Interim / Quarterly Report • Sep 12, 2022
Interim / Quarterly Report
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for the six-month period ended 30 June 2022
Apollolaan 151 1077 AR Amsterdam The Netherlands
CTP N.V. Tuesday, 9 August 2022
Condensed consolidated interim financial statements
Condensed consolidated interim statement of profit and loss and other comprehensive income
Condensed consolidated interim statement of financial position
Condensed consolidated interim statement of changes in equity
Condensed consolidated interim statement of cash flows
CTP is Continental Europe's largest owner, developer and manager of logistics and industrial real estate by gross lettable area, owning over 9.5 million sqm of space across ten countries. CTP is the only investor in the region with its entire CEE portfolio BREEAM certified, as well as carbon neutral in operations from 2021, underlying its commitment to being a sustainable business. For more information visit our corporate website: www.ctp.eu
| Six months to 30 June 2022 ('000 000) |
Six months to 30 June 2021 ('000 000) |
Increase (%) |
|
|---|---|---|---|
| Net rental income | €211.5 | €160.3 | 32% |
| Net valuation result on investment property2 | €499.0 | €145.7 | 242% |
| Profit for the period (after tax) | €490.2 | €188.3 | 160% |
| Company Specific Adjusted EPRA earnings | €126.0 | €92.1 | 37% |
| Company Specific Adjusted EPRA earnings per share | €0.30 | €0.25 | 20% |
| 30 June 2022 ('000 000) |
31 Dec 2021 ('000 000) |
Increase (%) | |
|---|---|---|---|
| Investment property | €9,382.4 | €7,575.1 | 24% |
| Investment property under development | €1,057.7 | €774.2 | 37% |
| EPRA net tangible assets per share | 13.39€ | €12.06 | 11% |
| Yield-on-Cost of developments | 10.0% | 11.0% | |
| LTV | 43.9% | 42.8% |
1 The like-for-like gross rental growth compares the growth of the gross rental income of the portfolio that has been consistently in operation (not under development) during the two preceding 12-month periods that are described. Excludes CTP Germany, due to absence of like-for-like rental growth comparables. Prior to Q1 2022, the Group reported the like-for-like rental growth comparing the rent level between two periods calculated based on the same portfolio of contracts (not taking any new leases amendments or extensions into consideration).
2 Following a change in our valuation policy, a mid-year external valuation of Investment property was undertaken first time as of 30 June 2022.
Over the past 24 years, CTP has grown to become one of continental Europe's leading industrial and logistics real estate companies. It owns and actively manages a high-quality portfolio of assets in over 200 locations spanning ten countries and serving over 1,000 clients. The scale and quality of its highly diversified investment and development portfolio underpins CTP's ability to deliver resilient, growing cash flows and attractive returns over the longer term.
The Group seeks to leverage its long established, scalable operating platform and deliver controlled and disciplined organic growth, primarily through tenant-led de¬velopment of its sizable land bank totalling 20 million sqm, the majority of which is located within the vicinity of the Group's existing large multi-use logistics and industrial CTParks.
Strong market fundamentals together with focused execution of the Group's strategy, have resulted in positive operational momentum and performance during the first six months of 2022. The Group's "Parkmaking" expertise and unique vertically inte¬grated operating platform together are integral to its ability to effectively execute its strategy and deliver per¬formance across its market-leading portfolio, which is located throughout CEE and Western Europe.
With a market share of 27.4% as at 30 June 2022 (31 June 2021: 24.9%), the Group is the largest owner of industrial and logistics real estate assets in its core CEE markets: Czech Republic, Romania, Hungary, and Slovakia. Together, these markets represent 77% of the Group's total owned GLA. The strength of CTP's market share reflects the Group's first mover advantage and established scale in key CEE markets, positioning the Group as the partner of choice for many industrial and logistics occupiers.
During the first half of 2022, the Company's investment portfolio grew 25% to 9.5 million GLA through a combination of development completions; the strategic selective acquisition of income-producing assets; and integration of the 1.7 million sqm Deutsche Industrie Grundbesitz (DIG) AG portfolio1 , acquired in February 2022. CTP remains on track to deliver approximately 1.5 million GLA by the year end.
This growth in GLA contributed to a 24% uplift in investment property value to €9,382 million (31 December 2021: €7,575 million). Ongoing investment demand for well-located industrial and logistics assets is reflected in the portfolio's half year valuation yield of 6.3% compared to 6.4% in 2021.
CTP's contracted revenues for the next 12 months to 30 June 2023 have increased by 42% to €538 million as of 30 June 2022 (30 June 2021: €380 million). A main driver of this increase across CTP's investment portfolio of over 650 assets is the Group's ability to capture value through active asset management. In the first half of
2022, CTP recorded a 4.3% like-for-like increase in rental income, which translates into €12 million of additional rent for the second half of 2022. Completed developments and acquisitions also contributed to the growth in CTP's investment portfolio.
An increasing proportion of the rental income stream generated by CTP's investment portfolio benefits from contracted annual rental growth and inflation protection. Since early 2020, all the Group's new lease agreements, include a double indexation clause, which calculates annual rental increases as the greater of:
As at 30 June 2022, 38% of income generated by the Group's portfolio includes this double indexation clause, and the Group is on track to increase this to 40%-50% by the end of this financial year.
CTP's sizable, diversified, and growing income stream benefits from its high-quality international client base reflected in consistently strong rent collection performance. Furthermore, the long-term security of the portfolio's income is illustrated by the Group's weighted average unexpired lease term (WAULT), which remains attractive at 6.4 years.
CTP's proactive approach to managing its high-quality investment portfolio, together with its deep sector knowledge and long-standing client relationships, combine to deliver the Group's strong operational performance and portfolio metrics, and unlock further embedded value.
These portfolio metrics, include a high occupancy rate of more than 95% (31 December 2021: 94%) a client retention rate of 91% (31 December 2021: 92%), as well as an attractive portfolio WAULT of 6.4 years (31 December 2021: 6.7 years). Following the DIG portfolio integration, the Group's occupancy rate became 94%, reflecting the valueadd nature of these German assets.
During the first half of the financial year, the Group contracted €47 million of rent through letting existing space, lease renewals and building extensions across 893 sqm of space, within its core markets of Czech Republic, Romania, Hungary and Slovakia.
CTP's dedicated, in-house asset management teams engage directly with clients to identify and implement asset management initiatives to capture reversionary potential. Against the investment portfolio's total contracted annual rent of €474 million, the estimated rental value (ERV) was €531 million as at 30 June 2022. This ERV represents a 12% reversion, arising from accelerating rental growth in the European industrial and logistics sector, with future income growth potential against the portfolio's current passing rent.
CTP Germany's significantly increased footprint, following the DIG acquisition, provides the Group with a sizable income-producing portfolio, and opportunities to unlock significant value through improving occupancy levels, implementing building upgrades, enhancing ESG credentials and capturing rental growth. In the first four months following the DIG acquisition, CTP's proactive asset management strategy has gained momentum, with the Group securing an additional 50,000 sqm of net lettings and reducing vacancies by over 0.2%
1 The Group's 1.5 million sqm target GLA for 2022 excludes the DIG portfolio
The Group's development programme commenced 742,000 sqm of new construction projects during the period (30 June 2021: 559,000 sqm), increasing total projects under construction as at 30 June 2022 to 1.4 million sqm (30 June 2021: 1.2 million sqm), of which 47% was pre-let, securing €37 million of contracted rent. These include CTP's first project in Vienna, Austria where it is developing a new 'BREEAM Outstanding' sustainability-certified warehouse and office facility for Toyota. Upon completion and letting, the remaining projects under construction offer the potential to add €40 million of additional income to the Group's contracted rent roll.
Despite inflationary pressures and increased construction costs evident in the first half of the year, for the total projects under construction at the period end, the yield-oncost remained strong and in line with the Group's target at 10.0 % (30 June 2021: 11.8 %).
In total, CTP delivered 157,000 sqm GLA of high-quality development completions (30 June 2021: 215,000 sqm, with an average lease term of 10 years, and securing c.€7 million of contracted rent at a yield-on-cost of 11.7%. Of these lettings, 76% were leased to existing tenants, with rent secured exceeding the ERV.
In addition to the 1.7 million GLA of income producing assets, CTP Germany's DIG portfolio brings a unique platform for new and brownfield development, with significant tenant-led development and redevelopment opportunities in and around the existing portfolio footprint. During the period CTP Germany identified sites that could accommodate c.200,000 sqm of additional GLA, versus the existing portfolio of 1.7 million sqm. These new projects offer the potential to deliver €14 million of contracted rent and construction is anticipated to start within the next 18 months.
The expected capital expenditure required to complete the Group's current 1.4 million sqm under construction is €449 million.
During the period, the Group secured an additional 305,000 sqm of new lease agreements, equating to €18 million of annualised rental income. Over 47% of these new leases are with existing clients, with construction to start in future periods. This includes a development at CTP's new park outside Prague, Czech Republic which is anticipated to be the only significant development project in a supply constrained market over the next couple of years..
CTP seeks to acquire development sites in locations suitable for industrial man¬ufacturing or land that is within close prox¬imity to key logistics hubs, transport corri¬dors and large, densely populated cities, targeting an annual spend on landbank replenishment of approximately €150 million a year.
During the first half of 2022, CTP acquired 3.9 million sqm land suitable for the development of industrial and logistics assets for a total investment of approximately €175 million. These acquisitions increased the Group's landbank to an industry-leading 20 million sqm (31 Dec 2021: 17.8 million sqm), offering development potential to almost double the GLA of the current investment portfolio.
CTP also acquired 105,000 sqm of income-producing assets representing a combined initial gross rental yield of approximately 7.1% and 12 years WAULT
As the Group gains further scale across Europe, CTP continues to invest in expanding its team, to ensure the successful execution of its growth strategy. CTP made several key appointments during the period, including Patrick Zehetmayr as CFO and Dirk Sosef as Head of Research. Patrick joins CTP from Austria's Erste Group Bank in Vienna, where he was Head of the Commercial Real Estate division. With over twenty years' experience operating in CEE, Patrick brings extensive experience in all aspects of property financing, controlling, financial reporting, treasury, and funding. His appointment will allow CTP's former CFO Richard Wilkinson to focus on his role as Deputy CEO, primarily overseeing the Company's core businesses in its CEE markets.
Dirk was previously Research and Strategy Vice President for Prologis Europe, a division of the world's largest industrial REIT, and will be responsible for leading CTP's research function. Working closely with the Group's regional teams to combine market data with local expertise, Dirk will be integral to delivering actionable insights to secure a competitive advantage across its key markets.
CTP continues to focus on making meaningful progress in its environmental, social and governance (ESG) aspirations. The Group's ESG strategy is built around key pillars aligned to the United Nations Sustainable Development Goals (SDGs). The four pillars are:
To achieve its ambition of generating a total of c. 40 MW of solar power by December 2022, the Group is rolling out its solar PV strategy and building its solar capacity across the portfolio. In 2022, the Group has installed 10.9 MWp in the Czech Republic, Romania, Slovakia, and Hungary, ensuring it remains on target to meet its solar power objectives. In Hungary, the first phase of this rollout began with four buildings at CTPark Budapest West (Biatorbágy), Dunaharaszti and CTPark Budapest East (Üllő). Covering an area of 9,000 sqm, each building offers the potential to generate c.500 kWp of solar power. During the second half of 2022, CTP will develop further buildings across CTP Hungary's network, with capacity to deliver up to 3,000 kWp of solar power a year.
In May 2022, CTP was selected as one of the 25 constituents of Euronext Amsterdam's new AEX ESG Index. This index identifies the 25 companies that demonstrate the best ESG practices from the 50 constituents of the AEX and AMX indices. The AEX ESG index is designed to facilitate the adoption of mainstream ESG investment approaches by institutional and private investors, reflecting a relative ranking for the 25 'best-in-class' companies. The company scoring methodology is based on ESG risk rating criteria, assessed by Sustainalytics.
Following the invasion of Ukraine in February 2022, CTP collaborated with UN Refugee Agency (UNHCR) during the emergency phase of the humanitarian effort and provided both financial and operational support. More recently, the Group is working towards providing refugee support over the longer-term with UNHCR and the Tereza Maxová Foundation, which is supporting the education of Ukrainian pupils and students within the Czech Republic.
Strong underlying market fundamentals along with CTP's positive operational performance, translated into robust financial results for the first six months of 2022.
The Group's net rental income continued to grow during the first six months of 2022, increasing by 31.9% to €211.5 million (30 June 2021: €160.3 million). This increase was driven by a combination of new rent arising from development completions, the acquisition of income producing assets, active management of the Group's investment portfolio and 4.3% like-for-like income growth captured during the period. Occupancy remained stable at 94%. This reflects a slight increase in the Group's core CEE portfolio occupancy, balanced by the integration of CTP Germany's DIG portfolio.
The Company undertook its first half year revaluation of the standing investment portfolio (the standing investment portfolio was not revalued by a third party on 30 June 2021, only investment property under development (IPuD). The revaluation, performed by Cushman and Wakefield, resulted in positive €499.0 million result. The investment portfolio's EPRA NIY of 5.6% remained stable (31 December 2021: 5.6%) with like-for-like rental growth the main driver behind the positive revaluation.
During the first six months of 2022 the Group's operating costs including depreciation and amortisation increased to €57.0 million (30 June 2021: €22.7 million). This increase in operating costs is in line with the Company's expansion strategy and reflects its growth over the last twelve months including increased staff costs following a sizeable rise in headcount. One-off costs during the period of €17.7 million include a financial donation of €10.0 million to the UN Refugee Agency (UNHCR) in Q1 2022 and €4.4 million acquisitions costs related to the acquisition of DIG.
Net financing costs for the period fell to €50.5 million from €56.5 million for the same period in 2021. This reduction in financing costs is mainly attributable to a decrease in the Group's average cost of debt which fell to 1.15% as at 30 June 2022 (30 June 2021: 1.2%).
The Group's average cost of debt remained stable at 1.15% during the period, assisted by the prudent timing of the Group's bond issue in early January 2022. The pricing of the annual coupon in January's four-year tranche was fixed at 0.875%. Financial results also include a one-off cost of €10.4 million, related to the successful tender of €168 million of bonds as part of its 2025 Series from January 2022. The Group further prepaid a €118 million bond in DIG, which was due in August 2022.
Taxes increased year-on-year from €44.9 million to €119.8 million due to the first half year revaluation of the standing portfolio. The effective tax rate across the Group stood at 19.6% as at 30 June 2022.
Profit after tax for the first six months of 2022 increased to €490.2 million compared to €188.3 million as at 30 June 2021, (there was no revaluation of standing portfolio was performed at the half year in 2021). This increase of 160% was driven by the revaluation result and growth in the Group's rental income. This resulted in Company specific adjusted EPRA earnings of €0.30 per share (30 June 2021: €0.25).
An independent valuation confirmed that CTP's investment portfolio increased during the period by 23.9% to €9,382.4 million (31 December 2021: €7,575.1 million). This growth is attributable to the successful acquisition of DIG, the positive first half-year revaluation of the standing portfolio, with increased ERVs with stable valuation yields. The Group's landbank, as part of the investment property, increased to €768.4 million at 30 June 2022 (31 December 2021: €526.8 million).
As at the period end, the Group had 1.4 million sqm of assets under development (30 June 2021: 1.2 million sqm). Investment property under development is on target to meet the Group's market leading yield on cost of 10.0% (30 June 2021: 11.8%).
The Group maintained its prudent approach to financial policy and credit metrics during the period, while continuing to maintain a solid liquidity position. On the 20 January 2022, CTP issued a €700 million four-year Green Bond under its eight billion EMTN programme, and simultaneously tendered €168 million in bonds of its 2025 Series. This transaction secured significant financing for 2022, and improved the Company's average cost of debt. In addition, the Group renegotiated one of its bank facilities in the first half of 2022, which resulted in reduction in the margin and an extension of the repayment date by additional three years to 15 February 2034. Furthermore, the Group is in advanced discussions to secure a €400 million funding on its Czech portfolio with a bank syndicate.
