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ANNUAL REPORT 2016 FINANCIAL STATEMENTS 01 Citycon • Financial Statements 2016 INFORMATION to SHAREHOLDERS

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ANNUAL REPORT 2016 FINANCIAL STATEMENTS 01 Citycon • Financial Statements 2016 INFORMATION to SHAREHOLDERS ANNUAL REPORT 2016 FINANCIAL STATEMENTS 01 Citycon • Financial Statements 2016 INFORMATION TO SHAREHOLDERS LISTING OF CITYCON’S SHARES SUBSCRIPTION TO PUBLICATIONS FINANCIAL CALENDAR 2017 Citycon Oyj’s shares are listed on the Nasdaq Subscription to Citycon’s financial disclosure Helsinki Ltd. Large Cap list under the trading and press releases can be ordered by Financial Statements 9 February code CTY1S. Citycon has one series of shares registrating an e-mail address on Citycon’s Bulletin and Financial and each share entitles its holder to one vote at website at www.citycon.com/newsroom. Statements 2016 the General Meeting of shareholders and to an equal dividend. Interim Report 20 April January – March 2017 ANNUAL GENERAL MEETING Citycon Oyj’s Annual General Meeting will be Interim Report 13 July held in Helsinki, in the Finlandia Hall (Veranda 4 Payment of dividends January – June 2017 Hall) on 22 March 2017 at 12:00 noon. The notice, The Board of Directors proposes issues discussed in the meeting, proposals made that the Board of Directors be Interim Report 19 October for the Annual General Meeting, as well as the authorized to decide in its discretion January – September 2017 instructions on how to register can be found on the distribution of dividend for the on Citycon’s website. Shareholders wishing financial year 2016, and assets from to attend the meeting must be registered in the invested unrestricted equity fund. AGM record date 10 March Citycon’s shareholder register at Euroclear Last day for AGM registration 17 March AGM 22 March Finland Ltd. on the record date. Based on this authorization the maximum amount of dividend to be CHANGES OF ADDRESS distributed shall not exceed EUR 0.01 Dividend payment/asset 31 March Shareholders are requested to notify their book- per share and the maximum amount distribution1) 30 June entry account operator or Euroclear Finland Ltd., of equity repayment distributed from 29 September whichever holds the shareholder’s book-entry the invested unrestricted equity fund 29 December account, of any changes to their name or address. shall not exceed EUR 0.12 per share. The dividend/equity repayment 1) Citycon’s Board of Directors will make separate PUBLICATION OF would be paid to shareholders in four resolutions and announcements on each distribution of the dividend/equity repayment. FINANCIAL INFORMATION installments. Citycon publishes financial information in English and Finnish. All materials can be downloaded from Citycon’s website. More information: Shares and shareholders, page 75 02 Citycon • Financial Statements 2016 CONTENTS Notes to the consolidated financial statements ....26 ABOUT THIS REPORT Key figures .......................................................................03 1. OPERATING PERFORMANCE ...............................................28 The structure of the consolidated 1.1. Segment information .........................................................28 financial statements of Citycon was The accounting principles Report by the Board of Directors ........................05 1.2. Gross rental income...........................................................30 changed in 2016 to better reflect have been marked with EPRA performance measures ................................17 1.3. Service charge income ......................................................31 and clarify the overall picture of the grey background. 1.4. Property operating expenses ........................................31 Citycon Group’s business operations Consolidated financial statements, IFRS ........22 1.5. Administrative expenses .................................................31 and financial position on the Consolidated statement 1.6. Employee benefits and personnel expenses ........32 reporting date. of comprehensive income ..................................22 1.7. Other operating income and expenses ....................35 Information on the key 1.8. Earnings per share ..............................................................35 Accounting principles and key Consolidated statement estimates and assumptions estimates and assumptions of financial position ...............................................23 2. PROPERTY PORTFOLIO AND ASSETS ..........................36 have been marked with regarding business activities 2.1. Investment properties and related liabilities ......36 pink background. Consolidated cash flow statement ................24 are presented together with the 2.2. Investment properties held for sale ........................40 Consolidated statement relevant note. The aim is to improve 2.3. Investments in joint ventures and associates .....41 of changes in shareholders’ equity.................25 the presentation of how operating Notes to the consolidated 3. FINANCING ....................................................................................43 result was formed, what assets CFO Eero Sihvonen financial statements .............................................26 3.1. Equity ........................................................................................43 were used to achieve the business comments on significant items 3.2. Net financial income and expenses ..........................44 Key figures and financial profits and how business and asset during the reporting period. 