CTP N.V.

Interim Report • Aug 12, 2024

CTP N.V.

Unaudited condensed consolidated interim financial statements

for the six-month period ended 30 June 2024

CTP N.V. Apollolaan 151 1077 AR Amsterdam The Netherlands

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 - CTP N.V.

Contents

Management report
Condensed consolidated interim statement of profit or 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 Notes to the condensed consolidated interim financial statements
1. General information
2. Segment reporting
3. Changes in the Group structure
4. Rental income and service charge income
5. Property operating expenses
6. Employee benefits
7. Other expenses
8. Interest expense
9. Other financial gains/losses
10. Income tax expense
11. Investment property
12. Investment property under development
13. Equity
14. Earnings per share
15. Interest-bearing loans and borrowings from financial institutions
16. Bonds issued
17. Derivative financial instruments
18. Deferred tax annummennummennummmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
19. Related parties
20. Contingent liabilities
21. Subsequent events

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

Management report Remon Vos (CEO) K Richard Wilkinson (CFO)

Amsterdam, 7 August 2024

ﮯ

Condensed consolidated interim statement of profit or loss and other comprehensive income

For the period

In EUR million	Note		1.1.2024 - 30.6.2024			1.1.2023-30.6.2023
		Revenues	Attributable external expenses		Revenues	Attributable external expenses
Rental income	4	320.9			280.4
Service charge income	4	35.4			29.1
Property operating expenses	5		-42.4			-41.1
Net rental income				313.8			268.4
Income from renewable energy		3.4			2.7
Expenses from renewable energy			-1.6			-1.2
Net income from renewable energy				1.8			1.5
Hotel operating revenue		10.5			10.0
Hotel operating expenses			-5.4			-7.4
Net operating income from hotel operations				5.2			2.6
Income from development activities		32.3			7.1
Expenses from development activities			-23.7			-5.1
Net income from development activities				8.6			2.0
Total revenues		402.4			329.3
Total attributable external expenses			-73.1			-54.8
Gross profit				329.4			274.5
Net valuation result on investment property				436.7			417.2
Other income				8.1			5.9
Amortization, depreciation and impairment				-5.7			-5.5
Employee benefits	б			-24.9			-23.5
Impairment of financial assets	7			-1.1			-0.5
Other expenses				-26.3			-31.1
Net other income/expenses {- }				-50.0			-54.7
Profit before finance costs				716.1			637.0
Interest income				18.6			7.0
Interest expense	8			-107.0			-29.8
Other financial expenses				-3.0			-3.1
Other financial gains/losses(-)	9			37.7			1.0
Net finance costs				-53.7			-54.9
Profit before income tax				662.4			582.1
Income tax expense	10			-128.7			-112.5
Profit for the period				533.7			469.6
Other comprehensive income
ltems that will never be reclassified to profit and loss
Revaluation of PPE net of tax				0.6			6.3
Items that are or may be reclassified to profit and loss
Cash flow hedge - effective portion of changes in fair value net of tax	13			25.5			0.1
Foreign currency translation differences net of tax				-3 6			-2.9
Total other comprehensive income net of tax				22.4			3.5
Total comprehensive income for the period				556.1			473.1
Profit attributable to:
Equity holders of the Company				533.7			469.6
Total comprehensive income attributable to:
Equity holders of the Company				556.1			473.1
Earnings per share (EUR)
Basic earnings per share	14			1.19			1.06
Diluted earnings per share	14			1.19			1.06

The notes herein are an integral part of these consolidated financial statements.

Condensed consolidated interim statement of financial position

In EUR million	Note	30 June 2024	31 December 2023
Assets
Investment property	11	13,012,7	12,039.2
Investment property under development	12	1,530.9	1,359.6
Property, plant and equipment		244.9	233.8
Goodwill and intangible assets		177.6	176.5
Trade and other receivables		20.0	24.1
Derivative financial instruments	17	9.0	10.6
Financial investments		1.2	0.4
Long-term receivables from related parties	19	0.3	0.6
Deferred tax assets	18	12.5	14.3
Total non-current assets		15,009.1	13,859.1
Trade and other receivables		270.1	266.6
Short-term receivables from related parties	ਰੇਰੇ	0.3	0.9
Derivative financial instruments	17	45.7	38.1
Contract assets		6.5	8.5
Current tax assets		11.5	0.4
Cash and cash equivalents		1,101.4	690.6
Total current assets		1,435.6	1,014.1
Total assets		16,444.6	14,873.2
	13	72.5	71.7
Issued capital Translation reserve	13	-1.5	2.1
	ਹ ਤੇ
Share premium	13	2,997.9 25.6	3,037.9
Cash flow hedge reserve			0.1
Retained earnings		3,556.9 29.6	3,026.1
Revaluation reserve	13		29.0
Total equity attributable to owners of the Company		6,681.0	6,166.9
Total equity		6,681.0	6,166.9
Liabilities
Interest-bearing loans and borrowings from financial institutions	15	4,177.1	3,328.2
Bonds issued	16	3,374.5	3,571.3
Trade and other payables		141.3	147.5
Derivative financial instruments	17	3.7	10.6
Deferred tax liabilities	18	1,273.3	1,167.4
Total non-current liabilities		8,969.8	8,225.0
Interest-bearing loans and borrowings from financial institutions	ਹੈ ਟੇ	79.4	50.0
Bonds issued	16	300.8	18.7
Trade and other payables		380.5	366.9
Short-term payables to related parties	19		0.3
Derivative financial instruments	17	6.8	17.0
Current tax liabilities		26.3	28.4
Total current liabilities		793.8	481.3
Total liabilities		9,763.7	8,706.3
Total equity and liabilities		16,444.6	14,873.2

The notes herein are an integral part of these consolidated financial statements.

Condensed consolidated interim statement of changes in equity

For the period

							Total equity
1.2024 - 30.6.2024 n EUR million		Issued capital Translation reserve Share premium		Cash flow hedge reserve	Revaluation reserve	Retained earnings	attributable to parent	Total equity
Balance at 1 January 2024	71.7	2.1	3.037.9	0.1	29.0	3.026.1	6,166.9	6.166.9
omprehensive income for the period
rofit for period						533.7	533.7	533.7
Dther comprehensive income
levaluation of Property, plant and equipment					e 0		0.6	0
Cash flow hedge				25.5			25.5	25 5
oreign currency translation differences		6 -3.					-3.6	-3.
otal comprehensive income for the period		-3.6		5 25.	0.6	533.7	556.1	556.2
Other movements
13 hare issuance			1.8			-2.5	-0.7	-0.7
ਹੈ ਤੇ hreasury shares			0.4			-0.4
ਹੈ ਤੋ Dividends	8 0.		-42.2				-41.4	-41.4
ther						-0.1	-0.1	-0.1
otal other movements	0.8		-40.0			-3.0	-42.1	-42.1
	72.5	-1.5	2.997.9	25.6	29.6	3,556.9	6,681.0	6,681.0
Balance at 30 June 2024
							Total equity
1.2023 - 30.6.2023		Issued capital Translation reserve Share premium		Cash flow hedge reserve	Revaluation reserve	Retained earnings	attributable to parent	Total equity
alance at 1 January 2023 Restated*	71.1	4.5	3,202.5	23.7	18.4	2,100.8	5,421.0	5,421.0
omprehensive income for the period
rofit for period						469.6	469.6	469.6
Other comprehensive income
Revaluation of Property, plant and equipment					ತ 6.		6.3	9
Cash flow hedge				0.			0.1	0
oreign currency translation differences		ਰੇ -2.					-2.9
otal comprehensive income for the period		-2.9		0.	6.3	469.6	473.1	473.1

71.4 *Refer to Consolidated financial statements of the Group as at 31 December 2023. Balance at 30 June 2023

-75.9 0.1 75.8 5,818.3

-75.9 r si.
Tro

: To

-76.2

0.3

13

0.3

Total other movements

Other movements Dividends Other 5,818.3

2,570.5

24.7

23.8

3,126.3 -76.2

1.6

The notes herein are an integral part of these consolidated financial statements.