At 30 June 2022, the Group's Net Loan to Value (LTV) was 43.9% (31 December: 2021: 42.8%), with an Interest Coverage Ratio (ICR) of 4.6x (31 December 2021: 5.0x). The Group's average cost of debt remained at a record low of 1.15%, with 100% of debt being fixed or hedged, removing exposure to volatility in interest rates. With an average maturity of 5.9 years, and no significant repayment due until Q4 2023, CTP is well positioned to continue to deliver on its strategy, while benefiting from a long, diversified debt maturity profile.
Available cash as at the period end stood at €640.3 million. The Company also has €400 million unutilised unsecured Revolving Credit Facility (RCF), which was committed in July 2021 for three years and serves the Group's short-term liquidity needs.
The Company has a long-term credit rating of BBB- (stable outlook) from S&P and a long-term issuer rating of Baa3 (stable outlook) from Moody's, which remained unchanged during the period.
In line with its dividend policy of paying out 70%- 80% of its Company Adjusted EPRA earnings, CTP announces an interim dividend of €0.22 per share, being 75% of Company Specific Adjusted EPRA earnings covering the first half-year. Shareholders can opt for payment of the dividend in cash or shares.
| Date | Action |
|---|---|
| Friday, 12 August 2022 | Ex-dividend before opening |
| Monday, 15 August 2022 | Record date dividend at close of business |
| Tuesday, 16 August 2022 | Start election period stock or cash dividend |
| Monday, 29 August 2022 | End election period |
| Monday, 5 September 2022 | Payment date cash and new shares |
| Wednesday, 9 November 2022 | Publication 2022 Third Quarter Results |
The European industrial and logistics sector continues to benefit from long-term structural drivers, many of which have been significantly accelerated by global events in recent years. For example, the Covid-19 pandemic, as well as the increased geopolitical risk such as Russia's invasion of Ukraine, have forced occupiers to review where and how they manufacture the goods they produce, as well as the ability of their supply chains to maintain efficiency whilst withstanding disruption and supply side shocks.
This enduring occupational demand from a wide range of occupiers, is coupled with the constrained supply of appropriate assets situated in sought after locations. With fewer vacant buildings that meet the needs of modern occupiers, the limited availability of land suitable for the development of urban assets in densely populated areas, together with the increasing resistance from municipalities and local communities to consent to large, ad hoc big box assets result in persistent barriers to entry in terms of developing new stock.
Corporates continue to seek supply chains which enhance operational efficiency, but the global events described above have highlighted the need for supply chain efficiency to be coupled with increased resilience to reduce the impact of supply chain disruption. This in turn has accelerated the trend of de-centralization with companies reviewing manufacturing locations and in turn actively looking for ways to keep production closer to home (near-shoring), moving production back home (re-shoring), procuring materials from nearby suppliers (near-sourcing) and increasing inventory levels to build up safety stock (from just-in-time to just-in-case).
All these solutions result in more demand for warehouse space across Europe both for manufacturing and logistics operations. Western European markets benefit from high population densities and spending power. Equally as highlighted by Savill's 'Nearshoring Index,' four of the top-ranking 20 countries worldwide were in the CEE, with the Czech Republic coming first, based on a combination of key components: low political risk and proximity to consumers; low labour costs ease of doing business in trade infrastructure and environmental and labour protection regulation.
The growth of internet sales as a percentage of total retail sales has been a consistent trend for many years but accelerated rapidly during the pandemic in 2020 and 2021 due to lock down restrictions. As lockdowns began to ease this accelerated growth of online sales did moderate, but at levels remaining above pre-pandemic levels an continue to rise. According to Statista, the average unweighted average penetration rate in the Group´s 10 markets is expected to have increased "post-covid" during 2022 to 12.7% compared to 11.9% at the end of 2021 and is expected to further increase to 17.2% by 2025 compared to 7.7% "pre-covid" at the end of 2019. E-commerce is now an embedded part in modern retailing, with consumers continuing to demand faster and more convenient ways to shop. Increased online penetration will continue to grow over the longer term in both established and non-established markets. This will drive enduring demand for both large-scale and urban warehouse assets, with modern specifications, close to major population centres and strong transport links.
ESG plays an increasingly prominent role in how companies operate. They are much more strongly embedding ESG considerations into real estate decisions with regards to every aspect of the property, from building certification to work conditions and from CSR to governance. In particular, as highlighted by CBRE's 2022 European Logistics Occupier Survey, environmental sustainability is a top 3 concern of tenants with 78% of companies committed to a net zero carbon target and 63% of occupiers willing to pay a premium for new green warehouses. Equally, following the war in Ukraine and the exponential energy price increases energy security and efficiency is an increasing consideration with 76% of occupiers confirming that they are willing to pay rent premium to switch to green sources of energy in current locations.
This in turn continues to support growing demand for modern, highly sustainable and energy efficient warehouse space, with green building certifications along with surrounding green space and employee amenities all well integrated into surrounding landscapes.
The European industrial and logistics sector continues to see strong demand from a broad range of occupiers in the first half of 2022, while vacancy levels across the markets that CTP operate in continue to be at, or close to, record low levels. According to CBRE, take-up in the Group's four core markets of the Czech Republic, Romania, Slovakia and Hungary totalled 1.89 million sqm in the six months to 30 June 2022, up 42% year-on-year.
Although speculative development in certain markets across Europe increased, supply has largely been absorbed as illustrated by record low vacancy levels. [The delivery of speculative development is anticipated to reduce against the backdrop of rising costs and lower liquidity]. At the end of H1 2022, average vacancy in the Group's four core markets of the Czech Republic, Romania, Slovakia and Hungary was just 2.73%, as year on year decrease of 151 bps (H1 2021: 4.25%).
Following the ongoing imbalance of supply and demand for well-located modern industrial and logistics assets rental growth has become increasingly widespread across Europe and is now evident across almost of our core markets. Within the Czech Republic, prime rents have increased to EUR 7.50 per sq m per month, a year on year increase of 42% (H1 2021: EUR 5.30 per sq m per month).
Capital allocations into European industrial and logistics property remained strong at the start of 2022, with investors attracted to the sector's robust and growing income streams and potential and capital growth. However, more recently, as investors wait for greater clarity in terms of the economic outlook, transactions have slowed. Yield compression in the Group´s four core markets was approximately 64 bps compared to 10 bps in Germany or 30 bps in the Netherlands.
Despite the challenging macroeconomic backdrop, the fundamentals within the CEE and wider European industrial and logistics sector remain favourable. The structural drivers of occupational demand prevail, and in some instances continue to accelerate as occupiers strive to de-risk their manufacturing capacity and sup¬ply chains from supply side shocks, while maintaining optimum efficiency.
With persistent barriers to entry in the Group's key markets in terms of developing new stock, occupiers continue to compete for appropriate space. Such dynamics support continuing rental growth over the longer term in the Group's core CEE markets and provide CTP with opportunities to leverage its pan-European vertically integrated platform, and to capture value through its proactive asset management and disciplined development.
CTP, led by its experienced management team, seeks to continue to use its scale, market leading position and deep client relationships to inform decision making. Together with the Group's strong financial footing, this will ensure it is optimally positioned to meet market uncertainty as well as capture opportunities as they arise, so CTP can continue to deliver shareholders with attractive earnings and capital growth over the longer term.
The annual report for year 2021 outlines CTP NV's main risks and mitigation activities at the time of close of the 2021 financial year. In CTP NV's view, the nature and potential impact of these risks have not materially changed in the first half of 2022.
The contents of this interim report have not been audited or reviewed by an independent external auditor.
This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "targets", "may", "aims", "likely", "would", "could", "can have", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement. This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).
The executive members of CTP NV's Board of Directors hereby declare that, to the best of their knowledge, the half-year financial statements included in this interim report, which have been prepared in accordance with IAS 34 "Interim Financial Reporting," give a true and fair view of CTP NV's assets, liabilities, financial position and profit or loss, and the undertakings included in the consolidation taken as a whole, and the half-year management report included in this interim report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9, of the Financial Markets Supervision Act.
Remon Vos (CEO)
Richard Wilkinson (CFO)
9 August 2022
| In EUR thousand | 30 June 2022 | 30 June 2021 | |||||
|---|---|---|---|---|---|---|---|
| Note | Revenues | Attributable external expenses |
Revenues | Attributable external expenses |
|||
| Rental income | 4 | 230,500 | 159,808 | ||||
| Service charge income | 4 | 23,866 | 14,704 | ||||
| Property operating expenses | 5 | -42,861 | -14,205 | ||||
| Net rental income | 211,505 | 160,307 | |||||
| Hotel operating revenue | 7,181 | 2,664 | |||||
| Hotel operating expenses | -6,048 | -2,538 | |||||
| Net operating income from hotel operations | 1,133 | 126 | |||||
| Income from development activities | 23,251 | 23,399 | |||||
| Expenses from development activities | -17,427 | -17,141 | |||||
| Net income from development activities | 5,824 | 6,258 | |||||
| Total revenues | 284,798 | 200,575 | |||||
| Total attributable external expenses | -66,336 | -33,884 | |||||
| 218,462 | 166,691 | ||||||
| Net valuation result on investment property1 | 499,016 | 145,743 | |||||
| Other income | 4,369 | 4,047 | |||||
| Amortization and depreciation | -5,015 | -5,102 | |||||
| Employee benefits | -21,588 | -12,321 | |||||
| Impairment of financial assets | 463 | 248 | |||||
| Other expenses | -35,198 | -9,589 | |||||
| Net other income/expenses | -56,969 | -22,717 | |||||
| Profit/loss before finance costs | 660,509 | 289,717 | |||||
| Interest income | 2,270 | 977 | |||||
| Interest expense | 6 | -40,423 | -43,721 | ||||
| Other financial expenses | 7 | -14,914 | -20,290 | ||||
| Other financial gains/losses | 8 | 2,600 | 6,531 | ||||
| Net finance costs | -50,467 | -56,503 | |||||
| Profit/loss before income tax | 610,042 | 233,214 | |||||
| Income tax expense | 9 | -119,820 | -44,935 | ||||
| Profit for the period | 490,222 | 188,279 | |||||
| Other comprehensive income | |||||||
| Items that will never be reclassifies to profit and loss | |||||||
| Revaluation of PPE net of tax | -648 | 1,527 | |||||
| Items that are or may be reclassified to profit and loss | |||||||
| Foreign currency translation differences net of tax | -1,565 | 168 | |||||
| Total other comprehensive income | -2,213 | 1,695 | |||||
| Total comprehensive income for the period | 488,009 | 189,974 | |||||
| PROFIT ATTRIBUTABLE TO: | |||||||
| Non-controlling interests | -6,090 | -- | |||||
| Equity holders of the Company | 496,312 | 188,279 | |||||
| Total comprehensive income attributable to: | |||||||
| Non-controlling interests | -6,090 | -- | |||||
| Equity holders of the Company | 494,099 | 189,974 | |||||
| Earnings per share (EUR) | |||||||
| Basic earnings per share | 13 | 1.16 | 0.51 | ||||
| Diluted earnings per share | 13 | 1.16 | 0.51 |
1 Following a change in our valuation policy, a mid-year external valuation of Investment property was undertaken first time as of 30 June 2022.
| In EUR thousand | Note | 30 June 2022 | 31 December 2021 |
|---|---|---|---|
| ASSETS | |||
| Investment property | 10 | 9,382,412 | 7,575,107 |
| Investment property under development | 11 | 1,057,700 | 774,203 |
| Property, plant and equipment | 142,166 | 110,967 | |
| Intangible assets | 2,107 | 2,111 | |
| Trade and other receivables | 63,460 | 100,739 | |
| Derivative financial instruments | 17 | 2,220 | 126 |
| Financial investments | 807 | 445 | |
| Long-term receivables from related parties | 19 | 44,459 | 47,124 |
| Deferred tax assets | 18 | 30,242 | 24,052 |
| Total non-current assets | 10,725,573 | 8,634,874 | |
| Trade and other receivables | 241,420 | 144,082 | |
| Short-term receivables from related parties | 19 | 22 | 528 |
| Derivative financial instruments | 17 | 985 | 46 |
| Contract assets | 4,232 | 7,039 | |
| Current income tax receivable | 12,821 | 7,260 | |
| Cash and cash equivalents | 640,262 | 892,816 | |
| Total current assets | 899,742 | 1,051,771 | |
| TOTAL ASSETS | 11,625,315 | 9,686,645 | |
| Issued capital | 12 | 69,372 | 64,063 |
| Translation reserve | 9,151 | 10,716 | |
| Share premium | 3,059,333 | 2,661,979 | |
| Retained earnings | 1,779,287 | 1,350,856 | |
| Revaluation reserve | 18,568 | 19,216 | |
| Total equity attributable to owners of the Company | 4,935,711 | 4,106,830 | |
| Non-controlling interest | 14 | 91,375 | -- |
| TOTAL EQUITY | 5,027,086 | 4,106,830 | |
| LIABILITIES | |||
| Interest-bearing loans and borrowings from financial institutions | 15 | 1,322,970 | 1,110,471 |
| Bonds issued | 16 | 3,920,292 | 3,368,202 |
| Trade and other payables | 96,101 | 64,591 | |
| Long-term payables to related parties | 19 | 18 | 18 |
| Derivative financial instruments | 17 | 240 | -- |
| Deferred tax liabilities | 18 | 899,858 | 746,773 |
| Total non-current liabilities | 6,239,479 | 5,290,055 | |
| Interest-bearing loans and borrowings from financial institutions | 15 | 21,131 | 20,833 |
| Bonds issued | 16 | 19,149 | 13,490 |
| Trade and other payables | 306,937 | 237,148 | |
| Derivative financial instruments | 17 | 161 | -- |
| Current income tax payables | 11,372 | 18,289 | |
| Total current liabilities | 358,750 | 289,760 | |
| TOTAL LIABILITIES | 6,598,229 | 5,579,815 | |
| TOTAL EQUITY AND LIABILITIES | 11,625,315 | 9,686,645 |
| 1.1.2022 - 30.6.2022 | Note | Issued capital | Translation reserve |
Share premium | Revaluation reserve |
Retained earnings |
Total equity attributable to parent |
Non-controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| 64,063 | 10,716 | 2,661,979 | 19,216 | 1,350,856 | 4,106,830 | -- | 4,106,830 | ||
| BALANCE AT 1 JANUARY 2022 | |||||||||
| COMPREHENSIVE INCOME FOR THE PERIOD | |||||||||
| Profit for period | -- | -- | -- | -- | 496,312 | 496,312 | -6,090 | 490,222 | |
| OTHER COMPREHENSIVE INCOME | |||||||||
| Revaluation of Plant and equipment | -- | -- | -- | -648 | -- | -648 | -- | -648 | |
| Foreign currency translation differences | -- | -1,565 | -- | -- | -- | -1,565 | -- | -1,565 | |
| Comprehensive income for the period | -- | -1,565 | -- | -648 | 496,312 | 494,099 | -6,090 | 488,009 | |
| OTHER MOVEMENTS | |||||||||
| Share issuance | 12 | 5,187 | -- | 397,476 | -- | -- | 402,663 | -- | 402,663 |
| Acquisition of NCI | 3 | -- | -- | -- | -- | -- | -- | 97,465 | 97,465 |
| Dividends | 122 | -- | -122 | -- | -67,942 | -67,942 | -- | -67,942 | |
| Other | -- | -- | -- | -- | 61 | 61 | -- | 61 | |
| Total other movements | 5,309 | -- | 397,354 | -- | -67,881 | 334,782 | 97,465 | 432,247 | |
| BALANCE AT 30 JUNE 2022 | 69,372 | 9,151 | 3,059,333 | 18,568 | 1,779,287 | 4,935,711 | 91,375 | 5,027,086 |
| 1.1.2021 – 30.6.2021 | Note | Issued capital | Translation reserve |
Share premium | Revaluation reserve |
Retained earnings |
Total equity attributable to parent |
Non-controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| BALANCE AT 1 JANUARY 2021 | 53,760 | 14,458 | 1,858,460 | 11,662 | 324,862 | 2,263,202 | 1,031 | 2,264,233 | |
| COMPREHENSIVE INCOME FOR THE PERIOD | |||||||||
| Profit for period | -- | -- | -- | -- | 188,279 | 188,279 | -- | 188,279 | |
| OTHER COMPREHENSIVE INCOME | |||||||||
| Revaluation of Plant and equipment | -- | -- | -- | 1,527 | -- | 1,527 | -- | 1,527 | |
| Foreign currency translation differences | -- | 168 | -- | -- | -- | 168 | 168 | ||
| Comprehensive income for the period | -- | 168 | -- | 1,527 | 188,279 | 189,974 | -- | 189,974 | |
| OTHER MOVEMENTS | |||||||||
| Share issuance | 12 | 9,763 | -- | 809,511 | -- | -- | 819,274 | 819,274 | |
| Increase of shares without change of control | -- | -- | -- | -- | -28 | -28 | -1,031 | -1,059 | |
| Total other movements | 9,763 | -- | 809,511 | -- | -28 | 819,246 | -1,031 | 818,215 | |
| BALANCE AT 30 JUNE 2021 | 63,523 | 14,626 | 2,667,971 | 13,189 | 513,113 | 3,272,422 | -- | 3,272,422 |
For the six-month period ended
| In EUR thousand | Note | 30 June 2022 | 30 June 2021 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net result for the period | 490,222 | 188,279 | |
| ADJUSTMENTS FOR: | |||
| Net valuation result on investment property | -499,016 | -145,743 | |
| Amortisation and depreciation | 5,855 | 5,102 | |
| Net interest expense | 38,153 | 42,744 | |
| Change in fair value of derivatives and associated closeout costs | -2,678 | -11,714 | |
| Other changes | 436 | -6,961 | |
| Change in foreign currency rates | 5,864 | 2,753 | |
| Income tax expense | 9 | 119,820 | 44,935 |
| 158,656 | 119,395 | ||
| Decrease/(increase) in trade and other receivables | 25,095 | -43,299 | |
| Increase/(decrease) in trade and other payables | -7,264 | -26,883 | |
| Decrease/(increase) in contract assets | 2,807 | 10,030 | |
| 20,638 | -60,152 | ||
| Interest paid | -27,925 | -21,617 | |
| Interest received | -302 | 223 | |
| Income taxes paid Cash flows from operating activities |
-25,885 125,182 |
14,695 52,543 |
|
| INVESTMENT ACTIVITIES | |||
| Acquisition of investment property | -37,576 | -48,180 | |
| Acquisition of property, plant and equipment | -5,769 | -22,884 | |
| Advances paid for investment property and PPE | -2,538 | -- | |
| Proceeds from disposal of property, plant and equipment | 12,719 | -- | |
| Acquisition of subsidiaries, net of cash acquired | -138,325 | -60,735 | |
| Loans and borrowings provided to related parties | -1,500 | -15,000 | |
| Proceeds from loans and borrowings provided to related parties | 4,626 | 3,542 | |
| Development of investment property | -450,991 | -275,205 | |
| Cash flows used in investing activities | -619,354 | -418,462 | |
| FINANCING ACTIVITIES | |||
| Bonds issued | 15 | 695,226 | 1,487,520 |
| Repayment of interest-bearing loans and borrowings/bonds | 15 | -434,517 | -1,910,975 |
| Proceeds from interest-bearing loans and borrowings | 15 | 53,987 | 75,468 |
| Repayment of loans/liabilities to related companies | -- | -35,969 | |
| Transaction costs related to loans and borrowings/bonds | 15 | 832 | -23,844 |
| Proceeds from the issue of share capital | 15 | -- | 854,238 |
| Transaction costs related to issue of new shares | -- | -13,208 | |
| Distribution of funds to shareholders | -67,942 | -- | |
| Payment of lease liabilities | 15 | -555 | -500 |
| Cash flows from/used in financing activities | 247,031 | 432,730 | |
| Cash and cash equivalents at 1 January | 892,816 | 419,141 | |
| Net increase in cash and cash equivalents | -247,141 | 66,811 | |
| Change in foreign currency rates | -5,413 | 1,559 | |
| Cash and cash equivalents at 30 June | 640,262 | 487,511 |
CTP N.V. (the "Company") is a Dutch based real estate developer developing and leasing a portfolio of properties in Western, Central and Eastern Europe.
