Gateway Real Estate AG

Quarterly Report • Nov 13, 2020

interim management statement as of september 30, 2020

at a glance

Key financial indicators

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in € thousand
Financial performance indicators	01/01 – 09/30/2020	01/01 – 09/30/2019
Revenue	42,299	26,941
Gross profit	178,341	136,753
ebit adjusted	32,207	48,677
ebt	12,875	21,997
Profit for the period	7,134	20,852
Earnings per share	0.04	0.11
Financial position and liquidity ratios	09/30/2020	12/31/2019
Total assets	997,868	1,039,965
Equity	277,096	325,991
Equity ratio	27.8%	31.3%
Cash and cash equivalents	54,605	216,045
Net financial debt	566,706	405,774
Leverage ratio (net financial debt/ebit adjusted ltm)	4.0	2.6
Portfolio indicators	09/30/2020	12/31/2019
Average gross development volume (gdv) in € billion	5	5
Number of projects	21	24

overview over the first nine months

Consolidated profit reaches

in the first nine months of 2020

Gross development volume (gdv) exceeds

€ 5 billion

as of September 30, 2020

Dividends paid per no-par value share for the fiscal year 2020 were

€ 0.30

ebit adjusted reaches

€ 32.2 million

in the first nine months of 2020

Earnings per share amount to

€ 0.04

in the first nine months of 2020

Forecast for the full year 2020:

about us

gateway real estate ag, together with its subsidiaries, is one of the leading listed real estate developers with a focus on commercial and residential real estate. it is specialized in the development and the subsequent sale of our properties, as well as the construction and long-term leasing of residential properties for its own portfolio (build-to-hold). in particular, we focus on the development of office properties and inner-city commercial buildings in germany's top 7 cities and of residential real estate in selected high-growth regions.

in terms of development, gateway real estate ag and its subsidiaries cover the value chain from the acquisition of land and projects through development and construction to the sale of the properties. in addition, we have an excellent network and established partnerships. this enables us to generate attractive returns for our shareholders.

table of contents

• Foreword by the Management Board
• The gateway share
• Interim group management report
• Interim consolidated financial statements
• ifrs consolidated statement of financial position
• ifrs consolidated statement of comprehensive income
• ifrs consolidated statement of cash flows
• Financial calendar | Imprint

Dear Shareholders, dear Ladies and Gentlemen,

although the covid-19 pandemic continued to dominate the situation in the third quarter of 2020, Gateway Real Estate ag is satisfied with the development in the first nine months. We had established the foundation for this in the past year already thanks to a very successful business model as well as a strong pipeline of projects. As part of the implementation of our positive growth strategy, we placed another bond tranche in the amount of € 26.2 million at the beginning of July 2020, and upon payment of the purchase price, were able to complete the acquisition of a portfolio with project development potential throughout Germany, mainly in the Frankfurt area, which has thus been transferred to our ownership. As of September 30, 2020, our gross development volume (gdv) amounts to around € 5.4 billion.

ebit adjusted, which is a key financial indicator for us, amounted to around € 32.2 million in the first nine months of 2020 (9M 2019: € 48.7 million), while earnings before taxes (ebt) reached a total of € 12.9 million in the period ended September 30, 2020 (9M 2019: € 22.0 million). The consolidated profit, i.e. earnings after taxes, amounted to € 7.1 million (9M 2019: € 20.9 million), corresponding to earnings per share of € 0.04 (9M 2019: € 0.11).

The outbreak of the covid-19 pandemic led to radical changes in social and business life from mid-March 2020 at the latest and resulted in a massive slump of the German economy. While since around mid-May, and thus following the easing of infection control measures in Germany and abroad, a visible recovery of the German economy has begun, however, since September, a rising number of new infections can be observed in Germany which since the second half of October even have surpassed the number of new infections that occurred in spring. At the coronavirus summit on October 28, the German government imposed a socalled partial November lockdown which will massively shut down public life from November 2 for one month. The long-term consequences of the pandemic are still not foreseeable, nevertheless, we remain confident of the attractiveness of Germany as a place to invest. As already noted in previous reports, the effects on Germany's real estate markets vary. As previously, we do not see any negative effects on our standing assets, and the projects that are in the realization phase are progressing as planned.

