CTP 2021 Annual Report
We
Are
PARK
MAKERS
IT’s
what
we do ...
Parkmaking is our passion. We are on
the ground, with the local know-how
to get things done. We build vibrant
business communities for people: our
clients, their employees, and the
communities where we work and live.
And we do it green, with solar power,
forest conservation, and a vision
for the future. Because at CTP,
we do care.
4
200 Corporate Governance
200 Group Level Structure
214 Risk Management
220 Meet the Board
222 Governance Policies
227 Audit Committee Report
228 Remuneration Report
244 CTLife
82 2021 in Review
82 Strategic Operational Delivery
96 Delivering Sustainability
106 Strong Financial Performance
112 The CTP Portfolio
118 Czech Republic
138 Romania
152 Hungary
164 Slovakia
174 Serbia
180 Poland
186 Bulgaria
192 Netherlands
198 Austria
257 Financial Statements
260 Consolidated Financial Statements
325 Company Financial Statements
341 Independent Auditor’s Report
356 Appendices
358 Appendix A: Property List
367 Appendix B: Five Bulding Types
370 Appendix C: EPRA Financial
Performance Metrics
374 Appendix D: EPRA Sustainability
Performance Measures
376 Appendix E: Principal Risk
378 Appendix F: CTP Company Structure
380 Appendix G: Glossary of Terms
382 Appendix H: Disclaimer
CONTENTS
2 Introduction
12 Executive Summary
12 Big Numbers 2021
14 2021 Highlights in Review
16 CEO and CFO Review
21 Investor Q&A
22 Letter from the Chair of the Board
24 Value Proposition
26 CTP Development Story
68 Where We Operate
70 Our Market
76 Our Business Model
78 Business Strategy
annual
report
2021
This ile is a smaller-sized copy of the 2021 Annual Report of CTP N.V. in the European single electronic reporting
format (ESEF) as speciied in the RTS on ESEF (Regulation (EU) 2019/815). The original ESEF version published on
March 8, 2022 of the 2021 Annual Report is available at https://www.ctp.eu/investors/inancial-reports/.
Your
Growth.
OUR
Future.
MissionIntroduction
2
CTP is continental Europe’s largest developer, owner and
manager of logistics and industrial real estate by gross
lettable area (GLA). Our network of strategically located
CTParks and prime land bank is ideal for the development
of industrial and logistics assets and spans ten countries
from the North Sea to the Black Sea.
3
LEADING
market
position
1
We are long-term market leaders in our Core
Markets, with the vision to grow based on our
track record of success.
• We’ve built our leading reputation and estab-
lished market position over the last 23 years.
• Thanks to our irst-mover advantage and
expertise, we’ve built a dominant market
share and enviable track record by securing
key strategic industrial and logistics locations
across central and eastern Europe (CEE).
• Our 7.6 million sqm investment portfolio
boasts a roster of more than 750 international
clients. Over 80% of our business is repeat
business, which un derpins our proitable
tenant-led growth strategy.
• To meet our customer's expansion, we have
as sembled a 17.8 million sqm land bank, 60%
of which is situated within or adjacent to our
established CTParks. This land bank provides
the potential to double the size of CTP’s
investment portfolio.
MissionIntroduction
4
MissionIntroduction
6
Vertically
integrated
platform
2
Our integrated full-service operating platform
and long-term strategy is a key diferentiator and
driver of our success.
• Over 500 dedicated in-house specialists situ-
ated in our local markets deliver CTP clients
a unique, full-service concept—from location
search to im proving sustainability credentials.
• Our entrepreneurial culture enables agile and
e fective decision making, which allows us
to respond swiftly to our clients’ needs as well
as identify and execute opportunities before
others.
• We develop and acquire high-quality, sustain-
able assets to hold and operate over the long
term. This aligns our interests with our clients
and the com munities surrounding our assets,
driving value for all stakeholders.
MissionIntroduction
Our dynamic sector and geographical market play
a critical role in global supply chains.
• Long-term structural drivers from the rise in
e-commerce to supply chain optimisation and
re-shoring underpin occupational demand for
our well-located, high-quality industrial and
logistics assets.
• Strong occupational demand is coupled with
constrained supply in key markets, which
support attractive market fundamentals and
rental growth.
• Global occupiers are drawn to the CEE
region for its specialist and afordable labour
force, its stra tegic geographical location in
global supply chains, as well as its proximity
to densely populated and aluent neighbour-
ing western economies.
• Our core region of the CEE provides a growth
opportunity due to its attractive GDP outlook,
as domestic e-commerce penetration catches
up with more mature western economies.
Stand-out
sector
3
8
9
10
MissionIntroduction
Our capital structure, supports attractive,
sustainable returns.
• We operate from a position of inancial
strength, with insightful and disciplined
allocation of capital and proitable develop-
ment, whereby we deliver projects at a
highly attractive Yield on Cost of over 10%.
• While maintaining sound leverage with a
net LTV of 42.8%, our active inancing
strategy has resulted in a sector-leading
Average Cost of Debt of 1.2% and has
extended the maturity of our debt proile.
• Beneiting from an Investment Grade
Credit Rating and strong balance sheet,
we have access to a diverse range of capital
to support our growth ambitions.
Efficient
and effective
capital
4
11
7.5
Market Capitalisation
per year-end 2021
EUR billion
11.0%
Yield
on Cost
3.4
IG Bonds outstanding
under EUR 8 EMTN Program
EUR billion
5.6%
EPRA Topped-up Net
Initial Yield
1.2%
AVG Cost
of Debt
1,025.9
Net
Profit
EUR million
+306%
7.6
Income-Producing
Portfolio
EUR billion
+41%
Annualised
Rental Income
437
EUR million
+27%
12
Big Numbers
2021
Executive
Summary
FY Financial
Highlights
€18.70 per share compared to
IPO price on 25 March 2021: €14.00
31 Dec. 2020: €344 mln
31 Dec. 2020: 11.6%
31 Dec. 2020: €1.0
31 Dec. 2020: €5.4 bln
31 Dec. 2020: 6.2%
2020: €252.5 mln
31 Dec. 2020: 2.0%
#1
Industrial Developer
in CEE
>125
CTParks
27.5%
Market Share in
Core Markets
95%
Occupancy
8.0
Gross Lettable
Area (AuM)
million SQM
17.8
Controlled
Land bank
million SQM
>750
TENANTS
6.7
WAULT
YEARS
>520
Full-time Employees
(FTE)
SCOPE I & II
CARBON negative
in 2021
46% / 54%
diversity:
female to male FTE
100%
Certified BREEAM
buildings (effectively)
835,000
Acquisitions of Income
Producing Assets
SQM
31 Dec. 2020: 6.3 mln sq m
31 Dec. 2020: 23.9% 31 Dec. 2020: 183 k sq m
31 Dec. 2020: 94% 31 Dec. 2020: 394
31 Dec. 2020: 12.6 mn sqm
31 Dec. 2020: 6.0 years
13
Operational
Highlights
14
Lease extension at Bucharest
West (Romania) with the Group’s
existing client, Network One
Distribution.
12,000 sqm facility at CTPark
Bucharest North (Romania),
let to the Group’s client Rohlik
Group, one of Europe’s leading
online grocery delivery services.
70,000 sqm warehouse let to
Loxxess at CTPark Bor (Czech
Republic) for the central storage
of drugstore goods for German
multinational chain dm-drogerie
markt.
60,000 sqm largely automat-
ed warehouse for fast-growing
German e-commerce company
Zooplus at CTPark Bor (Czech
Republic).
A new lease with long-term cli-
ent DHL at CTPark Cheb (Czech
Republic) for 48,000 sqm.
9,000 sqm warehouse at CTPark
Košice (Slovakia) let to a manu-
facturing company Ehlebracht to
relocate its German production
facilities.
11,000 sqm production facility
for Teqball at CTPark Budapest
West (Hungary).
50,000 sqm facility at CTPark
Vecses (Hungary) let to JV
Europe, a large Korean
third-party logistics provider.
A 19,000 sqm new development
delivered for a high-tech manu-
facturer at CTPark Novi Sad
(Serbia).
28,000 sqm, fully automated
facility at CTPark Bor (Czech
Republic) for international re-
tailer Primark.
Lease extension of 13,000 sqm
for the Group’s irst client in
Poland at CTPark Opole.
2021
Highlights
Executive
Summary
2021 Highlights in Review
In March 2021 CTP’s shares were listed on the Euronext Amsterdam Stock Exchange
through an Initial Public Offering (IPO). Issued at a share price of €14 per share,
the listing comprised 61 million shares. With a free float of 17%, the share register
included a long list of international institutional investors.
Acquisition of 27.5 hectares of
land close to Belgrade city centre
to develop CTPark Belgrade
Centre, which at completion will
be Serbia’s largest logistics and
technology facility with over
130,000 sqm of GLA.
Acquisition of Žilina industri-
al park near Žilina airport, in
Slovakia, with full development
potential of 145,000 sqm GLA.
New leases and tenant-led development
totalling 900,000 sqm delivering market-
leading capital value
Protecting, adding and
realising both income
and capital value
5.1 million sqm
of disciplined
replenishment and
growth of land bank
15
Sustainalytics, Inc. ranked CTP
among the top 1.5% companies
scored by them in 2021, with CTP
conirmed as “Low Risk”.
11,500 sqm production facili-
ty located just outside Soia in
Plovdiv, Bulgaria, let to leading
German automotive supplier
Willie Elbe.
New state-of-the-art 31,200
sqm warehouse, together with
a 4,000 sqm oice building in
Soia, Bulgaria, let on a long-
term lease to Orbico, a major
3PL operator.
112,000 sqm of industrial space
in Romania aquired from Zacaria
Industrial.
CTP acquired Seven buildings
totalling 153,000 sqm, situated
in Brasov, Timisoara and Bucha-
rest, Romania.
Intention to acquire full own-
ership of Deutsche Industrie
REIT-AG (DIR).
Forward purchase of the next-
generation 120,000 sqm multi-
level urban logistics facility,
CTPark ALC (Netherlands).
Sale-and-lease transaction
for long-term partner DSV at
CTPark Soia Airport (Bulgaria),
including contracting a further
expansion on adjacent land total-
ling 30,000 sqm.
Restoring and protecting for-
ests’ native biodiversity with
the acquisition of 460 hectares
of forest in the Czech Repub-
lic, raising the total forest CTP
owns to 560 hectares.
CTP’s entire industrial and
logistics portfolio achieved “Very
Good” or better by the Building
Research Establishment Envi-
ronmental Assessment method
(“BREEAM”).
SCS calculated the 2021 gross
carbon footprint of the Group
(for Scope I and II) in COe
(CO-equivalent) and conirmed
that CTP’s carbon capture
capacity (through its owned
forests) was four times greater
than its COe emission.
Launch of a dedicated ESG
function responsible for deining
CTP’s ESG strategy, including
four strategic pillars of neutral-
ising greenhouse gases, embed-
ding parks, stimulating social
impact & well-being, and con-
ducting business with integrity.
In August the Group announced
its irst (interim) dividend of
€0.17 per share, payable in
either stock or cash at the option
of shareholders. A total of 92%
shareholders opted to take stock
dividends.
The Group realised an average
gross yield on its strategic acqui-
sitions of 7.1 %, which compares
to the 6.4% for the Group’s port-
folio per at 31 December 2021.
CTP ended 2021 with a Yield on
Cost of 11.0% on its development
pipeline, thereby well exceeding
its target of 10%.
In Q4 the Group provided guid-
ance on the expected yield com-
pression of more than 50bps for
its income - producing properties
by year end 2021 compared to
year end 2020.
The third Green Bond issuance
under CTP’s EMTN Programme
successfully concluded in Q1 with
a €500 million, six-year transac-
tion at a coupon of 0.75%.
In Q3, CTP concluded a
dual-tranche Green Bond issu-
ance, which further reduced the
Group’s Average Cost of Debt by
3bps and increased the weighted
average tenor of CTP's debt to
6.4 years.
CTP launched its largest Green
Bond issuance to date, concluded
in Q2, which reduced the Group’s
Average Cost of Debt to 1.24%
and was used to prepay its €1.8
billion secured bank facility.
Selectively acquiring income producing assets
accretive to the standing portfolio
Taking a long-term, sustainable,
and innovative approach
Delivering resilient capital
value and growing income
Strengthening our effective and
efficient capital structure
Executive
Summary
CEO & CFO
Statement
We identiied a clear and compelling opportunity
to establish a listed company with a distinct focus
on developing, owning, and managing a highly sus-
tainable portfolio of logistics and industrial parks,
anchored in the strategically important region of
central and eastern Europe (CEE). Equipped with
our 23-year track record, established operat-
ing platform and 7.6 million sqm of gross lettable
area (GLA) across a network of CTParks that span
Europe from the North Sea to the Black Sea, we
believe we are uniquely placed to capitalise on the
opportunity that our growing markets ofer.
A Thriving Real Estate Sector
The global industrial and logistics real estate sec-
tor beneits from solid structural drivers, many of
which have been signiicantly accelerated by the
Covid-19 pandemic. Demand from occupiers for
industrial and logistics real estate is driven by the
robust expansion of e-commerce and supply chain
optimisation.
These trends are leading to a signiicant oppor-
tunity to capitalise on the higher growth potential
that exists within our largest markets, the Czech
Republic, Hungary, Slovakia and Romania, when
compared to the more mature western European
markets. These Core Markets represent more than
95% of our income-producing GLA at end-2021.
The rental growth now evident across our mar-
kets is underpinned by this strengthening demand,
coupled with a constrained supply of suitable as-
sets. These fundamentals are attracting an in-
creasing number of global investors looking to place
capital in a sector likely to enjoy strong growth
prospects and long-term resilience.
Our Fully Integrated Operating Platform
and Dynamic Culture
The CEE market is large and disparate, and the
logistics and industrial real estate sector is becom-
ing increasingly competitive. Our fully integrated
operating platform is driving the successful execu-
tion of our strategy in this environment. We provide
occupiers with a unique and comprehensive ofering,
from site search to in-house development and prop-
erty management teams, as well as a superior level
of service and state-of-the-art facilities. These at-
tributes form the core of our competitive advantage,
which, in combination with our local teams’ exper-
tise, market intelligence, key stakeholder relation-
ships and leading sustainability credentials, underpin
our ability to deliver on our strategic objectives. The
quality of our product and services is evidenced by
the fact that 80% of new leases are signed with our
existing clients.
CTP's performance and strong delivery on strat-
egy are fuelled by our entrepreneurial spirit, en-
ergy and passion. We invested time and money to
strengthen our operating platform in 2021, leaving
us well-positioned to create value for all stakehold-
ers over the longer term. We reined Group pro-
cesses, for example, and leveraged our economies
of scale while signiicantly bolstering the breadth
and depth of our teams across the organisation by
attracting dedicated and experienced professionals
at both the Group and country level. We recruited
personnel across all our key functions, including, but
not limited to, sustainability, construction, and cus-
tomer engagement. We now have over 520 full-time
employees (31 December 2020: 394) as a result.
CEO and CFO Review
CTP had a landmark year in 2021. In March, we completed
our Initial Public Offering on Amsterdam’s Euronext
Exchange and achieved record operational and financial
results during the year, which exceeded the targets for
2021 set at the time of our IPO.
16
17
Executive
Summary
CEO & CFO
Statement
Delivering Operational Performance in 2021
We completed 900,000 sqm (GLA) of industrial and
logistics space—a record for the annual growth of
our industrial portfolio. We had a further 958,000
sqm of developments under construction as at 31
December 2021. This new space is on track for com-
pletion in 2022 and 44% is pre-let, having secured
construction capacity ahead of clients’ contractual
commitments.