These condensed consolidated interim financial statements comprise the Company and its subsidiaries (collectively referred to as the "Group" or "CTP Group" or "CTP" and individually "Group companies").
These financial statements cover the six-month period of the year 2022, which ended at the balance sheet date of 30 June 2022.
CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business parks throughout Western, Central and Eastern Europe.
The visiting address of CTP N.V. is located at Apollolaan 151, 1077 AR Amsterdam, the Netherlands. Corporate seat of the Company is located in Amsterdam, the Netherlands.
RSIN number: 860528091
Registration number: 76158233
CTP N.V. was incorporated on 21 October 2019, for an unlimited period of time. In March 2021, as the Company has emitted its shares on Amsterdam stock exchange, the Company has changed its legal form from B.V. to N.V.
| Shareholders | Number of shares | Share in registered capital | Share in voting rights |
|---|---|---|---|
| CTP Holding B.V. | 333,207,402 | 76.86% | 76.86% |
| Individual shareholders | 100,370,314 | 23.14% | 23.14% |
| 433,577,716 | 100.00% | 100.00% |
Ultimate parent of the Group is the company Multivest B.V. (the Netherlands).
| Executive directors: | Remon L. Vos Richard J. Wilkinson |
|---|---|
| Non - executive directors: | Susanne Eickermann-Riepe Barbara Knoflach Gerard van Kesteren Pavel Trenka |
The principal operation of the Group is the lease and development of investment property. The Group manages its activities based on geographical segmentation as the substance of the business activities is the same in all regions, where the Group operates.
The Group's principal activities are performed in the following main operating segments: Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany, Other geographical segments and Hotel Segment.
The Group operates 3 hotels under the Courtyard by Marriott brand in the Czech Republic (Prague Airport, Pilsen and Brno) under management agreements with third party, which are presented under separate Hotel Segment.
| Segment | Segment description |
|---|---|
| Czech Republic | Industrial property, offices, retail, other |
| Romania | Industrial property |
| Hungary | Industrial property, offices |
| Slovakia | Industrial property, offices |
| The Netherlands | Industrial property |
| Germany | Industrial property, offices |
| Other segments | Other segments which do not meet criteria for separate segment reporting recognition |
| Hotel segment | Operation of 3 hotels in the Czech Republic |
| In EUR thousand | Czech Republic |
Hungary | Romania | Slovakia | The Netherlands |
Germany | Other | Hotel segment |
Total Segment |
Inter segment eliminations |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rental income | 112,669 | 23,670 | 39,605 | 17,958 | 1,064 | 26,888 | 8,646 | -- | 230,500 | -- | 230,500 |
| Service charge income | 8,542 | 2,962 | 5,255 | 2,091 | -- | 4,742 | 274 | -- | 23,866 | -- | 23,866 |
| Property operating expenses | -18,485 | -3,807 | -4,372 | -2,833 | -29 | -11,528 | -1,613 | -194 | -42,861 | -- | -42,861 |
| Net rental income | 102,726 | 22,825 | 40,488 | 17,216 | 1,035 | 20,102 | 7,307 | -194 | 211,505 | -- | 211,505 |
| Hotel operating revenue | -- | -- | -- | -- | -- | -- | -- | 7,181 | 7,181 | -- | 7,181 |
| Hotel operating expenses | -- | -- | -- | -- | -- | -- | -- | -6,048 | -6,048 | -- | -6,048 |
| Net operating income from hotel operations | -- | -- | -- | -- | -- | -- | -- | 1,133 | 1,133 | -- | 1,133 |
| Income from development activities | 14,827 | 761 | 4,940 | -- | -- | -- | 2,723 | -- | 23,251 | -- | 23,251 |
| Expenses from development activities | -11,131 | -617 | -3,646 | -- | -- | -- | -2,033 | -- | -17,427 | -- | -17,427 |
| Net income from development activities | 3,696 | 144 | 1,294 | -- | -- | -- | 690 | -- | 5,824 | -- | 5,824 |
| Total revenues | 136,038 | 27,393 | 49,800 | 20,049 | 1,064 | 31,630 | 11,643 | 7,181 | 284,798 | -- | 284,798 |
| Total attributable external expenses | -29,616 | -4,424 | -8,018 | -2,833 | -29 | -11,528 | -3,646 | -6,242 | -66,336 | -- | -66,336 |
| Net valuation result on investment property | 341,868 | 33,285 | 44,768 | 43,336 | 22,090 | -39,269 | 52,938 | -- | 499,016 | -- | 499,016 |
| Other income | 8,044 | 68 | 63 | 88 | 2,577 | 220 | 159 | -- | 11,219 | -6,850 | 4,369 |
| Amortization and depreciation | -4,196 | -100 | -179 | -69 | -26 | -192 | -253 | -- | -5,015 | -- | -5,015 |
| Employee benefits | -9,716 | -1,729 | -2,353 | -1,351 | -3,990 | -592 | -1,857 | -- | -21,588 | -- | -21,588 |
| Impairment of financial assets | 613 | -- | -- | -47 | -- | -103 | -- | -- | 463 | -- | 463 |
| Other expenses | -10,791 | -2,383 | -4,557 | -1,613 | -11,222 | -7,904 | -3,060 | -518 | -42,048 | 6,850 | -35,198 |
| Net other income/expenses | -16,046 | -4,144 | -7,026 | -2,992 | -12,661 | -8,571 | -5,011 | -518 | -56,969 | -- | -56,969 |
| Profit/loss before finance costs | 432,244 | 52,110 | 79,524 | 57,560 | 10,464 | -27,738 | 55,924 | 421 | 660,509 | -- | 660,509 |
| Interest income | 871 | -- | -- | 91 | 47,823 | 459 | -- | 21 | 49,265 | -46,995 | 2,270 |
| Interest expense | -21,427 | -7,380 | -14,174 | -3,259 | -27,702 | -7,215 | -5,899 | -362 | -87,418 | 46,995 | -40,423 |
| Other financial expenses | -231 | -55 | -68 | -225 | -13,185 | -1,022 | -65 | -63 | -14,914 | -- | -14,914 |
| Other financial gains/losses | 1,952 | 37,163 | -206 | 12 | -36,358 | -492 | 507 | 22 | 2,600 | -- | 2,600 |
| Net finance costs | -18,835 | 29,728 | -14,448 | -3,381 | -29,422 | -8,270 | -5,457 | -382 | -50,467 | -- | -50,467 |
| Profit/loss before income tax | 413,409 | 81,838 | 65,076 | 54,179 | -18,958 | -36,008 | 50,467 | 39 | 610,042 | -- | 610,042 |
| Income tax expense | -82,862 | -9,039 | -11,152 | -11,892 | 3,739 | 7,442 | -16,048 | -8 | -119,820 | -- | -119,820 |
| Profit for the period | 330,547 | 72,799 | 53,924 | 42,287 | -15,219 | -28,566 | 34,419 | 31 | 490,222 | -- | 490,222 |
| PROFIT ATTRIBUTABLE TO: | |||||||||||
| Non-controlling interests | -- | -- | -- | -- | -- | -6,090 | -- | -- | -6,090 | -- | -6,090 |
| Equity holders of the Company | 330,547 | 72,799 | 53,924 | 42,287 | -15,219 | -22,476 | 34,419 | 31 | 496,312 | -- | 496,312 |
| In EUR thousand | Czech Republic |
Hungary | Romania | Slovakia | The Netherlands |
Germany | Other | Hotel segment |
Total Segment |
Inter segment eliminations |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Investment property | 4,947,337 | 820,961 | 1,428,844 | 651,164 | 166,994 | 913,254 | 453,858 | -- | 9,382,412 | -- | 9,382,412 |
| Investment property under development | 256,206 | 116,238 | 86,490 | 84,587 | 276,346 | -- | 237,833 | -- | 1,057,700 | -- | 1,057,700 |
| Property, plant and equipment | 75,525 | 774 | 763 | 701 | 196 | 2,973 | 1,890 | 59,344 | 142,166 | -- | 142,166 |
| Intangible assets | 2,040 | -- | 4 | -- | 39 | 3 | 18 | 3 | 2,107 | -- | 2,107 |
| Financial investments | 731 | 23 | -- | -- | 53 | -- | -- | -- | 807 | -- | 807 |
| Derivative financial instruments | -- | 2,220 | -- | -- | -- | -- | -- | -- | 2,220 | -- | 2,220 |
| Trade and other receivables | 6,404 | 32,873 | 2,425 | 2,371 | 75 | -- | 19,312 | -- | 63,460 | -- | 63,460 |
| Long-term receivables from related parties | 4,000 | -- | -- | -- | 4,077,179 | -- | -- | -- | 4,081,179 -4,036,720 | 44,459 | |
| Deferred tax assets | 10,972 | 346 | 1,411 | -- | 15,245 | -- | 1,712 | 556 | 30,242 | -- | 30,242 |
| Total non-current assets | 5,303,215 | 973,435 | 1,519,937 | 738,823 | 4,536,127 | 916,230 | 714,623 | 59,903 14,762,293 -4,036,720 10,725,573 | |||
| Trade and other receivables | 65,759 | 25,498 | 58,479 | 10,965 | 17,039 | 15,014 | 47,291 | 1,375 | 241,420 | -- | 241,420 |
| Short-term receivables due from related parties | 22 | -- | -- | -- | 84,916 | -- | -- | -- | 84,938 | -84,916 | 22 |
| Derivative financial instruments | -- | 985 | -- | -- | -- | -- | -- | -- | 985 | -- | 985 |
| Contract assets | 2,867 | -- | 1,327 | -- | -- | -- | -- | 38 | 4,232 | -- | 4,232 |
| Current income tax receivable | 11,105 | 172 | 892 | 34 | 23 | -- | 595 | -- | 12,821 | -- | 12,821 |
| Cash and cash equivalents | 22,700 | 52,391 | 11,757 | 17,547 | 433,959 | 71,759 | 24,725 | 5,424 | 640,262 | -- | 640,262 |
| Total current assets | 102,453 | 79,046 | 72,455 | 28,546 | 535,937 | 86,773 | 72,611 | 6,837 | 984,658 | -84,916 | 899,742 |
| Total assets | 5,405,668 | 1,052,481 | 1,592,392 | 767,369 | 5,072,064 | 1,003,003 | 787,234 | 66,740 15,746,951 | -4,121,636 | 11,625,315 | |
| Total equity | 2,355,967 | 423,596 | 534,468 | 318,846 | 728,582 | 482,517 | 146,054 | 37,056 | 5,027,086 | -- | 5,027,086 |
| LIABILITIES | |||||||||||
| Interest-bearing loans and borrowings from financial institutions |
585,351 | 56,994 | -- | 109,519 | 391,120 | 179,986 | -- | -- | 1,322,970 | -- | 1,322,970 |
| Bond issued | -- | -- | -- | -- | 3,900,559 | 19,733 | -- | -- | 3,920,292 | -- | 3,920,292 |
| Trade and other payables | 29,316 | 10,246 | 10,273 | 1,126 | 12,330 | 26,382 | 3,211 | 3,217 | 96,101 | -- | 96,101 |
| Long-term payables to related parties | 1,610,980 | 495,991 | 922,270 | 254,684 | 15 | 196,756 | 539,190 | 16,852 | 4,036,738 -4,036,720 | 18 | |
| Derivative financial instruments | -- | -- | -- | -- | -- | 240 | -- | -- | 240 | -- | 240 |
| Deferred tax liabilities | 655,465 | 37,147 | 74,721 | 59,778 | 5,845 | 32,538 | 31,770 | 2,594 | 899,858 | -- | 899,858 |
| Total non-current liabilities | 2,881,112 | 600,378 | 1,007,264 | 425,107 | 4,309,869 | 455,635 | 574,171 | 22,663 10,276,199 -4,036,720 | 6,239,479 | ||
| Interest-bearing loans and borrowings from financial | 5,439 | 2,788 | -- | -- | -- | 12,904 | -- | -- | 21,131 | -- | 21,131 |
| institutions Bonds issued |
-- | -- | -- | -- | 19,149 | -- | -- | -- | 19,149 | -- | 19,149 |
| Trade and other payables | 144,704 | 17,443 | 33,753 | 20,003 | 10,482 | 45,744 | 32,530 | 2,278 | 306,937 | -- | 306,937 |
| -- | |||||||||||
| Short-term payables to related parties | 16,020 | 7,234 | 15,915 | 3,054 | -- | 3,674 | 34,319 | 4,700 | 84,916 | -84,916 | |
| Derivative financial instruments | -- | -- | -- | -- | -- | 161 | -- | -- | 161 | -- | 161 |
| Current income tax payables Total current liabilities |
2,426 168,589 |
1,042 28,507 |
992 50,660 |
359 23,416 |
3,982 33,613 |
2,368 64,851 |
160 67,009 |
43 7,021 |
11,372 443,666 |
-- -84,916 |
11,372 358,750 |
| Total liabilities | 3,049,701 | 628,885 | 1,057,924 | 448,523 4,343,482 | 520,486 | 641,180 | 29,684 10,719,865 | -4,121,636 | 6,598,229 | ||
| Total equity and liabilities | 5,405,668 | 1,052,481 | 1,592,392 | 767,369 | 5,072,064 | 1,003,003 | 787,234 | 66,740 15,746,951 | -4,121,636 | 11,625,315 |
| In EUR thousand | Czech Republic |
Hungary | Romania | Slovakia | The Netherlands |
Germany | Other | Hotel segment |
Total Segment |
