GECINA - REFERENCE DOCUMENT 2017

ANNUAL FINANCIAL STATEMENTS

Notes to the annual financial statements at December 31, 2017

Investment securities

4.3.4.3

12/31/2016

12/31/2017

In €’000

Treasury shares reserved for employees

1,833

6,025

Other investment securities.

1

1

TOTAL INVESTMENT SECURITIES

1,834

6,026

Treasury shares recorded as investment securities for €1.8 million include the 29,511 Gecina shares held to cover the stock options awarded to employees and company officers. The impairment method is described in Note 4.3.3.4.

Changes in treasury shares

4.3.4.4

Number of shares

In €’000

Balance at 1/1/2017 Share buyback contract

298,636

21,587 224,494

1,842,534

Reclassification due to a decrease of rights to shares for employees

(1,070)

(70)

Sale of pre-emptive subscription rights

(4,800)

2,140,100

241,212

BALANCE AT 12/31/2017 (1)

These shares are recorded in “Other equity investments”. (1)

04

A share buyback contract was implemented on February 24, 2017 for a total maximum amount of €300 million. Gecina closed out the program on June 21, 2017. In all, Gecina bought back 1.8 million shares for a total of €224.5 million, i.e. at an average of €121.8 per share.

As part of its capital increase, the company sold 2,193,081 pre-emptive subscription rights at a unit price of €2.58. The share of pre-emptive subscription rights in the book value of treasury shares was €4.8 million.

Bond redemption premiums 4.3.4.5 At December 31, 2017, this line comprised premiums related to all non-convertible bonds, which are amortized on a straight line over the term of the debt (€4.1 million amortized in 2017).

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GECINA - REFERENCE DOCUMENT 2017