Gecina : 2020 earnings - Appendix 5 - Consolidated financial statements

5. Consolidated financial statements

5.1 Consolidated statement of financial position

Assets

In thousand euros	Note	12/31/2020	12/31/2019
Non-current assets	19,504,537	19,244,737
Investment properties	5.5.5.1	17,744,334	17,662,308
Buildings under reconstruction	5.5.5.1	1,256,816	1,055,147
Operating properties	5.5.5.1	81,116	85,977
Other tangible fixed assets	5.5.5.1	12,077	14,629
Goodwill	5.5.5.1.4	191,079	196,127
Intangible assets	5.5.5.1	9,005	7,017
Financial receivables on finance leases	5.5.5.1	103,811	121,643
Financial fixed assets	5.5.5.2	24,592	25,788
Equity-accounted investments	5.5.5.3	54,387	51,441
Non-current financial instruments	5.5.5.12.2	25,419	22,760
Deferred tax assets	5.5.5.4	1,900	1,900
Current assets	745,087	1,210,068
Properties for sale	5.5.5.5	368,240	928,751
Inventories	5.5.5.6	3,810	35,683
Trade receivables	5.5.5.7	56,358	77,385
Other receivables	5.5.5.8	124,574	111,205
Prepaid expenses	5.5.5.9	17,983	19,198
Cash and cash equivalents	5.5.5.10	174,123	37,846
TOTAL ASSETS	20,249,624	20,454,805

Equity and liabilities

In thousand euros	Note	12/31/2020	12/31/2019
Shareholders' equity	5.5.5.11	12,500,901	12,726,570
Capital	573,950	573,077
Additional paid-in capital	3,295,475	3,281,893
Consolidated reserves attributable to owners of the parent company	8,450,070	7,328,961
Consolidated net income attributable to owners of the parent
154,831	1,515,287
company
Shareholders' equity attributable to owners of the parent
12,474,325	12,699,218
company
Non-controlling interests	26,576	27,352
Non-current liabilities	5,778,196	5,487,705
Non-current financial debt	5.5.5.12.1	5,611,434	5,398,632
Non-current lease obligations	50,723	50,480
Non-current financial instruments	5.5.5.12.2	13,184	1,268
Deferred tax liabilities	5.5.5.4	64	1,654
Non-current provisions	5.5.5.13	102,790	35,671
Current liabilities	1,970,527	2,240,530
Current financial debt	5.5.5.12.1	1,612,885	1,884,852
Current financial instruments	5.5.5.12.2	0	555
Security deposits	73,340	80,545
Trade payables	5.5.5.15	159,235	153,006
Current tax and employee-related liabilities	5.5.5.16	51,762	48,983
Other current liabilities	5.5.5.17	73,304	72,589
TOTAL LIABILITIES AND EQUITY	20,249,624	20,454,805

5.2 Consolidated statement of comprehensive income

Of which consolidated net income attributable to non-controlling interests

OF WHICH CONSOLIDATED NET INCOME LINKED TO OWNERS OF THE PARENT COMPANY

In thousand euros	Note	12/31/2019
12/31/2020
Gross rental income	5.5.6.1	657,976	673,487
Property expenses	5.5.6.2	(188,536)	(184,714)
Recharges to tenants	5.5.6.2	122,947	129,995
Net rental income	592,387	618,768
Current operating income on finance lease transactions	5.5.6.3	2,449	5,411
Current operating income on the hotel activity	5.5.6.3	(877)	4,190
Services and other income (net)	5.5.6.4	4,355	34,584
Overheads	5.5.6.5	(92,038)	(92,968)
EBITDA	506,275	569,984
Real estate margin	5.5.6.6	(7,096)	388
Gains or losses on disposals	5.5.6.7	(4,319)	102,289
Change in value of properties	5.5.6.8	(154,659)	1,004,271
Depreciation and amortization	(9,661)	(13,399)
Net impairments and provisions	(74,924)	(3,129)
Operating income	255,616	1,660,404
Net financial expenses	5.5.6.9	(90,815)	(102,016)
Financial impairment	(446)	0
Change in value of financial instruments	5.5.6.10	(23,990)	(26,071)
Premium and bond redemption costs	0	(15,933)
Net income from equity-accounted investments	5.5.5.3	4,402	4,647
Consolidated net income, before tax	144,767	1,521,031
Taxes	5.5.6.11	9,571	(4,141)
Consolidated net income	154,339	1,516,890
(492)	1,603
154,831	1,515,287
Consolidated net earnings per share	5.5.6.12	€2.10	€20.58
Consolidated diluted net earnings per share	5.5.6.12	€2.10	€20.52
In thousand euros	12/31/2019
12/31/2020
Consolidated net income	154,339	1,516,890
Items not to be recycled in the net income	(903)	(3,281)
Actuarial gains (losses) on post-employment benefit obligations	(192)	(2,508)
Gains (losses) on non-consolidated interests	(712)	(773)
Items to be recycled in the net income	(244)	40
Gains (losses) from translation differentials	(244)	40
Comprehensive income	153,192	1,513,649
Of which comprehensive income attributable to non-controlling
(492)	1,603
interests
OF WHICH COMPREHENSIVE INCOME LINKED TO OWNERS OF
153,684	1,512,046
THE PARENT COMPANY

5.3 Statement of changes in consolidated equity

Number of sharesShare capital

In thousand euros (except for number of shares)

Additional paid-in capital and consolidated reserves

Shareholders'

equity attributable to non-controlling interests

Total shareholders'

equity

Balance at December 31, 2018

76,266,750 572,001 11,149,813

11,721,814

29,431

11,751,245

Dividend paid in 2019

(405,703)

(405,703)

(3,548) (409,251)

Effect of treasury shares

(107,798)

(107,798) (107,798)

Impact of share-based payments (1) Actuarial gains (losses) on post-employment benefit obligations

2,773

2,773

2,773

(2,508)

(2,508)

(2,508)

Gains (losses) from translation differentials First application of IFRS 16

40

40

40

(32,568)

(32,568)

(32,568)

Group capital increase (2) Other changes

143,510 1,076 8,268

9,345

9,345

(1,462)

(1,462)

(134)

(1,597)

Net income at December 31, 2019

Balance at December 31, 2019

1,515,287 76,410,260 573,077 12,126,141

1,515,287 12,699,218

1,603 1,516,890

27,352 12,726,570

Dividend paid in 2020

(389,482)

(389,482)

(288)

(389,770)

Impact of share-based payments (1) Actuarial gains (losses) on post-employment benefit obligations

4,200

4,200 4,200

(192)

(192) (192)

Gains (losses) from translation differentials Group capital increase (2)

(244)

(244) (244)

116,344 873

5,843

6,715 6,715

Other changes

Net income at December 31, 2020

(722) 154,831

(722) 154,831

5 (717)

(492)

Balance at December 31, 2020

76,526,604 573,950 11,900,375

12,474,325

26,576

154,339 12,500,901

• (1) Impact of benefits related to share award plans (IFRS 2).

• (2) Creation of shares linked to the definitive vesting of shares as a result of the performance share award plan of July 17, 2017

(41,004 shares), to the capital increase reserved for Group employees (55,914 shares), to the exercise of share subscription options (19,426 shares). For the financial year 2019, creation of shares linked to the definitive vesting of shares as a result of the performance share award plans (creation of 52,310 shares), to the capital increase reserved for Group employees (61,942 shares), and to the exercise of share subscription options (29,258 shares).