Page 6 of 32

Condensed consolidated interim statement of cash flows

For the period
----------------	--

In EUR million	Note	1.1.2024-30.6.2024	1.1.2023 - 30.6.2023
Operating activities
Profit for the period		533.7	469.6
Adjustments for:
Net valuation result on investment property		-436.7	-417.2
Amortisation and depreciation (incl. hotels)		7.8	7.0
Net interest expense		88.4	52.8
Change in FMV of derivatives and hedge	9	-1.5	0.8
Other changes		-7.8	-0.5
Gain from repayment of bonds	9	-31.9
Change in foreign currency rates		-2.9	-1.1
Income tax expense	10	128.7	112.5
		277.8	223.9
Decrease/increase (-) in trade and other receivables and other items		2.7	-14.1
Increase/decrease(-) in trade and other payables and other items		4.1	-37.2
Decrease/increase(-) in contract assets		2.1	-2.8
Cash generated from operations		8.9	-54.1
Interest paid		-91.0	-49.5
Interest received		26.8	6.2
Income taxes paid		-31.1	-25.2
Cash flows from operating activities		191.4	101.3
Investing activities
Acquisition of investment property		-48.0	-55.6
Acquisition of PPE and intangible assets		-18.1	-19.0
Advances paid for investment property and PPE		-0.8	-11.6
Loans and borrowings provided to related parties			-0.1
Proceeds from loans and borrowings provided to related parties	19	0.6	4.0
Proceeds from loans and borrowings provided to third parties			4.1
Acquisition of subsidiaries, net of cash acquired	3	-131.1	-40.1
Pre-acquisition loans and borrowings provided to acquired subsidiaries		-26.6	-29.5
Proceeds from disposal of subsidiaries, net of cash disposed			3.7
Development of investment property		-394.6	-344.9
Cash flows used in investing activities		-618.6	-489.0
Financing activities
Bonds issued	15	823.2
Repayment of interest-bearing loans and borrowings/bonds	15	-748.5	-13.2
Proceeds from interest-bearing loans and borrowings	15	823.8	508.3
Transaction costs related to loans and borrowings/bonds	15	-15.7	-6.8
Dīvidends paid	13	-41.4	-75.9
Payment of lease liabilities	15	-2.1	-1.8
Cash flows from/used in (-) financing activities		839.3	410.6
Cash and cash equivalents at 1 January		690.6	660.6
Net increase/decrease{-} in cash and cash equivalents		412.1	22.9
Change in foreign currency rates		-1.3	4.1
Cash and cash equivalents at 30 June		1,101.4	687.6

The notes herein are an integral part of these consolidated financial statements.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

Notes to the condensed consolidated interim financial statements

1. General information

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Company

CTP N.V. ("the Company") is a Dutch-based real estate investor and developer that develops and leases a portfolio of properties in Western Europe and Central and Eastern Europe ("CEE").

Reporting entity

These condensed consolidated interim financial statements comprise the financial results of the Company and its subsidiaries (collectively referred to as the "Group" or "CTP Group" or "CTP" and individually as "Group companies").

Refer to Note 3 of these condensed consolidated interim financial statements for a list of significant Group changes in the six-month period ended 30 June 2024.

These financial statements cover the six-month period of the year 2024, which ended at the balance sheet date of 30 June 2024.

Principal activities

CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business parks mainly in CEE, the Netherlands, Austria and Germany.

Registered office

The visiting address of CTP N.V. is Apollolaan 151, 1077 AR Amsterdam, the Netherlands. The corporate seat of the Company was approved at the annual general meeting held on 26 April 2022 and changed from Utrecht to Amsterdam, the Netherlands.

RSIN number: 860528091 Registration number: 76158233

CTP N.V. was incorporated on 21 October 2019 for an unlimited period. In March 2021, the Company's shares were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V. to N.V.

Owners of the Company at 30 June 2024

Shareholders	Number of shares registered capital	Share in	Share in voting rights
CTP Holding B.V.	341,059,931	75.25%	75.25%
Individual shareholders	112,166,972	24.75%	24.75%
	453,226,903	100.00%	100.00%

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

The ultimate controlling party of the Group is Mr. Remon Vos via the parent company Multivest B.V.

Board of Directors at 30 June 2024

Executive directors:	Remon L. Vos Richard J. Wilkinson
Non-executive directors:	Barbara Knotlach Susanne Eickermann-Riepe Rodolphe Schoettel Kari Pitkin

2. Segment reporting

The principal activity of the Group is the lease of investment property in Western, Central and Eastern Europe and development in these countries. The Group manages its activities based on geographical segmentation, as business activities are the same in each region where the Group operates.

The Group's principal activities are in the following operating segments: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany, Poland and Other geographical segments.

Segment	Segment description
Czech Republic	Industrial property, offices, retail, hotels, solar, other
Romania	Industrial property, solar
Hungary	Industrial property, offices, solar
Slovakia	Industrial property, offices, solar
Netherlands	Industrial property, headquarter, solar
Germany	Industrial property, offices, solar
Poland	Industrial property, solar
Other	Geographical segments which do not meet criteria for separate segment reporting recognition

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CCTP N.V.

Segment results for the six-month period ended 30 June 2024 are as follows:

	Czech							Other	Total	Intersegment	Total
In EUR million	Republic	Hungary	Romania	Slovakia Netherlands Germany			Poland		Segments	eliminations
Rental income	135.4	30.4	57.9	25.1	4.4	38.4	7.4	21.8	320.9		320.9
Service charge income	11.2	4.5	6.5	3.1	0.2	6.9	2.0	1.0	35.4		35.4
Property operating expenses	-10.4	-4.1	-6.4	-2.5	-0.6	-11.0	-6.0	-1.4	-42.4		-42.4
Net rental income	136.2	30.8	58.1	25.7	4.0	34.2	3.5	21.4	313.8		313.8
Income from renewable energy	1.8	0.1	0.8	0.4	0.2	్రా			3.4		3.4
Expenses from renewable energy	-0.7		-0.2	-0.1	-0.4	-	il l		-1.6		-1.6
Net income/expenses[-] from renewable energy	1,1	0.1	0.6	0.3	-0.2				1.8		1.8
Hotel operating revenue	10.5 -5.4		'			1 1	70		-5.4 10.5		-5.4 10.5
Net operating income from hotel operations Hotel operating expenses	5.2	:	-						5.2		5.2
	24.6	:	0.1		0	11	5.2	2.3	32.3		32.3
Expenses from development activities ncome from development activities	-18.0		-0.1	1	्	::	-3.9	-1.8	-23.7		-23.7
Net income from development activities	6.6	i	0.1				1.3	0.6	8.6		8.6
Total revenues	183.5	35.1	65.4	28.6	4.8	45.2	14.6	25.1	402.4		402.4
Total attributable external expenses	-34.5	-4.2	-6.6	-2.6	-1.0	-11.1	-9.9	-3.2	-73.1		-73.1
Gross profit	149.1	30.9	58.7	26.0	3.8	34.2	4.8	21.9	329.4		329.4
Net valuation result on investment property	224.8	4.7	99.8	13.5	-6.6	37.1	55.4	7.9	436.7		436.7
Other income	14.1	0.1	0.1	1.1	0.4	3.1	0.7	0.2	19.8	·11.7	8.1
Amortization, depreciation and impairment	-4.2	-0.1	-0.3	-0.1	-0.1	-0.3	-0.3	-0.2	-5.7		-5.7
Employee benefits	-11.1	-1.5	-2.8	-1.7	1.1	-4.0	-3.4	-1.6	-24.9		-24.9
mpairment of financial assets	0.0					-0.9	-0.3		-1.1		-1.1
Other expenses	-12.3	-2.3	-4.0	-2.2	-7.0	-4.2	-3.6	-2.4	-38.0	11.7	-26.3
Net other income/expenses(-)	-13.5	-3.9	-6.9	-3.0	•5.5	-6.3	-6.9	-4.0	-50.0		-50.0
Profit/loss(-) before finance costs	360.4	31.7	151.7	36.6	-8.3	64.9	53.3	25.8	716.1		716.1
Net finance costs											-53.7
Profit before income tax											662.4
Income tax expense											-128.7
Profit for the period											533.7
Profit attributable to:
ומבחוממ Non-controlling interests of this auitsi ha dare											533.7

Page 10 of 32

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CCIP N.V. The first of the many of the county of the county of the first of the first of the first of the first of

Segment assets and liabilities as at 30 June 2024 are as follows.

