HELMA Eigenheimbau AG — Annual Report 2020

Mar 24, 2021

Annual Report 2020

Since 1980, HELMA has been the specialist for individual detached houses and sustainable residential projects built applying the solid construction method. Attractive holiday properties and independent fi nancing and insurance offers round off our product portfolio.

"We love to build for your life" for around 1,000 customers every year in a strong team of several hundred employees.

Contents

To the shareholders

Letter to the shareholders	36
The Management Board	38
Supervisory Board Report	40
The Supervisory Board	44
HELMA share	46

Aggregated management report

for HELMA Eigenheimbau AG and the Group

Organisational structure	51
Business activity and strategy	52
Economic environment	60
Group order book position	65
Group earnings	66
Group net assets and financial position	71
Group investments	74
Sustainability – Non-financial performance indicators	75
Employees, sales partners and the company's Boards	84
Net assets, financial position and earnings of the parent company	86
Risk report	88
Related parties report	93
Report on events subsequent to the reporting date	93
Dividend	93
Medium-term growth strategy	94
Forecast report	98

Consolidated financial statements

Consolidated balance sheet	100
Consolidated statement of total comprehensive income	102
Consolidated cash flow statement	103
Consolidated statement of changes in equity	104
Notes to the consolidated financial statements	105
Independent audit opinion	142

Single entity financial statements of
HELMA Eigenheimbau AG	146

148

The HELMA Group at a glance

Earnings and dividend		2011	2012	2013	2014
Revenue	in k€	103,588	113,988	138,018	170,497
EBITDA	in k€	6,132 6,132	8,774	11,793	15,971 15,971
Adjusted EBITDA*	in k€	6,132 6,132	8,774	11,843 11,843	16,301 16,301
Operating earnings (EBIT)	in k€	4,786 4,786	7,335	10,286 10,286	14,167 14,167
Adjusted operating earnings (EBIT)*	in k€	4,786 4,786	7,335	10,336 10,336	14,497 14,497
Earnings before Earnings before taxes (EBT)	in k€	3,381 3,381	5,755 5,755	8,271	11,690 11,690
Net income after minority interests after minority	in k€	2,310 2,310	3,799 3,799	5,606	8,132
Cash earnings	in k€	5,939 5,939	8,524 8,524	11,752 11,752	16,302 16,302
Earnings per Earnings per share**	in €	0.83 0.83	1.33 1.33	1.85	2.43 2.43
Dividend per Dividend per share	in €	0.20 0.20	0.35 0.35	0.53 0.53	0.63 0.63
Adjusted gross profi Adjusted gross profi t margin	in %	21.4 21.4	23.7 23.7	24.1 24.1	24.4 24.4
Adjusted EBIT Adjusted EBIT margin*	in %	4.6 4.6	6.4 6.4	7.5 7.5	8.5 8.5
EBT margin EBT margin	in in %	3.3 3.3	5.0 5.0	6.0 6.0	6.9 6.9
Return on sales (ROS) on sales (ROS)	in in %	2.3 2.3	3.4 3.4	4.1 4.1	4.8 4.8
Sales performance Sales performance		2011 2011	2012 2012	2013 2013	2014 2014
new order Net new order intake	in k€	106,828 106,828	131,398 131,398	158,979 158,979	193,005 193,005
Selected balance sheet items and balance sheet items and key fi gures		12/31/2011 12/31/2011	12/31/2012 12/31/2012	12/31/2013 12/31/2013	12/31/2014 12/31/2014
Property, plant Property, plant and equipment equipment	in k€	16,311 16,311	15,022 15,022	15,760 15,760	16,139 16,139
Inventories including land including land	in k€	19,830 19,830	35,816 35,816	78,408 78,408	96,054 96,054
Cash and cash equivalents Cash and cash equivalents	in k€ in k€	3,793 3,793	1,540 1,540	6,821 6,821	6,916 6,916
Equity Equity	in in k€	17,067 17,067	20,365 20,365	28,033 28,033	40,952 40,952
Net debt debt	in in k€	16,552 16,552	36,347 36,347	68,034 68,034	79,401 79,401
Total assets Total assets	in in k€	63,868 63,868	84,645 84,645	136,600 136,600	159,947 159,947
Equity ratio Equity ratio	in % in %	26.7 26.7	24.1 24.1	20.5 20.5	25.6 25.6
Other data Other data		12/31/2011 12/31/2011	12/31/2012 12/31/2012	12/31/2013 12/31/2013	12/31/2014 12/31/2014

* Adjusted for the disposal of capitalised interest

** Relative to the average number of shares in circulation during the fi nancial year

*** Proposal

2020	2019	2018	2017	2016	2015
273,993	263,243	253,276	267,418	263,842	210,618
24,756	25,171	23,776	22,529	23,455	19,494
25,813	25,878	24,883	24,433	23,949	20,076
22,169	22,782	21,784	20,232	21,662	17,774
23,226	23,489	22,891	22,136	22,156	18,356
22,461	23,594	21,153	19,130	19,568	14,956
15,365	16,144	14,487	12,993	13,498	9,952
20,352	18,089	14,983	17,965	20,953	15,325
3.84	4.04	3.62	3.25	3.37	2.69
1.54***	1.85	1.30	1.40	1.10	0.79
24.1	24.5	23.8	21.0	21.5	23.4
8.5	8.9	9.0	8.3	8.4	8.7
8.2	9.0	8.4	7.2	7.4	7.1
5.6	6.1	5.7	4.9	5.1	4.7
2020	2019	2018	2017	2016	2015
312,459	296,486	278,576	245,393	286,815	269,386
12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
19,499	19,919	19,065	16,621	16,398	16,342
281,673	232,210	220,152	199,891	173,816	154,369
20,087	16,703	16,328	16,656	11,331	12,493
116,578	108,594	97,716	88,829	80,236	69,898
198,406	174,898	159,312	149,236	124,320	98,581
423,372	380,164	341,440	317,653	278,242	244,994
27.5	28.6	28.6	28.0	28.8	28.5
	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
12/31/2020
	322	325	304	290	254

Time for a change? When if not now?

www.HELMA.de/green-living

GO FOR GREEN LIVING

Trust the test winner HELMA is EXCELLENT !

Trust the test winner HELMA is EXCELLENT !

The family business

Founded in 1980 by Karl-Heinz Maerzke and Brigitte Hellwich, HELMA looks back on a forty-year history of success. Karl-Heinz Maerzke – the lead manager at the company up until 2018 – has since taken a step back to usher in the next generation of management. With his experience and expertise, he is now playing a background role in supporting the company as Chairman of the Supervisory Board.

Since its foundation, the institution of the family has formed a core value close to the heart of the company, and this core value continues to guide the actions of the management and all HELMA employees. Families represent the central target group for the core business of detached house construction.

With the individual planning of each detached house, HELMA assumes responsibility for the successful realisation of the building project, thereby shaping living spaces of the future homeowners.

At the same time, HELMA takes direct responsibility for numerous families. With local social commitment, we support institutions that are particularly concerned with family cohesion and that promote the integration of new families, as well as those that provide a reliable family structure, at least temporarily. We do this out of honest conviction.

HELMA – We are also family!

The together company

We are a team and we work together. We offer all employees a shared foundation for job satisfaction and professional success. We see the people behind the tasks and endeavour to promote their individual strengths and discover their potentials. This is as true within individual departments and teams as it is within the company as a whole. We learn from each other, complement each other and support each other in order to grow consistently and together. HELMA only works best together. When everyone involved sees what is achieved by collective work and how the appropriate input influences their own actions, then understanding grows for the extensive interrelationships that are entailed in efficient processes, and ultimately for our high-quality houses. It is a fair, honest cooperation for the best result – as a well-rehearsed team for each other and for our customers. Together, we stand by the commitments we make. Only together and with the valued services of all participants can we act reliably and responsibly towards our customers. We ultimately create products on a "one-stop-shop" basis of which we are proud. We are team players.

The service company

HELMA stands for more than expertise and experience. We don't just build houses and apartments. We build entire dreams and reliable investments. This requires more than just knowledge of the right technology and well thought-out procedures. We are a service company and accompany our clients as a reliable partner from the outset – from the first contact on the Internet or in one of our show houses through to the handover of the property. We see it as our task to act as an honest advisor right from the decision-making stage, and as a trustworthy partner for the subsequent process.

That is why HELMA provides open, comprehensive and fair information. We are transparent and act transparently. We have the knowledge, experience and understanding needed to make a decision for life. That's what HELMA is here for. The understanding of service grows in all of us with each new contact, and it endows us with a unique positioning in a market full of interchangeable terms.

HELMA – We can do it!

We love to build for your life!

Owner-occupied apartments in Gilching Visualisation

Planning and construction of individual solid construction detached houses ("brick on brick") for private homeowners.

We offer home ownership on a one-stop-shop basis! Project management and development of infrastructurally attractive land as all-in packages for private buyers and investors.

We combine quality of life and return on investment! Development, construction, and sale of holiday properties in popular vacation regions.

We look for the ideal financing arrangement! Independent search and brokering of financing solutions and insurance services for private homebuilding.

Experience shaping the future

HELMA Eigenheimbau AG – Our solid construction houses represent the personal preferences and design wishes of our customers, reflecting their varied experiences and perceptions. Wishes and requirements for a customer's own dream house vary over time and undergo constant renewal.

It is important that these wishes and requirements are compared honestly with the scope and possibilities available. A trustworthy, reliable partner who contributes experience and knowledge acts as a compass. As a companion, the partner points clearly in the right direction and reliably leads to the objective – to move into your own dream house.

HELMA – We love to build for your life!

Partnership in creating your own home

HELMA Eigenheimbau AG – We derive our daily actions from the experience we have gained from the many thousands of houses we have built, and from communication with just as many people. We listen, we learn, and we constantly rethink the way we do things.

One thing, however, always remains the same: trust grows through fairness and transparency. Honest actions form the basis for a good feeling, for tangible security and for successful partnership – for the joy of owning your own home.

HELMA – We build honestly!

Building sustainability simply

HELMA's energy self-sufficient houses – When the future becomes the present and an initial idea becomes reality, consistency is the way to go. We have pursued this approach – from our 1-litre gabled roof house, private solar house and energy self-sufficient detached house through to our energy self-sufficient multi-family house.

Life needs experience and experience needs to be lived. Our innovative energy concepts are the logical consequence of our expertise and competence. We assume our responsibility for people and nature, and thereby create genuine added value for homeowners and residents – consistently, for sustainable coexistence.

HELMA – We are continuing our path!

Energy self-sufficient apartment buildings in Cottbus

Identifying and utilising opportunities

HELMA Wohnungsbau GmbH – Where individuals have no possibilities open to them, we make the most of our possibilities to make a lot of people happy. We buy and develop spaces in sought-after conurbation areas and densely populated inner city locations. We build suitable residential properties on them, or divide them up and develop them for quite different requirements: whether owner-occupied apartments and terraced housing or detached and semidetached family houses.

HELMA – We make people happy!

Owner-occupied apartments in Hamburg Visualisation

The eye of the beholder

HELMA Wohnungsbau GmbH – Does beauty always lie in the eye of the beholder? No, not always. Beauty also derives from the environment and how a subject is perceived. The overall impression must be harmonious. Together with our partners, we develop building concepts that take more into account than just the land that was bought. Together, we can better identify a location's sense of life and history. Together, we are building for the future.

HELMA – We take a very close look!

Room for longing

HELMA Ferienimmobilien GmbH – Behind the wish for the annual vacation, long dreamt-of holidays, and well-earned time out, there is always the great longing for freedom, an unfettered lifestyle, and a breakout from monotonous daily routine.

This longing is also our motivation. We plan investment properties for individuals' own use or as capital assets, and build captivating holiday properties that are the stuff of dreams. We create real places where longings can be made manifest, where imagination is given free rein, and where everything seems possible.

HELMA – We create quality of life!

Calm waters and sweeping views

HELMA Ferienimmobilien GmbH – The world around us is becoming ever busier and more hectic. And must we all contribute further to this situation? Why travel halfway around the world when we are still unfamiliar with the beauty to be found right on our doorstep, or no longer capable of seeing? We have already located some of the most beautiful places in Germany. And we are making them even better.

Our holiday properties on the waterfront and in the mountains mean short distances, high comfort, and a plenty of relaxation in local holiday regions.

HELMA – We create opportunities!

We bring together what belongs together

Hausbau Finanz GmbH – Large or small, established or new, online or offline – it can take homebuilders a lot of time to compare banks and lending terms.

But there's a simple way to do it, too: we know what's needed for a personal lending offer, and compile the relevant data together with our customers. We send personal information bundled together with information about the planned project (house, apartment, holiday property) and individual wishes to a large number of renowned lenders, and then select the best terms. Without obligation, independent, and sound.

Hausbau Finanz – Where everything fits together!

Our vision

We love to build for your life!

HELMA Group Annual Report 2020

Letter to the shareholders

Dear shareholders, ladies and gentlemen,

The year 2020 has been an extraordinary one, marked to a large extent by the effects of the COVID-19 pandemic, which posed major challenges for society and the economy. Thanks to the tireless efforts of all HELMA employees and specialist advisors, as well as their great flexibility and strong team spirit, the HELMA Group has successfully navigated these difficult waters and set a new order intake record in the year of the company's 40th anniversary. Furthermore, the EBT forecast for the 2020 financial year of between € 14.0 million and € 17.0 million which we announced on August 13, 2020 was significantly exceeded with the consolidated EBT of € 22.5 million we achieved. For this reason, we would like to express our special thanks to all those involved, whose great commitment and personal dedication made it possible for HELMA to achieve these results in the difficult working environment caused by the pandemic. We would also like to extend our warm thanks to the members of the Supervisory Board for the way in which we continued to work together constructively and on a basis of trust.

The pandemic led to a significant change in demand patterns for residential real estate in 2020. While metropolitan areas continue to be highly attractive, their suburbs with good connections and existing infrastructure are becoming increasingly popular, as it is possible to combine living close to the city with "living in green areas". Moreover, the focus on home office working has intensified, causing residents' space requirements to increase. In addition to residential properties with their own garden, holiday properties in Germany, in particular, rank among the big winners of the market trends arising from the COVID-19 pandemic. After demand for holiday properties in Germany had already increased significantly in recent years, holidaying in Germany has become even more attractive owing to considerable restrictions on international air traffic and holiday opportunities worldwide.

HELMA is benefiting greatly from these megatrends in the market for residential and holiday properties, and is aiming for a long-term continuation of the company's profitable growth. In light of the well-filled project pipeline, we consequently expect Group revenue to expand to over € 400 million by 2024 at the latest. The aim is to continuously increase profitability to an EBT margin of over 10.0 %. Correspondingly, consolidated EBT of over € 40.0 million would be achieved for the first time in 2024 at the latest.

In addition to our special thanks to HELMA employees and specialist advisors for their great commitment, we would also like to thank our shareholders, customers and business partners for the trust they have placed in us. It gives us great pleasure that you will continue to accompany us on our path in the future.

Yours sincerely

Signed Gerrit Janssen Signed Max Bode Signed André Müller Management Board Chairman Management Board member Management Board member

The Management Board

Dipl.-Kfm. Gerrit Janssen, CFA

Mr. Janssen was born in Aurich (Germany) in 1979. He studied business administration at the University of Hamburg and Louisiana State University LSUS (USA), successfully concluding his studies in 2005 with a master's degree in business administration. After graduating, Mr. Janssen was active until June 2009 for a Hamburg-based management consultancy specialising in capital market advisory. During this period, Mr. Janssen acted in an advisory capacity for HELMA Eigenheimbau AG for about three years. Mr. Janssen has been a member of the Management Board of HELMA Eigenheimbau AG since July 1, 2009, and assumed the role of the Chairman of the company's Management Board (CEO) on July 6, 2018. In particular, Mr. Janssen is responsible for the areas of corporate organisation and IT, controlling, personnel, accounting, corporate finance, and investor relations as well as the subsidiaries HELMA Ferienimmobilien GmbH and Hausbau Finanz GmbH.

Mr. Janssen's current period of office as a Management Board member with sole power of representation of HELMA Eigenheimbau AG runs until June 30, 2022.

Furthermore, Mr. Janssen is Managing Director of the subsidiaries HELMA Wohnungsbau GmbH, HELMA Ferienimmobilien GmbH, and Hausbau Finanz GmbH, has in each case the authorisation to represent the companies alone, and is exempt from the restrictions of Section 181 of the German Civil Code (BGB).

Mr. Janssen is a Chartered Financial Analyst (CFA) Charterholder, and an active member of the CFA Institute, Charlottesville (USA). Mr. Janssen is also involved as a Management Board member of the German Federal Association of Independent Real Estate and Housing Enterprises (BFW), and as a Management Board member of the BFW State Association of Independent Real Estate and Housing Enterprises of Lower Saxony / Bremen. Furthermore, Mr. Janssen is involved as a member on the Committee for Credit and Finance Questions of the Hanover Chamber of Industry and Commerce, and the advisory board of the University of Applied Sciences and Arts Hildesheim/Holzminden/Göttingen.

Dipl.-Kfm. Max Bode

Mr. Bode was born in Hanover (Germany) in 1982. He studied business administration at the University of Frankfurt am Main, successfully concluding his studies in 2010 with a master's degree. Mr. Bode has been with HELMA since March 8, 2012. Initially, Mr. Bode acted as Management Board Chairman assistant for the former CEO Karl-Heinz Maerzke at HELMA Eigenheimbau AG. Since July 1, 2015 Mr. Bode has been a member of the Management Board of HELMA Eigenheimbau AG, and is responsible especially for the areas of land purchasing, sales, marketing, project management, the administrative office, as well as law and contract management.

Mr. Bode's current period of office as Management Board member of HELMA Eigenheimbau AG runs until June 30, 2023.

Mr. Bode is also Managing Director of the subsidiary HELMA Wohnungsbau GmbH and holds company officer powers for the subsidiaries HELMA Ferienimmobilien GmbH and Hausbau Finanz GmbH.

Dipl.-Ing. André Müller

Mr. Müller was born in Kaiserslautern (Germany) in 1974. After graduating in construction engineering from the University of Kaiserslautern, he worked for Deutsche Reihenhaus AG from 2001 until June 2018, where he held Management Board responsibility for the production area from January 2011. Mr. Müller has been a member of the Management Board of HELMA Eigenheimbau AG since July 1, 2018, and is responsible especially for the areas of project development and technology.

Mr. Müller's current period of office as Management Board member of HELMA Eigenheimbau AG runs until June 30, 2023.

Mr. Müller is also Managing Director of the subsidiary HELMA Wohnungsbau GmbH and holds company officer powers for the subsidiaries HELMA Ferienimmobilien GmbH and Hausbau Finanz GmbH.

Supervisory Board Report

Karl-Heinz Maerzke Chairman of the Supervisory Board

Dear shareholders,

In the 2020 reporting year, the Supervisory Board performed the tasks incumbent upon it according to statutory requirements, the company's articles of incorporation, and procedural rules. The Supervisory Board consulted regularly with the company's Management Board, and supervised its activity.

The Supervisory Board was directly included in all decisions of fundamental significance for the company.

The Management Board informed the Supervisory Board regularly, comprehensively, in both written and verbal reports, about corporate planning, particularly financial, liquidity, investment, and personnel planning, business progress, strategic further development, as well as the Group's current position, including the risk position and risk management.

The Supervisory Board convened for a total of four meetings in the 2020 reporting year, which were attended by the Supervisory Board members as follows:

	03/17/2020	05/11/2020	08/26/2020	12/07/2020
Karl-Heinz Maerzke	x	x	x	x
Sven Aßmann	x		x	x
Dr. Peter Plathe	x	x	x	x
Paul Heinrich Morzynski	x	x	x

The Management Board members attended the Supervisory Board meetings. The Supervisory Board also held regular meetings before and after the joint meetings with the Management Board, without the participation of the Management Board members.

The Supervisory Board passed the resolutions required by law, the company's articles of incorporation, or procedural rules. Following thorough review and consultation, decisions were made on the basis of the reporting and the Management Board's proposals for resolutions.

The Supervisory Board was also rapidly informed outside the scope of meetings about projects and transactions of particular significance or urgency, and passed corresponding resolutions, especially those relating to individual projects of HELMA Wohnungsbau GmbH.

Above and beyond this, the Supervisory Board Chairman was in regular contact with the Management Board, thereby enabling events of extraordinary significance for the position and progress of the company and the Group to be discussed immediately.

Given the Supervisory Board's size in the 2020 financial year, the Board refrained from forming committees.

Details of individual Supervisory Board meetings

At the Supervisory Board meeting on March 17, 2020, the separate annual financial statements of HELMA Eigenheimbau AG and the consolidated financial statements for 2019, as well as the aggregated management report for HELMA Eigenheimbau AG and the Group, which had been prepared by the Management Board, were discussed in depth together with the Management Board and the auditor. The same applies to the report on related companies pursuant to Section 312 of the German Stock Corporation Act (AktG) that was prepared by the Management Board and audited by the auditor. The Supervisory Board's examinations resulted in no reservations. The annual financial statements of HELMA Eigenheimbau AG and the consolidated financial statements for the 2019 financial year, each of which had been issued with an unqualified audit opinion, were approved, and the annual financial statements of HELMA Eigenheimbau AG were adopted. In the further course of the meeting, the Management Board reported on the Group companies' sales and revenue trends during the first quarter of 2020. Furthermore, the Management Board provided the Supervisory Board with comprehensive information on the measures HELMA has defined in order to deal with the COVID-19 virus. The Supervisory Board and the Management Board also discussed the forthcoming Annual General Meeting

At the Supervisory Board meeting on May 11, 2020, the Supervisory Board received detailed information on the impact of the COVID-19 pandemic on the company's performance. To this end, the Management Board gave a detailed explanation of sales and revenue trends, and of the effects on construction and employment, as well as on the liquidity position. The Management Board also reported on the planned issue of a further promissory note. During the further course of the meeting, the Supervisory and Management boards jointly discussed and approved the agenda for the forthcoming AGM.

At the Supervisory Board meeting on August 26, 2020, the Management Board informed the Supervisory Board in detail about the Group companies' sales trends, the financial position, and the earnings performance. Moreover, the Management Board provided the Supervisory Board with a comprehensive update on the company's strategic direction.

At the Supervisory Board meeting on December 7, 2020, the Management Board explained the Group companies' business trends to the Supervisory Board in a detailed report, and also provided information on investment and personnel planning for 2021. Furthermore, after detailed discussion the Supervisory Board approved the 2020 Stock Option Plan.

Award of the audit mandate to Ebner Stolz GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hanover

At the Ordinary Shareholders' General Meeting on July 3, 2020, shareholders elected Ebner Stolz GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hanover, as the auditor of the separate and consolidated financial statements for the 2020 financial year. The Supervisory Board subsequently awarded the audit mandate and, in doing so, agreed clear rules relating to the specifics of the mandate, and the cooperation between the Supervisory Board and the auditor. The auditor informed the Supervisory Board that no circumstances existed that would give rise to concern about its impartiality. It also provided information about the services it had rendered in addition to the auditing of the financial statements.

Supervisory Board accounts meeting on March 17, 2021

The separate annual financial statements of HELMA Eigenheimbau AG prepared by the Management Board according to the regulations of the German Commercial Code (HGB) and the consolidated financial statements prepared according to International Financial Reporting Standards (IFRS) for the 2020 financial year, as well as the aggregated management report for HELMA Eigenheimbau AG and the Group, were audited in the light of the financial bookkeeping by Ebner Stolz GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hanover. The auditor awarded unqualified audit opinions. The documents relating to the separate and consolidated financial statements, and the audit reports, were discussed in detail together with the Management Board and the auditor at the Supervisory Board accounts meeting on March 17, 2021. The auditor reported on the findings of the audits, and was available to provide further information to the Supervisory Board. The requisite documents were made available in good time before the Supervisory Board accounts meeting, which allowed sufficient time for them to be inspected. The Supervisory Board concurred with the results of the audit by the external auditor on the basis of its own review of the separate annual financial statements, the consolidated financial statements, and the aggregated management report for HELMA Eigenheimbau AG and the Group. The Supervisory Board approved the separate and consolidated financial statements without reservations; the separate financial statements have been adopted as a consequence.

The auditor awarded the following unqualified audit opinion on the related parties report pursuant to Section 312 of the German Stock Corporation Act (AktG), which was prepared by the Management Board, and audited by the auditor:

"In accordance with the audit duties incumbent on us, and in our assessment, we confirm that

• 1. the actual disclosures of the reports are correct,
• 1. in the case of the legal transactions listed in the report, the considerations rendered by the company were not inappropriately high,
• 1. in the case of the measures listed in the report, no circumstances suggest an assessment significantly different from that of the Management Board."

