GECINA - REFERENCE DOCUMENT 2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

Earnings per share 3.5.6.14

issued when the issue conditions are met and the dilutive effect of the benefits granted to employees through the allocation of stock options and performance shares. In accordance with IAS 33 "Earnings per share", the average weighted number of shares outstanding and the amounts per share for the previous financial period were restated retroactively to take the new shares created over the financial period into account.

Earnings per share are calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares in circulation during the year. Diluted earnings per share are calculated by dividing net income for the year attributable to shareholders by the average weighted number of shares outstanding during the year, adjusted for the impact of equity instruments to be

12/31/2016

12/31/2017 1,895,562 66,783,047

Net income linked to owners of the parent (in €’000) Weighted average number of shares before dilution

813,473

62,959,735

UNDILUTED EARNINGS PER SHARE, LINKED TO OWNERS OF THE PARENT (IN €)

28.38

12.58*

Earnings per share, after effect of dilutive securities, linked to owners of the parent (in €’000) Weighted average number of shares after dilution

03

1,895,690 67,044,106

813,853

63,300,123

DILUTED EARNINGS PER SHARE, LINKED TO OWNERS OF THE PARENT (IN €) 12.52* 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 28.28

12/31/2016

12/31/2017

Net income linked to owners of the parent before dilution (in €’000) Impact of dilution on net income (shares allocation effect) NET INCOME LINKED TO OWNERS OF THE PARENT, AFTER EFFECT OF DILUTIVE SECURITIES (IN €’000) Weighted average number of shares before dilution Impact of dilution on weighted number of shares WEIGHTED AVERAGE NUMBER OF SHARES AFTER DILUTION

1,895,562

813,472

128

381

1,895,690 66,783,047

813,853

62,959,735

261,059

340,388

67,044,106

63,300,123

3.5.7

NOTES TO THE STATEMENT OF CONSOLIDATED CASH FLOWS

Change in value and costs paid on the repurchased bonds

3.5.7.1

Note

12/31/2016

12/31/2017 (1,555,772)

In €’000

Change in value of properties

3.5.5.1.1

(532,963)

Change in value of financial instruments and debt Premium and costs paid on repurchased bonds CHANGE IN VALUE AND COSTS PAID ON THE REPURCHASED BONDS

3.2 3.2

(12,734) 23,800

26,126 64,230

(1,544,706)

(442,607)

97

GECINA - REFERENCE DOCUMENT 2017