GECINA - REFERENCE DOCUMENT 2017

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ADDITIONAL INFORMATION Statutory Auditors

conducting interviews with management and the property ■ appraisers to discuss the reasons behind their appraisal of the overall property portfolio and the appraised values of the assets; reconciling the appraised values with the consolidated ■ financial statements; assessing the appropriateness of the disclosures ■ provided in the notes to the consolidated financial statements. Accounting treatment of the acquisition of Eurosic (Note 3.5.2.4.3 to the consolidated financial statements) Description of risk Gecina took control of Eurosic on August 29, 2017 and had acquired 100% of its capital at December 31, 2017 for a total purchase price of €3,264 million. Eurosic is a real estate company which manages a portfolio valued at €5,344 million at December 31, 2017. The accounting treatment of the first-time consolidation of Eurosic Group requires its identifiable assets and liabilities to be measured and recognized at fair value, as provided for in IFRS 3, at the acquisition date. These measurements are significant and necessarily estimates. Given the amounts at stake, the degree of judgment involved in the measurements, mainly regarding the fair value of properties, and the identification and measurement of Eurosic's liabilities and contingent liabilities, we deemed the accounting treatment of the acquisition of Eurosic to be a key audit matter. assessing the Eurosic Group's accounting policies and ■ the harmonization of accounting policies at the date of acquisition by Gecina; gaining an understanding of the process established by ■ management to identify and measure Eurosic's assets, liabilities and contingent liabilities to be recognized in the Gecina group's consolidated financial statements in respect of the business combination; analyzing contracts between the Group and other parties ■ to the transaction and discussing the particulars of the business combination with management that affect the accounting treatment of the acquisition; implementing the following procedures in relation to ■ Eurosic's property assets: assessing the property appraisers' competency and ■ their independence with respect to Gecina, familiarizing ourselves with the procedure implemented ■ by management for working with property appraisers, obtaining the property appraisal reports and assessing ■ the appraisal methods used, the market parameters applied (yield rate, discount rate, market rental values) and the asset-specific assumptions, in particular the cost estimates for work to be carried out on assets under development, testing, on a sample basis, the data used (reconciliation ■ of appraiser data with construction budgets and rental situations), How our audit addressed this risk Our work consisted in:

reconciling the appraised values with the fair value ■ recognized in the opening balance sheet; assessing the appropriateness of the disclosures ■ provided in the notes to the consolidated financial statements. Accounting treatment of certain transactions and/or commitments in Spain (Notes 3.5.4.7, 3.5.5.13 and 3.5.9.3 to the consolidated financial statements) Description of risk A number of liability claims and lawsuits have been filed against Gecina, directly and indirectly, by third parties. Notes 3.5.4.7, 3.5.5.13 and 3.5.9.3 to the consolidated financial statements describe, in particular, certain transactions and/or commitments in Spain, and the alleged issue of four promissory notes and letters of guarantee by Gecina SA in favor of a Spanish company named Arlette Dome SL. These notes provide details of the legal proceedings relating to these transactions and the accounting treatment applied. We deemed the accounting treatment of these transactions and/or commitments to be a key audit matter given the amounts at stake and the inherent uncertainty involved due to the complexity of pending or potential legal proceedings. examining the accounting methods and controls ■ implemented by management to report on these transactions; obtaining the analyses of Gecina and its advisors on the ■ transactions in question; conducting interviews with management in order to gain ■ an understanding of Gecina’s defense strategy and arguments before the various courts involved; assessing the appropriateness of the accounting ■ treatment applied by the Group in light of all these aspects; assessing the appropriateness of the disclosures ■ provided in the notes to the consolidated financial statements. Verification of the information pertaining to the Group presented in the management report As required by law and in accordance with professional standards applicable in France, we have also verified the information pertaining to the Group presented in the management report of the Board of Directors. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Report on other legal and regulatory requirements Appointment of the Statutory Auditors We were appointed Statutory Auditors of Gecina by the General Meeting of April 22, 2016. As at December 31, 2017, Mazars and PricewaterhouseCoopers Audit were in the 21 st year and the 14 th year of total uninterrupted engagement, respectively. How our audit addressed this risk Our work consisted in:

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