Registration Document
Total Page:16
File Type:pdf, Size:1020Kb
2018 Registration Document Including the Annual Financial Report Contents AFR Strategic brief 3 Comments on the Risks 197 1 fiscal year 35 5 5.1Risks 198 5.2 Information regarding certain AFR 1.1Business review 36 AFR control activities 207 1.2Financial resources 45 1.3 Appraisal of the property portfolio 50 1.4 Business and earnings From corporate ofmaincompanies 57 6 1.5Triple Net Asset Value 61 responsibility to 1.6Strategy and outlook 62 AFR sustainable 1.7Post-balance sheet events 63 213 1.8 EPRA reporting at performance December31,2018 64 6.1 Our commitment to people, theplanet and our heritage 214 6.2Our CSR priorities 216 6.3Our levers for action 226 Consolidated financial 6.4Our support actions 235 2 statements 69 6.5 Otherinformation non-financial 236 AFR 2.1 Consolidated statement 6.6Reporting rules 237 offinancial position 70 6.7 Report of the independent 2.2 Consolidated statement auditor on the consolidated ofcomprehensive income 72 non-financial performance 2.3 Statement of changes statement included in the inconsolidated equity 73 management report 239 2.4 Statement of consolidated cashflows 74 2.5 Notes to the consolidated financialstatements 75 List of property 7 holdings 243 7.1Offices 244 Annual financial 7.2Residential 251 3 statements 125 7.3Student residences 256 7.4Hotels 258 AFR 3.1 Balance sheet at December31,2018 126 7.5Other commercial assets 259 3.2 Income statement 7.6Summary of surface areas 261 atDecember31, 2018 128 3.3 Notes to the annual financial statements atDecember31, 2018 129 Additional 8 information 265 AFR 8.1 Registration Document Board of Directors’ including theannual financial 4 report 266 report on corporate 8.2Statutory Auditors 271 AFR governance 149 8.3Legal information 280 8.4Glossary 287 4.1Governance 150 4.2Compensation 180 4.3 Information about the capital structure and factors that could have an impact in the event ofapublic offer 195 Annual Financial Report elements are clearly indentified in this table of content with the sign AFR Registration Document 2018 Including the Annual Financial Report As one of the leading real estate groups in Europe, Gecina develops spaces in the heart of cities .people to work and liveژfor Offi ces, collaborative work spaces, residencesژhousing units and students, all help improveژfor well-being, performance .collective intelligenceژand This registration document was fi led with the French securities regulator (Autorité des marchés fi nanciers, AMF) on 02/25/2019, in accordance with Article 212-13 of the AMF’s general regulations. It may be used in support of a fi nancial 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. Copies of this Registration Document are available free of charge from Gecina (16, rue des Capucines – 75084 Paris Cedex 02) and on its website (http://www.gecina.fr), as well as on the website of the AMF (http://www.amf-france.org). / REGISTRATION DOCUMENT 2018 1 2 / REGISTRATION DOCUMENT 2018 www.gecina.fr Strategic brief In the heart of urban life Foreword This brief presents a comprehensive overview of Gecina and the resources we draw on to create value for our stakeholders. The brief focuses on macro-trends in the market, as well as our strategic vision and our business model at the heart of a fast-changing environment. It presents the Group’s fundamentals and the resources, particularly human, which will enable us to deliver the expected level of fi nancial performance. Be Issy, Issy-les-Moulineaux A property portfolio in the heart of a global city Saint-Denis Le Bourget Colombes Gennevilliers Levallois-Perret Rueil-Malmaison 8e Courbevoie e Pantin 7 9e Neuilly-sur-Seine Puteaux e 9 e 8e 0 20e 2e Bagnolet e e 3 e 6 er e 7 4e Montreuil 6e 5e 2e 5e Vincennes Boulogne-Billancourt e 4 3e Ville-d’Avray Issy-les-Moulineaux Malakoff Montrouge Ivry-sur-Seine Vélizy-Villacoublay Arcueil Antony Ofˡ ces Co-working spaces Housing units Student residences Projects in development 4 / REGISTRATION DOCUMENT 2018 www.gecina.fr Strategic brief Our fundamentals: centrality, scarcity, innovation The structure and location of W estern Paris, namely La Défense, Neuilly, Levallois and Boulogne-Billancourt. its property portfolio make Gecina On the basis of these strengths, our goal is clear: initiate a unique player. Aside from these and support the modernization of urban real estate by offering our clients efˡ cient and responsible environments fundamentals, it is the special to live in that are capable of generating productivity and relations we have forged with enhancing well-being. With a pipeline of development projects valued at €4.0 billion, we plan to achieve this our clients that diff erentiate us. goal through strong value creation operations over the coming years. In addition, we will continue to view our With a property portfolio of almost €19.3 billion, of which Corporate Social Responsibility policy as a source of value €15.4 billion in ofˡ ce buildings, plus an essentially Parisian that contributes to our overall performance. portfolio of housing units and student residences valued To further strengthen our ties with the occupants of our billion, Gecina is currently the leading ofˡ ceژat nearly €3.3 buildings, go beyond the simple “tenant” relationship and real estate company in Europe. make customer relations the focus of our strategy, this Aside from the size of the Group’s property portfolio, year we launched a new brand, YouFirst, and made two Gecina also stands out for the central nature of its property commitments, namely to develop long-term, high-quality assets, 97 % of which are located in the heart of some of client relationships, founded primarly on the human the most active areas of Paris and the Paris R egion, with dimension, and create innovative, high value-added a strong focus on the capital, as well as municipalities in services for our clients. Largest private residential portfolio in Paris (3) Largest GRESB-rated 4th Largest European Largest office property Largest integrated student office property company real estate company(1) company in Europe (2) residences company (4) in Europe €19.3 billion €15.4 billion €3.3 billion 79% in real estate in office in traditional of office surface area assets assets and student housing delivered with HQE™ units Construction certification Pipeline Financials New B2B2C of projects ratings brand €4.0 billion $ 95% 100,000 Standard & Poor’s: of committed projects clients/users A- stable outlook located in Paris City, the Western Crescent Moody’s: and La Défense A3 stable outlook (1) By market capitalization as of 12/31/2018 (2) By portfolio value of offices, Group share (3) By number of sq.m. in Paris City (4) 1st investor-operator by number of beds / REGISTRATION DOCUMENT 2018 5 Strategic brief A solid foundation and a committed transformation Bernard Carayon, Méka Brunel, Chairman of the Board of Directors Chief Executive Ofˡ cer How do you view the year 2018? What are the major market trends? Méka Brunel – Market dynamics combined M. B. – Our market is undergoing in-depth with the efficiency of our organization structural changes marked by the allowed us to record remarkable operating phenomenon of “metropolization”. Wealth sq.m and talent are concentrated in the centralژperformances in 2018: nearly 247,000 rented or renewed, including approximately neighborhoods. Market demand for diversity sq.m of buildings from the of usages is growing. Living spaces, ofˡ ces ژ99,000 development pipeline, 2018 is a historical or housing units, are closer. The quality of year for commercialization. Our net recurring transport hubs and services is now key to income per share grew by +9% and our total the appeal of a neighborhood . In addition, return is up 8.4%. 2018 is also a noteworthy technological development is a real game year for sustainable innovation: we concluded changer. By increasing the interfaces and several responsible credit agreements linking the points of contact, digitalization replaces our environmental and social objectives to people at the heart of companies’ concern. our financial objectives, and finalized our We are rapidly moving from a BtoB industry investment in two funds specialized in the to a BtoBtoC industry. real estate and sustainable city sectors, Fifth Wall Venture and Paris Fonds Vert. Bernard Carayon – We also worked hard to better meet the growing needs of investors. “We are rapidly Gecina is at the cutting edge with regards moving from to issues of diversity and gender parity in governance. Regarding the Board of Directors, a BtoB industry 60% of its member are independent directors to a BtoBtoC and there is perfect parity between men and women. In addition, its risk management and industry.” compliance policy is fully integrated into its Méka Brunel decision-making and operational processes. 6 / REGISTRATION DOCUMENT 2018 www.gecina.fr Strategic brief “The fi nancial strength of Does the Parisian market dynamic seem What is the content of favorable in your opinion? this new brand? the Group allows B. C. – In the most central areas that are M. B. – YouFirst places our us to start 2019 structurally marked by the scarcity of quality customers at the center with confi dence.” real estate offer s in ofˡ ces and housing, the of attention and provides Bernard Carayon trends remain extremely favorable. In the them the guarantee of heart of Paris, the vacancy rate is down to less high-quality service. One than 2%, illustrating the lack of quality ofˡ ces name to cover the four offer in the most central areas . So, yes, w ith our activities in which Gecina portfolio mainly located in the hyper-center of is present – bureau, collaborative, residence the capital, where rental trends are the most and campus – it is attached to the current favorably oriented, we are making the most trend in customer usages, characterized of the market.