Inter segment eliminations |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rental income | 100,360 | 12,448 | 29,303 | 12,642 | -- | 333 | 4,722 | -- | 159,808 | -- | 159,808 |
| Service charge income | 7,640 | 1,620 | 3,866 | 1,305 | -- | -- | 273 | -- | 14,704 | -- | 14,704 |
| Property operating expenses | -7,535 | -2,286 | -2,687 | -1,183 | -35 | -52 | -331 | -96 | -14,205 | -- | -14,205 |
| Net rental income | 100,465 | 11,782 | 30,482 | 12,764 | -35 | 281 | 4,664 | -96 | 160,307 | -- | 160,307 |
| Hotel operating revenue | -- | -- | -- | -- | -- | -- | -- | 2,664 | 2,664 | -- | 2,664 |
| Hotel operating expenses | -- | -- | -- | -- | -- | -- | -- | -2,538 | -2,538 | -- | -2,538 |
| Net operating income from hotel operations | -- | -- | -- | -- | -- | -- | -- | 126 | 126 | -- | 126 |
| Income from development activities | 14,734 | -- | -- | -- | -- | -- | 8,665 | -- | 23,399 | -- | 23,399 |
| Expenses from development activities | -10,618 | -- | -- | -- | -- | -- | -6,523 | -- | -17,141 | -- | -17,141 |
| Net income from development activities | 4,116 | -- | -- | -- | -- | -- | 2,142 | -- | 6,258 | -- | 6,258 |
| Total revenues | 122,734 | 14,068 | 33,169 | 13,947 | -- | 333 | 13,660 | 2,664 | 200,575 | -- | 200,575 |
| Total attributable external expenses | -18,153 | -2,286 | -2,687 | -1,183 | -35 | -52 | -6,854 | -2,634 | -33,884 | -- | -33,884 |
| Net valuation result on investment property | 74,964 | 41,654 | 13,324 | 11,622 | -- | -- | 4,179 | -- | 145,743 | -- | 145,743 |
| Other income | 5,091 | 37 | 208 | 157 | 207 | 28 | 36 | -- | 5,764 | -1,717 | 4,047 |
| Amortization and depreciation | -3,908 | -74 | -164 | -36 | -- | -- | -108 | -812 | -5,102 | -- | -5,102 |
| Employee benefits | -6,906 | -1,470 | -1,986 | -767 | -375 | -- | -817 | -- | -12,321 | -- | -12,321 |
| Impairment of financial assets | 268 | -- | -- | -20 | -- | -- | -- | -- | 248 | -- | 248 |
| Other expenses | -5,797 | -1,513 | -1,714 | -554 | -641 | -96 | -984 | -7 | -11,306 | 1,717 | -9,589 |
| Net other income/expenses | -11,252 | -3,020 | -3,656 | -1,220 | -809 | -68 | -1,873 | -819 | -22,717 | -- | -22,717 |
| Net profit/loss before finance costs | 168,293 | 50,416 | 40,150 | 23,166 | -844 | 213 | 9,112 | -789 | 289,717 | -- | 289,717 |
| Interest income | 2 | -- | -- | -- | 24,249 | -- | -- | 78 | 24,329 | -23,352 | 977 |
| Interest expense | -30,182 | -3,364 | -12,496 | -2,981 | -15,332 | -32 | -2,353 | -333 | -67,073 | 23,352 | -43,721 |
| Other financial expenses | -11,889 | -2,332 | -3,816 | -13 | -2,155 | -9 | -59 | -17 | -20,290 | -- | -20,290 |
| Other financial gains/losses | 2,943 | -2,549 | 593 | -1 | 5,471 | -- | 16 | 58 | 6,531 | -- | 6,531 |
| Net finance costs | -39,126 | -8,245 | -15,719 | -2,995 | 12,233 | -41 | -2,396 | -214 | -56,503 | -- | -56,503 |
| Profit/loss before income tax | 129,167 | 42,171 | 24,431 | 20,171 | 11,389 | 172 | 6,716 | -1,003 | 233,214 | -- | 233,214 |
| Income tax expense | -33,131 | -3,857 | -3,494 | -4,713 | 2,372 | -90 | -1,401 | -621 | -44,935 | -- | -44,935 |
| Profit for the period | 96,036 | 38,314 | 20,937 | 15,458 | 13,761 | 82 | 5,315 | -1,624 | 188,279 | -- | 188,279 |
| PROFIT ATTRIBUTABLE TO: | |||||||||||
| Non-controlling interests | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Equity holders of the Company | 96,036 | 38,314 | 20,937 | 15,458 | 13,761 | 82 | 5,315 | -1,624 | 188,279 | -- | 188,279 |
| Total liabilities | 2,922,760 | 587,844 | 951,852 | 392,875 | 3,798,369 | 13,413 | 396,771 | 30,466 | 9,094,350 -3,514,535 | 5,579,815 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total current liabilities | 164,416 | 21,797 | 33,121 | 19,818 | 43,732 | 2,762 | 31,333 | 6,006 | 322,985 | -33,225 | 289,760 |
| Current income tax payables | 8,581 | 1,012 | 593 | 868 | 3,447 | 1,211 | 2,503 | 74 | 18,289 | -- | 18,289 |
| Derivative financial instruments | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Short-term payables to related parties | -- | 4,152 | 7,450 | 787 | -- | 505 | 16,139 | 4,192 | 33,225 | -33,225 | -- |
| Trade and other payables | 152,248 | 13,853 | 25,078 | 14,237 | 16,707 | 594 | 12,691 | 1,740 | 237,148 | -- | 237,148 |
| Bonds issued | -- | -- | -- | -- | 13,490 | -- | -- | -- | 13,490 | -- | 13,490 |
| Interest-bearing loans and borrowings from financial institutions |
3,587 | 2,780 | -- | 3,926 | 10,088 | 452 | -- | -- | 20,833 | -- | 20,833 |
| Total non-current liabilities | 2,758,344 | 566,047 | 918,731 | 373,057 | 3,754,637 | 10,651 | 365,438 | 24,460 | 8,771,365 -3,481,310 | 5,290,055 | |
| Deferred tax liabilities | 579,754 | 29,526 | 65,597 | 50,329 | 2,581 | 899 | 15,820 | 2,267 | 746,773 | -- | 746,773 |
| Derivative financial instruments | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Long-term payables to related parties | 1,566,880 | 467,679 | 841,305 | 232,174 | 15 | 7,786 | 346,667 | 18,812 | 3,481,328 | -3,481,310 | 18 |
| Trade and other payables | 24,047 | 10,462 | 11,829 | 1,169 | 10,762 | -- | 2,941 | 3,381 | 64,591 | -- | 64,591 |
| Bond issued | -- | -- | -- | - | 3,368,202 | -- | -- | -- | 3,368,202 | -- | 3,368,202 |
| LIABILITIES Interest-bearing loans and borrowings from financial institutions |
587,663 | 58,380 | -- | 89,385 | 373,077 | 1,966 | -- | -- | 1,110,471 | -- | 1,110,471 |
| Total equity | 2,005,701 | 350,842 | 473,608 | 275,803 | 896,078 | 671 | 69,421 | 34,706 | 4,106,830 | -- | 4,106,830 |
| Total assets | 4,928,461 | 938,686 | 1,425,460 | 668,678 4,694,447 | 14,084 | 466,192 | 65,172 | 13,201,180 -3,514,535 | 9,686,645 | ||
| Total current assets | 94,938 | 79,295 | 32,028 | 19,708 | 815,053 | 2,546 | 35,958 | 5,470 | 1,084,996 | -33,225 | 1,051,771 |
| Cash and cash equivalents | 30,721 | 59,545 | 6,302 | 5,386 | 772,807 | 2,061 | 11,665 | 4,329 | 892,816 | -- | 892,816 |
| Current income tax receivable | 5,732 | 73 | 1,046 | 159 | 10 | -- | 240 | -- | 7,260 | -- | 7,260 |
| Contract assets | 7,011 | -- | -- | -- | -- | -- | -- | 28 | 7,039 | -- | 7,039 |
| Derivative financial instruments | -- | 46 | -- | -- | -- | -- | -- | -- | 46 | -- | 46 |
| Short-term receivables due from related parties | 7,337 | -- | -- | 1,881 | 24,535 | -- | -- | -- | 33,753 | -33,225 | 528 |
| Trade and other receivables | 44,137 | 19,631 | 24,680 | 12,282 | 17,701 | 485 | 24,053 | 1,113 | 144,082 | -- | 144,082 |
| Total non-current assets | 4,833,523 | 859,391 | 1,393,432 | 648,970 | 3,879,394 | 11,538 | 430,234 | 59,702 | 12,116,184 -3,481,310 | 8,634,874 | |
| Deferred tax assets | 10,709 | 71 | 2,008 | 1,368 | 7,595 | -- | 1,858 | 443 | 24,052 | -- | 24,052 |
| Long-term receivables from related parties | 4,458 | -- | -- | -- | 3,523,976 | -- | -- | -- | 3,528,434 | -3,481,310 | 47,124 |
| Derivative financial instruments | -- | 126 | -- | -- | -- | -- | -- | -- | 126 | -- | 126 |
| Trade and other receivables | 51,494 | 10,745 | 1,123 | 2,763 | 242 | -- | 34,372 | -- | 100,739 | -- | 100,739 |
| Financial investments | 324 | -- | -- | -- | 135 | -- | -14 | -- | 445 | 445 | |
| intangible assets | 2,038 | -- | 1 | -- | 41 | -- | 26 | 5 | 2,111 | -- | 2,111 |
| Property, plant and equipment | 46,280 | 662 | 659 | 223 | 219 | 2,725 | 994 | 59,254 | 110,967 | -- | 110,967 |
| Investment property under development | 201,175 | 89,334 | 62,950 | 48,621 | 285,095 | -- | 87,028 | -- | 774,203 | -- | 774,203 |
| Investment property | 4,517,045 | 758,453 | 1,326,691 | 595,995 | 62,091 | 8,813 | 306,019 | -- | 7,575,107 | -- | 7,575,107 |
| ASSETS | |||||||||||
In six-month period ended 30 June 2022, the Group has acquired the below mentioned subsidiaries:
| Subsidiary | Country | Acquisition date |
|---|---|---|
| Deutsche Industrie Grundbesitz AG | Germany | 3 February 2022 |
| KONČINY SPV, s.r.o. | Czech Republic | 14 March 2022 |
| Dafne 23 sp. z o.o. | Poland | 9 May 2022 |
| 7R Project 37 sp. z o.o. | Poland | 9 May 2022 |
| 7R Project 31 sp. z o.o. | Poland | 9 May 2022 |
| 7R Project 68 sp. z o.o. | Poland | 9 May 2022 |
| 7R Project 64 sp. z o.o. | Poland | 9 May 2022 |
| 7R Project 30 sp. z o.o. | Poland | 9 May 2022 |
| Eglast Investment SRL | Romania | 20 May 2022 |
| Dani Global Development SRL | Romania | 20 May 2022 |
| 7R Project 41 sp. z o.o. | Poland | 7 June 2022 |
| 7R Project 44 sp. z o.o. | Poland | 14 June 2022 |
On 28 January 2022, the Group has received 98.17% shareholder support for its voluntary public takeover and delisting offer (the "Offer") for and contemplated merger with Deutsche Industrie REIT-AG (now named Deutsche Industrie Grundbesitz AG) ("DIR").
The total number of DIR Shares tendered in the Offer was in aggregate 25,951,833 DIR Shares, corresponding to approximately 80.90% of the outstanding share capital in DIR.
Closing and settlement of the Offer, in which CTP offered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the "CTP Shares") for each tendered DIR Share (the "Share Consideration"), has taken place on 3 February 2022. During the acceptance period, a total of 25,937,060 tendered DIR Shares opted for the Share Consideration. Accordingly, a total of 32,421,325 CTP Shares were issued.
Effect of acquisitions on the financial statements of the Group is as follows:
| In EUR thousand | Germany - Deutsche Industrie Grundbesitz AG |
Czech Republic | Poland | Romania | Total |
|---|---|---|---|---|---|
| Investment property | 941,575 | 8,095 | 129,979 | 12,416 | 1,092,065 |
| Investment property under development | -- | -- | 11,136 | 18 | 11,154 |
| Property, plant & equipment | 245 | -- | 22 | -- | 267 |
| Intangible assets | 3 | -- | -- | -- | 3 |
| Financial derivatives | 125 | -- | -- | -- | 125 |
| Cash and cash equivalents | 11,031 | -- | 2,805 | 554 | 14,390 |
| Asset held for sale | 7,300 | -- | -- | -- | 7,300 |
| Trade and other receivables | 104,131 | -- | 13,277 | 71 | 117,479 |
| Total assets | 1,064,410 | 8,095 | 157,219 | 13,059 | 1,242,783 |
| Interest-bearing loans and borrowings from financial institutions | -232,990 | -- | -- | -- | -232,990 |
| Deferred tax liability | -40,316 | -- | -- | -- | -40,316 |
| Bonds issued | -207,480 | -- | -- | -- | -207,480 |
| Financial derivatives | -36 | -- | -- | -- | -36 |
| Trade and other liabilities | -73,302 | -3 | -8,429 | -299 | -82,033 |
| Total liabilities | -554,124 | -3 | -8,429 | -299 | -562,855 |
| Non-controlling interest acquired | 97,465 | -- | -- | -- | 97,465 |
| Net assets acquired | 412,821 | 8,092 | 148,790 | 12,760 | 582,463 |
| Consideration paid in cash | -253 | -8,092 | -121,705 | -12,760 | -142,810 |
| Consideration settled by shares of CTP N.V. | -402,663 | -- | -- | -- | -402,663 |
| Consideration not settled till period end | -- | -- | -27,085 | -- | -27,085 |
| Other consideration paid | -9,905 | -- | -- | -- | -9,905 |
| Net cash inflow/ outflow | 873 | -8,092 | -118,900 | -12,206 | -138,325 |
The acquisitions were recognized as a property asset acquisition as acquired companies does not represent a business as defined by IFRS 3.
