GECINA - REFERENCE DOCUMENT 2017

02

COMMENTS ON THE FISCAL YEAR Business and earnings of main companies

At December 31, 2017, the most significant equity investments were as follows, in gross value: Eurosic (€2,375 million), Geciter (€782 million in securities) and Avenir Danton Défense (€476 million). The other financial investments include the Eurosic OSRA for €890 million and treasury shares held by the company for €241 million. In total, Gecina holds 2,169,611 treasury shares, including 29,511 shares entered in marketable securities for €2 million held representing share option plans allocated to employees and corporate officers. Total treasury shares represented 2.88% of share capital.

Current assets amounted to €297 million at December 31, 2017, versus €155 million at December 31, 2016. These include: other receivables (€169 million net), comprised mainly of ■ intercompany receivables (€149 million, as the €20 million receivable on Bami Newco was entirely written down), tax and VAT receivables of €15 million; rent receivables for a net amount of €8 million; ■ liquidities for €89 million; ■ prepaid expenses for €30 million primarily concern loan ■ issuance costs.

The €170 million increase in shareholders´ equity can be explained as follows:

In € million SHAREHOLDERS’ EQUITY AT DECEMBER 31, 2016

4,047

Capital increase of August 11, 2017

982 351

Capital increase following the Public Exchange Offer

Capital increase and merger premium resulting from the exercise of stock options and subscriptions to the company savings scheme (PEE)

13

Dividends paid in 2017

(322)

2017 financial year earnings

333

SHAREHOLDERS’ EQUITY AT DECEMBER 31, 2017

5,404

Financial debt as at December 31, 2017 totaled €6,706 million compared with €3,599 million at the end of 2016, of which €184 million are intercompany debt. During the financial year, the company issued six new bonds for a total of €2,500 million and increased its outstanding commercial papers by €1,169 million.

Provisions for liabilities and charges amounted to €31 million, compared with €30 million the previous year. The provisions concern €12 million for pension commitments and long service awards, €7 million for tax risk incurred following a number of tax audits and €7 million for property disputes, €5 million for subsidiary losses and €1 million for future provisions related to the allocation of performance shares and stock options to employees.

Disclosures about Gecina’s terms of payment (Article D. 441-4 of the French Commercial Code) The tables below present the analysis of trade payables and account receivables as at December 31, 2017:

Invoices issued and not paid as of the close of the financial year ended

31 to 60 days

61 to 90 days

91 days and more

Total (1 day and more)

Amounts including all taxes (In millions of euros) (A) LATE PAYMENT TRANCHES Number of invoices concerned Amount of invoices concerned Percentage of the total amount of purchases in the financial year

0 days 1 to 30 days

96

674

724

1,561

319

260

251

2,391

0.5%

1.0%

0.2%

0.2%

0.2%

1.5%

(B) INVOICES EXCLUDED FROM (A) RELATING TO PAYABLES AND DEBT DISPUTED OR NOT ENTERED Number of invoices 1,012

48 GECINA - REFERENCE DOCUMENT 2017

www.gecina.fr