While we continue to expect that the persisting covid-19 pandemic will negatively affect the current fiscal year, we expect ebit adjusted for the fiscal year 2020 to exceed € 137 million and earnings before taxes (ebt) to surpass €110 million. In consultation with the Supervisory Board, we decided to build residential real estate in the future also for our own portfolio (build-to-hold). In the context of this extended corporate strategy, we increasingly seek to develop residential real estate for long-term holding and administration to generate sustainable earnings. The residential real estate market has turned out to be very solid during the covid-19 pandemic. We have a wide range for our future standing asset portfolio thanks to our attractive development projects.

Dear shareholders, we are grateful for your trust and look forward to continuing the cooperation with you.

Frankfurt am Main, November 2020

Manfred Hillenbrand Tobias Meibom

the gateway share

performance of the gateway shares

In the third quarter of 2020, the international stock markets continued to be affected by the worldwide covid-19 pandemic. While the end of the first quarter of 2020 was characterized by sometimes massive falls at the stock exchanges and these price losses were partially offset between early April and late June to some extent as a result of a substantial and, above all, quick recovery, sentiment during the third quarter of 2020 was mixed. Market expectations ranged from the hope of a soonto-be-available vaccine to the fear of further economic restrictions introduced by policymakers, for example in the form of new local lockdowns in the case of rising infection figures. Further uncertainties regarding Brexit as well as the forthcoming us elections did not ease the tension. Therefore, most of the important indices only showed a moderate increase or were range bound with investors being in a waitand-see mode in the third quarter. The markets continued to be subject to higher volatility, especially as regards individual stocks. Important German indices, such as dax or mdax, still have not reached their pre-corona levels.

The shares of Gateway Real Estate ag opened the third quarter 2020 with an opening price of € 3.34 and showed a stable development, with the share price ranging between € 3.16 and € 3.74 on the xetra trading platform during the entire third quarter. On September 30, 2020, the gateway shares closed at a price of € 3.46. Accordingly, the gateway shares lost approximately 21 per cent in the first nine months of the fiscal year 2020 (i.e. on a year-to-date basis). In this context, it has to be taken into account that, in the first nine months of the fiscal year 2020, a dividend of approximately € 56 million, or € 0.30 per qualifying no-par value share, was paid out by the Company to its shareholders. The total shareholder return (share price performance plus dividend payment), adjusted by the dividend-based price discount, was –14.5 per cent. Taking into account all of the dividends paid since the ipo, this represents a decline of 3.5 per cent compared to the Company's ipo price when it was first listed on the Prime Standard of the Frankfurt Stock Exchange in April 2019.

gateway's market capitalization amounted to approximately € 646 million as of the reporting date September 30, 2020.

annual general meeting and dividend payment

The Annual General Meeting of Gateway Real Estate ag was held on May 12, 2020, for the first time as a virtual general meeting due to the covid-19 pandemic.

All resolution proposals made by the Management Board and the Supervisory Board were ultimately approved by a large majority of the Annual General Meeting. This therefore also included the proposal to use the distributable profit for the fiscal year 2019 in the amount of € 116,650,321.65 for the distribution of a dividend of € 0.30 per qualifying no-par value share (a total of € 56,029,212.00) and to carry forward to new account the residual amount of € 60,621,109.65.

It is the declared objective of gateway for the future to grant shareholders an appropriate participation in its business performance.

