Director of Asset Management Brigitte Cachon Marketing Innovation Executive Director Nicolas Dutreuil Chief Financial Officer André. Developments, outlook and trends 66 261 Trends and outlook.7. In accordance with Gecinas instructions, the property appraisers drafted appraisal reports and determined the requested fair values, the objective value as at December 31, 2015 No conflict of interest was recognized This engagement accounts for less than 5 of the annual revenue of each real estate. Liquidity As at December 31, 2015, Gecina had 2,556 million available liquidity, of which 2,410 million in unused credit lines and 146 million in cash, easily covering all credit maturities for the next two years In 2015, Gecina continued to diversify its sources of financing and its banking counterparties. Financial market risk Holding financial instruments for the long term or for sale exposes the Group to the risk of fluctuation in the value of these assets The analysis and quantification of the risk on hedging financial instruments are stated under Note 3568 In particular, the. Risks related TO changes IN some TAX systems.1. Epra reporting as at December 31, epra net recurring income 67 282 epra Net Asset Value and epra triple NAV 67 283 epra Net Initial Yield and epra topped-up Net Initial Yield epra vacancy rate 68 285 epra cost ratios 68 Comments on the fiscal year. It may be used in support of a financial transaction if supplemented with a transaction memorandum that has been approved by the AMF.
Operating receivables Receivables are recorded for the initial amount of the invoice, after deduction for impairment valued on the basis of the risk of non- recoverability The cost of non-recoverability risk is posted under property expenses Rent receivables are systematically written down according to the. (4) Sale option graned tt o SCI Pont de Grenelle on its share (25 of the capital of SCI Beaugrenelle) that has become devoid of purpose at December 31, 2014. RefereNCe DoCuMeNT Group profile Risks Control mechanisms Change over the period Risks linked to failure to issue administrative permits and review to-operate-certain-assets. The average financial occupancy rate for 2015 was 966, an improvement compared with the already high levels from 2014 (964) and 2013 (955) This increase is consistent blue nile promo code uk with the Groups objectives for 2015 This improvement can be seen primarily on the Groups office portfolio, with. As a result, at December 31, 2015, 69 of Gecinas property portfolio was made up of office assets, compared to just 63 at December 31, 2014. Group structure and organization chart 14 141 Group structure and organization chart 14 142 Changes in the groups structure during the fiscal year 16 143 Post-balance sheet events relating to the group structure.5.