124931 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT WEIL AM RHEIN GMBH & CO. KG
Registered address : Hamburg
HRA 124936 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT WEILERWIST GMBH & CO. KG
Registered address : Hamburg
HRA 124937 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PFLEGE PLUS + OBJEKT SWISTTAL GMBH & CO. KG
Registered address : Hamburg
HRA 125646 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PRESIDENTIAL NORDIC 1 GMBH & CO. KG
Registered address : Hamburg
HRA 125644 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
PRESIDENTIAL NORDIC 2 GMBH & CO. KG
Registered address : Hamburg
HRA 125645 (en cours de transfert vers Frankfurt-am-Main)
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.9
94,9
Salza Verwaltungs GmbH
Registered address : Frankfurt-am-Main
HRB 125477
Business address : Neue Mainzer Straße 75 – D-60311 Frankfurt-am-Main
94.8
BELGIUM
BELLIARD III-IV PROPERTIES SA/NV
0475 162 121
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
99,9 99,9
PUBSTONE SA/NV
0405 819 096
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
99,9 99,9
PUBSTONE GROUP SA/NV
0878 010 643
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
90 90
VESTASTONE 1 CO SA/NV
0766 519 932
Boulevard du Roi Albert II 7 – 1210 Saint-Josse-ten-Noode
93,4
LUXEMBOURG
BAD SCHONBORN PROPERTIES SCS
B129973
1, rue Isaac Newton – L-2242 Luxembourg
89,9 89,9
GREAT GERMAN NURSING HOMES SCS
B123141
1, rue Isaac Newton – L-2242 Luxembourg
94,9 94,9
THE NETHERLANDS
PUBSTONE PROPERTIES BV
20134503
Verlengde Poolseweg 16 – 4818 CP Breda
90 90
ITALY
ACHESO LAGUNE
5555383
c/o Blue SGR S.p.A., Vicolo Santa Maria alla Porta, 1 – 20123 Milano
93,4
ACHESO LAGUNE 2
5556095
c/o Blue SGR S.p.A., Vicolo Santa Maria alla Porta, 1 – 20123 Milano
93,4
ANNUAL ACCOUNTS
293
Associates and joint ventures
Name and address of the registered oce
List of equity subsidiaries
Direct and indirect interests and voting rights (in %)
31.12.2021 31.12.2020
BELGIUM
BPG CONGRES SA/NV
0713.600.789
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
51 51
BPG HOTEL SA/NV
0713.600.888
Boulevard de la Woluwe/Woluwedal 58 – 1200 Brussels
51 51
ALDEA GROUP SA/NV
843.673.732
Guldensporenpark 117 A – 9820 Merelbeke
27.1 26.6
FRANCE
SCI FONCIERE CRF
433 566 049
35, boulevard des Capucines – 750002 Paris
39 39
GERMANY
DZI 1. Vorrat GmbH
HRB 88521
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
DZI 2. Vorrat GmbH
HRB 88513
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
DZI 3. Vorrat GmbH
HRB 90853
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
DZI 4. Vorrat GmbH
HRB 90795
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
DZI 5. Vorrat GmbH
HRB 91480
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
Residenzwohnen Jahnshöfe GmbH
HRB 88503
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
Seniorenquartier Viersen GmbH
HRB 88496
Am Kielsgraben 8 – 40789 Monheim am Rhein
99,99 99,99
Seniorenquartier Dreeskamp GmbH
HRB 88448
Am Kielsgraben 8 – 40789 Monheim am Rhein
25 25
WA Jül II GmbH
Registered address : Dusseldorf
HRB 94856
Business address : Am Kielsgraben 8 – 40789 Monheim am Rhein
89,9
ANNUAL ACCOUNTS
294
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
NONCONTROLLING INTERESTS
1
Non-controlling interests represent third-party interests in subsidiaries neither directly nor indirectly held by the group.
Cofinimur I
At the end of 2011, Cofinimmo acquired, through its subsidiary Cofinimur I, a portfolio of agencies and oces from the MAAF group in
which Foncière ATLAND held 2.35 % of the shares. As a reminder, in the fourth quarter of 2019, Cofinimmo purchased this 2.35 %.
Pubstone
At the end of 2007, Cofinimmo acquired a portfolio of pubs and restaurants owned until then by Immobrew SA/NV, a subsidiary of AB InBev
Belgium and renamed Pubstone SA/NV. At 31.12.2021, AB InBev Belgium owns an indirect 10 % stake in the Pubstone structure.
In addition, following the restructuring of the Pubstone group in December 2013, AB InBev Belgium owns 10 % of direct minority interests
in Pubstone Properties BV.
Anheuser-Busch InBev (AB InBev) is the world’s largest brewer. For further information about the group : www.ab-inbev.com
Vestastone
In May 2021, Cofinimmo acquired through its subsidiary Vestastone SA/NV, in which Monceau Vesta SA/NV holds a 6.5 % stake, a portfolio
of six nursing and care homes in Italy.
Aspria
Cofinimmo acquired two sport and wellness centres in Germany. The Aspria group holds a 5.1 % interest in Aspria Maschsee BV and
Aspria Uhlenhorst BV.
In the fourth quarter of 2020, Cofinimmo purchased this 5.1 %.
It should be noted that the holding of these minority interests by third-party companies outside the group, and therefore not controlled by
Cofinimmo, is considered as non-material with regard to all the group’s equity : at 31.12.2021, minority interests amounted to 54 million EUR,
compared to Cofinimmo’s equity of 3,288 million EUR, i.e. 1.7 %.
Change in non-controlling interests
(x 1,000 EUR) Cofinimur I Pubstone Vestastone Aspria
Maschsee
Aspria
Uhlenhorst
Total
ATLAND MCB holders InBev Monceau Aspria Aspria
AT 31.12.2019
0 67,942 13,667 0 530 486 82,625
Interests on income statement
0 -3,748 175 0 -4 -11 -3,588
MCB Coupons
0 -3,009 0 0 0 0 -3,009
Dividends
0 0 -1,296 0 0 0 -1,296
Other
0 856 0 0 -525 -475 -144
AT 31.12.2020
0 62,041 12,546 0 0 0 74,587
Interests on income statement
0 1,902 800 -37 0 0 2,666
MCB Coupons
0 -3,175 0 0 0 0 -3,175
Dividends
0 0 -1,199 0 0 0 -1,199
Other
0 -23,682 0 5,062 0 0 -18,620
AT 31.12.2021
0 37,087 12,146 5,025 0 0 54,259
Associates and joint ventures
As at 31.12.2021, the Cofinimmo group owns associates (Aldea Group, SCI Foncière CRF and nine companies which are developing
nine eco-friendly healthcare campuses in the Land of North Rhine-Westphalia) and the joint ventures (BPG Congres and BPG Hotel)
recognised using the equity consolidation method, since the group exercises control over these companies pursuant to contractual
cooperation agreements with its partner shareholders.
In view of their share in the result of the Cofinimmo group in 2021, these associates and joint ventures are considered as immaterial.
1. The term ‘non-controlling interests’ as defined under IFRS 12 corresponds to minority interests.
ANNUAL ACCOUNTS
295
Joint ventures and associates – General information
Company BPG Congres BPG Hotel 9 healthcare
campuses to
be developed
in Germany
Aldea Group SCI Foncière CRF
Segment
Other Other Healthcare real
estate
Healthcare real
estate
Healthcare real
estate
Country
Belgium Belgium Germany Belgium France
% held by Cofinimmo group
51 % 51 % 99.99 % 27.1 % 39 %
Partner shareholders
CFE (49 %) CFE (49 %) DZI B,V, Miscellaneous French Red Cross
Date of company creation
2018 2018 2018-2019 2015 2000
Accounting period
Ends on
31 December
Ends on
31 December
Ends on
31 December
Ends on
31 December
Ends on
31 December
31.12.2021 31.12.2021 31.12.2021 31.12.2021 31.12.2021
Amount of the Cofinimmo share in the result
(x 1,000 EUR)
Share in the result of associates or
joint ventures
-38 -18 -1,489 190 3,660
Amount of the interest at Cofinimmo
(x 1,000 EUR)
Participations in associates or
joint ventures
800 655 7,073 20,610 50,524
RISKS AND COMMITMENTS RELATED TO THE PARTNER SHAREHOLDERS
The partnership within the framework of BPG Congres and BPG Hotel was concluded with the CFE group as part of the NEO II public-
private partnership project. Regarding this project, on 16.10.2020, the public authorities involved, namely the city of Brussels, the Brussels-
Capital Region and the scrl NEO, put an end to the development of the convention centre and hotel project on the Heysel, in view of
the uncertainties linked to the current health crisis.
Cofinimmo holds 51 % of the shares of these structures. However, the partnership agreement stipulates that all decisions, particularly
with regard to investments and divestments, are taken in mutual consent, which implies a joint control of the company.
On 15.12.2020, Cofinimmo acquired a 26.6 %
1
stake in the capital of the Aldea group. Cofinimmo is a partner of Aldea to support the
further growth of this group and exercise a significant influence.
On 24.12.2020, Cofinimmo stepped into the capital of a property company (société civile immobilière - ‘SCI’) created by the French Red
Cross and which owns six sites. The stake in the capital of the company amounts to 39 %, which also enables Cofinimmo to exercise a
significant influence.
Cofinimmo holds a stake in the capital of nine companies which are developing nine eco-friendly healthcare campuses in the Land
of North Rhine-Westphalia, in Germany. The projects are pre-let to Schönes Leben Gruppe, with which ‘Dach und Fach’ leases have
been concluded for a term of 25 years. The payment of the shares will be staggered over time (from 2020 to 2023), period duing which
Cofinimmo will exercise a significant influence on those nine companies.
Note 41. Sales options permitted for non-controlling shareholders
The group has committed vis-à-vis the non-controlling shareholders of certain subsidiaries to acquire their shares in the companies,
if they were to exercise their put options.
The exercise price of such options permitted for non-controlling shareholders is recognised in the line ‘Other non-current financial liabilities’
(see Note 25).
It concerns the following companies : Great German Nursing Homes SARL, Pflege Plus + Objekt Alsdorf GmbH, Pflege Plus + Objekt
Bochum GmbH, Pflege Plus + Objekt Bottrop GmbH, Pflege Plus + Objekt Erftstadt/Liblar GmbH, Pflege Plus + Objekt Friedrichstadt
GmbH, Pflege Plus + Objekt Gelsenkirchen GmbH, Pflege Plus + Objekt Goslar GmbH, Pflege Plus + Objekt Haan GmbH, Pflege Plus +
Objekt Swisttal GmbH, Pflege Plus + Objekt Weil am Rhein GmbH, Pflege Plus + Objekt Weilerswist GmbH, Presidential Nordic 1 GmbH
& Co. KG, Presidential Nordic 2 GmbH & Co. KG, ARCON-TRUST dritte Immobilienanlagen GmbH and Bad Schonborn Properties S.C.S.
and Salza Verwaltungs GmbH.
1. In 2021, the group’s stake went up to 27.1 %.
ANNUAL ACCOUNTS
296
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Note 42. Payments based on shares
STOCK OPTION PLAN
In 2006, Cofinimmo launched a stock option plan whereby 8,000 stock options were granted to the group’s management. This plan
was relaunched during each of the following years until 2016 included. Since 2017, the stock option plan has no longer been proposed.
When they are exercised, the beneficiaries will pay the exercise price (per share) of the year in which the stock options were granted, in
exchange for the delivery of securities. In the event of voluntary or involuntary departure (excluding premature termination for serious
reasons) of a beneficiary, the stock options accepted and vested may be exercised after the end of the third calendar year following
the year in which the stock options were granted. Options that have not been vested are cancelled, except when retiring. In the event
of the involuntary departure of a beneficiary for serious reasons, all stock options accepted but not exercised, whether vested or not,
are cancelled. These conditions governing the acquisition and the exercise periods in the event of a departure, whether voluntary or
involuntary, will apply without prejudice to the powers of the board of directors for the members of the executive committee or the
powers of the executive committee for the other participants to authorise waivers to these provisions in favour of the beneficiary, based
on objective and relevant criteria.
Evolution of the number of stock options
Year of the plan 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Granted
6,825 7,525 3,000 3,320 4,095 8,035 5,740 7,215 6,730 7,300 8,000
Cancelled
-1,600 -1,600 0 -500 -1,067 -1,386 -250 -695 -2,125 -2,050 -2,350
Exercised
-875 -1,525 -450 -770 -1,428 -6,649 -5,370 -6,303 -2,880 -5,000 -5,550
Expired
0 0 0 0 0 0 -120 -217 0 0 -100
AT 31.12.2021
4,350 4,400 2,550 2,050 1,600 0 0 0 1,725 250 0
Exercisable at 31.12
4,350 4,400 2,550 2,050 1,600 0 0 0 1,725 250 0
Strike price (in EUR)
108.44 95.03 88.75 88.12 84.85 97.45 93.45 86.06 122.92 143.66 129.27
Last exercise date
15,06,2026 16,06,2025 16,06,2024 16,06,2023 18,06,2022 14,06,2021 13,06,2020 11,06,2019 12,06,2023 12,06,2022 13,06,2021
Fair value of the options
at the date of granting
(x 1,000 EUR)
200.86 233.94 102.99 164.64 168.18 363.90 255.43 372.44 353.12 261.27 216.36
Cofinimmo applies the IFRS 2 standard by recognising, over the vesting period (namely three years), the fair value of the stock options
at the date of granting according to the progressive acquisition method. The annual cost of the progressive vesting is recognised under
the item ‘Personnel charges’ on the income statement.
Note 43. Average number of people linked by an employment contract or
by a permanent service contract
2021 2020
Average number of people linked by an employment contract or by a permanent service contract
144 132
Employees
139 127
Executive management personnel
5 5
Full-time equivalent
133 124
Note 44. Related-party transactions
The emoluments and insurance premiums, borne by Cofinimmo and its subsidiaries, for the benefit of the members of the board of
directors, and recognised on the income statement, amount to 4,003,513 EUR, of which 348,000 EUR is attributed to post-employment
benefits.
The chapter ‘Corporate governance statement’ of this document includes the composition of the various decision-making bodies
and the tables on the remuneration of the non-executive and executive directors. The dierence between the amount on the income
statement and that stated in the tables is explained by movements in provisions.
The directors are not beneficiaries of the profit-sharing scheme, which exclusively concerns the employees of the group.
ANNUAL ACCOUNTS
297
Note 45. Events after closing date
No major event that could have a considerable impact on the results as at 31.12.2021 took place after the closing date.
Issuance of a new sustainable bond early 2022
On 17.01.2022, Cofinimmo issued a second benchmark-sized sustainable public bond for an amount of 500 million EUR. The bonds will
carry a coupon of 1 % per annum and will mature on 24.01.2028. The proceeds will be entirely allocated to the (re)financing of assets,
in accordance with Cofinimmo’s sustainable financing framework of May 2020. The selected assets as well as the other aspects of
sustainable financing defined by the group will be detailed in the 2021 universal registration document. The new issue is listed on
Euronext Growth Brussels. The settlement and admission to trading of the bonds took place on 24.01.2022.
Acquisition of a plot of land for the construction of a nursing and care home in Oviedo (Asturias - ES)
On 25.01.2022, Cofinimmo acquired, through a subsidiary, a plot of land in the autonomous community of Asturias. The site will see the
construction of a new nursing and care home. The investment budget for both the plot of land and the works amounts to approximately
11 million EUR. The site is pre-let to Amavir, one of the country’s leading operators. The new nursing and care home will be built in Oviedo,
the capital of the autonomous community and the province of Asturias. The city counts over 220,000 inhabitants. After work completion,
the building will have a total surface area of approximately 6,500 m and will oer 144 beds. It will be located in a newly-developed
mixed area, combining residential districts with shopping streets, within walking distance from the Camino Montecerrao park. The site
will be easily accessible thanks to several road connections as well as the proximity of several bus stops and a train station. In addition,
several charging stations for electric vehicles will be installed in the parking facility of the site. Modern and sustainable materials as
well as the latest techniques will be used for the construction. Remotely readable meters will help reduce the energy intensity of the
building, for which Cofinimmo aims for an A-level energy label as well as a BREEAM Excellent certification. Works are expected to start
in Q1 2022 within the framework of a turnkey project. The delivery of the nursing and care home is currently scheduled for Q4 2023,
when the lease will start. The amounts corresponding to the construction works will be paid depending on the percentage of completion
of the works. A double-net lease with a term of 25 years has been signed with the operator Amavir. The rent will be indexed annually
according to the Spanish consumer price index. The gross rental yield is in line with current market conditions.
Acquisition of a plot of land for the construction of a nursing and care home in Elche (Valencia - ES)
On 17.02.2022, Cofinimmo acquired, through a subsidiary, a plot of land in the autonomous community of Valencia. The site will see
the construction of a new nursing and care home. The investment budget (including the plot of land and the works) amounts to
approximately 8 million EUR. The site is pre-let to Grupo Casaverde, one of the leading operators in neurological rehabilitation as
well as in the care and well-being of dependent elderly people in Spain. The new nursing and care home will be located in Elche, in
the province of Alicante. With a population of more than 230,000 inhabitants, Elche is the second largest city of the province and the
third largest city of the autonomous community. The complex will be located near the city centre of Elche and the municipal park El
Palmeral. It will be easily accessible by public transport. The new nursing and care home will also play a significant role in the area as
it will help meet the increasing need for care facilities for dependent elderly people in the province of Alicante. After work completion,
the site will oer a surface area of approximately 6,000 m and 150 beds spread over a ground floor and 4 storeys. The nursing and
care home will count more than 80 % of individual bedrooms which will be divided into co-living units. The entire building is designed
for the residents’ well-being. With this building, Cofinimmo aims for an A-level energy performance. The construction works will start
shortly within the framework of a turnkey project, and the delivery of the new nursing and care home is currently scheduled for Q4 2023.
A triple-net lease has been concluded with the operator Grupo Casaverde for a term of 25 years. The rent will be indexed annually
according to the Spanish consumer price index. The gross rental yield is in line with current market conditions.
Acquisition of a plot of land for the construction of a nursing and care home in Castellón de la Plana (Valencia - ES)
On 18.02.2022, Cofinimmo acquired, through a subsidiary, a plot of land in the autonomous community of Valencia. The site will see the
construction of a new nursing and care home. The investment budget for both the plot of land and the works amounts to approximately
11 million EUR. The site is pre-let to Solimar, part of Vivalto Group. The new nursing and care home is located in Castellón de la Plana,
a city of more than 170,000 inhabitants in the province of Castellón, part of the autonomous community of Valencia, where there is a
need for high-quality healthcare real estate. The building will have a total surface area of 5,600 m and will oer 136 beds. Located in
a residential area, close to a hospital and the city-centre, the site will be easily accessible thanks to several bus lines and the proximity
of the train station of Castellón de La Plana. The parking will also oer two charging stations for electric vehicles and two parking
spaces reserved for shared vehicles.
Sustainable materials with a long lifecycle and high thermal performance will be used to improve the energy intensity of the building,
for which Cofinimmo aimed for an A-level energy performance and a BREEAM Excellent certification. Works are expected to start
in March 2022, within the framework of a turnkey project, and the delivery of the nursing and care home is currently scheduled
for April 2024. The amounts corresponding to the construction works will be paid depending on the percentage of completion of the
works. A triple-net lease with a term of 25 years has been signed with the operator Solimar. The rent will be indexed according to the
Spanish consumer price index. The gross rental yield is in line with current market conditions.
ANNUAL ACCOUNTS
298
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Acquisition of a nursing and care home in Normandy (FR)
On 21.02.2022, Cofinimmo acquired a nursing and care home in Normandy. This is the second phase of the acquisition of healthcare real
estate sites in Normandy announced on 01.02.2021. The investment amounts to nearly 27 million EUR. The site is already pre-let to DomusVi.
The nursing and care home is located in Le Havre, in the department of Seine-Maritime, in Normandy, which counts approximately
3.5 million inhabitants. Built in 2010, the site is currently in operation. In total, it oers 104 beds for long-term placement, of which 45 are
dedicated to people suering from Alzheimer’s disease, 7 places for short- to medium-term placement as well as 15 day-care places,
both also dedicated to the same type of patients, spread over a total surface area of approximately 6,300 m. Located in a densely
populated urban area which counts several residential areas, the site is easily accessible thanks to extensive road and public transport
connections. The site also benefits from the proximity of the private hospital L’Estuaire. Finally, the energy consumption of the building
will be monitored to meet environmental standards. A double-net lease has been signed with the operator DomusVi for a fix term of
12 years. The rent will be indexed annually and the gross rental yield is in line with current market conditions.
Future disposal of the Everegreen oce building (BE)
On 25.01.2022, Cofinimmo Oces SA/NV, a 100 % subsidiary of Cofinimmo, signed a private agreement relating to the divestment
(by Q4 2023, at the end of the current usufruct) of the Everegreen oce building, located rue de Genèvestraat 12 in 1140 Evere, in
the decentralised area of Brussels, for approximately 23 million EUR. This amount is in line with the latest fair value as determined
by Cofinimmo’s independent real estate valuer prior to the conclusion of the above-mentioned agreement. The divestment of the
Everegreen building is fully in line with Cofinimmo’s strategy in the oce segment. The building oers over 16,000 m of oce space
and more than 300 parking spaces. It was built in the early 1990’s and is currently entirely leased.
DIVIDEND
The amount of the dividend proposed to shareholders at the ordinary general meeting of 11.05.2022 will be 189,950,148.00 EUR for the
shares and 95,250.00 EUR for treasury shares held by the subsidiary Gestone III SA/NV (for more details, see Note 20).
Note 46. Climate-related aspects
Climate-related aspects are addressed in the ESG report and its appendices included in the universal registration document. In addition,
Notes 21 (goodwill) and 22 (investment properties) to these consolidated financial statements refer to these aspects.
ANNUAL ACCOUNTS
299
STATUTORY AUDITOR’S REPORT
ON THE CONSOLIDATED FINANCIAL
STATEMENTS
Statutory auditor’s report to the shareholders’ meeting of Cofinimmo NV/SA for the year
ended 31 December 2021 - Consolidated financial statements
In the context of the statutory audit of the consolidated financial statements of Cofinimmo NV/SA (“the company”) and its subsidiaries
(jointly “the group”), we hereby submit our statutory audit report. This report includes our report on the consolidated financial statements
and the other legal and regulatory requirements. These parts should be considered as integral to the report.
We were appointed in our capacity as statutory auditor by the shareholders’ meeting of 13 May 2020, in accordance with the proposal of
the board of directors (“bestuursorgaan” / “organe d’administration”) issued upon recommendation of the audit committee. Our mandate
will expire on the date of the shareholders’ meeting deliberating on the financial statements for the year ending 31 December 2022.
We have performed the statutory audit of the consolidated financial statements of Cofinimmo NV/SA for 29 consecutive periods .
Report on the consolidated financial statements
UNQUALIFIED OPINION
We have audited the consolidated financial statements of the group, which comprise the consolidated statement of financial position
as at 31 December 2021, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flow for the year (then ended, as well as the summary of significant accounting policies and other
explanatory notes. The consolidated statement of financial position shows total assets of 6 176 953 (000) EUR and the consolidated
comprehensive result shows a net profit – Group Share for the year then ended of 260 337 (000) EUR.
In our opinion, the consolidated financial statements give a true and fair view of the group’s net equity and financial position as of
31 December 2021 and of its consolidated results and its consolidated cash flow for the year then ended, in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable
in Belgium.
BASIS FOR THE UNQUALIFIED OPINION
We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In addition, we have
applied the International Standards on Auditing approved by the IAASB applicable to the current financial year, but not yet approved
at national level. Our responsibilities under those standards are further described in the “Responsibilities of the statutory auditor for the
audit of the consolidated financial statements” section of our report. We have complied with all ethical requirements relevant to the
statutory audit of consolidated financial statements in Belgium, including those regarding independence.
We have obtained from the board of directors and the company’s ocials the explanations and information necessary for performing
our audit.
We believe that the audit evidence obtained is sucient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as
a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
ANNUAL ACCOUNTS
300
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Key audit matters How our audit addressed the key audit matters
Valuation of investment properties
• Investment properties measured at fair value (5 710 million EUR)
represent 92,4 per cent of the consolidated balance sheet
total as at 31 December 2021. Changes in the fair values of
the investment properties have a significant impact on the
consolidated net result for the period and equity.
• The portfolio includes completed investments and properties
under construction, in renovation and acquisitions. Divestments
of investment properties are individually significant trans-
actions.
• The portfolio is valued at fair value, with development prop
-
erties valued by the same methodology with a deduction for
all costs necessary to complete the development together
with a remaining allowance for risk. The key inputs into the
valuation exercise are yields and current market rent, which
are influenced by prevailing market forces, comparable trans-
actions and the specific characteristics of each property in the
portfolio.
• The Group uses professionally qualified external valuers to
fair value the Group’s portfolio at three -monthly intervals. The
valuers are engaged by the Directors and performed their work
in accordance with the Royal Institute of Chartered Surveyors
(‘RICS’) Valuation – Professional Standards. The valuers used
by the Group have considerable experience in the markets in
which the Group operates.
• Therefore, the audit risk appears in the assumptions and critical
judgment linked to those key inputs, in particular the yield.
Reference to disclosures
• We refer to the financial statements, including notes to the
financial statements : Note 2, Significant accounting policies;
Note 22, Investment property.
• We considered the internal control implemented by manage-
ment and we carried out testing related to the design and
implementation of controls over investment properties.
• We assessed the competence, independence and integrity of
the external valuers.
• We discussed with the external valuers and challenged the
valuation process, performance of the portfolio and significant
assumptions and critical judgement areas.
• We benchmarked and challenged the key assumptions to exter-
nal industry data and comparable property transactions, in
particular the yield.
• We performed audit procedures to assess the integrity and
completeness of information provided to the independent valu-
ers related to rental income, key rent contract characteristics
and occupancy.
• We agreed the amounts per the valuation reports with the
accounting records and from there we agreed the related
balances with the financial statements.
• As part of our audit procedures performed on the acquisi
-
tions and divestments of properties we examined significant
contracts and documentation on the accounting treatment
applied to these transactions.
• Furthermore, we assessed the appropriateness of the disclo
-
sures provided on the fair value of investment properties.
ANNUAL ACCOUNTS
301
RESPONSIBILITIES OF THE BOARD OF DIRECTORS FOR THE PREPARATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The board of directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory require
-
ments applicable in Belgium and for such internal control as the board of directors determines is necessary to enable the preparation
of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the group’s ability to continue as
a going concern, disclosing, as applicable, matters to be considered for going concern and using the going concern basis of accounting
unless the board of directors either intends to liquidate the group or to cease operations, or has no other realistic alternative but to do so.
RESPONSIBILITIES OF THE STATUTORY AUDITOR FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a statutory auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable to the audit of
consolidated financial statements in Belgium. The scope of the audit does not comprise any assurance regarding the future viability
of the company nor regarding the eciency or eectiveness demonstrated by the board of directors in the way that the company’s
business has been conducted or will be conducted.
As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also :
• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from an
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the eectiveness of the group’s internal control;
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the board of directors;
• conclude on the appropriateness of the use of the going concern basis of accounting by the board of directors and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our statutory auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s report.
However, future events or conditions may cause the group to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the consolidated financial statements, and whether the consolidated
financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
• obtain sucient appropriate audit evidence regarding the financial information of the entities and business activities within the group
to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance
of the group audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independ
-
ence, and we communicate with them about all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated to the audit committee, we determine those matters that were of most significance in the audit of
the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our
report unless law or regulation precludes any public disclosure about the matter.
ANNUAL ACCOUNTS
302
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Other legal and regulatory requirements
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
The board of directors is responsible for the preparation and the content of the directors’ report on the consolidated financial statements
and other matters disclosed in the annual report on the consolidated financial statements.
RESPONSIBILITIES OF THE STATUTORY AUDITOR
As part of our mandate and in accordance with the Belgian standard complementary to the International Standards on Auditing (ISA)
as applicable in Belgium, our responsibility is to verify, in all material respects, the director’s report on the consolidated financial state
-
ments and other matters disclosed in the annual report on the consolidated financial statements, as well as to report on these matters.
ASPECTS REGARDING THE DIRECTORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
In our opinion, after performing the specific procedures on the directors’ report on the consolidated financial statements, this report is
consistent with the consolidated financial statements for that same year and has been established in accordance with the requirements
of article 3:32 of the Code of companies and associations.
In the context of our statutory audit of the consolidated financial statements we are also responsible to consider, in particular based
on information that we became aware of during the audit, if the directors’ report on the consolidated financial statements and other
information disclosed in the annual report on the consolidated financial statements, i.e. :
• the required components of the Cofinimmo SA/NV annual report in accordance with Articles 3:32 of the Code of companies and
associations, which appear in the following chapters : Risk Factors, Management report – Transactions and performances in 2021,
Management report - Management of financial resources, Management report – Summary of the consolidated accounts, Management
report - Events after 31 December 2021, Management report – 2022 Outlook, Corporate governance statement – Internal Control and
Risk Management
are free of material misstatement, either by information that is incorrectly stated or otherwise misleading. In the context of the proced
-
ures performed, we are not aware of such material misstatement.
STATEMENTS REGARDING INDEPENDENCE
• Our audit firm and our network have not performed any prohibited services and our audit firm has remained independent from
the group during the performance of our mandate.
• The fees for the additional non-audit services compatible with the statutory audit, as defined in article 3:65 of the Code of companies
and associations, have been properly disclosed and disaggregated in the notes to the consolidated financial statements.
SINGLE EUROPEAN ELECTRONIC FORMAT (ESEF)
In accordance with the draft standard on the audit of the compliance of the financial statements with the Single European Electronic
Format (“ESEF”), we have also performed the audit of the compliance of the ESEF format and of the tagging with the technical regulatory
standards as defined by the European Delegated Regulation No. 2019/815 of 17 December 2018 (“Delegated Regulation”).
The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial state-
ments in the form of an electronic file in ESEF format (“digital consolidated financial statements”) included in the annual financial report.
Our responsibility is to obtain sucient and appropriate evidence to conclude that the format and the tagging of the digital consoli-
dated financial statements comply, in all material respects, with the ESEF requirements as stipulated by the Delegated Regulation.
Based on our work, in our opinion, the format and the tagging of information in the digital consolidated financial statements included
in the annual financial report of Cofinimmo NV/SA as of 31 December 2021 are, in all material respects, prepared in accordance with
the ESEF requirements as stipulated by the Delegated Regulation.
OTHER STATEMENTS
• This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation (EU) No 537/2014.