										Intersegment
In EUR million	Czech Republic	Hungary	Romania -		Slovakia - Netherlands -	Germany	Poland	Other	Total Segments	eliminations	Total
Assets
nvestment property	5,913.0	1,024.6	2,165.8	847.4	476.1	1,235,7	606.6	743.5	13,012.7		13,012.7
nvestment property under development	431.5	144.4	81.5	165.9	0.1	44.7	464.4	198.2	1,530.9		1,530.9
Property, plant and equipment	156.9	10.7	23.1	4.2	5.4	4.7	4.6	35.3	244.9		244.9
Goodwill and intangible assets	6.1			0.	0.3	171.2			177.6		177.6
Trade and other receivables	9.8	2.9	1.6	0.		9 2	1.2	1.2	20.0		20.0
Derivative financial instruments		0.5	1.0		5.3	2			9.0		ਰੋਂ 0
Financial investments	844.5				3,249.0				4,093,5	-4,092.3	1.2
	0.1				2,979,8				2,979.9	-2,979.6	0.3
Long-term receivables from related parties					4.7			0.5	12.5		12.5
Deferred tax assets	0.4		0.5
Total non-current assets	362.3	1,184.4	2,273.5	1,019.7	6,720.8	1,463.5	1,078.2	978.6	22,081.0	-7,071.9	15,009.1
	ਵਰੋਂ ਰੋ	26.2	57.3	15.1	ਹੈ, 5	20.1	36.3	રૂકે રહ	270.1		270.1
Trade and other receivables
Short-term receivables from related parties	16.9			33.0	105.2				155.1	-154.8	0.3
Derivative financial instruments	-	2.0	0.3		42.7	0.7			45.7		45.7
Contract assets	6,2	0.2							6.5		6.5
Current tax assets	2.2	0.9	0.4	0,4	4.6	0.1	0.2	2.7	11.5		11.5
Cash and cash equivalents	62.4	30.4	49.2	9.3	859.1	29.0	29.4	32.6	1,101.4		1,101.4
					1.021.1	50.0	66.0	70.9	1,590.4	-154.8	1,435.6
Total current assets	157.7	59.7	107.3	57.8
Total assets	7,520.0	1,244.1	2,380.8	1,077.5	7,741.8	1,513.4	1,144.1	1,049.6	23,671.4	-7,226.7	16,444.6
Total equity	4,685.0	571.4	953.2	570.3	2,304.0	1,039.6	335.3	314.6	10,773.3	-4,092.3	6,681.0
Liabilities						133.0	100.7	产	4,177.1		4,177.1
Interest-bearing loans and borrowings from financial institutions	1,483.1	137.3	292.3	326,7	1,704.1
Bonds issued					3,354.7	19.8			3,374.5		3,374.5
Trade and other payables	52.5	12.0	11.4	3.6	11.9	32.4	6.9	10.7	141 3		141.3
Long-term payables to related parties	211.7	439.8	953.0	26.4		140.0	574.2	634.5	2,979.6	-2,979.6
Derivative financial instruments			0.3		3.4				3.7		3.7
Deferred tax liabilities	860.9	38.6	111.8	86.3	17.4	74.5	58.0	25.8	1,273.3		1,273.3
Total non-current liabilities	2,608.3	627.8	1,368.7	443.0	5,091.5	399.6	739.6	671.0	11,949.5	-2,979.6	8,969.8
Interest-bearing loans and borrowings from financial institutions	17.8	5.6	11.2	12.6	7.4	24.4	0.4		79.4		79.4
Bonds issued		1		100	300,7				300.8		300.8
Trade and other payables	141.6	32.1	34.9	49.7	31.2	27.6	48.3	15.1	380.5		380.5
Short-term payables to related parties	62.0	6.7	10.8	0.5		7.0	20.4	47.6	154.8	-154.8
Derivative financial instruments	0.0		0.1		6.7				6.8		6.8
Current tax liabilities	న్.న	0.6	1.9	1.4	0.4	15.2		1.3	26.3		26.3
Total current liabilities	226.8	45.0	58.9	64.1	346.4	74.3	69.2	64.0	948.6	-154.8	793.8
Total liabilities	2,835.1	672.7	1,427.6	507.1	5,437.9	473.9	808.8	735.0	12,898.1	-3,134.4	9,763.7
Total equity and liabilities	7,520.0	1,244.1	2,380.8	1,077.5	7,741.8	1,513.4	1.144.1	1,049,6	23,671.4	-7,226.7	16,444.6

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

Segment results for the six-month period ended 30 June 2023 are as follows:

In EUR million	Republic Czech				Hungary Romania Slovakia Netherlands Germany Germany Germany Poland				Other	Intersegment eliminations	Total
Rental income	126.1	29.2	48.7	20.5	3.2	35.4	3.6	13.8	280.4		280.4
Service charge income	19.2	3.7	5.8	2.4	0.7	5.5	0.6	0.7	38.5	-ਰੇਂ ਦੇ	29.1
Property operating expenses	-11.3	-3.9	-6.0	-2.5	-0.2	-12.8	-2.9	-1.5	-41.1		-41.1
Net rental income	134.0	29.0	48.5	20.3	3.7	28.1	1.3	12.9	277.8	-9.5	268.4
ncome from renewable energy	2.5		0.2						2.7		2.7
Expenses from renewable energy	-1.0		-0.1		-0.1				-1.2
Net income/expenses(-) from renewable energy	1.5		0.2		-0.1			11	1.5		ST T
Hotel operating revenue	10.0								10.0		10.0
Hotel operating expenses	-7.4								-7.4		-7.4
Net operating income from hotel operations	2.6								2.6		2.6
Income from development activities	4.7	0.2	0.3	्	11		0.6	1.2	7.1	-	7.1
Expenses from development activities	-3.2	-0.1	-0.2		1 -		-0.5	-1.0	-5.1	"	-5.1
Net income from development activities	1.5	0.1	0.1	1			0.1	0.2	2.0		2.0
Total revenues	162.5	33.0	55.0	22,9	3.8	40.9	4.9	15.7	338.8	-9.5	329.3
Total attributable external expenses	-23.0	-4.0	-6.3	-2.6	-0.3	-12.8	-3.4	-2.6	-54.8	-	-54.8
Gross profit	139.6	29.0	48.8	20.3	3.6	28.1	1.5	13.1	284.0	-9.5	274.5
Net valuation result on investment property	120.5	18.6	106.6	44.9	9.7	22.2	48.5	46.3	417.2		417.2
Other income	5.0	0.1	0.1	0.2	0.5	0.2	0.2		6.3	-0.4	5.9
Amortization, depreciation and impairment	-4.3	-0.2	-0.3	-0.1	-	-0.3	-0.2	-0.2	-5.5		-5.5
Employee benefits	-10.6	-1.8	-2.4	-1.4	-2.4	-1.3	-2.4	-1.2	-23.5		-23.5
Impairment of financial assets	0.6					-1.1			-0.5		-0.5
Other expenses	-14.4	-4.9	-3.5	-1.9	-5.9	-4.0	-3.9	-2.4	-40.9	9.8	-31.1
Net other income/expenses {- }	-23.7	-6.8	-6.0	-3.2	-7.8	-6.5	-6.3	-3.8	-64.2	ਰੇ 5	-54.7
Profit before finance costs	236.4	40.8	149.3	62.0	5.5	43.8	43.6	55.6	637.0		637.0
Net finance costs											-54.9
Profit before income tax											582.7
Income tax expense											-112.5
Profit for the period											469.6
Profit attributable to:
Nan-controlling interests											469 6
Equity holders of the Company

Page 12 of 32

Unandited condensed consolidated interim financial statements for six-month period ended 30 June 2024 - CTP N.V.