The Supervisory Board also examined the related parties report itself, and discussed it with the Management Board and the auditor at the accounts meeting. Having conclusively ended its review, it has no objections to the final declaration of the Management Board, and concurs with the result of the external audit.

On the basis of dividend-entitled share capital of € 4,000,000.00, divided into 4,000,000 ordinary shares, the Supervisory Board, following its own review, concurred with the Management Board's proposal relating to the application of unappropriated retained earnings. For this reason, together with the Management Board, the Supervisory Board proposes to the Shareholders' General Meeting that it distribute from the unappropriated retained earnings according to the accounting standards of the German Commercial Code (HGB) of € 12,358,217.87 an amount of € 6,160,000.00 as a dividend – corresponding to a dividend of € 1.54 per dividend-entitled ordinary share – and to carry forward the remaining amount of € 6,198,217.87 to the other revenue reserves.

The Supervisory Board would like to thank the Management Board members and all Group company staff for their outstanding work in these unusual times. You have contributed with great commitment to mastering the challenges of the COVID-19 pandemic in the best possible manner, as a consequence of which the HELMA Group can continue to look forward to a successful future.

Lehrte, March 17, 2021

On behalf of the Supervisory Board

Signed Karl-Heinz Maerzke

• Chairman -

The Supervisory Board

Karl-Heinz Maerzke

Mr. Maerzke was born in Hamburg (Germany) in 1952. After training as a banker, he was first employed at Deutsche Bank AG, Brunswick, between 1971 and 1973, before moving to building society Bausparkasse Wüstenrot, Ludwigsburg, between 1973 and 1975. In 1975, he switched to housebuilder Neldel GmbH & Co. KG, Hanover, where he performed a sales role, before becoming Hanover branch manager for Bauteam Massivhaus GmbH, Langenhagen, between 1976 and 1980.

Karl-Heinz Maerzke founded HELMA Eigenheimbau GmbH in 1980, and at first became the company's Managing Director. By the time the company converted to public stock corporation HELMA Eigenheimbau AG in March 2005, Mr. Maerzke took over the chairmanship of the company's Management Board. In July 2018, Mr. Maerzke switched from the Management Board to the Supervisory Board of HELMA Eigenheimbau AG, since when he has been its Supervisory Board Chairman. The current period of office ends with the conclusion of the Shareholders' General Meeting that passes a resolution concerning the discharge of Supervisory Board members for the 2023 financial year.

Furthermore, Mr. Maerzke is an honorary member of the BFW State Association of Independent Real Estate and Housing Enterprises of Lower Saxony/Bremen.

Sven Aßmann

Mr. Aßmann was born in Plön (Germany) in 1961. After completing law studies at the University of Hamburg in 1994, he initially practiced as both a generalist lawyer and as a specialist labour law lawyer before being appointed partner at Zimmermann, Scholz & Partners legal practice in Hamburg in 1997, where he worked until resigning in 2015. Since 2006, Sven Aßmann has also been managing shareholder at Avatar Merchandising GmbH, a Hamburg-based company.

Mr. Aßmann was appointed Deputy Supervisory Board Chairman of HELMA Eigenheimbau AG in 2014 and also took over the chairmanship of the Board from November 2017 until July 2018. His current period of office ends with the conclusion of the Shareholders' General Meeting that passes a resolution concerning the discharge of Supervisory Board members for the 2023 financial year.

Paul Heinrich Morzynski

Mr. Morzynski was born in Hanover (Germany) in 1950. He has been a tax advisor for more than 40 years, has acted independently since 1994 as an auditor in a firm he founded together with other partners, and since 2007 has also been a shareholder of PRETAX Steuerberatungsgesellschaft, Hanover. Since 1979, Mr. Morzynski has also been a significant shareholder in Waldersee Treuhand- und Vermögensverwaltungsgesellschaft mbH & Co. KG, which functions today as a family holding company. Among other properties, this holding company's assets include the Grandhotel Heiligendamm and the majority interest in the trading firm ARKO GmbH, Wahlstedt. Between 2001 and 2004, Mr. Morzynski held the post of Supervisory Board Chairman of CinemaxX AG, and was active as Supervisory Board Chairman of mediacall AG between 2003 and 2006. Mr. Morzynski also has been Supervisory Board Chairman of Halloren Schokoladenfabrik AG in Halle between 2006 and 2017.

Mr. Morzynski has been a member of the Supervisory Board of HELMA Eigenheimbau AG since 2016. His current period of office ends with the conclusion of the Shareholders' General Meeting that passes a resolution concerning the discharge of Supervisory Board members for the 2023 financial year.

Dr. Peter Plathe

Dr. Plathe was born in Rathenow at the Havel (Germany) in 1942 and studied law in Kiel, Marburg and Hamburg. Following his doctorate in commercial law and second state exam, Dr. Plathe commenced judicial service in the labour arbitration court of the State of Schleswig-Holstein in 1972. He moved to the labour arbitration court of the State of Lower Saxony in 1980. From 1981 until retirement in 2007, Dr. Plathe was presiding judge at the labour arbitration court of Lower Saxony. Dr. Plathe was also a trustee for the coverage assets of various insurance companies between 2005 and 2012. Currently, Dr. Plathe still chairs various redress and arbitration committees, and courts related to collective wage bargaining.

Dr. Plathe has been a member of the Supervisory Board of HELMA Eigenheimbau AG since 2009. His current period of office ends with the conclusion of the Shareholders' General Meeting that passes a resolution concerning the discharge of Supervisory Board members for the 2023 financial year.

HELMA share

Effects of COVID-19 pandemic characterise equity markets in 2020

After a sideways start to the 2020 stock market year, the effects of the COVID-19 pandemic, such as the farreaching economic standstill, rapidly rising unemployment figures, general fears of recession and profit warnings from numerous companies, caused the stock markets to plummet tangibly in the spring of 2020, the DAX also dropped from around 13,750 points to below 8,500 points. The economic situation stabilised with the help of extensive rescue packages both in Germany and across Europe, the expansion of the ECB's bond-buying program, and the easing of the national lockdown in Germany, and the DAX index also reattained the 13,000 level by the mid-year stage. A renewed uptick in infection figures and a further tightening of measures to deal with the COVID-19 pandemic led to a temporary setback in the DAX index in the fourth quarter, before the approval of COVID-19 vaccines and the agreement of a Brexit trade deal gave stock markets significant uplift at the yearend. As part of this market recovery, the DAX index set a new record of 13,903 points on December 29, 2020, closing the 2020 stock market year at 13,719 points.

The HELMA share started the 2020 stock market year at a price of € 42.00. Following the announcement of the successful purchase of two further land plots in attractive locations by the subsidiary HELMA Ferienimmobilien GmbH, the HELMA share price gained momentum and climbed to over € 47.00 in February. Due to the COVID-19 pandemic and its effects, the HELMA share also recorded significant price losses in the subsequent weeks. Although the HELMA Group reported to the capital market at the start of March 2020 concerning the record earnings it achieved in 2019 and its attractive project pipeline, the effects of the COVID-19 pandemic outweighed this, and the price of the HELMA share slumped to below € 25.00 at times. Regardless of the continuing political and social challenges, the price of the HELMA share recovered in the following weeks and reported significant price gains. After a third quarter marked by sideways movements, the HELMA share continued to rise in the fourth quarter and climbed back above the € 42.00 mark in early December. The closing price of the HELMA share in XETRA trading on December 30, 2020, amounted to € 41.40. This corresponds to a market capitalisation of around € 165.6 million.

Performance of the HELMA share in 2020

Analyst coverage

The HELMA Group and the share of HELMA Eigenheimbau AG are covered by the analysts Cosmin Filker (GBC Research), Stephan Bonhage (Metzler bank), and Andreas Pläsier (Warburg Research). Montega and its analyst Charlotte Meese also initiated coverage of the HELMA share in March 2021.

Research Company	Date	Stock price target	Recommendation
	03/12/2021	€ 77.25	Buy
	01/25/2021	€ 59.50	Buy
	03/15/2021	€ 79.00	Buy
	03/08/2021	€ 77.00	Buy

GBC, Metzler, Montega, and Warburg recommend the HELMA share as a Buy with share price targets between € 59.50 and € 79.00. The analysts' recommendations, authorised for publication, can always be viewed on the investor relations website, within the Share area.

Dividend

In its single-entity financial statements prepared according to the accounting standards of the German Commercial Code (HGB), HELMA Eigenheimbau AG reports unappropriated retained earnings of € 12,358,217.87 for the 2020 financial year on net income of € 12,358,217.87. The Management and Supervisory boards will propose to the Shareholders' General Meeting to be held on July 2, 2021, that it approves the distribution of a dividend of € 1.54 (previous year: € 1.85) per dividend-entitled ordinary share, consequently € 6,160,000.00, and that the remaining amount of € 6,198,217.87 be transferred to the other revenue reserves. The total amount of dividends and the amount to be transferred to the other revenue reserves in the aforementioned resolution proposal for the application of unappropriated retained earnings is based on dividend-entitled share capital of € 4,000,000.00, divided into 4,000,000 ordinary shares.

The dividend policy of HELMA Eigenheimbau AG is oriented to a high degree of continuity. Based on the earnings trend over the past years, as well as on the continuation of a sound liquidity position, this policy also envisages a future payout ratio from 25 % up to 50 % of the net income generated by the parent company according to the accounting standards of the German Commercial Code (HGB). On the one hand, the shareholders should participate noticeably in the company's success and, on the other hand, at least half of the profits should be invested in the company's continued growth, thereby strengthening its equity.

Investor relations activities

Last year, HELMA took part in an investor conference in Hamburg as well as three virtual conferences. In this context, the company and strategy were presented extensively to a large number of analysts and investors.

HELMA will continue with its intensive investor relations work in 2021. The company plans to participate in two virtual investor conferences in March and November as well as three other events in August in Hamburg and in May and September in Munich. In addition, HELMA will also hold various roadshows in 2021. Due to the COVID-19 pandemic and related precautions and travel restrictions, these will continue to be held in virtual form, at least for the being.

All dates can be found in the financial calendar on the inside back cover of this annual report and on the investor relations website.

Key data

Class	Nil-par ordinary bearer shares
ISIN	DE000A0EQ578
Ticker symbol	H5E
Share capital	€4,000,000
Initial listing	September 19, 2006
Market segment	Scale
Designated Sponsor	M.M.Warburg & CO KGaA

	2016	2017	2018	2019	2020
Number of shares at year-end	4.00 million	4.00 million	4.00 million	4.00 million	4.00 million
Market capitalisation at year-end	€ 207.9 million	€ 176.4 million	€ 135.4 million	€ 168.0 million	€ 165.6 million
Year-end share price	€ 51.97	€ 44.10	€ 33.85	€ 42.00	€ 41.40
Earnings per share	€ 3.37	€ 3.25	€ 3.62	€ 4.04	€ 3.84
Dividend per share	€ 1.10	€ 1.40	€ 1.30	€ 1.85	€ 1.54*

* Proposal

Five-year overview of the share price performance

Listing of the HELMA share in the Scale SME growth market

HELMA Eigenheimbau AG has been listed in the Scale SME growth market of the Deutsche Börse since it was launched in March 2017. The HELMA share is traded on the stock exchanges of Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Stuttgart, and Munich as well as on the XETRA electronic trading system.

Listing in the NISAX20

NORD/LB launched the NISAX20 Lower Saxony equity index in 2002. This regional index reflects the share price performance of the twenty largest listed companies in Lower Saxony, Germany. Along with internationally significant corporations such as Volkswagen, Continental, Salzgitter, Hannover Re, and TUI, this index also includes a number of small and medium-sized companies. Its composition is determined by the market capitalisation of the free floats of the respective companies. HELMA Eigenheimbau AG was included in the Lower Saxony equity index as of September 21, 2015, where it has remained up to the current date.

Listing in the Scale 30 Index

After establishing its Scale market segment for small and medium-sized enterprises (SMEs) in March 2017, Deutsche Börse set up its selective Scale 30 Index in February 2018. This index measures the price performance of the thirty most liquid shares listed in the Scale SME market segment. Inclusion in the index is based on order book turnover on both the XETRA Exchange and the Frankfurt Stock Exchange. Weighting of stocks in the Scale 30 Index is by market capitalisation and is adjusted quarterly. HELMA Eigenheimbau AG has been listed in the Scale 30 Index since its launch.

Shareholder structure

Company founder and Chairman of the Supervisory Board of HELMA Eigenheimbau AG Karl-Heinz Maerzke holds an approximately 39.6 % interest in the company as of December 31, 2020, thereby the largest shareholder in HELMA. Furthermore, the Management Board members hold around 0.2 % of the company's shares. The free float stands at around 60.2 %.

Organisational structure51
Business activity and strategy52
Economic environment60
Group order book position65
Group earnings	66
Group net assets and financial position 71
Group investments	74
Sustainability – Non-financial performance indicators 75
Employees, sales partners and the company's Boards 84
Net assets, financial position and earnings of the parent company 86
Risk report	88
Related parties report	93
Report on events subsequent to the reporting date 93
Dividend	93
Medium-term growth strategy93
Forecast report	97

Organisational structure

HELMA Eigenheimbau AG is the parent company of the HELMA Group, and is also operationally active as a customer-oriented building services provider. The company also provides services connected with the management, planning, and execution of construction projects on the basis of a non-gratuitous contract for services or work for its subsidiaries HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH, which operate in the business of developing residential and holiday properties. As a financial advisory company and building insurance broker, the subsidiary Hausbau Finanz GmbH rounds out the HELMA Group's product range. Karl-Heinz Maerzke, ARV (0,82 %) Dritte (5,24 %) Per Barlag Arnholm, GF (4,90 %) GF = Geschäftsführer ARV = Aufsichtsratsvorsitzender HELMA Eigenheimbau AG

Organisational chart of the HELMA Group

Fiscal units for corporation tax and VAT purposes

For tax optimisation purposes, in the 2013 and 2014 financial years HELMA Eigenheimbau AG concluded a profit-and-loss transfer agreement with HELMA Wohnungsbau GmbH, and control-and-profit-and-loss transfer agreements with HELMA Ferienimmobilien GmbH and Hausbau Finanz GmbH. After deduction of minority interests' share of earnings that are not attributable to the HELMA Group, amounting to a total of around k€ 31.3 per year, all of the annual net results generated by the subsidiaries accrue to HELMA Eigenheimbau AG. As a consequence, almost all of the results generated at the subsidiaries are reported within HELMA Eigenheimbau AG.

Business activity and strategy

Business areas

Individual detached houses

Individually planned detached houses excluding land plots

• HELMA Eigenheimbau AG develops, plans and sells turnkey detached houses and takes over coordination and control of the construction process
• Extensive full-service offering includes individual planning without extra costs, a high level of service orientation as well as pronounced expertise in the area of energy-efficient construction methods as well as innovative technologies
• Valuable solid construction houses built by subcontractors on customers' properties in a large number of high-growth metropolitan regions
• One of the most experienced companies in the solid construction house industry with several thousand detached houses built since 1980

Individually planned detached houses including land plots

• HELMA Wohnungsbau GmbH buys and develops land plots for the construction of individually planned detached houses in the major cities of Berlin, Potsdam, Hamburg, Hanover and Leipzig as well as in their suburbs
• Expansion of the core regions to include the Frankfurt metropolitan region and the regions of Cologne, Dusseldorf, Bonn and Würzburg
• Project sizes vary from just a few units through to spaces of up to 250 building plots
• Valuable solid construction houses realised by subcontractors
• Extensive track record since 1984 with a large number of successfully realised projects

Pre-planned residential units in semi-detached, terraced, and multi-family houses including land plots

• HELMA Wohnungsbau GmbH acquires attractive land plots for the project planning of pre-planned residential units in semi-detached, terraced and multi-family houses, each including a land plot
• Realisation of projects in the regions of Berlin/Potsdam, Hamburg/Hanover, Leipzig and Munich
• Projects range from just a few units to a hundred apartments
• High-quality solid construction building projects realised by subcontractors or general contractors

Pre-planned holiday houses and apartments including land plots

• Land purchase, project development and sale of holiday houses and apartments at locations with good infrastructure development, predominantly on Germany's North Sea and Baltic coasts, as well as at attractive locations on lakes and in low mountain regions in Germany
• The property offering of HELMA Ferienimmobilien GmbH is addressed mainly to private customers for their own use or as a capital investment
• Attractive all-inclusive package through involvement of strong partners for the further management of properties in the areas of renting, administration and caretaker services
• Active in the market since 2011 and meanwhile the leading provider of holiday properties in Germany

Finance and building insurance broking

• In-house consulting and brokerage of financing and building insurance as an additional service via Hausbau Finanz GmbH since 2010
• Cooperation with numerous local and national banks, savings banks and building societies
• Continuously growing customer base reflecting attractive borrowing conditions independent of banks

Sales markets

Customers in the residential area

HELMA's target group in the residential segment consists mainly of private individuals and families from middle and higher income brackets. Families in the 25 to 55 year age range form the largest customer group. The desire to own one's own property with a garden currently forms a special focus for customers of HELMA Eigenheimbau AG and HELMA Wohnungsbau GmbH. Furthermore, the continuing trend towards living in conurbations is shaping the market environment.

As a sales market for individually planned detached houses built on customers' land plots, HELMA Eigenheimbau AG is consequently placing a particular focus on a large number of high-growth metropolitan regions. HELMA identifies particularly attractive potential in conurbations in Germany surrounding major cities such as Berlin, Dusseldorf, Dresden, Frankfurt, Hamburg, Hanover, Cologne und Leipzig.

HELMA Wohnungsbau GmbH addresses a similar target group with its range of individually planned detached houses and pre-planned semi-detached and terraced houses, each including a land plot. Moreover, HELMA Wohnungsbau GmbH serves the multi-family house segment, which, in addition to owner-occupiers, also addresses private customers and investors with long-term investment horizons.

Customers in the holiday properties area

Most of the customers of the HELMA Ferienimmobilien GmbH are private individuals with high incomes. With the acquisition of a holiday property, such clients predominantly pursue the objective of an investment offering a solid high yield over the long term, while a smaller proportion of such customers utilise their holiday properties exclusively themselves for extended stays and/or regular weekend excursions.

HELMA Group sales regions

With the aim of expanding its already established market position and generating additional market share, while at the same time maintaining a high level of resource efficiency, the sales regions of HELMA Eigenheimbau AG were optimised in the past financial year. Although the total area in which HELMA sells individually planned detached houses without land plots has been significantly reduced as the consequence of excluding areas with weaker sales, this has affected only a relatively minor share of new order intake to date. The few construction projects in these regions were often located at significant distances from other HELMA construction sites, site managers and subcontractors. For this reason, HELMA is no longer serving these lower-selling regions in the area of individually planned detached houses without land plots, and is instead focusing specifically on the most successful sales locations in order to realise a significant increase in the annual number of units sold and built at HELMA Eigenheimbau AG in the medium term.

HELMA Group sales regions as of December 31, 2020

Core region HELMA Wohnungsbau GmbH: individual detached houses, pre-planned semi-detached and terraced houses as well as owner-occupied apartments in each case including land plots

Extended core region HELMA Wohnungsbau GmbH: individual detached houses including land plots

Project region HELMA Ferienimmobilien GmbH

Sales location

Sales strategy

Sales strategy in the residential area

The showhouses form the cornerstones of the sales concept in the residential area. Located across the whole sales region and built applying the solid construction method, they serve both as points-of-sale and as office for the regional site managers. At the various locations, the company also works together with independent specialist advisors on a commission basis. In the construction sector, these advisors are mainly working exclusively for HELMA and are often the first point of contact for potential customers. The financing consultants from Hausbau Finanz GmbH are also available to provide personalised building finance advice to the future home owners at the various sales locations.

As of the end of the year under review, 26 showhouses are in operation in the residential area, most of which are located in showhouse exhibitions, and close to conurbations at busy transportation points. The showhouse locations are generally long-term in nature in this context. Only the property development subsidiaries' showhouses, which are constructed in the larger of the purchased land areas, are sold directly after the successful conclusion of the respective project. On a market comparison, HELMA enjoys one of the most up-to-date showhouse portfolios, and consequently a decisive competitive advantage. Furthermore, HELMA utilises numerous completed building projects as reference projects in order to showcase its skills and capabilities. The successfully realised large-scale projects, which comprise several hundred individual detached houses and are consequently regarded as Germany's largest unofficial showhouse park, deserve particular mention in this context.

Along with the specialist advisors' local presence, the HELMA management deploys its extensive network of contacts to address investors on a targeted basis concerning the residential property development business.

Sales strategy in the holiday properties area

Sales are handled by the company's own specialist holiday property sales department, although selected real estate agents are also available to provide support for various projects. In the case of some projects, showhouses and show apartments that are created for short-term use are sold after the projects have ended. Potential buyers for the holiday properties are located through advertisements, websites, as well as emails and newsletters to the constantly growing base of potential buyers and customers.

	Number of showhouses
2016		33
2017		31
2018		37
2019		35
2020		34

HELMA Group showhouses

HELMA Eigenheimbau AG HELMA Wohnungsbau GmbH HELMA Ferienimmobilien GmbH

Competitive strengths

Competitive strengths in the residential area

Advice and customer service: With its comprehensive range of services, HELMA accompanies its customers holistically from the initial idea of their own four walls, all the way through to moving into their individual dream houses. As a consequence, the comprehensive consulting and support approach includes not only the individual planning of detached houses and assistance in the search for land plots, but also the arrangement of building financing and insurance. Furthermore, HELMA provides customers with advice on building law matters, and coordination with authorities and agencies. During the construction phase, HELMA site managers responsible for the respective projects monitor the quality and timely execution of individual work performed by craftsmen, and are also available as a contact person for customers.

Individuality: In the area of detached houses both with and without land plots, HELMA offers its customers the greatest possible design latitude with the option of individual planning without incurring extra cost. Individual life circumstances, personal wishes as well as the available budget serve as the basis for the planning of the individual detached houses. Customers do not incur additional costs for architects' services.

Value retention: HELMA constructs its turnkey solid construction houses in accordance with traditional craftsmanship ("brick on brick"), ensuring that that they are of lasting value and aligned with the principle of sustainability. The solid construction method utilising vertical coring clay bricks ensures efficient thermal insulation and also offers natural climate regulation and efficient sound insulation. The solid construction method employed in the buildings and the use of high-quality building materials ensure high value stability.

Access to attractive land plots: Potential private buyers mostly encounter a limited supply of land plots suitable for new constructions in major cities and their surrounding areas. As an experienced project developer, HELMA Wohnungsbau GmbH is personally on site in its core regions, which enables it to identify attractive properties. In addition to land plots in established residential areas, sites in promising locations close to the city are often acquired, for which modern development concepts are subsequently developed. This enables attractive freehold properties (individual detached houses, pre-planned semi-detached and terraced houses, apartments) in high-quality solid construction together with the associated plot parts to be continuously offered to interested parties in sought-after areas as a complete package for purchase.

Central sampling world: At the HELMA sampling centre at the Group headquarters in Lehrte, customers that have purchased an individual detached house are offered an extensive selection of standard and special fittings from highly various trades over 350 m² of interior exhibition area and the 200 m² exhibition area in the neighbouring HELMA sampling park. Here, products from numerous renowned manufacturers, ranging from front steps, modern front doors, roof tiles, clinker and plaster variations as well as bathroom fittings through to smart home systems, are presented in the exhibition. With individual advice from qualified specialist personnel, the sampling process can be conducted on site so that the customers have no need to make separate visits to specialist building dealers, bathroom fitters and similar specialists in order to make individual selections. It allows the sampling process for the entire house to be conducted quickly, without the need for extensive travel, and nevertheless entirely according to the clients' individual wishes.

Customers who have opted for a pre-planned unit also receive all the benefits that come with sampling attended by trained professionals. Customised to the respective project, customers receive such advice directly on-site at the respective locations.

Innovative strength: HELMA draws on many years of experience in the area of innovative energy-saving houses and efficient heating systems. In addition to an attractive cost-benefit relationship for the customer, energy concepts are always developed according to the principle of sustainability. For example, the HELMA standard already includes energy-efficient heat pump solutions, which can be supplemented with photovoltaic and solar systems as well as controlled ventilation systems depending on the customer's needs. For HELMA, the aim of making an investment in a household and heating system that is as optimal, forward-looking and environmentally compatible as possible is of great significance in this context. Improved materials, optimised working equipment and more efficient construction technologies are carefully assessed and appraised for practicability and the benefits of their use before they are deployed in building projects, so that the harnessing of innovations always generates added value or efficiency enhancements for customers.