On 1 January 2022, the entities CTPark Bor II, spol. s r.o. and CTPark Bor III, spol. s r.o. were incorporated by spin-off from CTP Alpha, spol. s r.o. The part of the assets was transferred from CTP Alpha, spol, s r.o., to these entities according to the project prepared on 16 November 2021. Subsequently CTPark Bor III, spol. s r.o. was transferred from CTP Industrial Property, spol. s r.o., to CTPark Bor, spol. s r.o. on 21 February 2022.
In 2022, the entity CTP Delta B.V. was renamed to CTPark Bremen B.V., the entity CTP Dafne 23 sp. z o.o. was renamed to CTP Tau Poland sp. z o.o., the entity 7R Project 37 sp. z o.o. was renamed to CTP Chi Poland sp. z o.o., the entity 7R Project 68 sp. z o.o. was renamed to CTP Property Alpha sp. z o.o., the entity 7R Project 30 sp. z o.o. was renamed to CTP Property Gamma sp. z.o. and the entity 7R Project 64 sp. z o.o. was renamed to CTP Property Beta sp. z o.o.
In 2022, the Group wound up subsidiary CTP Property Serbia, spol. s.r.o.
In 2021, the Group has acquired the below mentioned subsidiaries:
| Subsidiary | Country | Acquisition date |
|---|---|---|
| Amsterdam Logistic Cityhub B.V. | The Netherlands | 12 August 2021 |
| CTP Mu B.V. | The Netherlands | 29 December 2021 |
| CTPark Námestovo, spol. s r.o. | Slovakia | 22 December 2021 |
| Office Campus Real Estate Kft. | Hungary | 23 June 2021 |
| CTPark Twenty Three Kft. | Hungary | 25 November 2021 |
| CTPark Twenty Five Kft. | Hungary | 23 December 2021 |
| CTPark Twenty Six Kft. | Hungary | 23 December 2021 |
| CTPark Twenty Seven Kft. | Hungary | 23 December 2021 |
| CTPark Twenty Four Kft. | Hungary | 31 December 2021 |
| CTPark Oradea North SRL | Romania | 9 September 2021 |
| CTPark Arad North SRL | Romania | 9 September 2021 |
| CTPark Sibiu East SRL | Romania | 9 September 2021 |
| CTPark Craiova East SRL | Romania | 9 September 2021 |
| CTPark Bucharest South II SRL | Romania | 30 September 2021 |
| CTPark Brasov West SRL | Romania | 30 September 2021 |
| CTPark Timisoara East SRL | Romania | 30 September 2021 |
| CTPark Brasov SRL | Romania | 30 September 2021 |
| Project Vrajdebna EOOD | Bulgaria | 2 August 2021 |
| CTPark Kappa EOOD | Bulgaria | 9 August 2021 |
| CTPark Lambda EOOD | Bulgaria | 30 September 2021 |
| PŘÍDÁNKY SPV, s.r.o. | Czech Republic | 29 June 2021 |
| RENWON a.s. | Czech Republic | 16 August 2021 |
| CTP Property Alpha d.o.o. Beograd-Novi Beograd | Serbia | 3 March 2021 |
with the effect on the financial statement of the Group as follows:
| In EUR thousand | The Netherlands |
Slovakia | Romania | Hungary | Bulgaria | Czech Republic |
Serbia | Total |
|---|---|---|---|---|---|---|---|---|
| Investment property | 37,285 | 80,795 | 147,120 | 111,949 | 38,046 | 25,257 | 20,031 | 460,483 |
| Investment property under development | 213,131 | 1,130 | 10,522 | 19,255 | -- | -- | -- | 244,038 |
| Property, plant & equipment | -- | -- | 1 | -- | -- | -- | -- | 1 |
| Intangible assets | 12 | -- | -- | -- | -- | -- | -- | 12 |
| Cash and cash equivalents | 1,422 | 906 | 57,422 | 5,935 | 880 | 467 | 11 | 67,043 |
| Deferred tax asset | 12 | 1,368 | -- | -- | 24 | -- | -- | 1,404 |
| Trade and other receivables | 65 | 4,358 | 5,978 | 2,649 | 226 | 326 | 2 | 13,603 |
| Total assets | 251,926 | 88,557 | 221,043 | 139,788 | 39,176 | 26,050 | 20,044 | 786,584 |
| Interest-bearing loans and borrowings from financial institutions | -- | -26,292 | -39,575 | -- | -- | -- | -65,867 | |
| Deferred tax liability | -2,121 | -- | -- | -- | -- | -- | -- | -2,121 |
| Trade and other liabilities | -9,684 | -1,531 | -20,282 | -2,471 | -67 | -170 | -22 | -34,227 |
| Total liabilities | -11,805 | -27,823 | -59,857 | -2,471 | -67 | -170 | -22 | -102,215 |
| Net assets acquired | 240,121 | 60,734 | 161,186 | 137,317 | 39,109 | 25,880 | 20,022 | 684,369 |
| Consideration paid | -199,107 | -60,734 | -138,582 | -137,317 | -39,109 | -24,740 | -20,022 | -619,611 |
| Consideration not settled till period end | -41,014 | -- | -22,604 | -- | -- | -1,140 | -- | -64,758 |
| Net cash outflow | -197,685 | -59,828 | -81,160 | -131,382 | -38,229 | -24,273 | -20,011 | -552,568 |
The following most significant transactions took place in 2021:
| In EUR thousand | Amsterdam Logistic Cityhub B.V. (NL) |
CTP Mu B.V. (NL) |
CTPark Námestovo, spol. s r.o. (SK) |
|---|---|---|---|
| Investment property | -- | 37,285 | 80,795 |
| Investment property under development | 213,131 | -- | 1,130 |
| Property, plant & equipment | -- | -- | -- |
| Intangible assets | 12 | -- | -- |
| Cash and cash equivalents | 1,422 | -- | 906 |
| Deferred tax asset | 12 | -- | 1,368 |
| Trade and other receivables | 65 | -- | 4,358 |
| Total assets | 214,641 | 37,285 | 88,556 |
| Interest-bearing loans and borrowings from financial institutions | -- | -- | -26,292 |
| Deferred tax liability | -- | -2,121 | -- |
| Trade and other liabilities | -9,521 | -163 | -1,530 |
| Total liabilities | -9,521 | -2,284 | -27,822 |
| Net assets acquired | 205,120 | 35,001 | 60,734 |
| Consideration paid | -164,106 | -35,001 | -60,734 |
| Consideration not settled till period end | -41,014 | -- | -- |
| Net cash outflow | -162,685 | -35,001 | -59,827 |
The acquisitions were recognized as a property asset acquisition as acquired companies does not represent a business as defined by IFRS 3.
During the year 2021, the subsidiaries CTPark České Budějovice, spol. s r.o. and CTPark České Budějovice II, spol. s r.o. were disposed outside of the Group for the consideration paid of EUR 8,950 thousand.
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Industrial | 204,119 | 135,596 |
| Office | 16,119 | 16,147 |
| Retail | 447 | 399 |
| Other | 9,815 | 7,666 |
| Total rental income | 230,500 | 159,808 |
| Service charge income | 23,866 | 14,704 |
| Total gross rental income and service charge income | 254,366 | 174,512 |
CTP leases out its investment property under operating leases. The operating leases are generally for terms of 5 - 15 years.
Other gross rental income represents termination fees, rental income from rent of parking slots, garages, yards, porches and cloakrooms.
Service charge income represents fixed contractual income receivable from tenants for maintenance, cleaning, security, garbage management and usage of infrastructure. The revenues were generated in the following countries where CTP operates:
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Czech Republic | 121,211 | 108,000 |
| Romania | 44,860 | 33,169 |
| Germany | 31,630 | 333 |
| Hungary | 26,632 | 14,068 |
| Slovakia | 20,049 | 13,947 |
| Serbia | 5,628 | 3,642 |
| Bulgaria | 1,715 | 340 |
| Poland | 1,493 | 921 |
| The Netherlands | 1,064 | -- |
| Austria | 65 | 92 |
| Slovenia | 19 | -- |
| Total gross rental income | 254,366 | 174,512 |
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Maintenance and repairs | -25,849 | -6,656 |
| Park Management expenses | -9,206 | -3,614 |
| Real estate tax | -5,787 | -2,461 |
| Insurance | -1,666 | -1,289 |
| Other | -353 | -185 |
| Total property operating expenses | -42,861 | -14,205 |
In 2022, significant increase in repairs and maintenance is connected mainly with German and Czech portfolio.
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Bank interest expense | -12,271 | -14,012 |
| Interest expense from liabilities due from related parties | -- | -384 |
| Interest expense from financial derivative instruments | -105 | -5,366 |
| Arrangement fees | -3,209 | -14,238 |
| Interest expense from bonds issued | -24,838 | -9,721 |
| Interest expense | -40,423 | -43,721 |
In 2022, Arrangement fees includes one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 – EUR 12,385 thousand).
| in EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Bank fees | -2,261 | -1,712 |
| Financing fees | -12,620 | -18,383 |
| Other financial expenses | -33 | -195 |
| Other financial expenses | -14,914 | -20,290 |
The financing fees include prepayment fee of EUR 10,381 thousand (2021 – EUR 16,629 thousand) for premature bonds and loan repayments, respectively.
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| Change in FMV of derivatives and associated close out costs | 2,678 | 11,714 |
| Foreign exchange gains/(losses) | -141 | -5,219 |
| Other financial gains/ (losses) | 63 | 36 |
| Other financial gains/(losses) | 2,600 | 6,531 |
| In EUR thousand | 30 June 2022 | 30 June 2021 |
|---|---|---|
| CURRENT TAX INCOME/(EXPENSE) RELATED TO | ||
| Current period | -14,093 | -8,597 |
| Prior period | 59 | -714 |
| Total | -14,034 | -9,311 |
| DEFERRED TAX EXPENSE | ||
| Deferred tax expense | -105,786 | -35,624 |
| Total | -105,786 | -35,624 |
| Total income tax expense in statement of profit and loss and other comprehensive income | -119,820 | -44,935 |
The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.
The income tax rate is valid for 2022 and is as well valid for the future periods when the Group expects to utilize the tax impacts from previous years.
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| BUILDINGS AND LAND | 8,613,992 | 7,048,269 |
| industrial | 7,862,625 | 6,445,781 |
| office | 694,790 | 549,300 |
| retail and other | 56,577 | 53,188 |
| Landbank | 768,420 | 526,838 |
| Total | 9,382,412 | 7,575,107 |
| In EUR thousand | Owned buildings and land |
Landbank | Leased Assets |
Total Investment Property |
|---|---|---|---|---|
| Balance at 1 January 2021 | 5,058,268 | 325,945 | 2,017 | 5,386,230 |
| Transfer from/to investment property under development | 362,701 | -13,144 | -- | 349,557 |
| Transfer from/to owned buildings and land | 22,548 | -22,548 | -- | -- |
| Acquisitions | 495,376 | 87,625 | -- | 583,001 |
| Additions / Disposals | 341,693 | 105,536 | -- | 447,229 |
| Net valuation result | 765,666 | 43,424 | -- | 809,090 |
| Balance at 31 December 2021 | 7,046,252 | 526,838 | 2,017 | 7,575,107 |
| Balance at 1 January 2022 | 7,046,252 | 526,838 | 2,017 | 7,575,107 |
| Transfer from/to investment property under development | 129,928 | -22,958 | -- | 106,970 |
| Transfer from/to owned buildings and land | 1,981 | -1,981 | -- | -- |
| Acquisitions | 964,518 | 141,438 | -- | 1,105,956 |
| Additions / Disposals | 102,042 | 100,157 | -- | 202,199 |
| Net valuation result | 367,254 | 24,926 | -- | 392,180 |
| Balance at 30 June 2022 | 8,611,975 | 768,420 | 2,017 | 9,382,412 |
Owned buildings and land represent assets in CTP's legal ownership.
The landbank comprises the plots of land in CTP's ownership, which are available for development of new projects.
Investment property comprises a number of commercial properties that are leased to third parties.
Part of owned buildings and land are subject to bank collateral.
Acquisitions represents asset deal under acquisition of subsidiaries (refer to Note 5) and acquisitions of properties under asset deal agreements.
The most significant changes in investment property in 2022 relate to completed construction of industrial properties in Bor and Brno in the Czech Republic, in Budapest in Hungary and in Rotterdam in the Netherlands. In 2022, the CTP Group acquired also land bank, mainly in the Czech Republic, Poland, Romania, Austria, the Netherlands and Slovakia.
The most significant changes in investment property in 2021 relate to completed construction of industrial properties in Plzeň, Žatec, Ostrov u Tachova and Nošovice in the Czech Republic, Trnava, Nitra and Košice in Slovakia, and in Turda and Sibiu in Romania, office premises in Brno and in Bucharest in Romania, industrial premises in Budapest and Vecses in Hungary and in Kragujevac in Serbia.
The fair value measurement for investment property has been categorized as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the period.
The investment property is located in the following countries where CTP operates:
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| Czech Republic | 4,947,337 | 4,517,045 |
| Romania | 1,428,844 | 1,326,691 |
| Germany | 913,254 | 8,813 |
| Hungary | 820,961 | 758,453 |
| Slovakia | 651,164 | 595,995 |
| Poland | 200,943 | 83,103 |
| Serbia | 167,693 | 155,916 |
| The Netherlands | 166,994 | 62,091 |
| Bulgaria | 59,249 | 57,620 |
| Austria | 19,720 | 3,180 |
| Slovenia | 6,253 | 6,200 |
| Total | 9,382,412 | 7,575,107 |
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| Balance at 1 January | 774,203 | 387,347 |
| Additions/disposals | 248,747 | 140,895 |
| Acquisitions | 34,884 | 285,796 |
| Right-of-use assets | -- | 18,241 |
| Transfer from/to Investment property | -106,970 | -349,557 |
| Net valuation result | 106,836 | 291,481 |
| Balance at 30 June / 31 December | 1,057,700 | 774,203 |
The investment property under development comprises pipeline projects in several stages of completion and of land with planning permits in place which is still to be constructed but where pre-agreements with future tenants are available. The management estimates that all of the pipeline projects will be completed in the coming 12 months.
The investment property under development is located in the following countries where CTP operates:
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| The Netherlands | 276,346 | 285,095 |
| Czech Republic | 256,206 | 201,175 |
| Poland | 133,629 | 37,735 |
| Hungary | 116,238 | 89,334 |
| Romania | 86,490 | 62,950 |
| Slovakia | 84,587 | 48,621 |
| Austria | 48,623 | 31,714 |
| Serbia | 43,267 | 10,727 |
| Bulgaria | 12,314 | 6,852 |
| Total | 1,057,700 | 774,203 |
The fair value measurement for investment property under development has been categorized as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the period.
As at 30 June 2022, the issued capital comprised of the following:
| Type of shares | No. of shares | Nominal value of share | Issued capital in EUR |
|---|---|---|---|
| Ordinary shares | 433,577,716 | EUR 0.16 | 69,372,435 |
On 28 January 2022, the Group has acquired Deutsche Industrie REIT-AG (now named Deutsche Industrie Grundbesitz AG). CTP offered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the "CTP Shares") for each tendered DIR Share (the "Share Consideration"). The transaction resulted in issuance of 32,421,325 new shares of CTP N.V. For details refer to Note 3.
Following its annual general meeting on 26 April 2022, CTP N.V. announced final 2021 dividend of EUR 0.18 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company's shares on Euronext Amsterdam of the last three trading days of the election period, ending on 18 May 2022. The number of dividend rights that entitles to 1 new ordinary share has been set at 72.5.
Shareholders representing approximately 88% of the total number of outstanding ordinary shares have chosen to receive the dividend in cash, while shareholders representing c. 12% of the total number of outstanding ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares is 9 June 2022.
| Type of shares | No. of shares | Nominal value of share | Issued capital in EUR |
|---|---|---|---|
| Ordinary shares | 400,392,810 | EUR 0.16 | 64,062,850 |
On 29 March 2021, the Company has emitted its shares on Amsterdam's stock exchange. As at date of issuance of new shares, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share.