Further information and details on the voting results of the Ordinary Annual General Meeting 2020 can be found on the Company's website under: https://gateway-re.de/ en/investor-relations/annual-general-meeting/annual-general-meeting-2020/

share information

—

—

DE000A0JJTG7 / A0JJTG
186,764,040
€ 186,764,040.00
gty
Regulated market (Prime Standard)
Real estate
xetra, Frankfurt am Main, Duesseldorf, Munich, Berlin, Hamburg, Stuttgart
Credit Suisse
€ 4.40
€ 3.46
€ 4.44
€ 3.16
€ 646.2 million

gateway real estate ag interim management statement as of september 30, 2020

interim group management report

1. fundamental information on the group and strategy

Gateway Real Estate ag (in the following also referred to as "gateway", "Company" or "Group", in each case referring to the gateway Group as a whole) is one of the leading listed real estate developers with a focus on commercial and residential real estate in Germany. It is specialized in the development and the subsequent sale of its properties, as well as the construction and long-term leasing of residential properties for its own portfolio (build-to-hold). In the context of the development of commercial real estate, gateway focuses on Germany's Top 7 cities (Berlin, Duesseldorf, Frankfurt am Main, Hamburg, Cologne, Munich and Stuttgart), while the focus of residential real estate development is on selected high-growth areas. The Company covers all of the important steps in the value creation chain of a development project with its own teams. These steps are:

• identification, procurement, and acquisition of properties and land,
• planning and management of the development processes and obtaining permits, licenses, and approvals,
• marketing and sale of properties to institutional investors,
• coordination of construction activities,
• providing asset and property management services after completion of a development project.

In all of its project developments, gateway pursues the strategy to generate attractive margins and, at the same time, to minimize the project development risk by means of a detailed process management. gateway regularly carries out sensitivity analyses in connection with the calculation and supervision of projects, in which the effects of potential increases in construction costs are examined and suitable countermeasures taken to offset them are identified. In the acquisition process, all projects are generally evaluated and analyzed on an individual basis. When acquiring new plots of land, gateway focuses on space where there are no finally approved zoning or land use plans. This enables gateway to leverage potential value thanks to its long-standing expertise in the process of obtaining planning permissions and to actively determine the planning process for developments early on. gateway's focus as regards land purchases is on real estate development rather than the speculative resale of undeveloped sites.

In connection with the sale of development projects, gateway exclusively addresses institutional investors, operates on the basis of lean and recurring sales structures and primarily follows a forward sales model pursuant to which properties are sold to investors when the building permit is obtained. gateway then completes the projects, but generates revenue already upon contract conclusion based on the progress of the construction activities. This strategy, together with contractually agreed payment schedules, enables gateway to generate long-term and stable cash flows from our development projects.

Alternatively, in the case of selected commercial property development projects, gateway seeks to integrate such projects into the successful standing asset business and develops properties with pre-let rates of 50–60%. gateway continues the previous standing asset business of commercial real estate in order to diversify risks. In addition, on October 28, 2020, the Management Board announced its decision made in consultation with the Supervisory Board to build residential real estate in the future also for the Company's portfolio (build-to-hold). In the context of this extended corporate strategy, gateway increasingly seeks to develop residential real estate for long-term holding and administration to generate sustainable earnings. Accordingly, the standing asset segment will be expanded further in the medium term.

As of September 30, 2020, gateway has a diversified development pipeline with a total gross development volume of approximately € 5.4 billion; 41% of that amount refer to commercial real estate and 57% to residential real estate developments.

2. business development

The first nine months of 2020 were a continuation of the very successful fiscal year 2019. Accordingly, one further project development in Duesseldorf could be sold as a forward sale in the reporting period. In terms of acquisitions, the project development in Augsburg, one project development in Berlin as well as one portfolio with project development potential throughout Germany, mainly in the Frankfurt area, were closed upon the payment of the purchase prices; these project developments were transferred to the Company's ownership. In terms of financing, another bond tranche in the amount of € 26.2 million was issued at the beginning of July 2020.

3. financial position

The gateway Group's total assets declined from € 1,040.0 million as of December 31, 2019 by € 42.1 million to a total of around € 997.9 million.

On the assets side, the reduction was nearly exclusively attributable to current assets which decreased by € 38.0 million and totaled € 923.4 million. Current assets saw outflows of funds with a total amount of € 161.4 million due to the repayment of loans and the payment of a dividend. Cash and cash equivalents thus amounted to € 54.6 million as of September 30, 2020. In addition, payments of purchase price installments led to a decrease in other financial assets by € 30.5 million to € 39.8 million. In contrast, inventories continued to rise significantly by € 130.5 million to € 712.1 million. This corresponds to an increase of 22.4% and is primarily attributable to the real estate project development activities conducted by the Group and the related new transfers of such project developments.