Customer satisfaction: Satisfied customers make recommendations to others, and are consequently essential to the continuous growth of our business. The endeavour to fulfil customer expectations consequently forms the focus of the actions of every HELMA employee. HELMA has already received several awards for the very high customer satisfaction levels. Regular customer surveys are conducted in order to ensure customer satisfaction and to identify changes promptly. This enables customers' expectations and needs to be better understood, and to be responded to in a more targeted manner.

Security: As a listed stock corporation, HELMA Eigenheimbau AG stands for the greatest possible transparency and reliability. It acts as direct contractual partners to its customers, and is directly responsible to them. Comprehensive security packages adjusted to the projects' circumstances form part of its service scope. For example, the guaranteed fixed price for detached houses built individually in our building services business automatically includes the HELMA-BauSchutzBrief, offering extensive security for building projects and home owners. In addition to the necessary building insurance, the security package includes a contract performance guarantee in twice the legally required amount, an independent DEKRA inspection, and a construction time guarantee.

Competitive strengths in the holiday property market

Due to its extensive market knowledge and established, broad contact network, HELMA Ferienimmobilien GmbH is optimally able to locate attractive land plots to implement holiday property projects. The holiday houses and apartments that are realised on these target properties have high rental potential, thereby offering the customers the opportunity to achieve solid and attractive rental yields. Furthermore, purchasers of holiday properties are offered an all-inclusive package through long-standing and reliable partners. These packages include, for example, the complete administration of the holiday property (care of outdoor areas, waste disposal and winter service) or the entire rental management (occupancy of the holiday home, handover of keys, cleaning). Moreover, suitable furniture packages especially for holiday houses have been created together with partner companies. This gives customers the opportunity to order their desired furniture packages conveniently from the supplier, and thereby obtain a complete interior design, including accessories. Such arrangements also allow the customers to enjoy their new investments entirely stress-free following the handover.

Economic environment

Macroeconomic trends

People and economies worldwide are suffering from the ongoing COVID-19 pandemic. The German economy is also being burdened by the consequences of the pandemic, and is currently experiencing a deep recession again, following a ten-year growth phase, similar to the last time during the financial and economic crisis in 2008/2009. In particular, the two lockdowns in March/April and December led to a significant drop in economic output in 2020. In 2020, for example, Germany's gross domestic product contracted by 5.0 % compared with the previous year.

Both the service sector and the manufacturing and trade sectors were clearly negatively impacted in 2020 by pandemic-related restrictions, some of which were very extensive. In total, price-adjusted gross value added registered a 5.2 % decline in 2020 compared with 2019. Only the construction industry reported growth in the year under review, with gross value added up 1.4 % year-on-year.

Consumer prices recorded a moderate increase in the year under review. After a 1.4 % inflation rate in Germany in 2019, the increase in 2020 has been estimated to have stood at 0.5 %. The main reason for this small increase is the temporary reduction in VAT rates. In comparison, prices for newly constructed residential properties continued to rise and, at around 5.5 % in the first three quarters, lay significantly higher than in the same period of the previous year.

Due to the impact of the COVID-19 pandemic, 2020 recorded the first decrease in employment in 14 years. Economic output was rendered by 44.8 million employed individuals in the year under review. As a consequence, around 477 thousand people, or 1.1 %, fewer people were employed in 2020 than in the previous year, with marginally employed persons and self-employed persons being particularly affected by the reduction. By contrast, the number of employees paying social security contributions remained stable, with the extended regulations on short-time working, in particular, likely to have prevented redundancies. The construction industry continued the positive employment trend of recent years, with the number of employed individuals in this segment increasing by 0.7 % compared to the same period of the previous year.

Economic research institutes are forecasting the start of an economic recovery for 2021. Assuming that the pandemic is overcome in the course of the year, the Kiel Institute for the World Economy (IfW) and the Hamburg Institute of International Economics (HWWI) expect the employment situation as well as domestic and foreign demand, and consequently world trade, to recover over the course of the second half of the year. Accordingly, these two institutes are forecasting year-on-year economic growth of between 3.1 and 4.0 %.

HELMA, as it is the case with the entire construction industry, is potentially subject to the consequences that the COVID-19 pandemic and related measures will exert on the economy. Despite the high level of economic uncertainty, demand for real estate in 2020 remained at a high level. Assuming that the market environment stabilises, the outlook for the construction industry can consequently be assessed as positive.

Current trends in the German real estate market

The trend towards living in conurbations is continuing to shape the residential property market in Germany. After significant population growth was already recorded in the 2011 to 2019 period with an increase of 2.8 million inhabitants, which was concentrated particularly in metropolitan areas, significant growth is also expected in these regions in the coming years. Although an increase of only 0.7 % is forecast for Germany as a whole by 2035, the expected growth rates for conurbations are significantly higher.

Development of the population from 2020 to 2035

However, the measures undertaken to contain the COVID-19 pandemic, such as curfews, social distancing and the closure of numerous shops and recreational facilities, led to a change in demand patterns over the course of the year. Although metropolitan areas continue to be highly attractive, their suburbs with good connections and existing infrastructure are becoming increasingly popular, as it is possible to combine living close to the city with "living in green areas". The importance of access to one's own garden has increased significantly in the course of the COVID-19 pandemic, with detached houses and semi-detached and terraced houses currently enjoying particularly high demand in suburbs surrounding major cities. This growth trend is reinforced by the increasing focus on working from home, with demand often existing for an additional home office. A requirement to go to work in an employer's office only on individual days is making lengthier commutes more acceptable, thereby boosting the popularity of locations outside major cities.

Holiday properties in Germany are also benefitting from the COVID-19 pandemic. After demand for holiday properties in Germany had already increased significantly in recent years, holidaying in Germany has become even more attractive owing to considerable restrictions on international air travel and holiday opportunities worldwide. Near-natural locations on the North Sea and Baltic Sea, in lakes and in the mountains are particularly sought after. Buyers often regard holiday properties as a high-yield capital investment aimed at generating solid long-term returns. Occasionally, however, the units are used exclusively for weekend trips or longer holidays.

The trend in the German housing market is being shaped at present especially by the shift towards living in conurbations. In particular, residential properties in the countryside close to the city have become much more attractive in the course of the COVID-19 pandemic. Moreover, demand for holiday properties in German holiday resorts has once again increased significantly. Even once the pandemic has subsided, it can be assumed that such growth trends will continue. With the large number of attractive properties that HELMA has already successfully secured for its property development business, the company enjoys very good prospects for significant growth in the coming years.

Residential building approvals in Germany

Despite pandemic-related disruptions at government offices and agencies, which in many cases delayed approval processes for new construction projects, approximately 332 thousand new residential buildings were approved between January and November. Compared with the same period of the previous year, this corresponds to an increase of around 12 thousand buildings, or 3.9 %. In the detached and semi-detached houses area, an increase of 5.1 % compared to the previous year was recorded. The rise in the number of building permits for multi-family houses was slightly lower at 3.1 %.

Residential building approvals in Germany

Interest rate trends for construction financing

Last year, interest rates on mortgage loans continued to hover around their lowest levels in thirty years, with rates on 5- and 10-year terms converging at almost identical levels. Moreover, the difference between the annual low and the annual high for both the 5-year and the 10-year fixed-interest periods was less than one percentage point. Home owners and buyers of properties continued to benefit from extremely low-interest construction and property loans as a consequence. However, due to the impact of the COVID-19 pandemic, banks noticeably tightened lending guidelines. This applies especially to borrowers who are professionally active in an industry particularly affected by the COVID-19 pandemic, as well as to financing projects with little or no equity capital. In addition, some banks have increased the safety discounts in their mortgage lending value calculations, which reduces the loan amount depending on the expiry of the financing.

Homebuilding interest rate trends* 2011–2021

*The presentation of the interest rate trend is based on interest rates included in terms offered by Interhyp AG as part of brokered lending arrangements.

In light of the economic consequences of the resurgence of the COVID-19 pandemic, the ECB decided on December 10, 2020 to leave its key interest rate at zero percent. Economists also assume that the lowinterest phase will continue for some time.

These historically low interest rates enable many HELMA customers to take out construction financing at extremely low interest rates, which partly offset the significant increase in land, construction and ancillary acquisition costs, enabling the dream of owning a house to remain feasible in many cases, including in times of high real estate prices. Home owners and customers with an uncertain income situation due to the pandemic, or with a low level of equity capital, by contrast, currently face more stringent lending guidelines from banks, which are making construction financing more difficult and/ or restricting their financing scope. The trend that has been noticeable for some time now, namely that a steadily increasing number of purchasers who fully cover the purchase price of the property with equity, was also evident in the past financial year.

State support measures

After the child-related construction allowance, which was used to grant state subsidies to lower-income families for the construction or purchase of a house, expires on March 31, 2021, subsidy programs are currently focusing on promoting energy-efficient construction methods. Until June 30, 2021, the Kreditanstalt für Wiederaufbau (KfW) will continue to promote the new construction or initial purchase of energy-efficient properties with promotional loans of up to € 120,000. In addition, buyers of an energy-efficient property benefit from repayment subsidies of up to € 30,000, depending on the efficiency house standard. The German government has already announced that it will continue to promote new construction or the initial purchase of energy-efficient properties with high subsidy loans and grants through the Federal Subsidy for Efficient Buildings (BEG), which will come into force on July 1, 2021. The focus here is particularly on energy-efficient heating technologies based on renewable energies, for which very attractive subsidies have been announced.

HELMA commands many years of experience in the area of innovative energy-saving houses and energy-efficient technologies. The subsidy programs of the Kreditanstalt für Wiederaufbau (KfW) increase the attractiveness of these sustainable energy concepts and enable numerous customers to receive attractive subsidies.

Group order book position

Despite the tangibly negative effects of the COVID-19 pandemic which affected sales activities especially in the first half of 2020, the HELMA Group reported a significant increase in demand in all business areas again in the second half of the year. As a consequence, the HELMA Group finally achieved record new order intake of € 312.5 million in the 2020 financial year (previous year: € 296.5 million), which corresponds to yearon-year growth of around 5.4 %.

HELMA Ferienimmobilien GmbH was particularly responsible for this very pleasing sales result with new order intake of € 74.5 million (previous year: € 43.4 million). With an increase of around 71.6 %, the positive trend from the second half of 2019 continued in the year under review. This is attributable not only to a significant increase in demand for domestic holidays but also to strong sales figures at OstseeResort Olpenitz and Nordsee-Resort Büsum, as well as various sales launches. The order volume of HELMA Eigenheimbau AG amounted to € 127.3 million in 2020 (previous year: € 121.7 million). New order intake at this company as of the end of the financial year was thereby up by around 4.6 % on the previous year's figure, despite sales activities being partially restricted. At HELMA Wohnungsbau GmbH, the pandemic-related decrease in new order intake in the first half of 2020 was not fully offset over the course of the year and, at € 110.7 million, was around 15.7 % lower than in the previous year (previous year: € 131.3 million).

in k€	2016	Share in %	2017	Share in %	2018	Share in %	2019	Share in %	2020	Share in %
HELMA Eigenheimbau AG	99,041	34.5	93,594	38.2	105,771	38.0	121,737	41.1	127,283	40.7
HELMA Wohnungsbau GmbH	150,805	52.6	99,924	40.7	133,509	47.9	131,332	44.3	110,692	35.5
HELMA Ferienimmobilien GmbH	36,969	12.9	51,874	21.1	39,296	14.1	43,417	14.6	74,484	23.8
Total	286,815	100.0	245,393	100.0	278,576	100.0	296,486	100.0	312,459	100.0

Group companies' contributions to consolidated new order intake

The HELMA Group's order book position as per IFRS amounted to € 240.6 million as of December 31, 2020, around 18.7 % above the previous year's level. The aforementioned figure no longer includes € 165.4 million of revenues from current building projects already recognised proportionally pursuant to IFRS (December 31, 2019: € 140.9 million).

HELMA Group new order intake and order book position (according to IFRS)

Group earnings

Revenue trends

Despite pandemic-based restrictions, which were particularly evident in the first six months of the 2020 financial year, the HELMA Group succeeded in growing its revenue year-on-year from € 263.2 million to € 274.0 million on a full-year basis. This represents an increase of around 4.1 %. Final invoices were issued for 726 units in the year under review (previous year: 648 units). Of the final invoices, 418 houses were attributable to HELMA Eigenheimbau AG, 158 units to HELMA Wohnungsbau GmbH and 150 units to HELMA Ferienimmobilien GmbH. The two latter figures include the completion of a housing unit that was sold to a customer together with a plot of land, with each of these being included as only one unit.

HELMA Eigenheimbau AG accounted for a share of € 115.8 million (previous year: € 98.3 million) of Group revenue in the 2020 financial year, thereby significantly exceeding the targeted revenue contribution of at least € 100.0 million. Compared with the previous year, this corresponds to an increase of around 17.8 % and a 42.3 % share of Group revenue. HELMA Wohnungsbau GmbH, on the other hand, fell short of the previous year's figure with revenue of € 102.7 million in the reporting period (previous year: € 123.9 million). Consequently, its share of consolidated revenue decreased to 37.5 %. HELMA Ferienimmobilien GmbH accounted for revenue of € 54.0 million in the year under review (previous year: € 39.8 million). The company benefited from a significant rise in demand for domestic holidays and expanded its share of Group revenue to 19.7 %. The revenue of Hausbau Finanz GmbH reported significant growth in 2020 compared with the previous year, reaching a level of € 1.5 million (previous year: € 1.2 million), and corresponding to a share of Group revenue of 0.5 %.

in k€	2016	Share in %	2017	Share in %	2018	Share in %	2019	Share in %	2020	Share in %
HELMA Eigenheimbau AG	91,864	34.8	85,071	31.8	85,560	33.8	98,336	37.4	115,843	42.3
HELMA Wohnungsbau GmbH	139,428	52.9	133,352	49.9	122,628	48.4	123,942	47.1	102,671	37.5
HELMA Ferienimmobilien GmbH	31,657	12.0	48,116	18.0	43,971	17.4	39,751	15.1	53,982	19.7
Hausbau Finanz GmbH	893	0.3	879	0.3	1,117	0.4	1,214	0.4	1,497	0.5
Total	263,842	100.0	267,418	100.0	253,276	100.0	263,243	100.0	273,993	100.0

Contributions of Group companies to consolidated revenue (according to IFRS)

Earnings trends

Hereinafter and departing from the consolidated statement of total comprehensive income, consolidated EBIT is adjusted for the disposal of capitalised interest to facilitate an optimal comparison of the earnings trends of the HELMA Group, independent of potential influences from changes in the general interest-rate level. Interest costs that can be directly attributed to a project are to be capitalised. Once the respective projects are realised, the capitalised interest are deducted from inventories and recognised through consolidated statement of total comprehensive income as inventory-reducing transactions.

Starting from the Group revenue of € 274.0 million generated in the year under review (previous year: € 263.2 million), unadjusted Group EBIT amounted to € 22.2 million (previous year: € 22.8 million). This includes the disposal of capitalised interest payments in a volume of € 1.1 million (previous year: € 0.7 million). Group EBIT adjusted for the decrease in capitalised interest payments amounted to € 23.2 million in the year under review (previous year: € 23.5 million) and thereby stood only slightly below the previous year's level, despite pandemicrelated impairments.

Group revenue and adjusted Group EBIT (according to IFRS)

With a net financial result of € 0.3 million (previous year: € 0.8 million), which includes capital income from VAT refund applications in the mid six-digit range in euros, earnings before taxes (EBT) amounted to € 22.5 million (previous year: € 23.6 million). As a consequence, the EBT forecast for 2020 of between € 14.0 million and € 17.0 million, which had been adjusted on August 13, 2020 due to the pandemic, was clearly exceeded.

Consolidated net income after deduction of income taxes and minority interests amounted to € 15.4 million, and was thereby around € 0.8 million lower than in the previous year. This led to earnings per share of € 3.84 (previous year: € 4.04).

Group EBT and earnings per share (according to IFRS)

Business progress at the HELMA Group (according to IFRS)

in k€	2019	2020
Revenue	263,243	273,993
- of which revenue from long-term construction orders (PoC method)	41,238	24,537
Adjusted changes in stocks of finished goods and work in progress*	10,496	37,329
Adjusted total output*	273,739	311,322
Other operating income	2,609	2,721
Expense for materials and third-party services	-207,776	-241,685
Personnel expense	-24,956	-26,633
Other operating expenses	-17,738	-19,912
Adjusted EBITDA*	25,878	25,813
Depreciation / amortisation	-2,389	-2,587
Adjusted EBIT*	23,489	23,226
Disposal of capitalised interest	-707	-1,057
Net financial result	812	292
Earnings before taxes (EBT)	23,594	22,461
Income tax	-7,419	-7,065
Net income before minority interests	16,175	15,396
Minority interests' share of earnings	-31	-31
Net income after minority interests	16,144	15,365
Earnings per share in €	4.04	3.84

*Adjusted for the disposal of capitalised interest.

Trends in cost ratios and margins

The materials expense ratio amounted to 75.9 % in the year under review, up slightly on the previous year's level of 75.5 %. In order to ensure optimum comparability, this figure has been adjusted to reflect those material expenses that are not offset by any revenues.

The personnel expenses ratio in relation to revenue was 9.7 % in the year under review, slightly above the previous year's level. This was due to the disproportionately low revenue growth caused by the pandemic. In light of the expectation of significantly rising revenues in the coming years, the current headcount is considered appropriate and will serve to ensure the continued high-quality realisation of our products as volumes increase.

The adjusted other operating expense ratio, which is derived by dividing the net balance of other operating income and expenses by revenue, amounted to 6.3 % in the 2020 financial year.

Trends in cost ratios to revenue (according to IFRS)

The gross profit margin amounted to 24.1 % in the year under review, slightly below the previous year's level (24.5 %). At 8.5 %, the EBIT margin adjusted for the decrease in capitalised interest was also slightly lower than in the previous year (8.9 %). Similarly, EBT margin and the return on sales amounted to 8.2 % and 5.6 % respectively, below the record levels achieved in the 2019 financial year. It is important to note, however, the company estimates that the aforementioned ratios would very likely have reached the previous year's level in 2020 without the pandemic, as the revenue base would have been higher.

Trends in profit margins to revenue (according to IFRS)

Group net assets and financial position

Assets

The total assets of the HELMA Group grew by 11.4 % to € 423.4 million in the period under review (December 31, 2019: € 380.2 million). Non-current assets stood at € 27.5 million as of the balance sheet date, approximately at the previous year's level (December 31, 2019: € 27.9 million).

Current assets reported a significant increase of € 43.6 million to € 395.9 million (December 31, 2019: € 352.3 million), which mainly reflected a rise in inventories. As the largest items that also represent the basis for further growth in the project business, inventories include project-related land valued according to the lower of cost or market in an amount of € 220.3 million (December 31, 2019: € 192.5 million), and unfinished buildings in a volume of € 47.9 million (December 31, 2019: € 29.1 million). Cash and cash equivalents increased by € 3.4 million from € 16.7 million to € 20.1 million as of the balance sheet date. As a consequence, the HELMA Group continues to enjoy a comfortable liquidity position, including after a 2020 financial year marked by the COVID-19 pandemic.

Group balance sheet structure: assets (according to IFRS)

Equity and liabilities

On the equity and liabilities side, equity increased from € 108.6 million to € 116.6 million as of the balance sheet date. The rise derived from the consolidated net income of € 15.4 million generated in the 2020 financial year, less the dividend payment of € 7.4 million for the 2019 financial year, which was disbursed in July 2020. This is reflected in an equity ratio to 27.5 % as of the balance sheet date (December 31, 2019: 28.6 %), well above the average sector level.

Non-current liabilities increased from € 167.1 million to € 195.2 million in the reporting period, which is particularly attributable to the rise in non-current financial liabilities from € 155.6 million to € 181.6 million. This includes a new promissory note issued in 2020 by HELMA Wohnungsbau GmbH under guarantee of HELMA Eigenheimbau AG with a total volume of € 27.5 million. This promissory note is split into two fixed-interest tranches with maturities of 3 years for € 13.0 million at an interest rate of 2.9 % p. a. and 4 years for € 14.5 million at an interest rate of 3.1 % p.a. The financing funds from this promissory note were deployed mainly for the early repayment of two promissory notes of HELMA Eigenheimbau AG and HELMA Wohnungsbau GmbH, which were taken out in 2015 and 2016 with maturities in 2020 and 2021. Accordingly, non-current liabilities amounted to 46.1 % of total equity and liabilities as of December 31, 2020 (December 31, 2019: 43.9 %).

Compliance with covenants was contractually agreed when the promissory notes were placed, as it was the case with the promissory notes issued each in the 2015 to 2019 financial years, as well as the KfW loans that were raised in the 2016 and 2017 financial years. As of December 31, 2020, the HELMA Group complies with all covenants (equity of at least € 21 million and an equity ratio of at least 15.0 %). The HELMA Group has also agreed to a restriction on its dividends whereby dividends can be paid to its shareholders only up to a maximum of 50 % of the net income for the year as derived from the separate financial statements of HELMA Eigenheimbau AG prepared according to the accounting standards of the German Commercial Code (HGB).

The remaining 26.4 % share of total equity and liabilities was attributable to current liabilities (December 31, 2019: 27.5 %), which increased by € 7.1 million to € 111.6 million as of the balance sheet date (December 31, 2019: € 104.5 million). At € 36.9 million as of the balance sheet date, current financial liabilities stood slightly above the previous year's level (December 31, 2019: € 36.0 million), including land and project financing facilities that are repaid through the acquirers' purchase price payments. As it is to be assumed that these liabilities will be repaid within the next twelve months, they are to be presented as current financial liabilities irrespective of the actual financing term.

Group balance sheet structure: equity and liabilities (according to IFRS)

The net debt of the HELMA Group increased from € 174.9 million to € 198.4 million as of December 31, 2020, particularly as a consequence of taking out non-current land and project financing facilities. Equity also advanced from € 108.6 million to € 116.6 million over the same period. The HELMA Group continues to command a very healthy capital structure with net debt comprising 46.9 % of total assets (December 31, 2019: 46.0 %), and a 27.5 % equity ratio (December 31, 2019: 28.6 %).

Due to the very good credit rating and equity base of the HELMA Group, the average interest rate on the HELMA Group's financial liabilities as of December 31, 2020 amounted to approximately 2.23 % p.a., which lies very clearly below the average financing costs of the company's competitors.

in k€	12/31/2016	Share in %	12/31/2017	Share in %	12/31/2018	Share in %	12/31/2019	Share in %	12/31/2020	Share in %
Financial liabilities*	135,651		165,892		175,640		191,601		218,493
Cash and cash equivalents	-11,331		-16,656		-16,328		-16,703		-20,087
Net debt	124,320	44.7	149,236	47.0	159,312	46.7	174,898	46.0	198,406	46.9
Equity	80,236	28.8	88,829	28.0	97,716	28.6	108,594	28.6	116,578	27.5
Total equity and liabilites	278,242	100.0	317,653	100.0	341,440	100.0	380,164	100.0	423,372	100.0

Changes in net debt and equity

*The financial liabilities do not include lease liabilities under IFRS 16.

Along with the rise in net debt from € 174.9 million to € 198.4 million, the inventory position rose from € 232.2 million to € 281.7 million. The € 220.3 million (December 31, 2019: € 192.5 million) of project-related land included in this figure, together with the other contractually secured land with a purchase price volume of € 41.2 million as of December 31, 2020, form an excellent basis to expand the high-margin property development business. Inventories exceeded net debt by € 83.3 million as of the balance sheet date (December 31, 2019: € 57.3 million).

Changes in net debt and inventories

Cash flow statement

The HELMA Group's positive operating profit generated in the period under review is clearly evident when observing the cash earnings item in cash flows from operating activities, which amounted to € 20.4 million. In addition, the working capital required for the expansion of the property development business increased by € 29.7 million compared with the previous year due to additional land plot purchases, among others. Cash flow from operating activities thereby amounted to € -9.3 million in the year under review (previous year: € -3.5 million).

Cash flow from investing activities amounted to € -1.9 million in the reporting period, slightly below the previous year's level (previous year € -2.0 million).

Due to the raising of land and project financing, cash flow from financing activities amounted to € 14.6 million in the 2020 financial year (previous year: € 5.9 million).

The HELMA Group had € 20.1 million of financing funds as of the balance sheet date. The financial position of the HELMA Group continues to be very solid as a consequence.

