GECINA - REFERENCE DOCUMENT 2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

CHANGE OF BOND

12/31/2016

12/31/2017

In €’000

DISCOUNTED NET VALUE OF BOND AT BEGINNING OF PERIOD

14,647

13,058

Breakdown of expense Cost of services rendered during the year

819 161

722 206

Net interest

Actuarial losses and gains

(152)

(124)

EXPENSE REORGANIZED UNDER PAYROLL EXPENSE Effects of any change or liquidation of the plan

828 642

804 292

Benefits paid (net) Contributions paid

(665)

(792)

0

0

Actuarial losses and gains not written to income

(1,164)

1,285

03

Eurosic acquisition values

867

DISCOUNTED NET VALUE OF BOND AT END OF PERIOD

15,155

14,647

Below are the main actuarial hypotheses used to calculate Group commitments:

12/31/2016

12/31/2017

Expected yield rate of hedging assets Wage increase rate (net of inflation)

3.00% 0.25%

3.00% 0.50%

Discount rate Inflation rate

0.00% -1.50% 0.00% -1.50%

1.75%

2.00%

Trade payables 3.5.5.15 Fixed asset trade payables make up the bulk of the balance and relate to debt from the company’s projects under development.

12/31/2016

12/31/2017

In €’000

Trade payables

17,663 42,051 81,992 136,693 278,399

3,293

Trade payables (invoices not received)

27,136 86,466 94,775

Fixed asset trade payables (1)

Fixed asset trade payables (invoices not received) (1)

211,671

TRADE PAYABLES (2)

Of which: (1)

Acquisition of City 2

2,288

Acquisition of Van Gogh

91,829

88,032

Of which €63 million of Eurosic acquisition value. (2)

Tax and social security payables and debt 3.5.5.16

12/31/2016

12/31/2017

In €’000

Social security liabilities (short term)

31,237 26,030 57,267

23,995 17,234 41,229

Tax liabilities (representing VAT payable and local taxes) TAX AND SOCIAL SECURITY PAYABLES AND DEBT (1)

of which non-current liabilities of which current liabilities

0

0

57,267

41,229

Of which €24 million of Eurosic acquisition value. (1)

89

GECINA - REFERENCE DOCUMENT 2017