The value of the investment property held by the Group as of the reporting date amounted to € 9.7 million, after € 8.3 million as of December 31, 2019. The increase results from a fair value adjustment based on an external valuation as of March 31, 2020.

The sum total of non-current assets of € 74.5 million was slightly below the figure as of December 31, 2019 (€ 78.5 million). This is mainly attributable to the changes in the maturity structure for financial assets.

On the equity and liabilities side, the Group's non-current liabilities amounted to € 274.0 million as of the reporting date (December 31, 2019: € 361.5 million); the major portion of that amount is attributable to non-current financial liabilities in the amount of € 248.3 million (December 31, 2019: € 343.4 million). The substantial decline by 27.7% is mainly the result of a change in the maturity of a financial liability, leading to a reclassification to current liabilities. Otherwise, non-current liabilities would have increased slightly as a result of new project financings and the issue of another bond tranche in the amount of € 26.2 million.

Current liabilities totaled € 446.8 million as of September 30, 2020 (December 31, 2019: € 352.5 million). The largest portion of that amount (€ 359.5 million) refers to current financial liabilities (December 31, 2019: € 272.6 million). As a result of new short-term financings and the reclassification mentioned above, the current financial liabilities increased by € 86.9 million or 31.9% in spite of additional loan repayments.

Trade payables that largely were incurred in connection with the Group's project developments amounted to € 63.4 million as of the reporting date.

The gateway Group's equity as of September 30, 2020 amounted to € 277.1 million (December 31, 2019: € 326.0 million). The decrease is primarily the result of the dividends paid in the amount of € 56.0 million. Accordingly, the Group's equity ratio slightly fell from 31.3% at the end of the prior year to now 27.8%.

4. cash flows

The cash inflows and outflows in the first nine months of 2020 overall led to a decrease in cash as of September 30, 2020, primarily caused by cash flows from operating activities due to payments in connection with the project developments for properties that were conducted by, and subsequently newly transferred to, the Group. At the same time, there were cash outflows as a result of the negative cash flows from financing activities due to the repayment of loans and the payment of a dividend.

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condensed cash flow statement

in € thousand	01/01 – 09/30/2020	01/01 – 09/30/2019
Cash flows from operating activities	–92,411	–110,351
Cash flows from investing activities	–1,529	–23,332
Cash flows from financing activities	–67,500	107,067
Net increase/decrease in cash and cash equivalents	–161,440	–26,616
Change in cash and cash equivalents due to consolidation group	0	563
Change in the composition of cash and cash equivalents (reclassification ifrs 5)	0	–10,591
Cash and cash equivalents as of January 1	216,045	73,931
Cash and cash equivalents as of the end of the period	54,605	37,287

The negative cash flows from operating activities were reduced by € 17.9 million compared to the prior-year period and amounted to € 92.4 million in the first nine months of the fiscal year 2020. The positive development compared to the prior-year period is the result of the inflows from payments of purchase price installments in relation to forward sales entered into in relation to three development projects in the amount of € 79.2 million. This was offset by the expansion of inventories by € 130.5 million (9M 2019: € 106.7 million), attributable to purchase price payments for the acquisition of four development projects and to construction activities in connection with project developments. The negative cash flows from investing activities in the amount of € 1.5 million mainly include payments for investments in properties held for sale. In the first quarter of 2020, an outflow of liquidity in the amount of € 15.1 million was reported due to the granting of a short-term loan which, however, was already repaid during the remainder of the first half.

The negative cash flows from financing activities in the amount of € 67.5 million are due to the repayment of loans in the amount of € 148.9 million and the payment of a dividend of € 56.0 million. This was offset by new borrowings in connection with the acquisition of properties and the financing of development projects in a total amount of € 112.0 million as well as by the issue of another bond tranche in a nominal amount of € 26.2 million. The net decrease resulting from the above mentioned cash flows in the first nine months of the fiscal year 2020 totaled € 161.4 million, resulting in a reduction of cash and cash equivalents to € 54.6 million as of September 30, 2020. As of the previous reporting date (December 31, 2019), cash and cash equivalents had amounted to € 216.0 million.

