GECINA - REFERENCE DOCUMENT 2017

EDITORIALS

Bernard Michel Chairman

“ The acquisition of Eurosic validates and accentuates the strategic choices made in recent years.”

A 2017 FINANCIAL PERFORMANCE THAT VALIDATES OUR STRATEGIC CHOICES Gecina’s 2017 results validated our strategic choices. The first is the emphasis on central locations: the demand of our clients and prospects in the most central areas has held steady. The demand for centrality is growing commensurate with the need for companies to attract talent in the areas that are densest in terms of business, transportation, recreation and housing units. Centrality breeds centrality. Paris, a world-class city, is taking full advantage of this effect. The location of our assets, in the most attractive areas (the so-called central business district, La Défense, Boulogne, Issy-Les-Moulineaux), makes Gecina the best positioned player in relation to this fundamental market reality. With an overall profit of 23% over one year, and NAV up nearly 19%, performance is not lacking. The strengthening of our business model through the integration of Eurosic bodes well for our future. THE INTEGRATION OF EUROSIC REINFORCES OUR STRATEGIC UNIQUENESS In the wake of the acquisition of Eurosic, which was executed in record time, and the completed integration of the company, we are

Our self-sustained growth potential has never been greater, with a portfolio of committed development projects worth €2.8 billion. On the strength of this performance and the encouraging outlook for the coming years, at the General Meeting in April 2018 we will propose a dividend increase for the sixth year in a row, to €5.30 per share. In addition to this financial performance, Gecina has continued its exemplary Corporate Social Responsibility policy. Biodiversity, our energy consumption, our carbon footprint, social innovation and gender equality have been priorities throughout my term as Chairman of Gecina. The principles of social and environmental governance are now firmly anchored in the Group's strategic plan with ambitious new targets to achieve by 2020.

In 2017, Gecina again posted outstanding results in both the real estate and the financial sectors. Our key operational and financial figures once again outperformed the stock market in our sector. These results validate the strategic choices made in recent years: the refocusing of our office portfolio on centrally located areas and the value creation approach in terms of overall performance. Our new Chief Executive Officer, Meka Brunel, has been propelling this strategy forward since early 2017. The initiative was epitomized in the acquisition of Eurosic, and in our adaptation of our growth model to the new challenges of the digital revolution and usages, with clients who want more flexibility and innovation. Group share of our net recurring income rose by 1.3% per share, even though the integration of Eurosic accounted for only four months of income and we disposed of our healthcare portfolio in mid- 2016. Excluding the effects of the disposal of the healthcare portfolio, this growth would be as high as 9.4%.

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