Group cash flow statement (according to IFRS)

in k€	2016	2017	2018	2019	2020
Cash flow from operating activities	-16,088	-13,344	4,061	-3,499	-9,298
- of which cash earnings	20,953	17,965	14,983	18,089	20,352
- of which change in working capital	-37,039	-31,278	-10,877	-21,628	-29,658
- of which gain / loss on disposal of fixed assets	-2	-31	-16	-29	8
Cash flow from investing activities	-1,839	-3,298	-4,445	-2,005	-1,872
Cash flow from financing activities	16,765	21,967	56	5,879	14,554
Cash and cash equivalents at the end of the period	11,331	16,656	16,328	16,703	20,087

Group investments

HELMA invested a total of € 2.7 million in property, plant and equipment, and in intangible assets in 2020 (previous year: € 2.3 million). Of this amount, an investment portion of € 0.7 million (previous year: € 0.8 million) in the land and buildings segment was largely attributable to the construction of two showhouses in Bad Vilbel and in our showhouse park in Lehrte.

Investments in intangible assets amounted to € 0.5 million in the year under review (previous year: € 0.6 million), which were predominantly attributable to software programming and licenses.

Investments in office and operating equipment totalled € 1.4 million in 2020 (previous year: € 0.9 million), and were focused primarily on new vehicles, IT equipment as well as office fittings.

Investments in property, plant and equipment, and intangible assets

in k€	2019	2020
Land and buildings	805	745
Intangible assets	564	548
Office and operating equipment	909	1,360
Total	2,278	2,653

Sustainability – Non-financial performance indicators

HELMA has set itself the goal of helping significantly more people each year to realise their dream of owning their own home. In addition to economic interests, the focus here is also on ecological, social and societal aspects. In 2014, the Management Board and the employees of HELMA established these perspectives as the basis for business activity in the HELMA Code of Values, which applies throughout the Group.

Environment

HELMA is aware of its responsibility and has been making valuable contributions to environmental and climate protection for many years by developing energy-efficient construction methods and sustainable energy concepts. In this sphere of activity, HELMA also deals with measures for the resource-conserving utilisation of materials and the protection of biodiversity.

Energy-efficient construction methods

Due to an early focus on the area of energy-efficient construction methods, HELMA has not only created a significant competitive advantage over the past approximately twenty years, but has also made an important contribution to cutting resource consumption and CO2 emissions.

Both individually planned detached houses as well as pre-planned semi-detached, terraced and multi-family houses are built by HELMA utilising solid construction methods designed to safeguard the properties' value. Aboveaverage lifespan and long-term value retention are of particular importance in terms of the net ecological impact of a solid construction house. Natural raw materials and building materials that can be maintained and repaired with little effort are deployed to a large extent. Furthermore, the masonry and concrete ceilings of solid construction houses offer the very beneficial property of absorbing heat energy and successively releasing it back into the environment. This effect, known as phase shift, warms the rooms in winter through sunlight entering during the day, with the stored energy being released at night. In summer, the walls that have cooled down overnight keep out much of the heat during the day.

HELMA offers all individually planned detached houses as KfW-Effizienzhaus-55 houses, which boast very high energy efficiency due to their combination of efficient heating technology and insulation of the building shell. The option also often exists of further boosting energy efficiency by installing even higher-quality heating technology and insulation. In addition to ecological advantages, in many cases HELMA customers also benefit from lowinterest loans and/or repayment subsidies, depending on what development banks are able to offer.

The technical possibilities to improve energy output have increased constantly over the years, and especially in comparison with 1990, the average construction year of the building stock in Germany. With approximately 900 houses and apartments currently being built by HELMA each year, this saves around 4,300 tons of CO2 emissions per year compared to the average housing stock. On the basis of a useful life analogous to building depreciation of fifty years, the houses and apartments realised annually by HELMA thereby achieve CO2 savings of over 200,000 tons compared with the average housing stock.

CO2 savings of houses and apartments realised by HELMA compared with the average housing stock

Sustainable energy concepts

HELMA is a pioneer in the development of sustainable energy concepts for multi-storey residential buildings. In recent years, the company has optimised the basic energy concept of the solar energy house and implemented it for the first time in 2018 with the construction of two apartment buildings in Cottbus. The two four-storey buildings comprising a total of 14 apartments each have large collector areas on one half of the roof and can thereby largely supply themselves with solar electricity and heat. The photovoltaic modules and solar thermal collectors integrated into the houses' architecture on roof surfaces and balcony parapets absorb the solar energy and convert it into electricity or heat. Energy that is not required by the residents for everyday use flows into a storage unit integrated into the house, where it is stored temporarily. This makes it possible to live self-sufficiently from external suppliers, including in months with less sunshine. Furthermore, the electricity generated is not only suitable for household appliances and plant technology, but is also available for electromobility and electrical garden equipment. Surplus energy can also be supplied directly to neighbouring buildings, or fed into the public grid. This relieves the burden on regional energy suppliers and offers consumers a low-cost alternative.

Functionality of an energy self-sufficient apartment building

HELMA has created another showcase project for structural change by applying the basic energy concept of the solar energy house to the multi-storey apartment building and by constructing the first two largely energy self-sufficient apartment buildings. The tenants of the two four-storey buildings in Cottbus will benefit from a fixed flat-rate rent and an energy flat rate for five years due to this high level of energy self-sufficiency. The project also received funding from the German Federal Ministry for Economic Affairs and Energy (BMWi). As a special recognition, the Cottbus project was awarded the German Solar Prize in the "Solar Architecture and Urban Development" category.

Following the successful implementation of this project, HELMA began building four further apartment buildings in 2019 and 2020, which, like their Cottbus archetypes, are largely energy self-sufficient. The three- and fourstorey buildings, with a total of 28 residential units, are being constructed near Oranienburg and Lübben, and will also help to meet the challenges of climate change in the future. Inspired by these successful projects, five more energy self-sufficient apartment buildings with a total of 35 residential units will be built in Unna.

Requirements for subcontractors and general contractors

By accepting the general terms and conditions of contract, or agreeing to individual contractual provisions, the subcontractors and general contractors HELMA commissions undertake to deploy only materials, building materials and products that are furnished with the appropriate approvals and meet statutory requirements. Moreover, construction work must be carried out in accordance with applicable regulations, standards and directives, and manufacturers' instructions must be complied with during construction processing. The companies carrying out building work are also obligated to leave construction sites free of material residues, construction debris and waste. As far as disposal is concerned, applicable statutory provisions for waste reduction and for environmentally compatible recycling and landfilling are to be complied with by the subcontractors and general contractors commissioned.

When utilising building materials, care is also to be taken to ensure that these enable home owners to live in a healthy environment, and are produced in as environmentally compatible manner as possible. The selection of the materials used is based on modern standards and stringent quality specifications in relation to safety, health and environmental compatibility.

Biodiversity

The preservation and promotion of biodiversity form an essential element of the project planning of land plots with residential and holiday properties. In order to protect biodiversity in its natural environment as best as possible, in development plan procedures HELMA regularly works in partnership with experts and specialists such as environmental authorities, landscape planners and nature conservation associations. The common goal is to develop concepts for the preservation and maintenance of natural areas and biodiversity as part of these development plan procedures, depending on the project-specific requirements, in order to realise residential and holiday properties in harmony with ecological concerns.

If protected animals' habitats are affected by construction projects, such creatures are relocated to protected areas in compliance with stipulated measures (e. g. in development plans, urban development contracts and building permits), or replacement habitats are created in the immediate vicinity of the planned development that offer the necessary settlement characteristics. Similarly, animals in the immediate vicinity of the planned development are taken into consideration in project and construction scheduling, so that development and construction measures generally take place outside breeding seasons and the creatures' active phases. To compensate for natural areas, HELMA also supports reforestation in native forests if project-specific necessities exist, in order to compensate for the clearing of the tree population required for the project. Alternatively, it creates near-natural compensation areas in order to offset the impact of creating impervious surfaces. The implementation of consolidation measures in order to create more living space while preserving as much natural area as possible also forms an essential part of project planning.

Energy supply and energy-related building measures

In view of supplying electricity to the company's own buildings, HELMA ensures that it utilises electricity in the most energy-conserving manner possible. Accordingly, the company headquarters in Lehrte was supplied by external energy suppliers with electricity from renewable energies at a rate of 60.5 % in the 2020 financial year (previous year: 55.8 %). Furthermore, electricity is generated via the company's own photovoltaic system on the roof of the administration building, which is almost entirely utilised by the company itself. HELMA aims to significantly increase the share of electricity generated from renewable energies in the coming years.

With the regard to an optimal energy utilisation, the administration building is also equipped with concrete core activation. This is heated or cooled efficiently and in an environmentally compatible manner via various air heat pump systems. Supplementary heating via gas condensing boiler technology is only necessary if the thermal activation of building structures is no longer sufficient in the event of excessive cold, and peak demands have to be offset.

Customers, employees and social responsibility

The HELMA Group's business success is based on customer satisfaction. In addition to a high level of customer satisfaction, the motivation and commitment of HELMA's employees are essential for achieving the company's targeted growth. In addition to focusing on business success, however, HELMA also regards sustainability as the assumption of responsibility through social and community commitment.

Customer satisfaction

HELMA's commercial activities focus on customers and their needs. Their satisfaction and appreciation for the products and services are directly related to the HELMA Group's long-term success. Satisfied customers recommend HELMA to others and are consequently of great importance for the company's targeted growth. In order to ensure a high level of customer satisfaction on an ongoing basis and to identify changing needs at an early stage, HELMA regularly conducts customer surveys, taking the results into targeted consideration in the further development of its existing product range. HELMA has already received several awards for the very high level its customers' satisfaction.

Attractive working environment

The HELMA Group's success is largely driven by motivated and well-trained employees. The great commitment and inventiveness of its employees enable HELMA to continuously develop its products and processes. For this reason, HELMA has set itself the objective of acting as an attractive and responsible employer in the long term, providing appropriate working conditions for its employees and thereby keeping the staff turnover rate at a low level, in the single-digit percentage range, as in previous years.

HELMA's diverse range of employee development programs includes:

• Possibilities for professional training and further education
• Teambuilding measures
• Social skills seminars to promote personal development
• Healthcare
• Company sports

HELMA also offers a wide range of employment opportunities with full-time and part-time models to promote the compatibility of work and personal life. Since 2020, this has also included the option of working on a mobile basis one day a week if desired, taking operational requirements into consideration.

Participation opportunities for employees

HELMA actively involves its employees in decision-making processes and promotes their participation in the continuous development of the product range. Via IDEEN@HELMA, HELMA employees can submit their ideas to boost efficiency, improve competitiveness and enhance customer satisfaction and, depending on the extent of utilization and significance of the idea for the company, benefit from attractive rewards.

HELMA's Works Council also safeguards employees' interests. The Management Board and the Works Council regularly engage in trust-based dialogue. They agreed on the first joint HELMA operating agreement on mobile working in the 2020 financial year, which will also remain in force after the COVID-19 pandemic has subsided and which fosters the harmonisation of professional obligations with personal life circumstances.

Occupational safety and health protection

The necessary measures relating to occupational safety and health protection on HELMA construction sites are defined, coordinated and controlled by safety and health protection coordinators (SiGeKo). Compliance with them is monitored. Depending on project-specific conditions, HELMA secures construction sites with construction fences, for example, and equips scaffolding with protective nets, covered walkways and signage in order to minimize safety risks.

Diversity and equal opportunities

As of December 31, 2020, the HELMA Group employed a total of 346 employees (December 31, 2019: 322 employees). The proportion of female employees as of the reporting date was 41.3 % (December 31, 2019: 41.3 %). Here it should be noted that the professional group of construction managers, in particular, typically includes a very high proportion of male employees. Excluding employees in construction management, the proportion of female employees as of the reporting date is 52.8 % (December 31, 2019: 52.2 %).

As of December 31, 2020, the HELMA Group's managerial staff consisted of 36 men as well as 5 women (December 31, 2019: 33 men, 3 women). Although the proportion of female managers improved from 8.3 % in the previous year to 12.2 %, HELMA identifies potential to further increase the proportion of women in management positions in the coming years, taking applicant's individual skills into consideration.

Diversity ratio (managers*)

HELMA's Supervisory Board, Management Board and senior management did not include any women as of December 31, 2020. As a medium-sized company, HELMA aims to keep the number of members in its corporate bodies manageable in the future. Should positions on these bodies need to be filled in the coming years, both women and men will be given equal opportunities, taking their respective expertise into consideration.

The age structure of HELMA employees exhibits an almost continuous normal distribution. With this balanced composition of its workforce, the HELMA Group also benefits from the wealth of experience of older employees, and the continuous inflow of new knowledge that young, well-trained employees bring to the company. Moreover, this future-oriented personnel structure enables the proactive replacement of employees who leave the HELMA Group when they retire.

Managers (*excluding the Management Board and managing directors)

Age structure as per December 31, 2020

Social commitment

As a service provider for private housebuilding, an essential part of HELMA's daily work is to create shared spaces in which loved ones can live together, as well as new homes for children and their parents. With its social commitment, however, HELMA is consequently also active quite intentionally in and around life's centrepoint – the home. The company's special concern in this context is to support, with appropriate measures, the development of children in different life stages and situations.

HELMA regards company-specific events not only as enjoyable business events, as well as raffles in social media not only as a marketing tool, but also as opportunities to pass on and share enjoyment. This occurs through financial and material as well as personnel support at regional level for deliberately selected projects and target groups such as kindergartens and day care centres.

HELMA also supports facilities that assist traumatised children as well as children with physical or mental disabilities, and that provide therapeutic care within a protected environment. Furthermore, HELMA has been sponsoring a violence prevention project for primary school children for many years in order to enhance problem resolution skills. This project was awarded the Golden Star of Sport in 2020.

Governance

Governance in the HELMA Group stands for acting in accordance with the principles of legal and lawful as well as responsible corporate management. This includes the topics outlined below.

Ensuring compliance with applicable laws and regulations

The processes and structures defined for the business areas within the HELMA Group ensure consistent compliance with applicable laws and regulations. Moreover, subcontractors and general contractors commissioned by HELMA undertake, by accepting the general terms and conditions of contract, or agreeing on individual contractual provisions, to comply with the statutory provisions on combating undeclared work, laws on the secondment and hiring out of employees, as well as German social security legislation concerning the payment and deduction of contributions, and the payment of at least minimum wages as stipulated by law or collective bargaining agreements.

HELMA also attaches great importance to compliance with relevant tax laws. Tax declarations are always submitted in accordance with the applicable laws of the relevant jurisdiction. To this end, HELMA is in regular contact with the respective tax authorities, and ensures a comprehensive review by tax authorities of the tax administration through cooperative and transparent collaboration with tax offices. Where tax law options exist, these are utilised within the framework of legal requirements, taking financial and business consequences into consideration in the interests of the company.

Transparency about memberships and political influence

In addition to various chambers of industry and commerce, and chambers of architects and engineers, HELMA is a member of the following associations and interest groups, among others:

As a matter of principle, HELMA does not make donations to political parties, politicians or governments. Furthermore, HELMA Group companies are not included in lobby lists. Equally, HELMA did not participate in any submissions to legislative procedures in the 2020 financial year.

Open dialogue with relevant stakeholders

HELMA's business activities are shaped by various influences from both internal and external stakeholders. In order to learn about the views and concerns of the relevant stakeholders, the relevant parties are identified and approached in a targeted manner, both in relation to the project and to overarching issues. HELMA organises both regular and ad hoc events and formats for specific target groups, in order to ensure open dialogue with relevant stakeholders. This includes the following individuals and stakeholders:

Employees, sales partners and the company's Boards

Development of staff and specialist advisors in the HELMA Group

Compared with the end of the 2019 financial year, the number of staff employed by the company underwent a 7.5 % increase from 322 to 346 as of December 31, 2020. Besides this, the HELMA Group employed 7 individuals on a minor part-time basis as of the reporting date (December 31, 2019: 10).

In the house consulting area, the number of independent specialist advisors with whom HELMA works together in the sales area on a commission basis at various locations stood at 82 (December 31, 2019: 80), slightly above the previous year's level. The number of independent financing advisors amounted to 20 as of December 31, 2020 (December 31, 2019: 22).

Number of employees and independent specialist advisors in the HELMA Group

Training

HELMA regards the training of young, motivated people as an important element of its personnel policy, which aims not only to meet the challenges of demographic change but also to cover the ongoing need for qualified junior staff on a pro rata basis. For this reason, seven apprentices are currently being trained within the company.

The company's Boards

In the year under review, the Management Board of HELMA Eigenheimbau AG included Gerrit Janssen as Chairman (CEO), Max Bode and André Müller. Gerrit Janssen has been appointed to the company's Management Board until June 30, 2022. The contracts of Max Bode and André Müller each run until June 30, 2023.

In the 2020 financial year, the company's Supervisory Board included Karl-Heinz Maerzke (Chairman), Sven Aßmann (Deputy Chairman), Dr. Peter Plathe and Paul Heinrich Morzynski. The Supervisory Board members' period of office ends with the conclusion of the AGM that approves the discharge of the Supervisory Board members for the 2023 financial year.

Net assets, financial position and earnings of the parent company

The separate development of the parent company is presented below by way of supplementary information to the Group report. The separate annual financial statements of HELMA Eigenheimbau AG are prepared according to the regulations of the German Commercial Code (HGB), and the German Stock Corporation Act (AktG). Pursuant to § 315 (5) of the German Commercial Code, the management report for HELMA Eigenheimbau AG is aggregated with that of the HELMA Group.

Net assets and financial position

The total assets of HELMA Eigenheimbau AG amounted to € 138.1 million as of December 31, 2020 (December 31, 2019: € 145.8 million). On the assets side of the balance sheet, the decrease arises from a reduction in current assets from € 126.8 million to € 119.4 million, which chiefly reflects a € 7.5 million reduction in receivables from associated companies. Non-current assets stood at € 18.3 million as of the balance sheet date, slightly below the previous year's € 18.6 million.

Balance sheet structure of HELMA Eigenheimbau AG: assets (according to HGB)

in k€	12/31/2019	12/31/2020
Non-current assets	18,602	18,337
Current assets - of which cash and cash equivalents	126,770 9,126	119,423 10,282
Prepayments and accrued income	413	318
Total assets	145,785	138,078

On the equity and liabilities side of the balance sheet, a year-on-year comparison as of the reporting date shows a rise in equity from € 94.7 million to € 99.6 million, especially reflecting the € 12.4 million of net income that was generated (previous year: € 14.8 million). The equity ratio amounted to 72.2 % as of the balance sheet date (previous year: 64.9 %), well above the average for the building services sector. Provisions amounted to € 9.4 million at the end of the financial year under review (December 31, 2019: € 9.6 million). Liabilities amounted to a total of € 29.0 million as of December 31, 2020, € 12.5 million below the previous year's level of € 41.5 million. The decrease in liabilities results mainly from a promissory note, which was repaid in the 2020 financial year.

In the 2015 financial year, compliance with covenants was agreed in the promissory note contracts. As of December 31, 2020, the HELMA Group complies with all covenants (equity of at least € 21 million and an equity ratio of at least 15.0 %). The HELMA Group has also agreed to a restriction on its dividends whereby dividends can be paid to its shareholders only up to a maximum of 50 % of the unappropriated profit for the year as derived from the separate financial statements of HELMA Eigenheimbau AG prepared according to the accounting standards of the German Commercial Code (HGB).

HELMA Eigenheimbau AG commands liquidity of € 10.3 million as of the end of 2020. HELMA Eigenheimbau AG's financial position remains very solid as a consequence.

in k€	12/31/2019	12/31/2020
Equity	94,681	99,639
Provisions	9,640	9,448
Liabilities	41,464	28,991
Total equity and liabilities	145,785	138,078

Balance sheet structure of HELMA Eigenheimbau AG: equity and liabilities (according to HGB)

Earnings performance

The year-on-year higher revenue level of € 120.2 million (previous year: € 105.1 million) and changes in stocks of finished goods and work in progress of € 5.2 million (previous year € 7.8 million) led to a rise in total output to € 125.4 million (previous year: € 112.8 million). This represents a marked increase of 11.1 %.

Total output of HELMA Eigenheimbau AG (according to HGB)

in k€	2019	2020
Revenue	105,051	120,178
Changes in stocks of finished goods and work in progress	7,773	5,194
Total output	112,824	125,372

Gross profit amounted to € 36.2 million (previous year: € 37.0 million), equivalent to an approximately 28.8 % gross profit margin in relation to total output (previous year: 32.8 %). It should be noted in this context that the revenue of HELMA Eigenheimbau AG also includes payments from the subsidiaries for business procurements, which are not offset by any notable cost of materials.

With earnings before interest and taxes (EBIT) of € 8.7 million (previous year: € 10.3 million) and a net financial result of € 9.3 million (previous year: € 11.3 million), HELMA Eigenheimbau AG achieved net income of € 12.4 million (previous year: € 14.8 million) in the 2020 financial year, which was in line with the forecast, despite the ongoing COVID-19 pandemic.

For 2021, in the separate financial statements for HELMA Eigenheimbau AG prepared according to German Commercial Code (HGB) accounting standards, we anticipate further high profitability with earnings in the low double-digit range in millions of euros.

in k€	2019	Share in %	2020	Share in %
Total output	112,824	100.0	125,372	100.0
Materials expense	-75,828	-67.2	-89,221	-71.2
Gross profit	36,996	32.8	36,151	28.8
Other operating income	1,244	1.1	1,822	1.5
Personnel expense	-16,513	-14.6	-17,275	-13.8
Depreciation / amortisation	-1,719	-1.5	-1,848	-1.5
Other operating expenses	-9,669	-8.6	-10,154	-8.1
EBIT	10,339	9.2	8,696	6.9
Net financial result	11,295	10.0	9,273	7.4
Earnings before income tax	21,634	19.2	17,969	14.3
Net income	14,815	13.1	12,358	9.9

Business progress of HELMA Eigenheimbau AG (according to HGB)

Risk report

Risk management

HELMA is naturally exposed to various risks in the course of its corporate activity. Risks are only entered into where they both offer the opportunity of appropriate value-enhancement and where such risks can be managed within the organisation applying recognised methods and measures. As part of the risk management system, HELMA continuously monitors and evaluates identified risks in order to control and manage them, and to transparently present related opportunities.

To this end, the risk-relevant factors in the areas of sales, contract management, technology, finance, project development, personnel, and legal affairs are continuously reviewed, taking into consideration the expected event probabilities, damage levels, and interactions, in order to identify negative developments at an early juncture. This provides the factors required for the Management Board – particularly as part of monthly reporting – to reach decisions that allow them to introduce prompt and appropriate measures. The Management Board is informed regularly about any potential excess beyond fixed risk limits.

Relevant risk factors

Macroeconomic risk

Since March 11, 2020, the COVID-19 respiratory disease has been considered a pandemic, the effects of which continue to shape the global economy as well as the macroeconomic situation in Germany. Germany is currently exposed to high economic risks which, were they to materialise, would lead to a marked rise in unemployment figures. Furthermore, this could prompt a further tightening of lending conditions for real estate financing facilities. For this reason, a greater risk exists of a decrease in demand for real estate, and of falling property prices.

The extent to which macroeconomic development will be impaired, and the consequences for the real estate sector, cannot be assessed in full at present. For this reason, HELMA intensively monitors and analyses current market circumstances in order to be optimally prepared to meet future trends, and to rapidly implement measures necessitated by the relevant situation.

Risks of the COVID-19 pandemic for sales and construction

Extensive contact restrictions and/or the imposition of curfews are affecting the HELMA Group's sales activities. Given regional regulations and the extent of the restrictions, consultations and house planning are consequently possible to only a limited extent, or not at all during such time windows. Depending on the duration and extent of the impairments, a risk consequently exists of a temporary setback in demand.

Furthermore, employee absences at HELMA or at its subcontractors and general contractors, as well as limited availability and staffing at authorities, could temporarily impede planning and construction progress. Similarly, limited availability of construction materials and legal requirements for compliance with social distancing could exert a negative effect on construction site operations. The resultant risk of delayed completions would exert a correspondingly negative effect on the HELMA Group's revenue and earnings. Since the outbreak of the pandemic, however, most construction projects have continued without significant restrictions. The HELMA Group has not experienced any marked delivery bottlenecks to date.

In addition to the risks deriving directly from the consequences of the COVID-19 pandemic, the HELMA Group is exposed to many risks associated with the business activities of HELMA Eigenheimbau AG and its subsidiaries, and arising from other external influences.

Regulatory and legal risks

Legal and tax law regulations define the regulatory framework for the real estate sector, and affect the business activities of companies operating in this environment. In order to identify changes in the legal framework at an early stage, HELMA regularly monitors legislative processes and current court rulings so that appropriate measures can be initiated promptly if necessary.