Signed at Zaventem, 15
th
March 2022.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
ANNUAL ACCOUNTS
303
Comprehensive result (income statement) (abbreviated format)
(x 1,000 EUR) 2021 2020
A. Net result
Rental income
120,914 127,127
Writeback of lease payments sold and discounted
5,446 9,444
Rental-related expenses
61 -740
Net rental income
126,421 135,831
Recovery of property charges
347 468
Recovery income of charges and taxes normally payable by the tenant on rented properties
18,047 9,572
Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease
-1,149 -231
Charges and taxes normally payable by the tenant on rented properties
-19,497 -11,015
Property result
124,169 134,625
Technical costs
-2,288 -3,602
Commercial costs
-780 -1,168
Taxes and charges on unlet properties
-2,097 -2,569
Property management costs
-18,150 -15,505
Other property charges
0 0
Property charges
-23,315 -22,843
Property operating result
100,854 111,782
Corporate management costs
-7,779 -6,645
Operating result before result on the portfolio
93,074 105,137
Gains or losses on disposals of investment properties
812 2,452
Gains or losses on disposals of other non-financial assets
0 0
Changes in the fair value of investment properties
4,947 5,283
Other result on the portfolio
-6,677 -5,503
Result on the portfolio
-919 2,231
Operating result
92,155 107,368
Financial income
89,601 71,831
Net interest charges
-24,017 -23,266
Other financial charges
-2,405 -638
Changes in the fair value of financial assets and liabilities
109,382 -30,191
Financial result
172,561 17,737
Pre-tax result
264,717 125,105
Corporate tax
-3,082 -2,331
NET RESULT
261,635 122,774
B. Other elements of the comprehensive result recyclable in the income statement
Change in the eective part of the fair value of authorised cash flow hedging instruments
0 0
Impact of the recycling on the income statement of hedging instruments for which the relationship with the
hedged risk was terminated
0 0
Convertible bonds
1,873 7,721
Other elements of the comprehensive result
1,873 7,721
C. Comprehensive result
263,508 130,495
FINANCIAL STATUTORY
STATEMENTS
ANNUAL ACCOUNTS
304
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Appropriations and deductions
(x 1,000 EUR) 2021 2020
A. Net result
261,635 122,774
B. Transfer from/to reserves
-71,258 48,493
Transfer to the reserve of the positive balance of changes in the fair value of property assets
-74,456 -5,283
Financial year
-74,456 -5,283
Previous years
0 0
Transfer to the reserve of the negative balance of changes in the fair value of property assets
0 9,738
Financial year
0 9,738
Previous years
0 0
Transfer to the reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of
investment properties
0 0
Transfer to the reserve of the balance of the changes in the fair value of authorised hedging instruments
qualifying for hedge accounting
0 0
Financial year
0 0
Previous years
0 0
Transfer to the reserve of the balance of the changes in the fair value of authorised cash flow hedging
instruments not qualifying for hedge accounting
-38,630 20,448
Financial year
-38,630 20,448
Previous years
0 0
Transfer from/to other reserves
-51 19
Transfer from the result carried forward from previous years
41,879 23,572
C. Distribution
0 -80,571
Distribution provided for in article 13, § 1, 1
st
paragraph of the royal decree of 13.07.2014
0 -80,571
D. Remuneration for financial year other than distribution
-190,377 -90,696
Dividends
-190,045 -90,286
Profit-sharing scheme
-332 -410
E. Result to be carried forward
162,540 13,788
ANNUAL ACCOUNTS
305
Statement of financial situation (balance sheet) (abbreviated format)
(x 1,000 EUR) 2021 2020
Non-current assets
5,243,957 4,997,091
Intangible assets
2,486 2,172
Investment properties
1,520,982 2,343,818
Other tangible assets
1,772 1,422
Non-current financial assets
3,623,577 2,554,110
Finance lease receivables
94,948 95,569
Other long-term receivables
191 0
Trade receivables and other non-current assets
0 0
Current assets
49,387 68,324
Assets held for sale
0 3,320
Current financial assets
0 0
Finance lease receivables
2,018 2,030
Trade receivables
23,007 15,449
Tax receivables and other current assets
6,126 19,390
Cash and cash equivalents
2,917 1,033
Accrued charges and deferred income
15,319 27,102
TOTAL ASSETS
5,293,344 5,065,416
Shareholders’ equity
3,234,052 2,575,301
Capital
1,698,517 1,450,210
Share premium account
994,904 883,442
Reserves
278,997 118,875
Net result for the financial year
261,635 122,774
Liabilities
2,059,292 2,490,115
Non-current liabilities
990,236 1,370,514
Provisions
26,894 25,329
Non-current financial debts
904,256 1,246,813
Credit institutions
235,987 389,672
Other
668,269 857,141
Other non-current financial liabilities
50,932 90,436
Deferred taxes
8,154 7,937
Current liabilities
1,069,057 1,119,601
Current financial debts
1,027,342 1,035,945
Other current financial liabilities
165 206
Trade debts and other currect debts
36,999 67,622
Accrued chargers and deferred income
4,552 15,829
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
5,293,344 5,065,416
ANNUAL ACCOUNTS
306
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Calculation of the debt-to-assets ratio
(x 1,000 EUR) 2021 2020
Non-current financial debts
904,256 1,246,813
Other non-current financial liabilities (except hedging instruments)
+ 455 390
Current financial debts
+ 1,027,342 1,035,945
Trade debts and other current debts
+ 36,999 67,622
Uncalled amounts of acquired securities
+ 180 180
Total debt
= 1,969,232 2,350,950
Total assets
5,293,344 5,065,416
Hedging instruments
- 5,570 382
Total assets (except hedging instruments)
= 5,287,774 5,065,034
DEBT-TO-ASSETS RATIO
/ 37.24 % 46.42 %
Kris Ceuppens – Head of Pubstone &
Muriel Peeters – Property management assistant &
Concetto Magro – Senior property manager
ANNUAL ACCOUNTS
307
Obligation to distribute dividends according to the Royal decree
of 13.07.2014 concerning RRECs
(x 1,000 EUR) 2021 2020
Net result
261,635 122,774
Depreciation (+)
1,162 963
Impairments (+)
23 134
Writeback of impairments (-)
-30 -18
Writeback of lease payments sold and discounted (-)
-5,446 -9,444
Other non-cash elements (+/-)
-31,909 23,128
Result on disposal of property assets (+/-)
-812 -2,452
Changes in fair value of investment properties (+/-)
-74,456 4,455
Corrected result (A)
150,168 139,539
Capital gains and losses realised
1
on property assets during the financial year (+/-)
2,195 -38,784
Realised gains
1
on property assets during the year, exempt from the obligation to distribute
if reinvested within four years (-)
-2,229 -42
Realised gains on property assets previously exempt from the obligation to distribute and that were not
reinvested within four years (+)
0 0
Net gains on realisation of property assets not exempt from the distribution obligation (B)
-34 -38,826
TOTAL (A+B) x 80 %
120,107 80,571
Debt decrease (-)
-381,719 0
Obligation to distribute dividends
0 80,571
Reconciliation between balance sheet and balance sheet after proposed allocation
(proforma A) and balance sheet after proposed distribution (proforma B)
1. Compared to the acquisition value plus the capitalised renovation costs.
(x 1,000 EUR) As at 31.12.2021 Allocation
pro posed at the
general meeting
of 11.05.2022
Proforma A
31.12.2021
Distribution
proposed at the
general meeting
of 11.05.2022
Proforma B
31.12.2021
Total balance sheet
5,293,344 0 5,293,344 0 5,293,344
Provision
-26,894 0 -26,894 0 -26,894
Liabilities
-2,032,398 0 -2,032,398 0 -2,032,398
Net assets
3,234,052 0 3,234,052 0 3,234,052
Distribution of dividends and profit-sharing plan
0 0 0 -190,377 -190,377
Net assets after distribution
3,234,052 0 3,234,052 -190,377 3,043,675
Capital
1,698,517 0 1,698,517 0 1,698,517
Unavailable share premiums
356,214 0 356,214 0 356,214
Available share premiums
638,689 0 638,689 0 638,689
Reserve of the positive balance of changes in the fair
value of property assets
123,398 74,456 197,854 0 197,854
Reserve of the estimated transaction costs and rights
resulting from the hypothetical disposal of investment
properties
0 0 0 0 0
Reserve of the balance of the changes in the fair value
of authorised hedging instruments qualifying for hedge
accounting
-48,643 38,630 -10,013 0 -10,013
Reserve of the balance of the changes in the fair value
of authorised hedging instruments not qualifying for
hedge accounting
0 0 0 0 0
Reserve for treasury shares
-1,155 0 -1,155 0 -1,155
Other reserves declared non-distributable by
the general meeting
978 51 1,029 0 1,029
Legal reserve
0 0 0 0 0
Result carried forward
204,418 148,498 352,917 -190,377 162,540
Annual result
261,635 -261,635 0 0 0
Total equity
3,234,052 0 3,234,052 -190,377 3,043,675
ANNUAL ACCOUNTS
308
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Equity that cannot be distributed according to article 7:212 of the Code of companies
and associations
(x 1,000 EUR) 2021 2020
Total balance sheet
5,293,344 5,065,416
Provision
-26,894 -25,329
Liabilities
-2,032,398 -2,464,786
Net assets
3,234,052 2,575,301
Capital increase of 08.03.2021
0 177,850
Capital increase of 08.04.2021
0 103,126
Distribution of dividends and profit-sharing plan
-190,377 -171,267
Net assets after distribution
3,043,675 2,685,010
Paid-up capital or, if greater, subscribed capital
1,698,517 1,580,165
Share premium account unavailable for distribution according to the articles of association
356,214 356,214
Reserve of the positive balance of changes in the fair value of property assets
197,854 109,430
Reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of investment
properties
0 0
Reserve of the balance of the changes in the fair value of authorised hedging instruments qualifying for hedge
accounting
0 0
Reserve of the balance of the changes in the fair value of authorised hedging instruments not qualifying for
hedge accounting
-10,013 -52,550
Reserve for treasury shares
0 0
Other reserves declared non distributable by the general meeting
1,029 1,618
Legal reserve
0 0
Non-distributable equity according to article 7:212 of Code of companies and associations
2,243,601 1,994,877
Margin remaining after distribution
800,074 690,133
The general meeting of 28.07.2020 decided to reduce the unavailable ‘Share Premiums’ account by 450,000,000 EUR by transfer to an
available ‘Share Premiums’ account.
ANNUAL ACCOUNTS
309
Consolidated statement of changes in shareholders’ equity
(x 1,000 EUR) At 31.12.2019 Allocation
of the net result
Dividends/
coupons
Share
issue
Acquisition/
disposals
of treasury
shares
Hedging of
cash flows
Transfer between
distributable
reserves and
non-distributable
reserves on asset
disposals
Other Result of the
financial year
At 31.12.2020
Capital
1,385,227 0 0 64,983 0 0 0 0 0 1,450,210
Share premiums
806,214 0 0 77,227 0 0 0 0 0 883,442
Reserves
58,398 197,542 -145,036 0 254 0 0 7,717 0 118,875
Reserve of the balance of changes in the fair value of property assets
67,257 67,246 0 0 0 0 40,426 -61,0431
1
0 113,884
Reserve of estimated transaction costs resulting from the hypothetical disposal of
investment properties
-55,403 -6,453 0 0 0 0 810 61,0431
1
0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is not applied
-3,800 -24,394 0 0 0 0 0 0 0 -28,195
Distributable reserve
824 0 0 0 0 0 0 0 0 824
Non-distributable reserve
-1,076 4 0 0 -18 0 0 0 0 -1,090
Reserve of the change in the fair value of the convertible bond attributable to the
change of ‘own’ credit risk
-11,627 0 0 0 0 0 0 7,721 0 -3,906
Deferred result
62,223 161,139 -145,036 0 272 0 -41,236 -4 0 37,360
Net result of the financial year
197,542 -197,542 0 0 0 0 0 0 122,774 122,774
TOTAL SHAREHOLDERS’ EQUITY
2,447,381 0 -145,036 142,210 254 0 0 7,717 122,774 2,575,301
(x 1,000 EUR) At 31.12.2020 Allocation
of the net result
Dividends/
coupons
Share
issue
Acquisition/
disposals
of treasury
shares
Hedging of
cash flows
Transfer between
distributable
reserves and
non-distributable
reserves on asset
disposals
Other Result of the
financial year
At 31.12.2021
Capital
1,450,210 0 0 248,306 0 0 0 0 0 1,698,517
Share premiums
883,442 0 0 313,673 0 0 -202,211 0 0 994,904
Reserves
118,875 122,774 -171,267 0 109 0 202,211 6,295 0 278,997
Reserve of the balance of changes in the fair value of property assets
113,884 -4,455 0 0 0 0 13,969 0 0 123,398
Reserve of estimated transaction costs resulting from the hypothetical disposal of
investment properties
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is not applied
-28,195 -20,448 0 0 0 0 0 0 0 -48,643
Distributable reserve
824 0 0 0 0 0 0 0 0 824
Non-distributable reserve
-1,090 -19 0 0 109 0 0 0 0 -1,000
Reserve of the change in the fair value of the convertible bond attributable to the
change of ‘own’ credit risk
-3,906 0 0 0 0 0 2,033 1,873 0 0
Deferred result
37,360 147,695 -171,267 0 0 0 186,209 4,421 0 204,418
Net result of the financial year
122,774 -122,774 0 0 0 0 0 0 261,635 261,635
TOTAL SHAREHOLDERS’ EQUITY
2,575,301 0 -171,267 561,979 109 0 0 6,295 261,635 3,234,052
ANNUAL ACCOUNTS
310
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Consolidated statement of changes in shareholders’ equity
(x 1,000 EUR) At 31.12.2019 Allocation
of the net result
Dividends/
coupons
Share
issue
Acquisition/
disposals
of treasury
shares
Hedging of
cash flows
Transfer between
distributable
reserves and
non-distributable
reserves on asset
disposals
Other Result of the
financial year
At 31.12.2020
Capital
1,385,227 0 0 64,983 0 0 0 0 0 1,450,210
Share premiums
806,214 0 0 77,227 0 0 0 0 0 883,442
Reserves
58,398 197,542 -145,036 0 254 0 0 7,717 0 118,875
Reserve of the balance of changes in the fair value of property assets
67,257 67,246 0 0 0 0 40,426 -61,0431
1
0 113,884
Reserve of estimated transaction costs resulting from the hypothetical disposal of
investment properties
-55,403 -6,453 0 0 0 0 810 61,0431
1
0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is not applied
-3,800 -24,394 0 0 0 0 0 0 0 -28,195
Distributable reserve
824 0 0 0 0 0 0 0 0 824
Non-distributable reserve
-1,076 4 0 0 -18 0 0 0 0 -1,090
Reserve of the change in the fair value of the convertible bond attributable to the
change of ‘own’ credit risk
-11,627 0 0 0 0 0 0 7,721 0 -3,906
Deferred result
62,223 161,139 -145,036 0 272 0 -41,236 -4 0 37,360
Net result of the financial year
197,542 -197,542 0 0 0 0 0 0 122,774 122,774
TOTAL SHAREHOLDERS’ EQUITY
2,447,381 0 -145,036 142,210 254 0 0 7,717 122,774 2,575,301
(x 1,000 EUR) At 31.12.2020 Allocation
of the net result
Dividends/
coupons
Share
issue
Acquisition/
disposals
of treasury
shares
Hedging of
cash flows
Transfer between
distributable
reserves and
non-distributable
reserves on asset
disposals
Other Result of the
financial year
At 31.12.2021
Capital
1,450,210 0 0 248,306 0 0 0 0 0 1,698,517
Share premiums
883,442 0 0 313,673 0 0 -202,211 0 0 994,904
Reserves
118,875 122,774 -171,267 0 109 0 202,211 6,295 0 278,997
Reserve of the balance of changes in the fair value of property assets
113,884 -4,455 0 0 0 0 13,969 0 0 123,398
Reserve of estimated transaction costs resulting from the hypothetical disposal of
investment properties
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is applied
0 0 0 0 0 0 0 0 0 0
Reserve of the balance of changes in the fair value of authorised hedging instruments
to which the hedging accounting defined in IFRS is not applied
-28,195 -20,448 0 0 0 0 0 0 0 -48,643
Distributable reserve
824 0 0 0 0 0 0 0 0 824
Non-distributable reserve
-1,090 -19 0 0 109 0 0 0 0 -1,000
Reserve of the change in the fair value of the convertible bond attributable to the
change of ‘own’ credit risk
-3,906 0 0 0 0 0 2,033 1,873 0 0
Deferred result
37,360 147,695 -171,267 0 0 0 186,209 4,421 0 204,418
Net result of the financial year
122,774 -122,774 0 0 0 0 0 0 261,635 261,635
TOTAL SHAREHOLDERS’ EQUITY
2,575,301 0 -171,267 561,979 109 0 0 6,295 261,635 3,234,052
1. In accordance with the FSMA circular of 02.07.2020.
ANNUAL ACCOUNTS
311
STATUTORY AUDITOR’S REPORT
ON THE FINANCIAL STATUTORY
STATEMENTS
Statutory auditor’s report to the shareholders’ meeting of Cofinimmo NV/SA for the year
ended 31 December 2021 - Annual accounts.
In the context of the statutory audit of the annual accounts of Cofinimmo NV/SA (the “company”), we hereby submit our statutory audit
report. This report includes our report on the annual accounts and the other legal and regulatory requirements. These parts should be
considered as integral to the report.
We were appointed in our capacity as statutory auditor by the shareholders’ meeting of 13 May 2020, in accordance with the proposal
of the board of directors (“bestuursorgaan” / “organe d’administration”) issued upon recommendation of the audit committee. Our
mandate will expire on the date of the shareholders’ meeting deliberating on the annual accounts for the year ending 31 December 2022.
We have performed the statutory audit of the annual accounts of Cofinimmo NV/SA for 29 consecutive periods.
Report on the annual accounts
UNQUALIFIED OPINION
We have audited the annual accounts of the company, which comprise the statement of financial position as at 31 December 2021, the
statement of comprehensive income, the statement of changes in equity and the statement of cash flow for the year then ended, as
well as the summary of significant accounting policies and other explanatory notes. The statement of financial situation shows total
assets of 5 293 344 (000) EUR and the comprehensive result shows a net profit for the year ended of 261 635 (000) EUR.
In our opinion, the annual accounts give a true and fair view of the company’s net equity and financial position as of 31 December 2021
and of its results for the year then ended, in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium.
BASIS FOR THE UNQUALIFIED OPINION
We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In addition, we have
applied the International Standards on Auditing approved by the IAASB applicable to the current financial year, but not yet approved
at national level. Our responsibilities under those standards are further described in the “Responsibilities of the statutory auditor for the
audit of the annual accounts” section of our report. We have complied with all ethical requirements relevant to the statutory audit of
the annual accounts in Belgium, including those regarding independence.
We have obtained from the board of directors and the company’s ocials the explanations and information necessary for performing
our audit.
We believe that the audit evidence obtained is sucient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts
of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
ANNUAL ACCOUNTS
312
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Key audit matters How our audit addressed the key audit matters
Valuation of investment properties and financial fixed
assets - participating interests in aliated enterprises
• Investment properties at fair value (1 520 982 (000) EUR)
and financial fixed assets - participating interests in related
companies (3 623 577 (000) EUR) together represent 97 % of
the balance sheet total as at 31 December 2021. Investment
properties are either directly held by Cofinimmo NV/SA or
either indirectly through participations in aliated companies
which are included in the balance sheet under financial fixed
assets at fair value. Changes in the fair value of the investment
properties have a significant impact on the net result for the
period and equity.
• The portfolio includes completed investments and properties
under construction and acquisitions.
• Acquisitions and disposals of investment property are separate
significant transactions.
• Cofinimmo NV/SA uses professionally qualified external valuers
to fair value the company’s portfolio at three - monthly inter-
vals. The valuers are engaged by the Directors and performed
their work in accordance with the Royal Institute of Chartered
Surveyors (‘RICS’) Valuation – Professional Standards. The valu-
ers used by Cofinimmo NV/SA have considerable experience
in the markets in which the company operates.
• The portfolio is valued at fair value, with development prop
-
erties valued by the same methodology with a deduction for
all costs necessary to complete the development together
with a remaining allowance for risk. The key inputs into the
valuation exercise are yields and current market rent, which
are influenced by prevailing market forces, comparable trans-
actions and the specific characteristics of each property in the
portfolio.
• Therefore, the audit risk appears in the assumptions and critical
judgment linked to those key inputs, in particular the yield.
Reference to disclosures
• We refer to the annual accounts, including notes to the annual
accounts : Note 2, Significant accounting policies; Note 22,
Investment property and Note 46, Financial assets.
• We considered the internal control implemented by manage-
ment and we carried out testing related to the design and
implementation of controls over investment properties.
• We assessed the competence, independence and integrity of
the external valuers.
• We discussed and challenged the valuation process, perform-
ance of the portfolio and significant assumptions and critical
judgement areas.
• We benchmarked and challenged the key assumptions to exter-
nal industry data and comparable property transactions, in
particular the yield.
• We performed audit procedures to assess the integrity and
completeness of information provided to the independent valu-
ers related to rental income, key rent contract characteristics
and occupancy.
• We agreed the amounts per the valuation reports with the
accounting records and from there we agreed the related
balances with the financial statements.
• As part of our audit procedures performed on the acquisi
-
tions and divestments of properties we examined significant
contracts and documentation on the accounting treatment
applied to these transactions.
• Furthermore, we assessed the appropriateness of the disclo
-
sures provided on the fair value of investment properties.
ANNUAL ACCOUNTS
313
RESPONSIBILITIES OF THE BOARD OF DIRECTORS FOR THE PREPARATION OF THE ANNUAL ACCOUNTS
The board of directors is responsible for the preparation and fair presentation of the annual accounts in accordance with the financial
reporting framework applicable in Belgium and for such internal control as the board of directors determines is necessary to enable
the preparation of the annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the annual accounts, the board of directors is responsible for assessing the company’s ability to continue as a going
concern, disclosing, as applicable, matters to be considered for going concern and using the going concern basis of accounting unless
the board of directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
RESPONSIBILITIES OF THE STATUTORY AUDITOR FOR THE AUDIT OF THE ANNUAL ACCOUNTS
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement,
whether due to fraud or error, and to issue a statutory auditor’s report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these annual accounts.
During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable to the audit of
annual accounts in Belgium. The scope of the audit does not comprise any assurance regarding the future viability of the company
nor regarding the eciency or eectiveness demonstrated by the board of directors in the way that the company’s business has been
conducted or will be conducted.
As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also :
• identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from an error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the eectiveness of the company’s internal control;
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the board of directors;
• conclude on the appropriateness of the use of the going concern basis of accounting by the board of directors and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our statutory auditor’s report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s report. However, future
events or conditions may cause the company to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the annual accounts, and whether the annual accounts represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate to the audit committee regarding, amongst other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independ
-
ence, and we communicate with them about all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated to the audit committee, we determine those matters that were of most significance in the audit of the
annual accounts of the current period and are therefore the key audit matters. We describe these matters in our report unless law or
regulation precludes any public disclosure about the matter.
Other legal and regulatory requirements
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
The board of directors is responsible for the preparation and the content of the directors’ report on the annual accounts, for the docu-
ments to be filed according to the legal and regulatory requirements, for maintaining the company’s accounting records in compliance
with the legal and regulatory requirements applicable in Belgium, as well as for the company’s compliance with the Code of companies
and associations and the company’s articles of association.
ANNUAL ACCOUNTS
314
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
RESPONSIBILITIES OF THE STATUTORY AUDITOR
As part of our mandate and in accordance with the Belgian standard complementary to the International Standards on Auditing
(ISA) as applicable in Belgium, our responsibility is to verify, in all material respects, the director’s report on the annual accounts, those
documents to be filed according to the legal and regulatory requirements and compliance with certain obligations referred to in the
Code of companies and associations and the articles of association, as well as to report on these matters.
ASPECTS REGARDING THE DIRECTORS’ REPORT
In our opinion, after performing the specific procedures on the directors’ report on the annual accounts, the directors’ report on the
annual accounts is consistent with the annual accounts for that same year and has been established in accordance with the require
-
ments of article 3:5 and 3:6 of the Code of companies and associations.
In the context of our statutory audit of the annual accounts we are also responsible to consider, in particular based on information that
we became aware of during the audit, if the directors’ report on the annual accounts and other information disclosed in the annual
report, i.e. :
• Risk Factors, Management report – Transactions and performances in 2021, Management report – Appropriation of company results,
Management report - Events after 31 December 2021, Management report – Management of financial resources, Corporate govern-
ance statement – Internal Control and Risk Management;
are free of material misstatement, either by information that is incorrectly stated or otherwise misleading. In the context of the proced
-
ures performed, we are not aware of such material misstatement.
STATEMENT ON THE SOCIAL BALANCE SHEET
The social balance sheet, to be filed at the National Bank of Belgium in accordance with article 3:12, § 1, 8° of the Code of companies
and associations, includes, both in form and in substance, all of the information required by this Code, including those relating to wages
and training, and is free from any material inconsistencies with the information available to us in the context of our mission.
STATEMENTS REGARDING INDEPENDENCE
• Our audit firm and our network have not performed any prohibited services and our audit firm has remained independent from the
company during the performance of our mandate.
• The fees for the additional non-audit services compatible with the statutory audit of the annual accounts, as defined in article 3:65
of the Code of companies and associations, have been properly disclosed and disaggregated in the notes to the annual accounts.
OTHER STATEMENTS
• Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in accordance with the legal
and regulatory requirements applicable in Belgium.
• The appropriation of results proposed to the general meeting is in accordance with the relevant legal and regulatory requirements.
• This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation (EU) N° 537/2014.
• The board of directors has taken the decisions described in the directors’ report, with financial consequences as a result. In accord
-
ance with article 7:96 of the Code of companies and associations, the board of directors has informed the shareholders. We have
assessed the financial consequences for the company relating to the decisions taken in respect of the conflict of interest as described
in the directors’ report and we have nothing to report. We refer to the Corporate Governance statement included in the Management
report for a detailed description of the conflict of interest for the board of directors.
Signed at Zaventem, 15
th
March 2022.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
ANNUAL ACCOUNTS
315
APPENDICES TO THE
ESG REPORT
TABLE OF CONTENTS
EPRA performance indicators 317
Dashboard 337
Link between topics of Cofinimmo and SDGs 342
GRI content index 344
Auditor’s report 348
316
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
EPRA PERFORMANCE
INDICATORS
Cofinimmo constantly strives to communicate clearly and transparently
with its stakeholders. To this end, it applies the sustainability Best
Practices Recommendations (sBPR), promulgated by EPRA.
Organisational boundaries
The data is calculated based on information in the possession of
Cofinimmo as landlord, and Cofinimmo Services and Superstone
as managers of real estate portfolios. It also includes the data
collected from the buildings’ occupants. In this way, an operational
control approach is adopted. Surface areas under operational
control (directly managed or controlled by the owner) include
Cofinimmo’s head oce, the operational multi-tenant leases,
and medical oce buildings (375,097/2,567,133 m). Their ‘GHG’
emissions are considered as scope 1 and 2.
Cofinimmo has no operational control over consumption in buildings
in the following segments : healthcare real estate to the exclusion
of medical oce buildings, property of distribution networks, PPP,
and single-tenant oce buildings, which together represent 85 %
of the portfolio. These buildings are indirectly managed (controlled
by the tenant) and their GHG emissions are considered as scope 3.
It is important to note that, for ESG indicators, all the buildings of
the portfolio are included, without distinction between operational
and financial leases.
Coverage
Coverage is always expressed in m per segment. The surface areas
used match the surface area of the buildings as in chapter ‘Property
report’ (see pages 146-157). The surface area used for the calcu-
lation of the intensity of the dierent environmental performance
indicators is listed in a table at the beginning of the environmental
performance indicators (see pages 320-321).
For each absolute indicator, each row shows the coverage expressed
as the number of buildings compared to the total number of build-
ings and as a percentage of surface areas compared to the total
surface area.
For electricity, the directly managed portfolio coverage is
approximately 80 %, the coverage for fuels, water and waste is
approximately 90 %.
Consumption estimations
For all the meters, the consumption estimations are made using the
same formula and based on the data mentioned on annual invoi-
ces. In order to obtain an annual consumption corresponding to a
calendar year, an extrapolation of the consumption is made on the
basis of the last recorded annual consumption for the missing period
(for example : the consumption for the period going from June 2020
to May 2021 will be used as a basis for estimating the consumption
for the period going from June 2021 to December 2021). For fuel,
the formula takes into account degree-days. The method has been
validated and this data is verified for a sample of sites during the
third-party assurance.
Should the private consumption for multi-tenant buildings be incom-
plete because some tenants did not send the necessary information,
the missing private consumption is estimated based on the known
average private consumption for other floors in the same building.
For Cofinimmo’s head oce, no data has been estimated. For each
absolute indicator, each row shows the proportion of estimated
data expressed in percentage compared to the total.
Third-party assurance
In accordance with ISAE 3000; all the environmental, social
and governance performance indicators included on pages
322-336 have been subject to a third-party assurance by Deloitte
Réviseurs d’Entreprises/Bedrijfsrevisoren SC s.d.f. SCRL (see the
‘Statutory Auditor’s report’). This report provides an external and
objective perspective on the data and helps ensure that it accurately
reflects reality. No observations were made. The monitored indica-
tors correspond to the 28 performance indicators recommended
by EPRA and represent 21 Global Reporting Initiative disclosures
(GRI). They are considered to be material for the real estate sector.
EPRA sBPR AWARD
In September 2021, the European
association of listed real estate
companies EPRA granted Cofinimmo,
among other leading European listed
companies, an sBPR award for
the tenth consecutive year for the
quality of its sustainability report.
317
APPENDICES TO THE ESG REPORT
Limitations on consumption
Consumption data is provided directly by the tenant for a sample
of surface areas (55 % of portfolio indirectly managed), comprising
a mix of operational and financial leases.
In total, 75 % of the consumption data for the private spaces of
multi-tenant buildings is obtained by the landlord’s property
manager (84 %) or by the distribution network’s manager with the
formal agreement of the tenant (16 %).
For multi-tenant oce buildings, healthcare properties for which
Cofinimmo Services and Superstone provide property management,
or the head oce (15 % of the portfolio), Cofinimmo can only act on
the consumption of the shared technical equipment of these assets.
Normalisation
The normalisation is clearly indicated for each indicator. Fuel
consumption is usually normalised to assess the rigours of
the climate. The comparison is based on normalised consumption,
based on degree-days (DD). The number of DDs rises as it gets
colder. The average DD value for a location (established over the
past 30 years) is called normal degree-days (NDD).
Normalised consumption = Recorded consumption x NDD / DD
The environmental intensity indicators are always expressed per
unit of surface area.
Analysis per segment
In addition to the distinction between buildings under or outside of
operational control, a distinction is made according to the following
segments : healthcare real estate, property of distribution networks
and PPP, and oces. The impact of Cofinimmo’s head oce is
transparently communicated on a separate line. Segmentation
is therefore done in the same way as for the financial analysis.
Since environmental legislation as well as GHG emissions conversion
factors dier from country to country, indicators are then analysed
geographically without the operational control distinction.
Cofinimmo’s head oce
In complete transparency, each indicator shows the head oce
measurements as well as the evolution of the measurements on a
separate line. For the head oce, no estimate has been made and
the coverage is 100 % for each indicator. Being part of Cofinimmo’s
portfolio, the head oce is included in the consolidated results of
the oce segment.
