GECINA - REFERENCE DOCUMENT 2017

ANNUAL FINANCIAL STATEMENTS

Notes to the annual financial statements at December 31, 2017

Provisions

4.3.4.7

12/31/2016 Allocations Write-backs

12/31/2017

In €’000

Provisions for tax audits

9,141

2,141

7,000

Provisions for employee benefits Provisions for share buyback plans Provisions for losses in subsidiaries

13,074

892 181

12,182

951

770

4,597

4,597 6,521

Other provisions

6,837

87

403

TOTAL

30,003

4,684

3,617

31,069

Gecina has been the subject to tax audits that have resulted in notifications of tax reassessments, the majority of which are contested. These tax reassessments for a total amount of €31 million are contested by the company and are not accrued as a provision. At December 31, 2017, the total amount accrued as a provision for the fiscal risk is €7 million, based on the assessments of the company and its advisers. Furthermore, the company has several ongoing litigations with the French tax administration, which could result today in the reimbursement of a maximum amount of nearly €14 million. This amount is related to the corporate income tax paid in 2003 when the company opted for the SIIC tax regime. This amount was expensed at the time of payment and therefore no longer appears on the company’s balance sheet.

Gecina has also, directly or indirectly, been the subject of liability actions and court proceedings instigated by third parties. Based on the assessments of the company and its advisers, there is no risk that is not accrued which would be likely to significantly impact the company’s earnings or financial situation. The €12.2 million provision for employee benefits covers the company’s commitments for the portion of employee benefits not covered by insurance funds. The provision for share buyback plans corresponds to the expense to be incurred by Gecina in relation to stock option plans for existing shares and spread over the vesting period. The allowance for losses on subsidiaries corresponds to the share of unrealized losses not covered by the impairment of securities, loans and receivables.

04

Loans and debt

4.3.4.8

REMAINING MATURITIES

Less than

Total 12/31/2016

Total 12/31/2017

1 year 1 to 5 years Over 5 years

In €’000

Non-convertible bonds

41,779 1,234,300 3,410,300 4,686,379 2,563,254

Loans and debt (excluding Group)

1,435,989

399,575

1,835,564

836,692 198,838

Group debt

183,686

183,686

TOTAL

1,661,454 1,633,875 3,410,300 6,705,629 3,598,784

The company issued six new bond loans for a total of €2.5 billion and a bond loan of €110 million matured during the financial year. In addition, the company carried out a partial buyback of three bond issues for €274 million.

The company made early repayment on three mortgage loans for a total of €146 million. In addition, the company increased its outstanding treasury notes by €1.2 billion.

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GECINA - REFERENCE DOCUMENT 2017