GECINA - REFERENCE DOCUMENT 2017
03
CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Pursuant to IFRS 13 (see Note 3.5.3.1.2), the tables below break down, by activity sector, ranges of the main unobservable inputs (level 3) used by property appraisers:
Rental market value In €/sq.m
Offices
Yield rate
Discount rate of the DCF
Paris CBD
2.75% - 5.20% 2.50% - 7.65% 2.50% - 7.65% 3.65% - 8.25% 6.15% - 9.50% 3.65% - 9.50% 3.90% - 8.50% 2.50% - 9.50%
3.25% - 5.25% 3.00% - 8.75% 3.00% - 8.75% 3.00% - 8.10% 3.00% - 11.50% 3.00% - 11.50% 3.00% - 6.50% 3.00% - 11.50%
390 - 800 €/m2 230 - 850 €/m2 230 - 850 €/M² 110 - 540 €/m2 70 - 230 €/m2 70 - 540 €/M² 100 - 260 €/m2 70 - 850 €/M²
Paris non-CBD
PARIS
Inner ring (Paris) Outer ring (Paris) PARIS REGION Rest of France
OFFICES
Residential
Unit-by-unit sale price (in €/sq.m)
Yield rate
Paris
6,700 - 16,690€/sq.m 4,600 - 6,840€/sq.m 4,600 - 16,690€/SQ.M
2.35% - 3.75% 3.65% - 4.35% 2.35% - 4.35%
Inner ring (Paris) RESIDENTIAL
An unfavorable situation on the real estate market could of Gecina’s property portfolio (on the assumption that such have a negative impact on the valuation of Gecina’s property a downturn would affect all the different segments of portfolio as well as its operating income. For example, a Gecina’s real estate business), representing roughly downturn in the real estate market, resulting in an increase €1,862 million based on the block valuation of the assets at of 50 basis points (0.5%) in capitalization rates, could result December 31, 2017, and would have a similar unfavorable in a decrease of approximately 9.6% in the appraised value impact on Gecina’s consolidated earnings.
SENSITIVITY TO CHANGES IN THE CAPITALIZATION RATE
Impact on consolidated income (in € million)
Change in capitalization rate
Valuation of assets (in € million)
Valuation of assets (in %)
Sector
ALL SECTORS
+0.50% 17,564 +0.50% 14,282 +0.50% 2,811
-9.6% (1,862) -9.3% (1,473)
Offices
Residential
-11.1%
(349)
Hotels Other
+0.50% +0.50%
235 237
-8.9% -6.6%
(23) (17)
94 GECINA - REFERENCE DOCUMENT 2017
www.gecina.fr
Made with FlippingBook Online newsletter