The social indicators related to the employees cover all employees
(145 persons as at 31.12.2021) in Belgium (128 persons), in France
(4 persons), in the Netherlands (5 persons), in Germany (6 persons)
and in Spain (2 persons). All the other indicators (energy, commuting,
etc.) only cover de surface areas in Belgium (3,868 m), since the
surface areas occupied in France (93 m), the Netherlands (35 m),
Germany (approximately 30 m), and Spain (approximately 30 m)
are not material.
Woluwe 58 oce building – Cofinimmo’s head oce –
Brussels decentralised (BE)
318
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Performance
The results relating to electricity, fuel, urban heat and water
consumption, as well as waste, cover both the buildings under
Cofinimmo’s operational control and those under the operational
control of the tenants.
The findings on the environmental indicators below concern the
2020-2021 like-for-like analysis. On a like-for-like basis, there was
a 0.5 % increase in emissions, with the following breakdown :
• a 5.9 % increase in scopes 1 and 2;
• a 1.6 % decrease in scope 3.
This is consistent with the objective of reducing the energy inten
-
sity of the portfolio by 30 % and is explained by a resumption of
activities in 2021 after the 2020 year which was strongly impacted
by the lockdown.
Water consumption per m is almost five times higher in the health-
care real estate segment than in the oce segment. With a like-
for- like asset mix, a decrease in water consumption of 8.9 % is
observed. An action plan is implemented for further monitoring in
the directly managed portfolio.
With a like-for-like asset mix, the quantities of waste in tonnes
decreased by 1.1 % and 42 % of the collected waste is recycled.
Although consumption is less impacted by a resumption of activ
-
ities in 2021, the overall changes in the portfolio are the result of
a combination of activities to reduce consumption and a higher
occupancy rate.
The 15 buildings with BREEAM or BREEAM-equivalent certifica
-
tions represent approximately 6 % of the portfolio. In the context of
ISO 14001 certification, the principles of BREEAM and/or BREEAM
59 %
ELECTRICITY COVERAGE
61 %
FUEL COVERAGE
46 %
WATER COVERAGE
18 %
WASTE COVERAGE
2,567,133 m
2
SURFACE OF PORTFOLIO
In-Use certification also apply to the overall portfolio. As with
what is required for a BREEAM certification, the same approach
is followed for property management, project management
and development.
More details on performance by indicator is available on the
following pages and in the notes at the end of the results for
each indicator.
All the 2021 data were taken from the energy accounting system.
The material stakes relating to energy intensity and GHG emis-
sions are included in the chapter on pages 121-123. The objectives
relating to the coverage of energy intensity and GHG emissions
are included in the ‘Dashboard‘ (see pages 337-341).
The ratio of basic salary and remuneration for women and men
is increasing at all levels, which demonstrates more equal pay.
Publication
The environmental and social indicators are published in full in
this chapter (see pages 322-336).
The information relating to the governance indicators is
pub- lished in the ‘Corporate Governance Statement’ chapter
(see pages 188-206).
Reporting period
The indicators cover the period from 01.01.2021 to 31.12.2021.
A comparison is made with the 2020 figures. No adjustments
were made to the 2020 historical data on an individual basis.
Materiality
A comprehensive materiality analysis was carried out and is
documented in the chapter ‘Major trends and their impacts on
the ESG strategy’ (see pages 106-111).
This analysis showed that all the EPRA performance indicators
are material and therefore listed on the following pages.
319
APPENDICES TO THE ESG REPORT
Pub De Vooruitgang – Eindhoven (NL)
PORTFOLIO COVERAGE BY INDICATOR
AND SEGMENT (M)
Total
surface
area
Elec-
Abs
Elec-
LfL
Fuels-
Abs
Fuels-
LfL
DH&C-
Abs
DH&C-
LfL
Indir-
Abs
Indir-
LfL
Dir-
Abs
Dir-
LfL
Water-
Abs
Water-
LfL
Waste-
Abs
Waste-
LfL
Healthcare real estate 1,476,950 909,740 496,400 877,151 447,741 46,638 0 909,740 496,400 0 0 686,482 342,125 0 0
Distribution networks 361,671 16,131 14,957 14,616 13,748 0 0 16,131 14,957 0 0 9,043 9,043 9,043 9,043
PPP 187,726 178,457 138,855 178,457 138,855 0 0 178,457 138,855 0 0 39,600 39,600 28,316 28,316
Single-tenant oces 165,689 106,916 106,916 110,116 109,791 0 0 106,916 106,916 0 0 93,713 90,253 91,404 79,752
TOTAL indirectly managed 2,192,037 1,211,244 757,128 1,180,340 710,135 46,638 0 1,211,244 757,128 0 0 828,838 481,021 128,763 117,111
Medical oce buildings 50,027 50,027 30,080 50,027 24,565 0 0 50,027 30,080 50,027 24,565 32,566 26,687 26,458 16,913
Multi-tenant oces – shared 321,202 241,799 241,799 321,202 321,202 0 0 241,799 241,799 321,202 321,202 305,993 285,335 310,594 310,594
Private (purchase by landlord) 203,379 203,379 203,379 0 0 0 0 203,379 203,379 0 0 0 0 0 0
Private (purchase by tenant) 117,823 38,420 38,420 0 0 0 0 38,420 38,420 0 0 0 0 0 0
Head oce 3,868 3,868 3,868 3,868 3,868 0 0 3,868 3,868 3,868 3,868 3,868 3,868 3,868 3,868
TOTAL directly managed 375,097 295,694 275,747 375,097 349,635 0 0 295,694 275,747 375,097 349,635 342,427 315,890 340,920 331,375
TOTAL 2,567,133 1,506,938 1,032,875 1,555,437 1,059,770 46,638 0 1,506,938 1,032,875 375,097 349,635 1,171,265 796,911 469,683 448,486
Total
surface
area
Elec-
Abs
Elec-
LfL
Fuels-
Abs
Fuels-
LfL
DH&C-
Abs
DH&C-
LfL
Indir-
Abs
Indir-
LfL
Dir-
Abs
Dir-
LfL
Water-
Abs
Water-
LfL
Waste-
Abs
Waste-
LfL
Healthcare real estate (BE) 591,973 267,471 267,471 262,952 233,811 0 0 267,471 267,471 0 0 176,416 164,952 0 0
Healthcare real estate (FR) 230,110 189,075 148,065 181,647 148,065 0 0 189,075 148,065 0 0 153,719 134,842 0 0
Healthcare real estate +
medical oce buildings (NL)
187,013 152,313 83,485 145,884 64,428 0 0 152,313 83,485 50,027 24,565 135,042 29,761 26,458 16,913
Healthcare real estate (DE) 293,629 266,512 27,459 252,299 26,002 46,638 0 266,512 27,459 0 0 239,901 39,257 0 0
Healthcare real estate (Others) 224,252 84,396 0 84,396 0 0 0 84,396 0 0 0 13,970 0 0 0
TOTAL Healthcare real estate 1,526,977 959,767 526,480 927,178 472,306 46,638 0 959,767 526,480 50,027 24,565 719,048 368,812 26,458 16,913
TOTAL Oces 490,759 352,583 352,583 435,186 434,861 0 0 352,583 352,583 325,070 325,070 403,574 379,456 405,866 394,214
320
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
PORTFOLIO COVERAGE BY INDICATOR
AND SEGMENT (M)
Total
surface
area
Elec-
Abs
Elec-
LfL
Fuels-
Abs
Fuels-
LfL
DH&C-
Abs
DH&C-
LfL
Indir-
Abs
Indir-
LfL
Dir-
Abs
Dir-
LfL
Water-
Abs
Water-
LfL
Waste-
Abs
Waste-
LfL
Healthcare real estate 1,476,950 909,740 496,400 877,151 447,741 46,638 0 909,740 496,400 0 0 686,482 342,125 0 0
Distribution networks 361,671 16,131 14,957 14,616 13,748 0 0 16,131 14,957 0 0 9,043 9,043 9,043 9,043
PPP 187,726 178,457 138,855 178,457 138,855 0 0 178,457 138,855 0 0 39,600 39,600 28,316 28,316
Single-tenant oces 165,689 106,916 106,916 110,116 109,791 0 0 106,916 106,916 0 0 93,713 90,253 91,404 79,752
TOTAL indirectly managed 2,192,037 1,211,244 757,128 1,180,340 710,135 46,638 0 1,211,244 757,128 0 0 828,838 481,021 128,763 117,111
Medical oce buildings 50,027 50,027 30,080 50,027 24,565 0 0 50,027 30,080 50,027 24,565 32,566 26,687 26,458 16,913
Multi-tenant oces – shared 321,202 241,799 241,799 321,202 321,202 0 0 241,799 241,799 321,202 321,202 305,993 285,335 310,594 310,594
Private (purchase by landlord) 203,379 203,379 203,379 0 0 0 0 203,379 203,379 0 0 0 0 0 0
Private (purchase by tenant) 117,823 38,420 38,420 0 0 0 0 38,420 38,420 0 0 0 0 0 0
Head oce 3,868 3,868 3,868 3,868 3,868 0 0 3,868 3,868 3,868 3,868 3,868 3,868 3,868 3,868
TOTAL directly managed 375,097 295,694 275,747 375,097 349,635 0 0 295,694 275,747 375,097 349,635 342,427 315,890 340,920 331,375
TOTAL 2,567,133 1,506,938 1,032,875 1,555,437 1,059,770 46,638 0 1,506,938 1,032,875 375,097 349,635 1,171,265 796,911 469,683 448,486
Total
surface
area
Elec-
Abs
Elec-
LfL
Fuels-
Abs
Fuels-
LfL
DH&C-
Abs
DH&C-
LfL
Indir-
Abs
Indir-
LfL
Dir-
Abs
Dir-
LfL
Water-
Abs
Water-
LfL
Waste-
Abs
Waste-
LfL
Healthcare real estate (BE) 591,973 267,471 267,471 262,952 233,811 0 0 267,471 267,471 0 0 176,416 164,952 0 0
Healthcare real estate (FR) 230,110 189,075 148,065 181,647 148,065 0 0 189,075 148,065 0 0 153,719 134,842 0 0
Healthcare real estate +
medical oce buildings (NL)
187,013 152,313 83,485 145,884 64,428 0 0 152,313 83,485 50,027 24,565 135,042 29,761 26,458 16,913
Healthcare real estate (DE) 293,629 266,512 27,459 252,299 26,002 46,638 0 266,512 27,459 0 0 239,901 39,257 0 0
Healthcare real estate (Others) 224,252 84,396 0 84,396 0 0 0 84,396 0 0 0 13,970 0 0 0
TOTAL Healthcare real estate 1,526,977 959,767 526,480 927,178 472,306 46,638 0 959,767 526,480 50,027 24,565 719,048 368,812 26,458 16,913
TOTAL Oces 490,759 352,583 352,583 435,186 434,861 0 0 352,583 352,583 325,070 325,070 403,574 379,456 405,866 394,214
321
APPENDICES TO THE ESG REPORT
Environmental performance indicators
ENERGY INTENSITY (KWH/M
2
/YEAR)
Based on disclosures GRI 302-3 and CRE1
Ratio between total energy consumed from all sources, i.e. electricity, fuel, urban heating and refrigeration, divided per surface unit.
Total of energy consumed where the numerator corresponds to the sum of the three following indicators in absolute value : electricity,
energy coming from urban heating and fuels.
Elec-Int DH&C-Int Fuels-Int Energy-Int Energy-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Healthcare real estate
54 55 -1.9 % 97 0 0.0 % 106 106 0.0 % 161 160 0.7 % 154 149 3.6 %
Distribution networks
35 56 -38.3 % 0 0 0.0 % 29 94 -69.3 % 64 151 -57.7 % 67 28 138.1 %
PPP
52 43 21.1 % 0 0 0.0 % 91 72 27.2 % 143 114 25.0 % 121 114 5.6 %
Single-tenant oces
209 150 38.8 % 0 0 0.0 % 94 76 22.7 % 303 227 33.3 % 303 340 -11.0 %
TOTAL
indirectly managed
67 70 -5.2 % 97 0 0.0 % 101 95 6.4 % 169 166 2.2 % 167 167 0.0 %
Medical oce buildings
84 79 5.4 % 0 0 0.0 % 65 37 74.7 % 148 116 27.4 % 126 116 8.3 %
Multi-tenant oces
75 85 -11.3 % 0 0 0.0 % 78 75 3.8 % 153 160 -4.2 % 157 147 7. 0 %
Head oce
75 79 -5.1 % 0 0 0.0 % 71 56 27.2 % 147 135 8.3 % 147 135 8.3 %
TOTAL
directly managed
77 84 -9.1 % 0 0 0.0 % 76 73 5.1 % 153 157 -2.5 % 155 144 7.1 %
TOTAL
69 74 -7.2 % 97 0 0.0 % 95 89 6.9 % 165 163 1.0 % 163 159 1.9 %
1. The values shown represent the total consumption for the building, without distinction between the private and shared areas.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. No information is available for the distribution networks in France and the Netherlands.
4. For distribution networks, the significant increase is due to the fact that the lockdown.
Elec-Int DH&C-Int Fuels-Int Energy-Int Energy-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Healthcare real estate (BE)
37 44 -14.8 % 0 0 0.0 % 111 115 -3.2 % 148 158 -6.4 % 153 136 12.6 %
Healthcare real estate (FR)
76 80 -4.4 % 0 0 0.0 % 78 88 -11.5 % 155 168 -8.1 % 147 164 -10.5 %
Healthcare real estate
+ medical oce buildings (NL)
76 85 -10.1 % 0 0 0.0 % 92 63 47.0 % 168 147 14.2 % 155 147 4.9 %
Healthcare real estate (DE)
46 46 1.5 % 97 0 0.0 % 117 93 26.1 % 171 138 23.4 % 182 158 15.6 %
Healthcare real estate
(Others)
56 0 0.0 % 0 0 0.0 % 113 0 0.0 % 169 0 0.0 % 0 0 0.0 %
TOTAL
Healthcare real estate
55 56 -0.8 % 97 0 0.0 % 103 103 0.2 % 161 159 1.1 % 153 147 3.8 %
TOTAL
Oces
116 108 7.0 % 0 0 0.0 % 82 76 8.6 % 198 184 7. 6 % 196 199 -1.4 %
1. No information is available for healthcare real estate in Finland, Ireland, Italy and the United Kingdom..
322
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
TOTAL ELECTRICITY CONSUMPTION (MWH/YEAR)
Based on disclosures GRI 302-1 and 302-2
Total electricity consumed from indirect renewable and non-renewable sources (indirect means that the electricity is produced o-site
and purchased from an electricity supplier).
Number/
total of
buildings
Coverage
in m
2
Elec-Abs Elec-LfL Electricity
from renewable
sources
Estimated
electricity
consumption
2021 2020 2021 2020
Healthcare real estate
160/250 62 % 48,851 39,883 26,883 28,449 -5.5 % 0.6 % 8.1 %
Distribution networks
16/1,080 4 % 560 1,107 543 189 186.6 % 0.0 % 17.0 %
PPP
13/14 95 % 9,216 5,919 5,982 5,919 1.1 % 0.0 % 0.2 %
Single-tenant oces
13/20 65 % 22,323 29,363 22,323 25,348 -11.9 % 0.9 % 0.4 %
TOTAL
indirectly managed
202/1,364 55 % 80,950 76,272 55,731 59,906 -7.0 % 0.6 % 5.1 %
Medical oce buildings
16/16 100 % 4,188 2,389 2,426 2,389 1.5 % 0.0 % 12.3 %
Multi-tenant oces – shared
31/41 75 % 9,701 15,608 9,205 10,954 -16.0 % 1.3 % 0.0 %
Private (purchase by landlord)
22/22 100 % 7,506 7,369 7,506 6,146 22.1 % 0.0 % 0.3 %
Private (purchase by tenant)
9/19 33 % 944 6,508 944 981 -3.8 % 0.0 % 31.9 %
Head oce
1/1 100 % 291 306 291 306 -5.1 % 1.5 % 0.0 %
TOTAL
directly managed
48/58 79 % 22,630 32,180 20,371 20,776 -1.9 % 0.6 % 3.7 %
TOTAL
250/1,422 59 % 103,580 108,452 76,102 80,681 -5.7 % 0.6 % 4.8 %
1. The values shown represent the total consumption of the buildings, without distinction between the private and shared areas, except for the multi-tenant oces directly for which
there is a breakdown of the consumption of the shared technical equipment of the buildings and the private consumption purchased by the landlord and by the tenant.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. No information available for the distribution networks in France and in the Netherlands.
Number/
total of
buildings
Coverage
in m
2
Elec-Abs Elec-LfL Electricity
from renewable
sources
Estimated
electricity
consumption
2021 2020 2021 2020
Healthcare real estate (BE)
41/88 45 % 9,926 21,165 9,926 10,414 -4.7 % 0.0 % 0.4 %
Healthcare real estate (FR)
43/53 82 % 14,457 12,398 10,694 11,926 -10.3 % 0.0 % 11.5 %
Healthcare real estate
+ medical oce buildings (NL)
39/46 81 % 11,578 7,253 7,200 7,085 1.6 % 2.4 % 11.4 %
Healthcare real estate (DE)
39/44 91 % 12,376 1,456 1,488 1,413 5.3 % 0.0 % 11.4 %
Healthcare real estate (Others)
14/35 38 % 4,701 0 0 0 0.0 % 0.0 % 0.8 %
TOTAL
Healthcare real estate
176/266 63 % 53,039 42,272 29,309 30,838 -5.0 % 0.5 % 8.4 %
TOTAL
Oces
45/62 72 % 40,765 59,153 40,268 43,735 -7.9 % 0.8 % 1.0 %
1. No information is available for healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
323
APPENDICES TO THE ESG REPORT
TOTAL FUEL CONSUMPTION (MWH/YEAR)
Based on disclosures GRI 302-1 and 302-2
The types of fuel used are gas and fuel oil, and pellets.
Number/
total of
buildings
Coverage
in m
2
Fuels-Abs Fuels-LfL Estimated fuel
consumption
2021 2020 2021 2020
Healthcare real estate
154/250 59 % 92,653 71,580 44,778 40,940 9.4 % 12.5 %
Distribution networks
12/1.080 4 % 423 1,808 416 210 97.9 % 32.7 %
PPP
13/14 95 % 16,299 9,968 10,796 9,968 8.3 % 11.9 %
Single-tenant oces
14/20 66 % 10,329 15,142 10,329 11,337 -8.9 % 0.8 %
TOTAL
indirectly managed
193/1,364 54 % 119,704 98,498 66,320 62,455 6.2 % 11.5 %
Medical oce buildings
16/16 100 % 3,235 909 1,117 909 22.9 % 9.5 %
Multi-tenant oces
41/41 100 % 25,076 26,195 25,076 21,190 18.3 % 5.0 %
Head oce
1/1 100 % 276 217 276 217 27.2 % 0.0 %
TOTAL
directly managed
58/58 100 % 28,587 27,321 26,469 22,317 18.6 % 5.5 %
TOTAL
251/1,422 61 % 148,291 125,820 92,789 84,771 9.5 % 10.3 %
1. The values of fuels used consist of 94.5 % of heating gas, 4.4 % of heating oil and 1.1 % of pellets.
2. The values shown represent the total consumption for the building, without distinction between the private and shared areas.
3. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
4. The like-for-like analysis is based on the total consumption of the building, without distinction between the private and shared areas.
5. No information available for the distribution networks in France and in the Netherlands.
6. The types of fuel used come for 1.1 % from renewable sources, corresponding to pellets.
Number/
total of
buildings
Coverage
in m
2
Fuels-Abs Fuels-LfL Estimated fuel
consumption
2021 2020 2021 2020
Healthcare real estate (BE)
40/88 44% 29,225 51,925 27,087 22,658 19.5 % 8.0 %
Healthcare real estate (FR)
41/53 79% 14,229 13,721 11,073 12,397 -10.7 % 14.9 %
Healthcare real estate
+ medical oce buildings (NL)
37/46 78% 13,420 4,032 4,405 4,032 9.2 % 3.1 %
Healthcare real estate (DE)
38/44 86% 29,464 2,810 3,331 2,763 20.6 % 19.7 %
Healthcare real estate (Others)
14/35 38% 9,549 0 0 0 0.0 % 12.5 %
TOTAL
Healthcare real estate
170/266 61% 95,888 72,489 45,896 41,849 9.7 % 12.4 %
TOTAL
Oces
56/62 89% 35,682 41,555 35,682 32,647 9.3 % 3.7 %
1. No information is available for healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
2. The types of fuel used come for 1.1 % from renewable sources, corresponding to pellets.
324
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
To assess the rigours of the climate, it is standard practice to compare the normalised consumption of fuels based on degree days
(DD). The number of DD rises as it gets colder. The average DD value for a location (established over the past 30 years) is called normal
degree days (NDD).
Normalised consumption = Recorded consumption x NDD / DD
Number/
total of
buildings
Coverage
in m
2
Normalised
consumption
MWh
Normalised like-for-like
consumption
MWh
Normalised
intensity
kWh/m
2021 2020 2021 2020 2021 2020
Healthcare real estate
154/250 59 % 90,465 88,006 43,721 50,335 -13. 1% 103 130 -20.6 %
Distribution networks
12/1,080 4 % 413 2,223 406 258 57.2 % 28 116 -75.6 %
PPP
13/14 95 % 15,914 12,255 10,541 12,255 -14.0 % 89 88 1.0 %
Single-tenant oces
14/20 66 % 10,085 18,617 10,085 13,938 -27.6 % 92 94 -2.6 %
TOTAL
indirectly managed
193/1,364 54 % 116,877 121,101 64,754 76,787 -15.7 % 99 117 -15.5 %
Medical oce buildings
16/16 100 % 3,158 1,118 1,091 1,118 -2.4 % 63 45 38.8 %
Multi-tenant oces
41/41 100 % 24,484 32,206 24,484 26,053 -6.0 % 76 92 -17.5 %
Head oce
1/1 100 % 270 267 270 267 1.0 % 70 69 1.0 %
TOTAL
directly managed
58/58 100 % 27,912 33,591 25,844 27,438 -5.8 % 74 89 -16.5 %
TOTAL
251/1,422 61 % 144,789 154,692 90,598 104,224 -13.1 % 93 110 -15.1 %
1. The 15/15 DD in Uccle/Ukkel for 2020 was 1,547.
2. The 15/15 DD in Uccle/Ukkel for 2021 was 1,948.
3. The NDD in Uccle/Ukkel was 1,902 (base year 2015).
4. Despite the colder weather in 2021 and the resumption of operations, a decrease in fuel consumption in a constant climate has been achieved.
TOTAL URBAN HEATING AND REFRIGERATION CONSUMPTION (MWH/YEAR)
Based on disclosure GRI 302-2
Number/
total of
buildings
Coverage
in m
2
DH&C-Abs DH&C-LfL Energy
from renewable
sources
Estimated
energy
consumption
2021 2020 2021 2020
Healthcare real estate
8/250 3.2 % 4.512 0 0 0 0.0 % 100.0 % 15.9 %
TOTAL
indirectly managed
8/1,364 2.1 % 4.512 0 0 0 0.0 % 100.0 % 15.9 %
1. The conversion factor used is 278 kWh/GJ.
2. Cofinimmo’s buildings are not supplied with urban refrigeration.
3. The 8 buildings connected to a urban heat production system are located in Germany.
325
APPENDICES TO THE ESG REPORT
TOTAL DIRECT AND INDIRECT GHG EMISSIONS (TONNES OF CO
2
e/YEAR)
Based on disclosures GRI 305-1, 305-2 and 305-3
Scope 1 :
yearly amount of GHG emitted directly
from on-site fuel use for directly
managed buildings.
Scope 2 :
yearly amount of GHG emitted indirectly
through the purchase of electricity for the
directly managed buildings.
Scope 3 :
yearly amount of GHG emitted indirectly
through on-site fuel use and through
the purchase of electricity and urban
heating for indirectly managed buildings.
Total : total direct and indirect GHG emissions.
GHG-Indir-Abs GHG-Dir-Abs GHG-Abs GHG-Abs-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate
29,068 21,451 0 0 29,068 21,451 13,498 13,206 2.2 %
Distribution networks
177 558 0 0 177 558 173 75 129.9 %
PPP
4,799 3,044 0 0 4,799 3,044 3,176 3,044 4.4 %
Single-tenant oces
5,711 8,066 0 0 5,711 8,066 5,711 6,608 -13.6 %
TOTAL
indirectly managed
39,755 33,119 0 0 39,755 33,119 22,559 22,933 -1.6 %
Medical oce buildings
1,286 853 663 186 1,949 1,039 974 1,039 -6.3 %
Multi-tenant oces - shared
1,562 2,638 5,301 5,549 6,863 8,187 6,783 6,363 6.6 %
Private
(purchase by landlord)
1,209 1,245 0 0 1,209 1,245 1,209 1,039 16.4 %
Private
(purchase by tenant)
152 1,100 0 0 152 1,100 152 166 -8.3 %
Head oce
47 52 57 44 103 96 103 96 7.4 %
TOTAL
directly managed
4,255 5,888 6,021 5,780 10,276 11,667 9,221 8,703 5.9 %
TOTAL
44,010 39,006 6,021 5,780 50,031 44,786 31,780 31,636 0.5 %
1. The values shown represent the total emissions of buildings, without distinction between the private and shared areas, except for multi-tenant oces for which there is a breakdown
of the consumption of the shared technical equipment of the buildings and the private consumption of the tenants.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. The CO
2
emission factor for electricity varies per country (Source : IEA 2021). Belgium : 161 g CO
2
e / Kwh / France : 50.5 g CO
2
e/Kwh / Netherlands : 307 g CO
2
e/Kwh /
Germany : 319 g CO
2
e/Kwh, Spain: 153 g CO
2
e/Kwh.
4. The CO
2
emission factor for gas is 205 g CO
2
e/kWh (Source : Bilan Carbone).
5. No information is available for the distribution networks in France and the Netherlands and healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
6. The CO
2
emission factor for fuel oil is 285.27 g CO
2
e/kWh (Source : DEFRA 2021).
7. The coverage and proportion of estimated emissions are associated with the coverage and proportion of estimated energy on pages 323-325.
GHG-Indir-Abs GHG-Dir-Abs GHG-Abs GHG-Abs-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate (BE)
7,675 14,234 0 0 7,675 14,234 7,151 6,405 11.7 %
Healthcare real estate (FR)
3,857 3,728 0 0 3,857 3,728 3,020 3,398 -11.1 %
Healthcare real estate +
medical oce buildings (NL)
5,643 3,230 663 186 6,306 3,416 3,114 3,356 -7.2 %
Healthcare real estate (DE)
10,719 1,111 0 0 10,719 1,111 1,188 1,087 9.3 %
Healthcare real estate (Others)
2,460 0 0 0 2,460 0 0 0 0.0%
TOTAL
Healthcare real estate
30,353 22,304 663 186 31,017 22,490 14,472 14,245 1.6 %
TOTAL
Oces
8,681 13,101 5,358 5,593 14,038 18,695 13,958 14,272 -2.2 %
326
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
The conversion factors used above are based on location.
Taking into account the market conversion coecients, the line ‘TOTAL directly managed’ (excluding private consumption of the oces)
of indirect emissions becomes 0 following the green electricity contract that Cofinimmo Services and Superstone have signed for all
the surfaces under operational control.
GHG-Indir-Abs GHG-Dir-Abs GHG-Abs GHG-Abs-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate
29,068 21,451 0 0 29,068 21,451 13,498 13,206 2.2 %
Distribution networks
177 558 0 0 177 558 173 75 129.9 %
PPP
4,799 3,044 0 0 4,799 3,044 3,176 3,044 4.4 %
Single-tenant oces
5,711 8,066 0 0 5,711 8,066 5,711 6,608 -13.6 %
TOTAL
indirectly managed
39,755 33,119 0 0 39,755 33,119 22,559 22,933 -1.6 %
Medical oce buildings
0 0 663 186 663 186 229 186 22.9 %
Multi-tenant oces - shared
0 0 5,301 5,549 5,301 5,549 5,301 4,512 17.5 %
Private
(purchase by landlord)
0 0 0 0 0 0 0 0 0.0%
Private
(purchase by tenant)
152 1,100 0 0 152 1,100 152 166 -8.3 %
Head oce
0 0 57 44 57 44 57 44 27.2 %
TOTAL
directly managed
152 1,100 6,021 5,780 6,173 6,880 5,739 4,909 16.9 %
TOTAL
39,907 34,218 6,021 5,780 45,928 39,998 28,298 27,841 1.6 %
1. The values shown represent the total emissions of buildings, without distinction between the private and shared areas, except for multi-tenant oces for which there is a breakdown
of the consumption of the shared technical equipment of the buildings and the private consumption of the tenants.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. The CO
2
emission factor for electricity varies per country (Source: IEA 2021). Belgium: 161 g CO
2
e/kWh / France: 50.5 g CO
2
e/kWh / Netherlands: 307 g CO
2
e/kWh /
Germany: 319 g CO
2
e/kWh / Spain: 153 g CO
2
e/kWh.
4. The CO
2
emission factor for gas is 205 g CO
2
e/kWh (Source : Bilan Carbone).
5. No information is available for the distribution networks in France and the Netherlands and healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
6. The CO
2
emission factor for fuel oil is 285.27 g CO
2
e/kWh (Source : DEFRA 2021).
7. The coverage and proportion of estimated emissions are associated with the coverage and proportion of estimated energy on pages 323-325.
GHG-Indir-Abs GHG-Dir-Abs GHG-Abs GHG-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate (BE)
7,675 14,234 0 0 7,675 14,234 7,151 6,405 11.7 %
Healthcare real estate (FR)
3,857 3,728 0 0 3,857 3,728 3,020 3,398 -11.1 %
Healthcare real estate +
medical oce buildings (NL)
4,357 2,377 663 186 5,020 2,563 2,369 2,503 -5.4 %
Healthcare real estate (DE)
10,719 1,111 0 0 10,719 1,111 1,188 1,087 9.3 %
Healthcare real estate (Others)
2,460 0 0 0 2,460 0 0 0 0.0%
TOTAL
Healthcare real estate
29,068 21,451 663 186 29,731 21,637 13,727 13,392 2.5 %
TOTAL
Oces
5,863 9,166 5,358 5,593 11,221 14,760 11,221 11,330 -1.0 %
The above-mentioned emissions of the head oce only reflect the emissions associated with energy consumption. The total carbon
footprint of the head oce is published in the chapter ‘Energy intensity and GHG emissions’. The values below show the total emissions
of the head oce per scope.
GHG-Indir-Abs GHG-Dir-Abs GHG-Abs
2021 2020 2021 2020 2021 2020 ∆
Infrastructure
0 0 50 38 50 38 31.6 %
Company cars
0 0 210 206 210 206 1.9 %
TOTAL Scopes 1 + 2
0 0 260 244 260 244 6.6 %
Cat. 1 – Paper purchase
1 1 0 0 1 1 0.0 %
Cat. 2 – Equipments
188 166 0 0 188 166 13.3 %
Cat. 3 – Scopes 1 + 2 – upstream
64 59 0 0 64 59 8.5 %
Cat. 5 – Waste
1 2 0 0 1 2 -50.0 %
Cat. 6 – Business trips
16 26 0 0 16 26 -38.5 %
Cat. 7 – Home-work commuting
7 16 0 0 7 16 -56.3 %
Cat. 9 – Visitors
0 3 0 0 0 3 -100.0 %
TOTAL Scope 3
277 273 0 0 277 273 1.5 %
TOTAL Head oce
277 273 260 244 537 517 3.9 %
327
APPENDICES TO THE ESG REPORT
GHG EMISSIONS INTENSITY (KG CO
2
e/M²/YEAR)
Based on disclosures GRI 305-4 and CRE3
Total amount of GHG emitted directly and indirectly per m² and per year.