We made a further 835,000 sqm of strategic
of-market acquisitions that are accretive to CTP's
existing portfolio, with an average yield of 7.1%.
These acquisitions provide further scale, most no-
tably to our portfolios in Romania and Hungary.
The forward-purchase agreement for Amsterdam
Logistic Cityhub (CTPark ALC) marked our entry
into the Netherlands. GLA under CTP ownership
expanded to 7.6 million sqm at 31 December 2021,
up from 5.9 million sqm on 31 December 2020—
almost 500,000 sqm more than anticipated at IPO.
Our ambition to reach 10 million sqm of GLA by the
end of 2023 will likely be achieved 12 months ahead
of schedule—by the end of 2022—because of this
momentum.
We signed 1.7 million sqm of lease agreements
(2020: 1.2 million sqm) based on the strength of
our long-term customer relationships, represent-
ing the equivalent of approximately €85 million in
annual rent. In addition, we recorded 1.6% of like-
for-like rental growth for the year (2020: 1.5%). We
increased annualised rental income year-on-year to
€437 million, up 27% year-on-year, including €39
million of rental income secured from acquisitions
during the period.
We continued to replenish our development land
bank during the year, in line with our strategy to
maintain our tenant-led development capacity. We
added a gross 1.5 million sqm of land to our control
in our three Expansion Markets of Poland, Serbia
and Bulgaria, together with 2.6 million sqm of de-
velopment land in our Core Markets.
ESG Remains Front and Centre
We established a dedicated Environmental, Social
and Governance (ESG) function and articulated our
ESG strategy to retain our leadership credentials
in this area, as this aspect grows increasingly im-
portant for our business. This dedicated function,
which reports directly to the CEO, is responsible for
further developing the Group’s sustainability strat-
egy and performance, as well as driving integration
and implementation of our leading sustainability
practice across the Company.
CTP is the only major pan-European indus-
trial and logistics real estate company with a 100%
BREEAM-certiied portfolio of “Very Good” or bet-
ter, and all of our developments received this ac-
creditation in 2021. Most notably, CTP obtained
its irst ESG Risk score from Sustainalytics, Inc.,
achieving a “low risk” score of 11.0. The Group was
also certiied as net carbon negative for its own op-
erations (Scope 1 and 2), as validated by external
agency SCS.
We announced the composition of our new one-
tier Board of Directors before our stock market de-
but. The Board is chaired by Ms. Barbara Knolach,
and Mr. Gerard van Kesteren, Ms. Susanne Eicker-
mann-Riepe and Mr. Pavel Trenka are non-executive
directors. The Board brings a diverse range of skills
and extensive European real estate experience and
has committed to implementing best practices to
ensure active and transparent corporate govern-
ance in line with the Dutch Corporate Governance
Code. We very much appreciated their contribution
during the year and their commitment and passion
for CTP.
The Impact of Covid-19
We made the health and well-being of our teams and
wider stakeholders an absolute priority during the
pandemic. Our business remained fully operational
and highly efective during this unprecedented time
thanks to our employees' continued dedication. Our
development and construction teams ensured that
all projects underway in our development pipeline
were delivered close to budget and on time, despite
increased logistical issues and price inlation.
We maintained strong occupancy levels of 95%
across the portfolio in 2021, despite the economic
uncertainty caused by the pandemic, with no mate-
rial impact on cash lows and with rent collections
stable at over 98%, illustrating the good inancial
standing of our customers. We worked closely with
our tenants during the year to support them with
any short-term challenges arising from disturbanc-
es to their operations or cash low and found solu-
tions for the rare instances where customers need-
ed to reschedule rental payments.
18
19
Executive
Summary
CEO & CFO
Statement
Record Financial Performance and
Strengthened Capital Structure
We have delivered strong inancial returns relect-
ing our record growth and operational performance.
In 2021, CTP achieved a net proit of €1,026 million,
a 306% year-on-year increase, our highest ever. We
grew gross rental income by 14.7% to €335 million
(2020: €292 million), driven by strong levels of leas-
ing activity and our active asset management ap-
proach. The Group’s selling, general, and adminis-
trative expenses were €58.3 million, up from €56.1
million in 2020, which can be partly attributed to
the Group’s investment into growing and develop-
ing its teams. We saw yield compression, develop-
ment gains and rental-value growth contributing to
a €1,101 million gain on the valuation of the portfolio
(with a conservative valuation yield of 6.4%).
We raised gross proceeds of €854 million from
the CTP’s IPO of 61 million shares on the Amsterdam
Euronext Stock Exchange on 25 March 2021. The
IPO was signiicantly oversubscribed and received
signiicant interest from a large number of blue-
chip international institutional investors. We would
like to thank our shareholders for their backing,
which has supported our growth in 2021.
During the year we realised €2.5 billion through
the issue of Green Bonds, which strengthened our
liquidity position and extended the maturity of our
debt proile. Our Average Cost of Debt has been
signiicantly reduced, ending at 1.19% by year-end,
down from 1.6% at the time of our IPO, relecting
our active inancing strategy. The Group main-
tained sound leverage, with a net Loan to Value of
42.8% by 31 December 2021 (31 December 2020:
50.7%), in line with our target at IPO of 40–50%.
We returned Company Adjusted EPRA Earnings
Per Share of €0.49, up from €0.44 for 2020, and
an EPRA Adjusted NTA per share of €12.06, 45.0%
higher than the previous year (31 December 2020:
€8.32). In September 2021, CTP paid an interim
dividend of €0.17 per share, equal to a pay-out ra-
tio of 75%. A signiicant 92% of our shareholders
chose to be paid their dividend in script. We will pro-
pose a full-year dividend of €0.35 per share at our
Annual General Meeting of shareholders, to be held
on 26 April 2022 in Amsterdam.
A Compelling Outlook
Our business continues to beneit from supportive
market conditions and global structural chang-
es, which are driving occupier demand for well-
located and high-speciied industrial and logistics
properties. We believe that our established network of
CTParks, together with our unparalleled land
bank—which ofers the development potential to
double the size of our current investment portfo-
lio—leave us strongly positioned to capitalise on the
attractive fundamentals that our markets ofer.
The Group’s ability to deliver robust and predictable
income streams to our shareholders is secured by a
loyal and inancially sound tenant base; a high-qual-
ity, sustainable and diversiied investment portfo-
lio; and a weighted average unexpired lease term of
6.7 years. This should see the business withstand
any economic headwinds in the medium term.
We have started the next phase of CTP’s evolution,
after our strategic entry into Germany following
the successful acquisition of Deutsche Industrie
REIT-AG (DIR) and its 1.6 million sqm portfolio. We
can now ofer existing and new customers access
via CTP’s platform to the trans-European supply
chain network across all markets from the North
Sea to the Black Sea. We welcome the DIR team to
CTP Germany and look forward to expanding our
presence in our third-largest country by GLA, with
the same passion and dedication that has been in-
tegral to CTP’s success so far.
Our team of Parkmakers located across our ten
markets are focused on the delivery of the Group’s
clearly deined strategy. We have agreed on a com-
prehensive set of ambitious targets and KPIs for
2022 with our Top-30 leadership team and remain
conident that we will deliver proitable growth and
attractive capital value accretion. We would like
to thank all our CTP colleagues across Europe for
their commitment to the business and our custom-
ers. We feel privileged to be working with so many
talented professionals, whose dedication and spe-
cialist expertise will continue to be a key driver of
CTP’s future success.
We look forward to realising our ambitions to-
gether—since your growth is our future!
Remon Vos, CEO
and Richard Wilkinson CFO
Amsterdam, 8 March 2022
KPI IPO Guidance Actual Performance Direction
2021 GLA growth 1.2 million sqm 1.7 million sqm EXCEEDED
Development Margin / Y-o-C levels >10% 11.0% EXCEEDED
10 million sqm Owned GLA By end of 2023 Expected to be reached by YE 2022 EXCEEDED
Stable occupancy ~95% 95% MET
Impact from COVID-19 No material impact Rent collection = 98% No material impact MET
Sound Leverage / net LTV 40-50% 42.8% MET
Decreasing Cost of Debt 1.6% at time of IPO 1.19% EXCEEDED
Dividend Policy 70-80% Pay-out 75% Pay-out MET
Expansion into Western Europe 2023 Netherlands and Germany EXCEEDED
Carbon Neutrality 2023 2021 EXCEEDED
20
21
Executive
Summary
Investor Q&A
Investor Relations
2021 was a landmark year for our business. It not only
marked the year of our IPO, but we are also delighted
to report record operational and financial results,
which exceeded all of the 2021 targets that we committed
to at the time of our IPO.
How is your Yield on Cost afected as a
result of price increases for building materials?
The price of land and cost of building materials
were subject to signiicant inlationary pressures
during 2021. To date, such price increases have had
a limited efect on our development Yield on Cost
because increased prices have often been passed on
as increased rents on completed assets. Secondly,
these inlationary pressures have been minimised
by the Group’s eicient procurement process, as
well as its longstanding partnerships with our sub-
contractors and suppliers, with whom we seek to
ind suitable solutions to mitigate the impacts of
inlation.
How long does it take to build
an industrial / logistics property?
In general, once zoning and building permits are in place,
the construction time to complete our properties last
approximately nine months on average. In cases where
it is shorter, certain pre-work was done in advance, such
as for groundwork or foundation. In instances where it
takes longer, other forces are at play, for instance when
the construction process would require additional it-
out for the tenant, or certain infrastructure works need
simultaneous completion.
How does CTP’s move into Germany and Netherlands
afect your Group Yield-on-Cost target?
Our Yield on Cost target of over 10% is a group-wide target
published every quarter. As a result, there are projects for
which we will record a Yield on Cost of more than 10%, and
others—based on strategic importance—for which we will
accept a Yield on Cost below 10%. The move into western
Europe is a strategic one and in line with our IPO targets,
and although we know that double-digit Yield on Cost will be
more diicult to achieve in these markets, our Yield on Cost
target stays top priority as a key value driver for CTP.
How do you select attractive acquisition targets?
With the beneit of their local/national insights and relationships, acquisitions are typically initiated by our
country management teams. Potential target assets are then assessed based on strategic relevance, expected
inancial returns and their contribution to our ESG goals. The strategic relevance is key, as we do not acquire
income-producing assets just for the sake of growth. The high quantum of income-producing asset acquisitions
in 2021 was an exception. It came in response to the attractive market opportunities that allowed us to add
additional space to our existing CTParks, or was driven by a request from an existing client, and/or ofered the
opportunity to establish a new CTPark rapidly.
How do you decide on starting
a new development?
The majority of our current land bank, 87%,
is situated on or in the immediate vicinity of
our existing or planned CTParks, which al-
lows us to respond swiftly to our clients’ ex-
pansion requirements. Equally, this approach
de-risks the majority of our developments, as
such sites beneit from our understanding of
the micro-location and often fall within ex-
isting zoning. Ultimately, each development
is decided upon a sound business case and
the long-term viability of the site, evidencing
adequate Yield on Cost as part of our Group
targets.
How does the rental escalator
in your lease contracts work?
Our lease contract includes a double in-
dexation clause where, on an annual ba-
sis, rents are increased by the higher of
either (i) a ixed escalator or (ii) the local
Consumer Price Index (“CPI”). The ixed
escalator is typically set between 1.5 to
2.0%. In addition, such CPI indexation is
typically not capped.
What is the average price of
one square meter of land?
As noted, land prices in key logistics
locations have increased over the last
18–24 months. On average, the land
that we acquired in 2021 cost €47
per sqm. This compares to an aver-
age price of €23 per sqm in 2020. As
a Group, we beneit from our estab-
lished prime land bank of 17.8 million
sqm accumulated over many years.
This land bank ofers CTP the oppor-
tunity to double its existing invest-
ment portfolio in the coming years.
Do you have a high dependency
of certain tenants?
As at year-end, our Top-20 clients account
for 24% of the Group’s gross rental income,
illustrating the granular nature of our income
stream. Typically, these tenants are inancially
sound, internationally operating corporations.
As most of our expansion has been tenant-led,
with 80% of new leases coming from existing
clients, many of our clients occupy space in
more than one location throughout the pan-
European CTPark network..
Letter from the
Chair of the Board
22
Executive
Summary
Letter from the
Chair of the Board
Dear Stakeholders,
Last year was both challenging and extraordinary
for CTP. Despite the pressures of the pandemic, the
Group saw robust growth, driven by global trends
in e-commerce and supply-chain reorganisation,
which have accelerated in response to the pan-
demic and environmental concerns. The impact of
the pandemic on society—and the growing aware-
ness that businesses must take greater respon-
sibility to safeguard the environment for future
generations—underscore the importance of creat-
ing long-term value and a strategy for sustainable
growth.
CTP has a well-established track record of being
at the forefront of sustainable, environmentally
friendly development across the CEE region and has
earned, over many years, its reputation as a good
neighbour and good corporate citizen. Its long-term
vision and strategy as developer-owner-operator
are unique in CEE.
I irst met CTP as it was on the verge of becom-
ing carbon neutral and debuting on the Euronext in
Amsterdam, in the middle of the second lockdown.
Shortly thereafter, in March 2021, the Company
completed its Initial Public Ofering. I was appointed
Chair. Together with three Non-Executive Direc-
tors and two Executive Directors, we now repre-
sent CTP's one-tier Board. I took on this role with
excitement, as it is clear to me that CTP has the
right mix: the right time, the right place, the right
team, and the right values, which together create
long-term value for all stakeholders.
The Executive Directors created extraordinary
momentum in 2021 and, together with the Board,
we successfully embraced the changes of becoming
a listed company after 23 successful years as a pri-
vately owned business.
As a Board, we spent the irst nine months
after the IPO focusing on the key areas of gov-
ernance as well as important strategic matters,
taking into account the fast-changing market en-
vironment. We took a deep dive into the Group’s
Code of Conduct, which sets out the shared values
of integrity and compliance with local and inter-
national laws, together with the company’s une-
quivocal stand against bribery and corruption. The
setup of the Group’s compliance and internal au-
dit function, as well as its risk management func-
tion, were reviewed and adjusted where necessary.
This new framework will contribute to further
strengthening the resilience and integrity of the
business.
During the year, we also gained thorough in-
sight into the Group's activities. We participated
in dedicated courses provided by major law irms
and other institutions, took part in several coun-
try trips and visits to CTParks, and attended the
CTP-wide annual gathering in the Czech Republic
in September 2021. These activities have signii-
cantly enhanced our understanding of the Group’s
business principles and allowed us to become ac-
quainted with many of CTP’s staf, including its
Top-30 leadership.
The Board also made a special efort in 2021 to
enhance the visibility of the vast number of sus-
tainability measures undertaken by the Group and
to formalise them into a new ESG strategy with
corresponding targets and KPIs. These measures
include, among others: 100% of the buildings in
the portfolio BREEAM-certiied in 2021, solar-roof
readiness, close collaboration with communities,
onsite CTPark amenities (including the Clubhaus
concept with restaurants) and itness facilities for
the people working in the parks, as well as for the
local community and high-quality landscaping at
the parks to promote well-being at the workplace.
In addition, carbon neutrality was achieved at the
end of 2021 in Scope 1 and 2 and is underway for
Scope 3.
CTP has demonstrated great adaptability to the
structural changes in its logistics business as well
as to the challenges posed by rising construction
costs and, by year-end, exceeded most of the tar-
gets set out for 2021 in its IPO prospectus.
The Board was particularly involved in the two
largest acquisitions in 2021. The irst was the ac-
quisition of CTPark ALC in Amsterdam, marking
CTP’s bold move into the Netherlands, where its
corporate headquarters are located. The second
was CTP’s strategic entry into the German market
through a friendly, public takeover and delisting of-
fer for Deutsche Industrie REIT-AG, which is com-
pleted in 2022. These acquisitions have increased
CTP’s strategic footprint east to west across
Europe, from the Black Sea to the North Sea—one
of the main logistics corridors across the conti-
nent—to enable CTP to cater fully to the future
needs of its tenants. We believe that the Group can
achieve
higher returns on both acquisitions by applying one
of CTP’s core strengths: active asset management.
