GECINA - REFERENCE DOCUMENT 2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

Financial fixed assets

3.5.5.2

12/31/2016

12/31/2017

In €’000

Non-consolidated investments

110,462 65,741

109,421 65,519

Advances on fixed asset acquisitions

Deposits and guarantees Other financial fixed assets

1,521

1,019 1,183

65

TOTAL

177,789 (174,405)

177,142 (174,380)

Impairment (1) NET TOTAL (2) Impairment: (1)

3,384

2,762

Advances on fixed asset acquisitions

65,038

65,039

Equity interests and attached receivables

109,366

109,341

03

(2) Or wich €4,3 millions of Eurosic acquisition value.

The impairment of €174.4 million is related to the 49% equity interest in the Spanish company Bami Newco, which has been fully written down (€109.3 million) and the advance on property acquisition granted to the Spanish company Bamolo, written down for €65 million (in order to reduce it to the land’s latest appraisal value of €0.5 million).

3.5.5.3 Equity-accounted investments This item reflects the share held by the Group in the companies in which the Group exercises significant influence. As shown in the table below, four companies accounted for by the equity method were sold in 2017. Their share of income continued to be included in the statements for the financial year until the disposal date of December 21, 2017. The main elements of the financial situation of the main companies with investments that do not afford control are presented below:

SCI Eurosic

Eurosic Saint Augustin SCI (1)

Euler Hermes SPPICAV 235,500

SCI Eurosic Batignolles (1)

SCI Provence Bureaux (1)

SNC N2 Promotion

Risque et sérénité

14, rue de Londres (1)

Total

In €’000

Property holdings

0

0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 235,500 0 14,139 0 249,639 0 215,801 0 32,000 0 1,838 0 249,639

Other assets

6,074

248 7,816

TOTAL ASSETS

241,574 208,178

248

7,816

Shareholders’ equity

36 7,586

External loans and debts with partners

32,000

0

0

Other liabilities

1,396

212 248

230

TOTAL LIABILITIES

241,574

7,816

Revenue

5,479 3,130

0

0

0

0

0

3,999

9.478

Net income

11

13 1,703

(1,668)

12,023

(395)

14,817

% held

19.90% 30.00% 43.24% 33.33% 33.33% 33.33% 33.33%

SHARE OF INCOME

623

3

5

568

(556)

4,007

(132)

4,519

SHAREHOLDERS’ EQUITY

208,178

36

7,586

0

0

0

0 215,801

Securities of companies accounted for under the equity method

41,427

11 3,280

0

0

0

0 44,718

(1) Companies sold in 2017.

81

GECINA - REFERENCE DOCUMENT 2017