GHG-Indir-Int GHG-Dir-Int GHG-Int GHG-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate
32.0 29.4 0 0 32.0 29.4 27.2 26.6 2.2 %
Distribution networks
11.0 28.3 0 0 11.0 28.3 11.5 5.0 129.9 %
PPP
26.9 21.9 0 0 26.9 21.9 22.9 21.9 4.4 %
Single-tenant oces
53.4 41.3 0 0 53.4 41.3 53.4 61.8 -13.6 %
TOTAL
indirectly managed
32.8 30.6 0 0 32.8 30.6 29.8 30.3 -1.6 %
Medical oce buildings
25.7 28.4 13.3 7.6 39.0 35.9 32.4 34.6 -6.3 %
Multi-tenant oces - shared
6.5 7.6 16.5 15.9 23.0 23.5 30.3 28.4 6.6 %
Private
(purchase by landlord)
5.9 5.9 0 0 5.9 5.9 5.9 5.1 16.4 %
Private
(purchase by tenant)
4.0 7.9 0 0 4.0 7.9 4.0 4.3 -8.3 %
Head oce
12.1 13.4 14.6 11.5 26.7 24.9 26.7 24.9 7.4 %
TOTAL
directly managed
14.4 15.4 16.1 15.3 30.4 30.7 35.7 33.7 5.9 %
TOTAL
29.2 26.6 3.9 4.1 33.1 30.7 31.3 31.2 0.5 %
1. The values shown represent the total emissions of buildings, without distinction between the private and shared areas, except for multi-tenant oces for which there is a breakdown
of the consumption of the shared technical equipment of the buildings and the private consumption of the tenants.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. The CO
2
emission factor for electricity varies per country (Source: IEA 2021). Belgium: 161 g CO
2
e/kWh / France: 50.5 g CO
2
e/kWh / Netherlands: 307 g CO
2
e/kWh /
Germany: 319 g CO
2
e/kWh / Spain: 153 g CO
2
e/kWh.
4. The CO
2
emission factor for gas is 205 g CO
2
e/kWh (Source : Bilan Carbone).
5. No information is available for the distribution networks in France and in the Netherlands and healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
6. The CO
2
emission factor for fuel oil is 285.27 g CO
2
e/kWh (Source : DEFRA 2021).
GHG-Indir-Int GHG-Dir-Int GHG-Int GHG-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate (BE)
28.7 29.3 0 0 28.7 29.3 26.7 23.9 11.7 %
Healthcare real estate (FR)
20.4 24.0 0 0 20.4 24.0 20.4 22.9 -11.1 %
Healthcare real estate +
medical oce buildings (NL)
37.0 37.6 4.4 2.2 41.4 39.8 37.3 40.2 -7.2 %
Healthcare real estate (DE)
40.2 34.9 0 0 40.2 34.9 43.3 39.6 9.3 %
Healthcare real estate (Others)
29.1 0 0 0 29.1 0 0 0 0.0 %
TOTAL
Healthcare real estate
31.6 29.4 0.7 0.2 32.3 29.6 27.5 27.1 1.6 %
TOTAL
Oces
24.6 23.9 15.2 10.2 39.8 34.2 39.6 40.5 -2.2 %
The conversion factors used above are based on location.
328
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Taking into account the market conversion coecients, the line ‘TOTAL directly managed’ (excluding private consumption of the oces)
of indirect emissions becomes 0 following the green electricity contract that Cofinimmo Services and Superstone have signed for all
the surfaces under operational control.
GHG-Indir-Int GHG-Dir-Int GHG-Int GHG-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate
32.0 29.4 0 0 32.0 29.4 27.2 26.6 2.2 %
Distribution networks
11.0 28.3 0 0 11.0 28.3 11.5 5.0 129.9 %
PPP
26.9 21.9 0 0 26.9 21.9 22.9 21.9 4.4 %
Single-tenant oces
53.4 41.3 0 0 53.4 41.3 53.4 61.8 -13.6 %
TOTAL
indirectly managed
32.8 30.6 0 0 32.8 30.6 29.8 30.3 -1.6 %
Medical oce buildings
0 0 13.3 7.6 13.3 7.6 7.6 6.2 22.9 %
Multi-tenant oces - shared
0 0 16.5 15.9 16.5 15.9 23.6 20.1 17.5 %
Private
(purchase by landlord)
0 0 0 0 0 0 0 0 0.0 %
Private
(purchase by tenant)
4.0 7.9 0 0 4.0 7.9 4.0 4.3 -8.3 %
Head oce
0 0 14.6 11.5 14.6 11.5 14.6 11.5 27.2 %
TOTAL
directly managed
0.5 2.9 16.1 15.3 16.6 18.2 22.2 19.0 16.9 %
TOTAL
26.5 23.4 3.9 4.1 30.4 27.5 27.9 27.4 1.6 %
1. The values shown represent the total emissions of buildings, without distinction between the private and shared areas, except for multi-tenant oces for which there is a breakdown
of the consumption of the shared technical equipment of the buildings and the private consumption of the tenants.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. The CO
2
emission factor for electricity varies per country (Source: IEA 2021). Belgium: 161 g CO
2
e/kWh / France: 50.5 g CO
2
e/kWh / Netherlands: 307 g CO
2
e/kWh /
Germany: 319 g CO
2
e/kWh / Spain: 153 g CO
2
e/kWh.
4. The CO
2
emission factor for gas is 205 g CO
2
e/kWh (Source : Bilan Carbone).
5. No information is available for the distribution networks in France and in the Netherlands and healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
6. The CO
2
emission factor for fuel oil is 285.27 g CO
2
e/kWh (Source : DEFRA 2021).
GHG-Indir-Int GHG-Dir-Int GHG-Int GHG-Int-LfL
2021 2020 2021 2020 2021 2020 2021 2020 ∆
Healthcare real estate (BE)
28.7 29.3 0 0 28.7 29.3 26.7 23.9 11.7 %
Healthcare real estate (FR)
20.4 24.0 0 0 20.4 24.0 20.4 22.9 -11.1 %
Healthcare real estate +
medical oce buildings (NL)
28.6 27.7 4.4 2.2 33.0 29.9 28.4 30.0 -5.4 %
Healthcare real estate (DE)
40.2 34.9 0 0 40.2 34.9 43.3 39.6 9.3 %
Healthcare real estate (Others)
29.1 0 0 0 29.1 0 0 0 0.0 %
TOTAL
Healthcare real estate
30.3 28.3 0.7 0.2 31.0 28.5 26.1 25.4 2.5 %
TOTAL
Oces
16.6 16.7 15.2 10.2 31.8 27.0 31.8 32.1 -1.0 %
The head oce’s GHG emissions intensity is expressed as a FTE to account for the relative impacts of mobility-related emissions.
2009
6.9 tCO
2
e/FTE (101)
2014
8.0 tCO
2
e/FTE (108)
2017
5.4 tCO
2
e/FTE (129)
2019
6.0 tCO
2
e/FTE (120)
2020
4.1 tCO
2
e/FTE (124)
2021
4.0 tCO
2
e/FTE (133)
329
APPENDICES TO THE ESG REPORT
TOTAL WATER CONSUMPTION BY SUPPLY SOURCE M/YEAR
Based on disclosure GRI 303-5
The total volume of water consumed is used to supply the air-conditioning installations, the sanitary facilities and the kitchenettes. The
only water supply source is municipal water.
Number/
total of
buildings
Coverage
in m
2
Water-Abs Water-LfL Estimated
water con-
sumption
2021 2020 2021 2020
Healthcare real estate
123/250 46% 575,595 527,154 249,960 299,845 -16.6 % 18.5 %
Distribution networks
1/1,080 3% 516 0 516 0 0.0% 0.0 %
PPP
3/14 21% 51,796 40,324 51,796 35,324 46.6 % 0.0 %
Single-tenant oces
12/20 57% 15,021 24,725 14,251 14,641 -2.7 % 19.8 %
TOTAL
indirectly managed
139/1,364 38% 642,927 592,203 316,523 349,810 -9.5 % 17.0 %
Medical oce buildings
14/16 65% 7,509 5,169 6,220 5,169 20.3 % 10.9 %
Multi-tenant oces
39/41 95% 51,883 59,399 48,605 52,766 -7.9 % 8.6 %
Head oce
1/1 100% 243 351 243 351 -30.9 % 0.0 %
TOTAL
directly managed
54/58 91% 59,635 64,919 55,068 58,286 -5.5 % 8.9 %
TOTAL
193/1,422 46% 702,562 657,122 371,591 408,096 -8.9 % 16.3 %
1. The values shown are the total consumption for the building, without distinction between the private and shared areas.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. No information is available for the distribution networks in France and the Netherlands.
Number/
total of
buildings
Coverage
in m
2
Water-Abs Water-LfL Estimated
water con-
sumption
2021 2020 2021 2020
Healthcare real estate (BE)
27/88 30 % 108,926 310,729 102,013 108,936 -6.4 % 0.0 %
Healthcare real estate (FR)
36/53 67 % 133,315 175,433 107,971 154,702 -30.2 % 10.3 %
Healthcare real estate +
medical oce buildings (NL)
36/46 72 % 58,540 7,109 8,523 7,109 19.9 % 59.1 %
Healthcare real estate (DE)
36/44 82 % 271,321 39,052 37,673 34,267 9.9 % 18.8 %
Healthcare real estate (Others)
2/35 6 % 11,000 0 0 0 0.0 % 72.0 %
TOTAL
Healthcare real estate
137/266 47 % 583,104 532,323 256,180 305,014 -16.0 % 18.4 %
TOTAL
Oces
52/62 82 % 67,147 84,475 63,099 67,759 -6.9 % 11.1 %
1. No information is available for healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
330
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
WATER CONSUMPTION PER SURFACE AREA (M/M/YEAR)
Based on disclosure GRI CRE2
Total volume of water per m and per year.
Water-Int Water-Int-LfL
2021 2020 2021 2020
Healthcare real estate
0.84 0.94 -11.0 % 0.73 0.88 -16.6 %
Distribution networks
0.06 0 0.0 % 0.06 0 0.0 %
PPP
1.31 0.36 262.4 % 1.31 0.89 46.6 %
Single-tenant oces
0.16 0.13 19.7 % 0.16 0.16 -2.7 %
TOTAL
indirectly managed
0.78 0.69 12.1 % 0.66 0.73 -9.5 %
Medical oce buildings
0.23 0.19 19.1 % 0.23 0.19 20.3 %
Multi-tenant oces
0.17 0.18 -7.5 % 0.17 0.18 -7.9 %
Head oce
0.06 0.09 -30.9 % 0.06 0.09 -30.9 %
TOTAL
directly managed
0.17 0.18 -4.9 % 0.17 0.18 -5.5 %
TOTAL
0.60 0.54 10.5 % 0.47 0.51 -8.9 %
1. The values shown are the total consumption for the building, without disctinction between the private and shared areas.
2. Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly
managed buildings.
3. No information is available for the distribution networks in France and the Netherlands.
Water-Int Water-Int-LfL
2021 2020 2021 2020
Healthcare real estate (BE)
0.62 0.89 -30.3 % 0.62 0.66 -6.4 %
Healthcare real estate (FR)
0.87 1.13 -23.3 % 0.80 1.15 -30.2 %
Healthcare real estate +
medical oce buildings (NL)
0.43 0.24 81.5 % 0.29 0.24 19.9 %
Healthcare real estate (DE)
1.13 0.78 45.2 % 0.96 0.87 9.9 %
Healthcare real estate (Others)
0.79 0 0.0 % 0 0 0.0 %
TOTAL
Healthcare real estate
0.81 0.91 -10.7 % 0.69 0.83 -16.0 %
TOTAL
Oces
0.17 0.16 0.9 % 0.17 0.18 -6.9 %
1. No information is available for healthcare real estate in Finland, Ireland, Italy and the United Kingdom.
331
APPENDICES TO THE ESG REPORT
TOTAL WEIGHT OF WASTE BY TYPE AND DISPOSAL ROUTE (TONNES/YEAR)
Based on disclosures GRI 306-3 and 306-4
Quantity of waste collected by disposal route : reuse, recycling, composting, incineration, landfilling, etc. The recycling (REC) and
incineration (INC) of waste with energy recovery are the only disposal routes.
Number/
total of
buildings
Coverage
in m
2
Waste-Abs
2021
Waste-Abs
2020
Waste-LfL
2021
Waste-LfL
2020
REC INC Total REC INC Total REC INC Total REC INC Total
Distribution networks
1/1,080 3 % 1 2 3 0 0 0 1 2 3 0 0 0 0.0 %
PPP
1/14 15 % 17 60 78 34 88 122 17 60 78 13 58 71 9.5 %
Single-tenant oces
13/20 55 % 97 92 189 93 109 201 51 72 124 85 93 178 -30.3 %
TOTAL
indirectly managed
15/1,364 6 % 115 155 269 127 197 324 70 135 205 98 151 249 -17.7 %
Medical oce buildings
12/16 53 % 43 101 144 24 77 100 24 77 102 24 77 100 1.2 %
Multi-tenant oces
39/41 97 % 324 374 698 373 395 768 324 374 698 323 344 668 4.6 %
Head oce
1/1 100 % 7 5 12 6 5 11 7 5 12 6 5 11 5.7 %
TOTAL
directly managed
52/58 91 % 374 480 854 403 477 880 355 457 812 353 426 779 4.2 %
TOTAL
67/1,422 18 % 489 635 1,124 530 674 1,204 425 592 1,017 451 577 1,028 -1.1 %
1. Waste is collected at the source by type : general waste, paper, cardboard, plastic, cans, glass, etc.
2. The breakdown of waste by disposal route varies based on the type of waste.
3. The values shown represent the total quantities for the buildings, without distinction between the private and shared areas.
4. Cofinimmo has no control over the private quantities of building tenants. It can only influence the quantities of the directly managed buildings.
5. Waste classified as hazardous is processed directly by the tenants.
6. Conversion factor by type : general waste 60 kg/m, paper/cardboard 50 kg/m, plastic/cans 30 kg/m and glass 320 kg/m.
7. No information is available for indirectly managed healthcare real estate and distribution networks in France and the Netherlands.
Proportion of waste collected by disposal route : reuse, recycling, composting, incineration, landfill, etc. The recycling (REC) and incineration
(INC) of waste with energy recovery are the only disposal routes.
Quantity of waste per m and per year
Waste-Abs
Recycled
Waste-LfL
Recycled
Waste-Int
2021
tonnes/m
Waste-Int
2020
tonnes/m
2021 2020 2021 2020 REC INC Total REC INC Total
Distribution networks
30 % 0 % 30 % 0 % 0.10 0.24 0.34 0 0 0 0.0 %
PPP
22 % 28 % 22 % 18 % 0.60 2.13 2.74 0.34 0.88 1.22 124.5 %
Single-tenant oces
51 % 46 % 42 % 48 % 1.06 1.01 2.07 0.76 0.89 1.66 24.7 %
TOTAL
indirectly managed
43 % 39 % 34 % 39 % 0.89 1.20 2.09 0.57 0.89 1.46 43.4 %
Medical oce buildings
30 % 24 % 24 % 24 % 1.63 3.81 5.44 1.41 4.53 5.94 -8.4 %
Multi-tenant oces
46 % 49 % 46 % 48 % 1.04 1.21 2.25 1.10 1.17 2.27 -1.1 %
Head oce
59 % 54 % 59 % 54 % 1.85 1.29 3.14 1.59 1.38 2.97 5.7 %
TOTAL
directly managed
44 % 46 % 44 % 45 % 1.10 1.41 2.51 1.12 1.33 2.45 2.1 %
TOTAL
44 % 44 % 42 % 44 % 1.04 1.35 2.39 0.91 1.16 2.07 15.4 %
1. Recycling and incineration with energy recovery are the only disposal routes applicable. The proportion of incineration with energy recovery is therefore the balance of the recycled
proportion.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
TYPE AND NUMBER OF ASSETS WITH CERTIFICATIONS (KWH/M
2
)
Based on disclosure GRI CRE8
Total number of buildings that have received a certification by type (Cert-Tot).
The table shows the number of buildings that have received at least one PEB certification.
The energy performance level shown is the weighted average of the scores by segment.
Number/
total of
buildings
Coverage
in m
2
Energy performance LfL energy performance
2021 2020 2021 2020
Healthcare real estate
170/250 59 % 227 241 -5.8 % 244 236 3.3 %
Distribution networks
198/1,080 14 % 152 295 -48.6 % 150 245 -38.7 %
PPP
10/14 23 % 267 816 -67.2 % 816 816 0.0 %
Single-tenant oces
4/20 32 % 272 237 14.5 % 272 281 -3.2 %
TOTAL
indirectly managed
382/1,364 47 % 227 245 -7.3 % 239 241 -1.0 %
Medical oce
buildings
16/16 100 % 271 286 -5.4 % 286 286 0.0 %
Multi-tenant oces
21/41 50 % 172 187 -8.0 % 175 170 2.4 %
Head oce
1/1 100 % 238 238 0.0 % 238 238 0.0 %
TOTAL
directly managed
38/58 57 % 196 208 -5.4 % 201 198 1.6 %
TOTAL
420/1,422 48 % 222 236 -5.8 % 229 230 -0.4 %
1. PEB certification is regulated dierently in each country and segment.
2. For some PEB certifications, the score is 0 kWh/m due to a lack of information. These certifications are excluded from the average.
Number/
total of
buildings
Coverage
in m
2
Energy performance LfL energy performance
2021 2020 2021 2020
Healthcare real estate (BE)
21/88 15 % 201 125 61.1 % 212 95 124.5 %
Healthcare real estate (FR)
44/53 86 % 359 397 -9.5 % 398 404 -1.3 %
Healthcare real estate +
medical oce buildings (NL)
45/46 96 % 216 219 -1.4 % 218 219 -0.8 %
Healthcare real estate (DE)
42/44 90 % 125 106 18.0 % 119 105 12.7 %
Healthcare real estate
(Others)
34/35 87 % 265 205 29.6 % 205 205 -0.1 %
TOTAL
Healthcare real estate
152/266 61 % 229 245 -6.4 % 248 241 3.0 %
TOTAL
Oces
26/62 44 % 197 207 -4.8 % 200 200 0.4 %
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APPENDICES TO THE ESG REPORT
The table shows the number of buildings that have received at least one BREEAM or BREEAM-equivalent certification.
Number/
total of
buildings
Coverage
in m
2
BREEAM
In-Use
BREEAM
In-Use
BREEAM BREEAM BREEAM
Good Very Good Good Very Good Excellent
Healthcare real
estate
7/250 3 % 0.0 % 2.4 % 0.0 % 0.4 % 0.3 %
PPP
2/14 20 % 0.0 % 0.0 % 15.1 % 0.0 % 4.9 %
Single-tenant oces
2/20 16 % 0.0 % 0.0 % 0.0 % 0.0 % 15.6 %
TOTAL
indirectly managed
11/1,364 5 % 0.0 % 1.6 % 1.3 % 0.2 % 1.8 %
Multi-tenant oces
3/41 11 % 1.9 % 0.0 % 0.0 % 3.2 % 6.3 %
Head oce
1/1 100 % 0.0 % 100.0 % 0.0 % 0.0 % 0.0 %
TOTAL
directly managed
4/58 11 % 1.6 % 1.0 % 0.0 % 2.8 % 5.4 %
TOTAL
15/1,422 6 % 0.2 % 1.5 % 1.1 % 0.6 % 2.3 %
1. For property of distribution networks, no BREEAM nor BREEAM-equivalent certification is available. The certification of the PPP asset, namely Excellent is HQE.
2. The BREEAM-certified buildings are located in Belgium and Spain. The HQE-certified asset is located in France.
3. In the context of the ISO 14001 certification, the principles of BREEAM and/or BREEAM In-Use certification are also applicable to the entire portfolio.
4. A rotation policy is applied for BREEAM certification favouring the certification of buildings not certified in the past, which goes beyond a simple extension of the certifications
already obtained. The number of buildings that have thus obtained BREEAM certification at one time or another amounts to 30.
Belliard 40 oce building – Brussels CBD (BE)
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Social performance indicators
The managerial approach to human capital is described on pages 131-135.
GOVERNANCE BODIES AND EMPLOYEE GENDER DIVERSITY (in %)
Based on disclosure GRI 405-1
Diversity-Emp 2021 2020
Women Men Women Men With respect
to 50 % goal
Women
Board of directors
(including non-independent members)
36 % 64 % 42 % 58 % -28 % -14 %
Executive committee
40 % 60 % 40 % 60 % -20 % 0 %
Managers
33 % 67 % 29 % 71 % -34 % 14 %
Employees (including managers)
57 % 43 % 58 % 42 % 14 % -2 %
1. In 2020, 10 % of women and 2 % of men worked part-time.
2. In 2021, 10 % of women and 1 % of men worked part-time.
GENDER SALARY AND REMUNERATION RATIO (% WOMEN/MEN)
Based on disclosure GRI 405-2
Diversity-Pay 2021 2020
Board of directors
77 % 71 % 8 %
Executive committee
78 % 75 % 4 %
Managers
91 % 88 % 3 %
Employees
83 % 79 % 5 %
1. The chairman is male, which explains the dierence at the Board level. Non-independent members are excluded from calculation, because they are included in the Executive
Committee.
2. The CEO is male, which explains the dierence at the Executive Committee level.
3. The dierence at the manager level can be explained by the fact that there are more male operational managers.
4. At employee level, there is a dierence because many women have an administrative assistant function.
EMPLOYEE TRAINING AND DEVELOPMENT (NUMBER OF HOURS)
Based on disclosure GRI 404-1
Emp-Training Total Average
2021 2020 2021 2020
Women
2,490 2,865 -13 % 31 36 -14 %
Men
1,798 992 81% 30 18 67 %
Employees
4,289 3,857 11 % 31 29 7 %
1. The denominator for the average per employee is 140 people (= total number of employees).
2. Belgian regulations require companies to provide an average of five days or 40 hours of training per employee. The reduction in 2021 compared to this target is mainly linked to
the lockdown. Following the lockdown, trainings are replaced by webinars which have not been included in the results.
EMPLOYEE PERFORMANCE APPRAISALS (in %)
Based on disclosure GRI 404-3
Emp-Dev 2021 2020
Employees
100 % 100 % 0%
RECRUITMENT OF NEW EMPLOYEES AND EMPLOYEE TURNOVER
Based on disclosure GRI 401-1
Emp-Turnover Departures New hires
2021 2020 2021 2020
Total % Total % Total % Total %
Employees
17 12.1% 12 8.9 % 42% 22 15.7% 24 17.8 % -12 %
1. The denominator is 140 people (= total number of employees).
2. Inter-group sta turnover is not taken into account.
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APPENDICES TO THE ESG REPORT
EMPLOYEE HEALTH AND SAFETY
Based on disclosure GRI 403-9
H&S-Emp Numerator 2021 2020
Short-term absenteeism
2.2 days lost 1.0 % 1.0 % 0%
Long-term absenteeism
14.2 days lost 6.3% 3.2 % 97%
Hours lost due to occupational accidents / worked hours
0 days lost 0.0% 0.0 % 0%
Number of accidents/worked hours
1 accident 0.0% 0.0 % 0%
1. According to Belgian legislation, the denominator is the total number of working days including leave days.
2. Short-term absenteeism means less than 20 days while long-term absenteeism means 20 days or more.
3. The number of absenteeism days per employee amounts to 16.4 days.
4. The denominator for each indicator is 250,560 working hours.
ASSET HEALTH AND SAFETY ASSESSMENTS (% OF BUILDINGS IN M)
Based on disclosure GRI 416-1
H&S-Asset 2021 2020
Medical oce buildings
54 % 67 % -19 %
Multi-tenant oces
93 % 96 % -3 %
Head oce
100 % 100 % 0 %
TOTAL directly managed
88 % 93 % -5 %
1. The assessment is based on the annual monitoring of fire audits and asbestos monitoring.
2. In the indirectly managed portfolio, these assessments are carried out as part of the due diligence process at the time of acquisition.
Annual monitoring is then the responsibility of the tenants.
ASSET HEALTH AND SAFETY COMPLIANCE (NUMBER OF ACCIDENTS)
Based on disclosure GRI 416-2
H&S-Comp 2021 2020
Medical oce buildings
0 0 0 %
Multi-tenant oces
0 0 0 %
Head oce
0 0 0 %
TOTAL directly managed
0 0 0 %
1. In 2021, no infringements related to fire audits and asbestos monitoring with a financial or health impact on the occupant were detected.
2. In the indirectly managed portfolio, annual monitoring is the responsibility of the tenants. During the monitoring visits, no violations with financial or health impact were found.
COMMUNITY ENGAGEMENT, IMPACT ASSESSMENTS AND DEVELOPMENT PROGRAMMES
(% OF BUILDINGS IN M)
Based on disclosure GRI 413-1
Comty-Eng 2021 2020
Medical oce buildings
0 % 0 % 0 %
Multi-tenant oces
100 % 100 % 0 %
Head oce
100 % 100 % 0 %
TOTAL directly managed
87 % 88 % -1 %
1. The accessibility of oce buildings has been assessed in the chapter ESG management (see page 145). The strategy also foresees individual actions for each building, such as the
opening of a garden to the public garden.
2. The commitment relating to the head oce is described in the GRI content index (see page 346).
Governance performance indicators
COMPOSITION OF THE HIGHEST GOVERNANCE BODY
Based on disclosure GRI 2-9
NOMINATING AND SELECTING THE HIGHEST GOVERNANCE BODY
Based on disclosure GRI 2-10
CONFLICTS OF INTEREST
Based on disclosure GRI 2-15
The Gov-Board, Gov-Selec and Gov-Col indicators are described in the chapter ‘Corporate governance statement’ (see pages 188-206).
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
DASHBOARD
Actions taken in 2021 Progress in 2021 Future actions Deadline
Energy intensity and GHG emissions
1. Reduce the energy intensity of buildings by 30 % to reach the level of 130 kWh/m by 2030.
Scope : global portfolio
Measurement of objective : in kWh/m
• Decrease of 13 % in energy intensity compared to 2017 by
reaching 165 kWh/m.
165 kWh/m • Scheduling of actions identified in the energy
mapping.
• Acquisition policy with a target of an average
energy intensity of 85 kWh/m.
• 10 % reduction in portfolio performance under
operational control.
• Identification of actions aligned with the European
taxonomy within the portfolio.
2030
2. Increase renewable energy production.
Scope : overall portfolio
Measurement of objective : coverage in m of buildings
with photovoltaic/solar panels
• Analysis of the photovoltaic panels already installed in the
healthcare segment during the annual visits of internal
and external property managers.
26 % • Raise tenants’ awareness to invest in renewable
energy sources during construction/renovation/
extension projects.
• Commitment to green energy supply points until
2030 and beyond.
2030
3. Improve the portfolio’s energy performance with a building renovation programme.
Scope : overall portfolio
Measurement of objective : annual renovation rate
according to the 5-year portfolio renewal target
• 2.2 % of the real estate portfolio underwent redevelopment
or large-scale renovation, which improved the energy
performance (excluding new constructions and
acquisitions).
2.2 % • From 2022 to 2026, Cofinimmo is planning to
refurbish 5.5 % of its portfolio (excluding new
constructions and acquisitions).
2026
4. Smart monitoring of the energy intensity of buildings.
Scope : overall portfolio
Measurement of objective : coverage in m of buildings
with energy data collection
• Consumption data has been collected for 63 % of the
healthcare real estate segment and 72% of the oce
segment.
59% • Increase the coverage to 85 %, with a minimum of
75 %, achieved through smart monitoring.
2022
5. Annual assessment of the head oce’s carbon footprint.
Scope : Cofinimmo group
Measurement of objective : emissions in tonnes CO
2
e per
employee
• Aim to reduce the carbon footprint by 50 % by 2030 in line
with the science based targets initiative, through an
advanced mobility policy
4.0 tonnes CO
2
e/FTE • Assess the impact of the application of the mobility
policy implemented in 2020, which oers a
mobility budget to all the employees.
2022
Water management
6. Improve the collection of water consumption data.
Scope : overall portfolio
Measurement of objective : coverage in m of buildings
with water data collection
• 91 % of data collected on water con-sumption for the
directly managed portfolio, 47 % in healthcare real estate,
21 % for PPPs and 57 % for single-tenant oces.
• A monitoring system was installed for all the healthcare
real estate assets in the Netherlands, in collaboration with
Smartvatten.
46 % • Increase the coverage to 85 %, with a minimum of
75 %, achieved through smart monitoring.
• Organise internal training sessions on water
management.
2022
Mobility
7. Inform clients about the accessibility of buildings using alternative transport modes to the car.
Scope : overall portfolio
Measurement of objective : coverage in m of buildings
with good to excellent accessibility
• Progressive set-up of multi-modal sheets for oce
buildings.
79 % • Quantifying the accessibility of assets in the
healthcare real estate segment.
2022
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APPENDICES TO THE ESG REPORT
Actions taken in 2021 Progress in 2021 Future actions Deadline
8. Promote the use of alternative transport modes to the car by improving facilities.
Scope : oce portfolio
Measurement of objective : % of bicycle parking space
• 2 % of parking spaces are equipped with charging stations
in the oce segment.
• 19 % of bicycle parking spaces are available in the oce
segment.
• Analysis of bicycle parking accessible to visitors
19 % • Gradually improve infrastructure for cyclists by :
- increasing bicycle parking spaces;
- improving the type of bicycle parking spaces;
- increasing the number of showers.
2022
9. Increase the rate of use of car parks by sharing them or through a conversion into car parks for semi-public or public use.
Scope : oce portfolio
Measurement of objective : coverage of shared or public
car parks
• Assessed the implementation of public parking spaces in
the context of the renewal of the environmental permit of
the parking spaces subject to COBRACE in Brussels.
• 4 % of the parking spaces available in the oce portfolio
are converted into shared and public parking spaces.
4 % • Study conducted for the gradual conversion
of 1,200 parking spaces into public parking as
permits are renewed.
2030
10. Implement a mobility plan.
Scope : Cofinimmo group
Measurement of objective : total cycled distance
• Raise awareness among sta members of alternative
means of transport by implementing a new green
mobility plan.
• 6,460 km cycled to head oce.
• Revision of the three-year mobility plan including the
implementation of new targets, postponed to 2021 due to
the health crisis.
6,460 km • Implementation of the three-year mobility plan. 2022
Use of sustainable/recycled materials
11. Life cycle analysis of materials used in development projects.
Scope : overall portfolio
Measurement of objective : number of projects
• Carbon footprint analysis for 4 redevelopment projects in
4 countries.