										Intersegment
In EUR million	Czech Republic	Hun ary	Romania	Slovakia	Netherlands	Germany	Poland	Other	Total Segments	eliminations	Total
Assets		982.6	1,827,5	789.1	482.5	1,188.7	420.1	659.6	12,039.2		12,039.2
nvestment property	5,689.1						483.0	217.5	1,359,6
Investment property under development	279.5	123.6	98.6	130.5	0.1	26.8					1,359.6
Property, plant and equipment	150.8	9.0	22.6	3.8	ഗ	4.3	4.5	33.6	233.8		233.8
Goodwill and intangible assets	5.0				0.3	171.2			176.5		176.5
Trade and other receivables	17.2	2.1	1.2	1.0	0.1		1.3	1.2	24.1		24.1
Derivative financial instruments		1.3			7.2	2.1			10.6		10.6
Financial investments	658.9				3,260.1				3,919.0	-3,918.6	0.4
Long-term receivables from related parties					3,111.7				3,111.7	-3,111.1	0.6
Deferred tax assets	1.0	1.8	0.7	C	7.2	0.6	0	0	14.3		14.3
Total non-current assets	6,801.5	1,120.4	1,950.0	926.5	6,874.4	1,393.7	909.5	912.8	20,888.8	-7,029.7	13,859.1
Trade and other receivables	63.3	18.0	59.1	13.7	7.0	17.3	47.6	40.6	266.6		266.6
Short-term receivables from related parties	160.8				32.9				193.7	-192.8	0.9
Derivative financial instruments		1.7			35.8	0.6			38.1		38.1
Contract assets	8.2	0.3							8.5		8.5
Current tax assets	2.8	0.5	0.5	0.4	3.			1.6	9.4		9.4
Cash and cash equivalents	52.5	43.1	28.1	4.8	517.4	10.9	73	26.5	690.6		690.6
	287.6	63.7	87.7	18.9	596.6	28.8	54.9	68.7	1,206.9	-192.8	1,014.1
Total current assets
Total assets	7,089.1	1,184.1	2,037.7	945.4	7,471.0	1,422.5	964.4	981.5	22,095.7	-7,222.5	14,873.2
Total equity	4.235.3	545.0	761.5	480.0	2,515.1	978.9	271.9	297.8	10,085.5	-3,918.6	6,166.9
Liabilities
Interest-bearing loans and borrowings from
financial institutions	1,394.1	52.8	215.2	209.2	1,210.6	145.5	100.8		3,328.2		3,328.2
Bond issued					3,551.6	19.7			3,571.3		3,571.3
Trade and other payables	51.4	10.9	10.3	2,9	22.2	31.7	5.9	12.2	147.5		147.5
Long-term payables to related parties	431.8	504.6	898.1	136.0		103.0	482.9	554.7	3,111.1	-3,111.1
Derivative financial instruments					10.6				10.6		10.6
Deferred tax liabilities	800.9	38.4	92.6	82.7	6.5	68.2	49.1	29.0	1,167.4		1,167.4
Total non-current liabilities	2,678.2	606.7	1,216.2	430.8	4,801.5	368.1	638.7	ਦੇ ਕੇ ਦੇ 'ਚੇ	11,336.1	-3,111.1	8,225.0
Interest-bearing loans and borrowings from
financial institutions	15.1	2.8	7.6	2.6	3.3	18.0	0.6		50.0		50.0
Bonds issued					18.3	0.4			18.7		18.7
Trade and other payables	150.5	22.3	31.9	28.5	9.6	42.0	40.1	42.0	366.9	000 新闻	366.9
Short-term payables to related parties	0.3	6.2	19.0	2.3	105.8	5.0	12.3	42.2	193.1	-192.8	0.3
Derivative financial instruments					17.0				17.0		17.0
Current tax liabilities	9.7	1.1	1.5	1.2	0.4	10.1	0.8	3.6	28.4		28.4
Total current liabilities	175.6	32.4	60.0	34.6	154.4	75.5	53.8	87.8	674.1	-192.8	481.3
Total liabilities	2,853.8	639.1	1,276.2	465.4	4,955.9	443.6	692.5	683.7	12,010.2	-3,303.9	8,706.3
Total equity and liabilities	7,089.1	1,184.1	2,037.7	945.4	7,471.0	1,422.5	964.4	981.5	22,095.7	-7,222.5	14,873.2

Segment assets and liabilities as at 31 December 2023 are as follows:

3. Changes in the Group structure

Current period

Acquisitions

In six-month period ended 30 June 2024, the Group acquired the below-mentioned subsidiaries:

Subsidiary	Country	Acquisition date
CTPark Konik sp. z o.o. (formerly White Star Logistics Park Konik sp. z o.o.)	Poland	3 April 2024
CTPark Natolin sp. z o.o. (formerly White Star Logistics Park Lodz sp. z o.o.)	Poland	3 April 2024
CTPark Raszyn sp. z o.o. (formerly White Star Logistics Park Raszyn sp. z o.o.)	Poland	3 April 2024
CTPark Toruń sp. z o.o. (formerly White Star Logistics Park Torun sp. z o.o.)	Poland	3 April 2024
CTPark Trnava III, spol. s r.o. (formerly Logistické centrum Trnava s.r.o.)	Slovakia	9 May 2024
RTC Real a.s.	Czech Republic	16 May 2024
Logistics Hub Chitila SRL	Romania	27 May 2024
North Logistics Hub SRL	Romania	27 May 2024
Elgan Automotive SRL	Romania	27 May 2024
Industrial Park West SRL	Romania	27 May 2024
See Exclusive Development SRL	Romania	27 May 2024
CTPark Ostrava Radvanice, spol. s r.o. (formerly RK2 Real, s.r.o.)	Czech Republic	26 June 2024

These acquisitions impacted the Group's financial statements as at the date of acquisition, as follows:

In EUR million	Czech Republic	Poland	Romania	Slovakia	Tota
Investment property	37.0	25.3	162.9	26.8	252.0
Investment property under development		5.9			5.9
Cash and cash equivalents	-	29	19.4	0.1	22.4
Trade and other receivables	1.6	0.6	6.7	0.1	9.0
Total assets	38.6	34.9	188.9	27.1	289 €
Interest-bearing loans and borrowings from financial institutions			-92.7		-92.7
Trade and other liabilities	-0.3	-0.8	-1.1	-0.1	-2.2
Total liabilities	-0.3	-0.8	-93.8	-0.1	-94.9
Net assets acquired	38.4	34.1	95.2	27.0	194.6
Consideration paid in cash*	-38.4	-34.1	-94.2	-13 5	-180.2
Consideration not settled till period end		-	-1.0	-13.5	-14.5
Net cash inflow/outflow	-38.3	-31.1	-74.8	-13.4	-157.7

* Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 26.6 million. Total impact on consolidated cash flow is EUR 131.1 million.

The acquisitions were recognised as property asset acquired companies do not represent a business as defined by IFRS 3

Changes within the Group

There were no significant changes within the Group during six-month period ended 30 June 2024.

Prior period

Acquisitions

In 2023, the Group acquired the following subsidiaries:

Subsidiary	Country	Acquisition date
CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o.)	Czech Republic	31 January 2023
BIMS PROPERTIES 2018 DOO DEC	Serbia	21 February 2023
CTPark Pitesti East SRL (formerly Seebuca Immo SRL)	Romania	29 March 2023
CTPark Timisoara North SRL (formerly Seetimi SRL)	Romania	29 March 2023
CTPark Dragomiresti SRL (formerly Bati Carpath SRL)	Romania	29 March 2023
CTP Germany X GmbH (formerly Projektgesellschaft Rauentaler Strasse mbH)	Germany	30 March 2023
CTPark Nýřany II, spol. s r.o. (formerly Limmo beta s.r.o.)	Czech Republic	30 November 2023
CTP Nová Zvonařka, spol. s r.o. (formerly Nová Zvonařka s.r.o.)	Czech Republic	30 November 2023
CTPark Tošanovice a.s. (formerly Tosan Park a.s.)	Czech Republic	6 December 2023

These acquisitions impacted the Group's financial statements as at the date of acquisition, as follows:

In EUR million	Germany	Czech Republic	Romania	Serbia	Tota
Investment property	9.1	65.5	57.1	4.4	136.1
Investment property under development		12.4	0.4	3.1	15.9
Cash and cash equivalents	0.1	0.5	2.3		2.9
Trade and other receivables		1.0	0.1	-	1.1
Total assets	9.2	79.4	ਦੇ ਕੇ ਰੋ	7.5	156.0
Interest-bearing loans and borrowings from financial institutions			-27.1		-27.1
Trade and other liabilities	-0.4	-2.7	-10.4	-0.1	-13.6
Total liabilities	-0.4	-2.7	-37.5	-0.1	-40.7
Net assets acquired	8.8	76.7	22.4	7.4	115.3
Consideration paid in cash*	-8.8	-65.2	-19.5	-7.4	-100.9
Consideration not settled till period end	-	-11.5	-2.9	-	-14.4
Net cash inflow/outflow	-8.7	-64.7	-17.2	-7.4	-98.0

*Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 39.5 million. Total impact on consolidated cash flow is EUR 58.5 million.

The acquisitions were recognised as property asset acquired companies do not represent a business as defined by IFRS 3.

In 2023, the Group disposed the subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group, with an impact on consolidated cash flow of EUR 3.7 million.

Changes within the Group

There were no significant changes within the Group in 2023.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

4. Rental income and service charge income

In EUR million	30 June 2024	30 June 2023
Industrial	285.4	245.1
Office	14.8	15.9
Retail	0.6	0.6
Other rental income	20.1	18.8
Total rental income	320.9	280.4
Service charge income	35.4	29.1
Total rental income including service charge	356.2	309.5

CTP leases its investment property under operating leases. The operating leases are generally for five to fifteen years.