Central to CTP’s success over the last 23 years
is its unique business model, which involves develop-
ing and acquiring high-quality industrial assets to
operate and hold over the long term. This approach,
along with its fully integrated operating platform,
not only aligns CTP with the interests of its stake-
holders, including occupiers and communities, but it
also enables the Group to beneit from unique in-
sight into its markets, eicient decision making, as
well as an agile and lexible approach in competitive
market conditions. This foundation enabled CTP to
embrace its irst nine months as a listed company
with strong momentum, signiicantly growing its in-
vestment portfolio by delivering a record volume of
new developments—900,000 sqm—and acquiring
835,000 sqm of buildings that it strategically as
part of the Group’s growth plan, as well as increas-
ing its available land bank by 5 million sqm.
With a proit of €1,025.9 million, or €2.68 per
share, CTP Group realised a powerful operational
performance and record inancial results. Accord-
ingly, the Board will suggest a full-year dividend of
€0.35 per share to the General Meeting, in line with
CTP’s dividend policy.
Looking ahead, I am conident that CTP’s busi-
ness model is robust and provides excellent long-
term potential. The success of the Green Bond pro-
gramme has set the ESG standard for the Group
going forward, and we will seek to continue to lead
the market through our approach to sustainability.
On behalf of all Non-Executive Directors, I would
like to thank you, our shareholders, customers and
partners, for your trust and support. My thanks also
go to all employees and the management across the
countries for their commitment and great eforts.
CTP’s irst AGM will be held on 26 April 2022.
We look forward to meeting our shareholders at
that time.
On behalf of the Board,
Barbara Knolach,
Chair of the Board of CTP N.V.
Amsterdam, 8 March 2022
Letter from the
Chair of the Board
1 Achieved with forest compensation.
23
We don’t just do buildings; we are sustainable and innova-
tive “Parkmakers” with an unmatched vertically integrated
platform. CTP is continental Europe’s largest developer,
owner and manager of logistics and industrial real estate
by gross lettable area (GLA). Our network of strategically
located CTParks and prime land bank is ideal for the
development of industrial and logistics assets and spans
ten countries from the North Sea to the Black Sea.
Value Proposition
24
Executive
Summary
Value
Proposition
We’ve built our leading reputation and estab-
lished market position over the last 23 years
Thanks to our irst-mover advantage and expertise, we’ve
built a dominant market share and enviable track record
by securing key strategic industrial and logistics locations
across central and eastern Europe (CEE).
Our 7.6 million sqm investment portfolio boasts a roster of
700 international clients. Over 80% of our business is repeat
business, which underpins our proitable tenant-led growth
strategy.
To meet our customer's expansion, we have assembled a 17.8
million sqm land bank, 60% of which is situated within or ad-
jacent to our established CTParks. This land bank provides
the potential to double the size of CTP’s investment portfolio.
Over 500 dedicated in-house specialists situated in our local
markets deliver CTP clients a unique, full-service concept—
from location search to improving sustainability credentials.
Our entrepreneurial culture enables agile and efective deci-
sion making, which allows us to respond swiftly to our clients’
needs as well as identify and execute opportunities before
others.
We develop and acquire high-quality, sustainable assets to
hold and operate over the long term. This aligns our interests
with our clients and the communities that surround our as-
sets, driving value for all stakeholders.
CTP’s vertically integrated platform and
long-term strategy is a key differentiator
and driver of our success
Long-term structural drivers, from the rise in e-commerce
to supply chain optimisation and re-shoring, underpin occu-
pational demand for our well-located, high-quality industrial
and logistics assets.
Strong occupational demand is coupled with constrained sup-
ply in key markets, which support attractive market funda-
mentals and rental growth.
Global occupiers are drawn to the CEE region for its specialist
and afordable labour force, its strategic geographical loca-
tion in global supply chains, as well as its proximity to densely
populated and aluent neighbouring western economies.
Our core region of the CEE provides a growth opportunity due
to its attractive GDP outlook and as domestic e-commerce
penetration catches up with more mature western econo-
mies.
Our dynamic sector and geographical market
play a critical role in global supply chains
We operate from a position of inancial strength, with in-
sightful and disciplined allocation of capital and proitable
development, whereby we deliver projects at a highly attrac-
tive Yield on Cost of over 10%.
While maintaining a sound leverage with a net LTV of 42.8%,
our active inancing strategy has resulted in a sector-leading
Average Cost of Debt of 1.2% as well as extending the matu-
rity of our debt proile.
Beneiting from an Investment Grade Credit Rating and
strong balance sheet, we have access to a diverse range of
capital to support our growth ambitions.
Efficient and effective capital structure
supports attractive, sustainable returns
25
We Make
Parks
The CTP Vision
CTP re-imagines industrial property development
as full-service business parks, strategically
located near major highway corridors, with
on-site amenities, community centres, and
workers’ housing—all within a well-landscaped
green environment. Our vision puts people at
the centre: the people who work there as well as
the surrounding communities, while serving our
clients with flexible builidng types that cater
to the wide range of industries they represent.
People are the heart of our CTParks, and that’s
why we call ourselves Parkmakers.
Part: 01
Executive
Summary
Development
Story
26
27
We FIND
LAND
GROUND WORKS
Starting a new industrial and logistics
park starts by identifying an optimum loca-
tion. We employ highly experienced in-house
teams, with a thorough understanding of the
sector and local market, to identify and
secure sites which can accommodate CTParks
that will satisfy the needs of global occu-
piers. Before groundworks begin, our teams
work closely with the local municipalities
to ensure infrastructure and permits are
in place.
Part: 02
28
29
We do it
in-house
GENERAL CONTRACTOR
Construction is at the heart of the
CTP business model. Acting as general
contractor allows for flexibility and
visibility through our in-house project
management, in addition to quality and
cost control from start to finish, and
allows us to swiftly adapt to client
or market requirements.
Part: 03
30
We BUILD
to last
THE façade
Because CTP is both developer and long-term
owner and operator of our properties, we
build our buildings to the highest techni-
cal specifications to ensure they serve the
needs of clients today, but also for the
future. Our standard building specifica-
tions always match or exceed insulation and
fire safety norms, which reduces our cli-
ents’ energy costs, thereby lowering their
overall costs of occupation and environmen-
tal impact.
Part: 04
32
OVER YOUR HEADS
All CTP buildings are built with solar-
ready rooftops, allowing CTP to install
solar panels either during construction
or later, depending on client requirements.
Rooftops are also designed with suffi-
cient skylights, high-quality insulation,
and drainage systems to both reduce energy
needs and allow for rainwater collection
and use.
Part: 05
We BUILD
smart
34
35
We shine
floors
SLippery when wet
Standard interior floors are laid to accom-
modate the long and heavy usage our clients
require. With a standard load capacity of
5 tn/sqm, the steel-fibre reinforced floors
are then sealed and machine finished to
ensure precision, dustless operation, and
a healthy work environment.
Part: 06
36
We move
fast
High spec warehouses
CTP builds high-quality industrial and
logistics warehouses built to BREEAM
Excellent or better. Each of our newly
developed warehouses incorporate highly
efficient LED lights, BMS and HVAC systems
to ensure low operating costs. Designed
for world-leading occupiers, our prime,
flexible warehouses accommodate different
sector needs, from high levels of automa-
tion to refrigerated storage centres.
Part: 07
38
FOR E-COMMERCE
E-commerce operations require generally
three times as much logistics floor space
to handle a broad range of products, as
well as various functions such as utilising
manual, semi- and fully automated systems
for picking and packing, sorting, and
returns.
Part: 08
We build
the future
40
41
for HIgh-TECH production
CTP buildings are designed to be
plug-and-play, allowing clients to
move in and get sophisticated machinery
installed and high-tech processes up
and running quickly.
Part: 09
We Fit
out
42
Part: 10
FOR Retail Food
The Covid pandemic increased the speed of
on-line ordering, pushing all businesses to
rethink their delivery strategies. CTP’s
inner city parks provide strategic loca-
tions for clients such as food retailers to
better serve their end customers with last-
mile delivery options.
We stock
shelves
44
FOR SMALL BUSINESS
CTP’s innovative CTBox concept provides
a small-footprint option which is ideal
for local companies on the rise, as well
as international companies entering a
new market.
Part: 11
We start
success
46
We HAND
OVER
long-term care
Because CTP is an owner/operator, our
client’s comfort is key. We view our
clients as our business partners and make
sure their new premises work for them so
they can focus on their core business.
Existing clients generate approximately
80% of new business, proving that our long-
term care is a true benefit: their growth
is our growth.
Part: 12
48
We Green
parks
LANDSCAPING
CTP’s Parkmaker philosophy underpins our
commitment to making enjoyable workplaces.
We masterplan our parks, incorporating a
wide variety of local grasses, trees and
shrubs, and design them to be sustaina-
ble—ensuring water is retained in the soil
while at the same time providing a relaxing
natural backdrop to the workplace.
Part: 13
50
We nuRture
parks
nature inclusive
Keeping the landscape healthy is best left
to nature. Increasing biodiversity creates
healthy biological ecosystems within and
around our parks, eliminating the use of
chemicals and fertilisers, and reducing the
impact on local water systems.
Part: 14
52
53
We power
parks
SolAR Farms
As all our newly built buildings are
equipped solar-ready, CTP already generates
6.1 MwP of energy through our existing
solar farms. Over the coming years, we plan
to expand our solar-energy generation
capacity across our markets, which helps
lower energy costs for our clients, but
also lowers their carbon footprint by using
clean energy sources.
Part: 15
54
We create
communitY
clubhaus
In 2021 we opened our second Clubhaus
community centre at our largest park,
CTPark Bucharest West. The Clubhaus serves
as the heart of a CTPark, where clients
and their employees can meet, enjoy a good
meal or visit the local doctor, or as a
place for a short meeting over coffee or
lunch. Its an ideal place for Park
managers to meet clients, or for clients
to meet local residents with job fairs,
sport days or training through events,
talks and lectures.
Part: 16
56
We make
spaces
Truly amenable
The Clubhaus concept is more than just an
amenity. Each Clubhaus is designed in a
modern, eclectic style which brings people
in for the good food, atmosphere, or just
to socialise—providing local companies a
new business opportunity.
Part: 17
58
Part: 18
AWARD WINNINg
Outside of our core business, CTP has a
successful track record of creating innner
city office parks in Brno, Czech Republic,
built to BREEAM Excelent or better and home
to many international BPO, R&D and software
companies. The success of our award winning
office parks is based on the same philosophy
we implement in our industrial parks:
to create the healthiest, most enjoyable
working spaces. We have piloted residential,
low-cost housing, co-working and clubhaus
concepts in our office parks, as well as our
zero-waste initiative and builidng to WELL
standards for employee health.
We know
how
60
We are Carbon
NEGATIVE
Part: 19
Negative is Positive
CTP took a visionary step in 2019 with the
purchase of a 100 Ha forest in the Czech
Republic, with a plan to own and manage
forests to match the size of our built port-
folio. CTP now owns and manages forests of
approx. 650 Ha. Over 2021, our forest preser-
vation replanting efforts were calculated to
have absorbed over 15 times the CO2 emissions
of our company operations. In 2021, CTP became
net carbon negative, which is a big plus!
62
We DO
CARE
Part: 20
CTP is a people business
Our people sit at the heart of what we do.
They are on the ground, part of the commu-
nities where we operate, and therefore have
insight into—and care about— the long-term
quality of local life. They work intimately
with our clients and local municipalities
to ensure that CTP delivers the superior
product, service, and local knowledge that
sets us apart.
64
We Went
public!
Doing the IPO
CTP has a 23-plus year track record of
profitable growth, based on a unique owner/
operator business model. In 2021, in
order to achive our 10 million sqm by 2023
business plan, we launched the company on
the public markets. Less than one year on,
we are further down the path to achieving
the targets we set for ourselves, ahead
of plan. We are happy to welcome new stake-
holders to share in our on-going success
story.
Part: 21
66
G E R M A N Y
N E T H E R L A N D S
D E N M A R
K
F R A N C E
S P A I N
SWITZERLAND
I T
B E L G I U M
BERN
BASEL
ZÜRICH
BRUSSELS
LUXEMBOURG
MADRID
BARCELONA
PARIS
LYON
MARSEILLE
LILLE
CALAIS
LE HAVRE
ANTWERP
LIÈGE
METZ
STRASBOURG
KÖLN
MILAN
TURIN
GENOA
ROTTERDA
AM
DAM
TE
ZEEBRUGGE
E
UTRECHT
ARNHEM
GRONINGEN
INNSBRUCK
MUNICH
STUTTGART
NÜRNBERG
FRANKFURT
DÜSSELDORF
DORTMUND
BREMEN
HAMBURG
HANNOVER
EINDHOVEN
AACHEN
AMSTERDAM
68
The Strategy of CEE Business Environment
Where We Operate
Starting in 1998, CTP began operations
in the Czech Republic and has expanded
throughout CEE, developing the CTPark
Network at strategic population centres
and on key transport and logistics lines
connecting the entire continent.
Our CEE strategy has paid off, due to
the region's GDP growth and continual
integration into Europe’s—and the
world’s—high-tech supply chains.
P O L A N D
C Z E C H I A
S L O V A K I A
H U N G A R Y
S E R B I A
B U L G A R I A
R O M A N I A
A U S T R I A
K
T U R K E Y
L I T H U A N I A
G
ALBANIA
NORTH
MACEDONIA
MONTENEGRO
C R O A T I A
SLOVENIA
BOSNIA AND
HERZEGOVINA
A L Y
SARAJEVO
PODGORICA
TIRANA
SKOPJE
COPENHAGEN
THESSALONIKI
ISTANBUL
KAUNAS
KLAIPÉDA
ZAGREBLJUBLJANA
ROME
NAPLES
TRIESTE
VENICE
S[#£
NtN[
KOŠICE
KATOWICE
tZS
qZ¢UV
OSTRAVA
BRNO
PLZEW
TIMIzOARA
ARAD
DEBRECEN
ORADEA
TRNAVA
¤AOAU
GYlR
GRAZ
LINZ
SALZBURG
CLUJ
tzZ
NOVI SAD
NIŠ
PLOVDIV
EDIRNE
MALMÖ
VARNA
BURGAS
CONSTAN¬A
:#VwN
CRAIOVA
DRESDEN
LEIPZIG
SZCZECIN
ROSTOCK
BERLIN
SOFIA
BRATISLAVA
VIENNA
BUDAPEST
BELGRADE
BUCHAREST
WAR SAW
PRAGUE
From the North Sea
to the Black Sea
Major Communications
Capital Cities
Major Towns
Ten-T Core and
Major Corridors
Business Regions
Core Markets
Expanding Markets
New Markets
69
70
Structural Tailwind: The Revolution of Retail
and the Growth of e-Commerce
As consumers continue to demand faster and more
convenient ways to acquire and receive goods, re-
tailers have been forced to review their global sup-
ply chains and introduce increasingly sophisticated
logistics networks to remain competitive.
This rise in online shopping and omnichannel re-
tail throughout all European economies was accel-
erated by Covid-19, with European online sales as a
proportion of total retail sales rising to 12.8% from
12.3% in 2020, and up from 9.4% in 2019.