4 • Calculate the carbon footprint for at least
2 redevelopment projects
• Explore the use of innovative building materials.
• Organise in-house training on carbon footprint
and life cycle analysis
2022
Construction waste
12. Partially recycle materials during renovation projects.
Scope : overall portfolio
Measurement of objective : number of projects
• In 2021, the opportunity to recuperate materials prior to
demolition did not occur in any of the redevelopment
projects.
s/o • Material recovery considered for new renovation
projects.
2022
Impact on green spaces
13. Ensure biodiversity.
Scope : overall portfolio
Measurement of objective : completion of planned actions
• The assessment in due diligence reviews is based on
various factors. For the environment, the presence
of green areas is one of the factors taken into account for
each project.
100 % • Analyse projects on undeveloped land in order to
reduce environmental by obtaining environmental
certification.
• Study the tools used to quantify the biodiversity
scorecard.
2022
Occupancy-related waste
14. Improve waste sorting in multi-tenant oce buildings by raising awareness among occupants.
Scope : oce portfolio
Measurement of objective : % of recycled waste compared
to the 70 % target
• 44 % of collected waste are recycled.
• Waste increase from 2.07 tonnes/m to 2.39 tonnes/m.
63 % • Improve waste sorting and reduce the overall
weight of waste per m by raising awareness
among tenants in the portfolio under operational
control.
2022
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Actions taken in 2021 Progress in 2021 Future actions Deadline
15. Receive electronic invoices from suppliers and send invoices to clients in digital format.
Scope : Cofinimmo group
Measurement of objective : number of invoices received/
sent digitally
• In 2021, the majority of invoices received in digital format
were directly attached in an e-mail. The remaining
invoices, received in paper format, were scanned.
• Likewise, the majority of lease contracts, all documents
(rent bills and rental-related expenses breakdowns, etc.)
were sent in digital format.
status quo • 90 % of invoices will be received in digital format.
• 85 % of tenants will receive their rent bills and
rental-related expenses breakdowns in digital
format.
2022
Safety and well-being of the occupants
16. Gradually decontaminate buildings still containing traces of asbestos.
Scope : overall portfolio
Measurement of objective : coverage in m of buildings
without asbestos
• 61 % of the portfolio no longer contains traces of asbestos. 61% • Improve the quality of data collected for the
dierent segments
2022
17. Promote solidarity in order to maximise its social impact.
Scope : Cofinimmo group
Measurement of objective : completion of planned actions
• Integration of social risks in the customer relationship for
the health sector during the annual visits of internal and
external property managers.
100 % • Integrating social risks into the client relationship
for the healthcare sector by analysing and
comparing the operator’s business plan during
due diligence.
2022
Relationship with suppliers
18. Include a separate clause in contracts and calls for tenders regarding the adoption of sustainability practices by subcontractors.
Scope : Cofinimmo group
Measurement of objective : % of contracts
• ESG policy is included in any general contractor contract.
Cofinimmo encourages its suppliers to adopt an
environmentally friendly behaviour.
• Cofinimmo reiterated its commitment as a signatory to
the UN Global Compact Charter, which encompasses ten
principles of fundamental corporate responsibility in the
fields of human rights, labour, environment, and the fight
against corruption.
• 2020 sustainability report published as ‘communication
on progress’ on the UN Global Compact Charter website.
• Publication in the group’s universal registration document
of the supplier policy on environmental and social aspects
of the value chain.
100 % • Publish the 2021 universal registration document
as a ‘communication on progress’ on the UN
Global Compact Charter website.
• Develop a sustainable procurement policy for the
head oce.
• Review the impact of the due diligence in the
supply chain.
2022
Human capital
19. Develop the necessary framework for employee development.
Scope : Cofinimmo group
Measurement of objective : % of employees who attended
one or more training courses
• 4,289 hours of training were followed by 46 % of
employees, representing an average of 3.8 days of
training per employee.
46 % • Continued employee training.
• Definition of a training platform regarding
performance evaluation.
• ESG training on life cylce and water management.
2022
20. Ensure sucient diversity at the dierent levels of the company’s hierarchy.
Scope : Cofinimmo group
Measurement of objective : % of women / % of men at
executive committee level
• Greater parity between men and women at sta level. 72 % • Continued vigilance on a parity between men
and women on the board of directors and the
executive committee.
2022
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APPENDICES TO THE ESG REPORT
Actions taken in 2021 Progress in 2021 Future actions Deadline
Aesthetics, respect for public spaces and diversity of districts
21. Improve the aesthetics and public space when redeveloping existing buildings.
Scope : overall portfolio
Measurement of objective : renovated/constructed
surface in m
• Acceptance of the redevelopment works of the Fundis
healthcare building in The Netherlands.
66,175 m • Delivery of construction, renovation and extension
works for 5 % of the portfolio.
• Comprehensive analysis of the targeted final
energy intensity of redevelopment projects
2026
22. Receive BREEAM and BREEAM In-Use certifications.
Scope : overall portfolio
Measurement of objective : number of buildings since 2010
• Ongoing renewal of the BREEAM In-Use certification for
Woluwe 58, Cofinimmo’s head oce.
• Extensaion of the BREEAM In-Use certification received
for a multitenant oce building.
• Obtaining BREEAM In-Use Very Good certificates for five
healthcare assets in Belgium.
• Obtaining BREEAM certificates from Very Good to
Excellent for two healthcare assets in Spain.
30 • Initiate the procedure to receive a BREEAM
certification for healthcare real estate projects in
Spain.
• Obtain a BREEAM In-Use Very good for at least
two oce buildings in Belgium.
2022
Accessibility for people with reduced mobility
23. Audit and research potential improvements related to the accessibility of buildings to people with reduced mobility (PRM).
Scope : overall portfolio
Measurement of objective : coverage in m of audited
multi-tenant buildings
• 25 % of the buildings have been audited since 2013. 25 % • Continued vigilance on accessibility regarding
construction sites.
2022
Profitability for investors and access to capital
24. Develop a financial strategy that is consistent with ESG objectives.
Scope : Cofinimmo group
Measurement of objective : coverage in m of EPB/EPC
certified assets
• The certification of assets according to the EPB/EPC
certification scheme has been completed by 48%.
• Reviewed the green & social allocated to sustainable
financial instruments has been reviewed.
48 % • Implementation of climate change due diligence
analysis for each acquisition.
• Development of a ‘net zero’ track record within the
portfolio.
2022
Business ethics
25. Maximise the transparency of the company’s ESG information.
Scope : Cofinimmo group
Measurement of objective : scores obtained in the dierent
surveys
• Received an EPRA Sustainability sBPR Award for the tenth
consecutive year.
• Prepared a sustainability report in line with GRI standards
and received third-party assurance for it.
• Participated in the GRESB survey with a score which went
from 45 % to 70 % in eight years.
• ‘Prime’ rating according to the ISS ESG rating
methodology.
• Renewed participation in the Carbon Disclosure Project.
• MSCI ESG rating improved from A in 2016 to AA.
Gold Award
Limited assurance on EPRA
performance indicators, the
GRI Content Index and the
green & social portfolio
70 %
C (Prime)
B (management band)
AA
• Continually and actively participate in the GRESB,
MSCI, Sustainalytics, ISS ESG and CDP surveys
and ratings.
• Publish ESG information in a combined annual
financial report and obtain third-party assurance.
• Prepare the annual financial report based on risks
and opportunities associated with climate change
as recommended by TCFD.
• Drawing up an annual eligibility report in
accordance with the European Union taxonomy.
2022
26. ISO 14001 certification for the environmental management system.
Scope : portfolio in Belgium
Measurement of objective : certification renewal/extension
• Renewed ISO 14001:2015 certification 100 % • Annual renewal of the ISO 14001:2015 certification
annually.
2022
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Actions taken in 2021 Progress in 2021 Future actions Deadline
27. Annually review the materiality matrix for the company’s sustainability topics.
Scope : Cofinimmo group
Measurement of objective : completion of planned actions
• Internal review of ESG priority areas taking into account
the strategy in the healthcare real estate segment
100 % • Engaging healthcare real estate stakeholders to
challenge the material topics during the annual
visits of internal and external property managers.
• Satisfaction survey in the health care real estate
sector.
• In-depth analysis of the physical risks of climate
change in the portfolio.
2022
28. Promote the collaboration agreement signed by Cofinimmo and the tenant in order to actively promote sustainability and encourage all parties
to reduce the environmental impact of leased property : sharing of consumption data, initiatives to reduce consumption, better waste sorting, etc.
Scope : Cofinimmo group
Measurement of objective : achievement of planned
actions
• 59 % of surface areas covered by a collaboration
agreement in order to share consumption data (in the
form of a green clause, a green charter, a proxy, or a
simple email exchange).
59% • 85 % of surface areas in healthcare real
estate covered by a sustainable collaboration
agreement.
2022
29. Mobilise employees
Scope : Cofinimmo group
Measurement of objective : emissions in tonnes of CO
2
e
per employee
• A survey on internal communication resulted in an internal
communication and interaction plan.
• All employees were given the opportunity to volunteer
for a day to help the victims of the floods in Belgium
in July 2021.
• Publication in the universal registration document of an
HR strategy on training, diversity, safety and well-being.
• 82 % of employees received a ESG target for 2021 linked to
the performance review process.
• LinkedIn ambassador toolkit launched.
100 % • Repeat the employee engagement survey
• Define a global ESG objective in the annual
individual objectives of each employee for 2022.
2022
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APPENDICES TO THE ESG REPORT
Medical oce building – Oosterstraat (NL)
LINK BETWEEN TOPICS OF
COFINIMMO AND SDGs
17 UN goals to transform our world
The UN sustainable development goals (SDGs) are intended to
provide incentives for all countries – poor, rich and with middle
income – to take action to promote prosperity while protecting
the planet. They recognise that poverty can only be eradicated if
it is coupled with strategies to increase economic growth and ad
-
dress a range of social needs, including education, health, social
protection and employment opportunities, while combatting cli
-
mate change and protecting the environment.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
SDG Topics Pages
3
Good health and
well-being
• Gradually decontaminate buildings still containing traces of asbestos.
• Promote solidarity in order to maximise its social impact.
127-128
4
Quality education • Develop the necessary framework for employee development. 133
6
Clean water and
sanitation
• Improve collection of water consumption data. 124-125
7
Aordable and
clean energy
• Increase production of renewable energy.
• Improve the portfolio’s energy performance with a building renovation programme.
• Smart monitoring of the energy intensity of buildings.
• Annual assessment of the headquarters’ carbon footprint.
121-123
8
Decent work and
economic growth
• Mobilise employees.
• Develop a financial strategy that is consistent with ESG objectives.
136-145
10
Reduced
inequalities
• Ensure sucient diversity at the dierent levels of the company’s hierarchy.
• Audit and research potential improvements related to the accessibility of buildings to
people with reduced mobility (PRM).
131-132
11
Sustainable cities
and communities
• Improve the aesthetics and public space when developing buildings.
• Receive BREEAM and BREEAM In-Use certifications.
• Inform clients about the accessibility of buildings using alternative transport modes to
the car.
• Promote the use of alternative transport modes to the car by improving facilities.
• Increase the rate of use of car parks by sharing them or through a conversion into car parks
for semi-public or public use.
• Implement a mobility plan.
• Ensure biodiversity.
337-338
12
Responsible
consumption and
production
• Partially recycle materials during renovation projects.
• Receive electronic invoices from suppliers and send invoices to clients in digital format.
• Improve waste sorting in multi-tenant oces by raising awareness among occupants.
338-339
13
Measures relating
to the fight against
climate change
• Reduce the energy intensity of buildings by 30 % to reach the level of 130 kWh/m by 2030.
• Annual assessment of the head oce’s carbon footprint.
121-123
16
Peace, justice and
strong institutions
• Maximise the transparency of the company’s ESG information.
• ISO 14001 certification for the Environmental Management System.
341
17
Partnerships for the
implementation of
goals
• Annually review the materiality matrix for the company’s sustainability topics.
• Promote the collaboration agreement signed by Cofinimmo and the tenant in order to
actively promote sustainability and encourage all parties to reduce the environmental
impact of leased property : sharing of consumption data, initiatives to reduce consumption,
better waste sorting, etc.
• Include a separate clause in contracts and calls for tenders regarding the adoption of
sustainability practices by subcontractors.
106-107
343
APPENDICES TO THE ESG REPORT
GRI CONTENT INDEX
All the GRI standards (see pages 344-347) have been reviewed by the auditor, Deloitte
Réviseurs d’Entreprises/Bedrijfsrevisoren (see the ‘Statutory auditor’s report’). Cofinimmo is
not subject to the European legislation on non-financial reporting (EU Directive 2014/95).
The ESG report is therefore a voluntary initiative which complies with the legal
requirements of the transposition of this directive into Belgian law and follows
the Euronext guidance on ESG reporting issued in January 2020.
Statement of use Cofinimmo SA/NV has reported in accordance with the GRI Standards for the period
from 01.01.2021 to 31.12.2021
GRI 1 used GRI 1 : Foundation 2021
Applicable GRI Sector Standard(s) n/a
General disclosures
GRI 2 : GENERAL DISCLOSURES 2021
PAGES
2-1 Organizational details 14-23
2-2 Entities included in the organization’s sustainability
reporting
287-293
2-3 Reporting period, frequency and contact point The reporting period covers the social and financial year from
01.01.2021 to 31.12.2021 and the report is published annually.
Current report has been published on 08.04.2022. Hanna De
Groote, Head of ESG, is the contact point regarding the reported
information.
2-4 Restatements of information No significant restatement of information compared to
information reported in the 2020 ESG report.
2-5 External assurance Deloitte Réviseurs d’Entreprises/Bedrijfsrevisoren SC s.f.d. SRL
performed a limited assurance audit on the performance
indicators, the compliance of the ESG report with the GRI
Standards, as well as the green & social portfolio impact
reporting.
2-6 Activities, value chain, and other business
relationships
112-119
2-7 Employees 192 All employees are recruited for an indefinite term. Social data are
consolidated by the social secretariat Securex for Belgium and by
the human resources department for the other countries with the
support of an external advisor.
2-8 Workers who are not employees At 31.12.2021, Cofinimmo called on 4 external consultants and
21 temporary workers.
2-9 Governance structure and composition 188-203
2-10 Nomination and selection of the highest
governance body
198
2-11 Chair of the highest governance body 195
2-12 Role of the highest governance body in overseeing
the management of impacts
188-203
2-13 Delegation of responsibility for managing impacts 188-203
2-14 Role of the highest governance body in
sustainability reporting
188-203
2-15 Conflicts of interest 204-205
2-16 Communication of critical concerns 204-205
2-17 Collective knowledge of the highest governance
body
204-205
2-18 Evaluation of the performance of the highest
governance body
203
2-19
Remuneration policies
209-219
344
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
GRI 2 : GENERAL DISCLOSURES 2021
PAGES
2-20 Process to determine remuneration 209-219
2-21 Annual total compensation ratio 215
2-22 Statement on sustainable development strategy 105
2-23 Policy commitments https://www.cofinimmo.com/about-us/governance/
https://www.cofinimmo.com/media/4430/esg-policy.pdf
2-24 Embedding policy commitments Respect for human rights is a red line in the collaboration with
the partners. In addition, exposure is low given Cofinimmo’s
geography and business.
2-25 Processes to remediate negative impacts 205
2-26 Mechanisms for seeking advice and raising
concerns
205 https://www.cofinimmo.com/about-us/governance/
In the countries where Cofinimmo operates, complaints and
feedback mechanisms are required by legislation. This accounts
for 100 % of the relevant activities.
2-27 Compliance with laws and regulations https://www.cofinimmo.com/esg/governance-policies/
2-28 Membership associations The Shift, Women on Board, UPSI, IiP, EPRA, RICS, GRESB, BACA.
2-29 Approach to stakeholder engagement 116-119
2-30 Collective bargaining agreements There is no trade union representation within Cofinimmo due
to a lack of candidates in the compulsory employee elections
held every four years. The most recent social elections have
taken place in April 2020. During the compulsory social elections,
Cofinimmo informs all employees of their right to free association
and collective bargaining. Cofinimmo is part of Joint Committee
200 which governs the status of employees.
345
APPENDICES TO THE ESG REPORT
Material topics
GRI 3 : MATERIAL TOPICS 2021
PAGES
3-1 Process to determine material topics 106
3-2 List of material topics 107
ENERGY INTENSITY AND GHG EMISSIONS
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 121-123
GRI 300 : ENVIRONMENTAL STANDARDS
CRE1 Relative energy consumption 322
CRE3 Relative GHG emissions 328-329
GRI 302 : ENERGY 2016
302-1 Energy consumption within the organisation 323-325
302-2 Energy consumption outside of the organisation 323-325
302-3 Energy intensity 322
302-4 Reduction of energy consumption 120
GRI 305 : EMISSIONS 2016
305-1 Direct (Scope 1) GHG emissions 326-327
305-2 Energy indirect (Scope 2) GHG emissions 326-327
305-3 Other indirect (Scope 3) GHG emissions 326-327
305-4 GHG emissions intensity 328-329
305-5 Reduction of GHG emissions 120
WATER MANAGEMENT
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 124-125
GRI 300 : ENVIRONMENTAL STANDARDS
CRE2 Relative water consumption 331
GRI 303 : WATER AND EFFLUENTS 2018
303-5 Water consumption 330
SAFETY AND WELL-BEING OF OCCUPANTS
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 106-145
GRI 306 : WASTE 2020
306-3 Waste generated 332
306-4 Waste diverted from disposal 332
GRI 413 : LOCAL COMMUNITIES 2016
413-1 Operations with local community engagement,
impact assessments and development programs
336
GRI 416 : CUSTOMER HEALTH AND SAFETY 2016
416-1 Assessment of the health and safety impacts of
product and service categories
128
416-2 Incidents of non-compliance concerning the health
and safety impacts of products and services
128
SUPPLIER RELATIONS
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 129-130
GRI 205 : ANTI-CORRUPTION 2016
205-3 Confirmed incidents of corruption and actions taken 145
GRI 407 : FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING 2016
407-1 Operations and suppliers in which the right to
freedom of association and collective bargaining
may be at risk
In 2021, no operations or suppliers in which the right to freedom
of association and collective bargaining may have been at risk
were claimed.
Respect for human rights is a red line in the collaboration with
the partners. In addition, exposure is low given Cofinimmo’s
geography and business.
346
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
GRI 415 : PUBLIC POLICY 2016
415-1 Political contributions No financial or in kind political contributions were made in 2021.
HUMAN CAPITAL
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 131-135
GRI 401 : EMPLOYMENT 2016
401-1 New employee hires and employee turnover 335
GRI 402 : LABOUR/MANAGEMENT RELATIONS 2016
402-1 Minimum notice periods regarding operational
changes
129 The minimum notice period for operational changes is six weeks.
In 2021, no mergers/divestitures with an impact on the number of
employees took place.
GRI 403 : OCCUPATIONAL HEALTH AND SAFETY 2018
403-1 Occupational health and safety management
system
129 Cofinimmo follows the Code of well-being at work.
This Code is applicable to all employees.
403-2 Hazard identification, risk assessment, and
incident investigation
129, 132 The role of the internal prevention advisor is carried out
by the Human Resources Department. As required by law,
Cofinimmo has drawn up an inventory of risks and established a
written assessment of these risks for the health, safety and well-
being of employees. Every employee has the right to stop work if
he or she reasonably believes that a serious danger is imminent.
403-3 Occupational health services
135
403-4 Worker participation, consultation, and
communication on occupational health and safety
Cofinimmo, which does not present any major risks, is allowed to
operate without a joint employer-employee committee but with
the help of an external advisor.
403-5 Worker training on occupational health and safety 335 Cofinimmo organises an annual evacuation exercise at the head
oce and oers all employees fire-fighting and basic counselling
training.
403-6 Promotion of worker health 135 Any employee may, on his/her own initiative, consult the
occupational physician for any problem relating to his/her work
or workstation. Employees under the age of 40 are entitled to a
medical check-up every 3 years, from the age of 40 every 2 years
and annually from the age of 50.
403-7 Prevention and reduction of health and safety
impacts at work, directly related to business
relationships
129-130
403-9 Work-related injuries 336
GRI 404 : TRAINING AND EDUCATION 2016
404-1 Average hours of training per year per employee 133
404-3 Percentage of employees receiving regular
performance and career development reviews
133
GRI 405 : DIVERSITY AND EQUAL OPPORTUNITY 2016
405-1 Diversity of governance bodies and employees 335
405-2 Ratio of basic salary and remuneration of women
to men
335
GRI 406 : NON-DISCRIMINATION 2016
406-1 Incidents of discrimination and corrective actions No incidents of discrimination were reported in 2021.
PROFITABILITY FOR INVESTORS AND ACCESS TO CAPITAL
GRI 3 : MATERIAL TOPICS 2021
3-3 Management of material topics 137-145
GRI 201 : ECONOMIC PERFORMANCE 2016
201-1 Direct economic value generated and distributed 136
GRI 300 : ENVIRONMENTAL STANDARDS
CRE8 Total number of assets being granted a certification
per type and per level
333-334 https ://www.cofinimmo.com/sustainability/performance-data/
347
APPENDICES TO THE ESG REPORT
AUDITOR’S REPORT
Independent assurance report on selected environmental, social and governance
performance indicators and the Sustainable Finance Data published in the
document “2021 Universal registration document ” of Cofinimmo NV/SA for the
year ending on 31 December 2021.
To the board of directors
We have been engaged to conduct a limited assurance engagement on:
• A selection of environmental, social and governance indicators (“the ESG KPI’s”), and
• The allocation of proceeds and impact reporting with regards to the Sustainable Finance Products, covering the green & social
bonds, loans, sustainable benchmark bonds, sustainable treasury notes of Cofinimmo NV/SA (“the Sustainable Finance Data”).
The ESG KPI’s and the Sustainable Finance Data (together “the Data”) are published in the document ‘2021 Universal registration
document’ of Cofinimmo NV/SA (“the Company”) for the year ending on 31 December 2021 (“the Document”). The ESG KPI’s have been
defined following the Best Practices Recommendations of the “European Public Real Estate Association” (EPRA) regarding sustainable
development reporting (EPRA sBPR, 3
rd
version) and the GRI standards (incl. GRI CRESD). The Sustainable Finance Data have been
defined following the Cofinimmo Sustainable Finance Framework May 2020. The ESG KPI’s and the Sustainable Finance Data are
identified with the symbol
in the Document or are presented in the chapter “EPRA performance indicators”.
Conclusion
The ESG KPI’s:
• Based on our work as described in this report, nothing has come to our attention that causes us to believe that the ESG KPI’s related to
Cofinimmo NV/SA identified with the symbol
in the Document or as presented in the chapter “EPRA performance indicators”, have
not been prepared, in all material respects, in accordance with the EPRA Best Practices Recommendations on Sustainability Reporting
(3
rd
version) and the GRI standards (GRI CRESD).
The Sustainable Finance Data:
• Based on our work as described in this report, nothing has come to our attention that causes us to believe that the Sustainable Finance
Data related to Cofinimmo NV/SA identified with the symbol in the Document, have not been prepared, in all material respects,
in accordance with the Cofinimmo Sustainable Finance Framework May 2020.
Responsibility of the board of directors
The board of directors of the Company is responsible for the preparation of the Data and the references made to it presented in the
Document as well as for the declaration that its reporting is in accordance with the following frameworks:
• Reporting guidelines of the ‘European Public Real Estate Association’ (EPRA) reporting on sustainable development (EPRA sBPR on
Sustainability Reporting, 3
rd
version).
• Reporting guidelines of the Global Reporting Initiative Standards (GRI Standards), including performance indicators and additional
content related to the material aspects to Cofinimmo NV/SA included in the supplement ‘The Construction and Real Estate Sector
Disclosures’ of the GRI standards, specific to the Construction and Real Estate sector (“GRI CRESD”).
• The Cofinimmo Sustainable Finance Framework May 2020 that has been based on the “International Capital Market Association”
(ICMA)’s Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Linked Loan Principles (SLLP).
The responsibility includes the selection and application of appropriate methods for the preparation of the Data, for ensuring the reli
-
ability of the underlying information and for the use of assumptions and reasonable estimations. Furthermore, the board of directors is
also responsible for the design, implementation and maintenance of systems and procedures relevant for the preparation of the Data
that is free from material misstatement, whether due to fraud or error.
Nature and scope of our work
Our responsibility is to express a conclusion on the ESG KPI’s and Sustainable Finance Data based on our procedures. We conducted
our engagement in accordance with the International Standard on Assurance Engagements ISAE 3000 Assurance Engagements Other
than Audits or Reviews of Historical Financial Information, issued by the International Auditing and Assurance Standards Board (IAASB),
in order to state whether anything had come to our attention that causes us the believe that the Data have not been prepared, in all
material respects, in accordance with the applicable criteria.
We apply International Standard on Quality Control 1 and, accordingly, maintain a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
348
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Applying these standards, our procedures are aimed at obtaining limited assurance on the fact that the Data do not contain material
misstatements. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent
than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
As indicated in the 2021 Universal registration document, the scope of reporting for environmental performance indicators for the
Company’s properties corresponds to all EPRA sBPR indicators. The coverage per indicator is presented in the EPRA sBPR tables under
the chapter “EPRA performance indicators”.
Our work was performed on the data gathered and retained in the reporting scope by Cofinimmo NV/SA. Our conclusion covers
therefore only this Data and not all information included in the Document.
We have taken into account the perimeter according to the scope of the Sustainable Finance Framework, covering the following
financial instruments :
• Green & Social Bonds: 55 MEUR issued in 2016;
• Green & Social Loans:
– 40 MEUR issued in 2019;
– 40 MEUR issued in 2020;
• Sustainable Benchmark Bonds:
– 500 MEUR issued in 2020;
– 500 MEUR issued in 2022;
• Sustainability Treasury Notes: 800 MEUR issued in 2021 (status per 31 December 2021).
The scope of our work included, amongst others the following procedures :
• Obtaining an understanding of the Company’s business, including internal control relevant to collection of the information used to
prepare the Data. This included discussions with the Company’s management responsible for operational performance in the areas
responsible for the data underlying the Data, which are identified with the symbol
as mentioned in the Document.
• Considering the risk of material misstatement of the Data;
• Performing analytical procedures; and
• Examining, on a sample basis, internal and external supporting evidence and performing consistency checks on the consolidation of
the Data.
Our report is made solely to the Company’s directors, as a body, in accordance with ISAE 3000. Our work has been undertaken so that
we might state to the Company those matters we are required to state to them in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s directors
as a body for our work, this report, or for the conclusions we have formed.
Independence
In conducting our engagement, we have complied with the independence and other ethical requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA), which is founded on fundamen
-
tal principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior, and with the
Belgian legal and regulatory framework.
Signed at Zaventem, 29
th
March 2022.
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Rik Neckebroeck
349
APPENDICES TO THE ESG REPORT
CROSS-REFERENCE TABLE FOR
THE UNIVERSAL REGISTRATION
DOCUMENT
This cross-reference table includes the headings provided for in Annexes I and II of the
Commission Delegated Regulation (EU) 2019/980 of 14.03.2019 and refers to the pages of
this universal registration document where the information relating to each of these
headings is mentioned.
CROSS-REFERENCE TABLES
SECTION 1 PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS’ REPORTS
AND COMPETENT AUTHORITY APPROVAL
PAGES
Item 1.1 Identify all persons responsible for the information or any parts of it, given in the registration document with, in the latter
case, an indication of such parts. In the case of natural persons, including members of the issuer’s administrative,
management or supervisory bodies, indicate the name and function of the person; in the case of legal persons indicate
the name and registered oce.
8
Item 1.2 A declaration by those responsible for the registration document that to the best of their knowledge, the information
contained in the registration document is in accordance with the facts and that the registration document makes no
omission likely to aect its import.
Where applicable, a declaration by those responsible for certain parts of the registration document that, to the best of
their knowledge, the information contained in those parts of the registration document for which they are responsible is in
accordance with the facts and that those parts of the registration document make no omission likely to aect its import.
8
Item 1.3 Where a statement or report attributed to a person as an expert, is included in the registration document, provide the
following details for that person :
a) name;
b) business address;
c) qualifications;
d) material interest if any in the issuer.
If the statement or report has been produced at the issuer’s request, state that such statement or report has been
included in the registration document with the consent of the person who has authorised the contents of that part of the
registration document for the purpose of the prospectus.
9, 222
Item 1.4 Where information has been sourced from a third party, provide a confirmation that this information has been accurately
reproduced and that as far as the issuer is aware and is able to ascertain from information published by that third party,
no facts have been omitted which would render the reproduced information inaccurate or misleading. In addition,
identify the source(s) of the information.
9, 222
Item 1.5 Provide a statement that :
a) the universal registration document has been filed with the Financial Services and Markets Authority (FSMA), as
competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with article 9 of that
regulation;
b) the universal registration document may be used for the purposes of a public oer of securities or the admission of
securities to trading on a regulated market if it is approved by the Financial Services and Markets Authority (FSMA)
together with any amendments thereto and a securities note and summary approved in accordance with regulation
(EU) 2017/1129.
6, 8
SECTION 2 STATUTORY AUDITORS
Item 2.1 Names and addresses of the issuer’s auditors for the period covered by the historical financial information (together with
their membership in a professional body).
222
Item 2.2 If auditors have resigned, been removed or have not been re-appointed during the period covered by the historical
financial information, indicate details if material.
n/a
SECTION 3 RISK FACTORS
Item 3.1 A description of the material risks that are specific to the issuer, in a limited number of categories, in a section headed
‘Risk Factors’.
In each category, the most material risks, in the assessment undertaken by the issuer, oeror or person asking for
admission to trading on a regulated market, taking into account the negative impact on the issuer and the probability of
their occurrence shall be set out first. The risks shall be corroborated by the content of the registration document.
2-7
350
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
SECTION 4 INFORMATION ABOUT THE ISSUER
Item 4.1 The legal and commercial name of the issuer.
360
Item 4.2 The place of registration of the issuer, its registration number and legal entity identifier (‘LEI’).
360
Item 4.3 The date of incorporation and the length of life of the issuer, except where the period is indefinite.
342
Item 4.4 The domicile and legal form of the issuer, the legislation under which the issuer operates, its country of incorporation, the
address, telephone number of its registered oce (or principal place of business if dierent from its registered oce) and
website of the issuer, if any, with a disclaimer that the information on the website does not form part of the prospectus
unless that information is incorporated by reference into the prospectus.
360
SECTION 5 BUSINESS OVERVIEW
Item 5.1 Principal activities
Item 5.1.1 A description of, and key factors relating to, the nature of the issuer’s operations and its principal activities, stating the
main categories of products sold and/or services performed for each financial year for the period covered by the
historical financial information.
14-23
Item 5.1.2 An indication of any significant new products and/or services that have been introduced and, to the extent the
development of new products or services has been publicly disclosed, give the status of their development.
n/a
Item 5.2 Principal markets
A description of the principal markets in which the issuer competes, including a breakdown of total revenues by operating
segment and geographic market for each financial year for the period covered by the historical financial information.