Other rental income represents termination fees, rental income from the rent of parking spaces, 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 following revenues were generated in the countries where CTP operates during the first six months of 2024, together with the corresponding figures for the first six months of 2023 for comparison:

In EUR million	30 June 2024	30 June 2023
Czech Republic	146.6	136.4
Romania	64.4	54.5
Germany	45.2	40 9
Hungary	34.9	32.8
Slovakia	28.2	22.9
Serbia	14.6	8.6
Poland	9.4	4.2
Bulgaria	7.1	5.7
Netherlands	4.6	3.2
Austria	1.1	0.3
Total rental income including service charge	356.2	309.5

5. Property operating expenses

In EUR million	30 June 2024	30 June 2023
Maintenance and repairs	-12.6	-16.7
Park management expenses	-16.2	-15.6
Real estate tax	-10-5	-5.8
Insurance	-3.0	-2.9
Other	-0.2	-0.2
Total property operating expenses	-42.4	-41.1

Park management expenses represent expenses for utilities, park maintenance, cleaning, security and garbage management provided by external suppliers. These expenses are covered by service charges charged to tenants.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CCTP N. V.

6. Employee benefits

In EUR million	30 June 2024	30 June 2023
Wages and salaries	-20.5	-19.2
Social security contributions	-3.9	-3.9
Other personnel expenses	-0.6	-0.4
Total employee benefits	-24.9	-23.5

The average full-time equivalent of employees for the six-month period ended 30 June 2024 was 771 (six-month period ended 30 June 2023 - 693).

Weighted average number of employees per segments	30 June 2024	30 June 2023
Czech Republic	377	301
Romania	ਰੇਤੋ	101
Poland	85	67
Hungary	୧୧	70
Slovakia	71	62
Netherlands	d	10
Germany	ਦੇੜ	34
Other	57	48
Total employee number	771	ਵਰਤੋ

The number of full-time equivalent employees as at 30 June 2024 was 810 (30 June 2023 -717).

7. Other expenses

In EUR million	30 June 2024	30 June 2023
Legal, tax and audit	-6.4	-4.5
Donations	-0.8	-4.5
Travel expenses	-3.9	-4.5
Advertising and promotion expenses	-2.4	-2.6
Fee for real estate consultants and brokers	-3.9	-3.3
Telecommunication expenses	-2.5	-2.5
Taxes and charges	-1.4	-1.8
Energy and material consumption	-1.5	-1.4
Receivables written off	-0.1	-2.6
Rent	-0.9	-0.9
Penalties		-0.1
Other	-2.5	-2.3
Total other expenses	-26.3	-31.1

In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million.

8. Interest expense

In EUR million	30 June 2024	30 June 2023
Bank interest expense	-75.8	-32.6
Impact of financial derivative instruments	6.9	-1.0
Arrangement fees	-1.7	-1.6
Interest expense from bonds issued	-36.4	-24.6
Interest expense	-107.0	-59.8

The increase in the bank interest expense in the first half of 2024 relates to the increase in financing of the Group and higher interest rates.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

9. Other financial gains/losses

In EUR million	30 June 2024	30 June 2023
Change in FMV of derivatives and hedge	1.5	-0.8
Foreign exchange gains/losses(-)	4.3	1.4
Other financial gains/ losses(-)	31.9	0.4
Other financial gains/losses(-)	37.7	1.0

In the first half of 2024, other financial gains/losses comprise gain of EUR 31.9 million, realised due to early repayment of bonds in nominal value of EUR 750 million. For details refer to Note 16.

10. Income tax expense

30 June 2024	30 June 2023
-26.1	-20.0
-0.8	-3.0
-26.8	-23.1
-101-8	-89.4
~101.8	-89.4
-128.7	-112.5

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.

Applied income tax rates are valid for 2024 and for future periods when the Group expects to utilise the tax impacts from previous years.

11. Investment property

In EUR million	30 June 2024	31 December 2023
Buildings and related land and Right-of-use assets	11.994.0	11,119.4
Industrial	11,176.7	10.434.1
Office	751 3	620.8
Retail and other	66.0	64.5
Landbank and related Right-of-use assets	1,018.7	919.8
Total	13,012.7	12,039.2

In EUR million	Buildings and related land	Landbank	Right-of-use assets - buildings and related land	Right-of-use assets - landbank	Total Investment property
Balance at 1 January 2023	9,333.2	758.2	28.1	4.7	10,124.2
Transfer from/to investment property under development	1,209.4	-152.2	17.0		1,074.2
Transfer from/to buildings and related land	11.8	-11.8	-
Transfer from/to PPE	-2.3				-2.3
Acquisitions	161.7	224.3			386.0
Additions/disposals	144.9	-7.6	2.2	0.3	139 8
Net valuation result	213.4	103.9			317.3
Balance at 31 December 2023	11,072.1	914.8	47.3	5.0	12,039.2
Balance at 1 January 2024	11,072.1	914.8	47.3	5.0	12,039.2
Transfer from/to investment property under development	333.3	-39.1	0.8	-5.0	790.0
Transfer from/to owned buildings and land	2.4	-24
Acquisitions	189.3	116.4			305.6
Additions/disposals	118.9	-3.2	0.7		116.3
Net valuation result	229.2	32.3			261.5
Balance at 30 June 2024	11,945.2	1,018.7	48.8		13,012.7

Buildings and related land represent assets in CTP's legal ownership.

The landbank comprises the plots of land in CTP's ownership available for development of new projects.

Right-of-use assets comprise leased land in Germany of EUR 28.5 million (2023 - EUR 27.8 million), land in the Netherlands of EUR 17.0 million (2023 - EUR 17.0 million), land in the Czech Republic of EUR 2.0 million (2023 - EUR 2.0 million) and land in Romania of EUR 1.3 million (2023 - EUR 0.5 million). Landbank in the Czech Republic of EUR 5.0 million was transferred to right-of-use assets - investment property under development.

Investment property comprises mainly commercial properties that are leased to third parties.

A portion of owned buildings and land are subject to bank collateral (refer to Note 15).

Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 3) and acquisitions of properties under asset deal agreements.

Current period

The most significant completed construction of industrial properties in 2024 were in Zabrze and Katowice in Poland; in Novi Sad in Serbia; in Budapest in Hungary and in Bucharest and Arad in Romania.

In the six-month period ended 30 June 2024, the Group made landbank acquisitions, mainly in Poland, Slovakia, the Czech Republic, Hungary, Serbia, Romania and Germany.

Prior period

The most significant completed construction of industrial properties in 2023 were in Mszczonów and in Opole in Poland; in Sofia in Bulgaria; in Belgrade and in Kragujevac in Serbia; in Budapest in Hungary; in Vienna and in Getzersdorf in Austria; in Amsterdam in the Netherlands; in Brno, in Kozomín, in Cerhovice, in Hrušov, in Blučina, in Zatec and in Ostrava in the Czech Republic; in Prešov and in Trnava in Slovakia; and in Bucharest in Romania.

In 2023, the Group also made landbank acquisitions mainly in Hungary, Romania, Germany, Serbia, Poland, Bulgaria, Austria, Czech Republic and Slovakia.

During the year 2023, landbank disposals of EUR 6.2 million represent the sale of the subsidiary CTPark Alpha in Slovenia outside of the Group.

In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million.

Fair value hierarchy

The fair value measurement for investment property has been categorised 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.

Investment property is in the following countries where CTP operates:

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

In EUR million	30 June 2024	31 December 2023
Czech Republic	5,913.0	5,689 1
Romania	2,165.8	1,827.5
Germany	1,235.7	1,188.7
Hungary	1,024.6	982.6
Slovakia	847.4	789.1
Poland	606.6	420.1
Netherlands	476.1	482.5
Serbia	442 9	368.7
Bulgaria	184.0	177.7
Austria	116 €	113.2
Total	13,012.7	12,039.2

12. Investment property under development

In EUR million	IPUD	Right-of-use assets	Tota
Balance at 1 January 2023	1,175.6	17.7	1,193.3
Additions/disposals	666.7	0.1	666.8
Acquisitions	16.5		16.5
Transfer from/to Investment property	-1.057.2	-17.0	-1,074.2
Transfer from/to PPE	-4.2		-4.2
Net valuation result	561.4		561.4
Balance at 31 December 2023	1,358.8	0.8	1,359.6
Balance at 1 January 2024	1,358.8	0.8	1,359.6
Additions/disposals	278.2		278.2
Acquisitions	7.9		7.9
Transfer from/to Investment property	-294.2	4.2	-290.0
Net valuation result	175.2		175.2
Balance at 30 June 2024	1,525.8	5.0	1,530.9

Investment property under development ("IPUD") comprises pipeline projects in several stages of completion and of land with planning permits in place that are still to be developed but where pre-agreements with future tenants are available. CTP management estimates that a significant majority of the pipeline projects will be completed within 12-15 months.