On 17 August 2021, CTP N.V. announced a H1 2021 interim dividend of EUR 0.17 per share. Shareholders were given the choice to receive the interim dividend either in cash or shares.
The number of dividend rights that entitles to 1 new ordinary CTP share has been set at 108. The conversion ratio is based on the volume-weighted average price of the CTP share during the period from 26 August up to and including 30 August 2021.
Shareholders representing 92% of the total number of outstanding ordinary shares have chosen to receive the dividend in stock, while shareholders representing 8% of the total number of outstanding ordinary shares opted for payment in cash.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of outstanding ordinary shares increased by 3,375,810 to a total of 400,392,810 shares. The payment date for the dividend payment in cash and delivery of the ordinary shares has been set on 22 September 2021.
In 2022, increase in share premium of EUR 397,476 thousand represent impact of acquisition of Deutsche Industrie Grundbesitz AG, which was settled in form of newly issued shares of CTP N.V. For details refer to Note 3.
In June 2022, decrease in Share premium of EUR 122 thousand is connected with announced final dividends for the year 2021 which has been settled in the form of new shares.
In 2021, after emission of shares on Amsterdam's stock exchange, there is an increase of EUR 809,572 thousand, which comprise of EUR 844,476 thousand of cash acquired and capitalised IPO costs of EUR 34,904 thousand.
In September 2021, decrease in Share premium of EUR 6,053 thousand is connected with announced interim dividends.
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements from the functional to the presentation currency.
In June 2022, the group has paid final dividends for the year 2021 of EUR 77,907 thousand, out of which EUR 67,942 thousand were paid in cash and the rest of dividends were paid in form of new shares.
In 2021, the group has paid dividends of EUR 67,492 thousand, out of which EUR 5,513 thousand were paid in cash and the rest of dividends were paid in form of new shares.
The calculation of basic earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.
| In EUR thousand | 1.1.2022 - 30.6.2022 | 1.1.2021 – 30.6.2021 |
|---|---|---|
| Profit/(loss) attributable to Equity holders of the Company | 496,312 | 188,279 |
| Dividends on non-redeemable preference shares | -- | -- |
| Profit/(loss) attributable to ordinary shareholders | 496,312 | 188,279 |
| 1.1.2022 - 30.6.2022 | 1.1.2021 – 30.6.2021 | |
| Issued ordinary shares at 1 January | 400,392,810 | 336,000,000 |
| Effect of shares issued related to a business combination | -- | -- |
| Effects of shares issued in 2022/2021 | 26,603,066 | 31,688,387 |
| Weighted-average number of ordinary shares at 30 June | 426,995,876 | 367,688,387 |
| Basic earnings per share | 1.16 | 0.51 |
The calculation of diluted earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
| In EUR thousand | 1.1.2022 - 30.6.2022 | 1.1.2021 – 30.6.2021 |
|---|---|---|
| Profit (loss) attributable to Equity holders of the Company (basic) | 496,312 | 188,279 |
| Interest expense on convertible notes, net of tax | -- | -- |
| Profit/(loss) attributable to ordinary shareholders | 496,312 | 188,279 |
| 1.1.2022 - 30.6.2022 | 1.1.2021 – 30.6.2021 | |
| Weighted-average number of ordinary shares (basic) | 426,995,876 | 367,688,387 |
| Effect of conversion of convertible notes | -- | -- |
| Effect of share options on issue | -- | -- |
| Weighted-average number of ordinary shares (diluted) at 30 June | 426,995,876 | 367,688,387 |
| Diluted earnings per share | 1.16 | 0.51 |
On 3 February 2022, the Group has acquired 80.9 % ownership interest in Deutsche Industrie REIT-AG (now named Deutsche Industrie Grundbesitz AG). For details refer to Note 3.
Share of non-controlling interest as at 30 June 2022 corresponds to 19.1% of the outstanding share capital in Deutsche Industrie Grundbesitz AG .
| In EUR thousand | June 2022 |
|---|---|
| NCI year end percentage | 19.10% |
| Non-current assets | 904,738 |
| Current assets | 84,308 |
| Non-current liabilities | -451,630 |
| Current liabilities | -58,996 |
| Net assets | 478,420 |
| Net assets attributable to NCI | 91,375 |
| Revenue | 25,371 |
| Profit | -31,883 |
| Other comprehensive income | -- |
| Total comprehensive income | -31,883 |
| Other Adjustment in profit loss allocated to NCI | -- |
| Profit/(loss) allocated to NCI | -6,090 |
| OCI allocated to NCI | -- |
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| NON-CURRENT LIABILITIES | ||
| Interest-bearing loans and borrowings from financial institutions | 1,327,230 | 1,115,412 |
| Accrued arrangement fees | -4,260 | -4,941 |
| Balance | 1,322,970 | 1,110,471 |
| In EUR thousand | 30 June 2022 | 31 December 2021 |
| CURRENT LIABILITIES | ||
| Interest-bearing loans and borrowings from financial institutions | 21,331 | 23,186 |
| Accrued arrangement fees | -200 | -2,353 |
| Balance | 21,131 | 20,833 |
| In EUR thousand | Balance as at 30 June 2022 | |||||
|---|---|---|---|---|---|---|
| Due within | Due in | |||||
| 1 year | 2 years | 3-5 years | follow. years | Total | ||
| Interest-bearing loans and borrowings from financial institutions | 21,331 | 21,507 | 124,808 | 1,180,915 | 1,348,561 |
| In EUR thousand | Balance as at 31 December 2021 | ||||
|---|---|---|---|---|---|
| Due within | Due in | ||||
| 1 year | 2 years | 3-5 years | follow. years | Total | |
| Interest-bearing loans and borrowings from financial institutions | 23,186 | 26,710 | 111,998 | 976,704 | 1,138,598 |
Bank loans with nominal value of EUR 2,143 thousand have interest rate based on EURIBOR, plus margin that vary from 1.50% to 2.174% (2021 – EUR 29,659 thousand, interest rate from 0.53% to 1.60%). The rest of bank loans have fixed interest rates from 0.75% to 3.06% (2021 – from 1.1% - 1.90%).
All of the Group's interest-bearing loans and borrowings from financial institutions have, among others, loan-to-value and debt service coverage ratio covenants. As at 30 June 2022 and 31 December 2021 there were no breach of covenant conditions. Bank loans are secured by pledges of shares, real estate, receivables and cash at bank accounts.
| In EUR thousand | Bank loans |
Related party loans |
Bonds | Lease liabilities |
IRS – assets |
IRS – liabilities |
Issued capital |
Share premium |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2022 | 1,131,304 | 18 | 3,381,692 | 13,833 | -172 | --- | 64,063 | 2,661,979 | 1,350,856 | 8,603,573 |
| CHANGES FROM FINANCING CASH FLOWS | ||||||||||
| Proceeds from Bonds | -- | -- | 695,226 | -- | -- | -- | -- | -- | -- | 695,226 |
| Proceeds from loans and borrowings | 53,987 | -- | -- | -- | -- | -- | -- | -- | -- | 53,987 |
| Transaction costs related to loans and borrowings, bonds and issue of share capital |
20 | -- | 812 | -- | -- | -- | -- | -- | -- | 832 |
| Repayment of the loans and borrowings | -77,324 | -- | -357,193 | -- | -- | -- | -- | -- | -- | -434,517 |
| Dividend in cash | -- | -- | -- | -- | -- | -- | -122 | 122 | -67,942 | -67,942 |
| Payment of lease liabilities | -- | -- | -- | -555 | -- | -- | -- | -- | -- | -555 |
| Total changes in financing cash flow | -23,317 | -- | 338,845 | -555 | -- | -- | -122 | 122 | -67,942 | 247,031 |
| Change in fair value | -- | -- | -- | -- | -3,079 | 401 | -- | -- | -- | -2,678 |
| Other adjustment | 1,857 | -17 | 210 | 305 | 171 | -36 | 5,431 | 397,232 | 61 | 405,214 |
| Acquisition of subsidiaries | 232,990 | -- | 207,480 | 25,656 | -125 | 36 | -- | -- | -- | 466,037 |
| Profit for the period | -- | -- | -- | -- | -- | -- | -- | -- | 496,312 | 496,312 |
| Interest expense | 15,463 | 17 | 24,838 | -- | -- | 105 | -- | -- | -- | 40,423 |
| Interest paid | -14,196 | -- | -13,624 | -- | -- | -105 | -- | -- | -- | -27,925 |
| Other liability related changes | 236,114 | -- | 218,904 | 25,961 | 46 | -- | 5,431 | 397,232 | 496,373 | 1,380,061 |
| Balance at 30 June 2022 | 1,344,101 | 18 | 3,939,441 | 39,239 | -3,205 | 401 | 69,372 | 3,059,333 | 1,779,287 | 10,227,987 |
| In EUR thousand | Bank loans |
Related party loans |
Bonds | Lease liabilities |
IRS – assets |
IRS – liabilities |
Issued capital |
Share premium |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2021 | 2,352,287 | 37,172 | 1,041,971 | 5,235 | -- | 34,066 | 53,760 | 1,858,460 | 324,862 | 5,707,813 |
| CHANGES FROM FINANCING CASH FLOWS | ||||||||||
| Proceeds from bonds | -- | -- | 2,479,615 | -- | -- | -- | -- | -- | -- | 2,479,615 |
| Proceeds from loans and borrowings | 677,468 | -- | -- | -- | -- | -- | -- | -- | -- | 677,468 |
| Transaction costs related to loans and borrowings, bonds and issue of share capital |
-4,669 | -- | -18,076 | -- | -- | -22,599 | -- | -34,904 | -- | -80,248 |
| Repayment of the loans and borrowings and bonds | -1,971,259 | -35,968 | -148,709 | -- | -- | -- | -- | -- | -- | -2,155,936 |
| Proceeds from the issue of share capital | -- | -- | -- | -- | -- | -- | 9,763 | 844,475 | -- | 854,238 |
| Dividend in cash | -- | -- | -- | -- | -- | -- | -- | -5,513 | -- | -5,513 |
| Payment of lease liabilities | -- | -- | -- | -974 | -- | -- | -- | -- | -- | -974 |
| Total changes in financing cash flows | -1,298,460 | -35,968 | 2,312,830 | -974 | -- | -22,599 | 9,763 | 804,058 | -- | 1,768,650 |
| Change in fair value | -- | -- | -- | -- | -172 | -11,955 | -- | -- | -- | -12,127 |
| Other adjustment | -5,322 | -164 | 17,084 | 2,425 | -- | 488 | -- | 1 | 58 | 14,570 |
| Acquisition of subsidiaries | 65,867 | -- | -- | 7,147 | -- | -- | -- | -- | -- | 73,014 |
| Dividend in stock | -- | -- | -- | -- | -- | -- | 540 | -540 | -- | -- |
| Profit for the period | -- | -- | -- | -- | -- | -- | -- | -- | 1,025,936 | 1,025,936 |
| Interest expense | 38,911 | 383 | 26,120 | -- | -- | 5,469 | -- | -- | -- | 70,883 |
| Interest paid | -21,979 | -1,405 | -16,313 | -- | -- | -5,469 | -- | -- | -- | -45,165 |
| Other liability related changes | 77,477 | -1,186 | 26,891 | 9,572 | -- | 488 | 540 | -539 | 1,025,994 | 1,139,237 |
| Balance at 31 December 2021 | 1,131,304 | 18 | 3,381,692 | 13,833 | -172 | -- | 64,063 | 2,661,979 | 1,350,856 | 8,603,573 |
| Bond Issuance Date | ISIN | Nominal value of total bonds issued In EUR |
Nominal value of each bond |
Currency | Type | Fix interest rate per annum ("p.a") |
Maturity date |
|---|---|---|---|---|---|---|---|
| 20 Jan 2022 | XS2434791690 | 700,000,000 | 100,000 | EUR | senior unsecured | 0.875% | 20 Jan 2026 |
| 27 Sept 2021 | XS2390530330 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.625% | 27 Sept 2026 |
| 27 Sept 2021 | XS2390546849 | 500,000,000 | 100,000 | EUR | senior unsecured | 1.500% | 27 Sept 2031 |
| 21 June 2021 | XS2356029541 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.500% | 21 June 2025 |
| 21 June 2021 | XS2356030556 | 500,000,000 | 100,000 | EUR | senior unsecured | 1.250% | 21 June 2029 |
| 18 Feb 2021 | XS2303052695 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.750% | 18 Feb 2027 |
| 27 Nov 2020 | XS2264194205 | 400,000,000 | 100,000 | EUR | senior unsecured | 0.625% | 27 Nov 2023 |
| 1 Oct 2020 | XS2238342484 | 331,813,000 | 100,000 | EUR | senior unsecured | 2.125% | 1 Oct 2025 |
| Total | 3,931,813,000 |
On 24 January 2022, the Group has repaid bonds from the emission with ISIN XS2238342484 in the nominal value of EUR 168,189 thousand.
On 3 February 2022, the Group acquired the subsidiary Deutsche Industrie Grundbesitz AG, where bonds in nominal value of EUR 181,680 thousand and related liability of EUR 25,800 thousand were acquired.
As at date of acquisition, bonds of Deutsche Industrie Grundbesitz AG in nominal value of EUR 43,680 thousand and liability of EUR 23,843 thousand were repaid.
On 17 May 2022, the Group has repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within Deutsche Industrie Grundbesitz AG) in nominal value of EUR 118,000 thousand.
| Bond Issuance Date | ISIN | Nominal value of total bonds issued In EUR |
Nominal value of each bond |
Currency | Type | Fix interest rate per annum ("p.a") |
Maturity date |
|---|---|---|---|---|---|---|---|
| 27 Sept 2021 | XS2390530330 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.625% | 27 Sept 2026 |
| 27 Sept 2021 | XS2390546849 | 500,000,000 | 100,000 | EUR | senior unsecured | 1.500% | 27 Sept 2031 |
| 21 June 2021 | XS2356029541 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.500% | 21 June 2025 |
| 21 June 2021 | XS2356030556 | 500,000,000 | 100,000 | EUR | senior unsecured | 1.250% | 21 June 2029 |
| 18 Feb 2021 | XS2303052695 | 500,000,000 | 100,000 | EUR | senior unsecured | 0.750% | 18 Feb 2027 |
| 27 Nov 2020 | XS2264194205 | 400,000,000 | 100,000 | EUR | senior unsecured | 0.625% | 27 Nov 2023 |
| 1 Oct 2020 | XS2238342484 | 500,002,000 | 100,000 | EUR | senior unsecured | 2.125% | 1 Oct 2025 |
| Total | 3,400,002,000 |
On 29 September 2021, the Group has repaid bonds from the first emission occurred in October 2020 in the nominal value of EUR 149,998 thousand.
| 30 June 2022 | 31 December 2021 |
|---|---|
| 4,250,000 | 3,550,000 |
| -318,187 | -149,998 |
| 3,931,813 | 3,400,002 |
| 207,480 | -- |
| -185,523 | -- |
| 16,790 | 13,490 |
| -31,109 | -27,878 |
| 6,292 | 3,796 |
| -8,374 | -9,200 |
| 2,072 | 1,482 |
| 3,939,441 | 3,381,692 |
| 30 June 2022 | 31 December 2021 |
| 3,920,292 | 3,368,202 |
| 19,149 | 13,490 |
| 3,939,441 | 3,381,692 |
| In EUR thousand | 30 June 2022 | 31 December 2021 |
|---|---|---|
| Fair value of derivatives – non-current asset | 2,220 | 126 |
| Fair value of derivatives – current asset | 985 | 46 |
| Fair value of derivatives – non-current liability | -240 | -- |
| Fair value of derivatives – current liability | -161 | -- |
| Total | 2,804 | 172 |
| Accrued interest on derivatives | -- | -- |
| Total derivatives | 2,804 | 172 |
All financial derivatives were stated at fair value as at 30 June 2022 and 31 December 2021 respectively and classified to Level 2 in the fair value hierarchy. For fair value determination, a market comparison technique was used.