Although the growth in online sales has begun to
stabilise as lockdown restrictions have eased, re-
search from RetailX shows that across Europe as a
whole, nearly 80% of consumers expect to maintain
or increase their level of online shopping over the
longer term. Equally, the percentage of individuals
shopping online varies signiicantly across European
markets, with many countries, such as Romania and
Bulgaria, still in their relative infancy, but which are
now growing rapidly from a low base. Therefore, as
levels of prosperity, urbanisation, digitalisation and
debit and credit card use increases, so to will the de-
mand for e-commerce/omnichannel retail shopping.
To successfully execute an online or omnichan-
nel retail model, 3PL’s require much larger, more
lexible, well-located logistics properties that can
accommodate their entire product range and en-
able them to deliver orders and manage returns
quickly and cost efectively.
Structural Tailwind: Supply Chain
Optimisation and Resilience
To improve margins and compete efectively, op-
erational eiciency has been high on the agenda
of corporates for many years. However, the pan-
demic, along with rising geopolitical trade threats,
has highlighted the need for supply chains to not
only be highly eicient, but also resilient to reduce
the impact of supply chain disruption.
To drive supply chain resilience, production and
manufacturing are increasingly being decentralised
and additional sourcing partners contracted. With
this trend of de-globalisation and regionalisation
expected to continue beyond the pandemic, occupi-
ers are actively seeking to move production, assem-
bly, and sourcing activities closer to key consumer
markets and hold higher levels of inventory to pro-
vide a security bufer.
To reduce risks to their supply chains, occupiers
increasingly require modern, high-quality, strate-
gically located logistics and distribution assets in
CEE. To accommodate automation and increased
levels of stock, they also require large assets with a
signiicant power supply and afordable work force
within close proximity.
Therefore, future supply chains are expect-
ed to be increasingly routed through CEE, or even
originate from it, as the region beneits from ad-
vantageous characteristics that are relevant for
optimising supply chains. For example, the region
is ideally situated from a geographical perspective,
delivering access to the whole of Europe from a
cost-efective location facilitated through modern
logistics infrastructure and excellent connectivity,
as well as beneiting from major transportation
axes close to Europe’s largest markets with high
purchasing power.
Equally, in terms of industrial activity, the region
boasts high-end manufacturing qualities, in lo-
cations close to university cities with access to a
highly skilled workforce. Favourable labour costs
further contribute to cost-efective manufactur-
ing and assembly. This is why CEE is an attractive
region for companies seeking to take advantage of
near-shoring, near-sourcing and re-shoring parts
of their production and distribution chains.
Our industry is underpinned by long-term structural drivers, many of
which have been signifi cantly accelerated as a result of the Covid-19
pandemic. From the rise in e-commerce to supply chain optimisation,
the impact of these trends on occupier demand for logistics and light
industrial commercial real estate has been profound.
Our Market
Executive
Summary
Our Market
SHARE OF E-COMMERCE AS A PERCENTAGE
OF RETAIL SPEND ACROSS EUROPE –
WESTERN EUROPE VS. CEE
This graph shows that ecommerce growth
is common among all markets (bottom) in
WE and CEE with some catchup to do in CEE.
UK and CZ are outliers where CZ especially
is higher than WE average.
Selected
Western European
Countries
CEE Avg.
Czech Republic
9
Hungary
Poland
Slovakia
Romania
Bulgaria
Germany
France
United Kingdom
Netherlands
Denmark
Republic of Ireland
Spain
Italy
0
10
20
0
5
10
15
20
25
30
% Growth 2016-2021 % 2021
28
16
15
15
14
13
8
8
15
10
9
8
5
4
13
30
Western Europe Avg.
Source: GlobalData, Cushman & Wakefi eld
CEE: including BG, CZ, HU, PL, RO, SK
71
TOTAL HOURLY COMPENSATION
IN MANUFACTURING (in €)
* CEE includes Czech Republic, Slovakia,
Hungary, Romania, Poland, Serbia, Bulgaria
** Western Europe includes UK, Germany,
Portugal, Spain, France, Italy, Belgium,
Netherlands, Austria, Denmark
MACROECONOMIC INDICATORS FOR KEY EUROPEAN AND CEE COUNTRIES
Structural Tailwind: Economic Outlook
for CEE is Very Favourable
While the regions’ macro-economic performance
was initially dominated by the impact of Covid-19
in 2021, vaccine rollouts ultimately led to countries
easing lockdowns and starting the economic recov-
ery phase following the pandemic. Notwithstanding
the impact of the pandemic, CEE has demonstrated
strong GDP performance relative to western Euro-
pean economies and is forecasted to continue that
trajectory.
Given that the base from which CEE hourly compen-
sation rates is quite low, the outlook for the medi-
um term compares very favourably to the western
European rates in absolute terms. Equally, regional
development is also forecast to result in the contin-
uation of high e-commerce growth factors, as CEE
consumers are expected to increasingly shop online.
In conclusion, along with an appropriately skilled
workforce, these various demographic and economic
drivers in CEE will continue to fuel demand for logis-
tics and industrial assets.
Variable
CEE
*
Western
Europe
**
Source
Total Hourly Compensation
in Manufacturing
€ 5.90 € 20.00
IMD, BCI Global,
WIIW, 2021
GDP per Capita Forecast 2022-2026 CAGR
8.02% 5.06%
IMF, 2021
E-Commerce Revenue 2021-2025 CAGR
14.90% 12.80%
Statista, 2022
Population
96,719,000 379,124,000
World Bank, 2022
* CEE includes Czech Republic, Slovakia,
Hungary, Romania, Poland, Serbia, Bulgaria
** Western Europe includes UK, Germany,
Portugal, Spain, France, Italy, Belgium,
Netherlands, Austria, Denmark
0
5
10
15
20
25
30
Germany
UK
Czech Republic
Slovakia
Hungary
Romania
Poland
Serbia
Bulgaria
7.5
20
25
19
5.9
CEE
*
Western
Europe
**
Source: IMD, BCI Global, WIIW, 2021
72
GDP PER CAPITA FORECAST
2022-2026 CAGR (in %)
ANNUAL GDP GROWTH WESTERN
EUROPE AND CEE (2016–2026)
(in %)
0
-5
5
10
15
0
-5
5
10
15
2022 2023 2024 2025 20262016 2017 2018 2019 2020
2021
3
2
13
9
8
7
-3
6
-2
4
14
12
* Weighted average taken from the follow-
ing countries: Czech Republic, Slovakia,
Hungary, Romania, Poland, Serbia, Bulgaria
** Weighted average taken from the fol-
lowing countries: UK, Germany, Portugal,
Spain, France, Italy, Belgium, Nether-
lands, Austria, Denmark
CEE
*
0
2
4
6
8
10
Germany
UK
Western
Europe
**
8.02
5.06
Czech Republic
Slovakia
Hungary
Romania
Poland
Serbia
Bulgaria
CEE Western EuropeSource: IMF, 2021
Source: IMF, 2021
73
2018 2019 2020 2021
The Profound and Positive Eefect on Distribution
and Logistics Commercial Real Estate
The underlying trends, including growth of e-com-
merce and the need for supply chain optimisation
and resilience, combined with the attractiveness of
the region, are clearly visible in the performance of
the logistics and light industrial real estate market
in the CEE region in 2021.
Rising Occupational Demand
Occupational demand grew exponentially, with
new completions unable to keep pace, resulting in
a signiicant drop in vacancy levels. These, in turn,
have been driving rental values upward, the extent
of which has been softened only by continued yield
compression across the CEE region.
The appeal of the western part of both the Czech
Republic and Poland for XXL distribution ware-
houses resulted in record high take-up in both coun-
tries. Furthermore, the appeal of the largest capi-
tal cities with the highest purchasing power as the
main location of regional distribution centres was
also clearly visible in the strong growth in take-up in
2021, especially around Budapest. Equally, Bucha-
rest continued to develop itself into a logistics hub
for southeast Europe, while also beneiting from
cost efective and skilled labour.
Constrained Supply is On-going
Vacant space, especially in Romania, Poland and in
the Czech Republic, decreased signiicantly during
2021. The only country recording a small increase
was Hungary. Its vacancy rate of 3.2% is, however,
still below the average of 3.9% for the CEE region.
As a consequence, prime rents showed an up-
ward trend, especially in the Czech Republic where
an increase of more than 20% was recorded. Again,
this can also be explained by the drop of the vacancy
rate to just 1.6%.
NET TAKE-UP IN CEE BY COUNTRY
2018-2021 (in sqm)
0
1,000,000
5,000,000
9,000,000
8,000,000
7,000,000
6,000,000
CZ
PL
RO
SK
HU
*
VACANCY RATES IN CEE BY COUNTRY
2018-2021 (in %)
2018 2019 2020 2021
0
1.0
5.0
2.0
9.0
10.0
8.0
7.0
4.0
6.0
3.0
HU
CZ
PL
RO
SK
* Hungary only includes the Greater
Budapest Region
Source: CBRE Source: CBRE
74
PRIME RENTS IN CEE BY COUNTRY
2018-2021 (in € per month)
Strong Investment Demand
Very strong investor interest in logistics/light in-
dustrial real estate and record levels of invest-
ment helped fuel further yield compression across
the CEE region. All in all, the yield compression in
the CEE region was approximately 40 bps stronger
in comparison with western European yield com-
pression.
PRIME LOGISTICS YIELDS IN CEE
BY COUNTRY 2018-2021 (in %)
2018 2019 2020 2021
CZ
PL
SK
HU
RO
4.00
4.50
6.50
5.00
8.50
8.0
7.50
6.00
7.00
5.50
2018 2019 2020 2021
3.00
3.50
5.50
4.00
6.50
7.00
5.00
6.00
4.50
CZ
SK
PL
RO
HU
Source: CBRE Source: CBRE
75
Our business model is designed to deliver positive
long-term outcomes for all our stakeholders.
Executive
Summary
Our Business
Model
Our Business Model
Our key inputs/assets
and resources
Locally based, Expert Professionals
Specialised, with extensive experience
and broad perspectives
Motivated teams achieve their potential
Entrepreneurial and cohesive culture
Long-term Relationships
Clients
Suppliers and sub- contractors
Community partners
Local authorities
Our Portfolio
One of Europe’s largest high quality industrial
and logistics real estate portfolios
Formidable landbank largely located adjacent
to existing CTParks
Financial Strength & Capital Management
Diversiied sources of capital
Investment Grade Credit Rating
Capital allocation based on disciplined
investment selection
What we do/
key activities
Development
Our focus on client-led development delivers
sustainable and adaptable buildings at an
attractive Yield on Cost
Investment Activity
Adding strategically important assets to
the portfolio:
Replenish land bank
Income-producing properties
Asset Management
Understanding our clients helps us deliver
industrial and logistics properties and leases
to meet their requirements, thereby growing
our predictable income streams and
accreting value
76
Our key differentiators/
Value drivers
Fully integrated Operational Platform
Full control over all parts of our value chain,
from land scouting to asset management
and client coverage
Central Group functions provide in-house
support to CTP’s country teams
Parkmaking
Creating business ecosystems as positive
environments where clients and their
employees thrive
Standardised spectrum of 5 building types
supports lexibility to meet evolving tenant
requirements
Connecting to local communities to
deliver social and economic value
Sustainability as part of our DNA
Dedicated to minimising impact on
environment
Our Clients
High-quality, sustainable, and lexible
industrial and logistics space developed
and managed to support our clients
ambitions
Our people
A dynamic and inclusive workplace, where
our teams are motivated, empowered and
well-positioned to achieve their full potential
Our Communities
Pro-active engagement and collaboration
which generates social and economic value
and supports wellbeing
Our Shareholders
Growing long-term sustainable income
Value accretion
Positive outcomes for
all stakeholders
77
78
We seek to create long-term, sustainable value
for our shareholders and in the wider communities
where we operate by:
1. Focusing on Disciplined and Proitable Growth
CTP focuses on delivering market-leading, self-gen-
erated growth through its established, fully inte-
grated operating platform. While taking an informed
and disciplined approach to capital allocation, we
combine our efective and eicient capital structure,
in-depth knowledge of local markets and meaningful
insights into customers’ needs.
This enables us to actively manage and expand
our high-quality investment portfolio, with the ob-
jective of securing long-term and growing income
streams, while generating attractive capital value.
Since 1998, we have assembled one of continental
Europe’s largest industrial and logistics real es-
tate portfolios. We actively evaluate and manage
our CTParks and collaborate with our occupiers to
identify and then execute asset management initi-
atives, which preserve and enhance the investment
portfolio’s long-term performance.
We control a substantial land bank strategi-
cally located in all our core markets, the majority
of which is situated in or around our established
CTParks. Here we can develop sustainable, best-
in-class logistics and industrial space. We develop
ive distinct property types to accommodate a va-
riety of businesses, each of which incorporate the
capacity and lexibility to accommodate the future
growth our clients. Our customer-driven approach
to growing our portfolio supports a lower-risk ap-
proach to development, with most of our develop-
ments pre-let to contracted occupiers. Our proven
operating model allows us to grow the investment
portfolio at a highly attractive Yield on Cost of more
than 10%.
We constantly replenish the land bank to extend the
timeframe across which we can develop new prop-
erties and CTParks, to safeguard our ability to ex-
pand and deliver future returns.
CTP also invests in income-producing assets
where it sees a strategic imperative to do so. This
will either be in response to a customer’s require-
ment, as a strategic in-ill related to existing CTP
properties, or to provide the company with a foot-
hold into a new country. The strength of our rep-
utation and network enables us to conclude most
of these acquisitions of-market and have these be
accretive to income.
2. Taking a Sustainable Long-term
and Innovative Approach
Integral to our ability to generate sustainable i-
nancial value is our capacity to develop and manage
assets that beneit from a long-term economic life,
whilst having a positive environmental and social
impact in the locations in which we operate. There-
fore, ESG sits at the heart of our ‘Parkmakers’ con-
cept, which has resulted with our current 7.6 million
sqm portfolio becoming the most environmentally
sustainable network of connected industrial and
logistics parks in Europe.
To continue to progress in meeting our ESG ob-
jectives, the Group is establishing a dedicated ESG
function. CTP’s overall ESG strategy is based on
four guiding principles: (i) neutralising greenhouse
gases, (ii) embedding parks, (iii) stimulating social
impact & well-being and (iv) conducting our busi-
ness with integrity. These principles support ten of
the 17 United Nations Sustainability Development
Goals (UN SDG).
To minimise CO emissions during the development
phase we take an innovative approach to the con-
struction process. Upon completion, all new devel-
opments target a BREEAM rating of “Excellent” or
better, incorporating industry-leading technologi-
cal and environmental speciications to ensure that
they minimise their impact on the environment.
To date this approach has allowed CTP to attract
capital at favourable terms and become one of the
largest European real estate Green Bond issuers,
thereby optimising our capital structure by signif-
icantly lowering the Group’s cost of debt.
Looking forward, in addition to investing in so-
lar capacity to generate green electricity, a stra-
tegic priority for the Group is establishing an en-
ergy management platform based on self-generat-
ed electricity.
This platform will be overseen by a dedicated En-
ergy Management function responsible for operat-
ing our in-house renewable energy activities, which
we can ofer to our new and existing customers.
The Group increasingly considers acquiring
brownield sites and covered land plays for rede-
velopment, which drives local economic prosperity
through job creation, while repurposing existing
sites in an environmentally efective manner. How-
ever, CTP goes beyond this by seamlessly inte-
grating its parks into surrounding landscapes and
communities, making CTParks an attractive place
to work for the employees of our tenants. Our
CTParks aim to ofer facilities where they can so-
cialise and meet for business purposes (such as in
our Clubhauses), but also exercise (in our leisure fa-
cilities). They can even visit a medical aid centre at
our parks or charge their electric vehicles.
Executive
Summary
Business
Strategy
Our Business Model describes what we do as a business and our Strategy
describes how we do it. Our strategy operates within the context of
our purpose, our culture, our business model, and the highly-sustainable
approach we take to doing business. Our motto is: “Your growth is
our future”.
