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Statements Consolidated Financial Consolidated Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2017 Berlin Cologne Consolidated Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2017 IMPRINT Publisher: Grand City Properties S.A. 1, Avenue du Bois L-1251 Luxembourg phone: +352 28 77 87 86 e-mail: [email protected] www.grandcityproperties.com BOARD OF DIRECTORS’ REPORT 1 Contents 5 Board of Directors’ report 64 EPRA Performance measures 72 Report of the Réviseur d’Entreprises Agréé (Independent auditor) 77 Consolidated statement of comprehensive income 80 Consolidated statement of financial position 82 Consolidated statement of changes in equity 84 Consolidated statement of cash flows 86 Notes to the consolidated financial statemens 2 Essen 3 Key financials BALANCE SHEET HIGHLIGHTS in €’000 unless otherwise indicated Dec 2017 Dec 2016 Dec 2015 Total Assets 7,508,292 6,153,733 4,688,903 Total Equity 3,849,662 3,065,064 2,172,295 Loan-to-Value 36% 35% 42% Equity Ratio 51% 50% 46% P&L HIGHLIGHTS in €’000 unless otherwise indicated 1–12/2017 Change 1–12/2016 Rental and operating income 494,889 14% 435,668 EBITDA 870,535 6% 824,557 Adjusted EBITDA 247,980 10% 224,729 FFO I 178,013 11% 160,120 FFO I per share (in €) 1.12 7% 1.05 FFO I per share after perpetual notes attribution (in €) 0.96 4% 0.92 FFO II 204,453 -11% 228,740 Net Profit 639,149 -2% 653,105 EPS (basic) (in €) 3.35 -6% 3.56 EPS (diluted) (in €) 3.06 -6% 3.25 2017* Change 2016 Dividend distribution per share (in €) 0.73 7% 0.68 * 2017 dividend subject to AGM approval NAV HIGHLIGHTS EPRA NAV including EPRA in €’000 unless otherwise indicated NAV EPRA NAV perpetual notes NNNAV Dec 2017 3,691,675 3,327,186 3,993,057 3,206,966 Dec 2017 per share (in €) 22.4 20.2 24.2 19.4 Per share growth +27% +23% +17% +24% Dec 2016 2,737,726 2,541,060 3,208,453 2,431,814 Dec 2016 per share (in €) 17.7 16.4 20.7 15.7 4 Munich BOARD OF DIRECTORS’ REPORT 5 Strenghtened market position MAY 2017 DEUTSCHE BÖRSE SEP 2017 PRIME STANDARD DEC 2017 GCP’s up-listing to the Prime Standard in May 2017 resulted in inclusion in key market indices such as the MDAX and the STOXX family, solidifying the Company’s position among the largest and most traded stocks in the market and expanding the investor base. MOST AWARDED COMPANY BY EPRA HIGH SUSTAINALYTICS SCORE O Y U T T E S I T C A ST O N S D I O N 1 T G N C O O T I N T R I B U 91ST PERCENTILE At the EPRA Conference in September 2017, GCP’s In November 2017 GCP’s ESG measures were accomplishments were recognized and rewarded assessed by Sustainalytics, a leading sustainability Achievements with a total of 5 awards, including two Gold rating agency, who ranked the Company in the awards, two Most Improved awards, as 91st percentile among over 300 peers well as 1st place for Outstanding worldwide, noting GCP as Outperformer. Contribution to Society. 6 Continued portfolio growth internally and externally 2017 LIKE-FOR-LIKE (L-F-L) NET RENTAL INCOME DEVELOPMENT Occupancy Total net rent In-place rent growth growth growth L-F-L L-F-L L-F-L +1.2% +3.5% +2.3% VACANCY RATE RENT PER SQM (IN €) 7.9% 7.0% 5.65 5.35 Dec Dec Dec Dec 2016 2017 2016 2017 INVESTMENT PROPERTY (IN € BILLIONS) VALUE PER SQM (IN €) 1,155 924 6.4 4.8 Dec Dec Dec Dec 2016 2017 2016 2017 BOARD OF DIRECTORS’ REPORT 7 Demonstrating consistent top and bottom line cash flow growth NET RENTAL INCOME (IN € MILLIONS) 328 285 CAGR 220 2014-2017 145 +31% 2014 2015 2016 2017 FFO I (IN € MILLIONS) 178 160 128 CAGR 2014-2017 76 +33% 2014 2015 2016 2017 Achievements 8 Proven shareholder value creation FFO I PER SHARE (IN €) 1.12 FFO I YIELD1) 1.01 1.05 5.8% 0.66 CAGR 2014-2017 +19% 2014 2014 2015 2016 2017 DIVIDEND PER SHARE (IN €) DIVIDEND 0.73 1) 0.68 YIELD 3.8% DIVIDEND 0.25 0.20 GROWTH 2014-2017 +265% 2014 2015 2016 2017 2) BASIC EARNINGS PER SHARE (IN €) 3.56 3.35 CREATING 2.71 CONSISTENTLY HIGH 1.78 SHAREHOLDER VALUE 2014 2014 2015 2016 2017 1) based on a share price of €19.2 2) the dividend for 2017 is subject to AGM approval and based on a payout ratio of 65% of FFO I per share BOARD OF DIRECTORS’ REPORT 9 Continuing to grow the equity base EQUITY (IN € MILLIONS) CAGR 3,850 2014-2017 3,065 +55% 2,172 51% 1,042 EQUITY RATIO DEC 2017 Dec 2014 Dec 2015 Dec 2016 Dec 2017 EPRA NAV (IN € MILLIONS) 3,993 3,327 CAGR 3,208 2014-2017 2,402 2,541 +44% 