GECINA - REFERENCE DOCUMENT 2017
02
COMMENTS ON THE FISCAL YEAR Triple Net Asset Value
TRIPLE NET ASSET VALUE 2.5
EPRA NNNAV (TRIPLE NET ASSET VALUE – BLOCK) The EPRA NNNAV is calculated according to the EPRA recommendations (1) . The calculation is based on the Group’s shareholders’ equity obtained from financial statements, which include the fair value by block, excluding duties, of investment properties, buildings under reconstruction and properties held for sale, as well as financial instruments. The foregoing elements are restated of the Group’s shareholders’ equity to calculate EPRA NAV and EPRA NNNAV: unrealized capital gains on buildings valued at their ■ historic cost such as operating building and inventory buildings are calculated on the basis of block appraisal values excluding duties, determined by independent appraisers; the fair value of fixed-rate financial debts and hotel ■ commercial properties. Registration fees are determined by taking into account the most appropriate mode of disposal of the asset: disposal of
the asset or company shares. When the sale of the company appears to be more advantageous than the sale of the asset, the resultant registration rights replace those deducted from the property appraisals. The number of diluted shares includes the number of shares likely to be created through the exercise of equity instruments to be issued in the right conditions. The number of diluted shares does not include treasury shares. The diluted EPRA NNNAV amounted to €11,233.2 million at December 31, 2017 or €152.9 per share. The diluted EPRA NAV totaled €11,257.4 million at December 31, 2017, or €153.3 per share. The diluted EPRA NNNAV by unit came to €159.0 per share at December 31, 2017, compared with €138.2* per share at December 31, 2016. The table below, compliant with EPRA recommendations, presents the transition between the Group’s shareholders’ equity derived from financial statements and the EPRA NNNAV.
NET ASSET VALUE – BLOCK
12/31/2016
12/31/2017
Amount/no. of shares 73,454,892
Amount/no. of shares 63,402,484
€/share
€/share
In € million
Fully diluted number of shares
SHAREHOLDERS’ EQUITY UNDER IFRS + Impact of exercising stock options
10,986.0
8,276.0
6.5
17.7
DILUTED NAV
10,992.5
€149.6
8,293.7
€127.4*
+ Fair value reporting of properties, if amortized cost option is adopted
113.3
92.9
+ Hotel commercial properties + Transfer duties adjustment - Fair value of financial instruments
43.0
121.8 (13.1)
68.9 29.5
= EPRA NAV
11,257.4
€153.3
8,484.9
€130.3*
+ Fair value of financial instruments
13.1
(29.5) (78.9)
+ Fair value of liabilities
(37.4)
= EPRA NNNAV €128.7* Post adjustment of preferential subscription rights distribution linked to the share capital increase of August 2017 (adjustment factor * of 0.97391), according to IAS 33. 11,233.2 €152.9 8,376.5
European Public Real Estate Association. (1)
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