FINANCIAL REVIEW 2019 FINANCIAL REVIEW FINANCIAL STATEMENTS Contents

FINANCIAL REVIEW 2019 FINANCIAL REVIEW FINANCIAL STATEMENTS contents CONTENTS Information to shareholders ...............................................................................3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................................47 3.3. Classification of financial instruments ....................................... 68 Citycon in brief ............................................................................................................4 1. OPERATING PERFORMANCE .................................................... 49 3.4. Loans ..............................................................................................................70 CEO’s interview ...........................................................................................................5 1.1. Segment information .............................................................................. 49 3.5. Financial risk management .................................................................71 Key figures .....................................................................................................................6 1.2. Gross rental income .................................................................................52 3.6. Derivative financial instruments ....................................................74 How we create value .................................................................................................7 1.3. Revenue from contracts with customers ....................................53 3.7. Commitments and contingent liabilities .....................................76 Report by the Board of Directors .................................................................... 9 1.4. Property operating expenses ........................................................... 54 3.8. Cash and cash equivalents ..................................................................76 EPRA performance measures .........................................................................22 1.5. Administrative expenses ..................................................................... 55 Operational key figures .......................................................................................28 1.6. Employee benefits and personnel expenses ........................... 55 4. OTHER NOTES TO THE ACCOUNTS ....................................76 (Re)development projects in progress .......................................................33 1.7. Other operating income and expenses ..........................................57 4.1. Income taxes ................................................................................................76 Risks and risk management ..............................................................................35 1.8. Earnings per share ................................................................................... 58 4.2. Deferred tax assets and liabilities .................................................77 Shares and shareholders ....................................................................................37 4.3. Intangible assets ..................................................................................... 78 Key figures and financial development for five years ........................39 2. PROPERTY PORTFOLIO AND ASSETS ........................... 58 4.4. Trade and other receivables ............................................................. 78 Formulas for key figures and ratios ............................................................. 41 2.1. Investment properties and related liabilities .......................... 58 4.5. Trade and other payables ....................................................................79 Citycon Oyj’s consolidated financial statements .................................43 2.2. Investment properties held for sale ..............................................62 Consolidated income statement, IFRS................................................43 2.3. Right-of-use assets .................................................................................63 5. CONSOLIDATION .................................................................................80 Consolidated statement of other comprehensive income, IFRS ��43 2.4. Investments in joint ventures and associates ........................ 64 5.1. Business Combinations and goodwill ............................................81 Consolidated statement of financial position, IFRS ....................44 5.2. Acquisition of non-controlling interests .................................... 82 Consolidated cash flow statement, IFRS ...........................................45 3. FINANCING ............................................................................................... 66 5.3. Related party transactions and changes in group structure ................................................................ 83 Consolidated statement of changes in 3.1. Equity .............................................................................................................. 66 5.4. Changes in IFRS and accounting policies .................................. 86 shareholders’ equity, IFRS ..........................................................................46 3.2. Net financial income and expenses ................................................67 Notes to the consolidated financial statements ��47 5.5. Post balance sheet date events ...................................................... 87 Parent company financial statements, FAS �� 88 Notes to the parent company‘s financial statements, FAS ............91 Signatures to the financial statements .....................................................95 Auditor’s report .......................................................................................................96 The accounting Information on the key CFO Eero Sihvonen principles have been estimates and assump- ABOUT THIS REPORT comments on significant marked with grey tions have been marked Accounting principles and key estimates and assumptions regarding business activities are presented together items during the reporting background. with red background. with the relevant note. The aim is to improve the presentation of how operating result was formed, what assets period. were used to achieve the business profits and how business and asset transactions were financed. 2 FINANCIAL REVIEW FINANCIAL STATEMENTS information to shareholders INFORMATION TO SHAREHOLDERS LISTING OF CITYCON’S SHARES SUBSCRIPTION TO PUBLICATIONS Citycon Oyj’s shares are listed on the Nasdaq Citycon’s financial reports and stock FINANCIAL CALENDAR 2020 Helsinki Ltd. Large Cap list under the trading exchange and press releases can be ordered Financial Statements Bulletin code CTY1S. Citycon has one series of shares by registering an e-mail address on Citycon’s and Financial Statements 2019 6 February and each share entitles its holder to one vote website at citycon.com/newsroom. at the General Meeting of shareholders and Interim Report to an equal dividend. INVESTOR RELATIONS CONTACTS January–March 2020 23 April Citycon’s Investor Relations function assists ANNUAL GENERAL MEETING in all investor relations related questions. Half-yearly Report Citycon Oyj’s Annual General Meeting will The primary contact is the Legal and January–June 2020 10 July be held in Espoo, at the Finnkino Iso Omena Investor Relations Specialist, Valtteri Piri (ISENSE-hall) on 17 March 2020 at 12:00 noon. ([email protected]). Interim Report The notice, topics discussed in the meeting, January–September 2020 15 October proposals made for the Annual General PAYMENT OF DIVIDENDS AGM record date 5 March Meeting, as well as the instructions on how The Board of Directors proposes to the Last day for AGM registration 12 March to register will be found on Citycon’s website. Annual General Meeting that the Board of AGM 17 March Shareholders wishing to attend the Directors be authorized to decide on the meeting must be registered in Citycon’s distribution of dividend for the financial Dividend payment/equity repayment 1) 31 March shareholder register at Euroclear Finland year 2019, and assets from the invested 30 June Ltd. on the record date 5 March 2020. unrestricted equity fund. 30 September Based on the proposed authorization the 30 December CHANGES OF ADDRESS maximum amount of dividend to be distrib- Shareholders are requested to notify their uted shall not exceed EUR 0.05 per share and More information: Shares and shareholders, pages 37–38 book-entry account operator or Euroclear the maximum amount of equity repayment Finland Ltd., whichever holds the sharehold- distributed from the invested unrestricted er’s book-entry account, of any changes to equity fund shall not exceed EUR 0.60 1) Citycon’s Board of Directors will make separate resolutions and announce- their name or address. per share. Based on the authorization, the ments on each distribution of the dividend/equity repayment subject to company could distribute a maximum of been authorized for asset distribution by the Annual General Meeting. PUBLICATION OF FINANCIAL EUR 8,899,926.25 as dividends and EUR INFORMATION 106,799,155.00 as equity repayment. The Citycon publishes financial information in dividend/equity repayment would be paid to English and Finnish. All materials can be shareholders in four

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