3.3. Classification of financial instruments ..................45 development for five years ................................66 transactions were financed. 3.4. Loans ........................................................................................47 3.5. Financial risk management ...........................................48 Parent company 3.6. Derivative financial instruments ................................51 financial statements, FAS ........................................68 3.7. Commitments and contingent liabilities ...............52 HOW TO READ CITYCON’S ANNUAL REPORT 2016 Risks and risk management ....................................73 3.8. Cash and cash equivalents ............................................52 Citycon’s Annual Report 2016 consists of four parts. 4. OTHER NOTES TO THE ACCOUNTS .................................53 Shares and shareholders ..........................................75 To read all the parts, please visit 4.1. Income taxes .........................................................................53 www.citycon.com/annual-reports Formulas for key figures and ratios ....................77 4.2. Deferred tax assets and liabilities ............................53 4.3. Intangible assets ................................................................54 Signatures to the financial statements ............78 4.4. Trade and other receivables .........................................55 Auditors’ report .............................................................79 4.5. Trade and other payables ..............................................55 01 02 Operational key figures .............................................82 5. CONSOLIDATION ........................................................................56 Annual Review* Sustainability Accounts* 5.1. Business Combinations and goodwill .......................57 (Re)development projects .......................................89 5.2. Acquisition of non-controlling interests ................59 03 04 5.3. Related party transactions and changes in group structure ...........................................60 Corporate Governance Financial Statements Statement 5.4. Changes in IFRS and accounting policies ..............65 5.5. Post balance sheet date events .................................65 * To be published week 8 03 Citycon • Financial Statements 2016 NET RENTAL INCOME LIKE-FOR-LIKE NET RENTAL NET RENTAL INCOME BY SEGMENTS MEUR INCOME GROWTH MEUR KEY FIGURES % Finland . Norway . Sweden . Estonia and . Denmark . Other . EPRA EARNINGS EPRA EARNINGS EPRA NAV PER SHARE MEUR PER SHARE (BASIC) EUR EUR . INVESTMENT PROPERTIES INVESTMENTS IN EQUITY MEUR PROPERTIES MEUR MEUR ,. ,. ,. ,. ,. ,. ,. ,. 04 Citycon • Financial Statements 2016 KEY FIGURES OCCUPANCY RATE (ECONOMIC) LIKE-FOR-LIKE SALES GROWTH1) LIKE-FOR-LIKE FOOTFALL GROWTH % % % . 1) Sales figures exclude VAT. LOAN TO VALUE WEIGHTED AVERAGE INTEREST RATE, AVERAGE LOAN MATURITY % INCL. INTEREST RATE SWAPS years % . OPERATING EXPENSES 2016 PERSONNEL MEUR (at the end of the period) . .­ .­ . Maintenance expenses Repair expenses Heating and electricity Administrative and management fees 105.5 Marketing expenses Other property operating expenses .­ Property personnel expenses Property insurances Property taxes Non-recurring personnel expenses . Land lease fees and other rents arising from employment terminations 05 Citycon • Financial Statements 2016 Citycon’s financial performance during 2016 was BUSINESS ENVIRONMENT KEY FIGURES REPORT stable with EPRA Earnings per share close to % Finland Norway Sweden Estonia Denmark Euro area last year’s level despite an 18% increase in the GDP growth forecast for 2016 0.8 0.7 3.4 1.1 1.0 1.7 average number of shares. This was supported GDP growth forecast for 2017 0.8 1.6 2.4 2.3 1.7 1.5 BY THE BOARD by successful cost management as well as strong Unemployment, December 2016 8.7 4.7 6.9 6.7 6.2 9.6 performance in Sweden and Norway which Retail sales growth, Jan-Dec 2016 0.7 2.9 3.3 3.0 -0.1 1.1 compensated for a weaker market in Finland. Sources: European Commission, Eurostat, Statistics Finland/Norway/Sweden/Estonia/Denmark OF DIRECTORS
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