Right-of-use assets in investment property under development comprise leased land in the Czech Republic to CTPark Prague West, spol. s r.o. of EUR 5.0 million (2023 - EUR 0 million) transferred from right-of-use assets - landbank. Land in Romania of EUR 0.8 million to CTPARK IOTA SRL was transferred to right-of-use assets - investment property.

Investment property under development is located in the following countries where CTP operates:

In EUR million	30 June 2024	31 December 2023
Poland	464.4	483.0
Czech Republic	431.5	279.5
Slovakia	165.9	130.5
Hungary	144.4	123.6
Romania	81.5	98.6
Bulgaria	77.2	63.4
Austria	68.0	95.1
Serbia	52.9	59.0
Germany	44.7	26.8
Netherlands	0.1	0.1
Total	1,530.9	1,359.6

Fair value hierarchv

The fair value measurement for investment property under development is categorised 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.

13. Equity

Issued capital and Share premium

Current period

		lssued capital	Share premium
		In EUR million	In EUR million
453,226,903	EUR 0.16	72.5	2,998.1
-6,562	EUR 0.16		-0.1
453,220,341	EUR 0.16	72.5	2,997.9
	No. of shares	Nominal value of share	As at 30 June 2024, the issued capital and share premium were comprised of the following:

Movements in Issued capital and Share premium

		Nr. of shares	Issued capital In EUR million	Share premium In EUR million
Balance at 1 January 2024		448,182,458	71.7	3,038.4
Treasury shares		-27,976	1	-0.5
Total balance at 1 January 2024		448,154,482	71.7	3,037.9
15 April 2024	Share issuance	120,843		1.8
20 May 2024	Dividend paid	4,923,602	0.8	-42.2
Balance at 30 June 2024		453,226,903	72.5	2,998.1
Change in treasury shares		21,414		0.4
Total balance at 30 June 2024		453,220,341	72.5	2,997.9

On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed to employees.

On 16 May 2024, CTP N.V. announced a final 2023 dividend of EUR 0.275 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 on the last three trading days of the election period, ending on 15 May 2024. The number of dividend rights that entitles to one new ordinary share has been set at 60.48.

Shareholders representing approximately 34% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 66% 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

4,923,602 to a total of 453,226,903 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 20 May 2024.

Change in treasury shares represents mainly a conditional share award under the LTIP to a Director provided in May 2024.

Prior period

As at 31 December 2023, the issued capital was comprised of the following:

			Issued capital
Type of shares	No. of shares	Nominal value of share	In EUR million
Ordinary shares	448,182,458	EUR 0.16	71.7
Treasury shares	-27,976	EUR 0.16	-0.0
Total	448,154,482	EUR 0.16	71.7

Movements in Issued capital and Share premium

		Nr. of shares	Issued capital In EUR million	Share premium In EUR million
Balance at 1 January 2023		444,100,549	71.1	3,203.0
Treasury shares		-27,976		-0.5
Total balance at 1 January 2023		444,072,573	71.1	3,202.5
18 May 2023	Dividend paid	2,221,102	0.3	-76.2
4 September 2023	Dīvidend paid	1,860,807	0.3	-88.4
Balance at 31 December 2023		448,154,482	71.7	3,037.9
Change in treasury shares
Total balance at 31 December 2023		448,154,482	71.7	3.037.9

On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 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 on the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that entitles to one new ordinary share was set at 51.42.

Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 26% 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 2,221,102 to a total of 446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 18 May 2023.

On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced. Shareholders were given the choice to receive the 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 on the last three trading days of the election period, ending on 29 August 2023. The number of dividend rights that entitles to one new ordinary share was set at 50.53.

Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

approximately 21% 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 1,860,807 to a total of 448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 4 September 2023.

Cash flow hedge reserve

Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR 25.6 million net of tax as at 30 June 2024 (2023 - EUR 0.1 million).

Translation reserve

The translation reserve of EUR -1.5 million (2023 - EUR 2.1 million) comprises all foreign exchange differences arising from the translation of the financial statements from the functional to the presentation currency.

Revaluation reserve

Changes in the fair value of Property, plant and equipment valued under the revaluation model recognised in the revaluation reserve in equity reached EUR 29.6 million (net of tax) as at 30 June 2024 (2023 - EUR 29.0 million).

Dividends

Current period

In May 2024, the Group paid a final dividend for the year 2023 of EUR 123.3 million, out of which EUR 41.4 million was paid in cash, with the rest of dividends paid in the form of new shares.

Prior period

In May 2023, the Group paid a final dividend for the year 2022 of EUR 102.1 million, out of which EUR 75.9 million was paid in cash, with the rest of dividends paid in the form of new shares.

In September 2023, the Group paid an interim dividend for the year 2023 of EUR 111.6 million, out of which EUR 88.1 million was paid in cash, with the rest of dividends paid in the form of new shares.

14. Earnings per share

Basic earnings per share ("EPS")

Basic EPS calculations are based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

1.1.2024 - 30.6.2024 533.7 533.7	1.1.2023 - 30.6.2023 469 6 469.6
1.1.2024 - 30.6.2024	1.1.2023 - 30.6.2023
448,182,458	444,100,549
-27,976	-27,976
1,190,324	539,936
449,344,806	444,612,509
1.19	1.06

The denominator in the calculation of basic EPS for the six-month periods ended 30 June 2024 and 30 June 2023 is the weighted average number of ordinary shares less treasury shares as at 30 June 2024 and 30 June 2023, respectively.

Diluted earnings per share

The calculation of diluted EPS is based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.

In EUR million	1.1.2024 - 30.6.2024	1.1.2023 - 30.6.2023
Profit attributable to Equity holders of the Company (basic)	533.7	469.6
Profit attributable to ordinary shareholders	533.7	469.6
	1.1.2024 - 30.6.2024	1.1.2023 - 30.6.2023
Weighted-average number of ordinary shares (basic)	449,344,806	444,612,509
Incentive plans	49,711	42,836
Weighted-average number of ordinary shares (diluted) for period	449,394,517	444,655,345
Earnings per share (diluted)	1.19	1.06

15. Interest-bearing loans and borrowings from financial institutions

In EUR million	30 June 2024	31 December 2023
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions	4,200.1	3,343.1
Accrued arrangement fees	-23.0	-14 9
Balance	4,177.1	3,328.2
Current liabilities
Interest-bearing loans and borrowings from financial institutions	71.3	45.7
Accrued interest	9.0	4.8
Accrued arrangement fees	-0.8	-0.5
Balance	79.4	50.0
Total balance	4,256.5	3,378.2

Unaudited condensed consolidated interim financial statements for six-month veriod ended 30 June 2024 CTP N. V.

Nominal values

In EUR million		30 June 2024
Non-current interest-bearing loans and borrowings from financial institutions	4,200.1	3.343.1
Current interest-bearing loans and borrowings from financial institutions	71.3	45.7
Total balance	4,271.4	3,388.8

In EUR million	30 June 2024		31 December 2023
	Nominal value	Fair value	Nominal value	Fair value
Interest-bearing loans and borrowings from financial institutions	4,271.4	4,029.6	3.388.8	3.112.3

The valuation model of fair value of bank loans considers the present value of expected payments, discounted using a risk-adjusted discount rate.

The Group has determined that all of its interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy.

To determine the fair value of such instruments, management used a valuation technique in which all significant inputs were based on observable market data.

The Group's interest-bearing loans and borrowings from financial institutions typically have financial covenants such as loan-to-value and debt service coverage ratios. As at 30 June 2024, there was no breach of covenant conditions.

Bank loans are secured over investment property with a carrying amount of EUR 7,091.0 million (2023 - EUR 6,361.5 million).

Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the Group's subsidiaries.