As the statutory provisions are equally valid for all market participants, no significant risks for the business are generally identifiable from current regulatory conditions.

It should nevertheless be noted that this is only valid without qualification assuming that interest rate levels continue to remain low. For instance, many new or more onerous building regulations, accompanied by an increase in land purchase tax across almost all of Germany over the past years, have made buying newbuild properties considerably more expensive. In addition, the expiry of the child-related construction allowance as of March 31, 2021, and the BAFA subsidy for heat pumps in new buildings, which expired on December 31, 2020, mean that subsidy programs that counteracted the price increase for those entitled to subsidies no longer apply. For this reason, a significant increase in interest rates could result in a tangible reduction in market demand if the regulations and levies that are currently comprising strong cost-drivers are not reduced again in parallel, or mitigated by further subsidies or tax incentives.

Furthermore, greater intervention by the German federal government as well as cities and municipalities in the real estate market is evident, for example by setting high quotas for subsidised housing construction or legally standardised maximum prices for rents. In addition, cities and municipalities are increasingly intervening in the preparation of development plans, which is slowing down project planning to a considerable extent in some cases, and extensive requirements are contributing to higher costs. If time delays or additional costs exceed the selected safety buffer, this can lead to a significant shift in revenue and earnings into following periods, or to lower earnings.

By exercising the statutory right of first refusal, the realisation of individual projects can also be prevented altogether by the relevant city or municipality entering into the respective purchase agreement within the legally stipulated period after the purchase agreement has been signed, thereby preventing HELMA from purchasing the land plot.

Project risks

The operating activities of HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH regularly require new land plots for development and sale following project management. In this context, great store is set by a sufficient diversification of projects in terms of number, size, type of structure, and location in various German metropolitan regions, thereby achieving a significant reduction in the overall risks deriving from the project business.

In the acquisition phase, the development potential and earnings prospects of the properties to be acquired are carefully examined and evaluated. In this context, possible risks relating to the building ground, such as contaminated sites, archaeological monuments, valuable soils and reduced load-bearing capacity, as well as possible special planning law issues are also taken into consideration. Despite this, for the most varied reasons it cannot be excluded that unexpected cost increases and/or revenue reductions in individual projects occur compared with calculated values. In these cases, such a project would be concluded with lower-than-expected income, which would exert a correspondingly negative effect on the HELMA Group's earnings. To manage this risk as best as possible, HELMA ensures that it always has extensive expertise in the property development and land business, as well as in the marketing of the respective units, in the target regions concerned.

In addition, high demand for real estate can trigger capacity bottlenecks for the market participants and government institutions involved in projects. Depending on specific projects, this can lead to project processing delays. In particular, HELMA has only very limited influence over processing times at building and land registry authorities. Processing times are evaluated continuously to model the risk entailed in delays to planning and are reflected in corresponding time windows when preparing project schedules. Any delays extending beyond the selected safety buffers can lead to tangible revenue and earnings shifts into following periods, however.

In the case of detached houses, HELMA only purchases the land in advance, and does not commence with specific building projects until the customer has signed a corresponding notarised purchase agreement, and the customer's financing has been confirmed. By contrast, when building terraced and multi-family houses, construction in its project business starts already after it has received predetermined pre-sales quotas, so that such projects entail a higher level of sales risk, despite intensive analysis of market potential.

Purchasing risks

High demand for real estate can create supply bottlenecks in building services and in new land plots for the project business.

Through long-term partnerships, HELMA has established a large network of partner firms over the past decades to which frequent recourse is made when purchasing building services. The network is also being constantly expanded to include new subcontractors and general contractors with relevant track records. In terms of the availability of qualified subcontractors and general contractors, some bottlenecks can nevertheless occur – especially during periods of high demand for real estate – accompanied by delays and unexpected increases in construction costs, which would exert a correspondingly negative impact on the HELMA Group's results of operations.

HELMA counters the risk of shortages of land through sustained and forward-looking land acquisition, which enables it to draw up plans based on secured land purchases. Furthermore, HELMA spreads its projects over various German metropolitan regions rather than concentrating on a single target region. Such diversification enables a shift into other regions should available supply in specific areas temporarily fail to match requirements.

Materials cost risk

Expected changes in materials prices are also assessed and included in calculations as part of ongoing planning. HELMA counters the risk of rising materials prices by fixing the sales prices of houses and apartments on a forward basis. In the individual detached house area, the risk of rising raw material prices is also mitigated in home contracts with corresponding price adjustment clauses, which are linked to changes in the construction price index and which come into force when the fixed price commitment expires. Unexpected jumps in costs on the supplier side precipitated by materials price rises and /or an increase in demand for subcontractor and general contractor services would nevertheless exert a negative effect on the earnings of the HELMA Group.

Investment risks

Following the company's successful expansion, investments in new showhouses and locations have been reduced to a moderate level over the past years. HELMA will nevertheless continue to proceed with the greatest possible care when considering the potential creation of individual locations or replacement investments, in order to minimise the risk of a misinvestment as far as possible.

Personnel risks

HELMA monitors personnel risks with a high degree of attention, and counter such risks using numerous personnel development measures. The focus in this context is on the qualification of employees, maintaining a low staff turnover rate, and the long-term loyalisation of managers to the company. Employee expertise plays a crucial role in the high quality of services. Employees and specialist advisors are provided with a broad range of introductory, qualification, and further training programs in order to secure such quality. These programs continued, within the scope that is possible at present, to attract very enthusiastic interest in the 2020 financial year.

Reputation risk

Negative media reporting on projects or business activities can negatively affect the reputation of the HELMA Group. The Internet and social media can disseminate such information and opinions quickly and far afield. Through targeted and sustained reputation management, HELMA consequently plans, manages, and controls its reputation in relation to all relevant stakeholders in the best possible way.

Risks from new technoloiges

Innovations in the house construction area arising from technological progress are constantly analysed, and then integrated into the product portfolio following an assessment of their suitability. Close contact and the exchange of experience with the most varied types of manufacturers, associations, and business partners, as well as visits to specialist trade fairs and conferences, promotes the company's innovative spirit in this respect. The product portfolio has been expanded recently to include promising innovations, particularly in the energy-efficient construction method area. Here, the company endeavours to ensure that the opportunities connected with innovations significantly outweigh related risks, and that start-up costs bear a reasonable relationship to sales potential.

IT risks

HELMA relies on the reliability and functionality of its IT systems in order to conduct its business activities. These may fail due to technical malfunctions, or be disrupted by external events such as computer viruses, malware and cyber-attacks, which HELMA may be able to avert to only a limited extent. Possible effects of such external attacks include unauthorised access and data loss.

HELMA invests continuously in modern hardware and software infrastructure and performs frequent data backups in order to prevent such events occurring, and to ensure the constant availability of its IT systems. Products from leading manufacturers are deployed, and applicable safety guidelines are continuously adapted to the latest technical developments.

Legal risks

Legal risks arise with any private sector agreement such as the construction or sale of real estate. In order to manage and avoid legal issues, HELMA has established itself accordingly in personnel terms, and makes recourse to external legal advice in individual cases. If risks from litigation are identified, they are taken into account to an appropriate extent by forming appropriate provisions. Although the final outcome of individual proceedings may affect the company's earnings, from today's perspective no legal risks are discernible that could have a significant impact on its net assets and financial position.

Financial risks

HELMA monitors financial risks, including liquidity, interest, and default risks, using tried and tested controlling and steering tools, which facilitate prompt and transparent reporting. The Group reporting system ensures the regular recording, analysis, measurement, and steering of financial risks.

Liquidity risks are monitored and managed centrally within the Group, based on rolling liquidity planning. The Group's sourcing of liquidity is ensured through sufficient cash holdings and free credit lines to exclude the occurrence of liquidity bottlenecks as good as possible.

Legal regulations and contractual agreements with purchasers or sub- and general contractors require the HELMA Group to provide security in the form of guarantees both in its building services business and in its property development business. The HELMA Group guarantees the availability of the requisite collateral by maintaining a sufficient number of free guarantee credit lines with guarantee insurers and banks. Issued guarantees are monitored continuously and returned promptly in accordance with legal requirements and contractual agreements.

As the HELMA Group has committed itself to complying with covenants as part of the promissory notes, these covenants are checked regularly. A failure to comply with the covenants as of the year-end comprises a reason for extraordinary termination. It is expected that the covenants complied with until December 31, 2020 will continue to be complied with during the planning period. This risk is gauged as low as a consequence.

Interest-rate risk within the HELMA Group results mainly from variable-rate liabilities. A rise in the interest-rate level would feed through to a worsening of the net financial result. A significant interest-rate risk that could significantly negatively affect the HELMA Group's earnings is nevertheless not apparent given the current level of variable interest-rate liabilities. Interest rate derivatives are not deployed.

As a consequence of the business model, and the tried and tested form of partnership with subcontractors and general contractors, the risk arising from receivables defaults and non-transferable warranty claims may continue to be regarded as relatively low in relation to the level of revenue.

No exchange rate risks exist as HELMA Group companies operate exclusively in Germany, and all annual financial statements are denominated in euros.

Overall assessment

The overall risk situation at the HELMA Group is analysed and managed as part of the risk management system presented above. In the financial year elapsed, no specific risks were identified that might jeopardise the company as a going-concern, whether individually or in their entirety. An effect on business performance and earnings trends cannot be excluded in the event of unforeseeable and extraordinary risks. No risks are identified from today's position that might jeopardise the HELMA Group as a going-concern, either individually or in combination.

Related parties report

Pursuant to § 312 of the German Stock Corporation Act (AktG), the Management Board has prepared a related parties report, which contains the following concluding statement: "In the case of the legal transactions and measures listed in the related parties report, and according to the circumstances known to the Management Board at the time when legal transactions were performed, or measures were taken or not taken, HELMA Eigenheimbau Aktiengesellschaft received an appropriate consideration for each legal transaction, and has not been disadvantaged by the fact that measures were taken, or not taken."

Report on events subsequent to the reporting date

No events of particular significance occurred after the balance sheet date.

Dividend

In its single-entity financial statements prepared according to the accounting principles of the German Commercial Code (HGB), HELMA Eigenheimbau AG reports unappropriated retained earnings of € 12,358,217.87 for the 2020 financial year. As part of adopting the separate annual financial statements as part of the Supervisory Board meeting on March 17, 2021, the Management Board proposes to the Supervisory Board that it proposes to the Shareholders' General Meeting on July 2, 2021 that it distributes a dividend of € 1.54 per dividend-entitled ordinary share, consequently € 6,160,000.00, and to transfer the remaining amount of € 6,198,217.87 to the other revenue reserves. The total dividend amount and the amount to be transferred to the other revenue reserves in this proposed resolution relating to the application of unappropriated retained earnings is based on dividendentitled share capital of € 4,000,000.00, which is divided into 4,000,000 ordinary shares.

The annual financial statements of HELMA Eigenheimbau AG prepared according to the regulations of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG), as well as the aggregated management report, are published in the electronic Federal Gazette (Bundesanzeiger).

Medium-term growth strategy

The HELMA Group's aim is to expand its own market position through further organic growth, and gain additional market shares while maintaining high profitability.

Go for green living with HELMA

The effects of the COVID-19 pandemic have once again significantly boosted demand for properties with their own garden, as well as more living space, particularly in high-growth metropolitan regions. HELMA is picking up on this growth trend and is focusing on an appealing, high-quality market profile when addressing customers, in order to present itself as an expert partner for the entire path that leads to the ready-to-move-in dream house – from comprehensive advice and fair and transparent offers through to high-quality implementation, the actual construction of the new home.

At HELMA Eigenheimbau AG, where customers already own a land plot, the focus is not only on attractive positioning, but also on a growing number of new construction projects completed per year. Here it is important to generate an ever-increasing number of customer recommendations, which have always been one of the most important factors in acquiring new customers, and thereby representing a crucial competitive advantage.

Secured land plots as the growth engine for the property development business

The extensive portfolio of contractually secured land plots is of fundamental importance for HELMA to benefit from strong growth trends in the residential and holiday property sectors in the property development business, as well as to generate continuous revenue growth medium-term while achieving above-average margins.

In recent years, HELMA Wohnungsbau GmbH has successfully acquired a large number of attractive land plots for the construction of individually planned detached houses as well as pre-planned residential units in semidetached, terraced houses and multi-family houses. The resultant revenue potential amounts to a total of € 1,238.6 million as of December 31, 2020 (December 31, 2019: € 1,031.0 million) and is distributed across the four core regions of Berlin/Potsdam, Hamburg/Hanover, Leipzig and Munich. Furthermore, these projects reflect a very balanced diversification in relation to the various business areas of HELMA Wohnungsbau GmbH. In addition to numerous sites for the construction of individually planned detached houses, potentially worth around € 485.4 million in terms of revenue, the portfolio also includes various land plots for pre-planned residential units in semi-detached, terraced and multi-family houses. The revenue potential from properties secured for this business area amounts to around € 753.2 million as of December 31, 2020.

With this very extensive portfolio of contractually secured land plots, HELMA Wohnungsbau GmbH is benefiting from the unchanged high attraction of metropolitan areas, and will be able to satisfy many people's desire to own their own property in the countryside in the coming years, which is being further intensified by the ongoing effects of the COVID-19 pandemic.

In addition to land plots in HELMA Wohnungsbau GmbH's core regions, the company is also exploring potential development sites in the conurbations of Frankfurt, Cologne/Dusseldorf/Bonn and Würzburg. Assuming a careful examination and positive assessment in relation to buildability and earnings prospects, HELMA aims to acquire properties in these regions, in order to both benefit from current growth trends there and achieve attractive margins.

HELMA Ferienimmobilien GmbH also owns very attractive land plots, and consequently commands the best preconditions to sustainably continue the significant success it has achieved over recent years. Owing to considerable restrictions on international air traffic as well as worldwide holiday opportunities, German holiday regions have once again significantly increased in importance in 2020 and are enjoying ever greater popularity. With the projects located on the North Sea and Baltic Sea, HELMA Ferienimmobilien GmbH offers a diverse range of holiday apartments and houses in the immediate vicinity of the sea. This attractive offering is supplemented by further projects in mountain and lake locations in the Sauerland. The revenue potential of the secured land plots at HELMA Ferienimmobilien GmbH stands at € 565.4 million as of the balance sheet date (December 31, 2019: € 456.5 million).

	Total		Individually planned detached houses		Pre-planned semi-detached and terraced houses and owner-occupied apartments
	Number of units	Revenue volume in k€	Number of units	Revenue volume in k€	Number of units	Revenue volume in k€
HELMA Wohnungsbau GmbH Berlin/Potsdam region	1,325	648,500	540	303,200	785	345,300
HELMA Wohnungsbau GmbH Hamburg/Hanover region	560	273,800	150	71,300	410	202,500
HELMA Wohnungsbau GmbH Leipzig region	330	140,900	270	110,900	60	30,000
HELMA Wohnungsbau GmbH Munich region	240	175,400	0	0	240	175,400
Total HELMA Wohnungsbau GmbH	2,455	1,238,600	960	485,400	1,495	753,200
Total HELMA Ferienimmobilien GmbH	1,640	565,380	0	0	1,640	565,380
Total HELMA Wohnungsbau GmbH & HELMA Ferienimmobilien GmbH	4,095	1,803,980	960	485,400	3,135	1,318,580

Revenue potential from realised land purchases as of December 31, 2020*

* The figures presented above are based on the respective current assumptions relating to potential land utilisation and building law situation and aim to provide a rough overview of the existing revenue potential from land plot purchases the HELMA Group has realised. The actual figures as well as the grouping into the different business areas of HELMA Wohnungsbau GmbH can change during the course of subsequent realisation and differ from the figures presented above. Successful implementation of the respective products also presupposes an intact market environment as of the realisation date.

Together, the two property development subsidiaries enjoy revenue potential of € 1,804.0 million (December 31, 2019: € 1,487.5 million). It can be assumed that this can largely be realised within a period of five to seven years. The company plans to acquire further land plots at both subsidiaries with the future aim of profitable business expansion. Detailed information on the revenue potential of HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH is presented in the following overviews.

Revenue potential from realised land purchases as of December 31, 2020*

Core region HELMA Wohnungsbau GmbH: individual detached houses, pre-planned semi-detached and terraced houses as well as owner-occupied apartments in each case including land plots Extended core region HELMA Wohnungsbau GmbH: individual detached houses including land plots Project region HELMA Ferienimmobilien GmbH

* The figures presented above are based on the respective current assumptions relating to potential land utilisation and building law situation and aim to provide a rough overview of the existing revenue potential from land plot purchases the HELMA Group has realised. The actual figures as well as the grouping into the different business areas of HELMA Wohnungsbau GmbH can change during the course of subsequent realisation and differ from the figures presented above. Successful implementation of the respective products also presupposes an intact market environment as of the realisation date.

Information about many current projects at HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH, which are already in the marketing stage, can be downloaded from www.HELMA-WB.de and www.HELMA-FI.de, where they are continuously updated.

In light of the well-filled project pipeline and promising growth trends in the residential and holiday property markets, the HELMA Group is aiming for a significant increase in revenue while maintaining a high level of profitability, and expects consolidated revenue to exceed € 400 million by the 2024 financial year at the latest. Of this amount, HELMA Eigenheimbau AG is expected to contribute at least € 125 million to revenue, and the subsidiaries HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH, which are active in the property development business, a total of at least € 275 million to revenue. In the course of expanding its revenue base, HELMA is focusing on continuously increasing its profitability and expects to increase the EBT margin to a level of over 10 % by 2024. Accordingly, Group EBT would exceed € 40 million for the first time in the 2024 financial year at the latest.

Group revenue and Group EBT 2020 and 2024e (according to IFRS)

Forecast report

Based on the highest order book position in the company's history as of the balance sheet date, and the very attractive project pipeline, the HELMA Group is confident that it will significantly increase both revenue and earnings in the 2021 financial year and achieve new record figures. Consequently, for the 2021 financial year the HELMA Group expects revenue in a range between € 300 million and € 310 million and consolidated EBT in a range between € 25 million and € 26 million.

Group revenue and Group EBT 2020 and 2021e (according to IFRS)

Lehrte, March 4, 2021

Management Board Chairman Management Board member Management Board member

Signed Gerrit Janssen Signed Max Bode Signed André Müller

Consolidated financial statements

for the period January 1 to December 31, 2020 according to IFRS

Contents

Consolidated balance sheet100
Consolidated statement of total comprehensive income 102
Consolidated cash flow statement103
Consolidated statement of changes in equity 104
Notes to the consolidated financial statements 105

Consolidated balance sheet

ASSETS in k€	Note	12/31/2019	12/31/2020
Non-current assets
Intangible assets	(1)	1,883	1,932
Goodwill	(2)	1,380	1,380
Property, plant and equipment	(3)	19,919	19,499
Investment property	(4)	80	70
Other non-current assets	(5)	4,601	4,601
Total non-current assets		27,863	27,482
Current assets
Inventories	(6)	232,210	281,673
Receivables arising from construction orders	(7)	63,746	66,027
Trade receivables	(8)	32,836	21,807
Tax receivables		374	380
Other current receivables	(9)	6,432	5,916
Cash and cash equivalents	(10)	16,703	20,087
Total current assets		352,301	395,890
Total assets		380,164	423,372

EQUITY AND LIABILITIES in k€	Note	12/31/2019	12/31/2020
Equity	(11)
Issued share capital		4,000	4,000
Capital reserves		41,533	41,552
Revenue reserves		36,280	43,695
Balance sheet profit		26,660	27,210
Equity attributable to HELMA Eigenheimbau AG owners		108,473	116,457
Minority interests		121	121
Total equity		108,594	116,578
Non-current liabilities
Pension provisions and similar obligations	(12)	10	9
Other non-current provisions	(13)	950	1,088
Non-current financial liabilities	(14)	155,617	181,603
Non-current lease liabilities	(15)	834	661
Trade payables	(16)	3,929	4,695
Deferred taxes	(17)	5,710	7,155
Total non-current liabilities		167,050	195,211
Current liabilities
Other current provisions	(18)	32,410	32,206
Tax liabilities	(19)	2,043	2,532
Current financial liabilities	(20)	35,984	36,890
Current lease liabilities	(21)	311	345
Trade payables	(22)	11,110	11,284
Other current liabilities	(23)	22,662	28,326
Total current liabilities		104,520	111,583
Total equity and liabilities		380,164	423,372

Consolidated statement of total comprehensive income

in k€	Note	2019	2020
Revenue	(24)	263,243	273,993
Changes in stocks of finished goods and work in progress	(25)	9,789	36,272
Other operating income	(26)	2,609	2,721
Expense for materials and third-party services	(27)	-207,776	-241,685
Personnel expense	(28)	-24,956	-26,633
Other operating expenses	(29)	-17,738	-19,912
Earnings before interest, taxes, depreciation and amortisation (EBITDA)		25,171	24,756
Depreciation / amortisation	(30)	-2,389	-2,587
Operating earnings (EBIT)		22,782	22,169
Finance expenses	(31)	-869	-650
Other financial result	(32)	1,681	942
Earnings before taxes (EBT)		23,594	22,461
Income tax	(33)	-7,419	-7,065
Net income before minority interests		16,175	15,396
Minority interests' share of earnings		-31	-31
Net income after minority interests		16,144	15,365

The company has refrained from presenting a reconciliation between net income for the year and total comprehensive income pursuant to IAS 1.81 ff. since the net income for the year corresponds to the total comprehensive income.

Earnings per share in €	2019	2020
undiluted	4.04	3.84
diluted	4.04	3.84

Consolidated cash flow statement

in k€			2019	2020
1.		Earnings after taxes	16,175	15,396
2.	+/-	Depreciation/amortisation	2,389	2,587
3.	+/-	Change in non-current provisions	-105	137
4.	+/-	Interest expenses /interest income	789	508
5.	+/-	Income tax expense/income tax income	7,419	7,065
6.	+/-	Income tax payments	-8,257	-5,136
7.	+/-	Other income and expenses	-321	-205
8.	=	Cash earnings (sum of 1 to 7)	18,089	20,352
9.	-/+	Change in inventories	-8,557	-45,528
10.	-/+	Change in receivables and other assets	-25,036	8,341
11.	+/-	Change in current provisions	8,010	-204
12.	+/-	Change in liabilities (excluding financial liabilities)	3,955	7,733
13.	+/-	Change in working capital (sum of 9 to 12)	-21,628	-29,658
14.	-/+	Gain/loss on disposal of assets	-29	8
15.	-/+	Gain/loss on disposal of non-current assets	69	0
16.	=	Cash flow from operating activities (sum of 8, 13 to 15)	-3,499	-9,298
17.	+	Payments received from disposal of property, plant and equipment	124	612
18.	+	Payments received from disposal of non-current assets	9	0
19.	-	Payments for investments in property, plant and equipment	-1,714	-2,105
20.	-	Payments for investments in intangible assets	-564	-548
21.	+	Interest received	140	169
22.	=	Cash flow from investing activities (sum of 17 to 21)	-2,005	-1,872
23.		+/- Payments to other shareholders	-31	-31
24.		+/- Dividend	-5,200	-7,400
25.		+/- Issuing/repayment of promissory notes	11,500	-2,000
26.		+/- Drawing down/redemption of other financial liabilities	4,290	28,892
27.	-	Repayment of lease liabilities	-281	-319
28.	-	Interest paid	-4,399	-4,588
29.	=	Cash flow from financing activities (sum of 23 to 28)	5,879	14,554
30.		Net change in cash and cash equivalents (sum of 16, 22 and 29)	375	3,384
31.		Cash and cash equivalents at the start of the period	16,328	16,703
32.		Cash and cash equivalents at the end of the period	16,703	20,087

in k€	Issued share capital	Capital reserves	Revenue reserves	Balance sheet profit	Shares of owners of HELMA Eigenheimbau AG	Shares of minority interests	Equity Total
Status January 1, 2019	4,000	41,533	30,824	21,172	97,529	121	97,650
Dividend	0	0	0	-5,200	-5,200	0	-5,200
Withdrawals / deposits	0	0	5,456	-5,456	0	-31	-31
Net income	0	0	0	16,144	16,144	31	16,175
Status December 31, 2019	4,000	41,533	36,280	26,660	108,473	121	108,594
Dividend	0	0	0	-7,400	-7,400	0	-7,400
Withdrawals / deposits	0	0	7,415	-7,415	0	-31	-31
Share-based payments	0	19	0	0	19	0	19
Net income	0	0	0	15,365	15,365	31	15,396
Status December 31, 2020	4,000	41,552	43,695	27,210	116,457	121	116,578

Consolidated statement of changes in equity

Notes to the consolidated financial statements

for the 2020 financial year

1. General information	105
2. Key accounting methods108
3. Consolidation	114
4. Notes to the consolidated balance sheet114
5. Notes to the consolidated statement of total comprehensive income 126
6. Notes to the consolidated statement of changes in equity 131
7. Notes to the consolidated cash flow statement 131
8. Other notes to the financial statements 131

1. General information

1.1. General notes concerning the company, basic information

Group parent company is HELMA Eigenheimbau Aktiengesellschaft (referred to below as HELMA AG), Lehrte, Germany. The company is entered in the commercial register of the local court of Hildesheim under number HRB 201182 with the address "Zum Meersefeld 4, 31275 Lehrte".