Sustainable, Long-term
Value Creation
3. Leveraging Excellent Teams
and Entrepreneurial Culture
The Group's fully integrated operating platform in-
corporates our Group function “CTP International”,
our top-30 leadership team and over 520 commit-
ted employees. Our team’s proven expertise and
comprehensive market intelligence form the core of
our competitive advantage and our ability to provide
shareholders with superior and sustainable returns.
Equally, our Group’s dynamic and agile culture—
its committed "hands-on" and "can do" approach—
combined with our team’s energy and passion, are
integral to CTP and our ability to grow and suc-
cessfully execute all elements of our strategy. We
therefore prioritise investing time and inancial re-
sources into attracting, retaining, developing, and
motivating talented employees based in local mar-
kets, using our dynamic, purpose-led culture to in-
spire and motivate.
This approach ensures that our customers re-
ceive superior product and best-in-class service,
that our pragmatic, commercially minded teams
located in the heart of each of our markets are em-
powered to enable fast, eicient decision making
and deliver operational results, which in turn gener-
ates value for all stakeholders.
4. Prioritising Our Relationships and Reputation
Our relationships and reputation among those with
whom we engage provide a signiicant competitive
advantage, which further enhances performance
and our ability to secure opportunities for future
growth. We take a long-term and mutually benei-
cial approach, not only with our colleagues as de-
scribed above, but also our customers, local com-
munities, investors, and broader stakeholders.
We originate most of our new business from our
existing customers, which is a testament to the
long-term, collaborative relationships that we have
developed with them over the course of the past
two decades.
Over the last two decades, within our core mar-
kets, we have cultivated strong relationships within
our own supply chain—from the suppliers of build-
ing materials to subcontractors. These enduring
partnerships promote the seamless, cost-efective
and eicient completion of our development pro-
grammes.
We know that what we do will impact the envi-
ronment where we co-exist with our surrounding
communities. Our partnership approach and pro-
active engagement with communities, local author-
ities and municipalities ensure that the value we
deliver goes well beyond the inancial returns for
shareholders; it extends to delivering economic and
social value to our wider ecosystem in the long run.
As a newly listed entity, the interests of our new
shareholders are a key priority. Our transparent
approach and open dialogue explaining who we are,
how we deliver proitable growth and value accre-
tion is integral to their longer-term support.
Where We Operate
As at 31 December, CTP operated in ten CEE mar-
kets. These include the Group’s Core Markets of the
Czech Republic, Slovakia, Hungary and Romania,
where it is market leader in terms of owned GLA,
with a growing market share of 27.5%.
In recent years CTP has followed clients into
what it refers to as its Expansion Markets, which
includes Poland, Serbia and Bulgaria. More recently
the Group has expanded into Austria, the Nether-
lands and in early 2022, it made the strategic move
into Germany.
These New Markets enable CTP to service its
clients from the North Sea to the Black Sea along
all main European transit routes.
Focusing on Disciplined
and Proitable Growth
Taking a Sustainable Long-term
and Innovative Approach
Leveraging Excellent Teams
and Entrepreneurial Culture
Prioritising Our Relationships
and Reputation
1
2
3
4
Proitable &
Exponential Growth
Sustainable
& Innovative
Entrepreneurial
& Driven
Responsible
& Connected
79
CTP International is supported by a talented
pool of bright, young property professionals.
With its HQ in Prague, the international
team provides strategic and administrative
services to all markets.
80
82
Strategic Operational
Delivery
2021 in Review
2021 in Review
CTP generated positive momentum in 2021, as the Group rigorously
delivered across every element of its strategy and further strength-
ened the foundations of its business to ensure that it is well
positioned for future performance.
Over the course of the last 23 years, CTP has grown
into one of continental Europe’s leading industrial
and logistics real estate companies, developing,
owning and managing a high-quality portfolio of as-
sets in over 120 locations spanning nine countries
and serving over 750 clients. The scale and quality
of its highly diversiied investment and development
portfolio underpins CTP’s ability to deliver resilient,
growing cash lows and attractive capital value over
the longer term.
The Group seeks to leverage its long estab-
lished, scalable operating platform and deliver con-
trolled organic growth, primarily through tenant-led
development on its sizeable land bank, the majori-
ty of which is in the vicinity of the Group’s existing
large multi-use logistics and industrial CTParks.
This growth is supplemented with considered, tac-
tical income-producing acquisitions in its existing
markets.
In an increasingly competitive market, the
Group’s “Parkmaking” expertise and vertically inte-
grated operating platform is integral to its ability
to execute its strategy and deliver growth and per-
formance across its market-leading portfolio situ-
ated throughout CEE.
Focusing on Disciplined and Proitable Growth of
Our Network of CTParks
The Group increased the size of its investment
portfolio to 7.6 million sqm GLA from 5.9 million
sqm during the year, approximately 500,000 million
sqm more than anticipated at IPO. CTP completed
900,000 sqm of development and acquired 835,000
sqm of strategic assets, which drove the growth in
GLA and made a strong contribution to the 41% up-
lift in the value of investment property, to €7,575
million (31 December 2020: €5,386 million).
The value of CTP’s strategically located and
high-speciication industrial and logistics parks
continued to increase during 2021 despite uncer-
tainty caused by the on-going pandemic. The port-
folio’s end-of-year valuation, at an average yield of
the portfolio of 6.4% compared to 6.9% in 2020,
relected signiicant investor demand for industrial
and warehouse assets across Europe.
CTP beneits from irst-mover advantage and
established scale in its four Core Markets, which
together represent 94% of the Group’s total GLA.
It remains the largest owner of industrial and logis-
tics real estate assets in the Czech Republic, Ro-
mania, Hungary, and Slovakia with a market share
at year-end of 27.5% (31 December 2020: 23.9%),
as measured by in-place GLA. The strength of its
market share illustrates that the Group has be-
come partner of choice for industrial and logistics
occupiers in key CEE markets. CTP continued to
make strong progress within its Expansion Markets
of Poland, Serbia and Bulgaria, where it aims to se-
cure a competitive market position within the next
three to ive years.
Source: CBRE
OWNERSHIP SHARE (in %)
CTP increased overall GLA market share in
each of last four quarters
CEE MARKET PLAYERS
(in %)
In-Place GLA Share Leasing Take-Up Share (%)
24.9
25.4
27.4
25.1
33.9
30.8
23.6
42.8
23.9
24.0
Q4 2020 Q1 Q2 Q3 Q4
2021
CTP
Others Combined
Next Three
Competitors
Combined
33.8%
28.2% 38.0%
THE DISCIPLINED EXPANSION OF OUR NETWORK OF CTPARKS IN 2021
HISTORICAL GLA GROWTH
(in million sqm)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0
8.01.7
0.8
0.5
0.5
4.5
2017 2018 2019 2020 2021
GLA GROWTH BY COUNTRY Y-O-Y
(in million sqm)
Core Markets Expansion Markets New Markets
8.0
0.8
0.9
6.3
9.0
8.0
7.0
6.0
5.0
GLA 2020 Portfolio
Developments
Portfolio
Acquisitions
GLA 2021
in million sqm
2021 Total
83
Tenant-led Development Continues to Deliver
Market-leading Capital Growth
CTP has been the leading developer in the CEE
region and has a longstanding track record deliver-
ing sustainable growth through disciplined and prof-
itable development. Some 60% of the Group's land
bank is in the vicinity of its existing, well-established
parks, which typically provides development land
with the beneit of zoning. This allows the Group to
mitigate development risk and respond swiftly to
expansion requirements of existing clients.
In 2021 demand from clients, either expanding
operations within their current location or sign-
ing a new lease on space elsewhere in the CTPark
Network, represented 80% of new development
leases (by sqm), compared to 65% of new leases
arising from existing clients in 2020.
CTP completed 900,000 sqm of high-quality
developments during the period (31 December 2020:
585,000 sqm), of which 98% are let, in line with ex-
pectations. The Group’s Yield on Cost for the whole
portfolio remained strong at 11.0% compared to
11.6% as at 31 December 2020, well exceeding its
target of over 10% in spite of continued cost/price
inlation and shortages of construction materials.
PASSING RENT DEVELOPMENT
DURING 2021 (in € million)
YIELD ON COST
(in %)
500
450
400
350
300
250
200
150
100
50
0
437
7
39
34
13
344
2020 Upside Own Acquisitons Projects not 2021
from 2020 development standing
2018 2019 2020 YE 2021
10.80
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
0
13.50
11.60
11.00
84
THE DISCIPLINED EXPANSION OF OUR NETWORK OF CTPARKS IN 2021
OWN DEVELOPMENTS
DELIVERY PER QUARTER, BY MARKET
(in thousands sqm)
8,000
7,000
6,000
5,000
YE 2020 Q1 Q2 Q3 Q4 YE 2021
181
151
534
Core Markets Expansion Markets
34
7,200
6,300
OWN DEVELOPMENTS
UNDER CONSTRUCTION PRE-LET,
Y-O-C, PER QUARTER
(in thousands sqm)
960
100%
80
60
40
20
0
1,200
1,000
800
600
400
200
0
740
1,190
79%
44%
11.00% 11.00%
YE 2020 Q1 Q2 Q3 YE 2021
GLA Under Construction YOC PRE-LET
1,080 1,070
in thousands sqm in thousands sqm
73%
70%
63%
11.50%
11.60%
11.80%
85
WAULT TO EXPIRY
(years)
TENANT RETENTION
(in %)
LIKE FOR LIKE / RENTAL GROWTH
(in %)
OCCUPANCY
(in %)
95.0
100
90
80
70
60
50
40
30
20
10
0
95.0
94.0
95.1
2018 2019 2020 YE 2021
1.5
1.4
1.5
1.6
2018 2019 2020 YE 2021
1.70
1.65
1.60
1.55
1.50
1.45
1.40
1.35
1.30
86.0
94
92
90
88
86
84
82
80
78
83.0
92.0
92.0
2018 2019 2020 YE 2021
5.4
8
7
6
5
4
3
2
1
0
5.4
6.0
6.7
2018 2019 2020 YE 2021
86
Delivering Resilient and Growing Income Streams
CTP delivered a 27% increase in the Group’s an-
nualised rental income, which was €437 million at
year-end (31 December 2020: €344 million), as a re-
sult of the growth in size of its investment portfolio
and strong leasing activity. Income growth secured
in 2020, including a like-for-like increase in rent of
1.6%, as well as new rent commitments from com-
pleted developments, contributed approximately
€50 million of new efective annualised rent during
the year. Completed acquisitions added a further
€39 million of annualised rent.
The income streams generated by CTP’s
high-quality 7.6 million sqm owned portfolio are
underpinned by a wide and diversiied international
tenant base of blue-chip companies from a broad
range of industries. These include manufactur-
ing, high-tech/IT, automotive, e-commerce, retail,
wholesale, and distribution third-party logistics.
This tenant base represents a solid balance be-
tween diversiication and concentration for the
Group, with no single tenant accounting for more
than 3% of its annual rent roll. CTP’s top-twenty
occupiers account for 24% of its annual rent roll,
with 61% of the portfolio’s Gross Rental Income
generated in the Czech Republic, the Group’s most
established market.
The long-term security of the Group’s income is ev-
ident in the weighted average unexpired lease term
(WAULT) of its investment portfolio, which was
6.7 years at the period end, up from 6.0 years at
31 December 2020. Most of this robust and diver-
siied income stream also beneits from contracted
annual growth. All of CTP’s new lease agreements,
since early 2020, include a double indexation clause,
which calculates annual rental increases as the
greater of (i) a ixed increase of 1.5%–2.5% per an-
num or (ii) the local Consumer Price Index.
RECIEVABLES COLLECTION RATE
(in %)
100
80
60
40
20
0
98.0
YE 2021 YE 2020
98.0
87
Supporting Existing and Potential New Clients
Future Expansion
CTP controls a prime land bank totalling 17.8 million
sqm (at 31 December 2021) across all its markets,
which ofers development potential to more than
double the current GLA of approx. 8 million sqm.
This scale leaves the Group well positioned to contin-
ue to meet the on-going demand of its existing and
potential new customer base (31 December 2020:
12.6 million sqm). This continued demand is under-
pinned by structural tailwinds, such as the growth of
e-commerce, digitalisation and near- and on-shoring
as described in the Market section of this report.
The Group replenishes and grows its land bank
and targets an annual spend of approximately €150
million. It sources and acquires sites in key areas
around logistics hubs with strategic development
potential or in locations suitable for industrial man-
ufacturing. CTP focuses on acquiring development
sites that are in sought-after locations within prox-
imity to strong logistics hubs and transport corri-
dors and large, densely populated cities.
The Group responded to the acceleration of the
structural drivers in its markets and invested €193
million to expand its land bank in 2021, focusing
particularly on acquiring sites within its Expansion
and New Markets. This compares to €13 million
in land bank acquisitions over the course of 2020.
The Group made ive land acquisitions of note, pur-
chasing 360,000 sqm of land adjacent to Schiphol
Airport in the Netherlands; 99,000 sqm of land in
Austria; two sites in Warsaw totalling 380,000
sqm; and one plot of 180,000 sqm close to Poland’s
western border with Germany.
CTP’s substantial land bank for logistics and
industrial property development is either held di-
rectly in ownership or controlled by way of exclusive
long-term option agreements. It has exclusive op-
tion agreements in place for land until an appropri-
ate zoning arrangement suitable for industrial and
logistics property development is granted. CTP can
typically exercise such option agreements once the
appropriate zoning is received, which is an efective
risk management approach, as it delays the Group’s
capital deployment until development potential be-
comes more certain. In general, these options re-
quire a small down payment, thereby signiicantly
lowering the amount of capital needed to secure the
control over the site. These option agreements rep-
resent 32% of the Group’s land bank.
The land bank revaluation in 2021 was €43 mil-
lion (2020: €10 million). The total land bank as part
of the Investment Property is valued at €527 million
(2020: €326 million).
LAND BANK DEVELOPMENT 2020-2021
(in million sqm)
Under Ownership Under Option
in million sqm
20
15
10
5
0
YE 2020 Acquired Land bank Land bank Options Disposals YE 2021
(including transferred transferred transferred
exercised to/from IP from/to IPuD to ownership
options)
17.8
9.6
0.2
-1.9
-1.9
-0.8
12.6
88
LAND BANK 2021 BY MARKET GROUP
(in million sqm)
Core Markets
New
Markets
Expansion
Markets
LAND BANK 2021 BY COUNTRY
(in million sqm)
Others
0.1
RO
2.9
SK
1.7
NL
1.3
CZ
5.9
HU
3.3
PL
1.3
RS
0.6
AT
0.4
BG
0.4
13.8
2.3
1.7
89
GLA UNDER CONSTRUCTION YE 2021
(in sqm)
CZ
292,000
31%
SK
89,000
AT
85,000
HU
134,000
RO
172,000
RS
89,000
18%
10%
14%
PL
96,000
9%
9% 9%
GLA UNDER CONSTRUCTION YE 2021
(in sqm)
New Markets
85,000
9%
19%
Core Markets
687,000
72%
Expansion
Markets
186,000
90
The Strategic Acquisition of Income-producing
Assets
CTP also acquires strategically important accre-
tive income-producing assets where it sees an im-
perative to do so. These acquisitions will either be
in response to a customer requirement, adjacent to
existing CTP properties, or to provide the Company
with a foothold in a new country.
The Group accelerated its acquisition pro-
gramme in 2021 in response to positive market
dynamics and purchased a total of 835,000 sqm
of assets for €554 million. These acquisitions add-
ed scale to the business, mainly in Czech Republic,
Romania, Hungary, Slovakia and the Netherlands.
