GECINA - REFERENCE DOCUMENT 2017

04

ANNUAL FINANCIAL STATEMENTS Notes to the annual financial statements at December 31, 2017

During the course of its normal business operations, Gecina would be likely to significantly impact the company’s made certain commitments to be fulfilled within a maximum earnings or financial situation.

of ten years, and which do not appear in the table of commitments given because their cost is not yet known. Based on the assessments of the Group and its advisers, there is no commitment which could be called and which

The outstanding amounts for future development costs (including sales of property for future completion) correspond to reciprocal guarantees with the developer who undertakes to complete the works.

4.3.5

NOTES ON THE INCOME STATEMENT

Operating revenues

4.3.5.1

12/31/2016

12/31/2017

In €’000

Rental revenues on residential properties Rental revenues on commercial properties

103,360 146,592

108,686 142,775

TOTAL RENTAL REVENUES

249,953 251,461

Operating expenses 4.3.5.2 Operating expenses (excluding depreciation and provisions) mainly include property rental expenses to recharge to tenants for €53 million.

Salaries and fringe benefits include the competitiveness and employment tax credit (CICE) for an amount of €70,000 in 2017. This tax credit has been used for various investments.

Depreciation and impairment allocations and write-backs

4.3.5.3

12/31/2017 12/31/2016 Allocations Write-backs Allocations Write-backs

In €’000

Fixed assets depreciation (1)

60,366

61,519

62

53,751

336

10,559

Tangible fixed assets impairment (1)

15,767

5,685 1,089 3,617

9,352 1,890

730

Impairment of financial investments and investment securities (1)

2,119 4,684 4,126

1,655 1,293

Receivables impairment (2)

13,960

Provisions for risks and charges (3)

5,131

Amortization of bond redemption premiums (4)

TOTAL

87,125

64,143

92,188

14,238

of which: operating ■ financial ■

62,573 24,489

4,707 5,685

77,369 14,483

2,949

730

62

53,751

336

10,559

non-recurring and tax ■

See Note 4.3.4.1. (1) See Note 4.3.4.2. (2) See Note 4.3.4.7. (3) See Note 4.3.4.5. (4)

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