GECINA - REFERENCE DOCUMENT 2017
03
CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Real estate margin
3.5.6.3
12/31/2017
In €’000
Change in inventory of goods
(3,486)
Sale of goods
4,005
REAL ESTATE MARGIN
519
Direct operating expenses
3.5.6.4 These are composed of:
The cost of the rental risk, which is included in property expenses is -€0.4 million", for the period ended December 31, 2017, whereas it was not significant in 2016. Recharges to tenants consist of rental income from recharging for costs payable by them. For the year 2017, it includes the honoraria for rental and technical management eventually invoiced, i.e. €4.8 million (compared with €4.0 million at December 31, 2016).
rental charges that are payable by the owner, charges ■ related to construction work, cost of disputes if any and property management fees; the portion of rechargeable rental charges by nature, ■ which remain the Group’s expense, mainly on vacant premises; the rental risk consisting of net impairments plus the ■ amount of losses and profits on unrecoverable debts for the period.
12/31/2016
12/31/2017
In €’000
Other external expenses
(86,758) (66,899) (4,798)
(81,479) (50,323) (4,921)
Taxes and duties
Salaries and fringe benefits
Other charges
343
8
PROPERTY EXPENSES
(158,112)
(136,715)
Rental expenses to be regularized
4,036
3,154
Vacant premises’ expenses Miscellaneous recovery
(4,993) 54,463 62,577 116,083 (42,029)
(5,479) 31,774 66,531 95,980
Provisions on costs
EXPENSES
NET DIRECT OPERATING EXPENSES
(40,735)
Services and other income (net)
3.5.6.5 These largely comprise the following items:
12/31/2016
12/31/2017
In €’000
Income from service activities Reversals of investment subsidies
723 256
914 215 134
Other income
2,592 3,571
TOTAL GROSS
1,263
Expenses
0
0
TOTAL NET
3,571
1,263
Overheads 3.5.6.6 Overheads break down as follows:
12/31/2016
12/31/2017
In €’000
Salaries and fringe benefits
(53,697)
(49,476)
Effect of Internal costs
4,737
5,353
Share-based payments (IFRS 2)
(2,635) (20,245) (71,840)
(1,626) (18,823) (64,571)
Net management costs
TOTAL
92 GECINA - REFERENCE DOCUMENT 2017
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