GECINA - REFERENCE DOCUMENT 2017

03

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

The Group recognizes the CFE corporate property tax (mainly pertaining to the head office) in operating expenses. The CVAE ( Cotisation sur la Valeur Ajoutée des Entreprises ) is considered to be an income tax.

12/31/2016

12/31/2017

In €’000

Consolidated net income

1,910,937

779,945

Tax (incl. CVAE)

6,923

3,521

CVAE

(3,838)

(3,207) 780,259 34.43% 268,643

CONSOLIDATED NET INCOME, BEFORE TAX EXCL. CVAE

1,914,022

THEORETICAL TAX RATE THEORETICAL TAX IN VALUE

34.43% 658,997

Impact of tax rate differences between France and other countries

27

0

Impact of permanent and timing differences Companies accounted for by the equity method

3,619

(1,725)

(1,556)

(21)

Impact of the SIIC regime

(658,002)

(266,523)

Tax disputes

0

0

CVAE

3,838

3,207

(265,062)

TOTAL

(652,075)

Effective tax charge per income statement

6,923 0.36%

3,521 0.45%

EFFECTIVE TAX RATE

The theoretical tax rate of 34.4% corresponds to the ordinary tax rate of 33.3% and to the corporate income tax social contribution of 3.3%.

12/31/2016

12/31/2017

In €’000

Consolidated net income

1,910,937

779,945 (6,171)

Non-SIIC companies

1,629

Income of companies accounted for under the equity method

(4,519)

(61) 314

Corporate income tax

1,465 1,619

Deferred taxes

0

Consolidated net accounting income

1,911,132 34.43% 658,002

774,027 34.43% 266,523

Theoretical tax rate

IMPACT OF THE SIIC REGIME

Net income from discontinued operating activities 3.5.6.13

12/31/2016

12/31/2017

In €’000

GROSS RENTAL INCOME

39,362 (4,656) 4,220 38,926

Property expenses

Expenses

NET RENTAL INCOME

0

Services and other income (net)

74

Overheads

(454)

EBITDA

0

38,546 (2,265) (3,008) 33,273

Net gains on disposals of properties

Change in value of properties

OPERATING INCOME Net financial expenses

0

(780)

Change in value of financial instruments and debt

116

PRE-TAX INCOME

0

32,609

Taxes

(238)

CONSOLIDATED NET INCOME

0

32,371

96 GECINA - REFERENCE DOCUMENT 2017

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