HELMA AG's main area activity is the planning and construction management of turnkey detached (focus) and semi-detached houses on the basis of customer orders.

HELMA Wohnungsbau GmbH, Lehrte, a subsidiary of HELMA AG, operates in the classic property development business. Besides building detached, semi-detached, and terraced houses, the area of activity also includes the construction of multi-storey residential buildings. Each individual unit is sold including its related land plot to the respective purchaser.

HELMA Ferienimmobilien GmbH, Lehrte, a subsidiary of HELMA AG, operates in the classic property development business for holiday properties. The product portfolio comprises both freestanding holiday properties as well as holiday apartments. Each individual unit is sold including its related land plot to the respective purchaser.

Hausbau Finanz GmbH, Lehrte, a subsidiary of HELMA AG, operates in the area of building-related financing and insurances.

On January 17, 2013, a control-and-profit-and-loss transfer agreement was concluded between HELMA AG and Hausbau Finanz GmbH, and a profit-and-loss transfer agreement between HELMA AG and HELMA Wohnungsbau GmbH, which were expanded on December 11, 2013 to include a dynamic reference to Section 302 of the German Stock Corporation Act (AktG). The ordinary Shareholders' General Meeting approved both of these agreements on July 5, 2013, and the supplements on July 4, 2014. They were entered in the commercial register, consequently becoming effective the first time for the 2013 financial year.

With a notary agreement dated November 11, 2013, a control-and-profit-and-loss transfer agreement was concluded between HELMA Ferienimmobilien GmbH and HELMA AG. The shareholder meeting of HELMA Ferienimmobilien GmbH unanimously approved this agreement on November 11, 2013. This agreement became effective for the 2014 financial year after it had been approved by the ordinary Shareholders' General Meeting of HELMA Eigenheimbau AG on July 4, 2014, and after it was entered in the commercial register on July 22, 2014.

As the parent company of the HELMA Group, HELMA AG has been listed in the open market of the Frankfurt Securities Exchange (Scale) since September 2006 (ISIN DE000A0EQ578).

The 2020 consolidated financial statements were prepared in euros (€). Unless stated otherwise, all amounts are presented in thousands of euros (k€). Please note that minor differences can occur in the formation of totals due to the commercial rounding of amounts and percentages.

The December 31, 2020 consolidated financial statements of HELMA AG were prepared according to the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), London, valid as of the financial reporting date, and taking into account the interpretations of the Standing Interpretations Committee (SIC) and of the International Financial Reporting Interpretations Committee (IFRIC), and as applicable in the EU.

All companies included in the consolidated financial statements use the calendar year as their financial year.

The consolidated financial statements include the consolidated balance sheet, consolidated statement of total comprehensive income, consolidated statement of changes in equity, consolidated cash flow statement, and notes to the consolidated financial statements including a consolidated statement of changes in fixed assets and segment reporting.

1.2. Standards and interpretations requiring application in the current financial year

New standards, amendments to existing standards, and new interpretations were approved in 2020.

These include:

a) Published standards and interpretations that require mandatory first-time application for the IFRS financial statements as of December 31, 2020:

Amendments to standards:

• Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform Phase 1 Reliefs relating to cash flow hedge accounting and the assessment of the economic relationships between the hedged item and the hedging instrument (comes into force January 1, 2020)

• Amendments to IFRS 3 "Business Combinations": Amended Definition of a Business (comes into force January 1, 2020)

• Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Changes in Accounting Estimates and Errors": Amended definition of material (comes into force January 1, 2020)

• Amendments to IFRS 16 "Leases": Covid-19-Related Rent Concessions (comes into force June 1, 2020)
• Amendments to References to the Conceptual Framework in IFRS Standards (including IFRS 2, IFRS 3, IAS 3, IAS 1, IAS 8, IAS 34, IAS 37 and IAS 38) (comes into force January 1, 2020)
• New standards:
• ./.
• New interpretations:
• ./.
• b) Published standards and interpretations that do not yet require mandatory first-time application for the IFRS financial statements as of December 31, 2020:
• Amendments to standards:
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Interest Rate Benchmark Reform – Phase 2 – Changes to financial instruments and hedging relationships required by Phase 1 (comes into force January 1, 2021)
• Amendments to IFRS 4 "Insurance Contracts": Extension of the Temporary Exemption from Applying IFRS 9 (comes into force January 1, 2021)
• Amendments to "IAS 1 Presentation of Financial Statements": Classification of Liabilities as Current or Non-current (comes into force January 1, 2023)*
• Various amendments to IFRS 3, IAS 16 and IAS 37 and Annual Improvements Process (2018–2020 cycle) (comes into force January 1, 2022)*

New standards:

IFRS 17 "Insurance Contracts" (comes into force January 1, 2023)*

 New interpretations:

./.

*Not yet endorsed by the EU.

The company has, and will, apply the new standards and interpretations once their application is mandatory within the EU. The new regulations have not led to any significant effects for the balance sheet and income statement, and none are expected.

2. Key accounting methods

These consolidated financial statements have been prepared in compliance with IFRS, as applicable in the EU.

The preparation of consolidated financial statements according to IFRS requires the Management Board to make estimates and assumptions that have effects on the amounts reported in the consolidated balance sheet, as well as on the disclosure of contingent claims and liabilities as of the reporting date, and on the reported income and expenses during the reporting period. The assumptions and estimates reflect assumptions based on the relevant current status of knowledge. Actual outcomes may differ from these estimates and assumptions.

2.1. Assets

Intangible assets

Intangible assets (licenses, IT software, customer relationships) are recognised at cost less amortisation. Amortisation is performed on a straight-line basis over the economic useful life, which amounts to up to five years.

Expected useful lives and amortisation methods are reviewed at the end of the financial year.

The carrying amounts of intangible assets are reviewed at each reporting date in order to determine whether indications exist that impairment has occurred.

Development costs for newly developed building types for which technical and marketing feasibility studies are available are capitalised using their directly and indirectly attributable production costs to the extent that expenses can be clearly allocated, and the newly developed products are viable from both a technical and marketing perspective (IAS 38). It must also be sufficiently likely that such development activities will result in future cash inflows. Borrowing costs that are attributable to the production process are capitalised if they are significant. Amortisation is applied on the basis of the products' planned technical useful life. The useful life amounts to five years. Pursuant to IAS 38, research costs cannot be capitalised, and are consequently expensed directly in the consolidated statement of total comprehensive income.

Goodwill

Goodwill arising on a business combination is recognised as an asset at the time when control is transferred (acquisition date). It corresponds to the amount by which the purchase costs exceed the Group share in the fair value of the identifiable assets, liabilities, and contingent liabilities of the acquired company at the acquisition date.

For the impairment test, goodwill is distributed among all the Group's cash generating units where it is expected that they can generate benefits from the synergies resulting from the merger. Cash generating units to which a portion of goodwill is allocated are tested at least once annually for impairment. These tests are performed more regularly if indications exist that the value of a unit is impaired.

The impairment test is based on a calculation of the recoverable amount. This is derived from the higher of either fair value less costs to sell or value in use. If a cash generating unit's carrying amount exceeds its recoverable amount, IAS 36.104 f. requires the recognition of an impairment loss.

The carrying amount of the cash generating unit comprises its so-called net assets, which are composed of its operating assets, in other words, the assets required for operating activities, plus disclosed hidden reserves (especially goodwill), and less liabilities arising from operating activities.

Whereas the calculation of fair value less costs to sell is based on procedures primarily referring to market prices, the calculation of value in use makes recourse to procedures based on capital values.

The concept of the weighted average cost of capital (post-tax WACC approach) is used for procedures based on capital values.

The following assumptions were made in this context:

• Equity costs are calculated on the basis of the capital asset pricing model, and amount to 7.70 % (previous year: 6.85 %). This interest rate was calculated on the basis of a risk-free rate of 0.00 % (previous year: 0.25 %), a risk premium of 7.00 % (previous year: 6.00 %) and a beta factor of 1.10 (previous year: 1.10).
• The value in use was calculated using the present value of cash flow during two growth phases. Detailed planning that has been approved by the Management Board was used as the basis for the financial years comprising Phase 1 (two years). A perpetual return is used as the basis for Phase 2. The growth assumed in this instance amounts to 1.0 %.

Property, plant and equipment

Property, plant and equipment (with the exception of land) is reported at cost less cumulative depreciation and impairment losses. Besides directly attributable unit costs, cost in this respect also reflects appropriate portions of production-related overhead costs.

Depreciation is performed in such a way that the assets' costs less their residual values are depreciated on a scheduled basis over their useful lives. The expected useful lives, residual values, and depreciation methods are reviewed annually, and all necessary modifications to estimates are taken into account prospectively.

Property, plant and equipment is depreciated on a straight-line basis over the following useful lives:

Prospective useful lives	Years
Showhouses	up to 33
Office buildings	up to 33
Outdoor plant	10 to 35
Other plant, operating and office equipment	1 to 15

Economic useful lives are determined taking into account prospective physical wear and tear, technical obsolescence, and legal and contractual restrictions.

A useful life of up to 33 years is assumed for showhouses situated on the company's own land. Where shorter, rental duration is used as the useful life for showhouses situated on third-party land.

Assets under construction are recognised at cost. Borrowing costs are capitalised if they are significant. Depreciation of these assets commences when they are completed, or when they reach an operationally ready condition.

Depreciation is not applied to land.

Leases with IFRS 16

Leases have been recognised in accordance with IFRS 16 since January 1, 2019. IFRS 16 requires leases and the rights and obligations attaching to them to be recognised on the lessee's balance sheet if the lease term is not less than 12 months or if the asset concerned is not a low-value asset. The classification into operating and finance leases previously required by IAS 17 and the differing accounting treatment of leases based on this classification will consequently no longer apply in the future. Instead, lease liabilities for future lease obligations and a corresponding right to utilise the leased asset ("right of use") must be recognised.

Leasing activities in the meaning of IFRS 16 mainly comprise the leasing of showhouse and office space with a term of more than one year.

Lease liabilities are recognised at the present value of the lease payments discounted at the incremental borrowing rate. The weighted average incremental borrowing rate was 2.5 %.

Some of the leases contain price adjustment clauses as well as extension, purchase, and termination options. Such options are only included in determining a lease term if it can be assumed with reasonable certainty that the option will be exercised.

Rights of use are amortised straight-line method on the basis of the following useful lives, which are uniform throughout the Group:

Useful lives	Years
Showhouses	up to 16
Office buildings	up to 6
Other plant, operating and office equipment	up to 6

Further notes and disclosures are provided in section 4. Notes to the consolidated balance sheet under items (3), (15), (17), and (21) and in section 5. Notes to the consolidated statement of comprehensive income under items (30) and (31).

Investment property

Investment property is property held to generate rent and/or for capital appreciation. Investment property is initially recognised at cost, including transaction costs. Subsequently, investment properties are measured at amortised cost in accordance with the cost model. Depreciation is applied straight-line over a period of up to 50 years.

An investment property is derecognised on disposal or when it is no longer expected to be used and no future economic benefits are expected from its disposal. The gain or loss on disposal is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the statement of comprehensive income in the period of disposal.

Inventories

Inventories are recognised at the lower of individual cost as per IAS 2.23, and net realisable value.

Cost essentially represents services invoiced by subcontractors as well as the costs for land purchases. A premium is allocated to this cost to reflect overhead costs, which are composed of administration costs. Overhead cost premiums are based on actual overhead costs for the period.

Borrowing costs are capitalised if they are significant.

Impairment losses are recognised if the net realisable value of individual assets falls below their carrying amount.

Receivables arising from construction orders

If the result of a construction order can be gauged reliably, the order income and order costs connected with this construction order are reported according to the degree of completion of output as of the reporting date compared to the total order output. Expected losses arising from construction contracts are expensed immediately in their entirety.

Financial assets and liabilities

Financial assets are composed primarily of receivables, and of cash and cash equivalents. Financial assets are recognised on the consolidated balance sheet if the company enjoys a contractual right to receive cash or other financial assets from another party. Normal market purchases and sales of financial assets are generally entered in the balance sheet as of the settlement date. A financial asset is generally initially recognised at fair value plus transaction costs.

Financial assets are derecognised if the contractual rights to payments arising from financial assets expire, or the financial assets are transferred along with all key risks and opportunities.

Financial assets are tested for indicators of impairment at each balance sheet date. Financial assets are deemed to be impaired if, as a consequence of one or several events occurring following first-time recognition of the asset, there is an objective indication that the expected future cash flows from the financial asset have undergone a negative change.

For some categories of financial assets, for example, trade receivables, impairment tests are conducted on a portfolio basis for assets where no impairment is established on an individual basis.

Cash and cash equivalents

Cash is recognised at nominal value.

Cash used to collateralise bank borrowings, and which are not at the company's disposal, are not included in cash and cash equivalents, but are instead reported among other current or non-current assets.

2.2. Equity and liabilities

Equity capital procurement costs

Equity capital procurement costs are deducted from the capital reserves after taking into account any tax that they incur.

Financial liabilities

Financial liabilities are recognised in the consolidated balance sheet if the company is contractually obligated to transfer cash or other financial assets to another party. A primary liability is initially recognised at cost. Financial liabilities are measured at amortised cost in subsequent years.

Pension provisions

Pension provisions and similar obligations are measured applying the projected unit cost method for pension benefit commitments in line with IAS 19.

Other provisions

Other provisions are formed to an appropriate extent for all identifiable risks and uncertain obligations. The precondition for recognition is that utilisation is likely, and the extent of the obligation can be calculated reliably.

Provisions for warranty expenses are recognised at the time of completion of production or the time of sale according to the management's best estimation relating to the Group's satisfaction of the obligation.

Non-current provisions are mainly recognised at their discounted fulfilment amount as of the balance sheet date.

2.3. Consolidated statement of comprehensive income

The consolidated statement of comprehensive income is structured according to the nature of expense method.

Revenues and other operating income are realised when services are rendered or when claims arise. Interest income and expenses are reported in the periods to which they relate.

If the corresponding requirements of IFRS 15 are met, revenue is recognised for a specific period. This entails reporting costs incurred during the financial year, and revenue attributable to the financial year, through profit or loss according to the degree of completion of construction. The degree of completion of construction is calculated using the ratio of output achieved relative to total output.

2.4. Currency translation

Foreign-currency receivables, cash, and liabilities are measured according to the exchange rate prevailing on the reporting date.

2.5. Income tax

Taxes on income are reported and measured according to IAS 12. Apart from a few exceptions determined in the standard, deferred taxes are formed for all temporary differences between IFRS and fiscal valuations (balancesheetoriented approach). Deferred tax assets based on unutilised tax loss carryforwards are recognised to the extent permitted by IAS 12. The measurement of deferred taxes is based on tax rates as currently applicable. Impairment losses are applied to deferred tax assets depending on the extent to which they can be realised in the future. Deferred tax assets and deferred tax liabilities are reported on a net basis.

2.6. Share-based payment (Stock Option Plan 2020)

On July 3, 2020, the Annual General Meeting of HELMA AG authorised the Management Board, with the approval of the Supervisory Board, to issue on one or more occasions until July 2, 2025, up to 200,000 options (subscription rights in the meaning of Section 192 (2) No. 3 AktG; "stock options") to current and future members of the Management Board and to current and future members of the management bodies of current or future affiliated companies in the meaning of Section 15 et seq. AktG as well as to selected current and future executives of HELMA AG and its current or future affiliated companies (collectively "Subscription Beneficiaries"), which entitle the Subscription Beneficiaries to acquire new ordinary bearer shares of HELMA AG in accordance with the option terms and conditions. To the extent that stock options are issued to members of the company's Management Board (including in their capacity as management bodies of affiliated companies), only the Supervisory Board is authorised to issue them.

The subscription rights may be exercised for the first time after the expiry of a waiting period of four years from the respective issue date. The subscription rights each have a total term of seven years from the issue date, after which they expire without replacement. After expiry of the waiting period, the subscription rights can be exercised if the performance target has been achieved. The performance target is achieved if the closing price of the share in XETRA trading (or a comparable successor system of the Frankfurt Stock Exchange) exceeds the exercise price by at least 30 % in the 10 consecutive trading days prior to the respective exercise. The exercise price in each case corresponds to the average of the closing prices of the share on the 10 consecutive trading days prior to the respective issue date of the options, albeit at least € 1.00.

The stock options can be serviced from the newly created Conditional Capital 2020/II in the amount of k€ 200, or from existing or future approved capital or treasury shares. Alternatively, the beneficiary may at the company's discretion be granted a cash settlement on exercise of the option.

The company issued all stock options in the 2020 financial year. The value of one option issued was € 4.58 and was determined by applying the Black-Scholes model. The following parameters were applied as a basis: share price on the grant date of € 41.50, dividend yield of 5.0 %, volatility of 27.5 % and a risk-free interest rate of 0.0 %. Volatility was estimated on the basis of historical volatility over a comparable observation period. It was also assumed that all options would be exercised.

The expenses arising from the granting of equity instruments and the corresponding increase in equity are recognised over the period in which the exercise or performance conditions must be fulfilled (so-called vesting period). This period ends on the date of the first exercise option, in other words, the date on which the employee concerned becomes irrevocably entitled to subscribe. The cumulative expense from the granting of equity instruments recognised on each balance sheet date until the vesting date reflects the extent to which the vesting period has expired, and the Group's best estimate of the number of equity instruments that will ultimately vest. The amount recognised in the income statement reflects the movement in cumulative expenses recognised at the start and end of the reporting period. Consequently, the measurement of personnel expenses for such share-based payments includes estimates of the fulfilment of the conditions attached to these options, as well as market parameters. No expense is recognised for compensation rights that do not vest. This does not apply to compensation rights for which certain market conditions must be met before they can be exercised. These are considered to vest regardless of whether market conditions are met, provided that all other performance conditions are satisfied.

The dilutive effect of outstanding stock options, if any, is reflected as an additional dilution in the calculation of earnings per share (see 8.2 Notes relating to earnings per share).

3. Consolidation

3.1. Principles of consolidation

The financial statements of the individual companies were prepared according to uniform accounting principles for the purposes of inclusion in the consolidated financial statements. All companies included in the consolidated financial statements use the same reporting date.

Shares in equity attributable to third parties not forming part of the Group are reported as "minority interests" within equity in the consolidated balance sheet. The carrying amount of minority interests is adjusted to reflect equity changes (distributions /capital contributions, and share of earnings) that are attributable to them. The shares of minority interests are attributable to non-controlling shareholders.

All Group-internal business transactions, balances, and results of intra-group transactions are fully eliminated as part of consolidation.

3.2. Scope of consolidation

Besides the HELMA AG parent company, the scope of consolidation includes three fully consolidated associated companies in which the company holds majority interests. During the year under review, no changes occurred to the interests held in the companies.

The following list of shareholdings shows the scope of consolidation:

Name and head office of the company	Share of capital (indirectly and directly)
Subsidiaries of HELMA AG, Lehrte
HELMA Wohnungsbau GmbH, Lehrte	93.94 %
HELMA Ferienimmobilien GmbH, Lehrte	95.10 %
Hausbau Finanz GmbH, Lehrte	100.00 %

4. Notes to the consolidated balance sheet

Non-current assets

The consolidated statement of changes in fixed assets shows the changes in intangible assets, property, plant and equipment, and investment property.

Intangible assets

(1) Intangible assets		k€ 1,932
	12/31/2019	k€ 1,883

This balance sheet item changed as follows:

Recognised amount in k€	Additions in k€	Disposals in k€	Reclassifications in k€	Amortisation/ write-downs in k€	Recognised amount in k€
01/01/2020	2020	2020	2020	2020	12/31/2020
1,883	548	0	0	499	1,932

Intangible assets essentially comprise licenses and IT software.

No indications existed of any impairment.

(2) Goodwill		k€ 1,380
	12/31/2019	k€ 1,380

The reported goodwill results from the acquisition of the interest in HELMA Wohnungsbau GmbH, and is consequently allocated to the "Property development business" segment. The IAS 36 impairment test performed as of the reporting date took into account IDW RS HFA 16, and resulted in a reconfirmation of the previous year's valuation.

(3) Property, plant and equipment		k€ 19,499
	12/31/2019	k€ 19,919

This balance sheet item changed as follows:

Recognised amount in k€	Additions in k€	Disposals in k€	Reclassifications in k€	Depreciation/ write-downs in k€	Recognised amount in k€
01/01/2020	2020	2020	2020	2020	12/31/2020
19,919	2,333	674	0	2,079	19,499

Property, plant and equipment is composed as follows:

in k€	12/31/2019	12/31/2020
Land rights and equivalent rights, and constructions including constructions on third-party land	17,018	16,289
Prepayments rendered and plant under construction	332	372
Other plant, operating and office equipment	2,569	2,838
Total	19,919	19,499

No indications existed of any impairment.

Land is generally encumbered using mortgages. With the exception of certain debt-financed vehicles, the item "other plant, operating and office equipment" is essentially subject to no access restrictions due to assignment as security or pledging.

This item includes rights of use as defined by IFRS 16 as follows:

in k€	2019	2020
Intangible assets	0	0
Buildings, rental plant and outdoor plant	1,032	915
Other plant, operating and office equipment	2	0
Investment property	0	0
Total	1,034	915

Additions to property, plant and equipment include additions to rights of use as defined by IFRS 16 as follows:

in k€	12/31/2019	12/31/2020
Intangible assets	0	0
Buildings, rental plant and outdoor plant	71	228
Other plant, operating and office equipment	0	0
Investment property	0	0
Total	71	228

Disposals of property, plant and equipment include disposals of rights of use in the meaning of IFRS 16 with the following residual carrying amounts:

in k€	12/31/2019	12/31/2020
Intangible assets	0	0
Buildings, rental plant and outdoor plant	0	55
Other plant, operating and office equipment	0	0
Investment property	0	0
Total	0	55

(4) Investment properties		k€ 70
	12/31/2019	k€ 80

In the 2018 financial year, HELMA AG classified as investment property a showhouse no longer utilised by HELMA, as it was initially rented on a long-term basis and the original intention to sell was abandoned as a consequence.

The rental income from the property and the corresponding expenses lie in the low five-digit range in euros. The carrying amount on the balance sheet date corresponds to the fair value.

(5) Other non-current assets		k€ 4,601
	12/31/2019	k€ 4,601

Other non-current assets mainly include a loan granted to a property owner in the previous year.

Non-current assets, total		k€ 27,482
	12/31/2019	k€ 27,863

Current assets

(6) Inventories		k€ 281,673
	12/31/2019	k€ 232,210

This balance sheet item is composed as follows:

in k€	12/31/2019	12/31/2020
Raw materials and supplies (advertising materials)	38	67
Semifinished services	223,922	264,456
Prepayments rendered for inventories	8,250	17,150
Total	232,210	281,673

Obligations typical for the sector exist with respect to reported inventories.

The reported inventories include land with a value of k€ 220,287 (previous year: k€ 192,496), building and ancillary building costs with a value of k€ 47,921 (previous year: k€ 29,130) and capitalised interest expenses with a value of k€ 13,397 (previous year: k€ 10,519).

Interest expenses of k€ 3,936 were capitalised in the year under review and reported under semifinished services (previous year: k€ 3,501). Reported semifinished services were reduced by k€ 1,057 (previous year: k€ 707) due to the disposal of capitalised interest expenses.

(7) Receivables arising from construction orders		k€ 66,027
	12/31/2019	k€ 63,746

This balance sheet item is composed as follows:

in k€	12/31/2019	12/31/2020
Revenue realised on a proportional basis	140,859	165,396
Prepayments received relating to long-term construction order receivables	-77,113	-99,369
Total	63,746	66,027

Receivables arising from construction orders include receivables from the period-based revenue recognition for long-term construction contracts (IFRS 15). They are calculated based on output achieved relative to total output.

Period-based revenue recognition in accordance with IFRS 15 had the following effects on earnings:

in k€	12/31/2019	12/31/2020
Revenue realised on a proportional basis	140,859	165,396
Acquisition and production costs realised on a proportional basis	-122,208	-142,751
Result from application of the PoC method	18,651	22,645

In the case of the tables above, the cumulative value of long-term construction orders existing as of the balance sheet date were reported under the current financial year. The change compared with the previous year's cumulative value is reflected in the current consolidated statement of total comprehensive income.

