GECINA - REFERENCE DOCUMENT 2017
ANNUAL FINANCIAL STATEMENTS
Notes to the annual financial statements at December 31, 2017
Provisions
4.3.4.7
12/31/2016 Allocations Write-backs
12/31/2017
In €’000
Provisions for tax audits
9,141
2,141
7,000
Provisions for employee benefits Provisions for share buyback plans Provisions for losses in subsidiaries
13,074
892 181
12,182
951
770
4,597
4,597 6,521
Other provisions
6,837
87
403
TOTAL
30,003
4,684
3,617
31,069
Gecina has been the subject to tax audits that have resulted in notifications of tax reassessments, the majority of which are contested. These tax reassessments for a total amount of €31 million are contested by the company and are not accrued as a provision. At December 31, 2017, the total amount accrued as a provision for the fiscal risk is €7 million, based on the assessments of the company and its advisers. Furthermore, the company has several ongoing litigations with the French tax administration, which could result today in the reimbursement of a maximum amount of nearly €14 million. This amount is related to the corporate income tax paid in 2003 when the company opted for the SIIC tax regime. This amount was expensed at the time of payment and therefore no longer appears on the company’s balance sheet.
Gecina has also, directly or indirectly, been the subject of liability actions and court proceedings instigated by third parties. Based on the assessments of the company and its advisers, there is no risk that is not accrued which would be likely to significantly impact the company’s earnings or financial situation. The €12.2 million provision for employee benefits covers the company’s commitments for the portion of employee benefits not covered by insurance funds. The provision for share buyback plans corresponds to the expense to be incurred by Gecina in relation to stock option plans for existing shares and spread over the vesting period. The allowance for losses on subsidiaries corresponds to the share of unrealized losses not covered by the impairment of securities, loans and receivables.
04
Loans and debt
4.3.4.8
REMAINING MATURITIES
Less than
Total 12/31/2016
Total 12/31/2017
1 year 1 to 5 years Over 5 years
In €’000
Non-convertible bonds
41,779 1,234,300 3,410,300 4,686,379 2,563,254
Loans and debt (excluding Group)
1,435,989
399,575
1,835,564
836,692 198,838
Group debt
183,686
183,686
TOTAL
1,661,454 1,633,875 3,410,300 6,705,629 3,598,784
The company issued six new bond loans for a total of €2.5 billion and a bond loan of €110 million matured during the financial year. In addition, the company carried out a partial buyback of three bond issues for €274 million.
The company made early repayment on three mortgage loans for a total of €146 million. In addition, the company increased its outstanding treasury notes by €1.2 billion.
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GECINA - REFERENCE DOCUMENT 2017
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