5. financial performance

In the first nine months of the fiscal year 2020, Gateway Real Estate ag increased its revenue by €15.4 million to a total of €42.3 million (9M 2019: €26.9 million). Revenue mainly referred to the further work towards completion in relation to two forward sale agreements in Duesseldorf and Cologne entered into in the second half of 2019 (€12.8 million) and one forward sale agreement newly concluded in the second quarter of 2020 in connection with a development project in Duesseldorf in the amount of €21.2 million. Accordingly, both the Commercial and Residential Property Development segments contributed to this strong revenue growth. Additionally, revenue from lettings amounted to €7.2 million (9M 2019: €15.6 million).

Gross profit amounted to €178.3 million (9M 2019: €136.8 million), which, in addition to the revenues mentioned above, comprises changes in inventories of finished goods and work in progress of €133.1 million (9M 2019: €107.8 million) – largely consisting of newly transferred project developments, capitalized construction work as well as the disposals in connection with the forward sales of the project developments in Cologne and Duesseldorf – and other operating income in the amount of €2.9 million (9M 2019: €2.0 million). Compared to the respective prior-year period, the higher gross profit results from gateway's increased sales and acquisition activities in the first nine months of the fiscal year 2020, which affect all individual items of gross profit.

In the reporting period, the costs for raw materials and consumables used increased significantly by €50.8 million over the prior-year period to €144.3 million and mainly consist of the construction costs of the inventory properties (€37.5 million), acquisition costs for land (€104.8 million) as well as management costs for the rented properties (€2.0 million). The increased costs for raw materials and consumables used are primarily attributable to the higher acquisition volume and the intensified construction activities in the reporting period. In the first nine months of 2020, the employee benefits expense declined by €0.6 million to €7.2 million. The fair value changes in investment properties and valuation of properties held as inventory amounted to €15.4 million and are based on an external valuation of all standing asset properties as of March 31, 2020. Other operating expenses amounted to €9.3 million (9M 2019: €15.8 million) and are primarily attributable to compensation expenses for silent partnerships as well as legal and consulting costs and accounting and closing costs. The higher expenses in the previous year were caused by the initial public offering. In the first nine months of the fiscal year 2020, gateway achieved an overall operating profit of €32.3 million (9M 2019: €39.6 million).

Net financial result in the first nine months of the fiscal year 2020 amounted to €–19.5 million (9M 2019: €–17.6 million) and include finance costs of €–20.5 million (9M 2019: €–25.3 million). The reduction of €4.8 million is attributable to more favorable financing terms. Finance costs are partially offset by finance income in the amount of €1.9 million (9M 2019: €1.1 million).

Earnings before tax (ebt) amounted to €12.9 million (9M 2019: €22.0 million). After deducting income taxes of €5.7 million (9M 2019: €1.1 million), the consolidated profit for the first nine months of the fiscal year 2020 amounted to €7.1 million (9M 2019: €20.9 million). This corresponds to basic earnings per share of €0.04 (9M 2019: €0.11) and diluted earnings per share of €0.04 (9M 2019: €0.11). The ebit adjusted amounted to €32.2 million (9M 2019: €48.7 million).

6. report on risks and opportunities

The risks which Gateway Real Estate ag is exposed to within the framework of its business activities, as well as the opportunities arising for the Company were described in detail in the 2019 Annual Report on pages 54–57. In this context, the Group's risk management system was explained, property-specific and company-specific risks were presented, and their probability of occurrence as well as their potential financial effects were classified based on a risk classification.

The potential effects resulting from the covid-19 pandemic, which continues to have an impact on the market environment in Germany as of the date of publication, were already taken into account in the 2019 Annual Report. Even in view of the economic and political developments since then, the strong reduction in economic activity in Germany and various global uncertainties surrounding the covid-19 pandemic, gateway does not see any significant changes in the risks and the associated assessment based on the risk classification compared with the statements given in the 2019 Annual Report. Therefore, please refer to the discussion in the group management report for the fiscal year from January 1 to December 31, 2019.