The strength of the Company’s reputation and
established network of relationships enabled it to
make most of these acquisitions of-market. The
purchases are accretive to the Company’s existing
investment property portfolio with an average yield
of 7.1%, compared to CTP’s portfolio yield of 6.4%
(at 31 December 2021).
Protecting and Enhancing both Income
and Capital Value
CTP leverages the synergies between its develop-
ment expertise and its asset management exper-
tise by remaining the long-term owner and provider
of property management services following practi-
cal completion of an asset, thereby closely aligning
the Group’s interests with those of its clients and
surrounding communities.
The Group continuously evaluates and proactive-
ly manages its properties and parks to preserve
and enhance the long-term performance of the its
portfolio. It has dedicated teams that use their in-
sights, customer relationships and entrepreneur-
ial culture to collaborate with occupiers to iden-
tify and execute asset management initiatives.
These initiatives include actively leasing any vacant
spaces, agreeing rent reviews, securing lease
renewals, improving sustainability credentials, and
delivering building extensions.
The Group has maintained low vacancy rates of
5% (31 December 2020: 6%), achieved high cus-
tomer retention rates of 92% during the period
(31 December 2020: 92%), and grew its rent roll to
€437 million, capturing the reversionary potential
inherent in the portfolio as a result of its active ap-
proach to managing the portfolio. The portfolio’s
WAULT is 6.7 years (31 December 2020: 6.0 years),
and rent collection saw 98% of payments being re-
ceived before falling due (31 December 2020: 98%).
The Company’s strong and long-standing occu-
pier relationships underpin retention and repeat
leasing activity. It has achieved rents up to 25%
higher than recorded at the end of 2020 in its Core
Markets, such as the Czech Republic, demonstrating
the underlying market fundamentals of strengthen-
ing demand combined with constrained supply.
DEVELOPMENT PIPELINE, YE 2021,
YEAR OF DELIVERY (in sqm)
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2022 2023 2024
912,000
32,000
14,000
91
BUILDINGS BY TOTAL SIZE
SHARE OF BUILDINGS GLA (in %)
15%
57%
28%
Over 40,000
10,000 – 40,000
Less than 10,000
PORTFOLIO BY TENANT INDUSTRY
(in % GLA)
REVENUE BY BUILDING USE
(in % GRI)
100
90
80
70
60
50
40
30
20
10
0
2018 2019 2020 2021
84%
85%
86% 86%
Production & WareHousing
Warehousing
& Logistics
Manufacturing
Automotive
Other
Offi ce
Third-Party Logistics & Distribution
Total Exposure to WarehousingOther
50%
7%
21%
22%
92
Top 20 Clients
THE TOP 20 CLIENTS
TOP 20 share of rented 23%
GLA as of YE 2021
TOP 20 share of GRI, 2021 24%
Rank Tenant Buildings Parks GLA
(in thousands sqm)
1 Yanfeng 8 3 149
2 DHL 13 9 144
3 Quehenberger 11 5 136
4 Loxxess 2 1 113
5 DSV 8 4 111
6 DeliHome 20 1 104
7 Primark 1193
8 Raben 12 12 93
9 Faurecia 7691
10 Schenker 10 7 78
11 Maersk 1176
12 Honeywell 6276
13 Brembo 3166
14 WistronInfoComm 1165
15 Bridgestone 1162
16 JV Europe 4459
17 International Automotive Components 4257
18 Thermo Fisher Scientific 2157
19 ProfiRom Food 2156
20 Tech Data Distribution 1154
1,740
93
Top 10 Parks
Total top 10 Portfolio % of portfolio
Land bank
2,172 17,830,657 12.18%
GLA
3,628 8,009,128 45.30%
Tenants
334 750 44.53%
Under Construction
169,229 957,780 17.67%
Wault (yrs)
6.35 6.7 –
Occupancy
93.90% 95.10% –
Buildings
182 534 34.08%
Growth Opportunity
977,576 8,023,795.65 14.20%
TOP 10 PARKS KEY DATA
1 In thousands sqm.
3. CTPark Bucharest
544
1. CTPark Bucharest West
747
2. CTPark Bor
554
GLA 2020 GLA 2021 Fully Built-out Landbank
94
Rank Park GLA 2020 GLA 2021 Share
of GLA
(%)
Under
construction
GLA 2021
Adjacent
landbank
2021
Wault
(yrs)
Occu-
pancy
(%)
Total
proper-
ties
1 CTPark Bucharest West 661 747 9% 15 1,301 5.19 89% 16
2 CTPark Bor
415 554 7% 60 155 7.41 98% 12
3 CTPark Bucharest
496 544 7% 11 206 4.23 92% 40
4 CTPark Brno
494 503 6% - 299 6.90 98% 26
5 CTPark Ostrava 374 388 5% - 20 9.20 96% 28
6 CTPark Budapest West 196 228 3% 54 46 5.16 89% 13
7 CTPark Modřice
201 208 3% - 27 4.71 94% 19
8 CTPark Budapest East 103 182 2% 21 8 6.22 99% 6
9 CTPark Hranice
153 152 2% - 89 8.30 92% 6
10 CTPark Bratislava
117 124 2% 8 21 4.05 97% 16
Total 3,210 3,630 45% 169 2,172.4 182
THE TOP 10 PARKS
make up 45%
(GLA of our portfolio)
are home to 45%
of our over 750+ clients
and can still grow
with over 1.1 million sqm GLA
developement opportunity
The top 10 parks represent the core of
the CTPark Network. They are thriving
business communities with a dynamic
mix of clients from a broad range of
industries.
1 In thousands sqm.
4. CTPark Brno
503
5. CTPark Ostrava
388
in thousands sqm
7. CTPark Modřice
207,
10. CTPark Bratislava
124
6. CTPark Budapest West
228
8. CTPark Budapest East
182
9. CTPark Hranice
152
95
96
Placing Sustainability and Innovation
at the Core of What We Do
CTP has sought to be responsible for the impact
of its developments and operational assets on the
environment and surrounding communities since its
inception and places the delivery of meaningful value
for all stakeholders at the heart of its “Parkmaking”
philosophy.
It develops properties with a view to holding
and operating them over the long term. It incorpo-
rates high standards of sustainability in both con-
struction and operations as an integral part of the
Group’s strategy, which is a key diferentiator when
attracting high-quality customers. CTP is the only
major pan-European industrial and logistics real es-
tate company with a 100% BREEAM-certiied port-
folio of “Very Good” and better as a result.
CTP applies its “Parkmaking” expertise to add
strategic value to its customers, together with
economic and social value to its surrounding com-
munities. It does not just develop and own ener-
gy-eicient buildings but also plays an integral role
in supporting the well-being of local populations,
providing space and services within CTParks, such
as our Clubhaus concept, leisure, educational and
medical facilities for all local stakeholders to use
and enjoy.
The Group established a dedicated ESG function
in 2021 to continue towards meeting its sustaina-
bility objectives. The ESG team has deined CTP’s
overall ESG strategy, encompassing the four pillars
of neutralising greenhouse gases, embedding parks,
stimulating social impact & well-being, and conduct-
ing business with integrity. These sit at the core of
the company’s ESG approach and support ten of the
17 United Nations Sustainability Development Goals
(UN SDGs).
Doing the Right Thing in 2021
Our compelling investment story is matched with the highest sustainability
standards in the business. CTP is the only industrial and logistics
developer and operator in Europe with a fully BREEAM-certifi ed portfolio
and we are now operationally carbon neutral. During 2021 we were rated
ESG Low Risk by Sustainalytics and following an audit of our emissions,
our operations were rated as far exceeding our CO₂ neutrality target—
es sentially achieving net negative CO₂ in emissions. Last year, CTP
was also the largest issuer of green bonds across all property sectors.
We believe that these actions leave us well placed to continue to deliver
attractive total fi nancial and sustainable returns over the coming years.
Delivering
Sustainability
2021 in Review
2021
CARBON
NEGATIVE
OPERATIONS
1. Neutralise Greenhouse Gases: CTP recognises
the science conveyed in the Sixth Assessment
Report of the IPCC 1, which states that man-
made climate change is a reality. It is, there-
fore, deining its net emission targets to be in
line with the reductions in Green House Gas
(GHG) emissions required to keep global warm-
ing to a maximum of +1.5ºC. CTP focuses on
two priorities aimed at ofsetting its carbon
footprint and targeting carbon neutrality:
• It acquires and manages land for reforest-
ation in the Czech Republic, diligently
maintaining them and replanting native
tree species as well as taking measure to
strengthen biodiversity. It now owns 560
hectares of forests in the Czech Republic,
which had in the past sufered from deg-
radation as a result of the prior introduc-
tion of wood from non-indigenous species
and the emergence of the destructive bark
beetle. CTP’s objective is to own one square
metre of land for every square metre in the
Group’s property portfolio.
• It is rolling out electricity generated by pho-
tovoltaic solar panels housed on the vast
rooftops of its assets. CTP upgraded its
design standards in 2010, and since then all
its developed assets have been construct-
ed to accommodate the installation of solar
panels.
2. Embedding Parks: This pillar focuses on en-
suring that CTParks become part of the en-
vironment and community in which they are
built. This goal demands high-quality buildings,
multi-purposing terrain use and improving
biodiversity. CTParks are to be used by the
people working there as well as appreciated by
surrounding communities.
3. Stimulate Social Impact & Well-being: CTP's
values include being a responsible member of
society. Its corporate culture caters to active
community engagement and support for the
environment in which we live and operate. The
3rd ESG pillar on social impact and well-being
is derived from this. CTP actively interacts with
the communities in which it operates through
charities related to well-being and education.
4. Conducting Business with Integrity: Integrity
is a core CTP value. The Group values ethical,
fair, and honest behaviour towards employees,
customers, suppliers, competitors, public au-
thorities and regulators, shareholders as well
as any other party involved in its day-to-day
activities. The Group operates a company-wide
Code-of-Conduct that is updated annually. It
has a solid compliance function that monitors
adherence to important governance policies,
including those on Anti-bribery and Corrup-
tion, Anti-discrimination and Harassment, An-
ti-money Laundering, Diversity, Insider Trad-
ing, as well as on Related-party Transactions.
CTP’s in-house risk management function
has formalised processes to manage diferent
risks. More detail on CTP’s approach to risk
management is found in the Risk Management
section of this Annual Report.
SDGs
Our Goals and Actions are set up with the United Nations Sustainable Develop-
ment Goals (SDG), the Paris Climate Accords, and the European Green Deal in
mind. We apply initiatives like the Science Based Target initiative (SBTi) and
Carbon Risk Real Estate Monitor (CRREM) to decarbonise our portfolio to stay
within the 1.5ºC temperature increase as per the Paris Climate Accords. These
frameworks are the foundation upon which CTP builds its ambitions. Specifi cal-
ly, they are in alignment with 10 of the 17 UN SDGs.
Conducting
Business with
Integrity
4
Stimulate
Social Impact
& Well-being
3
Embedding
Parks
2
Neutralise
Greenhouse
Gases
1
ESG Strategy
97
BREEAM-CERTIFIED BUILDINGS,
CZECH MARKET (in %)
BREEAM IN-USE COMPLETION RATE
(in %)
CZ SK HU RO Others
100
90
80
70
60
50
40
30
20
10
0
83
100 100 100
86
Panattoni
25
P3 Parks
64
CTP
198
15%
6%
46%
26% Other
112
5%
2%
Prologis
22
DIFT/The Park
10
98
BREEAM CERTIFICATION
BREEAM CERTIFICATION BY COUNTRY
Good
Very Good
Excellent
Pending
Good
Very Good
Excellent
Outstanding
Pending
CZ
Others
CZ
CZ
SK RO
RO SK
HU
HU
HU
BREEAM New Construction BREEAM In Use
0 50 100 150 200 250 300
Czech Republic Slovakia Romania Hungary Others
99
A review process was conducted by the external
agency SCS to assess CTP’s progress on realising
carbon neutrality for Group operations. SCS calcu-
lated the 2021 gross carbon footprint of the Group
(for Scope I and II) in COe (CO-equivalent) and con-
irmed that CTP’s carbon-capture capacity (through
its owned forests) was greater than its COe emis-
sion. CTP acquired a further 460 hectares in Zlin,
in southern Moravia, Czech Republic in 2021 and
planted over 100,000 trees within its forests, which
was comparable to the number of trees planted in
2020. The Group’s 560 hectares of forest captured
some 42,800 metric tonnes of COe over 2021. This
compares to CTP’s COe footprint of 2,345 metric
tonnes in 2021, largely because of the move to re-
newable energy after 2012. Its installed solar base
stood at 6,115 kWp by year-end 2021, which was
comparable to the base by year-end 2020. As a re-
sult, over the course of 2021, the total of 5,615 MWh
of electricity that was generated was similar to the
5,893 MWh generated in 2020.
Another key aspect of the Group’s sustainability
proile concerns the certiication of CTP’s 7.6 million
sqm logistics and industrial portfolio, as “Very Good”
or better by the Building Research Establishment
Environmental Assessment method (“BREEAM”),
the world’s irst standardised method for assessing
the sustainability of buildings.
CTP ranked among the top 1.5% of companies
scored by Sustainalytics in 2021. The Group realised
a “Low Risk” score in respect of ESG matters, and
Sustainalytics awarded CTP two top badges in 2021
for its ESG score, benchmarked within both (i) its In-
dustry as well as in (ii) its European Region.
Prioritising Our People
CTP underpins its growth through investing in its
people and is committed to the strengthening and
development of its team. The Group’s total num-
ber of full-time employees grew from 394 to 520
in 2021. It provides its employees with the oppor-
tunity for continuous education and professional
development, ofering a range of learning opportu-
nities such as language courses and sponsorship of
further education programmes such as MBAs. CTP
seeks to embed a culture of diversity and inclusion
throughout the business in line with its goal to ben-
eit from a truly diverse workforce representing the
diversity of the countries where it operates. As at
31 December 2021, CTP recorded 15 nationalities
among its employees, with a relatively even gender
split of 46% females and 54% males (31 December
2020: 50% females and 50% males), with an aver-
age staf age of 39 years.
CTP normally organises Company-wide gather-
ings twice a year, but as a result of the pandemic,
there was only one Group-wide meeting in 2021,
which took place in September. These events are
integral to embedding a united culture, as well as
fostering a stronger bond among colleagues, which
in turn strengthens collaboration throughout the
Group across diferent teams and countries.
OWNED FOREST UNDER ACTIVE
MANAGEMENT (in Ha)
5,615
YE 2021 YE 2020
600
500
400
300
200
100
0
100
560
5,893
SOLAR POWER GENERATED
(in MWh)
YE 2021 YE 2020
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
METRIC TONNES
Emissions Captured
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2,345
42,800
CTP NV
ESG Risk Rating
Global RANK
LOW
RISK
11.0
198 / 13,733
N
e
gl
.
0
-1
0
Medium
20-30
High
30-40
Severe
40+
Low
10-20
100
101
1. Neutralise
Greenhouse
Gases
Reforestation
In October we organised
a tree-planting event
involving our CTP
employees, local scouts
clubs and people
from the surrounding
communities.
102
2.
Embedding
Parks
Tree Planting Brno
With the local mayor,
CTP donated and
planted an area in a
residential area near
our park CTPark Brno
Líšeň.
Local Species of plant,
grasses, fl owers and
fern are planted by
the Clubhaus in CTPark
Bucharest West
Tree planting took
place in our oarks all
over Romania. Here we
see the team getting
stuck in at Bucharest
North
The forests we
purchased and replanted
signifi cantly reduced
our overall carbon
footprint.
Nature inclusive
wildlife in CTPark
Ostrava.
103
3. Stimulate
Social Impact
& Well-being
“Young Talent” tour
a factory in the
Czech Repbublic.