1,924 EPRA NAV incl. perpetual notes 1,349 1,349 EPRA NAV EPRA NAV incl. perpetual notes Dec 2014 Dec 2015 Dec 2016 Dec 2017 EPRA NAV PER SHARE (IN €) 24.2 20.7 20.2 CAGR 16.4 2014-2017 15.5 12.4 +37% EPRA NAV Achievements 9.4 9.4 per share incl. perpetual notes EPRA NAV EPRA NAV incl. perpetual notes Dec 2014 Dec 2015 Dec 2016 Dec 2017 10 Credit rating upgrade MOODY’S Baa2 Baa1 A3 FEB 2015 SEP 2017 LONG-TERM TARGET S&P BBB BBB+ A- JUL 2015 NOV 2016 In September 2017, Moody’s upgraded GCP’s long-term issuer rating to Baa1, attesting to the strong business profile and credit quality - one step away from the long-term target. Decreasing bond and perpetual notes spreads mirroring GCP’s strong credit profile STRAIGHT BOND SERIES D SPREAD 3.75% PERPETUAL NOTES SPREAD OVER OVER MID-€ SWAP MID-€ SWAP 3.90% - 211 bps 2.01% 1.79% - 180 bps 0.21% Issuance Current Issuance Current BOARD OF DIRECTORS’ REPORT 11 Strong financial structure and credit profile supporting capital market activities Capital markets activity supporting the effective debt management process LONG AVERAGE LOW AVERAGE DEBT MATURITY: COST OF DEBT: 8.5 years 1.6% Average debt maturity increased from 7 years in 2016 as a result of refinancing efforts that extended the average maturity by 2.5 years, while simultaneously maintaining a low cost of debt Strong flexibility and diversified funding sources through continued access to capital markets with €1.8 billion raised since 2017 —— €198 million equity capital increase in June 2017 —— EMTN Programme established Issuance of €600 million Series G straight bonds due 2026 at a coupon of 1.375% in July 2017, simultaneous buy-back of €321 milion of the 2% ↓ Series D straight bonds due 2021 Issuance of €255 million in aggregate of 15-year Series H straight bonds due 2032 at a coupon of 2% - GCP’s longest maturing bond issuance yet - in October 2017 and tap up in February 2018 Issuance of Hong Kong dollar (HKD) 900 million (€93 million), 10-year Series I straight bonds in January 2018 - GCP’s first foreign currency issuance - with full currency hedge to maturity Achievements Issuance of €500 million Series J straight bonds due 2027 at a coupon of 1.5% in February 2018, and simultaneous buy-back of €41 million of the 2% Series D straight bonds due 2021 and €170 million of the Series F convertible bonds due 2022 Issuance of CHF 125 million (€108 million) Series K straight bonds due 2026 at a coupon of 0.96% in February 2018, full currency hedge of notional amount to maturity 12 MAINTAINING LOW LEVERAGE (LOAN-TO-VALUE) 45% 45% Board of Directors’ limit 42% 35% 36% Dec 2014 Dec 2015 Dec 2016 Dec 2017 CONTINUOUS GROWTH OF UNENCUMBERRED ASSETS €4.1 BN 64% of €2.8 BN value €2 BN 56% of value €1.1 BN 53% of value 52% of value Dec 2014 Dec 2015 Dec 2016 Dec 2017 STRONG DEBT COVER RATIOS (1-12/2017) 6.2x 4.8x ICR DSCR BOARD OF DIRECTORS’ REPORT 13 Letter of the Management Board DEAR SHAREHOLDERS, As we draw the curtains on 2017, we are pleased to report to you on yet another successful year for our organization, one filled with achievements, accomplishments and development on several fronts. With your support, we have established our position as one of the leading residential real estate companies in Germany, and we continue to work hard to reinforce GCP’s strong and established market position and reputation. The Company’s position amongst the largest and most successful companies listed in Germany solidified in 2017, conclud- ing with GCP’s inclusion in the MDAX stock index of the Deutsche Börse in September 2017, only three months after the initial inclusion through Fast Entry into the SDAX index. This and additional index inclusions, such as into the Stoxx index family in December 2017, were made possible following the uplisting of the Company’s shares to the Prime Standard of the Frankfurt Stock Exchange in the first half of the year, another important corporate achievement fulfilled. Our growth in 2017 has been the result of our successful value-add business model, rising from extracting the high em- bedded potential in our portfolio along with additional accretive external growth. In 2017 we have continued repositioning our portfolio, evident through total rent growth of 3.5% stemming from in-place rent like-for-like growth of 2.3% and oc- cupancy like-for-like growth of 1.2%.
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