As regards the opportunities for the Group, gateway emphasizes that an economic crisis, as currently predicted following the covid-19 pandemic, offers new opportunities in the procurement market in terms of property and land acquisition. The financial difficulties of other companies may open up opportunities to acquire properties in particularly attractive locations or subject to particularly good terms. For further details, please refer to the report on opportunities in the 2019 Annual Report on page 58.

7. report on expected developments

OUTLOOK FOR THE GATEWAY GROUP

On October 28, 2020, gateway issued its qualified forecast for fiscal year 2020. While the Company believes that its fiscal year 2020 will be negatively affected by the persisting covid-19 pandemic, the Management Board expects ebit adjusted of more than € 137 million (previous year: € 158.9 million) and earnings before taxes (ebt) of more than €110 million (previous year: € 131.8 million).

interim consolidated financial statements as of september 30, 2020

ifrs consolidated statement of financial position

as of september 30, 2020

assets

in € thousand	09/30/2020	12/31/2019
Non-current assets
Intangible assets and goodwill	40,249	39,891
Property, plant and equipment	3,587	2,518
Investment properties	9,720	8,270
Investments accounted for using the equity method	5,046	8,832
Other non-current financial assets	10,414	15,415
Deferred tax assets	5,464	3,615
	74,479	78,541
Current assets
Inventories	712,132	581,602
Trade receivables	6,777	1,823
Income tax receivables	1,902	2,687
Other financial assets	39,828	70,283
Other non-financial assets	55,196	50,234
Cash and cash equivalents	54,605	216,045
Non-current assets held for sale	52,950	38,750
	923,389	961,424
	997,868	1,039,965

equity and liabilities

in € thousand	09/30/2020	12/31/2019
Equity
Subscribed capital	186,764	186,764
Reserves	–22,804	–22,804
Retained earnings	107,581	156,778
Non-controlling interests	5,556	5,253
	277,096	325,991
Non-current liabilities
Other non-current provisions	16	629
Non-current financial liabilities	248,337	343,389
Deferred tax liabilities	22,526	15,118
Other non-current financial liabilities	3,134	2,345
	274,013	361,481
Current liabilities
Other current provisions	1,051	1,448
Current financial liabilities	359,545	272,620
Income tax liabilities	5,347	9,220
Trade payables	63,413	60,215
Other financial liabilities	10,296	3,465
Other non-financial liabilities	7,107	5,525
	446,760	352,493
	997,868	1,039,965

ifrs consolidated statement of comprehensive income

for the period from january 1 to september 30, 2020

in € thousand	01/01– 09/30/2020	01/01– 09/30/2019	07/01– 09/30/2020	07/01– 09/30/2019
Revenue	42,299	26,941	7,136	7,309
Changes in inventories of finished goods and work in progress	133,120	107,791	65,326	72,897
Other operating income	2,922	2,021	293	230
Gross profit	178,341	136,753	72,755	80,436
Raw materials and consumables used	–144,256	–93,419	–64,487	–68,470
Employee benefits expense	–7,193	–7,759	–2,270	–2,122
Fair value changes in investment properties and valuation of properties held as inventory	15,350	20,210	–60	11,063
Depreciation and amortization expense	–591	–424	–204	–137
Other operating expenses	–9,317	–15,778	–1,880	–3,482
Operating profit	32,334	39,583	3,854	17,288
Profit or loss from investments accounted for using the equity method, after taxes	–126	9,094	–25	8,728
Finance income	1,940	1,138	915	692
Finance costs	–20,491	–25,318	–4,682	–7,081
Other finance costs, net	–781	–2,500	–451	–2,500
Net finance costs	–19,458	–17,586	–4,243	–161
Profit before tax	12,875	21,997	–390	17,127
Income tax expense	–5,741	–1,145	–225	1,964
Profit for the period	7,134	20,852	–615	19,091
Other comprehensive income	0	0	0	0
Total comprehensive income for the period	7,134	20,852	–615	19,091
Attributable to equity holders of the parent company	6,832	20,764	–696	18,977
Attributable to non-controlling interests	302	88	81	114
Earnings per share (basic)	0.04	0.11	0.00	0.10
Earnings per share (diluted)	0.04	0.11	0.00	0.10