14-23
242
Item 5.3 The important events in the development of the issuer’s business
14-23
Item 5.4 Strategy and objectives
A description of the issuer’s business strategy and objectives, both financial and non financial (if any). This description
shall take into account the issuer’s future challenges and prospects.
26-31
33, 57,
61,63
Item 5.5 If material to the issuer’s business or profitability, summary information regarding the extent to which the issuer is
dependent, on patents or licences, industrial, commercial or financial contracts or new manufacturing processes.
n/a
Item 5.6 The basis for any statements made by the issuer regarding its competitive position.
n/a
Item 5.7 Investments
Item 5.7.1 A description, (including the amount) of the issuer’s material investments for each financial year for the period covered by
the historical financial information up to the date of the registration document.
10,
24-69
Item 5.7.2 A description of any material investments of the issuer that are in progress or for which firm commitments have already
been made, including the geographic distribution of these investments (home and abroad) and the method of financing
(internal or external).
38
Item 5.7.3 Information relating to the joint ventures and undertakings in which the issuer holds a proportion of the capital likely
to have a significant eect on the assessment of its own assets and liabilities, financial position or profits and losses.
290
Item 5.7.4 A description of any environmental issues that may aect the issuer’s utilisation of the tangible fixed assets.
31, 64, 104
SECTION 6 ORGANISATIONAL STRUCTURE
Item 6.1 If the issuer is part of a group, a brief description of the group and the issuer’s position within the group. This may be in
the form of, or accompanied by, a diagram of the organisational structure if this helps to clarify the structure.
290
Item 6.2 A list of the issuer’s significant subsidiaries, including name, country of incorporation or residence, the proportion of
ownership interest held and, if dierent, the proportion of voting power held.
290
SECTION 7 OPERATING AND FINANCIAL REVIEW
Item 7.1 Financial condition
Item 7.1.1 To the extent not covered elsewhere in the registration document and to the extent necessary for an understanding of the
issuer’s business as a whole, a fair review of the development and performance of the issuer’s business and of its position
for each year and interim period for which historical financial information is required, including the causes of material
changes.
The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s
business and of its position, consistent with the size and complexity of the business.
To the extent necessary for an understanding of the issuer’s development, performance or position, the analysis shall
include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the particular
business. The analysis shall, where appropriate, include references to, and additional explanations of, amounts reported
in the annual financial statements.
22,
85-93
Item 7.1.2 To the extent not covered elsewhere in the registration document and to the extent necessary for an understanding of the
issuer’s business as a whole, the review shall also give an indication of :
a) the issuer’s likely future development;
b) activities in the field of research and development.
The requirements sand out in item 7.1 may be satisfied by the inclusion of the management report referred to in Articles 19
and 29 of Directive 2013/34/EU of the European Parliament and of the Council.
20-103
Item 7.2 Operating results
Item 7.2.1 Information regarding significant factors, including unusual or infrequent events or new developments, materially
aecting the issuer’s income from operations and indicate the extent to which income was so aected.
22,
85-93
Item 7.2.2 Where the historical financial information discloses material changes in net sales or revenues, provide a narrative
discussion of the reasons for such changes.
n/a
351
CROSSREFERENCE TABLES
SECTION 8 CAPITAL RESOURCES
Item 8.1 Information concerning the issuer’s capital resources (both short term and long term).
79-84,
362
Item 8.2 An explanation of the sources and amounts of and a narrative description of the issuer’s cash flows.
79-84
Item 8.3 Information on the borrowing requirements and funding structure of the issuer.
79-84,
270
Item 8.4 Information regarding any restrictions on the use of capital resources that have materially aected, or could materially
aect, directly or indirectly, the issuer’s operations.
79-84,
278
Item 8.5 Information regarding the anticipated sources of funds needed to fulfil commitments referred to in item 5.7.2.
30,
79-84
SECTION 9 REGULATORY ENVIRONMENT
Item 9.1 A description of the regulatory environment that the issuer operates in and that may materially aect its business,
together with information regarding any governmental, economic, fiscal, monetary or political policies or factors
that have materially aected, or could materially aect, directly or indirectly, the issuer’s operations.
5-6
SECTION 10 TREND INFORMATION
Item 10.1 A description of :
a) the most significant recent trends in production, sales and inventory, and costs and selling prices since the end of
the last financial year to the date of the registration document;
b) any significant change in the financial performance of the group since the end of the last financial period for which
financial information has been published to the date of the registration document, or provide an appropriate negative
statement.
9, 34, 57,
61, 65
Item 10.2 Information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a
material eect on the issuer’s prospects for at least the current financial year.
2
SECTION 11 PROFIT FORECASTS OR ESTIMATES
Item 11.1 Where an issuer has published a profit forecast or a profit estimate (which is still outstanding and valid) that forecast or
estimate shall be included in the registration document. If a profit forecast or profit estimate has been published and is
still outstanding, but no longer valid, then provide a statement to that eect and an explanation of why such forecast or
estimate is no longer valid. Such an invalid forecast or estimate is not subject to the requirements in items 11.2 and 11.3.
98-101
Item 11.2 Where an issuer chooses to include a new profit forecast or a new profit estimate, or a previously published profit
forecast or a previously published profit estimate pursuant to item 11.1, the profit forecast or estimate shall be clear and
unambiguous and contain a statement setting out the principal assumptions upon which the issuer has based its forecast,
or estimate.
The forecast or estimate shall comply with the following principles :
a) there must be a clear distinction between assumptions about factors which the members of the administrative,
management or supervisory bodies can influence and assumptions about factors which are exclusively outside the
influence of the members of the administrative, management or supervisory bodies;
b) the assumptions must be reasonable, readily understandable by investors, specific and precise and not relate to the
general accuracy of the estimates underlying the forecast;
c) in the case of a forecast, the assumptions shall draw the investor’s attention to those uncertain factors which could
materially change the outcome of the forecast.
98-101
Item 11.3 The prospectus shall include a statement that the profit forecast or estimate has been compiled and prepared on a basis
which is both :
a) comparable with the historical financial information;
b) consistent with the issuer’s accounting policies.
8
SECTION 12 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT
Item 12.1 Names, business addresses and functions within the issuer of the following persons and an indication of the principal
activities performed by them outside of that issuer where these are significant with respect to that issuer :
a) members of the administrative, management or supervisory bodies;
b) partners with unlimited liability, in the case of a limited partnership with a share capital;
c) founders, if the issuer has been established for fewer than five years;
d) any senior manager who is relevant to establishing that the issuer has the appropriate expertise and experience for
the management of the issuer’s business.
Details of the nature of any family relationship between any of the persons referred to in points (a) to (d).
In the case of each member of the administrative, management or supervisory bodies of the issuer and of each person
referred to in points (b) and (d) of the first subparagraph, details of that person’s relevant management expertise and
experience and the following information :
a) the names of all companies and partnerships where those persons have been a member of the administrative,
management or supervisory bodies or partner at any time in the previous five years, indicating whether or not the
individual is still a member of the administrative, management or supervisory bodies or partner. It is not necessary
to list all the subsidiaries of an issuer of which the person is also a member of the administrative, management or
supervisory bodies;
b) details of any convictions in relation to fraudulent oences for at least the previous five years;
c) details of any bankruptcies, receiverships, liquidations or companies put into administration in respect of those persons
described in points (a) and (d) of the first subparagraph who acted in one or more of those capacities for at least the
previous five years;
d) details of any ocial public incrimination and/or sanctions involving such persons by statutory or regulatory authorities
(including designated professional bodies) and whether they have ever been disqualified by a court from acting as a
member of the administrative, management or supervisory bodies of an issuer or from acting in the management or
conduct of the aairs of any issuer for at least the previous five years.
If there is no such information required to be disclosed, a statement to that eect is to be made.
8,
196-199
203-204
352
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Item 12.2 Administrative, management and supervisory bodies and senior management conflicts of interests.
Potential conflicts of interests between any duties to the issuer, of the persons referred to in item 12.1, and their private
interests and or other duties must be clearly stated. In the event that there are no such conflicts, a statement to that eect
must be made.
Any arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to which any
person referred to in item 12.1 was selected as a member of the administrative, management or supervisory bodies or
member of senior management.
Details of any restrictions agreed by the persons referred to in item 12.1 on the disposal within a certain period of time of
their holdings in the issuer’s securities.
206
SECTION 13 REMUNERATION AND BENEFITS
In relation to the last full financial year for those persons referred to in points (a) and (d) of the first subparagraph
of item 12.1, first subparagraph, points a) and d) :
Item 13.1 The amount of remuneration paid (including any contingent or deferred compensation), and benefits in kind granted to
such persons by the issuer and its subsidiaries for services in all capacities to the issuer and its subsidiaries by any person.
That information must be provided on an individual basis unless individual disclosure is not required in the issuer’s home
country and is not otherwise publicly disclosed by the issuer.
211-221
Item 13.2 The total amounts set aside or accrued by the issuer or its subsidiaries to provide for pension, retirement or similar
benefits.
211-221
SECTION 14 BOARD PRACTICES
In relation to the issuer’s last completed financial year, and unless otherwise specified, with respect to those persons
referred to in point (a) of the first subparagraph of item 12.1, first subparagraph, points a) and d) :
Item 14.1 Date of expiration of the current term of oce, if applicable, and the period during which the person has served in that
oce.
196-199
Item 14.2 Information about members of the administrative, management or supervisory bodies’ service contracts with the issuer or
any of its subsidiaries providing for benefits upon termination of employment, or an appropriate statement to the eect
that no such benefits exist.
8, 211
Item 14.3 Information about the issuer’s audit committee and remuneration committee, including the names of committee
members and a summary of the terms of reference under which the committee operates.
202
Item 14.4 A statement as to whether or not the issuer complies with the corporate governance regime(s) applicable to the issuer. In
the event that the issuer does not comply with such a regime, a statement to that eect must be included together with
an explanation regarding why the issuer does not comply with such regime.
190
Item 14.5 Potential material impacts on the corporate governance, including future changes in the board and committees
composition (in so far as this has been already decided by the board and/or shareholders meeting).
n/a
SECTION 15 EMPLOYEES
Item 15.1 Either the number of employees at the end of the period or the average for each financial year for the period covered by
the historical financial information up to the date of the registration document (and changes in such numbers, if material)
and, if possible and material, a breakdown of persons employed by main category of activity and geographic location.
If the issuer employs a significant number of temporary employees, include disclosure of the number of temporary
employees on average during the most recent financial year.
194
Item 15.2 Shareholdings and stock options
With respect to each person referred to in points (a) and (d) of the first subparagraph of item 12.1 provide information as
to their share ownership and any options over such shares in the issuer as of the most recent practicable date.
212,
218-221
Item 15.3 Description of any arrangements for involving the employees in the capital of the issuer.
n/a
SECTION 16 MAJOR SHAREHOLDERS
Item 16.1 In so far as is known to the issuer, the name of any person other than a member of the administrative, management
or supervisory bodies who, directly or indirectly, has an interest in the issuer’s capital or voting rights which is notifiable
under the issuer’s national law, together with the amount of each such person’s interest, as at the date of the registration
document or, if there are no such persons, an appropriate statement to that eect that no such person exists.
8, 172, 193
Item 16.2 Whether the issuer’s major shareholders have dierent voting rights, or an appropriate statement to the eect that no
such voting rights exist.
8
Item 16.3 To the extent known to the issuer, state whether the issuer is directly or indirectly owned or controlled and by whom and
describe the nature of such control and describe the measures in place to ensure that such control is not abused.
n/a
Item 16.4 A description of any arrangements, known to the issuer, the operation of which may at a subsequent date result in a
change in control of the issuer.
n/a
SECTION 17 RELATED PARTY TRANSACTIONS
Item 17.1 Details of related party transactions (for which these purposes are those set out in the Standards adopted in accordance
with the Regulation (EC) No 1606/2002 of the European Parliament and of the Council, that the issuer has entered into
during the period covered by the historical financial information and up to the date of the registration document, must be
disclosed in accordance with the respective standard adopted under Regulation (EC) No 1606/2002 if applicable.
If such standards do not apply to the issuer the following information must be disclosed :
a) the nature and extent of any transactions which are, as a single transaction or in their entirety, material to the issuer.
Where such related party transactions are not concluded at arm’s length provide an explanation of why these
transactions were not concluded at arm’s length. In the case of outstanding loans including guarantees of any kind
indicate the amount outstanding;
b) the amount or the percentage to which related party transactions form part of the turnover of the issuer.
212
353
CROSSREFERENCE TABLES
SECTION 18 FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION
AND PROFITS AND LOSSES
Item 18.1 Historical financial information
Item 18.1.1 Audited historical financial information covering the latest three financial years (or such shorter period as the issuer has
been in operation) and the audit report in respect of each year.
10
Item 18.1.2 Change of accounting reference date
If the issuer has changed its accounting reference date during the period for which historical financial information is
required, the audited historical information shall cover at least 36 months, or the entire period for which the issuer has
been in operation, whichever is shorter.
n/a
Item 18.1.3 Accounting standards
The financial information must be prepared according to International Financial Reporting Standards as endorsed in the
Union based on Regulation (EC) No 1606/2002.
If Regulation (EC) No 1606/2002 is not applicable, the financial information must be prepared in accordance with :
a) a Member State’s national accounting standards for issuers from the EEA, as required by Directive 2013/34/EU;
b) a third country’s national accounting standards equivalent to Regulation (EC) No 1606/2002 for third country issuers.
If such third country’s national accounting standards are not equivalent to Regulation (EC) No 1606/2002 the financial
statements shall be restated in compliance with that Regulation.
232-240
Item 18.1.4 Change of accounting framework
The last audited historical financial information, containing comparative information for the previous year, must be
presented and prepared in a form consistent with the accounting standards framework that will be adopted in the
issuer’s next published annual financial statements having regard to accounting standards and policies and legislation
applicable to such annual financial statements.
Changes within the accounting framework applicable to an issuer do not require the audited financial statements to be
restated solely for the purposes of the prospectus. However, if the issuer intends to adopt a new accounting standards
framework in its next published financial statements, at least one complete set of financial statements (as defined
by IAS 1 Presentation of Financial Statements as set out in regulation (EC) No 1606/2002), including comparatives,
must be presented in a form consistent with that which will be adopted in the issuer’s next published annual financial
statements, having regard to accounting standards and policies and legislation applicable to such annual financial
statements.
n/a
Item 18.1.5 Where the audited financial information is prepared according to national accounting standards, it must include at least
the following :
a) the balance sheet;
b) the income statement;
c) a statement showing either all changes in equity or changes in equity other than those arising from capital transactions
with owners and distributions to owners;
d) the cash flow statement;
e) the accounting policies and explanatory notes.
23, 85, 88
90, 93
226-301
Item 18.1.6 Consolidated financial statements
If the issuer prepares both stand-alone and consolidated financial statements, include at least the consolidated financial
statements in the registration document.
85,
226-232
Item 18.1.7 Age of financial information
The balance sheet date of the last year of audited financial information may not be older than one of the following :
a) 18 months from the date of the registration document if the issuer includes audited interim financial statements in the
registration document;
b) 16 months from the date of the registration document if the issuer includes unaudited interim financial statements in
the registration document.
22
Item 18.2 Interim and other financial information
Item 18.2.1 If the issuer has published quarterly or half-yearly financial information since the date of its last audited financial
statements, these must be included in the registration document. If the quarterly or half-yearly financial information has
been audited or reviewed, the audit or review report must also be included. If the quarterly or half-yearly financial
information is not audited or has not been reviewed, state that fact.
If the registration document is dated more than nine months after the date of the last audited financial statements, it must
contain interim financial information, which may be unaudited (in which case that fact must be stated) covering at least
the first six months of the financial year.
Interim financial information prepared in accordance with the requirements of Regulation (EC) No 1606/2002.
For issuers not subject to Regulation (EC) No 1606/2002, the interim financial information must include comparative
statements for the same period in the prior financial year, except that the requirement for comparative balance sheet
information may be satisfied by presenting the year’s end balance sheet in accordance with the applicable financial
reporting framework.
n/a
Item 18.3 Auditing of historical annual financial information
Item 18.3.1 The historical annual financial information must be independently audited. The audit report shall be prepared in
accordance with the Directive 2014/56/EU of the European Parliament and Council and Regulation (EU) No 537/2014 of
the European Parliament and of the Council.
Where Directive 2014/56/EU and Regulation (EU) No 537/2014 do not apply :
a) the historical annual financial information must be audited or reported on as to whether or not, for the purposes of
the registration document, it gives a true and fair view in accordance with auditing standards applicable in a Member
State or an equivalent standard.
302-305
314-317
Item 18.3.2 Indication of other information in the registration document that has been audited by the auditors.
102-103,
178
Item 18.3.3 Where financial information in the registration document is not extracted from the issuer’s audited financial statements
state the source of the information and state that the information is not audited.
n/a
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Item 18.4 Pro forma financial information
Item 18.4.1 In the case of a significant gross change, a description of how the transaction might have aected the assets, liabilities
and earnings of the issuer, had the transaction been undertaken at the commencement of the period being reported on
or at the date reported.
This requirement will normally be satisfied by the inclusion of pro forma financial information. This pro forma financial
information is to be presented as set out in annex 20 and must include the information indicated therein.
Pro forma financial information must be accompanied by a report prepared by independent accountants or auditors.
n/a
Item 18.5 Dividend policy
Item 18.5.1 A description of the issuer’s policy on dividend distributions and any restrictions thereon. If the issuer has no such policy,
include an appropriate negative statement.
101, 158
Item 18.5.2 The amount of the dividend per share for each financial year for the period covered by the historical financial information
adjusted, where the number of shares in the issuer has changed, to make it comparable.
10
Item 18.6 Legal and arbitration proceedings
Item 18.6.1 Information on any governmental, legal or arbitration proceedings (including any such proceedings which are pending
or threatened of which the issuer is aware), during a period covering at least the previous 12 months which may have,
or have had in the recent past significant eects on the issuer and/or group’s financial position or profitability, or provide
an appropriate negative statement.
8, 206
Item 18.7 Significant change in the issuer’s financial position
Item 18.7.1 A description of any significant change in the financial position of the group which has occurred since the end of the last
financial period for which either audited financial statements or interim financial information have been published, or
provide an appropriate negative statement.
8
SECTION 19 ADDITIONAL INFORMATION
Item 19.1 Share capital
The information in items 19.1.1 to 19.1.7 in the historical financial information as of the date of the most recent balance sheet :
Item 19.1.1 The amount of issued capital, and for each class of share capital :
a) the total of the issuer’s authorised share capital;
b) the number of shares issued and fully paid and issued but not fully paid;
c) the par value per share, or that the shares have no par value; and
d) a reconciliation of the number of shares outstanding at the beginning and end of the year.
If more than 10 % of capital has been paid for with assets other than cash within the period covered by the historical
financial information, state that fact.
209, 362
Item 19.1.2 If there are shares not representing capital, state the number and main characteristics of such shares.
n/a
Item 19.1.3 The number, book value and face value of shares in the issuer held by or on behalf of the issuer itself or by subsidiaries of
the issuer.
256-257,
362
Item 19.1.4 The amount of any convertible securities, exchangeable securities or securities with warrants, with an indication of the
conditions governing and the procedures for conversion, exchange or subscription.
158, 209
Item 19.1.5 Information about the terms of any acquisition rights and or obligations over authorised but unissued capital or an
undertaking to increase the capital.
210, 362
Item 19.1.6 Information about any capital of any member of the group which is under option or agreed conditionally or
unconditionally to be put under option and details of such options including those persons to whom such options relate.
n/a
Item 19.1.7 A history of share capital, highlighting information about any changes, for the period covered by the historical financial
information.
362
Item 19.2 Memorandum and Articles of Association
Item 19.2.1 The register and the entry number therein, if applicable, and a brief description of the issuer’s objects and purposes and
where they can be found in the up-to-date memorandum and articles of association.
360
Item 19.2.2 Where there is more than one class of existing shares, a description of the rights, preferences and restrictions attaching to
each class.
209
Item 19.2.3 A brief description of any provision of the issuer’s articles of association, statutes, charter or bylaws that would have an
eect of delaying, deferring or preventing a change in control of the issuer.
367
SECTION 20 MATERIAL CONTRACTS
Item 20.1 A summary of each material contract, other than contracts entered into in the ordinary course of business, to which the
issuer or any member of the group is a party, for the two years immediately preceding publication of the registration
document.
A summary of any other contract (not being a contract entered into in the ordinary course of business) entered into by
any member of the group which contains any provision under which any member of the group has any obligation or
entitlement which is material to the group as at the date of the registration document.
n/a
SECTION 21 DOCUMENTS AVAILABLE
Item 21.1 A statement that for the term of the registration document the following documents, where applicable, can be inspected :
a) the up-to-date memorandum and articles of association of the issuer;
b) all reports, letters, and other documents, valuations and statements prepared by any expert at the issuer’s request any
part of which is included or referred to in the registration document;
c) an indication of the website on which the documents may be inspected.
8, 302,
360, 364,
355
CROSSREFERENCE TABLES
CROSS-REFERENCE TABLE FOR
THEANNUAL FINANCIAL REPORT
This cross-reference table indicates the location in the universal registration document of
each of the elements that must appear in the annual financial report in accordance with
Belgian law. The relevant provisions can be found in article 12 of the royal decree of
14.11.2007 on the obligations of issuers of financial instruments admitted for trading on
aregulated market (the ‘2007 royal decree’), which refers to article 3:6 of the Code of
companies and associations (CCA) as regards the management report on statutory
accounts, with the latter referring to article 3:32 of the CCA as regards the management
report on consolidated accounts.
Article 12 of the 2007 royal decree PAGES
The annual financial report comprises :
1° the audited financial statements;
225-317
2° the management report;
22-103,
148-171,
190-224
3° a declaration by the persons responsible within the issuer, clearly identified by their names and functions, certifying that, to their
knowledge :
a) the financial statements, established in conformity with the applicable accounting standards, give a fair and true picture of
the portfolio, the financial situation and the results of the issuer and of the companies included in the scope of consolidation;
b) the management report includes a fair review of the business developments, the results and the situation of the issuer and the
companies included in the scope of consolidation, as well as a description of the main risks and uncertainties they face.
8
4° the report signed by the auditor or by the person responsible for auditing the financial statements.
302-305,
314-317
§ 3. When the issuer has to prepare consolidated accounts, the audited financial statements include the consolidated accounts
drawn up in accordance with international accounting standards as well as the issuer’s statutory accounts drawn up in
accordance with the national law of the Member State where the issuer has its registered oce.
In this case, statutory accounts may be presented in an abridged version, provided this is permitted by national law.
When the issuer is not required to prepare consolidated accounts, the audited financial statements include the statutory accounts
drawn up in accordance with the national law of the Member State where the issuer has its registered oce.
225-317
Article 3:6 of the CCA (former Article 96 of the Company Code)
The management report includes :
1° at least one fair review of the business developments, results and the situation of the company, as well as a description of the
main risks and uncertainties it faces;
2,
22-103,
148-171,
190-224
2° data on important events occurring after the financial year-end;
94-97
3° information on circumstances likely to have a significant impact on the development of the company, provided such information
is not likely to seriously harm the company;
2
4° information relating to research and development activities;
n/a
5° information relating to the existence of branches of the company;
289
6° in the event that the balance sheet shows a deferred loss or the income statement shows a loss for the financial year for two
successive financial years, a justification for the application of the going concern accounting rules;
n/a
7° all the information that must be inserted in it pursuant to this code, in particular articles 7:96, § 1, indent 2, 7:97, § 4, last indent,
and 7:220, §§ 1 and 2;
206, 209
8° as regards the use of financial instruments by the company and where relevant for the valuation of its assets, liabilities, financial
position and profits or losses :
- the company’s financial risk management objectives and policy, including its policy concerning the hedging of each main
category of planned transactions for which hedge accounting is used; and
- the company’s exposure to price risk, credit risk, liquidity risk and treasury risk;
2, 79
9° where applicable, proof of the independence and of the accounting and auditing expertise of at least one member of the audit
committee.
202
356
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
§ 2. For listed companies, the management report also includes a corporate governance statement, which is a specific section that
contains at least the following information :
1° the designation of the corporate governance code applied by the company, as well as an indication of where that code may
be publicly consulted and, where appropriate, relevant information relating to the corporate governance practices applied
alongside the code used and the legal requirements, with an indication of where this information is available;
190
2° provided that a company does not apply in full the corporate governance code referred to in 1°, an indication of the parts of the
corporate governance code from which it derogates and the justified reasons for this derogation;
n/a
3° a description of the main characteristics of the company’s internal control and risk management systems as part of the process
of preparing financial information;
190-192
4° the information referred to in Article 14, § 4, of the Law of 2 May 2007 on the disclosure of major holdings in issuers the shares of
which are admitted to trading on a regulated market and laying down miscellaneous provisions;
193
5° the composition and method of operation of the administrative bodies and their committees;
193-205
6° a description of :
a) the diversity policy applied by the company to the members of the Board of Directors or, where applicable, the Supervisory
Board and the Management Board, to other executives and to representatives responsible for the day-to-day management
of the company;
b) the objectives of this diversity policy;
c) the procedures for implementing this policy;
d) the results of this policy during the year.
In the absence of a diversity policy, the company explains the reasons justifying this in the declaration.
The description in any event includes an overview of the eorts made to ensure that at least one third of the members of the board
of directors or, where appropriate, the supervisory board, are of a dierent gender from the other members;
195
7° the information that must be included in it pursuant to Article 34 of the royal decree of 14 November 2007 on the obligations of
issuers of financial instruments admitted to trading on a regulated market;
209
8° the information that must be included in it pursuant to Article 74, § 7, of the Law of 1 April 2007 on public takeover bids.
n/a
§ 3. For listed companies, the corporate governance statement referred to in paragraph 2 also includes the remuneration report,
which is a specific section.
211
§ 4 A non-financial statement
n/a
Article 3:32 of the CCA (former Article 119 of the Company Code)
§ 1. A management report on the consolidated financial statements is attached to the consolidated financial statements by the
administrative body.
This report includes :
1° at least one fair review of the business developments, the results and the situation of all the companies included in the scope
of consolidation, as well as a description of the main risks and uncertainties they face. This review consists of a balanced and
comprehensive analysis of the business developments, the results and the situation of all the companies included in the scope
of consolidation, in relation to the volume and complexity of these activities. Insofar as is necessary to understand business
developments, results or the situation of companies, the analysis must include key performance indicators of both a financial
and, where applicable, non-financial nature relating to the specific activity of companies, in particular information relating to
environmental and personnel issues.
In providing its analysis, the management report contains, where appropriate, references to the amounts indicated in the
consolidated financial statements and additional explanations relating thereto;
2,
22-225
2° data on important events occurring after the financial year-end;
94-97
3° provided that they are not likely to cause serious harm to a company included in the scope of consolidation, information on
circumstances likely to have a significant impact on the development of the consolidated entity;
2
4° information relating to research and development activities;
n/a
5° as regards the use of financial instruments by the company and where relevant for the valuation of its assets, liabilities, financial
position and result :
- the financial risk management objectives and policy of all the companies included in the scope of consolidation, including
their policy concerning the hedging of each main category of planned transactions for which hedge accounting is used; and
- the exposure of all the companies included in the consolidation to price risk, credit risk, liquidity risk and treasury risk;
2, 79
6° where applicable, proof of the independence and of the accounting and auditing expertise of at least one member of the audit
committee of the consolidating company or of the company in which the main activity of the consortium is established;
202
7° a description of the main characteristics of the internal control and risk management systems of related companies in relation
to the process of preparing the consolidated financial statements when a listed company or a public interest entity within the
meaning of Article 1:12, 2°, is included in the consolidation scope;
190-205
8° the information that must be included in it pursuant to Article 34 of the royal decree of 14 November 2007 on the obligations of
issuers of financial instruments admitted to trading on a regulated market;
209
9° the information that must be included in it pursuant to Article 74, § 7, of the Law of 1 April 2007 on public takeover bids;
n/a
§ 2 Non-financial statement
n/a
357
CROSSREFERENCE TABLES
Type and name
Cofinimmo : public regulated real estate company incorporated
under Belgian law or public RREC incorporated under Belgian law.
Registered oce, e-mail address and website
The registered oce is located at Boulevard de la Woluwe/
Woluwedal 58, 1200 Brussels (Tel. : +32 2 373 00 00).
The board of directors may relocate the registered oce of the
company, provided that such relocation does not require a change
in the language of the articles of association pursuant to the
applicable language regulations. This decision does not require
an amendment to the articles of association, unless the registered
oce is transferred to another Region. In this case, the board of
directors has the power to amend the articles of association.
If, due to the relocation of the registered oce, the language of
the articles of association needs to be changed, only the general
assembly has the power to take this decision subject to the rules
prescribed for the amendment of the articles of association.
The company can establish administrative oces, branches, or
agencies in Belgium or other countries by simple decision of the
board of directors.
The company’s email address is info@cofinimmo.be. Its website
is www.cofinimmo.com.
The information on the website is not part of a leaflet unless such
information is incorporated by reference.
The board of directors may change the company’s email address
and website in accordance with the CCA.
Brussels trade register -
legal entity identifier
The company is registered with the Brussels Trade Register (Registre
des Personnes Morales/Rechtspersonenregister) under No. 0426
184 049. Its VAT number is BE 0426 184 049 and its Legal Entity
Identifier (LEI) is 549300 TM914 CSF6 KI389.
Constitution, legal form and publication
Cofinimmo was established as a limited liability company under
Belgian Law (société anonyme/naamloze vennootschap) on
29.12.1983, by deed enacted before the notary André Nerincx in
Brussels and published in the annexes of the Belgian Ocial Gazette
(Moniteur belge/Belgisch Staatsblad) of 27.01.1984 under No. 891-11.
The company has the legal form of a limited liability company
incorporated under Belgian Law.
On 01.04.1996, Cofinimmo was approved as a public fixed-cap
-
ital real estate investment trust (Sicafi/Bevak) incorporated under
Belgian law, registered with the Financial Services and Markets
Authority (FSMA).
Since 26.08.2014, it is subject to the regulated real estate compan-
ies (sociétés immobilières réglementées/gereglementeerde vast-
goedvennootschappen) legal regime provided for in the Belgian
Law of 12.05.2014 on regulated real estate companies (RREC). The
company is also governed by the provisions of the royal decree of
13.07.2014 on regulated real estate companies.
The articles of association have been amended on various occa
-
sions, most recently on 30.09.2021 by deed enacted before the
Notary Tim Carnewal in Brussels and published in the annexes to
the Belgian Ocial Gazette (Moniteur belge/Belgisch Staatsblad)
of 28.10.2021.
The company’s shares are admitted to trading on a regulated
market as meant by article 1:11 of the CCA.
Duration
The company is constituted for an unlimited term.
Purpose of the company
The purpose of the company is available in the section ‘Articles
of association’.
Financial year
The financial year starts on January 1
st
and ends on December 31
st
of each year.