Working with the Tereza
Maxová foundation, CTP
continued to assist
children from broken
homes to access the
workplace.
With UNHCR, CTP
sponsored access to
higher education in
Europe for 70 refugee
students.
Around the region, CTP
introduced aspiring
architects and young
students to the work
that goes on in our
developments.
In Slovakia, CTP
helped build temporary
housing.
CTP supported biking
in Brno and Ostrava
(CZ) sponsoring 160
bikes, whose riders
removed over 6,000 Kg
of CO₂ pedalling over
54,000km.
104
4. Conducting
Business with
Integrity
Jakub Kodr takes MBA
students on a tour of
premises as part of
their MBA Real Estate
programme.
Opening of the
street gym in CTPark
Bratislava.
105
106
Profit and loss
2021 2020 2019 2018
Rental income
334.7 291.9 258.0 242.0
Czech Republic
204.3 186.8 173.1 176.4
Romania
60.5 49.5 41.1 34.4
Hungary
31.1 25.8 21.3 10.3
Slovakia
25.8 22.9 18.4 16.9
Other
12.9 6.9 4.1 4.0
Service charge income
31.1 25.9 22.4 20.0
Property operating
expenses
-38.9 -37.1 -40.6 -29.8
Net rental income
326.9 280.7 239.8 232.2
Net income from
development activities
9.4 22.4 0.6 --
Net valuation results on
investment property
1,100.6 152.2 406.8 239.4
Profit/Loss before
finance costs
1,376.8 391.9 617.9 482.4
Profit for the period
1,025.9 252.5 392.2 361.5
Company-specific adjusted
EPRA EPS (in €)
0.49 0.44
Strong Financial Performance
CTP delivered its strongest fi nancial performance to date in 2021,
delivering profi table growth by developing its portfolio’s GLA to over
7.6 million sqm. It preserved healthy fi nancial metrics, congruent
with an Investment Grade credit rating and in line with its diligent
approach to expansion.
OPERATING RESULTS
(in € millions)
Strong Financial
Performance
2021 in Review
ASSETS & LIABILITIES
(in € millions)
Balance Sheet
2021 2020 2019 2018
Total assets 9,686.6 6,446.3 5,526.0 4,637.4
Investment propertY 7,575.1 5,386.2 4,721.4 4,024.0
Under development 774.2 387.3 440.7 315.4
Cash 892.8 419.1 63.8 46.3
Total liabilities 5,579.8 4,182.1 3,483.1 3,676.6
Loans 1,131.3 2,352.3 2,677.8 2,129.6
Bonds 3,381.7 1,042.0 --
Total equity 4,106.8 2,264.2 2,042.8 960.7
Net Rental Income
Net rental income increased during the period by
16.5% to €326.9 million from €280.7 million in 2020,
driven by the positive impact of development com-
pletions across all CTP markets, disciplined in-
vestment activity and like-for-like rental growth of
1.6%, derived from the portfolio’s contracted annual
rental growth.
In the Group’s Core Markets, Net Rental income
grew by 14.7% to €324.1 million, whereas Expan-
sion and New Markets showed an increase of 87.9%
to €12.2 million.
The Covid-19 pandemic did not impact the
Group’s cash low, with both rent collection rate and
occupancy rate achieving record levels throughout
2021.
Net operating income from hotel operations
was negatively impacted by the Covid-19 pan-
demic. Global restrictions on travel resulted in
a loss of €2.6 million compared to a loss of €0.1
million in 2020. The Group’s net operating income
from development activities within its indust-
rial and logistics portfolio fell from €22.4 million
in 2020, to €9.4 million in 2021. This reduction in
operating income in 2021 is accounted for by the
unusual sale of an asset in 2020, which generated
a one-of return.
Administrative and Operating Costs
The Group’s administrative and operating costs in-
creased to €58.3 million (31 December 2020: €56.1
million). The increase in operating costs relected
the growth of CTP in 2021 and is driven primarily by
the increased number of full-time employees from
394 to 520.
The Group’s inancing costs during the period
were comparable to those in the previous year at
€100.1 million (31 December: €101.5 million). These
were largely one-of costs associated with the imple-
mentation of the Group’s active reinancing strategy
during the year, including one-of prepayment costs
and fees related to the unwinding of hedges.
Foreign Currency
CTP is exposed to limited currency risk, as its lease
income is denominated in euros and it has limited
operating and inancial costs denominated in local
currencies. In terms of currency translation risks
noted on the Group’s balance sheet, net currency
risks are equally limited, as the valuations of the
Group’s properties along with all interest-bearing
debt are denominated in euros. In terms of transac-
tional currency risk, a small amount of construction
costs is denominated in local currencies. However,
this brings limited exposure, as typically rents re-
lated to developments are set at levels that take
such risks into account at the time of signing the
rental agreement.
Taxation
Tax expense increased signiicantly during 2021,
from €37.9 million in 2020 to €250.7 million. Most
of this increase is a deferred tax expense connected
to the net valuation result on investment property
of €1,100.6 million.
Proit
The proit after tax for the period increased by
306% to €1,025.9 million compared to €252.5 mil-
lion in 2020. This signiicant increase is driven by
the strong valuation result and the growth in rental
income.
EPRA Financial Performance Metrics
The twelve-month period ending 31 December 2021
is the irst inancial year in which CTP is report-
ing EPRA inancial performance metrics. Compa-
ny-speciic Adjusted EPRA earnings increased to
€0.49 compared to €0.44 in 2020 (calculated on
outstanding shares as at 2020). The EPRA NTA
per share increased by 45% to €12.06. The EPRA
“topped-up” net initial yield decreased from 6.2%
to 5.6%.
A detailed overview of EPRA inancial perfor-
mance metrics is included in Appendix C.
Dividends
In line with its dividend policy of paying out 70% to
80% of its Company Adjusted EPRA Earnings, CTP
paid out its irst interim dividend on 22 September
2021, covering the irst half-year. In line with its
dividend policy, CTP ofered dividend either in stock
or cash that amounted to €0.17 as a cash dividend
or 1 share for each 108 shares when in stock, re-
spectively. A total of 92% of shareholders opted for
payment of the interim dividend in stock. Following
the pay-out, CTP’s total number of shares stood at
400 million shares at year-end.
107
Investment Portfolio
Investment property increased by 40.6% from
€5,386.2 million in 2020 to €7.575.1 million as at
31 December 2021. This growth in 2021 is driven by
an increase in the Group’s owned GLA to 7.6 mil-
lion sqm, comprising 900,000 sqm of development
completions and 835,000 sqm of strategic acqui-
sitions. Another important factor was the acceler-
ated yield compression that took place during 2021,
which was relected in the year-end valuation, with
the portfolio’s average yield of the portfolios stand-
ing at 6.4% as at 31 December 2021, compared to
6.9% in 2020.
The investment property overview illustrates
the relative increased importance of the Expansion
and New Markets when comparing the 2021 year-
end composition to that of 2020. Especially the de-
crease in relative importance of the Group’s port-
folio in the Czech Republic is noted, with Expansion
Markets Poland and Bulgaria gaining.
As at 31 December 2021, there are 958,000 sqm
of assets under development, which compares to
740,000 sqm at 31 December 2020. This invest-
ment property under development is recorded at a
highly attractive Yield on Cost of 11.0% (year-end
2020: 11.6%).
The total land bank value, as part of the investment
property, increased from €325.9 million to €526.9
million following an active year from a transaction
perspective. At 31 December 2021, the Group’s land
bank comprised 17.8 million sqm, compared to 12.6
million sqm at year-end 2020. The Group invested
€193 million in replenishing its land bank, in line with
its accelerated approach to secure future pipeline
potential and capitalise on strengthening market
fundamentals in 2021.
Efective Funding and Improved Liquidity
The Group continues to take a prudent approach
to inancial policy and credit metrics and beneits
from a solid liquidity proile and conservative re-
payment proile. At 31 December 2021, the Group’s
Net Loan to Value (LtV) was 42.8 % (31 Dec 2020:
50.7%), with an Interest Coverage Ratio (ICR) of
5.0 times (31 Dec 2020: 3.8 times).
The Average Cost of Debt decreased from 1.6%
at the time of IPO, to 1.2% as at 31 December 2021,
relecting the implementation of the Group’s active
reinancing strategy during the period, migrating
from secured loans to unsecured funding with the
objective of taking advantage of favourable inanc-
ing conditions to further strengthen CTP’s capital
structure.
This reinancing strategy comprised of bond
issuances totalling €2.5 billion during 2021
under its Euro Medium Term Notes (“EMTN”)
Programme. CTP's EMTN Programme was updated
and increased to €8 billion on 6 August 2021 as part
of a regular annual process.
In September 2021, €150 million of the October
2025 Series were successfully tendered. As a re-
sult, a total of €3.4 billion of bonds are outstanding
under CTP’s EMTN Programme as at year-end.
The EMTN Programme enables the Group to is-
sue Green Bonds on the Dublin Euronext Exchange,
the irst of which was listed on 1 October 2020.
To date, CTP's Green Bond issuances can be
found in the summary table on the facing page.
VALUE (in € millions) OF LAND BANK
PER COUNTRY 2021 VS 2020
VALUES (in € millions) OF
INVESTMENT PROPERTIES PER COUNTRY
2021 VS 2020
600
500
400
300
200
100
0
2021 2020
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2021 2020
325.9
CZ
RO
HU
SK
RS
PL
BG
SL
BG
RS
SL
AT
PL
7,575
CZ
RO
HU
SK
5,386
CZ
RO
SK
PL
AT
RS
HU
BG
CZ
RO
HU
SK
SL
RS
PL
BG
NL
526.8
108
2021
GREEN BOND ISSUANCES
Commitment
Series
Issue Date
Coupon Maturity Due Date
€650 million
Series Oct2025
01/10/2020
2.125%
5 years 01/10/2025
€400 million
Series Nov2023
27/11/2020
0.625%
3 years 27/11/2023
€500 million
Series Feb2027
18/02/2021
0.75%
6 years 18/02/2027
€500 million
Series Jun2025
21/06/2021
0.50%
4 years 21/06/2025
€500 million
Series Jun2029
21/06/2021
1.25%
8 years 21/06/2029
€500 million
Series Sept2026
27/09/2021
0.625%
6 years 27/09/2026
€500 million
Series Sept2031
27/09/2021
1.50%
10 years 27/09/2031
COST OF DEBT VS PORTFOLIO YIELD
(in %)
1 €150 mln of this issuance was repaid in September 2021
7.2
7.0
6.8
6.6
6.4
6.2
6.0
5.8
5.6
5.4
3.0
2.5
2.0
1.5
1.0
0.5
0
Cost of Debt %
Portfolio Yield %
2018 2019 2020 Q1 2021 Q2 2021 Q3 2021 YE 2021
Portfolio Yield Cost of Debt
7.0
2.50
7.0
6.9
2.10
2.00
1.571
1.194 1.193
1.19
6.4
109
Issue Dates for Cost of Debt
In September 2021, CTP published its irst Green
Bond report. This report includes an overview of
the use of bond proceeds for funding eligible proj-
ects (i.e., green buildings). The publication features
a second-party opinion by Sustainalytics, Inc.
CTP holds strong relationships with some 15 in-
ternationally operating lending institutions beyond
the 10 Dealerships in its EMTN Programme. Of
these, 10 participate in CTP’s €400 million three-
year unsecured Revolving Credit Facility (RCF),
which was committed in July 2021 and serves the
Group’s short-term liquidity needs. In addition,
three diferent senior, secured credit facilities have
been granted by syndicates of lending institutions,
each of which fund a portfolio of properties. CTP
complied with all conditions that are applicable to
these credit facilities during 2021.
The Company received a long-term issuer rating
of BBB- (stable outlook) from S&P and a long-term
issuer rating of Baa3 (stable outlook) from Moody’s
in September 2021. These ratings are applicable to
the unsecured debt that CTP N.V. has issued. Both
rating agencies have assigned a stable outlook to
each of their respective ratings for the Group.
CTP’s shares were listed on the Amsterdam
Euronext stock exchange on 25 March 2021, through
an Initial Public Ofering. The listing comprised the
issue of 61.0 million new shares at a price of €14
per share, which were placed as a primary ofering.
CTP Holding BV, as holder of 336.0 million shares
at the time of the IPO, subsequently exercised part
of its greenshoe clause and placed another 5.3 mil-
lion shares, thereby increasing the free loat of CTP
shares to 84%. The IPO resulted in net proceeds
of €819 million. Equity increased from €2,264.2
million at 31 December 2020 to €4.106.8 million at
31 December 2021. CTP NV had 400 million shares
outstanding as of 31 December 2021 (31 December
2020: 336 million shares.
Cash Flow Overview
Cash low arising from operating activities dropped
to €139.1 million in 2021 from €185.4 million in 2020
despite the increase in EBITDA in 2021, as a result of
a decrease in CTP’s working capital of €65.1 million.
Cash low generated from investing activities
was signiicantly reduced in 2021, as a result of
record levels of constructions and associated cap-
ital expenditure as well as acquisitions made dur-
ing the period. Investments in development in 2021
increased from €359.2 million to €599.6 million.
Similarly, acquisitions of standing investments to-
talling 835,000 sqm played an important role in
the growth of the portfolio during the period with
a cash outlow of €554 million. This sum excludes
any cash low connected to CTP’s tender ofer for
Deutsche Industrie REIT AG.
CTP had a very active year in terms of inancing,
as mentioned above, with the spring IPO, where it
raised net €819 million and several bond emissions,
totalling net proceeds of €2,480 million. Financing
cash low was strongly positive, enabling the Group
to fund both its development activities until the
year-end, as well as to pre-fund the pipeline of de-
velopments for 2022.
Green Bond Report Front Cover
INTEREST COVER RATIO
(in %)
YE 2021 YE 2020
6.0
5.0
4.0
3.0
2.0
1.0
0
3.8
5.0
110
Post-period Events
CTP NV closed a €700 million four-year Green
Bond under its €8,000 million EMTN programme
on 20 January 2022. Total demand for CTP’s issue
peaked at circa €1.3 billion, relecting the solid rep-
utation CTP has built with investors in corporate
Green Bonds in the 15 months since the company
entered the capital markets for funding. The pric-
ing of the annual coupon in January’s four-year
tranche was ixed at 0.875% The Group’s Average
Cost of Debt fell to 1.12% from 1.19% since Septem-
ber 2021. The tenor of CTP’s debt now stands at 5.9
years versus 6.2 years.
CTP NV announced the completion of the take-
over and delisting ofer for Deutsche Industrie
REIT-AG on 3 February 2022, which will be inte-
grated into CTP Germany. Following integration
of this successful acquisition, CTP Germany holds
immediate scale in Europe’s largest economy, as it
represents about 15% of CTP’s portfolio and be-
comes its third-largest market by gross asset value
after the Czech Republic (42%) and Romania (21%).
Update in Relation to the On-going Events in
Ukraine
The tragic events unfolding in Ukraine have cast
a shadow over global markets and our positive
outlook for 2022. As at the date of publication of
these inancial results, CTP has not experienced
any material operational or inancial impact on its
business. We will continue to monitor the situation
and revise our approach to minimise any negative
efects as events unfold.
Despite these current global uncertainties, the
Group is well positioned, thanks to its integrated
business model, strong 2021 results, stable inancial
position, diversiied client base and agile company
culture.
In line with our ESG principles, we have made a
commitment to help support Ukrainian refugees by
providing signiicant inancial support to UN High
Commission for Refugees (UNHCR) and the Red
Cross, as well as local relief agencies. Other initia-
tives include providing vacant warehouse space for
emergency supplies and residential and hotel accom-
modation within our portfolio, and we will do more as
the situation develops.