The residual maturity of loans and borrowings from financial institutions as at 30 June 2024 and 31 December 2023 was as follows:

	Balance as at 30 June 2024
		Due within		Due in	Total
In EUR million	1 year	2 years	3-5 years	follow. Years
Interest-bearing loans and borrowings from financial institutions	71.3	110.7	1,281.3	2,808.1	4,271.4

	Balance as at 31 December 2023
		Due within	Due in
In EUR million	1 year	2 years	3-5 years	follow. years	Total
Interest-bearing loans and borrowings from financial institutions	45.7	90.0	655.2	2,597.9	3,388.8

In the first half of 2024, the Group drew down bank loans with a total nominal value of EUR 821.8 million, which comprises of EUR 500.0 million of unsecured loans and EUR 321.8 million of secured loans. The drawn bank loans have an average fixed all-in interest rate costs of 4.8% and an average maturity of 5.2 years.

In addition, in May 2024, as part of the Romanian portfolio acquisition, the Group took over bank loans with a total nominal value of EUR 91.9 million.

Prior period

In 2023, the Group received bank loans with a total nominal value of EUR 1,557.0 million, out of which EUR 1,491.9 million was draw-down. Bank loans have fixed all-in interest rate costs in the range from 4.45% to 5.47% due in 2028, 2029, 2030 and 2033, respectively.

Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing
activities

	Bank	Related party		lease	Derivative financial	Issued	Share	Retained	Cash flow hedge
In EUR million	loans	loans	Bonds	liabilities	instruments	capital	premium	earnings	reserve	Tota
Balance as at 1 January 2024	3,378.2	0.3	3,590.0	49.7	-21.1	71.7	3,037.9	3,026.1	0.1	13,132.9
Changes from financing cash flows
Proceeds from bonds			823.2							823.2
Proceeds from loans and borrowings	823.8									823.8
Transaction costs related to loans and borrowings, bonds and issue of shar capital	-10.9		-4.9							-15.7
Repayment of the loans and borrowings and bonds	-32.4		-716.2							-748.5
Dividend in cash						0.8	-42.2			-41.4
Payment of lease liabilities				-2.1						-2.1
Total changes in financing cash flows	780.5		102.1	-2.1		0.8	-42.2			839.3
Change in fair value of derivatives					-24.4	=			34.4	10.0
Other adjustment	-2.9	-0.3	0.2	2.1			2.2	-2.9	-8.9	-10.5
Gain from bond repayment			-31.9							-31.9
Acquisition of subsidiaries	92.7									92.7
Profit for the period								533.7		533.7
Interest expense incl. arrangement fee	77.4		36.4		-8.6					105.2
Interest paid	-69.4		-21.5		ਰੋਂ ਕੇ					-81.0
Other liability related changes	97.8	-0.3	-16.8	2.1	1.3		2.2	530.8	-8.ਰੇ	608.2
Balance at 30 June 2024	4,256.5		3,675.2	49.7	-44.1	72.5	2,997.9	3,556.9	25.6	14,590.2

		Related			Derivative				Cash flow
In EUR million	Bank loans	party loans	Bonds	Lease liabilities	financial instruments	ssued capital	Share premium	Retained earings	hedge reserve	Total
Balance as at 1 January 2023	1,892.8		3,981.4	48.5	-36.4	71.1	3,202.5	2,100.8	23.7	11,284.4
Changes from financing cash flows
Proceeds from loans and borrowings	1,492.8									1,492.8
Transaction costs related to loans and borrowings, bonds and issue of share capital	-11.2									-11.2
Repayment of the loans and borrowings and bonds	-27.9		-400.0							-427.9
Dividend in cash						0.6	-164.6			-164.0
Payment of lease liabilities				-3.6						-3.6
Total changes in financing cash flows	1,453.7		-400.0	-3.6		0.6	-164.6			886.1
Change in fair value					18.6				-31.8	-13.2
Other adjustment	-4.3	0.3	-0.8	4.8	-0.2			2.7	8.2	10.7
Acquisition of subsidiaries	27.1									27.1
Profit for the period								922.6		922.6
Interest expense incl. arrangement tee	85.8		48.9		-8.7					126.0
Interest paid	-76.9		-39.5		5.6					-110.8
Other liability related changes	31.7	0.3	8.6	4.8	-3.3			925.3	8.2	975.6
Balance at 31 December 2023	3,378.2	0.3	3,590.0	49.7	-21.1	71.7	3,037.9	3,026.1	0.1	13,132.9

16. Bonds issued

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

In EUR million		30 June 2024 31 December 2023
Non-current bonds	3.374.5	3,571.3
Current bonds	300.8	18.7
Total	3,675.2	3,590.0

Reconciliation of movements

In EUR million	30 June 2024	31 December 2023
Bonds issued - nominal value	5,124.3	4,299.5
Repayment of bonds - nominal value	-1,468.2	-718.2
Bonds acquired	140	140.0
Repayment of bonds acquired	-120	-120.0
Nominal value of bonds	3,676.1	3,601.3
Interest liability	29.1	18.7
Discount applied	-44.6	-43.1
Amortisation of applied discount	18.9	17.2
Bond issuance costs	-8.8	-8.9
Amortisation of bond issuance costs	4,5	4.8
Total carrying value of bonds	3,675.2	3,590.0

Financial covenants related to bonds consist of leverage ratio tests, secured debt tests, interest cover ratio and unencumbered assets tests. During the current period, the Group did not breach any of its covenants, nor did it default on any of its obligations under its agreements.

Current period

Bonds issued by CTP N.V.

Bond Issuance Date	ાડાંભ	Nominal value of total bonds issued in EUR million	Nominal value of each bond in EUR	Currency	Type	Fixed interest rate per annum ("p.a")	Maturity date
21 June 2021	XS2356029541	272.3	100,000	EUR	senior unsecured senior	0.500%	21 June 2025
1 Oct 2020	XS2238342484	184.5	100,000	EUR	unsecured senior	2.125%	1 Oct 2025
20 Jan 2022	XS2434791690	475.0	100,000	EUR	unsecured senior	0.875%	20 Jan 2026
27 Sept 2021	XS2390530330	350.0	100,000	EUR	unsecured senior	0.625%	27 Sept 2026
18 Feb 2021	XS2303052695	500.0	100.000	EUR	unsecured senior	0.750%	18 Feb 2027
21 June 2021	XS2356030556	500.0	100,000	EUR	unsecured senior	1.250%	21 June 2029
5 February 2024	XS2759989234	750.0	100,000	EUR	unsecured senior	4.750%	5 Feb 2030
4 June 2024	XS2759989234	74.8	100,000	EUR	unsecured senior	4.750%	5 Feb 2030
27 Sept 2021	XS2390546849	500.0	100,000	EUR	unsecured senior	1.500%	27 Sept 2031
1 July 2022	XS2390546849	49.5	100,000	EUR	unsecured	1.500%	27 Sept 2031
Tota		3,656.1
Bonds acquired
9 June 2021	DE000A3E5L07	20.0	100,000	EUR	senior unsecured	3.300%	9 June 2031
Total Bonds		3,676.1

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

In EUR million	30 June 2024	31 December 2023
	Nominal value	Fair value	Nominal value	Fair value
Bonds	3.676.1	3.453.2	3,601.3	3.194.1

In February 2024, the Group issued EUR 750.0 million of Green bonds with a six-year maturity and 4.75% fixed coupon. In June 2024, the Group issued in a second tranche of the same bonds with a nominal value of EUR 74.8 million.

In February 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 50.0 million, ISIN XS2356029541 with a nominal value of EUR 75.0 million and ISIN XS2434791690 with a nominal value of EUR 125.0 million.

In June 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 97.3 million, ISIN XS2356029541 with a nominal value of EUR 152.7 million, ISIN XS2390530330 with a nominal value of EUR 150.0 million, ISIN XS2434791690 with a nominal value of EUR 100.0 million.

For related financial gain refer to Note 9.

Prior period

Bonds issued by CTP N.V.

Bond Issuance Date	ાડાંગ	Nominal value of total bonds issued in EUR million	Nominal value of each bond	Currency	Type	Fixed interest rate per annum ("p.a")	Maturity date
			in EUR
21 June 2021	XS2356029541	500.0	100,000	EUR	senior unsecured senior	0.500%	21 June 2025
1 Oct 2020	XS2238342484	331.8	100,000	EUR	unsecured senior	2.125%	1 Oct 2025
20 Jan 2022	XS2434791690	700.0	100,000	EUR	unsecured senior	0.875%	20 Jan 2026
27 Sept 2021	XS2390530330	500.0	100,000	EUR	unsecured senior	0.625%	27 Sept 2026
18 Feb 2021	XS2303052695	500.0	100,000	EUR	unsecured senior	0.750%	18 Feb 2027
21 June 2021	XS2356030556	500.0	100,000	EUR	unsecured senior	1.250%	21 June 2029
1 July 2022	XS2390546849	49.5	100,000	EUR	unsecured senior	1.500%	27 Sept 2031
27 Sept 2021	XS2390546849	500.0	100,000	EUR	unsecured	1.500%	27 Sept 2031
Total		3,581.3
Bonds acquired
9 June 2021	DE000A3E5L07	20.0	100,000	EUR	senior unsecured	3.300%	9 June 2031
Total Bonds		3,601-3

On 27 November 2023, the Group repaid bonds namely ISIN XS2264194205 with a nominal value of EUR 400.0 million.