Locations at which documents accessible
to the public may be consulted
The company’s articles of association may be consulted at the
Clerk’s oce of the Brussels Company Court, as well as on the
company’s website. Cofinimmo group’s statutory and consolidated
accounts are filed at the National Bank of Belgium, in accord-
ance with all applicable legal provisions. Decisions related to the
appointment and dismissal of members of the board of direc
-
tors are published in the annexes of the Belgian Ocial Gazette
(Moniteur belge/Belgisch Staatsblad). Notices convening general
shareholder meetings are published in the annexes of the Belgian
Ocial Gazette (Moniteur belge/Belgisch Staatsblad) and in two
daily financial newspapers. The notices and all documents related
to general shareholder meetings are available simultaneously on
the company’s website.
All press releases and other financial information published by the
Cofinimmo group over the past five years can be consulted on the
company’s website.
Annual financial reports and registration documents may be
obtained from the registered oce and consulted on the company’s
website. They are sent each year to the registered shareholders
and to any parties expressing a wish to receive them. They include
reports by the real estate valuers and the statutory auditor.
STANDING DOCUMENT
GENERAL INFORMATION
358
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Tax regimes
BELGIUM : THE PUBLIC REGULATED REAL ESTATE
COMPANY (PUBLIC RREC)
The public regulated real estate company (public RREC) has a
status similar to that which exists in many countries : real estate
investment trust (REIT) in the US, fiscale beleggingsinstelling (FBI)
in the Netherlands, G-REIT in Germany, société d’investissements
immobiliers cotée (SIIC) in France, and UK-REIT in the UK.
This regime is currently governed by the law of 12.05.2014 and the
royal decree of 13.07.2014 on regulated real estate companies.
The main characteristics of the public RREC are :
• closed-end company;
• stock exchange listing;
• activity consisting of providing buildings to users; as an ancillary
activity, the RREC can invest its assets in listed securities;
• the Belgian subsidiaries of a public RREC can be approved as
institutional RREC;
• diversification of risk : no more than 20 % of the consolidated prop-
erty portfolio invested in a single property;
• consolidated debt limited to 65 % of the market value of assets;
the value of mortgages and other securities is limited to 50 % of
the total fair value of the properties and to 75 % of the value of
the mortgaged property;
• very strict rules governing conflicts of interest;
• regular valuation of the property portfolio by independent real
estate valuers; properties recognised at their fair value; no
amortisation;
• results (rental income and capital gains on disposals minus oper-
ating expenses and financial charges) are exempt from corporate
tax;
• at least 80 % of the sum of the corrected result and of the net
realised gains on disposals of property assets not exempted from
compulsory distribution are subject to compulsory distribution;
the decrease in debt during the financial year can however be
subtracted from the amount to be distributed;
• withholding tax of 30 % unless exemption or reduction according
to international convention.
Companies applying for public or institutional RREC status, or which
merge with a RREC, are subject to an exit tax, which is treated in
the same way as a liquidation tax, on net unrealised gains and on
tax-exempt reserves, at a rate of 12.75 %, until 31.12.2019 and at a
rate of 15 % as from 01.01.2020. Cofinimmo obtained its public RREC
status on 26.08.2014. It had previously operated under the Sicafi/
Bevak status since 01.04.1996.
BELGIUM : THE INSTITUTIONAL REGULATED REAL
ESTATE COMPANY (INSTITUTIONAL RREC)
The institutional RREC, governed by the law of 12.05.2014 and the
royal decree of 13.07.2014, is a ‘light’ version of the public RREC. It
enables the public RREC to extend the taxation characteristics of
its legal form to its subsidiaries and to undertake specific partner
-
ships and projects with third parties. The institutional RREC status
is acquired upon approval by the FSMA.
The main characteristics of the institutional RREC are :
• non-listed company controlled for more than 25 % by a public
RREC;
• registered shares held by eligible investors or natural persons
with a minimum holding of 100,000 EUR;
• no diversification or debt ratio requirement (consolidation at public
RREC level);
• dividend distribution obligation;
• owned jointly or exclusively by a public RREC;
• exclusive purpose of providing buildings to users;
• no obligation to appoint a real estate valuer as real estate assets
are appraised by the valuer of the public RREC;
• statutory accounts drawn up in accordance with IFRS regulations
(same accounting scheme as the public RREC);
• strict rules on operations and conflicts of interest; subject to
auditing by the FSMA.
BELGIUM : THE SPECIALISED REAL ESTATE
INVESTMENT FUND (B-REIF – FONDS
D’INVESTISSEMENT IMMOBILIER SPÉCIALISÉ ‘FIIS’/
GESPECIALISEERD VASTGOEDBELEGGINGSFONDS
‘GVBF’)
The specialised real estate investment funds (‘B-REIF’) are governed
by the royal decree of 9.11.2016 relating to specialised real estate
investment trusts (Belgian Ocial Bulletin (Moniteur belge/Belgisch
Staatsblad) of 18.11.2016). This tax system allows real estate invest-
ment in a flexible and ecient trust mechanism.
The main features of a B-REIF are :
• a light regulatory regime without the approval and direct super-
vision of the FSMA, subject to certain conditions being met. Only
the registration on a list held by the Belgian Ministry of Finance
is required;
• financial instruments issued by an B-REIF can only be acquired
by eligible investors;
• the B-REIF may be exempted from the AIFM law (law of 19.04.2014
on alternative investment funds and their managers), if certain
criteria are met;
• the B-REIF is subject to a minimum investment volume of at least
10,000,000 EUR at the end of the second financial year following
its inclusion in the B-REIF list;
• the B-REIF is a closed fund with fixed capital and cannot be
publicly traded;
• the B-REIF invests in real estate, defined broadly, but without
mandatory diversification requirements or (the use of) lever
-
age limits;
• the B-REIF draws up its statutory accounts by applying IFRS (exclud-
ing Belgian GAAP);
• the B-REIF is subject to an obligated annual distribution of 80 %
of its results;
• the duration of a B-REIF is limited to ten years with the possibility
of extending this period by consecutive periods of up to five years
each.
FRANCE : THE SOCIÉTÉ D’INVESTISSEMENTS
IMMOBILIERS COTÉE (SIIC)
The société d’investissements immobiliers cotée (SIIC) tax regime,
introduced by the French finance Law for 2003 No. 2002-1575 of
30.12.2002 authorises the creation in France of real estate companies
subject to a specific tax regime, similar to that of the RREC regime
in Belgium.
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STANDING DOCUMENT
Cofinimmo group opted, through its French branch, for the SIIC
regime for the first time on 04.08.2008.
The essential characteristic of this tax regime is to introduce a system
of taxation of profits at the level of the shareholder (the company is
not, itself, subject to corporate tax because of its strictly real estate
activities) and allows Cofinimmo to benefit from an exemption from
corporate tax on the rental income and realised gains of its French
branch and subsidiaries in return for an obligation to distribute 95 %
of the profits from the letting of its property assets.
The main characteristics of the SIIC regime are :
• an exemption from corporate tax on the fraction of profits arising
from i) the letting of buildings, ii) capital gains on property dispos-
als, iii) capital gains on disposals of shares in subsidiaries having
opted for the SIIC regime or in other companies with a similar
purpose, iv) proceeds distributed by subsidiaries having opted for
the SIIC regime, and v) shares in profits of companies engaged
in a real estate activity;
• results distribution obligation : 95 % of the exempted profits arising
from rental income, 60 % of the exempted profits arising from
the disposal of properties, shares in companies and subsidiaries
subject to the SIIC regime, and 100 % of the dividends distributed
to them by their subsidiaries subject to corporate tax having opted
for the SIIC regime;
• when opting for the SIIC regime, payment over four years of an
exit tax at the reduced rate of 19 % on unrealised capital gains
relating to properties and shares of companies not subject to
corporate tax held by the SIIC or its subsidiaries having opted
for the SIIC regime.
THE NETHERLANDS : THE FISCALE
BELEGGINGSINSTELLING (FBI)
Cofinimmo obtained, through its Dutch subsidiary Superstone, the
status of fiscale beleggingsinstelling (FBI) on 01.07.2011, subject to a
shareholding test as of 01.01.2021. This tax regime allows companies
to benefit from a total exemption from corporate income tax under
certain conditions.
The main characteristics of the FBI regime are :
• only public limited companies, limited liability companies and
mutual funds can be considered FBIs;
• the FBI’s statutory purpose and actual operations may only involve
the investment of assets;
• investments in property assets may be financed by external capital
up to no more than 60 % of the book value of the property assets;
• all other investments may be financed by external capital up to
no more than 20 % of the book value of the investments;
• at least 75 % of shares or ownership interests in an unlisted FBI
must be held by natural persons, entities not subject to income
tax and/or listed investment companies;
• shares or ownership interests in an unlisted FBI may not be held,
directly or indirectly, for 5 % or more by a natural person (or their
partner);
• entities established in the Netherlands may not own 25 % or more
of the shares or ownership interests of an unlisted FBI through
non-resident companies or funds;
• FBI profits are subject to a 0 % corporate tax rate;
• the share of FBI profits that can be distributed must be paid to
the shareholders and other beneficiaries within eight months
following the close of each financial year;
• the profits on shares distributed are subject to a dividend with
-
holding of 5 %.
GERMANY
The investments of Cofinimmo or its subsidiaries in Germany do not
benefit from the G-REIT regime, which is not accessible to them.
SPAIN
The investments of Cofinimmo or its subsidiaries in Spain do not
benefit from the ES-REIT regime.
FINLAND
The investments of Cofinimmo or its subsidiaries in Finland do not
benefit from the FIN-REIT regime, which is not accessible to them.
UNITED KINGDOM
The investments of Cofinimmo or its subsidiaries in the United
Kingdom did not benefit in 2021 from the UK-REIT regime.
ITALY
The investments of Cofinimmo or its subsidiaries in Italy do not
benefit from the IT-REIT regime but that of IT-Fund.
Capital
The issued capital of 1,698,516,600.09 EUR is fully paid-up. The
shares have no par value. The history of share capital changes
prior to 2021 is available in the annual financial reports of the
previous years which are available on the Company’s website
www.cofinimmo.com.
CHANGES IN SHARE CAPITAL IN 2021
Transaction date 08.03.2021 08.04.2021 04.06.2021 31.08.2021 30.09.2021
Transaction type Position as at
31.12.2020
Position as at
31.12.2021
Issue price (in EUR)
121.00 110.19 117.74 130.68 130.68
Amount of share capital (in EUR)
79,718,569.03 50,235,672.83 29,508,993.86 6,484.23 88,836,509.34
Amount of the net contribution to
shareholders’ equity (in EUR)
179,999,963.00 103,295,632.08 64,834,472.92 15,811.72 216,627,144.35
Number of shares
1,487,603 937,432 550,658 121 1,657,750
Total number of shares after
the transaction
27,061,917 28,549,520 29,486,952 30,037,610 30,037,731 31,695,481 31,695,481
Amount of share capital after
the transaction (in EUR)
1,450,210,370.80 1,529,928,939.83 1,580,164,612.66 1,609,673,606.52 1,609,680,090.75 1,698,516,600.09 1,698,516,600.09
360
COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Description of share types
At 31.12.2021, Cofinimmo had issued 31,695,481 shares. The proced-
ure referred to in the articles of association, as provided by law, is
applicable to modify their rights.
Authorised capital
As at 31.12.2021, the amount by which the board of directors could
increase the subscribed capital within the framework of the
authorised capital was 1,287,600,000.00 EUR.
On 07.06.2021, the extraordinary general meeting granted the board
of directors a new authorisation for a period of five years from the
date of publication of the minutes of this meeting in the annexes to
the Belgian Ocial Bulletin (Moniteur belge/Belgisch Staatsblad).
The board of directors is therefore authorised to increase the capital
on one or more occasions by a maximum amount of :
1. 804,800,000.00 EUR, i.e. 50 % of the amount of the capital on
the date of the extraordinary general meeting of 07.06.2021, for
capital increases by cash contributions, providing for the possibility
of exercising the preferential right or the irreducible allocation
right by the shareholders of the company,
2. 321.900.000,00 EUR, i.e. 20 % of the amount of the capital on the
date of the extraordinary general meeting of 07.06.2021, for capital
increases in the context of the distribution of an optional dividend,
3. 160.900.000,00 EUR, i.e. 10 % of the amount of the capital on the
date of the extraordinary general meeting of 07.06.2021, for :
a) capital increases through contributions in kind,
b) capital increases through cash contributions without the
possibility for the company’s shareholders to exercise their
preferential subscription right or irreducible allocation right, or
c) any other form of capital increase,
it being understood that the capital, within the framework of this
authorisation, may under no circumstances be increased by an
amount exceeding 1,287,600,000 EUR, being the cumulative amount
of the various authorisations with regard to authorised capital.
Changes in treasury shares
The number of treasury shares held by Cofinimmo group as at
01.01.2021 amounted to 45,084. All these shares are entitled to a
share of the results of the financial year starting on 01.01.2021.
The number of treasury shares held by Cofinimmo group as at
31.12.2021 amounted to 37,123, which represents a level of self-owner-
ship of 0.12 %.
Changes in treasury shares in 2021
Position at 01.01.2021 45,084
Transfers of shares as part of the stock option
plan during the first half of 2021
3,500
Share transfers as part of the Long-Term
Incentive in the first quarter of 2021
2,111
Transfers of shares as part of the stock option
plan during the second half of 2021
2,350
Position at 31.12.2021 37,123
Shareholding
The shareholding structure is set out in the chapter ‘Cofinimmo on
the stock market’ of this universal registration document. It is also
available on the company’s website.
Nursing and care home Gray Couronne –
Brussels (BE)
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DOCUMENT PERMANENT
Articles of
Association
Summary of changes
On 07.06.2021, the extraordinary general meeting of Cofinimmo
approved a new authorisation to the board of directors to increase
the capital within the framework of the authorised capital.
Articles of Association as at 31.12.2021
Part I - Nature of the company
ARTICLE 1 TYPE AND NAME
1.1 The company is a public limited company called : ‘COFINIMMO’.
1.2 The Company is a ‘public regulated real estate company’
(abbreviated ‘PRREC’) within the meaning the Act of 12 May 2014
on regulated real estate companies (hereinafter referred to as
the ‘RREC Act’) whose shares are listed on a regulated market
and that raises funds, both in Belgium and abroad, by way of
a public oering.
The Company’s name is preceded or followed by the words
‘public regulated real estate Company subject to Belgian law’
or ‘public RREC governed by Belgian law’ or ‘PRREC governed
by Belgian law’ and all documents issued by the Company shall
contain the same mention.
The Company is subject to the RREC legislation and the Royal
decree of 13 July 2014 on regulated real estate companies, as
amended (hereinafter referred to as the ‘RREC royal decree’).
(This act and the royal decree are hereinafter collectively referred
to as the ‘RREC regulations’).
ARTICLE 2 REGISTERED OFFICE, EMAIL ADDRESS
AND WEBSITE
The registered oce is established in the Brussels-Capital Region.
The board of directors may transfer the Company’s registered oce,
provided the transfer does not result in a change to the language
of the articles pursuant to the applicable linguistic rules. Such a
decision does not require an amendment to the articles, unless the
registered oce is transferred to another Region. In this case, the
board of directors has the power to amend the articles.
If, due to transfer of the registered oce, the language of the
articles must be changed, only the general meeting has the power
to take the decision, in accordance with the rules applicable to
amendment of the articles.
The Company may establish, by a simple decision of the board of
directors, management oces, subsidiaries or branches in Belgium
or abroad.
The Company’s email address is info@cofinimmo.be.
The Company’s website is the following : www.cofinimmo.com.
The board of directors may modify the e-mail address and the
website of the Company in accordance with the provisions of the
Code of Companies and Associations.
ARTICLE 3 PURPOSE
3.1 The Company’s sole purpose is to :
a) place, directly or through a company in which it holds a stake
in accordance with the provisions of the RREC regulations,
buildings at the disposal of users; and
b) within the limits set by the RREC regulations, hold the real
property mentioned in Article 2, § 5, vi to xi of the RREC Act.
Real property means :
i. buildings as defined in Article 517 et seq. of the Civil Code and
rights in rem in buildings, excluding buildings used for forestry,
agricultural or mining activities;
ii. shares or units with voting rights issued by real estate companies
more than twenty-five percent (25 %) of whose capital is held
directly or indirectly by the Company;
iii. option rights for real property;
iv. shares of public regulated real estate companies or institu
-
tional regulated real estate companies provided, in the case
of the latter, more than twenty-five percent (25 %) of the capital
is held directly or indirectly by the Company;
v. rights arising from financial leasing agreements concluded with
the Company as lessee for one or more properties, or contracts
conferring similar rights of use;
vi. the units of public and institutional real estate investment
companies (Sicafi);
vii. the units of foreign real estate funds included on the list referred
to in Article 260 of the Act of 19 April 2014 on alternative under-
takings for collective investment and their managers;
viii. the units of real estate funds established in another Member
State of the European Economic Area and not included on the list
referred to in Article 260 of the Act of 19 April 2014 on alterna-
tive undertakings for collective investment and their managers,
provided they are subject to supervision equivalent to that applic-
able to public real estate investment companies (Sicafi);
ix. shares or units issued by companies (i) with legal personality, (ii)
governed by the law of another Member State of the European
Economic Area, (iii) whose shares are admitted (or not admitted)
to trading on a regulated market and that form the object (or
do not form the object) of prudential control, (iv) whose main
activity is the acquisition or construction of buildings in order to
make them available to users or the direct or indirect holding of
shares in companies engaged in a similar activity, and (v) that
are exempt from income tax on profits relating to the activity
referred to in point (iv) above, subject to compliance with certain
constraints, taking into account at least the statutory obligation
to distribute a portion of their income to shareholders (so-called
real estate investment trusts or REITs);
x. the real estate certificates referred to in the Act of 11 July 2018;
xi. the shares or units of specialised real estate investment funds
(B-REIF).
The real property referred to in Article 3.I(b), paragraph 2(vi), (vii),
(viii), (ix) and (xi) of the RREC Act which constitutes units in alternative
investment funds within the meaning of the European rules may
not be considered shares or units with voting rights issued by real
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
estate companies, regardless of the value of the stake held directly
or indirectly by the Company.
If the RREC regulations change in the future and designate other
types of assets as real property within the meaning of these rules,
the Company may also invest in these additional types of assets.
c) conclude in the long term, if applicable in cooperation with third
parties, directly or through a company in which it holds a stake
in accordance with the provisions of the RREC regulations, with
a contracting authority or adhere to one or more :
i. DBF agreements, so-called ‘Design-Build-Finance’-
agreements;
ii. DB(F)M agreements, so-called ‘Design-Build-(Finance)-
Maintain’ agreements;
iii. DBF(M)O agreements, so-called ‘Design-Build-Finance-
(Maintain)-Operate’-agreements; and/or
iv. public works concession contracts relating to buildings and/
or other real property infrastructure and related services, on
the basis of which :
(i) the regulated real estate company is responsible for ensuring
availability, maintenance and/or operation for a public entity
and/or citizens as end users, in order to meet a societal need
and/or allow the provision of a public service; and
(ii) the regulated real estate company, without necessarily having
any rights in rem, may assume, in whole or in part, the finan-
cing risk, the availability risk, the demand risk and/or the
operating risk; and
d) ensure in the long term, if applicable in cooperation with third
parties, directly or through a company in which it holds a stake
in accordance with the RREC regulations, the development,
establishment, management or operation, with the possibility
to sub-contract these activities, of :
v. facilities and installations for the transport, distribution or
storage of electricity, gas, combustible fossil or non-fossil
fuels and energy in general, including assets related to such
infrastructure;
vi. installations for the transport, distribution, storage or purifica-
tion of water, including assets related to such infrastructure;
vii. installations for the production, storage and transport of
renewable or non-renewable energy, including assets related
to such infrastructure; or
viii. incinerators and waste disposal facilities, including assets
related to such infrastructure.
e) hold initially less than 25 % of the capital of a company that
performs the activities mentioned in Article 3.1(c) above, provided
this stake is converted through the transfer of shares, within a
period of two years or any other longer period required by the
public entity with which the contract is concluded and upon
expiry of the setting-up phase of the PPP project (within the
meaning of the RREC regulations), into a stake that complies
with the RREC regulations.
Should the RREC regulations be amended in the future and
authorise the performance of other activities by the Company,
the Company may also exercise these new activities.
In the context of ensuring the availability of buildings, the Company
may in particular perform all activities associated with the construc-
tion, fitting out, renovation, development, acquisition, transfer,
management and operation of buildings.
3.2 On an ancillary or temporary basis, the Company may invest
in securities not constituting real property within the meaning
of the RREC regulations. These investments shall be made in
accordance with the Company’s risk management policy and
shall be diversified in order to ensure adequate risk diversifi
-
cation. The Company may also hold unallocated cash, in any
currency, in the form of sight or term deposits or any easily
negotiable money market instrument.
It may also carry out transactions involving hedging instruments,
intended solely to hedge interest rate and currency risk in the
context of the financing and management of the Company’s
activities as referred to in the RREC Act, with the exception of
purely speculative transactions.
3.3 The Company may enter into finance leases, as lessor or lessee,
for one or more buildings. Finance leasing activity, with the
option to purchase the buildings, may only be performed on
an ancillary basis, unless the buildings are intended to be used
in the public interest, including for social housing or education
(in which case it can be a main activity).
3.4 The Company may acquire a stake, by way of a merger or
otherwise, in all businesses, undertakings or companies having
a purpose similar or complementary to its own and that facili-
tate the development of its business and, in general, perform
all transactions relating directly or indirectly to its corporate
purpose as well as all acts necessary or useful to realise this
purpose.
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DOCUMENT PERMANENT
ARTICLE 4 PROHIBITIONS
The Company may not :
• act as a property developer in accordance with the RREC regu-
lations, except on an occasional basis;
• participate in an underwriting or guarantee syndicate;
• lend financial instruments, with the exception of loans subject to
the conditions and provisions of the royal decree of 7 March 2006;
• acquire financial instruments issued by a company or association
under private law that has been declared bankrupt, entered into
an amicable settlement with its creditors, is currently subject to
a judicial reorganisation procedure, has obtained a suspension
of payments or has been subject to a similar measure abroad;
• conclude contractual agreements or provisions of its articles by
which it derogates from the voting rights to which it is entitled
according to applicable law, based on a shareholding of twenty-
five percent (25 %) plus one share in companies in its consoli-
dated group.
ARTICLE 5 DURATION
The Company is constituted for an unlimited term.
Part II - Capital – Shares
ARTICLE 6 CAPITAL
6.1 Subscribed and paid-up capital
The capital is 1,698,516,600.09 EUR and is divided into 31,695,481
fully paid-up shares without nominal value, each representing an
equal share of the capital.
6.2 Authorised capital
The board of directors is authorised to increase the capital on one
or more occasions by a maximum amount of :
1°) 804,800,000.00 EUR, namely 50 % of the capital on the date of
the extraordinary general meeting of 07.06.2021, rounded down,
if applicable, for capital increases by means of cash contributions
with the possibility for the Company’s shareholders to exercise
a preemptive right or priority allocation right;
2°) 321,900,000.00 EUR, namely 20 % of the capital on the date
of the extraordinary general meeting of 07.06.2021, rounded
down, if applicable, for capital increases in the context of the
distribution of an optional dividend;
3°) 160,900,000.00 EUR, namely 10 % of the capital on the date of
the extraordinary general meeting of 07.06.2021, rounded down,
if applicable for
a) capital increases by means of contributions in kind,
b) capital increases by means of cash contributions without
the possibility for the Company’s shareholders to exercise a
preemptive right or priority allocation right, or
c) any other type of capital increase,
it being specified (i) that the capital, pursuant to the exercise of
the authorised capital, may never be increased by an amount
exceeding of 1,287,600,000.00 EUR, namely the cumulated amount
of the authorisations referred to in points 1°, 2° and 3° and (ii) that
any capital increase must take place in accordance with the RREC
regulations.
This proposed authorisation will be granted for a renewable period
of five years as from the publication date of the minutes of the
general meeting of 07.06.2021 in the appendices of the Belgian
Ocial Gazette (Moniteur belge/Belgisch Staatsblad).
Upon any capital increase, the board of directors shall determine
the price, the issue premium, if any, and the conditions for issuance
of the new securities.
Capital increases thus determined by the board of directors may be
subscribed in cash, in kind or by a combination of both or eected
through the incorporation of reserves, including profits carried
forward and issue premiums, as well as all components of equity
reflected in the Company’s IFRS financial statements (drawn up
pursuant to the applicable RREC regulations) capable of being
converted into capital, with or without the creation of new securities.
Such capital increases may also be realised through the issuance
of convertible bonds, subscription rights or any other securities
representing the capital or giving access to it.
When capital increases decided pursuant to this authorisation
include an issue premium, the amount thereof shall be credited to
one or more distinct accounts in the equity section on the liability side
of the balance sheet. The board of directors is free to decide to place
any issue premium, possibly after deduction of an amount capped
at the costs of the capital increase determined in accordance with
the applicable IFRS rules, in a non-distributable account, which shall
constitute, like the capital, a guarantee for third parties and which
may only be reduced or abolished pursuant to a decision of the
general meeting taken in accordance with the conditions required
to amend the articles, except in the case of conversion into capital.
In the event of a capital increase accompanied by an issue premium,
only the amount credited to capital shall be deducted from the
remaining useable balance of authorised capital.
The board of directors is authorised to restrict or cancel the
pre-emptive right of shareholders, even in favour of one or more
specified persons other than employees of the Company or of one
of its subsidiaries, to the conditions applicable under the RREC regu-
lations. If and insofar as a priority allocation right must be granted
to the existing shareholders upon allocation of the new securities, it
complies with the conditions provided for by the RREC regulations
and Article 6.4 of the articles of association. In any case, it should not
be granted in the case of cash contributions made in accordance
with Article 6.4 of the articles of association.
Capital increases by way of a contribution in kind shall be carried
out in accordance with the requirements of the RREC regulations
and the conditions set out in Article 6.4 of the articles of association.
Such contributions may also concern dividend entitlements in the
context of the distribution of an optional dividend.
The board of directors is authorised to have set down in a notarised
document the resulting amendments to the articles of association.
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6.3 Acquisition, pledge and disposal of treasury shares
The Company may acquire, pledge and dispose of its treasury
shares at the conditions provided for by law.
For a period of five years from publication in the Belgian Ocial
Gazette (Moniteur belge/Belgisch Staatsblad) of the decision of the
extraordinary general meeting of 15.01.2020, the board of directors
may acquire, pledge and dispose of (including over-the-counter) the
Company’s treasury shares on behalf of the Company at a unit price
which may not be less than eighty-five percent (85 %) of the closing
market price on the day preceding the date of the transaction (for
an acquisition or pledge) and which may not be greater than one
hundred fifteen percent (115 %) of the closing market price on the day
preceding the date of the translation (for an acquisition or pledge),
it being noted that the Company may at no time hold more than
ten percent (10 %) of its total outstanding shares.
The board of directors is also expressly authorised to dispose of the
Company’s treasury shares to one or more specified persons other
than employees of the Company or of its subsidiaries, in accordance
with the provisions of the Code of Companies and Associations.
The above-mentioned authorisations extend to acquisitions and
disposals of the Company’s shares by one or more direct subsidi
-
aries of the latter, within the meaning of the statutory provisions on
the acquisition of shares of a parent company by its subsidiaries.
6.4 Capital increases
Any capital increase shall be carried out in accordance with the
provisions of the Code of Companies and Associations and the
RREC regulations.
The Company may not subscribe directly or indirectly to its own
capital increase.
For any capital increase, the board of directors shall determine the
price, the issue premium, if any and the conditions for issuance of
the new securities, unless the general meeting takes a decision
on these points.
If the general meeting decides to request the payment of an issue
premium, the amount thereof must be credited to one or more
distinct accounts in the equity section of the balance sheet.
Contributions in kind may also relate to a dividend entitlement
in the context of the distribution of an optional dividend, with or
without a complementary cash injection.
In the event of a capital increase by way of a cash contribution
pursuant to a decision of the general meeting or within the limits
of the authorised capital, the pre-emptive right of shareholders
may only be restricted or abolished provided, insofar as required
by the RREC regulations, a priority allocation right is granted to
the existing shareholders upon allocation of the new securities. If
applicable, this priority allocation right shall meet the following
conditions pursuant to the RREC regulations :
1. it extends to all newly issued securities;
2. it is granted to shareholders in proportion to the capital repre
-
sented by their shares at the time of the transaction;
3. a maximum price per share is announced no later than the
day before the opening of the public subscription period, which
must last for at least three trading days.
The priority allocation right is applicable to the issuance of shares,
convertible bonds and subscription rights that are exercisable
through cash contributions.
In accordance with the RREC regulations, such a right should not
be granted in the event of a capital increase through a cash contri-
bution carried out at the following conditions :
1. the capital increase is eected by means of the authorised capital;
2. the total value of the capital increases carried out over a period
of twelve (12) months, in accordance with this paragraph, does
not exceed 10 % of the amount of capital as it stood at the time
of the decision to increase the capital.
Nor should it be granted in the event of a cash contribution with
restriction or cancellation of the pre-emptive right of sharehold
-
ers, complementary to a contribution in kind in the context of the
distribution of an optional dividend, provided grant of the latter is
eectively open to all shareholders.
Capital increases by means of a contribution in kind are subject
to the rules set out in the Code of Companies and Associations.
Moreover, the following conditions must be respected in the event
of a contribution in kind, pursuant to the RREC regulations :
1. the identity of the contributor must be mentioned in the report
prepared by the board of directors on the capital increase through
a contribution in kind as well as, if applicable, in the notice calling
the general meeting to vote on the capital increase;
2. the issue price may not be less than the lower of (a) a net asset
value per share determined within the four-month period prior
to the date of the contribution agreement or, at the Company’s
choosing, prior to the date of the document formalising the capital
increase and (b) the average closing price for the period of thirty
calendar days preceding this same date.
In this regard, it is permitted to deduct from the amount referred
to in point 2(b) an amount corresponding to the gross undis-
tributed dividends of which the new shares could be deprived,
provided the board of directors specifically justifies the value of
the accrued dividends to be deducted in a special report and
sets out the financial conditions of the transaction in the annual
financial report;
3. unless the issue price or, in the case mentioned in article 6.6, the
exchange ratio, as well as the conditions thereof, are determined
and communicated to the public no later than the working day
following conclusion of the contribution agreement, mentioning
the period within which the capital increase will eectively be
carried out, the document formalising the capital increase shall
be executed within a maximum period of four months; and
4. the report mentioned at point 1° above must also explain the
impact of the proposed contribution on the situation of former
shareholders, in particular with regard to their share of the profits,
the net asset value per share and the capital as well as in terms
of voting rights.
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In accordance with the RREC regulations, these supplementary
conditions are not, in any case, applicable to the contribution
of a dividend entitlement in the context of the distribution of an
optional dividend, provided the grant thereof is eectively open
to all shareholders.
6.5 Capital reduction
The Company can carry out capital reductions in accordance with
the applicable legal provisions.
6.6 Mergers, divisions and similar operations
In accordance with the RREC regulations, the additional condi
-
tions referred to in article 6.4 in the event of a contribution in kind
are applicable mutatis mutandis to mergers, divisions and similar
transactions referred to in the RREC regulations.
In the latter case, ‘date of the contribution agreement’ is under
-
stood to mean the filing date of the proposed merger or division
agreement.