(8) Trade receivables		k€ 21,807
	12/31/2019	k€ 32,836

Trade receivables reported are measured at amortised cost.

No impairment losses existed as of the balance sheet date (previous year: k€ 0). No further significant credit risks exist.

Existing trade receivables should be regarded as retaining their full value due to house contracts for which there are financing confirmations provided by financing partners selected by customers. Some of the remaining open amounts are also covered by deposits on notary trust accounts. In both the year under review and in prior years, there were no notable receivables defaults that would have required valuation adjustments to trade receivables extending beyond those already applied.

(9) Other current receivables		k€ 5,916
	12/31/2019	k€ 6,432

This balance sheet item is composed as follows:

in k€	12/31/2019	12/31/2020
Creditor accounts in debit	1,754	1,140
Commissions for commercial representatives	3,343	3,650
Accrued income	409	326
Miscellaneous current receivables	926	800
Total	6,432	5,916

(10) Cash and cash equivalents		k€ 20,087
	12/31/2019	k€ 16,703

This balance sheet item contains cash holdings and bank accounts in credit.

Current assets, total		k€ 395,890
	12/31/2019	k€ 352,301
Total assets		k€ 423,372
	12/31/2019	k€ 380,164

(11) Equity

The change in consolidated equity is presented in detail in the consolidated statement of changes in equity.

Issued share capital		k€ 4,000
	12/31/2019	k€ 4.000

The issued share capital of HELMA AG amounts to k€ 4,000, and is divided among 4,000,000 no par value ordinary shares. The shares are bearer shares. One share grants the right to one vote.

As a consequence of a resolution of the Shareholders' General Meeting of July 3, 2020, the Management Board is authorised, with Supervisory Board assent, to increase the share capital until July 2, 2025, once or on several occasions, by a total of up to k€ 2,000 (Approved Capital 2020).

The Annual General Meeting on July 3, 2020, approved a conditional increase in the share capital by an amount of up to k€ 1,800 (Conditional Capital 2020/I) and by an amount of up to k€ 200 (Conditional Capital 2020/II). The conditional capital serves to grant ordinary bearer shares to holders or creditors of convertible bonds and/or bonds with warrants, profit participation rights and/or profit-sharing bonds, which can be issued on the basis of the authorisation approved by the Shareholders' General Meeting of July 3, 2020.

Authorised and conditional capital existing in previous years expired in the 2020 financial year.

Capital reserves		k€ 41,552
	12/31/2019	k€ 41,533

The increase in the capital reserve of k€ 19 (previous year: k€ 0) arises from stock option programs and was recognised in the income statement under personnel expenses.

Revenue reserves		k€ 43,695
	12/31/2019	k€ 36,280
Balance sheet profit		k€ 27,210
	12/31/2019	k€ 26,660
Minority interests		k€ 121
	12/31/2019	k€ 121

This balance sheet item changed as follows:

in k€	12/31/2019	12/31/2020
Status as of January 1	121	121
Sum of distributions /capital contributions	-31	-31
Minority interests' share of earnings	31	31
Status as of December 31	121	121

Equity, total		k€ 116,578
	12/31/2019	k€ 108,594

Economic equity

The targets of the company's capital management lie

• in securing the company's continued existence,
• in ensuring an adequate return on equity, and
• in maintaining an optimal capital structure that keeps capital costs as low as possible.

The capital structure is monitored on the basis of gearing and the equity ratio. The company's strategy consists of entering into a level of gearing that is expedient from the perspective of the company's valuation, and which ensures continued access to debt financing at reasonable costs while retaining a good credit rating. In addition, minimum equity ratios are agreed in part as covenants in the lending agreements that the company has entered into.

	12/31/2019		12/31/2020
in k€		in relation to total assets in %		in relation to total assets in %
Financial liabilities	191,601		218,493
Cash and cash equivalents	-16,703		-20,087
Net debt	174,898	46.0	198,406	46.9
Equity	108,594	28.6	116,578	27.5
Total equity and liabilities	380,164	100.0	423,372	100.0

During the course of the year under review, the company complied with the financial covenants required in the context of its lending agreements.

Non-current liabilities

(12) Pension provisions and similar obligations		k€ 9
	12/31/2019	k€ 10

HELMA AG has issued pension commitments to a minor extent. These relate to pension commitments granting fixed benefit entitlements, and which require recognition as defined benefit plans pursuant to IAS 19. The pension provisions are measured as of the reporting date on an actuarial basis using the projected unit credit method and taking into account future changes. The calculations are essentially based on the following assumptions:

in %	12/31/2019	12/31/2020
Interest rate	2.7	2.25
Salary trend	0.0	0.0
Pension trend	2.0	2.0
Staff turnover rate	0.0	0.0

These calculations do not reflect cost trends in the medical care area. No plan assets pursuant to IAS 19 exist.

Payments of k€ 2 were made from pension provisions in the year under review (previous year: k€ 2).

(13) Other non-current provisions		k€ 1,088
	12/31/2019	k€ 950

This balance sheet item changed as follows:

in k€	Status as of 01/01/2020	Utilisation 2020	Release 2020	Addition 2020	Status as of 12/31/2020
Type of provision
Storage costs for business documents	23	0	0	0	23
Guarantees	927	927	0	1,065	1,065
Total	950	927	0	1,065	1,088

(14) Non-current financial liabilities		k€ 181,603
	12/31/2019	k€ 155,617

This balance sheet item changed as follows:

in k€	12/31/2019	12/31/2020
Liabilities to finance partners
Residual term between 1 and 5 years	67,526	83,760
Residual term > 5 years	4,091	3,843
Promissory note
Residual term between 1 and 5 years	80,500	94,000
Residual term > 5 years	3,500	0
Total	155,617	181,603

Liabilities to finance partners relate particularly to the financing of land, showhouses, the administration building in Lehrte, the office in Berlin-Karlshorst, and the vehicle park. Of the non-current and current liabilities to finance partners, an amount of k€ 94,112 (previous year: k€ 76,155) was secured by mortgages and carried interest rates of between 0.0 % and 4.55 % p.a. as of the reporting date.

In 2015, two promissory notes in amounts of k€ 5,000 and k€ 10,000 were placed. The first promissory note is divided into a 5-year tranche of k€ 3,000 at an interest rate of 2.914 % p.a., and a 7-year tranche for k€ 2,000 at an interest rate of 3.587 % p.a., and a term that begins for both tranches on April 30, 2015. The second promissory note for k€ 10,000 has a term that starts on December 15, 2015, a 5-year maturity, and an annual coupon of 3.075 %. The two 5-year tranches of k€ 3,000 and k€ 10,000 were repaid on schedule in 2020.

In July 2016, a promissory note with a volume of k€ 25,500 was issued for HELMA Wohnungsbau GmbH guaranteed by HELMA AG. This promissory note is divided into two fixed interest tranches with a 5-year maturity for k€ 17,500 and a 2.5 % p.a. coupon as well as a 7-year tranche for k€ 8,000 and a 2.915 % p.a. coupon, both of which start on August 1, 2016. Of the tranche of k€ 17,500, an amount of k€ 16,500 was repaid early in 2020.

In addition, HELMA Wohnungsbau GmbH already concluded a k€ 10,000 fixed interest KfW financing facility in the second quarter of 2016, with a 5-year maturity up until June 30, 2021 and an interest rate of 2.3 % p.a.

This financing volume carries an average term of around three years as a result of ongoing repayment while taking a repayment-free year into account.

In May 2017, a further promissory note with a volume of k€ 27,000 was issued for HELMA Wohnungsbau GmbH guaranteed by HELMA AG. This promissory note is divided into two fixed interest tranches with a 5-year maturity for k€ 20,000 and a 2.5 % p.a. coupon as well as a 7-year tranche for k€ 7,000 and a 3.1 % p.a. coupon.

In July 2018, a further promissory note with a volume of k€ 18,000 was issued for HELMA Wohnungsbau GmbH guaranteed by HELMA AG. This promissory note is divided into two fixed interest tranches with a 5-year maturity for k€ 14,500 and a 2.477 % p.a. coupon as well as a 7-year tranche for k€ 3,500 and a 3.051 % p.a. coupon.

In January 2019 and May 2019, HELMA Wohnungsbau GmbH issued further promissory notes with a total volume of k€ 11,500, which were guaranteed by HELMA AG. These were placed with a January 2024 maturity and a 2.5 % p.a. coupon.

In August 2020, a further promissory note with a total volume of k€ 27,500 was issued for HELMA Wohnungsbau GmbH guaranteed by HELMA AG. This promissory note is divided into two fixed interest tranches with a 3-year maturity for k€ 13,000 with a 2.9 % p.a. coupon as well as a 4-year tranche for k€ 14,500 with a 3.1 % p.a. coupon.

(15) Non-current lease liabilities		k€ 661
	12/31/2019	k€ 834

Existing obligations from leasing as well as rental and tenancy agreements are reported as non-current lease liabilities, insofar as these are to be taken into account in accordance with IFRS 16.

(16) Trade payables		k€ 4,695
	12/31/2019	k€ 3,929

Non-current trade payables represent collateral retentions.

(17) Deferred taxes		k€ 7,155
	12/31/2019	k€ 5,710

Deferred tax liabilities are composed as follows:

in k€	12/31/2019	12/31/2020
HELMA AG
- relating to semifinished services	-8,538	-10,136
- relating to receivables arising from construction orders	11,577	14,145
- relating to costs for long-term construction orders	-2,419	-2,806
- relating to other assets	-395	-497
- relating to IFRS 16 rights of use	135	127
- relating to IFRS 16 non-current lease liabilities	-118	-103
- relating to IFRS 16 current lease liabilities	-41	-42
HELMA Wohnungsbau GmbH
- relating to semifinished services	-16,294	-19,609
- relating to receivables arising from construction orders	27,807	31,746
- relating to costs for long-term construction orders	-6,798	-6,909
- relating to other assets	-207	-289
- relating to capitalised interest	70	142
- relating to IFRS 16 rights of use	87	82
- relating to IFRS 16 non-current lease liabilities	-67	-52
- relating to IFRS 16 current lease liabilities	-26	-36
HELMA Ferienimmobilien GmbH
- relating to semifinished services	-2,343	-3,227
- relating to receivables arising from construction orders	3,711	4,712
- relating to costs for long-term construction orders	-295	-43
- relating to other assets	-100	-159
- relating to capitalised interest	29	74
- relating to IFRS 16 rights of use	84	71
- relating to IFRS 16 non-current lease liabilities	-71	-47
- relating to IFRS 16 current lease liabilities	-28	-28
HELMA Group consolidation
- relating to capitalised interest	-50	39
Total	5,710	7,155

Deferred tax assets and liabilities are offset against each other if the preconditions of IAS 12.74 have been satisfied.

Non-current liabilities, total		k€ 195,211
	12/31/2019	k€ 167,050

Current liabilities

(18) Other current provisions		k€ 32,206
	12/31/2019	k€ 32,410

This balance sheet item changed as follows:

in k€	Status as of 01/01/2020	Utilisation 2020	Release 2020	Addition 2020	Status as of 12/31/2020
Type of provision
Costs for long-term construction orders /PoC	31,092	31,092	0	31,893	31,893
Miscellaneous other provisions	1,318	1,318	0	313	313
Total	32,410	32,410	0	32,206	32,206

The provisions for long-term construction order costs contain costs for subcontractors for which the company has not yet been fully invoiced according to the degree of completion.

(19) Tax liabilities		k€ 2,532
	12/31/2019	k€ 2,043

This item includes liabilities relating to trade tax, corporation tax, and the solidarity surcharge.

(20) Current financial liabilities		k€ 36,890
	12/31/2019	k€ 35,984

This balance sheet item contains exclusively current liabilities to financial partners.

(21) Current lease liabilities		k€ 345
	12/31/2019	k€ 311

Existing obligations from leasing as well as rental and tenancy agreements are reported as current lease liabilities, insofar as these are to be taken into account in accordance with IFRS 16.

(22) Trade payables		k€ 11,284
	12/31/2019	k€ 11,110
(23) Other current liabilities		k€ 28,326
	12/31/2019	k€ 22,662

This balance sheet item is composed as follows:

in k€	12/31/2019	12/31/2020
Subcontractor invoices outstanding	18,290	22,991
Personnel	1,461	1,698
VAT	728	810
Wage and church taxes	371	437
Miscellaneous other liabilities	1,812	2,390
Total	22,662	28,326

The liabilities to personnel result primarily from employee vacation and bonus claims that are still outstanding.

Current liabilities, total		k€ 111,583
	12/31/2019	k€ 104,520
Total equity and liabilities		k€ 423,372

12/31/2019 k€ 380,164

5. Notes to the consolidated statement of total comprehensive income

(24) Revenue		k€ 273,993
	2019	k€ 263,243

Revenues were generated exclusively in Germany.

(25) Changes in stocks of finished goods and work in progress		k€ 36,272
	2019	k€ 9,789

The changes in stocks of finished goods and work in progress include the disposal of capitalised interest expenses with a value of k€ -1,057 (previous year: k€ -707).

(26) Other operating income		k€ 2,721
	2019	k€ 2,609

This item is composed as follows:

in k€	2019	2020
Income relating to the monetary benefit from the use of cars	539	637
Income from the disposal of fixed assets	66	110
Insurance compensation payments	178	142
Miscellaneous	1,826	1,832
Total	2,609	2,721

(27) Expense for materials and third-party services		k€ -241,685
	2019	k€ -207,776

Third-party services represent services procured from subcontractors.

(28) Personnel expense		k€ -26,633
	2019	k€ -24,956

This item is composed as follows:

in k€	2019	2020
Wages and salaries	-21,278	-22,644
Social contributions - of which expenses for pensions and benefit	-3,678 -144	-3,989 -162
Total	-24,956	-26,633

This item includes expenses of k€ 19 (previous year: k€ 0) from the granting of stock options.

(29) Other operating expenses		k€ -19,912
	2019	k€ -17,738

This item is composed as follows:

in k€	2019	2020
Sales commissions	-7,629	-9,528
Marketing costs, trade fairs, and exhibitions	-2,521	-2,558
Expense for guarantees	-675	-978
Legal and consultancy expenses	-621	-725
Administration costs (telephone, post, office requirements)	-526	-541
Third-party services	-1,162	-389
Premises costs	-792	-839
Vehicle costs	-671	-638
Operating and repair expenses	-572	-652
Representation and travel costs	-392	-220
Office equipment rental costs	-182	-196
Insurance, fees, contributions	-184	-194
Losses on fixed asset disposals	-106	-98
Miscellaneous expenses	-1,705	-2,356
Total	-17,738	-19,912

Earnings before interest, taxes, depreciation and amortisation (EBITDA)		k€ 24,756
	2019	k€ 25,171

(30) Depreciation / amortisation		k€ -2,587
	2019	k€ -2,389

This item is composed as follows:

in k€	2019	2020
Intangible assets	-292	-498
Buildings, rental plant and outdoor plant	-978	-959
Other plant, operating and office equipment	-1,098	-1,120
Investment property	-21	-10
Total	-2,389	-2,587

This item includes the amortisation of rights of use in accordance with IFRS 16 as follows:

in k€	2019	2020
Intangible assets	0	0
Buildings, rental plant and outdoor plant	-265	-291
Other plant, operating and office equipment	-7	-2
Investment property	0	0
Total	-272	-293

Operating earnings (EBIT)		k€ 22,169
	2019	k€ 22,782

(31) Financing expenses		k€ -650
	2019	k€ -869

Financing expenses in connection with the promissory notes amounted to k€ -2,825 (previous year: k€ -2,721).

Financing expenses include expenses in connection with rights of use in the meaning of IFRS 16 amounting to k€ -25 (previous year: k€ -31).

Financing expenses were offset with the sum of capitalised interest expenses of k€ 3,936 (previous year: k€ 3,501).

(32) Other financial result		k€ 942
	2019	k€ 1,681

In particular, this item includes interest income and expenses, which in the financial year under review mainly comprise capital income from VAT refund applications in the high six-digit range in euros.

Earnings before taxes (EBT)		k€ 22,461
	2019	k€ 23,594
(33) Income tax		k€ -7,065
	2019	k€ -7,419

This item is composed as follows:

in k€	2019	2020
Current income tax	-6,828	-5,620
Deferred taxes - of which due to the origination and reversal of temporary differences	-591 -591	-1,445 -1,445
Total	-7,419	-7,065

The following presentation explains the key differences between the arithmetic tax expense arising from corporation tax plus the solidarity surcharge, and trade tax, for the years 2019 and 2020, and actual tax expenditure:

in k€	2019	2020
Earnings before taxes (EBT)	23,594	22,461
Group tax rate	30.60 %	30.60 %
Arithmetic income tax expense	-7,220	-6,873
Increase (decrease) in tax expenditure due to:
Non-deductible operating expenses	-37	-33
Trade tax additions	-92	-57
Previous years' tax expense	-56	-32
Miscellaneous	-14	-70
Income tax	-7,419	-7,065
Effective tax rate	31.44 %	31.45 %

Earnings after taxes		k€ 15,396
	2019	k€ 16,175

6. Notes to the consolidated statement of changes in equity

The consolidated statement of changes in equity is presented separately.

7. Notes to the consolidated cash flow statement

The consolidated cash flow statement is presented using the indirect method.

For the purposes of the cash flow statement, cash and cash equivalents comprise cash holdings and bank accounts in credit.

The following table shows the changes in liabilities from financing activities.

in k€	Status as of 01/01/2020	Cash outflows 2020	Payment received 2020	Reclassifications 2020	Status as of 12/31/2020
Non-current financial liabilities	155,617	-16,573	65,467	-22,908	181,603
Current financial liabilities	35,984	-63,487	41,485	22,908	36,890
Total	191,601	-80,060	106,952	0	218,493

8. Other notes to the financial statements

8.1. Financial risks and opportunities

The HELMA Group has established a centrally oriented risk management system to systematically report and measure risks arising from financial instruments (market risks (currency, interest-rate, and other price risks), liquidity risks, and default risks). This is structured so that risks can be identified at an early stage, and countermeasures be launched. Reporting is conducted on a continuous basis.

Currency risks

No currency risks exist because the HELMA Group operates only within the Eurozone. No currency risks arise since HELMA AG has no subsidiaries whose annual financial statements are denominated in foreign currencies.

Interest-rate risks

Interest-rate risk within the HELMA Group results from variable-rate liabilities. Interest rate derivatives are not deployed.

Pursuant to IFRS 7, interest-rate risks are presented using sensitivity analyses. These present the effects of changes in market interest rates on interest payments, interest income and expenses, other portions of earnings and, if applicable, equity. The sensitivity analyses are based on the following assumptions:

• Changes in market interest rates for primary financial instruments with fixed rates of interest only affect earnings if they are measured at fair value. Consequently, all financial instruments with fixed interest rates that are measured at amortised cost are subject to no interest-rate risks in the meaning of IFRS 7.
• Changes in market interest rates have an impact on the interest result from primary financial instruments with variable rates of interest whose interest payments are not designated as hedged items as part of cash flow hedges against interest-rate changes, and are consequently taken into account in the earnings-related sensitivity calculations.
• Changes in the market interest rates of interest-rate derivatives that are not integrated into a hedging relationship have effects on the interest result, and are consequently reflected in the earnings-related sensitivity calculations.

An increase or decrease in the market interest rate level of 100 basis points in the year under review would have resulted in an approximately k€ 320 higher, respectively lower, interest expenses (previous year: approximately k€ 639 higher or lower respectively).

Other price risks

HELMA AG is not exposed to other price risks such as stock market prices or indices.

Liquidity risk

Liquidity planning is based on a rolling preview of all important monthly planning and earnings quantities. This liquidity planning is discussed in regular conversations with the finance partners that provide funding for the HELMA Group, and serves to secure financing requirements and credit commitments.

Information about capital management within the HELMA Group is presented in the remarks relating to the "Equity" balance sheet item.

The notes concerning the "non-current financial liabilities" balance sheet item contain a term analysis of the financial liabilities with contractually agreed residual maturities.

Default risks

The company's default risks are limited to normal business risk, which is reflected by the formation of valuation adjustments.

The carrying amounts of the financial assets recognised in the consolidated balance sheet essentially reflect maximum default risk. As of the reporting date, there were no key agreements mitigating maximum default risk (such as offset agreements).

None of the receivables in the receivables portfolio exhibit significant payment problems. As in the previous year, no valuation adjustments were required as a consequence.

Concentration of business risks

No concentration of business risks exists. The company has suffered only minor defaults on the part of its individual customers in the past. All Group companies operate active receivables management. Risk management includes the review and monitoring of risks on the basis of liquidity defaults, and the concentration of business risks on both the customer and supplier sides.

Income opportunities from VAT refund applications

In the assessment periods 2011 to 2013, HELMA Wohnungsbau GmbH paid VAT in accordance with § 13b of the German VAT Act (UStG) to the tax authorities as the recipient of so-called construction services. In its ruling of August 22, 2013 (V R 37/10), the German Federal Fiscal Court (BFH) clarified that a property developer does not provide construction services and consequently cannot be a tax debtor as a recipient of construction services within the meaning of § 13b UStG. For this reason, HELMA Eigenheimbau AG, as the parent company of HELMA Wohnungsbau GmbH for VAT purposes, has applied for reimbursement of any VAT paid in error in the amount of a high seven-digit amount in euros as well as of related accrued interest in the amount of a low sevendigit amount in euros. The Burgdorf tax office has made a positive decision on the applications and reimbursed the aforementioned amounts in the 2019 financial year. In principle, however, the VAT refunds are offset by claims from subcontractors in the same amount, so that these were essentially either paid to the subcontractors in 2019 or deferred as a liability as of December 31, 2019. The interest refund was recognised in a low seven-digit amount in euros under other financial result in the 2019 financial year, taking into consideration potential liability claims by subcontractors. In the 2020 financial year, a mid-six-figure amount was recognised in other financial result. In addition, liabilities in the mid-six-figure range were paid to subcontractors and a low seven-figure euro amount was collected for lack of legal enforceability. As of December 31, 2020, liabilities continue to exist in a small seven-digit amount in euros.

8.2. Notes relating to earnings per share

Undiluted earnings per share are calculated by dividing consolidated annual net income by the average number of shares in circulation during the financial year, which amounts to a total of 4,000,000 shares (previous year: 4,000,000 shares).

In calculating diluted earnings per share, the net result attributable to holders of ordinary shares in the parent company is divided by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would arise from the conversion of all dilutive potential options into ordinary shares.

The following table presents the amounts used in the calculation of basic and diluted earnings per share:

in k€, unless otherwise stated	2019	2020
Shares of earnings after tax	16,175	15,396
Minority interests' share of earnings	31	31
Earnings attributable to HELMA AG shareholders	16,144	15,365
Weighted average number of shares outstanding (undiluted)	4,000	4,000
Earnings per share in € (undiluted)	4.04	3.84
Dilution effect due to subscription rights	0	0
Weighted average number of shares outstanding (diluted)	4,000	4,000
Earnings per share in € (diluted)	4.04	3.84

8.3. Segment reporting

The Group has established its operating segment on the basis of the internal management of Group areas where the company's main decision-makers regularly review these business segments' operating results when making decisions concerning the allocation of resources to the segments, and when evaluating their profitability.

The information reported to the Management Board of the HELMA Group for decision-making concerning the distribution of resources to the segments, and the assessment of their profitability, relate to the following main products and services:

• building services business
• property development business
• other

The main area of operations of the building services business lies in the planning and construction management of turnkey detached and semi-detached houses on the basis of customer orders. In the property development business, constructions are realised and marketed on the company's own land. The Other segment comprises the broking business for building-related financing and insurance.

Information relevant for decision-making purposes is reported to the Management Board on IFRS basis.

No instances exist of revenue generated with an individual customer exceeding 10 % of total revenue.

Revenue generated between segments exists mainly in the building services business segment (k€ 12,496; previous year: k€ 16,033).

Please refer to the notes to the consolidated statement of comprehensive income, section (24) Revenue, for information relating to the regional distribution of revenue. The company does not hold assets outside Germany.

