Gecina Drf 2015 Uk

Document de référence 2014 REFERENCE DOCUMENT 2015 Reference document document Reference Reference document including the Annual Financial Report and the Sustainable Development Report 2015 This reference document was filed with the French securities regulator (Autorité des marchés financiers, AMF) on 02/25/2016, in accordance with Article 212-13 of the AMF’s general regulations. It may be used in support of a financial transaction if supplemented with a transaction memorandum that has been approved by the AMF. This document has been drawn up by the issuer and is the responsibility of its signatories. GECINA 2015 REFERENCE DOCUMENT 1 Contents Editorial by Bernard Michel ��4 Editorial by Philippe Depoux ��6 Executive Committee members ��8 01. Group profile ......................................................................................9 1�1� Key figures ��10 1�2. Gecina in brief ��12 1�3� Key Gecina dates ��12 1�4. Group structure and organization chart �� 14 1�5. Business and markets �� 16 1�6� Definition and sensitivity of main indicators ��22 1�7. Risks ��23 02. Comments on the fiscal year .......................................................47 2�1� Business review �� 48 2�2. Financial resources ��52 2�3. Appraisal of property holdings��56 2�4� Business and corporate earnings of main subsidiaries ��62 2�5. Triple Net Asset Value ��65 2�6. Developments, outlook and trends �� 66 2�7. Post-balance sheet events �� 66 2�8. EPRA reporting as at December 31, 2015 ��67 03. Consolidated financial statements ............................................69 3�1. Consolidated statement of financial position �� 70 3�2. Consolidated statement of comprehensive income (EPRA format) ��72 3�3. Statement of changes in consolidated equity ��73 3�4. Statement of consolidated cash flows ��74 3�5. Notes to the consolidated financial statements��75 04. Annual financial statements ...................................................... 113 4�1. Balance sheet as at December 31, 2015 ��114 4�2. Income statement as at December 31, 2015 ��116 4�3. Notes to the annual financial statements as at December 31, 2015 �� 117 2 GECINA 2015 REFERENCE DOCUMENT 05. Corporate Governance ................................................................133 5�1. Chairman’s report on corporate governance and internal control ��134 5�2. Compensation and benefits ��162 06. Distribution, share capital and shares .....................................173 6�1. Distribution �� 174 6�2� Information on share capital �� 176 6�3. Share capital transactions ��182 6�4� Options and performance shares �� 187 6�5. Gecina’s stock ��191 07. CSR responsibility and performance ........................................ 195 Foreword ��196 7�1. A CSR policy in response to the expectations of stakeholders ��198 7�2. CSR performance ��207 7�3. Assets ��219 7�4. Planet ��244 7�5� Employees ��258 7�6. Society ��277 7�7. Grenelle 2 concordance table and level of Independent Third Party audit ��295 08. List of property holdings .......................................................... 299 8�1. Offices ��300 8�2� Residential �� 304 8�3. Healthcare �� 309 8�4. Summary of surface areas ��312 09. Additional Information ...............................................................315 9�1. Reference document containing an annual financial report ��316 9�2. Statutory Auditors ��320 9�3. Legal information ��329 GECINA 2015 REFERENCE DOCUMENT 3 Editorial by Bernard Michel DIVIDENDS NOW TO BE PAID IN TWO PARTS, AND SIGNIFICANTLY HIGHER THIS YEAR For the year, Gecina’s net recurring income – Group share surged +10.3% to €349.2 million, i.e. +8.6% per share, well above our expectations at the beginning of the year. By excluding the impact of the Beaugrenelle disposal completed in 2014, growth of our net recurring income was as high as +12.2%. This robust performance underlines the rigorous real estate, operational and financial management that we set up, while reflecting the result of the Group’s capacity to seize value-creating investment opportunities, in a fiercely competitive market. Gecina’s teams were able to realize and secure nearly €2 billion in investment in 2015. By including the initiated sale of the healthcare real estate division, the amount of disposals also amounted to nearly €2 billion. Based on these good results, we can propose, at the upcoming General Meeting of April 2016, the payment of a dividend of €5.0 per share, up +7.5%, delivering a 4.5% yield based on the Gecina stock price at the end of 2015. For the first time, Gecina will pay its dividend in two parts, the first part in March, then the balance in July, to allow shareholders to receive regular payments, as and when rents are collected during the year. STRENGTHENED LEADERSHIP 2015, AMBITIOUS STRATEGIC REFOCUSING ON URBAN OFFICE PROPERTY WITH MAJOR ACHIEVEMENTS Gecina ranked among the very top players on the market in France 2015 was a particularly busy year for Gecina. With the support of with nearly €2 billion in investments realized or secured in 2015, a stabilized shareholding and revamped Board of Directors, we concerning assets located in the best office areas, and nearly announced a clear and ambitious refocusing strategy in early €579 million from disposals of non-strategic assets and mature 2015 aimed at strengthening our leadership on office property in office properties. As a result, at December 31, 2015, 69% of Gecina’s Paris, around four major value-creating pillars. The Group recorded property portfolio was made up of office assets, compared to just substantial successes all year long, particularly with respect to 63% at December 31, 2014. Furthermore, in these first months of investments,

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