As at 30 June 2022 CTP held the following financial instruments:
| Derivative financial instruments | Due within maturity date | Receiving leg | Paying leg | Currency | Nominal amount in thousand |
Fair value 2022 (in EUR thousand) |
|---|---|---|---|---|---|---|
| Foreign exchange swaps | 2025 - 2026 | 3M Euribor | from -0.295% to -0.11% | EUR | 59,896 EUR | 3,205 |
| Total receivables from derivatives | 3,205 |
| Derivative financial instruments | Due within maturity date | Receiving leg | Paying leg | Currency | Nominal amount in thousand |
Fair value 2022 (in EUR thousand) |
|---|---|---|---|---|---|---|
| Interest rate swaps | 2025 - 2030 | 3M Euribor | from 0.04% to 0.21% | EUR | 35,825 EUR | -401 |
| Total liabilities from derivatives | -401 |
| Derivative financial instruments | Due within maturity date | Receiving leg | Paying leg | Currency | Nominal amount in thousand |
Fair value 2021 (in EUR thousand) |
|---|---|---|---|---|---|---|
| Interest rate swaps | 2025 – 2026 | 3M Euribor | from -0.295% to -0.11% | EUR | 61,303 EUR | 172 |
| Foreign exchange swaps | N/A | N/A | N/A | N/A | N/A | -- |
| Total receivables from derivatives | 172 |
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority.
The recognised deferred tax assets and liabilities are attributable to the following:
| In EUR thousand | 30 June 2022 | 31 December 2021 | ||||
|---|---|---|---|---|---|---|
| Assets | Liability | Net | Assets | Liability | Net | |
| Investment property | 8,072 | -883,715 | -875,643 | 8,722 | -734,501 | -725,779 |
| Tax losses | 10,490 | -- | 10,490 | 9,510 | -- | 9,510 |
| Property, plant and equipment | 1,444 | -- | 1,444 | 1,153 | -- | 1,153 |
| Other (receivables, hedge accounting etc.) | 19,788 | -25,695 | -5,907 | 16,913 | -24,518 | -7,605 |
| Tax asset/(liabilities) | 39,794 | -909,410 | -869,616 | 36,298 | -759,019 | -722,721 |
| Set- off of tax | -9,552 | 9,552 | -- | -12,246 | 12,246 | -- |
| Net tax assets/ (liabilities) | 30,242 | -899,858 | -869,616 | 24,052 | -746,773 | -722,721 |
Movement in Deferred tax during the period recognized in profit and loss, in equity and in OCI
| In EUR thousand | Balance as at 1 January 2022 |
Change in temporary differences |
Change through business combination |
Deferred tax recognised in OCI |
Effect of changes in FX rates |
Balance as at 30 June 2022 |
|---|---|---|---|---|---|---|
| Investment property | -725,779 | -108,639 | -40,276 | -- | -949 | -875,643 |
| Tax losses | 9,510 | 968 | -- | -- | 12 | 10,490 |
| Property, plant and equipment | 1,153 | 137 | -- | 152 | 2 | 1,444 |
| Other (receivables, hedge accounting etc.) | -7,605 | 1,748 | -40 | -- | -10 | -5,907 |
| Total | -722,721 | -105,786 | -40,316 | 152 | -945 | -869,616 |
| In EUR thousand | Balance as at 1 January 2022 |
Change in temporary differences |
Change through business combination |
Deferred tax recognised in OCI |
Effect of changes in FX rates |
Balance as at 31 December 2021 |
|---|---|---|---|---|---|---|
| Investment property | -500,129 | -217,223 | -753 | -- | -7,674 | -725,779 |
| Tax losses | 10,321 | -1,005 | 36 | -- | 158 | 9,510 |
| Property, plant and equipment | -2,189 | 5,148 | -- | -1,772 | -34 | 1,153 |
| Other (receivables, hedge accounting etc.) | 1,640 | -9,270 | -- | -- | 25 | -7,605 |
| Total | -490,357 | -222,350 | -717 | -1,772 | -7,525 | -722,721 |
CTP has a related party relationship with its key management and companies outside CTP where equity holder is Multivest B.V. This entity is the ultimate parent of CTP. In six-month period ended 30 June 2022 and 2021 respectively, CTP had the following interest income and interest expense with related parties:
| In EUR thousand | 30 June 2022 | 31 December 2021 | |||
|---|---|---|---|---|---|
| Revenues | Expenses | Revenues | Expenses | ||
| CTP Holding B.V. | 860 | -- | 842 | -- | |
| CTP Germany III GmbH | 17 | -- | 17 | -- | |
| Multivest B.V. – interest | -- | -- | -- | -383 | |
| CTP Germany II GmbH | -- | -- | 116 | -- | |
| CTP Solar, a.s. | -- | -- | -- | -1 | |
| Total | 877 | -- | 975 | -384 |
As at 30 June 2022 and 31 December 2021, CTP has the following short-term receivables/payables from/to related parties:
| In EUR thousand | 30 June 2022 | 31 December 2021 | |||
|---|---|---|---|---|---|
| Receivables | Payables | Receivables | Payables | ||
| Multivest B.V. | 15 | -- | 515 | -- | |
| CTP Invest Ltd. | 7 | -- | -- | -- | |
| CTP Holding B.V. | -- | -- | 13 | -- | |
| Total | 22 | -- | 528 | -- |
As at 30 June 2022 and 31 December 2021, CTP has the following long-term receivables/payables from/to related parties:
| In EUR thousand | 30 June 2022 | 31 December 2021 | |||
|---|---|---|---|---|---|
| Receivables | Payables | Receivables | Payables | ||
| CTP Holding B.V. | 44,003 | -3 | 46,776 | -3 | |
| CTP Germany III GmbH | 365 | -- | 348 | -- | |
| CTP Invest Ltd. | 80 | -- | -- | -- | |
| CTP Germany IV GmbH | -- | -15 | -- | -15 | |
| Other | 11 | -- | -- | -- | |
| Total | 44,459 | -18 | 47,124 | -18 |
Other non-current non-trade receivables from and non-trade liabilities to related parties are interest bearing and bear an arm's length interest in a range
of 2.3% - 4% depending on the maturity, collateralization, subordination, country risk and other specifics.
Overall, after 2 years with COVID-19 we believe that CTP is well placed to withstand this with limited impact on its financial position.
Economies are on its way to recovery from the pandemic-induced recession, however, they are still impacted by supply chain disruption and high energy prices. This may impact forecasted GDP growth and inflation.
Although the impact of the Covid-19 is incorporated in the figures as at and for the period ended 30 June 2022, Covid-19 can impact CTP in the period after 30 June 2022. Based on the current assessment and past experiences with Covid, we believe that the impact on CTP will be very limited.
Associated with the COVID-19 virus, we have considered possible events and conditions for the purpose of identifying whether these events and conditions affect or may affect the future performance of the company. In making this assessment, we have considered:
(i) the period up to 12 months after the end of the reporting period, as well as for
(ii) the period up to 12 months after the date of this report.
We expect COVID-19 to have negative but also positive effects (such as an increase demand for our premises in suitable e-commerce locations due to move from classic retailers to e-commerce). Furthermore, we expect that manufacturing locations will be located closer to the consumption end of the European supply chains due to the trend of diversification of manufacturing locations, which will lead to an increase of the demand for new space. Therefore, we believe that for CTP positive effects will prevail in the mid-term. During 2021 and 2022 CTP experienced no liquidity issues with tenants. CTP's business profile is resilient as it benefits from a very diversified portfolio (in terms of both geographical locations and tenants). CTP has no dependence on any single individual tenant or location in isolation. CTP has also strong financing basis through combination of bonds and bank loans
The management is convinced that the current uncertainties related to the COVID-19 virus do not impact the presented Consolidated financial statements as per 30 June 2022.
Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH.
The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation) and (iii) Technical Guarantee (for the quality of the buildings). The duration of the guarantees is until 15 November 2028, unless they terminate earlier pursuant to the agreement.
During 2020 Raiffeisenbank a.s. issued a bank guarantee on behalf of the Group in favor of BOHEMIA SHELFCO 2018 S.R.O. in the amount of EUR 848 thousand.
As at 30 June 2022, the Group has contracted work with external suppliers related to realization of construction project, which is not performed at the period-end of EUR 492,816 thousand (as at 31 December 2021 EUR 314,240 thousand).
On 1 July 2022, the Company CTP N.V. issued EUR 49.5 million unsecured bonds in nominal value of EUR 100,000 each. The bonds are issued as subordinated, with fix interest rate 1.5% per annum ("p.a.") and bonds are due on 1 July 2031. The ISIN of the bonds is XS2390546849. There are no covenants related to the bonds.
On 1 July 2022, the Group has established the following subsidiaries in Austria:
| Subsidiary | Country |
|---|---|
| CTP Theta GMBH | Austria |
| CTP Iota GMBH | Austria |
| CTP Eta GMBH | Austria |
In July 2022, the Group wound up subsidiary CTP Beta, spol. s r.o. and CTP I, spol s r.o.
CTP is not aware of any events that have occurred since the statement of financial position date that would have a material impact on these financial statements as at 30 June 2022.
9 August 2022
100%
s r.o.
| App 1 | Remon Leonard Vos | Stichting Administratiekantoor Multivest |
100% Multivest B.V. |
100% | CTP Holding B.V. | |
|---|---|---|---|---|---|---|
| CTP Group Structure as at 30 July 2022 |
Person with significant control |
>75% | ||||
| CTP N.V. | ||||||
| 100% | 80.9% | |||||
| CTP Invest, spol. s r.o. | Deutsche Industrie Grundbesitz AG |
|||||
| Czech Republic | Czech Republic | Serbia | Netherlands | Poland | Slovakia | Hungary |
| CTP Property Czech, spol. s r.o. | CTP Hotel Pilsen, spol. s r.o. | CTP Invest d.o.o. Beograd-Novi Beograd | CTP Turkish Holding B.V. | CTP Gamma Poland Sp. z o.o. | CTPark Banská Bystrica, spol. s r.o. | CTP Management Hungary Kft. |
| 100% CTP X, spol. s r.o. |
100% ➜ CTP Hotel Operations Pilsen, spol. |
100% CTP Zeta d.o.o. Beograd-Novi Beograd |
100% Turkey |
100% CTP Zeta Poland Sp. z o.o. |
90%, 10% CTP Property Czech, spol. s r.o. |
100% CTPark Eleven Kft. |
| 100% CTPark Brno Retail, spol. s r.o. |
s r.o., 90%, 10% CTP Invest, spol. s r.o. |
100% ➜ CTP Property Alpha d.o.o. Beo |
➜ CTP ALPHA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ, |
100% CTP Epsilon Poland Sp. z o.o. |
CTPark Čierny Les, spol. s r.o. 90%, 10% CTP Property Czech, spol. s r.o. |
100% CTPark Twelve Kft. |
| 100% CTPark Brno III, spol. s r.o. |
CTP Hotel Prague, spol. s r.o. 100% |
grad-Novi Beograd 100% |
100% ➜ CTP BETA GAYRİMENKUL VE İNŞAAT |
100% CTP Iota Poland Sp. z o.o. |
CTPark Land SK 1, spol. s r.o. 90%, 10% CTP Property Czech, spol. |
100% CTPark Thirteen Kft. |
| 100% CTPark Prague North II, spol. s r.o. |
➜ CTP Hotel Operations Prague, spol. s r.o. 90%, 10% CTP Invest spol. s.r.o. |
CTP Iota d.o.o. Beograd-Novi Beograd 100% |
LİMİTED ŞİRKETİ, 100% |
100% CTP Kappa Poland Sp. z o.o. |
s r.o. CTPark Land SK 2, spol. s r.o. |
100% CTPark Fourteen Kft. |
| 100% CTP XIII, spol. s r.o. |
CTP Beta, spol. s r.o. v likvidaci 100% |
CTP Sigma d.o.o. Beograd-Novi Beograd 100% |
➜ CTP GAMMA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ, 100% |
100% CTP Lambda Poland Sp. z o.o. |
90%, 10% CTP Property Czech, spol. s r.o. |
100% ➜ Offi ce Campus Real Estate Kft. |
| 100% CTP XIV, spol. s r.o. |
CTP CEE Properties, spol. s r.o. 100% |
CTP Omicron d.o.o. Beograd-Novi Beograd 100% |
CTP Mediterranean Holding B.V. 100% |
100% CTP Mu Poland Sp. z o.o. |
CTPark Námestovo, spol. s r.o. 90%, 10% CTP Property Czech, spol. s r.o. |
100% CTPark Fifteen Kft. |
| 100% CTP Vlněna Business Park, spol. s r.o. |
CTP V, spol. s r.o. 100% |
CTP Phi d.o.o. Beograd-Novi Beograd 100% |
Egypt | 100% CTP Nu Poland Sp. z o.o. |
Austria | 100% CTPark Sixteen Kft. |
| 100% CTPark Plzeň, spol. s r.o. |
CTP IQ Ostrava, spol. s r.o. 100% |
CTP Rho d.o.o. Beograd-Novi Beograd 100% |
➜ CTP Real Estate 90%, 10% CTP Baltic Holding B.V. |
100% CTP Xi Poland Sp. z o.o. |
CTP Invest Immobilien GmbH 100% |
100% CTPark Seventeen Kft. |
| 100% CTP II, spol. s r.o. 100% |
CTP XI, spol. s r.o. 100% |
CTP Tau d.o.o. Beograd-Novi Beograd 100% |
➜ CTP Real Estate Development 90%, 10% CTP Baltic Holding B.V. |
100% CTPark Opole Sp. z o.o. 100% |
CTP Alpha GmbH 100% |
100% CTPark Eighteen Kft. 100% |
| CTPark Prague North III, spol. s r.o. 100% |
CTP IV, spol. s r.o. 100% |
CTP Property Beta d.o.o. Beograd-Novi Beograd 100% |
➜ CTP Invest 90%, 10% CTP Baltic Holding |
CTP Energy Poland Sp. z o.o. 100% |
CTP Beta GmbH 100% |
➜ CTPark Twenty Three Kft. 100% |
| CTP III, spol. s r.o. 100% |
CTP VI, spol. s r.o. 100% |
CTP Property Gamma d.o.o. Beograd Novi Beograd |
B.V. CTP Invest B.V. |
CTP Sigma Poland Sp. z o.o. 100% |
CTP Gamma GmbH 100% |
➜ CTPark Twenty Four Kft 100% |
| CTPark Stříbro, spol. s r.o. 100% |
Spielberk Business Park, spol. s r.o. 100% |
100% CTP Property Delta d.o.o. Beograd-Novi |
100% CTP Alpha B.V. |
CTP Pi Poland Sp. z o.o. 100% |
CTP Delta GmbH 100% |
➜ CTPark Twenty Five Kft 100% |