ARTICLE 7 TYPES OF SHARES
The shares have no nominal (i.e. par) value.
The shares shall be in registered or dematerialised form, at the
choosing of their owner or holder (hereinafter, the ‘Holder’) and
within the limits set by law. The Holder may, at any time and at no
expense, request the conversion of registered shares into demater-
ialised form and vice versa. A dematerialised share is represented
by an entry in the Holder’s name in an account with an accredited
account holder or clearing institution.
The Company shall keep at its registered oce a register of all
registered shares, if applicable in electronic form. The Holders of
registered shares are entitled to access the register in full.
ARTICLE 8 OTHER SECURITIES
The Company is authorised to issue all securities not prohibited by
or pursuant to the law, with the exception of profit (founder’s) shares
and similar securities and subject to compliance with the specific
requirements of the RREC regulations and the articles of associ
-
ation. These securities may be in registered form or dematerialised.
ARTICLE 9 ADMISSION TO TRADING AND
DISCLOSURE OF SUBSTANTIAL SHAREHOLDINGS
The Company’s shares must be admitted to trading on a regulated
Belgian market in accordance with the RREC regulations.
For purposes of the statutory rules on the disclosure of substantial
shareholdings in issuers whose shares are admitted to trading on
a regulated market, the thresholds whose crossing gives rise to a
notification obligation are fixed at five percent (5 %) and multiples
of five percent (5 %) of the total number of outstanding voting rights.
Apart from the exceptions provided for by law, no one may cast at
a general meeting of the Company more votes than those attached
to the securities the person declared to hold, pursuant to and in
accordance with the law, at least twenty (20) days prior to the date
of the general meeting. The voting rights attached to undeclared
securities shall be suspended.
Part III - Management and supervision
ARTICLE 10 COMPOSITION OF THE BOARD OF
DIRECTORS
The Company is managed by a board of directors composed
of at least five members, appointed by the general meeting for
a term of four years in principle.
The general meeting may remove a director from oce at any
time, with immediate eect and without cause.
The directors may be re-elected.
The board of directors shall include at least three independent
directors in accordance with the applicable statutory provisions.
Unless the general meeting’s appointment decision provides other-
wise, the term of oce of out-going directors, who have not been
re-elected, ends immediately following the general meeting at
which directors were re-elected.
In the event of one or more vacancies, the remaining directors, at
a meeting of the board, shall be empowered to provisionally fill the
vacancies, until the next general meeting. The first general meeting
that follows shall decide whether to confirm the appointment of the
co-opted director(s). The directors’ remuneration, if any, may not
be determined based on the operations and transactions carried
out by the Company or its group companies.
The directors must be natural persons and meet the requirements
of good repute and expertise provided for in the RREC regulations.
They may not fall under any of the prohibitions referred to in the
RREC regulations.
The appointment of directors is subject to the prior approval of the
Financial Services and Markets Authority (FSMA).
The board of directors may appoint one or more observers who
may attend all or some board meetings, in accordance with the
conditions determined by the board.
ARTICLE 11 CHAIRPERSON DECISIONMAKING
The board of directors meets when called at the place desig-
nated in the convocation notice, as often as the Company’s interests
so require. A meeting must be called when so requested by two
directors.
The board of directors shall choose a chairperson and vice chair
-
person from amongst its members. Meetings are presided over
by the chairperson or, in the chairperson’s absence, the vice chair
-
person or, if they are both absent, the most senior director present
and, in the event of equal seniority, the eldest director.
The board’s decisions are valid only if a majority of its members
are present or represented.
Notices of meetings are sent by e-mail or, if no e-mail address has
been provided to the Company, by regular mail or any other means
of communication, in accordance with the applicable statutory
provisions.
A director who cannot be present may, by letter, e-mail or any
other means of communication, designate another member of
the board to represent him/ her at a board meeting and vote on
his/her behalf; the director will, in this case, be considered present.
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However, no member of the board may represent more than one
other director in this way.
Decisions are adopted by a majority of the votes cast; in the event
of a tie, the chairperson shall cast the deciding vote.
The board of directors’ decisions are set down in minutes recorded
or bound in a special register, kept at the Company’s registered
oce and signed by the chairperson of the board and the directors
who wish to do so. Powers of attorney shall be appended thereto.
Copies of or extracts from the minutes for use by third parties shall
be signed by the chairperson of the board or several directors with
the power to represent the Company.
The board of directors may take decisions unanimously in writing.
ARTICLE 12 POWERS OF THE BOARD OF
DIRECTORS
12.1 The board of directors is invested with the most extensive powers
to perform all acts necessary or useful to achieve the Company’s
purpose, with the exception of those reserved by law or the
articles to the general meeting. The board of directors draws
up bi-annual reports as well as an annual report. The board
of directors shall appoint one or more independent real estate
valuers in accordance with the RREC regulations and propose,
where appropriate, any modifications to the list of experts set
out in the dossier attached to the Company’s application for
approval as an RREC.
12.2 The board of directors may delegate the Company’s daily
management and its representation in this context to one or
more persons, acting jointly, who may, but need not, be directors.
The person(s) entrusted with daily management shall fulfil the
requirements of good repute, expertise and experience laid
down in the RREC regulations and must not fall under any of
the prohibitions referred to in the RREC regulations.
12.3 The board of directors can delegate to a representative of its
choosing special limited powers to perform certain acts or
a series of acts, within the limits of the applicable statutory
provisions. The board of directors can fix the remuneration of
any representative on whom special powers are conferred, in
accordance with the RREC regulations.
ARTICLE 13 EXECUTIVE COMMITTEE
The board of directors may create an executive committee to which
it delegates special powers to conduct certain acts or a series of
acts, with the exception of those powers reserved to it by the Code
of Companies and Associations and the RREC regulations.
The duties, powers and composition of the executive committee
shall be determined by the board of directors.
The board of directors may delegate daily management of the
Company as well as its representation in this context to one or
more members of the executive committee.
The members of the committee must fulfil the requirements of
good repute and expertise laid down in the RREC regulations and
must not fall under any of the prohibitions referred to in the RREC
regulations.
Within the limits of the powers which the board of directors delegates
to the executive committee, the board of directors authorises the
executive committee to sub-delegate its powers to one or more
representatives of the Company.
ARTICLE 14 EFFECTIVE MANAGEMENT
Without prejudice to the transitional arrangements, eective
management of the Company is entrusted to at least two natural
persons, appointed by the board of directors.
The persons responsible for eective management shall fulfil the
requirements of good repute and expertise laid down in the RREC
regulations and must not fall under any of the prohibitions referred
to in the RREC regulations.
The appointment of the eective managers is subject to the prior
approval of the FSMA.
ARTICLE 15 ADVISORY AND SPECIAL COMMITTEES
The board of directors shall establish, from amongst its members,
an audit committee as well as an appointment, remuneration and
governance committee, whose tasks, powers and composition shall
be determined by the board of directors.
The board of directors may also establish, under its responsibility,
one or more other committees, whose composition and tasks it
shall determine.
ARTICLE 16 TERMS OF REFERENCE
The board of directors may draw up terms of reference.
ARTICLE 17 REPRESENTATION OF THE COMPANY
AND THE SIGNING OF DOCUMENTS
Except when specifically authorised by the board of directors,
the Company is validly represented in all acts, including those
involving a public or ministerial ocial as well as before a court,
as claimant or defendant, by two directors acting jointly or, within
the limits of the powers conferred on the executive committee, by
two members of this committee, acting jointly or, within the limits of
daily management, by two persons entrusted with such manage-
ment, acting jointly.
The Company is moreover validly represented by the holders of
special powers of attorney within the limits of the remit granted
to them for this purpose by the board of directors or the executive
committee or, within the limits of daily management, by two persons
entrusted with such management, acting jointly.
ARTICLE 18 AUDIT
The Company shall appoint one or more auditors, which shall
perform the tasks incumbent on them pursuant to the Code of
Companies and Associations and the RREC regulations.
The auditor(s) must be recognised by the FSMA.
Part IV - General meetings
ARTICLE 19 MEETING
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The annual general meeting shall be held on the second Wednesday
in the month of May at three-thirty in the afternoon in the Brussels-
Capital Region.
Should this day be a public holiday, the meeting shall take place
on the next working day at the same time, not including Saturday
or Sunday.
Ordinary or extraordinary general meetings shall be held at the
place indicated in the notice calling the meeting.
The threshold above which one or more shareholders may, in
accordance with the Code of Companies and Associations, request
that a general meeting be held in order to submit one or more
proposals is fixed at ten percent (10 %) of the capital. Notices shall
be sent within the time limits and in accordance with the provisions
of the Code of Companies and Associations.
One or more shareholder(s) holding at least 3 % of the Company’s
capital may, in accordance with the provisions of the Code of
Companies and Associations, request the inclusion of items on the
agenda of any general meeting and submit proposals for resolutions
on the items included or to be included on the agenda.
ARTICLE 20 ADMISSION TO THE GENERAL MEETING
The right to participate in a general meeting and to exercise voting
rights is subject to recordation of the shares in the shareholder’s
name at midnight (Belgian time) on the fourteenth day preceding
the general meeting (hereinafter the record date), either by way of
an entry in the Company’s shareholders’ register or an entry in the
accounts of an accredited account holder or clearing institution,
without regard to the number of shares held by the shareholder
on the day of the general meeting.
The holders of dematerialised shares who wish to take part in a
general meeting must produce an attestation from an accredited
account holder or clearing institution certifying the number of
dematerialised shares recorded in the shareholder’s name in its
accounts on the record date. They must provide the Company, or
the person it has designated to this end, with this attestation and
indicate their intention to participate in the general meeting, if
applicable by sending a proxy, no later than the sixth day preced
-
ing the date of the general meeting, using the Company’s e-mail
address or the specific e-mail address indicated in the notice of
the general meeting.
The holders of registered shares that wish to attend the meeting
must inform the Company, or any person it has designated to this
end, of their intention to participate no later than the sixth day
preceding the date of the general meeting, using the Company’s
e-mail address or the e-mail address specifically indicated in the
notice and, if applicable, by sending a proxy, or by any other means
of communication indicated in the notice.
ARTICLE 21 PROXY VOTING
All shareholders entitled to attend a general meeting may arrange
to be represented by a proxy holder, who need not be a shareholder.
A shareholder may only designate, for a given general meeting, one
proxy holder, unless provided otherwise by the Code of Companies
and Associations.
The proxy must be signed by the shareholder and be sent to the
Company’s e-mail address or the e-mail address specifically indi-
cated in the notice of the meeting, at the latest six days before
the meeting.
The board of directors may establish a proxy form.
If several persons have rights in the same share, the Company
may suspend exercise of the voting right until a single person is
designated as the holder of the share in its regard.
ARTICLE 22 COMMITTEE
General meetings shall be presided over by the chairman of the
board of directors or, in his or her absence, by the managing
director or, in the latter’s absence, by the person appointed by
the directors present.
The chairperson shall appoint the secretary. The meeting shall
choose two scrutineers.
The directors present complete the presiding committee.
ARTICLE 23 NUMBER OF VOTES
Each share carries one vote, without prejudice to the cases in which
the voting rights are suspended pursuant to the Code of Companies
and Associations or any other applicable legislation.
ARTICLE 24 DECISIONMAKING
The general meeting may validly take decisions and vote with-
out regard to the percentage of the capital present or repre-
sented, except in those cases where the Code of Companies and
Associations imposes a quorum.
The general meeting may only take valid decisions on amendments
to the articles of association if half the capital is present or repre-
sented. If this condition is not met, a second meeting will need to be
convened and decisions taken at the second meeting will be valid,
regardless of the percentage of capital present or represented.
The general meeting cannot vote on items that do not appear on
the agenda.
Unless provided otherwise by law, decisions are approved by the
general meeting, regardless of the number of shares represented
at the meeting, by a simple majority of votes cast. Blank or irregular
ballots are not counted.
The articles of association may only be amended by a majority of
at least three quarters of the votes cast or, for amendments to the
purpose or an object of the Company, four fifths of the votes cast,
excluding abstentions.
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Voting shall be by show of hands or roll call unless the general
meeting decides otherwise by a simple majority of votes cast. Any
proposed amendment to the articles of association shall first be
submitted to the FSMA.
An attendance list indicating the names of the shareholders and the
number of shares held by each shall be signed by each shareholder
or the shareholder’s representative before entering the meeting.
ARTICLE 25 DISTANCE VOTING
Upon authorisation by the board of directors in the notice calling
the meeting, shareholders shall be authorised to vote remotely or
via the Company’s website, using a form prepared and provided
by the Company. This form must indicate the date and place of the
meeting, the shareholder’s name or company name, domicile or
registered oce, the number of votes which the shareholder wishes
to cast at the meeting, the type of shares held and the items on
the agenda for the meeting (including proposed resolutions) and
include a space allowing the shareholder to vote for or against
each resolution or to abstain as well as the deadline by which the
voting form must reach the Company. It shall expressly stipulate
that the form must be signed and reach the Company no later
than the sixth day prior to the meeting.
In accordance with article 7:137 of the Code of Companies and
Associations, the board of directors may provide that each share
-
holder and any other securities holder referred to in article 7:137
of the Code of Companies and Associations may also participate
remotely in the general meeting through an electronic means of
communication made available to him/her by the Company.
Shareholders who participate in the general meeting through such
a mean are deemed to be present at the place where the meeting is
held in order to comply with the quorum and majority requirements.
The electronic means of communication referred to above must
enable the Company to verify the status and identity of the share
-
holder, in accordance with the procedures laid down by the board of
directors. The board of directors may set any additional conditions
to ensure the security of the electronic means of communication.
The electronic means of communication must at least enable
the securities holders referred to in the first paragraph to have
direct, simultaneous and continuous access to the discussions at
the meeting and, as far as the shareholders are concerned, to
exercise their voting right on all matters on which the meeting
is called to decide. The board of directors may provide that the
electronic means of communication also allow to take part in the
deliberations and to ask questions.
If the board of directors makes use of the option to participate
remotely in the general meeting via an electronic means of
communication, the notice calling the general meeting will mention
the applicable procedures and terms and conditions.
ARTICLE 26 MINUTES
The minutes of the general meeting shall be signed by the members
of the presiding committee and by those shareholders who wish
to do so.
Copies of or extracts from the minutes for use by third parties shall
be signed by one or more directors having the power to represent
the company.
ARTICLE 27 GENERAL MEETINGS OF
BONDHOLDERS
The provisions contained in this article apply to bonds only to the
extent the issue conditions do not provide otherwise.
The board of directors and the auditor(s) of the Company can call
the bondholders to a general meeting of bondholders. They must
call a general meeting when requested to do so by bondholders
representing one-fifth of the total outstanding bonds. The notice of
the meeting must include the agenda and be sent in accordance
with the Code of Companies and Associations. To be admitted to
the general meeting of bondholders, the holders of bonds must
comply with the formalities provided for by the Code of Companies
and Associations as well as any applicable formalities laid down in
the issue conditions or in the notice calling the meeting.
Part V – Accounts - Distribution
ARTICLE 28 ACCOUNTS
The financial year starts on the first of January and closes on the
thirty-first of December of each year. At the end of each finan
-
cial year, the books of account and accounting documents are
approved and the board of directors prepares a statement of assets
and liabilities and the annual accounts.
The board of directors then draws up a report, called the ‘manage-
ment report’, in which it renders an account of its management.
For purposes of the annual general meeting, the statutory auditor
draws up a detailed report, called the ‘audit report’.
ARTICLE 29 DISTRIBUTION
The Company is obliged to distribute to its shareholders, within
the limits permitted by the Code of Companies and Associations
and the RREC regulations, a dividend, the minimum amount of
which is set by the RREC regulations.
By decision of the extraordinary general meeting held on 15.01.2020,
the board of directors was authorised to decide to distribute to
the employees of the Company and its subsidiaries a share of the
profits, up to a maximum amount of one percent (1 %) of the profits
for the financial year, for a new period of five years, with the first
distributable profits relating to financial year 2019.
The authorisation proposed in the preceding paragraph is conferred
for a five-year period as from 15.01.2020.
ARTICLE 30 INTERIM DIVIDENDS
The board of directors may at its own responsibility, declare the
payment of interim dividends, in the cases and within the time limits
provided by law.
ARTICLE 31 PROVISION OF ANNUAL AND HALF
YEAR REPORTS
The Company’s annual and half-year reports, which contain
the annual and half-year financial statements and consolidated
financial statements, shall be made available to shareholders in
accordance with the provisions applicable to the issuers of financial
instruments admitted to trading on a regulated market and the
RREC regulations.
The Company’s annual and half-year reports shall be made avail-
able on the Company’s website.
Shareholders may obtain a copy of the annual and half-year reports
at the Company’s registered oce free of charge.
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Part VI – Winding-up - Liquidation
ARTICLE 32 LOSS OF CAPITAL
In the event of loss of half or three quarters of the capital, the
directors must submit to the general meeting the question of the
Company’s winding-up, in accordance with the conditions of the
Code of Companies and Associations.
ARTICLE 33 APPOINTMENT AND POWERS OF
LIQUIDATORS
If the Company is wound up, for any reason and at any time what-
soever, liquidation shall be carried out by a liquidator or liquidators
appointed by the general meeting.
If it appears from the report summarising the Company’s assets
and liabilities prepared in accordance with the Code of Companies
and Associations that all creditors cannot be satisfied in full, the
appointment of the liquidator(s) in the articles or by the general
meeting must be submitted to the president of the business court,
unless it appears from this summary that the Company only has
debts to its shareholders and all shareholders who are credit
-
ors of the Company confirm in writing their agreement with the
appointment.
In the absence of the appointment of a liquidator or liquidators, the
members of the board of directors shall be considered, by operation
of law, as liquidators with regard to third parties, without however
possessing the powers which the law and the articles grant to
the liquidator(s) appointed in the articles, by law or by the court,
with respect to liquidation transactions.
The general meeting shall determine the liquidators’ fees, where
appropriate.
The Company’s liquidation shall be concluded in accordance with
the provisions of the Code of Companies and Associations.
ARTICLE 34 ALLOCATION OF LIQUIDATION
PROCEEDS
No distribution may be made to shareholders before the meeting
at which the liquidation is closed.
Except in the case of a merger, the net assets of the Company,
after the settlement of all liabilities or consignment of the amounts
necessary to this end, shall be allocated first to reimbursement of
the paid-in capital, with any possible remainder allocated equally
amongst the shareholders of the Company, in proportion to their
shareholdings.
Part VII - General provisions
ARTICLE 35 ELECTION OF DOMICILE
For purposes of executing these articles, any shareholder domiciled
abroad, any director, auditor, day-to-day manager or liquidator is
obliged to elect domicile in Belgium . Otherwise, this person shall
be deemed to have elected domicile at the Company’s registered
oce, where all communications, subpoenas, summonses and
notifications may be validly sent.
The owners of registered shares must notify the Company of any
change of domicile; otherwise, all communications, notices of meet-
ings and notifications shall be deemed validly delivered if sent to
their last known address.
ARTICLE 36 JURISDICTION
For any disputes between the Company, its shareholders, bond-
holders, directors, day-to-day managers, auditors and liquidators
regarding the Company’s aairs and the execution of these articles,
the French-language business courts shall have exclusive jurisdic-
tion, unless the Company expressly waives this provision.
ARTICLE 37 COMMON LAW
Any provisions of these articles of association that are contrary to
mandatory provisions of the RREC regulations or any other applic-
able legislation shall be considered null and void. The invalidity
of an article or part of an article in these articles of association
shall have no eect on the validity of the remaining provisions (or
parts thereof).
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
Pub Luxembourg – Brussels (BE)
371
APPENDICES TO THE ESG REPORT
ADJUSTED VELOCITY
Velocity multiplied by the free float percentage.
ASSISTEDLIVING UNITS
Small apartments providing accommodation for (semi)-autono-
mous elderly people combined with domestic and meal services.
BREIF (BELGIAN REAL ESTATE INVESTMENT FUND -
FONDS D’INVESTISSEMENT IMMOBILIER SPÉCIALISÉ ‘FIIS’/
GESPECIALISEERD VASTGOEDBELEGGINGSFONDS ‘GVBF’)
Belgian fiscal status of institutional alternative collective investment
institutions with a fixed number of units whose exclusive purpose
is collective real estate investment.
BREEAM (BUILDING RESEARCH ESTABLISHMENT
ENVIRONMENTAL ASSESSMENT METHOD)
Method of assessing the building’s environmental performance
and sustainability (www.breeam.org).
CALL OPTION
The right to purchase a specific financial instrument at a pre-set
price and during a specific period.
CDP (CARBON DISCLOSURE PROJECT)
CDP is a not-for-profit institution that runs the global disclosure
system for investors, companies, cities, states and regions in order
to manage their environmental impacts.
CONTRACTUAL RENTS
Rents as defined contractually in leases at the closing date, before
deduction of rent-free periods or other incentives granted to the
tenants.
CSR (CORPORATE SOCIAL RESPONSABILITY)
Corporate social responsibility is defined by the European
Commission as the voluntary integration by companies of social
and environmental concerns into their business activities and their
relations with stakeholders.
DACH UND FACH
German term for leases stipulating that the maintenance costs
of the building’s roof and structure, and sometimes of technical
equipment, are borne by the owner.
DEBTTOASSETS RATIO
Legal ratio calculated according to RREC legislation as financial
and other debts divided by total assets.
DIVIDEND YIELD
Gross dividend divided by the average share price during the year.
DOUBLE NET
So-called ‘double net’ rental contracts (leases) or yields imply that
maintenance costs are, to a greater or lesser extent, borne by the
owner (lessor). These costs include expenses for the maintenance of
roofs, walls, façades, technical and electrical installations, surround-
ings, the water supply and drainage systems. Specific provisions
of the lease may state that part or all of these maintenance costs
can be charged to the lessee.
DUE DILIGENCE
Procedure intended to establish a complete and certified inven-
tory of a company, asset, or real estate portfolio (accounting,
economic, legal and tax aspects) before a financing or acquisi
-
tion transaction.
EPRA (EUROPEAN PUBLIC REAL ESTATE ASSOCIATION)
An association of European real estate companies listed on the stock
market whose purpose is to promote the industry (www.epra.com).
EPRA EUROPE
European FTSE EPRA/NAREIT Global Real Estate Index created by
EPRA composed of representative stocks of the European listed
real estate segment.
ESG (ENVIRONNEMENT, SOCIAL AND GOVERNANCE)
Stakes reflecting an organisation’s economic, environmental, and
social impacts.
EXDATE
Date from which stock exchange trading takes place without the
entitlement to the forthcoming dividend-payment (due to the
‘detachment of the coupon’, which formerly represented the divi
-
dend), i.e. three working days after the ordinary general meeting.
FAIR VALUE
Investment properties’ disposal value according to IAS/IFRS account-
ing principles, i.e. after deduction of transaction costs, as determined
by independent real estate valuers. The transaction costs are fixed
by independent real estate valuers at a 2.5 % flat rate for proper-
ties located in Belgium. However, the costs to deduct for properties
with a less than 2.5 million EUR overall value, are registration rights
(12 % or 12.5 %) applicable according to the property’s location. The
transaction costs for assets located in France, the Netherlands,
Germany, and Spain vary from 2 % to 7 %.
FBI (FISCALE BELEGGINGSINSTELLING)
Dutch fiscal status, comparable to the RREC status.
FINANCIAL RATING
Rating awarded by specialised agencies (Standard & Poor’s in
Cofinimmo’s case) providing a company’s short-term and long-
term financial soundness estimate. These ratings influence the rate
at which a company can raise financing.
GLOSSARY
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
FREE FLOAT
Percentage of shares held by the public. According to the Euronext
and EPRA definitions, this includes all shareholders who individually
own less than 5 % of the total number of shares.
FSMA (FINANCIAL SERVICES AND MARKETS AUTHORITY)
The independant regulatory authority governing financial markets
in Belgium.
GHG EMISSIONS (GREENHOUSE GAS)
Quantity of greenhouse gases emitted into the atmosphere as
a result of an organisation’s activities.
GPR250 (GLOBAL PROPERTY RESEARCH 250)
Stock exchange index of the 250 largest listed real estate companies
worldwide.
GREEN & SOCIAL BONDS
Green and social bonds whose income is intended to (re)finance
projects with a positive contribution to sustainable, environmental,
or societal development. In December 2016, Cofinimmo became the
first European real estate company to issue green and social bonds.
GRI STANDARDS (GLOBAL REPORTING INITIATIVE)
Sustainability reporting standards for use by organisations to
report on their economic, environmental and/or social impacts.
This standard is published by the Global Sustainability Standards
Board (GSSB).
GROSS RENTAL YIELD
The ratio between the rent of an acquired asset and its acquisition
value, transaction fees not deducted.
IAS/IFRS (INTERNATIONAL ACCOUNTING STANDARDS/
INTERNATIONAL FINANCIAL REPORTING STANDARDS)
International accounting standards of the International Accounting
Standards Board (IASB) in order to prepare the financial statements.
INVESTMENT VALUE
The portfolio’s value as established by real estate valuers, without
deduction of transaction costs.
IRS (INTEREST RATE SWAP)
An interest rate exchange contract (usually fixed against floating
or vice-versa) between two parties to exchange financial flows
calculated on a fixed notional amount, frequency, and maturity.
LEASEHOLD RIGHT
A temporary real right which consists in having full use of a property
belonging to another party, in return for an annual acknowledg-
ment fee to the lessor in recognition of his/her right of ownership
(‘canon/pacht’). In Belgium, a leasehold has a minimum term of
15 years and a maximum term of 99 years.
MARKET CAPITALISATION
Stock market price at close multiplied by the total number of
outstanding shares on that date.
MCB (MANDATORY CONVERTIBLE BONDS)
Debt instrument which enables the debtor to reimburse his loans in
shares on the due date. Holders of MCB are called ‘MCB holders’.
MEDICAL OFFICE BUILDING
Building where a number of dierent healthcare professionals
(physicians, psychologists, dentists, physiotherapists, pharmacists,
etc.) receive their patients/customers.
NET RESULT
Net result from core activities plus (+) result on financial instruments
plus (+) result on the portfolio.
NET RESULT FROM CORE ACTIVITIES
Operating result before the result on the portfolio, plus (+) the finan-
cial result (financial income minus (-) financial charges), minus (-)
income taxes.
OCCUPANCY RATE
Is calculated by dividing the (indexed, excluding assets held for
sale) contractual rents of the current leases by the sum of these
contractual rents and the vacant spaces’ Estimated Rental Value,
the latter being calculated on the basis of the current rents’ level
on the market.
OPERATING MARGIN
Operating result before the result on the portfolio divided by the
property result.
PAYOUT RATIO
Percentage of the net result from core activities distributed by way
of a dividend.
PEB (ENERGY PERFORMANCE OF A BUILDING)
This index, originating in the 2002/91/EC European Directive,
expresses the amount of energy needed for the various require
-
ments related to normal building use. It results from a calculation of
various factors that influence energy demand (insulation, ventilation,
solar and internal contributions, heating, etc.).
PPP (PUBLIC-PRIVATE PARTNERSHIP)
Partnership between the public and private sectors on projects with
a public destination : urban renewal, infrastructure works, public
buildings, etc.
373
GLOSSARY
RECORD DATE
Date on which positions are closed to identify the dividend-entitled
shareholders, i.e. two working days after the ex-date.
REIT (REAL ESTATE INVESTMENT TRUST)
A listed real estate investment trust in the United States.
RREC (REGULATED REAL ESTATE COMPANY)
Status created in 2014 with the same objectives as the Real Estate
Investment Trusts (REIT) in dierent countries : REIT (USA), SIIC
(France) and FBI (the Netherlands). RRECs are supervised by the
Financial Services and Markets Authority (FSMA) and subject to
specific regulations.
RESULT ON FINANCIAL INSTRUMENTS
Change in fair value of the financial instruments, plus (+) the restruc-
turing costs of the financial instruments.
RESULT ON THE PORTFOLIO
Realised and unrealised gains and losses compared with the valu-
ation of the real estate valuer, plus (+) the exit tax due following the
entry of any asset into the RREC, SIIC or FBI regimes.
REVALUED NET ASSETS
Net asset value. At market value estimated equity resulting from the
dierence between the company’s assets and liabilities (both being
shown directly, for the most part at market value, in Cofinimmo’s
balance sheet). This value is calculated based on the building valu-
ation provided by independent real estate valuers.
ROYAL DECREE OF 14112007
Royal decree relating to the obligations of financial instruments’
issuers admitted for trading on a regulated market.
ROYAL DECREE OF 13072014
Royal decree relating to regulated real estate companies (RREC).
SDG (SUSTAINABLE DEVELOPMENT GOALS)
17 goals to transform our world by 2030 in order to promote pros-
perity while protecting the planet. (Source : https ://www.un.org/
sustainabledevelopment/).
SICAFI (SOCIÉTÉ D’INVESTISSEMENT À CAPITAL FIXE
IMMOBILIER)
Status created in 1995 to promote collective investment in real
estate. SICAFIs are supervised by the Financial Services and Markets
Authority (FSMA) and subject to specific regulations.
SIIC (SOCIÉTÉ D’INVESTISSEMENT IMMOBILIER COTÉE –
FRENCH REIT REGIME)
French tax status, comparable to the RREC status.
SSR (CLINIQUE DE SOINS DE SUITE ET DE RÉADAPTATION)
Clinic providing rehabilitation care following a hospital stay for a
medical condition or surgery.
TAKEUP
Occupancy of rental spaces.
TCFD (TASK FORCE ON CLIMATE-RELATED FINANCIAL
DISCLOSURES)
Task force created by the Financial Stability Board (FSB) to develop
recommendations aiming at facilitating external communication
associated with climate change with a focus on the financial impact.
TRIPLE NET
So-called ‘triple net’ lease contracts or yields imply that insurance
costs, taxes and maintenance expenses are borne by the tenant
(lessee). It mainly concerns the leases for nursing and care homes
in Belgium.
VELOCITY
Parameter indicating a share’s circulation speed. It is obtained
by dividing the total volume of shares traded during the financial
year by the total number of shares outstanding during that period.
WITHHOLDING TAX
Tax withheld by a bank or by another financial intermediary on a
dividend payment.
ZBC (ZELFSTANDIGBEHANDELCENTRUM)
Independent private clinic in the Netherlands.
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COFINIMMO 2021 UNIVERSAL REGISTRATION DOCUMENT
COFINIMMO
Boulevard de la Woluwe/Woluwedal, 58
B – 1200 Brussels
Tel. +32 2 373 00 00
Fax +32 2 373 00 10
R.L.P. of Brussels
VAT : BE 0426 184 049
www.cofinimmo.com
Send us your feedback
info@cofinimmo.be
Design and realisation
www.chriscom.eu
Team External communication
Team Investor relations
Team Control
Team ESG
Pictures
Buildings : David Plas, Yvan Glavie,
Oilinwater Design Studio, Adriaan van Dam Fotografie,
RAU Architecten, Georges de Kinder, Lemon One,
Alexandre Van Battel, POLO Architects, Stijn Bollaert
Portraits : David Plas
2021 UNIVERSAL REGISTRATION DOCUMENT - Annual financial report - ESG report
www.cofinimmo.com
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