Segment report

	Building services Property development business business				Other		Total
in k€	2019	2020	2019	2020	2019	2020	2019	2020
Segment revenue (with external customers)	98,336	115,358	163,693	157,138	1,214	1,497	263,243	273,993
Depreciation and amortisation	1,824	1,952	554	624	11	11	2,389	2,587
Segment operating earnings (EBIT) including earnings-dependent portion of business procurement**	10,450	10,280	11,948	11,472	384	417	22,782	22,169
Segment operating earnings (EBIT) including earnings-dependent portion of business procurement adjusted for the disposal of capitalised interest*	10,450	10,280	12,655	12,529	384	417	23,489	23,226
Segment assets***	17,051	16,760	4,784	4,703	47	38	21,882	21,501
Additions to segment assets	2,211	2,334	1,373	542	0	4	3,584	2,880

* Please refer to the marks in the section (6) Inventories for more information about figures adjusted for the disposal of capitalised interest.

** The earnings-based business procurement compensation is measured based on the separate annual financial statements for the company prepared according to German Commercial Code (HGB) accounting standards (the non-consolidated financial statements), which can make it less easy to analyse the operating segments' results of operations, especially in the year-on-year comparison. The earnings-dependent business procurement compensation for the property development segment decreased by k€ 3,635 compared with the previous year.

***Intangible assets (excluding goodwill), property, plant and equipment, investment property.

8.4. Particular events following the reporting date

No transactions of particular significance occurred after the balance sheet date.

8.5. Approval of the financial statements

The Supervisory Board approved the audited consolidated financial statements as of December 31, 2019, on March 17, 2020. The Supervisory Board will approve the audited consolidated financial statements as of December 31, 2020 prospectively on March 17, 2021.

8.6. Other financial liabilities

Other financial liabilities that do not have to be accounted for in accordance with IFRS 16 are composed as follows:

The financial liabilities arising from these agreements amount to the following in total:

in k€	Up to 1 year	1 to 5 years	More than 5 years	Total (previous year)
Obligations from rental and leasing agreements	77	8	0	85 (92)
Obligations arising from operating leases for operating and office equipment	2	1	0	3 (5)
Total	79	9	0	88 (97)

The reported financial liabilities are contracts with a term of up to 12 months and low-value contracts of up to € 5,000.00. The expenses for these contracts recognised in the income statement for the 2020 financial year amount to k€ 92 (previous year: k€ 123).

Contingencies

No liability obligations exist to the benefit of third parties.

Commercial representatives

The company employs various commercial representatives. After their contracts expire, the company could be required to make compensation payments pursuant to Section 89b of the German Commercial Code (HGB).

8.7. Key business transactions with related parties

Mr. André Müller acquired a holiday apartment in the OstseeResort Olpenitz from HELMA Ferienimmobilien GmbH in 2020 at a list price of k€ 365.

The audit, tax advisory, legal, and notary practice Morzynski, Löbke, Koenemann, Bauer, Braun GbR, Hanover, in which Mr. Paul Heinrich Morzynski holds an interest, received payments of k€ 130 in 2020 mainly for holding customer payments on notary escrow accounts as well as for services rendered in connection with authentications and powers of attorney.

All business transactions with related companies and individuals were performed on standard market terms.

8.8. Management and Supervisory Boards

Management Board

In the 2020 financial year, the management of the company was performed by the Management Board which was composed of the following members:

• Mr. Gerrit Janssen, Hanover, Management Board Chairman
• Mr. Max Bode, Hanover, Management Board member
• Mr. André Müller, Hanover, Management Board member

Mr. Gerrit Janssen is appointed to the Management Board until June 30, 2022, Mr. Max Bode until June 30, 2023, and Mr. André Müller until June 30, 2023.

If only one Management Board member is appointed, this member represents the company on a sole basis. Where several Management Board members are appointed, the company is represented either by two Management Board members or by one Management Board member together with a company officer.

Mr. Gerrit Janssen is authorised on a sole representation basis to conclude legal transactions on the company's behalf as a third-party representative.

Mr. Karl-Heinz Maerzke holds 25.1 % of the issued share capital of HELMA Eigenheimbau AG; HINDENBURG Immobilien GmbH & Co. KG, Lehrte, holds a further 14.5 %, which is attributable to Mr. Karl-Heinz Maerzke.

Total remuneration for the Management Board

The total compensation for Management Board amounted to k€ 1,387 in the 2020 financial year (previous year: k€ 1,361). In addition, 140,000 stock options were issued to the Management Board in the 2020 financial year. The value of an issued option was € 4.58 at the time of subscription.

No receivables were due from the Management Board as of December 31, 2020.

There are no further payments that have been committed to Management Board members in the instance of the termination of their activities.

No payments were made to former Management Board members in the period under review.

Supervisory Board

The Supervisory Board was composed as follows as of December 31 of the reporting year:

• Mr. Karl-Heinz Maerzke, Hanover (Chairman), (profession: business executive)
• Mr. Sven Aßmann, Hoisdorf (Deputy Chairman), (profession: lawyer)
• Mr. Paul Heinrich Morzynski, Hanover, (profession: auditor and tax consultant)
• Dr. Peter Plathe, Hanover, (profession: presiding judge in retirement)

The aforementioned Supervisory Board members' period of office ends with the conclusion of the AGM that approves the discharge of the Supervisory Board members for the 2023 financial year.

Total remuneration for the Supervisory Board

Total remuneration for the Supervisory Board was k€ 177 in the year under review (previous year: k€ 178).

No payments were made to former Supervisory Board members in the period under review.

8.9. Number of employees

The HELMA Group employed an average workforce of 342 employees (previous year: 322) and an average of 7 individuals were employed to a minor extent (previous year: 9).

8.10. List of shareholdings

Name	Headquarters	Shareholding level	Equity as of December 31, 2020	Share capital as of December 31, 2020	Net result before profit-and-loss transfer 2020
HELMA Wohnungsbau GmbH	Lehrte	93.94 %*	€ 1,275,400.00	€ 1,275,400.00	€ 3,075,318.64
HELMA Ferienimmobilien GmbH	Lehrte	95.10 %	€ 250,000.00	€ 250,000.00	€ 2,132,157.62
Hausbau Finanz GmbH	Lehrte	100.00 %	€ 26,000.00	€ 26,000.00	€ 433,834.13

*Of which 4.01 % held indirectly through Hausbau Finanz GmbH

The net result after profit-and-loss transfer amounted to € 0.00 for all companies listed.

8.11. Exemption pursuant to Section 264 (3) of the German Commercial Code (HGB)

The subsidiaries HELMA Wohnungsbau GmbH, HELMA Ferienimmobilien GmbH and Hausbau Finanz GmbH utilise the exemptions contained in Section 264 (3) of the German Commercial Code (HGB) for the 2020 fiscal year.

8.12. Auditor's fee

The auditor's total fee for the reporting year, including the companies included in the consolidated financial statements, amounted to k€ 110. Of this amount, k€ 76 is attributable to services for the auditing of financial statements, k€ 8 is attributable to certification services, and k€ 26 is attributable to tax advisory services.

Lehrte, March 4, 2021

Signed Gerrit Janssen Signed Max Bode Signed André Müller

Management Board Chairman Management Board member Management Board member

Consolidated statement of changes in fixed assets 2020 (component of notes to the financial statements)

				Cost
in k€	01/01/2020	Additions	Transfers	Disposals
I. Intangible assets
1. Concessions, industrial trade rights, customer relationships, and similar rights and assets, and licences to such rights and assets	3,402	268	802	0
2. Internally generated intangible assets	391	0	0	0
3. Goodwill	4,038	0	0	0
4. Prepayments rendered	557	279	-802	0
Total intangible assets	8,388	547	0	0
II. Property, plant and equipment
1. Land rights and equivalent rights and buildings including buildings on third-party land	24,026	379	487	1,001
2. Other plant, operating and office equipment	7,727	1,311	116	1,882
3. Prepayments rendered and plant under construction	332	643	-603	0
Total property, plant and equipment	32,085	2,333	0	2,883
III. Investment property
1. Buildings	382	0	0	0
Total Investment property	382	0	0	0
Total fixed assets	40,855	2,880	0	2,883

	Cumulative depreciation/ amortisation					Carrying amount
12/31/2020	01/01/2020	Depreciation/ amortisation financial year & other additions	Transfers	Disposals	12/31/2020	12/31/2020	12/31/2019
4,472	2,076	498	0	0	2,574	1,898	1,326
391	391	0	0	0	391	0	0
4,038	2,658	0	0	0	2,658	1,380	1,380
34	0	0	0	0	0	34	557
8,935	5,125	498	0	0	5,623	3,312	3,263
23,891	7,008	959	0	365	7,602	16,289	17,018
7,272	5,158	1,120	0	1,844	4,434	2,838	2,569
372	0	0	0	0	0	372	332
31,535	12,166	2,079	0	2,209	12,036	19,499	19,919
382	302	10	0	0	312	70
382	302	10	0	0	312	70
40,852	17,593	2,587	0	2,209	17,971	22,881	23,262

Consolidated statement of changes in fixed assets 2019 (component of notes to the financial statements)

				Cost
in k€	01/01/2019	Additions*	Transfers	Disposals
I. Intangible assets
1. Concessions, industrial trade rights, customer relationships, and similar rights and assets, and licences to such rights and assets	2,456	86	948	88
2. Internally generated intangible assets	391	0	0	0
3. Goodwill	4,038	0	0	0
4. Prepayments rendered	1,027	478	-948	0
Total intangible assets	7,912	564	0	88
II. Property, plant and equipment
1. Land rights and equivalent rights and buildings including buildings on third-party land	22,637	1,682	241	534
2. Other plant, operating and office equipment	7,621	793	2	689
3. Prepayments rendered and plant under construction	30	545	-243	0
Total property, plant and equipment	30,288	3,020	0	1,223
III. Investment property
1. Buildings	690	0	0	308
Total Investment property	690	0	0	308
Total fixed assets	38,890	3,584	0	1,619

*The additions to land rights and equivalent rights and buildings including buildings on third-party land, include additions from the first-time adoption of IFRS 16 in the amount of k€ 1,235.

	Cumulative depreciation/ amortisation			Carrying amount
		Depreciation/ amortisation financial year &
12/31/2019	01/01/2019	other additions	Transfers	Disposals	12/31/2019	12/31/2019	12/31/2018
3,402	1,869	292	0	85	2,076	1,326	587
391	391	0	0	0	391	0
4,038	2,658	0	0	0	2,658	1,380	1,380
557	0	0	0	0	0	557	1,027
8,388	4,918	292	0	85	5,125	3,263	2,994
24,026	6,536	978	0	506	7,008	17,018	16,101
7,727	4,687	1,098	0	627	5,158	2,569	2,934
332	0	0	0	0	0	332
32,085	11,223	2,076	0	1,133	12,166	19,919	19,065
382	511	21	0	230	302	80
382	511	21	0	230	302	80
40,855	16,652	2,389	0	1,448	17,593	23,262	22,238

Independent audit opinion

To HELMA Eigenheimbau Aktiengesellschaft, Lehrte

Audit results

We have audited the consolidated financial statements of HELMA Eigenheimbau Aktiengesellschaft, Lehrte, and its subsidiaries (the Group), consisting of the consolidated balance sheet as of December 31, 2020, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated cash flow statement for the financial year from January 1 to December 31, 2020, and the notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the aggregated management report of HELMA Eigenheimbau Aktiengesellschaft, Lehrte, for the financial year from January 1 to December 31, 2020.

In our opinion based on the findings of our audit,

• the accompanying consolidated financial statements comply in all material respects with IFRSs as adopted by the EU, the additional requirements of German law pursuant to § 315e (1) of the German Commercial Code (HGB) and give a true and fair view of the net assets and financial position of the Group as of December 31, 2020, and of its results of operations for the financial year from January 1 to December 31, 2020, in accordance with these requirements, and
• the accompanying aggregated management report provides a suitable understanding of the Group's position as a whole. In all material respects, this aggregated management report is consistent with the consolidated financial statements, complies with German legal requirements, and suitably presents the opportunities and risks pertaining to future development.

In accordance with § 322 (3) Clause 1 of the German Commercial Code (HGB), we declare that our audit has not led to any objections to the correctness of the consolidated financial statements and the aggregated management report.

Basis for the audit opinions

We conducted our audit of the consolidated financial statements and of the aggregated management report in accordance with § 317 of the German Commercial Code (HGB) and German generally accepted standards for the audit of financial statements as promulgated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer [IDW]). Our responsibility under these rules and principles is described further in the section "Auditor's responsibility for the audit of the consolidated financial statements and the aggregated management report" of our audit opinion. We are independent of the Group companies in accordance with German commercial law and professional regulations, and have fulfilled our other German professional obligations in accordance with such requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to serve as a basis for our audit opinions on the consolidated financial statements and the aggregated management report.

Other information

The legal representatives are responsible for other information. The other information includes the remaining parts of the annual report that are expected to be made available to us after the date of this audit opinion, albeit excluding the following: the consolidated financial statements, the management report information included in the content of the audit, our audit opinion, and the Supervisory Board Report.

The Supervisory Board is responsible for the Supervisory Board Report. Otherwise, the legal representatives are responsible for the other information.

Our audit opinion on the consolidated financial statements and the aggregated management report does not extend to the other information, and accordingly we will not express an audit opinion or any other form of audit conclusion on such matters.

In connection with our audit of the consolidated financial statements, we have a responsibility to read the other information as it becomes available and to evaluate whether the other information

• contains material inconsistencies with the consolidated financial statements, the aggregated management report, or the knowledge gained from our audit, or
• appears to be substantially misrepresented elsewhere.

Responsibility of the legal representatives and the Supervisory Board for the consolidated financial statements and the aggregated management report

The legal representatives are responsible for the preparation of the consolidated financial statements corresponding in all significant matters to IFRS as applicable in the EU and the supplementary German statutory regulations pursuant to § 315e (1) of the German Commercial Code (HGB), and for ensuring that the consolidated financial statements in compliance with such regulations convey a true and fair view of the Group's net assets, financial position, and performance. In addition, the legal representatives are responsible for the internal controls they deem necessary for the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the legal representatives are responsible for assessing the Group's ability to continue as a going concern. They are also responsible for disclosing matters relating to the company as a going concern, if relevant. In addition, they are responsible for financial accounting under the going concern assumption unless an intention exists to liquidate the Group or to discontinue operations, or no realistic alternative exists.

Furthermore, the legal representatives are responsible for the preparation of the aggregated management report, which as a whole provides a suitable view of the Group's position and is consistent with the consolidated financial statements in all material respects, complies with German legal requirements and suitably presents the opportunities and risks pertaining to future development. Moreover, the legal representatives are responsible for the precautions and measures (systems) they deem necessary to enable the preparation of an aggregated management report in accordance with the applicable German legal provisions and to provide sufficient suitable evidence for the statements in the aggregated management report.

The Supervisory Board is responsible for monitoring the Group's accounting process relating to the preparation of the consolidated financial statements and the aggregated management report.

Auditor's responsibility for the audit of the consolidated financial statements and the aggregated management report

Our objective is to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatements, whether intentional or unintentional, and whether the aggregated management report as a whole provides a suitable view of the Group's position and is consistent, in all material respects, with the consolidated financial statements and the findings of our audit, complies with German legal requirements, and suitably presents the opportunities and risks of future development, as well as to express an opinion that includes our audit opinion on the consolidated financial statements and the aggregated management report.

Sufficient assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 of the German Commercial Code (HGB) and German generally accepted standards for the auditing of financial statements as promulgated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer [IDW]) will always reveal a material misstatement. Misstatements can arise from violations or inaccuracies, and are regarded as material if it could reasonably be expected that they would individually or collectively influence the economic decisions of users made on the basis of these consolidated financial statements and the aggregated management report.

During the audit, we exercise our best judgement and maintain a critical attitude. In addition

• we identify and evaluate the risks of material misstatement, whether intentional or not, of the consolidated financial statements and the aggregated management report, plan and perform audit procedures in response to those risks, and obtain audit evidence sufficient and appropriate to provide a basis for our audit opinions. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls.
• we gain an understanding of the internal control system relevant to the audit of the consolidated financial statements and of the procedures and measures relevant to the audit of the aggregated management report in order to plan audit procedures that are appropriate in the circumstances, albeit not for the purpose of expressing an opinion on the effectiveness of those systems.
• we evaluate the appropriateness of the accounting policies applied and the reasonableness of accounting estimates made by the management, as well as the reasonableness of accounting estimates and related disclosures made.
• we draw conclusions concerning the appropriateness of the accounting principles applied by the legal representatives in relation to the company as a going concern and, on the basis of the audit evidence obtained, whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to express an opinion on the related consolidated financial statements and on the aggregated management report, or, if the information is inappropriate, to modify our respective audit opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the Group no longer being able to continue its business activities.
• we have assessed the overall presentation, the structure, and content of the consolidated financial statements, including the disclosures, as well as whether the consolidated financial statements present the underlying transactions and events in such a way that the consolidated financial statements give a true and fair view

of the Group's net assets, financial position, and performance in accordance with IFRSs as adopted by the EU, and the additional requirements of German law pursuant to § 315e (1) of the German Commercial Code (HGB).

• we obtain sufficient suitable audit evidence for the accounting information of the companies or business activities within the Group to express an opinion on the consolidated financial statements and the aggregated management report. We are responsible for the direction, monitoring, and performance of the audit of the consolidated financial statements. We bear sole responsibility for our audit opinions.
• we assess the consistency of the aggregated management report with the consolidated financial statements, its legal pronouncements, and the Group management report as a whole.
• we perform audit procedures on the forward-looking statements presented by the legal representatives in the aggregated management report. On the basis of sufficient and suitable audit evidence, we particularly verify the significant assumptions on which the legal representatives' forward-looking statements are based and assess the proper derivation of the forward-looking statements from these assumptions. We do not express an independent opinion on the forward-looking statements or the underlying assumptions. A significant unavoidable risk exists that future events will differ materially from the forward-looking statements.

Among other matters, we discuss the planned scope with those responsible for monitoring and the timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.

Hanover, March 5, 2021

Ebner Stolz GmbH & Co. KG Wirtschaftsprüfungsgesellschaft - Steuerberatungsgesellschaft

Hans-Peter Möller Steffen Südmersen Auditor Auditor

Single entity financial statements of HELMA Eigenheimbau AG according to HGB (Condensed)*

Income Statement

in k€	2019	2020
Revenue	105,051	120,178
Changes in stocks of finished goods and work in progress	7,773	5,194
Other operating income	1,244	1,822
Materials expense	-75,828	-89,221
Personnel expense	-16,513	-17,275
Depreciation and amortisation of property, plant and equipment, and intangible assets	-1,719	-1,848
Other operating expenses	-9,669	-10,154
Operating earnings (EBIT)	10,339	8,696
Net financial result	11,295	9,273
Earnings before income tax	21,634	17,969
Net income	14,815	12,358
Balance sheet profit	14,815	12,358

In its single-entity financial statements prepared according to the accounting principles of the German Commercial Code (HGB), HELMA Eigenheimbau AG reports unappropriated retained earnings of € 12,358,217.87 for the 2020 financial year on net income of € 12,358,217.87.

The Management and Supervisory Boards will propose to the Shareholders' General Meeting to be held on July 2, 2021, that it approves the distribution of a dividend of € 1.54 per dividend-entitled ordinary share, consequently € 6,160,000.00, and that the remaining amount of € 6,198,217.87 be carried forward to the other revenue reserves.

The total amount of dividends and the amount to be transferred to the other revenue reserves in the preceding resolution proposal for the application of unappropriated retained earnings is based on dividend-entitled share capital of € 4,000,000.00, split into 4,000,000 ordinary shares.

^* The complete annual financial statements of HELMA Eigenheimbau AG, Lehrte prepared according to the German Commercial Code (HGB), including the unqualified audit opinion, is available in German on the Internet at www.ir.HELMA.de, as well as being published in the electronic Federal Gazette, and filed in the companies register.

Balance Sheet – Assets

in k€	12/31/2019	12/31/2020
Non-current assets	18,602	18,337
- of which intangible assets	1,818	1,883
- of which property, plant and equipment	14,791	14,461
- of which financial investments	1,993	1,993
Current assets	126,770	119,423
- of which inventories	54	50
- of which receivables and other assets	117,590	109,091
- of which cash and cash equivalents	9,126	10,282
Prepayments and accrued income	413	318
Total assets	145,785	138,078

Balance Sheet – Equity and liabilities

in k€	12/31/2019	12/31/2020
Equity	94,681	99,639
Provisions	9,640	9,448
Liabilities	41,464	28,991
Total equity and liabilities	145,785	138,078

Editorial

Publisher HELMA Eigenheimbau AG Zum Meersefeld 4 D-31275 Lehrte Registration: Local Court Hildesheim, HRB 201182

General concept and editor HELMA Eigenheimbau AG, Lehrte

Layout HELMA Eigenheimbau AG, Lehrte

Photographs HELMA Eigenheimbau AG, Lehrte

Comment on forward-looking statements

The information published in this report relating to the future development of HELMA Eigenheimbau AG refers only to forecasts and estimates and thus not to given historic facts. This merely serves for information purposes and may contain words such as "intend", "aim", "expect", "plan", "forecast", "assume" or "appraise". These forward-looking statements rely on the information, facts and expectations available to us at present, and therefore only apply at the point in time of their publishing.

Forward-looking statements are generally prone to uncertainties and risk factors difficult to estimate in their impact. The actual results and development of the company could therefore materially deviate from the forecasts. HELMA Eigenheimbau AG intends to monitor and update the published data at all times. Nevertheless, the company is not responsible for adapting the forward-looking statements to later events and developments. As a result, it is neither expressly nor actually liable for and does not assume any guarantee for the timeliness, accuracy and completeness of this data and information.

Investor Relations Contact

and with our customers and partners.

Phone: +49 (0) 51 32 / 88 50 - 345 Fax: +49 (0) 51 32 / 88 50 - 111 E-mail: ir@HELMA.de

ensure that our customers, employees, business partners, investors and other stakeholder groups are informed MBA Elaine Heise Management Investor Relations

comprehensively. This also includes stating

M.A., M.Sc. Daniel Weseloh Investor Relations

Financial Calendar 2021

resources business	forms the basis of our
March 04, 2021	activity. Preliminary fi gures for the 2020 fi nancial year
March 24, 2021	Publication Annual Report 2020
March 24 – 25, 2021	Metzler MicroCap Days (virtual)
May 03 – 04, 2021	Munich Capital Market Conference (Munich)
July 02, 2021 Quality	Annual General Meeting (Lehrte)
August 12, 2021	We offer high-quality services to our Publication Half-Year Report 2021 customers. Our projects are generated
August 26, 2021	together with our customers and Hamburg Investors' Day - HIT (Hamburg)
September 20 – 22, 2021	business partners within a positive Berenberg and Goldman Sachs German Corporate Conference (Munich) working environment. This, too,
comprises quality for us. November 22 – 24, 2021	German Equity Forum (virtual)

HELMA code of values

In our code of values – which guides us in our daily ideas and activities – we summarise the values that are particularly important to us in how we interact with each other, and with our customers and partners.

Transparency

Honesty and forward-looking communication are important to us. We ensure that our customers, employees, business partners, investors and other stakeholder groups are informed comprehensively. This also includes stating openly where we have made errors.

Sustainability

We take responsibility: A balanced approach to economic, ecological, social and cultural resources forms the basis of our business activity.

Quality

We offer high-quality services to our customers. Our projects are generated together with our customers an^d business partners within a positive working environment. This, too, comprises quality for us.

We make (dream) homes become reality. We give our best for this – with our clearly defi ned working structures, effi cient working practices, and in close coordination with our customers and external partners.

HELMA code of values

Customer

The customer stands at the centre of our activity. Our customers' satisfaction is what matters to us, and it informs our vision: "We love to build for your life!"

Team

We are HELMA: our expert teams make recourse to a well-founded base of knowledge, and work together constructively – because we aim always to achieve the best results for our customers.

Safety

Safety comes fi rst. For this reason, we offer our customers an extensive range of additional safety measures. We also invest in occupational safety: with us, our employees enjoy a working environment that offers aboveaverage safety.

Reliability

We keep our promises. Our customers, business partners and colleagues can rely on the fact that the deadlines, qualities and prices to which we agree are mandatory and binding for us. We regard reliability as the basis of our trusting business relationships.

Performance

We make (dream) homes become reality. We give our best for this – with our clearly defi ned working structures, effi cient working practices, and in close coordination with our customers and external partners.

Our staff comprise our capital. Their knowledge and ability to engage with our customers and business partners on a personal basis is what drives our business forward. We ensure they always have suffi cient opportunities to develop themselves further professionally.

HELMA Eigenheimbau AG Zum Meersefeld 4 D-31275 Lehrte

Phone: +49 (0) 51 32 / 88 50 - 0 Fax: +49 (0) 51 32 / 88 50 - 111 E-mail: info@HELMA.de

www.HELMA.de