| CTP XV, spol. s r.o. 100% |
CTZone Ostrava, spol. s r.o. 100% |
Beograd 100% |
100% CTP Beta B.V. |
CTP Rho Poland Sp. z o.o. 100% |
CTP Epsilon GmbH 100% |
➜ CTPark Twenty Six Kft. 100% |
| CTP XVI, spol. s r.o. 100% |
CTP VII, spol. s r.o. 100% |
Italy | 100% CTP Gamma B.V. |
CTP Omega Poland Sp. z o.o. 100% |
CTP Zeta GmbH 100% |
➜ CTPark Twenty Seven Kft. 100% |
| Serbia | CTP VIII, spol. s r.o. 100% |
CTP Italy S.r.l. 100% |
100% CTPark Bremen B.V. |
CTP Chi Poland Sp. z o.o. 100% |
Bulgaria | CTP Solar Hungary Kft. 100% |
| ➜ CTP Lambda doo Beograd 100% |
Spielberk Business Park II, spol. s r.o. 100% |
CTP Alpha S.r.l. 100% |
90,1%, 9,9% Login Real Estate GmbH CTP Epsilon B.V. |
CTP Property Beta Sp. z o.o. 100% |
CTP Invest EOOD 100% |
CTPark Nineteen Kft. 100% |
| CTP XVIII, spol. s r.o. 100% |
➜ CTP Hotel Operations Brno, spol. s r.o. 100% |
CTP Beta S.r.l. 100% |
100% CTP Theta B.V. |
CTP Property Alpha Sp. z o.o. 100% |
CTPark Beta EOOD 100% |
CTPark Twenty Kft. 100% |
| CTPark Brno Líšeň II, spol. s r.o. 100% |
Netherlands | Netherlands | 100% CTP Eta B.V. |
CTP Tau Poland Sp. z o.o. 100% |
CTPark Gamma EOOD 100% |
CTPark Twenty One Kft. 100% |
| CTP Forest, spol. s r.o. 100% |
Multifi n B.V. 100% |
CTP Baltic Holding B.V. 100% |
100% CTP Zeta B.V. |
CTP Property Gamma Sp. z o.o. 100% |
CTPark Delta EOOD 100% |
CTPark Twenty Two Kft. 100% |
| Clubco, spol. s r.o. 100% |
Czech Republic | Latvia ➜ Samesova SIA |
100% CTP Iota B.V. |
7R Projekt 41 Sp. z o.o. 100% |
CTPark Epsilon EOOD 100% |
CTPark Twenty Eight Kft. 100% |
| CTP XXI, spol. s r.o. 100% |
➜ CTP I, spol. s r.o. v likvidaci 100% |
100% ➜ Vojtova SIA |
100% CTP Kappa B.V. |
7R Projekt 44 Sp. z o.o. 100% |
➜ Project Vrajdebna EOOD 100% |
CTPark Twenty Nine Kft. 100% |
| ➜ PŘÍDANKY SPV s.r.o. 100% ➜ KONČINY SPV s.r.o. |
Germany ➜ CTP Germany II GmbH 100% |
100% ➜ Zemankova SIA 100% |
100% CTP Lambda B.V. 100% |
Slovakia | CTPark Zeta EOOD 100% ➜ CTPark Kappa EOOD |
CTPark Thirty Kft. 100% |
| 100% CTP Barrandov, spol. s r.o. |
➜ CTP Germany IV GmbH & Co. KG 100% |
Lithuania | CTP ALC B.V. 100% |
CTPark Prešov s.r.o. 90%, 10% CTP Property Czech, spol. s r.o. |
100% CTPark Eta EOOD |
CTPark Thirty One Kft. 100% |
| 100% CTP XXII, spol. s r.o. |
➜ CTP Germany III GmbH 100% |
➜ UAB Samesova 100% |
CTP Mu B.V. 100% |
CTP Gama s. r. o. 90%, 10% CTP Property Czech, spol. |
100% ➜ CTPark Lambda EOOD |
Romania |
| 100% CTPark Lysá nad Labem, spol. s r.o. |
Spain | ➜ UAB Vojtova 100% |
Poland | s r.o. CTPark Trnava II, spol. s r.o. |
100% CTPark Theta EOOD |
CTP INVEST BUCHAREST SRL 98.94%, 1.06% Spielberk Business Park,spol. s r.o. |
| 100% CTP Domeq Brno, spol. s r.o. |
Global Guanaco, S.L.U. 100% |
➜ UAB Zemankova 100% |
CTP Invest Poland Sp. z o.o. 100% |
90%, 10% CTP Property Czech, spol. s r.o. |
100% CTPark Iota EOOD |
➜ Universal Management SRL 100% |
| 100% CTP XII, spol. s r.o. |
France | Estonia ➜ Vojtova OÜ |
CTP Eta Poland Sp. z o.o. 100% |
CTP Dunaj s.r.o. 90%, 10% CTP Property Czech, spol. s r.o. |
100% | ➜ CTPARK MANAGEMENT TURDA SRL 100% |
| 100% CTP XXIV, spol. s r.o. |
CTP France 100% |
100% ➜ Zemankova OÜ |
CTP Theta Poland Sp. z o.o. 100% |
CTPark Žilina Airport II, spol. s r.o. 90%, 10% CTP Property Czech, spol. |
➜ CTPARK MANAGEMENT AFUMATI SRL 100% |
|
| 100% United Kingdom |
CTP Alpha France 100% |
100% ➜ Samesova OÜ |
CTPark Iłowa Sp. z o.o. 100% |
s r.o. CTPark Solar SK, spol. s r.o. |
CTPARK THETA SRL 100% |
|
| CTP Invest Ltd | CTP Beta France 100% |
100% | CTPark Zabrze Sp. z o.o. 100% |
90%, 10% CTP Property Czech, spol. s r.o. |
CTPARK PSI SRL 100% |
|
| 100% CTP Alpha Ltd |
CTP Beta Poland Sp. z o.o. 100% |
CTPark Bratislava East, spol. s r.o. 90%, 10% CTP Property Czech, spol. s r.o. |
CTPARK ZETA SRL 100% |
|||
| 100% CTP Beta Ltd |
CTP Delta Poland Sp. z o.o. 100% |
CTP Invest SK, spol. s r.o. 90%, 10% CTP Property Czech, spol. |
CTP Property B.V.
CTPARK CRAIOVA EAST SRL 100% CTPARK ORADEA NORTH SRL
100% CTPARK TIMISOARA EAST SRL
100%
CTPARK BRASOV SRL
100% CTPARK BRASOV WEST SRL
100% CTPARK BUCHAREST SOUTH II SRL
100%
EGLAST INVESTMENT SRL 100%
DANI GLOBAL DEVELOPMENT SRL
100% Slovenia
CTP Ljubljana, d.o.o.
100%
CTPark Alpha, d.o.o. 100%
Germany
CTP Invest Germany GmbH
100% CTP Germany GmbH
100%
➜ CTP Germany V GmbH 90%, 10% CTP Invest, spol. s r.o.
➜ CTP Germany VI GmbH 90%, 10% CTP Invest, spol. s r.o.
CTP Germany VII GmbH 100%
CTP Germany VIII GmbH 100%
CTP Germany IX GmbH
100%
CTP Germany X GmbH 100%
| CTP CONTRACTORS SRL 100% |
|---|
| CTPARK ALPHA SRL 100% |
| CTPARK BETA SRL 100% |
| CTPARK GAMMA SRL 100% |
| CTPARK DELTA SRL 100% |
| CTPARK BUCHAREST SRL 100% |
| CTPARK BUCHAREST WEST I SRL 100% |
| CTPARK DEVA II SRL 100% |
| CTPARK BUCHAREST WEST II SRL 100% |
| CTPARK KAPPA SRL 100% |
| CTPARK BUCHAREST II SRL 100% |
| CTPARK LAMBDA SRL 100% |
| CTPARK OMEGA SRL 100% |
| CTPARK PHI SRL 100% |
| CTPARK SIGMA SRL 100% |
| CTPARK TAU SRL 100% |
| CTPARK ETA SRL 100% |
| CTPark Bucharest A1 SRL 100% |
| CTPARK BUCHAREST UPSILON SRL 100% |
| Netherlands |
| ➜ CTP Portfolio Finance Czech B.V. 100% |
| Czech Republic |
| ➜ CTPark Modřice, spol. s r.o. |
100%
➜ CTPark Bor, spol. s r.o. 100%
➞ CTPark Bor III, spol. s r.o.
100%
Czech Republic
CTP CEE Sub Holding, spol. s r.o.
100% CTPark České Velenice, spol. s r.o.
100%
CTPark Aš II, spol. s r.o. 100%
➜ CTP Industrial Property CZ, spol. s r.o. 100%
Hungary
CTPark Alpha Kft. 100%
CTP Beta d.o.o. Beograd-Novi Beograd
100%
CTP Gamma d.o.o. Beograd-Novi Beograd, 100%
CTP Delta d.o.o. Beograd-Novi Beograd 100%
CTP Epsilon d.o.o. Beograd-Novi Beograd 100%
➜ CTP Omega d.o.o. Beograd-Novi Beograd 100%
CTP Kappa d.o.o. Beograd-Novi Beograd, 100%
Slovakia
CTP Alpha SK, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Krásno nad Kysucou, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol.
s r.o. CTP Slovakia, s. r. o.
90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Bratislava, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Hlohovec, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nitra, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nove Mesto, spol. s.r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Košice, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
CTPark Žilina Airport, spol. s r.o. 90%, 10% CTP CEE Sub Holding, spol. s r.o.
The purpose of these indicators -as recommended by the European Public Real Estate Association (EPRA), is to enable easier comparison with similar real estate businesses. EPRA performance indicators are calculated in accordance with the EPRA Best Practices Recommendations (BPR) Guidelines.
| Indicator | Definition | H1 2022 | H1 2021 |
|---|---|---|---|
| 1. COMPANY SPECIFIC ADJUSTED EARNINGS PER SHARE |
A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings. |
0.30 | 0.25 |
| 2. EPRA NET ASSET VALUE METRICS | EPRA NAV metrics make adjustments to the NAV per statements to provide stakeholders with the most relevant IFRS financial information on the fair value of the assets and liabilities of a real estate investment company, under different scenarios. |
H1 2022 | 2021 |
| a. EPRA Net Tangible Assets | Assumes that company buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. |
13.39 | 12.06 |
| b. EPRA Net Reinstatement Value | Assumes that company never sell assets and aims to represent the value required to rebuild the company. |
13.51 | 12.09 |
| c. EPRA Net Disposal Value | Represents the shareholders' value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. |
13.18 | 10.25 |
| 3. EPRA YIELD METRICS | A comparable measure for portfolio Valuations. | H1 2022 | H1 2021 |
| a. EPRA NET INITIAL YIELD (NIY) | Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs. |
5.5% | 5.2% |
| b. EPRA 'TOPPED-UP' NIY | This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents). |
5.6% | 5.6% |
| (amounts in TEUR) | ||
|---|---|---|
| EPRA EARNINGS | H1 2022 | H1 2021 |
| Earnings per IFRS income statement | 496,312 | 188,279 |
| Adjustments to calculate EPRA Earnings, exclude: | ||
| Changes in value of investment properties, development properties held for investment and other interests |
499,016 | 145,743 |
| Profits or losses on sales of trading properties including impairment charges in respect of trading properties. |
701 | 980 |
| Profits or losses on sales of trading properties including impairment charges in respect of trading properties. |
0 | |
| Tax on profits or losses on disposals | -133 | -186 |
| Negative goodwill / goodwill impairment | 0 | |
| Changes in fair value of financial instruments and associated close-out costs | 2,678 | 11,714 |
| Acquisition costs on share deals and non-controlling joint venture interests | 0 | |
| Deferred tax in respect of EPRA adjustments | -106,805 | -27,852 |
| Adjustments above in respect of joint ventures (unless already included under proportional consolidation) |
0 | |
| Non-controlling interests in respect of the above | 6,389 | 0 |
| EPRA EARNINGS | 94,466 | 57,880 |
| Average number of shares (in thousands) | 426,996 | 367,688 |
| EPRA EARNINGS PER SHARE (EPS), IN EUR | 0.22 | 0.16 |
| Company specific adjustments: | ||
| FX related to company restructuring, intra-group transfer of SPV's | -141 | -5,219 |
| Adjustment associated costs with establishment capital market structure | -36,666 | -29,014 |
| Deferred tax in respect of Company specific adjustments | 5,254 | 0 |
| COMPANY SPECIFIC ADJUSTED EARNINGS | 126,019 | 92,113 |
| COMPANY SPECIFIC ADJUSTED EPS | 0.30 | 0.25 |
| EPRA NTA | EPRA NRV | EPRA NDV | EPRA NTA | EPRA NRV | EPRA NDV | |
|---|---|---|---|---|---|---|
| June 2022 | June 2022 | June 2022 | December 2021 | December 2021 | December 2021 | |
| IFRS Equity attributable to shareholders | 4,935,713 | 4,935,713 | 4,935,713 | 4,106,830 | 4,106,830 | 4,106,830 |
| INCLUDE / EXCLUDE: | ||||||
| i) Hybrid instruments | ||||||
| Diluted NAV | 4,935,713 | 4,935,713 | 4,935,713 | 4,106,830 | 4,106,830 | 4,106,830 |
| INCLUDE: | ||||||
| ii.a) Revaluation of IP (if IAS 40 cost option is used) | ||||||
| ii.b) Revaluation of IPUC (if IAS 40 cost option is used) | ||||||
| ii.c) Revaluation of other non-current investments | ||||||
| iii) Revaluation of tenant leases held as finance leases | ||||||
| iv) Revaluation of trading properties | ||||||
| Diluted NAV at Fair Value | 4,935,713 | 4,935,713 | 4,935,713 | 4,106,830 | 4,106,830 | 4,106,830 |
| EXCLUDE: | ||||||
| v) Deferred tax in relation to fair value gains of IP | -875,643 | -875,643 | -725,779 | -725,779 | ||
| vi) Fair value of financial instruments | 2,803 | 2,803 | 172 | 172 | ||
| vii) Goodwill as a result of deferred tax | ||||||
| viii.a) Goodwill as per the IFRS balance sheet | ||||||
| viii.b) Intangibles as per the IFRS balance sheet | 2,107 | 2,111 | ||||
| INCLUDE: | ||||||
| ix) Fair value of fixed interest rate debt | 778,631 | -3,471 | ||||
| x) Revaluation of intangibles to fair value | ||||||
| xi) Real estate transfer tax | 49,857 | 6,595 | ||||
| NAV | 5,806,446 | 5,858,410 | 5,714,344 | 4,830,326 | 4,839,032 | 4,103,359 |
| Fully diluted number of shares (thousands) | 433,578 | 433,578 | 433,578 | 400,393 | 400,393 | 400,393 |
| NAV per share (EUR) | 13.39 | 13.51 | 13.18 | 12.06 | 12.09 | 10.25 |
| H1 2022 | 2021 |
|---|---|
| 9,671,692 | 7,822,472 |
| - | |
| - | |
| 1,057,700 | 774,204 |
| 8,613,992 | 7,048,268 |
| - | |
| 8,613,992 | 7,048,268 |
| 477,384 | 379,001 |
| 7,806 | 9,103 |
| 469,578 | 369,898 |
| 13,412 | 21,435 |
| 482,990 | 391,333 |
| 5.5% | 5.2% |
| 5.6% | 5.6% |
CTPark Humpolec 1571 396 01 Humpolec Czech Republic +420 565 535 565
CTP Invest spol. s r.o. Národní 135/14 110 00 Prague 1 Czech Republic +420 220 511 444
CTP Invest Bucharest SRL Gabriela Street no.1 building B, ground floor Dragomiresti-Deal village Dragomiresti-Vale commune 077096 Ilfov County Romania +40 756 150 103
CTP Invest Poland Sp. z o. o. Rondo ONZ 1 00-124 Warszawa Poland +48 666 387 585
CTP Invest SK, spol. s r.o. Laurinská 18 811 01 Bratislava Slovakia +421 904 174 157
CTP Invest doo Bulevar Zorana Đinđića 64a 11070 Novi Beograd Serbia +381 66 8772 860
linkedin.com/company/CTP-invest twitter.com/CTPInvest facebook.com/CTPInvest instagram.com/CTP_Invest youtube.com/CTPeu #byctp ctp.eu
CTP Management Hungary Kft Verebély László utca 2. 2051 Biatorbágy Hungary +36 30 579 70 11
CTP Invest EOOD 2a Saborna Street, 4th floor 1000 Sofia Bulgaria +381 66 877 28 60
CTP Invest Immobilien GmbH Donaustadtstraße 1/3 1220 Vienna Austria +43 664 838 9805
Deutsche Industrie Grundbesitz August-Bebel-Strase 68 14482 Potsdam Germany +49 (0) 331 74 00 76 -529
CTP Invest N.V. Apollolaan 151 1077 AR Amsterdam The Netherlands +31 85 27 31 294
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