17. Derivative financial instruments

In EUR million	30 June 2024	31 December 2023
Fair value of derivatives - non-current asset	9.0	10.6
Fair value of derivatives - current asset	45.7	38.1
Fair value of derivatives - assets	54.7	48.7
Fair value of derivatives - non-current liability	-3.7	-10.6
Fair value of derivatives - current liability	-6.8	-17.0
Fair value of derivatives - liabilities	-10.5	-27.6
Total	44.1	21.1

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

All financial derivatives were stated at fair value as at 30 June 2024 and 31 December 2023, respectively, and classified to Level 2 in the fair value hierarchy. The market comparison technique was used to determine fair value.

Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks.

The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 13).

As at 30 June 2024 CTP held the following derivative financial instruments:

Derivative financial instruments - assets	Due within maturity date	Mandatory break	Receiving leg	Paying leg	Currency	Nominal amount (in EUR million)	Fair value (in EUR million)
Interest rate swaps - cash flow hedge*	2028 - 2053	2025	3M Euribor. 6M Furibor	from 2.1265% to 3.293%. 6M Euribor	EUR	1,341.2	49.3
Interest rate swaps	2025 - 2030		3M Euribor	from -0.295% to 0.21%	EUR	86.4	5.4
Total receivables from derivatives							54.7

*Cash flow hedge derivatives of EUR 26.1 million (2023 - EUR 35.8 million) are presented as short-term due to mandatory breaks within 12 months after reporting date.

Derivative financial instruments - liabilities	Due within maturity date	Mandatory break	Receiving leg	Paying leg	Currency	Nominal amount (in EUR million)	Fair value (in EUR million)
Interest rate swaps - cash flow hedge	2028 - 2053	2025	Fixed 2.918% 3M Euribor, 6M Euribor	from 2.609% to 3.508%. 6M FURIBOR	EUR	1,363.3	-10.5
Total liabilities from derivatīves							-10.5

As at 31 December 2023 CTP held the following financial instruments:

Derivative financial instruments - assets	Due within maturity date	Mandatory break	Receiving leg	Paying leg	Currency	Nominal amount (in EUR million)	Fair value (in EUR million)
			em	From
	2028 - 7053	2025	Euribor,	2.1265% to	EUR	1,258.0	43.0
Interest rate swaps - cash flow hedge*			fixed	3.293%. 6M
			2 918%	Euribor
Interest rate swaps	2025 -		3M	From -0.295%
	2030		Euribor	to 0.21%	EUR	88.8	5.7
Total recaivanias from darivatives							48.7

*Cash flow hedge derivatives of EUR 35.8 million are presented as short-term.

Unaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N.V.

Derivative financial instruments - liabilities	Due within maturity date	Mandatory break	Receiving leg	Paying leg	Currency	Nominal amount (in EUR million)	Fair value (in EUR million)
Interest rate swaps – cash flow hedge	2028 - 2053	2024	3M Euribor, 6M Euribor	From 2.5975% to 3.508%	EUR	703.5	-27.6
Total liabilities from derivatives							-27.6

18. Deferred tax

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.

Deferred tax assets and liabilities

The recognised deferred tax assets and liabilities are attributable to the following:

In EUR million	30 June 2024			31 December 2023
	Assets	Liability	Net	Assets	Liability	Net
Investment property	8.2	-1,265.8	-1,257.7	7.6	-1,169.9	-1,162.3
Tax losses	27.2		27.2	19.4		19.4
Property, plant and equipment		-2.7	-2.7		-2.3	-2.3
Other (receivables, hedge accounting etc.)	8.0	-35.5	-27.6	14.6	-22.5	-7.9
Tax asset/liabilities(-)	43.3	-1,304.1	-1,260.8	41.6	-1,194.7	-1,153.1
Set-off of tax	-30-8	30.8		-273	27.3
Net tax assets/liabilities(-)	12.5	-1,278.3	-1,260.8	14.3	-1,167.4	-1,153.1

Movement in deferred tax during the period recognised in profit and loss, in equity and in OCI

In EUR million	Balance as at 1 January 2024	Change in temporary differences	Deferred tax recognised in OCI	Effect of changes in FX rates	Balance as at 30 June 2024
Investment property	-1.162.3	-98.4		3.1	-1,257.7
Tax losses	19.4	7.8		-0.1	27.2
Property, plant and equipment	-2.3	-0.3	-0.1		-2.7
Other (receivables, hedge accounting etc.)	-7.9	-10.9	-8.8		-27.6
Total	-1,153.1	-101.8	-8.9	3.1	-1,260.8

In EUR million	Balance as at 1 January 2023	Change in temporary differences	Deferred tax recognised in OCI	Effect of changes in FX rates	Balance as at 31 December 2023
Investment property	-915.5	-252.7		ਟੇ ਰੋ	-1,162.3
Tax losses	11.0	8.5		-0.1	19.4
Property, plant and equipment		-0.9	-1 4		-2.3
Other (receivables, hedge accounting etc.)	-26.1	9.8	8.2	0.2	-7.9
Total	-930.6	-235.3	6.8	6.0	-1,153.1

19. Related parties

CTP has a related party relationship with its key management personnel and other entities of which Multivest B.V. is an equity holder (immediate parent company).

In the six-month periods ended 30 June 2024 and 30 June 2023 respectively, CTP had the following income and expense with related parties:

In EUR million		30 June 2024		30 June 2023
	Revenues	Expenses	Revenues	Expenses
CTP Holding B.V.		-	0.8
CTP Invest Ltd.				-0.1
Total	t	1	0.8	-0.1

As at 30 June 2024 and 31 December 2023, CTP had the following short-term receivables/payables from/to related parties:

	30 June 2024		31 December 2023
In EUR million	Receivables	Payables	Receivables	Payables
Remon Vos	0.3	-	0.3
Multivest B.V.	-	-	0.6	ﭘ
Other	1	1	0	-0.3
Total	0.3	*	0.9	-0.3

As at 30 June 2024 and 31 December 2023, CTP had the following long-term receivables/payables from/to related parties:

	30 June 2024		31 December 2023
In EUR million	Receivables	Payables	Receivables	Payables
CTP Invest Hong Kong Limited	0.1	1	-
Other	0.2	1	0.6
Total	0.3	t	0.6

Other non-current non-trade receivables from related parties and non-trade liabilities to related parties are interest-bearing and carry an arm's length interest in the range of 2.50% to 3.30%, depending on maturity, collateralisation, subordination, country risk and other specifics.

20. Contingent liabilities

Contracted work

As at 30 June 2024, the Group had contracted work with external suppliers relating to the realization of construction projects that were not performed as at the period-end with a total value of EUR 418.1 million (2023 - EUR 381.2 million).

Guarantee provided

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 GmbH.

The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, NonUnaudited condensed consolidated interim financial statements for six-month period ended 30 June 2024 CTP N. V.

Solicitation). The duration of the guarantees is until 15 November 2028, unless they terminate earlier pursuant to the agreement.

In 2022, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with the financing of development activities of CTP ALC B.V. The guaranteed obligations represent:

• any amount due by CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount,
• any interest, fees (including for the avoidance of doubt any default interest) and any amount payable under any Hedging Agreement due by CTP ALC B.V. under and in connection with the Facility Agreement.

The Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Coöperatieve Rabobank U.A. and CTP ALC B.V.

In 2023, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with financing of CTP Beta B.V. Guaranteed obligations represents any amount due by the CTP Beta B. V. under and in connection with the Finance Documents. Facility agreement is agreed of EUR 33,495,000 between Coöperatieve Rabobank U.A. and CTP Beta B.V.

21. Subsequent events

In July 2024, the Group signed an increase of a secured bank loan for EUR 150.0 million due in 2031.

CTP is not aware of any other 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 2024.

Remon Vos Barbara Knotlac

Amsterdam, 7 August 2024

The Board of Directors

Richard Wilkinson Rodolphe Schoettel

Kari Pitkin

Susanne Eickermann-Riepe

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