ifrs consolidated statement of cash flows

for the period from january 1 to september 30, 2020

in € thousand	01/01– 09/30/2020	01/01– 09/30/2019
Cash flows from operating activities
Total comprehensive income for the period	7,134	20,852
Adjustments for:
Amortization of intangible assets	6	10
Depreciation of property, plant and equipment	585	413
Changes in fair value of investment properties and valuation of properties held as inventory	–2,277	120
Changes in fair value of non-current assets held for sale (properties)	–13,073	–20,330
Profit or loss from investments accounted for using the equity method, after taxes Tax expenses	126 5,741	–9,094 1,145
Profit or loss from the sale of investments accounted for using the equity method	0	–455
Distributions received from investments accounted for using the equity method	3,660	17,734
Other finance costs, net	781	2,500
Profit or loss from the sale of other financial assets	–876	0
Profit or loss from the sale of fully-consolidated subsidiaries	–431	–832
Impairment on trade receivables	–44	102
Other non-cash expenses/income	–91	0
Net finance costs	18,551	24,180
Changes in:
Inventories	–130,529	–106,714
Trade receivables and other receivables	–4,910	9,506
Other financial assets	37,444	0
Non-financial assets	–4,964	–24,134
Trade payables and other payables	10,482	–2,667
Non-financial liabilities	2,059	–8,031
Other provisions as well as assets and provisions for employee benefits	–578	1,502
Interest paid	–18,203	–14,271
Income taxes received	1,058	333
Income taxes paid	–4,061	–2,220
Cash flows from operating activities	–92,411	–110,351
Cash flows from investing activities
Cash inflows from the sale of non-current assets held for sale (properties)	0	12,420
Cash inflows from the sale of other financial assets	15,050	0
Cash inflows from the sale of investments accounted for using the equity method	0	400
Interest received	163	1,871
Cash outflows for investments in properties held for sale (ifrs 5)	–1,127	–3,111
Purchase of intangible assets	–363	0
Purchase of property, plant and equipment	–202	–396
Purchase of investments accounted for using the equity method	0	–16,670
Purchase of other financial assets	–15,050	–17,846
Cash flows from investing activities Cash flows from financing activities	–1,529	–23,332
Cash inflows from capital increase	0	67,914
Transaction costs in connection with the capital increase	0	–563
Cash inflows from new (financial) loans	111,966	173,419
Cash inflows from the issue of bonds	26,190	0
Payments for the repayment of bonds and (financial) loans	–148,853	–112,435
Payments for lease liabilities	–307	0
Transaction costs for loans and borrowings	–20	0
Fees for financial liabilities not utilized	–447	–64
Other distributions to third party shareholders	0	–2,500
Dividends paid to shareholders of the parent company	–56,029	–18,704
Cash flows from financing activities	–67,500	107,067
Net change in cash and cash equivalents	–161,440	–26,616
Change in cash and cash equivalents due to consolidation group	0	563
Change in the composition of cash and cash equivalents (reclassification ifrs 5)	0	–10,591
Cash and cash equivalents as of January 1	216,045	73,931
Cash and cash equivalents as of the end of the period	54,605	37,287

2020

gateway real estate ag

financial calendar

November 16–18, 2020 Eigenkapitalforum

imprint

Publisher

Gateway Real Estate ag The Squaire N° 15 Am Flughafen 60549 Frankfurt am Main, Germany

Tel. +49 69 788 088 00-0 Fax +49 69 788 088 00-99

info@gateway-re.de www.gateway-re.de

Project management

gfd – Gesellschaft für Finanzkommunikation mbH, Frankfurt am Main, Germany

Design Ligaturas – Reportdesign, Hamburg, Germany