Outlook and Priorities for 2022
Although mindful of the on-going impact of the pan-
demic and current macroeconomic and geopolitical
risks, CTP remains conident in its growth ambitions
for the coming year. In 2022, with its successful busi-
ness model and a set of clear objectives in mind, the
Group will continue to diligently execute its strategy
and underpin performance through its client-centric
approach, which delivers its occupiers with a pre-
mium, full-service ofering. With a strong balance
sheet and inancing capacity, CTP is well positioned
to continue to capitalise on the strengthening occu-
pational demand from both its existing and potential
new clients. Against this backdrop of strong occupa-
tional demand for high-quality industrial and logis-
tics space throughout the CEE, together with histor-
ically low vacancy rates, rental growth is expected to
continue across most markets.
Key strategic priorities for CTP in the coming year
include maintaining the portfolio’s strong opera-
tional metrics, including a WAULT in excess of 6.5
years, like-for-like rental growth of more than 1.7%
and a Yield on Cost of more than 10%. The Group
also expects to deliver shareholders an EPRA EPS
of c. €0.60 for 2022.
Another strategic target is to deliver double-
digit GLA increases in each of our markets, focusing
much of this growth within our established top-ten
parks. We anticipate that this organic expansion will
be supplemented with approximately 500,000 sqm
GLA of strategic acquisitions. To provide the Group
with future development capacity, CTP intends to
invest approximately €150 million in land bank ac-
quisitions. This GLA growth should ensure that CTP
is well positioned to grow its market share beyond
its current 27.5% in each of its core markets.
The on-going integration and build-out of the
former DIR portfolio and launch of CTP in Germany,
which is now the Group’s third-largest market after
the Czech Republic and Romania, is well underway.
CTP intends to double the size of its German port-
folio by 2026, with €1 billion allocated for capital
expenditure for greenield, brownield and upgrade
investments.
Finally, a key strategic priority for the Group in
2022 is to pursue its meaningful ESG aspirations,
including the build-out of its solar capacity, bolster-
ing its carbon neutral position, and obtaining rat-
ings for its ESG proile, thereby optimising CTP’s
capacity to continue to deliver meaningful value for
all stakeholders.
CASH FLOW OVERVIEW
(in € millions)
2021 2020
Cash at start of the period 419.1 63.8
Cashflow from Operational Activities 139.1 185.4
Cashflow from Investing Activities -1,435.2 -469.1
Cashflow from Financing Activities 1,768.7 641.1
Cash at the end of the Period 892.8 419.1
202
1
419
.
1
1
3
9.1
-
1
,
435.
2
1,76
8
.
7
892
.8
52.0
50.0
48.0
46.0
44.0
42.0
40.0
38.0
CONSOLIDATED NET LTV
(in %)
YE 2021 YE 2020
50.7
42.8
111
G E R M
N E T H E R L A N D S
F R A N C E
S W I T Z E R L A N D
I T A
B E L G I U M
BERN
BASEL
ZÜRICH
BRUSSELS
LUXEMBOURG
LYON
MARSEILLE
LILLE
GHENT
ANTWERP
LIÈGE
METZ
STRASBOURG
KÖLN
MANNHEIM
MILAN
TURIN
GENOA
ROTTERDA
DAM
DAM
UTRECHT
ARNHEM
GRONINGEN
STUTTGART
FRANKFURT
DÜSSELDORF
DORTMUND
BREMEN
HAMBURG
HANNOVER
EINDHOVEN
AACHEN
AMSTERDAM
112
The CTP Portfolio2021 in Review
CTP’s Unmatched Industrial
and Logistics Portfolio:
The Cornerstone of a Resilient
European Supply Chain
Our Core Markets
CTP is the leading logistics
player as measured by owned
industrial GLA in each of its
established Core Markets of
the Czech Republic, Romania,
Hungary, and Slovakia. In
these four markets com-
bined, CTP has a growing
market share of over 27%.
As of 31 December 2021, the
Group owned the four larg-
est industrial parks in the
CEE region, including CTPark
Bucharest West and CTPark Bu-
charest in Romania and CTPark
Brno and CTPark Bor in the
Czech Republic.
Our Expansion Markets
In recent years we have di-
versifi ed our portfolio and
successfully executed ten-
ant-led expansion into the
three new key markets of Ser-
bia, Bulgaria and Poland. We
refer to these as our Expan-
sion Markets, where we aim to
become a prominent player in
the medium term.
Our New Markets
Our access to the interna-
tional capital markets has
facilitated the start-up of
new operations in Austria
and the Netherlands, as well
as our strategic entry into
Germany. These New Markets
now enable us to service our
clients from the North Sea to
the Black Sea along the main
European transit routes in
their home markets and where
they are expanding.
P O L A N D
C Z E C H I A
S L O V A K I A
H U N G A R Y
S E R B I A
B U L G A R I A
R O M A N I A
A N Y
A U S T R I A
T U R K E Y
G R E E C E
ALBANIA
NORTH
MACEDONIA
MONTENEGRO
C R O A T I A
S L O V E N I A
BOSNIA AND
HERZEGOVINA
L Y
SARAJEVO
PODGORICA
TIRANA
SKOPJE
THESSALONIKI
ISTANBUL
ZAGREB
LJUBLJANA
TRIESTE
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KOŠICE
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SOFIA
BRATISLAVA
VIENNA
BUDAPEST
BELGRADE
BUCHAREST
WAR SAW
PRAGUE
113
At YE 2021,
CTP held 27.5%
market share of
in-place GLA
across our four
Core markets
DAVID
CHLáDEK
Country Head,
Czech Republic
David started with CTP in
2011 and since then has
grown to play a vital role
in orchestrating and leading
all of CTP’s construction
across our largest portfolio
in the Czech Republic, our
largest market. He has an
MBA in Strategic Management
from Nottingham Trent Uni-
versity and over 20 years of
experience in construction
and real estate.
114
115
Jakub
Kodr
Head of Business
Development,
Czech Republic
Since Jakub joined CTP, he
has used his nearly 10 years
of real estate experience
to become the leading light
in the industry and recent-
ly became Head of Business
Development for the Czech
Republic—our largest market.
He earned his MBA in Real
Estate and recently became
a full member of RICS.
116
117
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118
CTP Czech Republic
The CTP Portfolio2021 in Review Czech Republic
57.0% of the Group’s
Gross Asset Value
Core Markets
Expansion Markets
New Markets
119
The Czech Republic is situated in the heart of
Europe and represents a crucial gateway between
east and west. Thanks to its developed motorway
network, it forms a highly attractive location for
manufacturing and logistics companies servicing
their customers both in western European and oth-
er CEE countries. The country’s industrial heritage
also makes it a preferred location for many man-
ufacturing companies. Strong demand from both
manufacturing and logistics companies (includ-
ing the growing e-commerce sector) supports the
country’s strong fundamentals, with demand con-
tinuing to outpace the tight supply of high-quality,
sustainable space.
“The Czech Republic is a primary benefi ciary of
the extensive and increasingly interconnected
trade activity across Europe and with Europe’s
largest economy, Germany.” JLL
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 CBRE Research, 2022 7 Cushman & Wakefi eld
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁶
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
6.25%
1.6
1.60%
9.7
29.10%
5.60
3.80%
29.70%
4.20%
mil. sqm
mil. sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
UP
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
7.50
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
6.83%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
AA-
CTP Czech Republic
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
11.30%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
10,713,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
CTPark Bor
Gateway to Western Markets
GLA
554,000 sqm
TOP 10 ParkClubhaus
ABOUT THE PARK
120
Border Success
One of CEE’s most successful business parks, ctPark Bor is strategically located
in Western Bohemia, 50 km from Plzeň’s city centre, with excellent highway
connectivity and only 15 km from the German border. Directly on the main route
from Prague to Germany and the west, it has attracted manufacturers in the auto
supply chain and for logistics providers in e-commerce serving the Czech and/or
German markets. CTPark Bor offers clients a wide range of on-site amenities, such
as our pilot Clubhaus community centre, with medical facilities, restaurants and
shared offi ce space, large outdoor exercise fi elds and two large accommodation
facilities for workers providing approx. 800 beds.
CTPark Bor
Loxxess
GLA
554,000 sqm
TOP 10 ParkClubhaus
ABOUT THE PARK
122
Loxxess continues to grow with CTP
In 2021, Loxxess opened a new 70,000 sqm
facility to serve the German dm-drogerie
markt brand, which is planned for BREEAM
Excellent certifi cation. Other clients who
either expanded or took new space during
the year include Primark, Bosch, and
GXO Logistics, who will move in Q3 2022,
effectively completeing the now 616,000sqm
park.
CTPark Bor
Clubhaus
GLA
554,000 sqm
TOP 10 ParkClubhaus
ABOUT THE PARK
124
Pilot Success
In 2019, CTP launched its pilot Clubhaus project to serve as a meeting
point for clients, employees and the surrounding community. With restau-
rants, cafes, a doctor's offi ce as well as shared meeting rooms, Clubhaus
brings people together. The Clubhaus sits adjacent to an outdoor exercise
area that can be used for various sports and is equipped with an outdoor
grill. Use of the facilities are available free of charge to local resi-
dents. In 2021, the CTP community team organised various outdoor events
such as a sports day, where companies at the park competed in a variety
of games.
Prague Entry Point
CTPark Prague East
GLA
88,000 sqm
City logistics park Offi ce
ABOUT THE PARK
126
Edge of town city logisitcs
Just 10 minutes from Prague city cenre, CTPark Prague East sits just inside
the Prague ring road and the major North-South artery connecting to Brno/
Bratislava/Vienna, and is an ideal location for city logistics. During 2021
CTPark Prague East became completely leased following the completion of the
last 13,000 sqm building. The park is home to long term client Raben and a
host of smaller companies operating in the pharamceutical, retail food and
retail auto sales industries. CTP developed a new façade facing the main
highway incorporating local artists work, creating a memorable entrance
point to the Czech capital.
Unique Brownfi eld Redevelopment
CTPark Brno Líšeň
GLA
104,000 sqm
Inner city urban logistics
ABOUT THE PARK
128
Old to New Business
CTPark Brno Líšeň is CTP's 8th park in the Brno region, the Czech
Republic's second-largest city. CTP is repurposing the previous
large tractor manufacturing facility into a modern, urban logis-
tics park. During 2021, we added over 85,000 sqm through both
own development and acquisitions. Czech e-commerce unicorn,
Rohlik, moved into a built-to-suit high-tech delivery hub that
serves the city and suburbs. Rohlik has subsequenty grown with
CTP into Romania and Hungary,as well as to other cities in the
Czech Republic.
CTPark Ostrava
Innovation Hub
ABOUT THE PARK
GLA
388,000 sqm
TOP 10 ParkR&D innovation
130
Creating Space for Innovation
CTPark Ostrava, one of CTP's most successful parks, became
fully leased during the year following the expansion of
Brembo and the welcoming of new client Hyundai Steel into a
newly built 50,000 sqm facility. CTPark Ostrava is unique
as it features all fi ve of CTP's standard building types,
offering premises to a wide range of both local and inter-
national businesses in manufacturing, back offi ce, R&D and
retail operations, representing the fi nancial, automotive,
FMCG, e-commerce, and logistics sectors, among others.
ANA
DUMITRACHE
Country Head, Romania
Under Ana’s dynamic leadership,
Romania has grown to be our
second-largest market with a
portfolio of leasable property
of over 1.85 million sqm. She
has over 20 years of real estate
experience in both banking and
development areas and extensive
experience helping international
companies grow their businesses
in Romania.
132
133
Valentin
Rosu
Construction Director,
Romania
Vali has been part of CTP’s
operations and successful expan-
sions in Romania for nearly four
years. He manages the entire
Bucharest portfolio, entailing
a growing 1.2 million sqm of
warehouses. With over 20 years
of business development experi-
ence in the region, he has been
and continues to be a key player
in propelling our success and
growth in Romania with his care,
speed, and attention to detail.
134
Eleonora
Amariutei
CFO, Romania
Eleonora brings fi nance experi-
ence from both corporate and
government perspectives, includ-
ing as the CFO for Billa Romania
for over ten years. In 2020, she
joined CTP to deepen our growth
in the Romanian market.
Home
136
137
T R A N S L Y V A N I A
B U C H A R E S T
BG
UA
RS
HU
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Belgrade
Budapest
Vienna
Debrecen
Uzhhorod
Lviv
Kyiv
Odesa
Black Sea
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Bulgaria
Varna
Danube
2 %/"01
Ruse
Craiova
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CTP Romania
16.4% of the Group’s
Gross Asset Value
138
The CTP Portfolio2021 in Review Romania
Core Markets
Expansion Markets
New Markets
“Due to affordable labour and embedded growth
potential, Romania continued to be an attractive
destination for logistics and manufacturing, and
the market delivered another strong performance
in 2021. Access to capital, speed of execution
and permitted land bank are key factors to unlock
growth opportunities.” Avison Young
139
Romania, one of the fastest-growing economies in
the European Union, is the second-largest country
in CEE and beneits from a strong geo-strategic
location at the crossroads of three important mar-
kets—the European Union, the CIS states and the
Middle East—and is crossed by three important
pan-European transportation corridors. Its stra-
tegic location, along with the relatively low level of
supply of high-quality, sustainable industrial and
logistics space per capita, suggests the potential
for strong growth in the years to come. Bucharest,
Europe’s ifth-largest city, continues to see occu-
pier demand surpassing delivered space, with the
western side of the city becoming an established
regional hub attracting new e-commerce occupiers
in particular.
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁷
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
11.32%
617,000
3.90%
5.6
36.20% 4.10
7.25%
51.10%
8.00%
mil. sqm
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
STABLE
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
5.30
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
8.42%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
BBB-
CTP Romania
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
16.70%
12.80%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
19,185,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 CBRE Research, 2022 7 Cushman & Wakefi eld
Gateway to Bucharest
CTPark Bucharest West
ABOUT THE PARK
GLA
747,000 sqm
TOP 10 ParkClubhaus
140
On a Grand Scale
CTP started CTPark Bucharest West in 2015 with the aquisition of a select
group of assets and has since consolidated the surrounding parcels to create
what may be Europe's largest master-planned logistics park, at completion
expected to offer over 1 million sqm of premium warehouse space. In 2021 CTP
completed over 85,000 sqm of new space and welcomed international clients
Maersk, who opearate a regional distribution hub for one of Europe's largest
retail furniture chains. CTP opened its second Clubhaus community centre in
the park to serve the large workforce, while at the same time serving the
local area with its restaurants and meeting spaces.
New Infrastructure
ABOUT THE PARK
GLA
747,000 sqm
TOP 10 ParkClubhaus
Community Works
142
Completing the Puzzle
The A1 highway is the western gateway to the city,
with 80% of all goods entering from this major
artery connecting the city to all points west and
through to the Black Sea ports in the east. To
handle the growing fl ow of lorries entering CTPark
Bucharest West, CTP worked with city authorities to
expand the main overpass access, improving effi cien-
cy and safety—helping both clients in the park, but
also local traffi c going to and from home and work.
Original Community Center
Clubhaus Concept
ABOUT THE PARK
GLA
747,000 sqm
TOP 10 ParkClubhaus
144
Bringing People Together
As part of our Parkmaker approach, at CTPark Bucharest West,
CTP developed its second unique Clubhaus to act as a central
meeting point for all client, employees and the surrounding
community. With car-charging stations, fl exible co-working
facilities, space for presentations and gatherings, in addi-
tion to cafes and restaruants, the Clubhaus has been a massive
success. Surrounded by well-lit and enjoyable landscaping,
Clubhaus is a brings people together in a pleasant green envi-
ronment.
146
On the edge
Just off the Bucharest ring road, CTPark
Bucharest is ideal for inner city access
and caters to smaller business operations
both local and international. During the
year, CTP developed three new buildings,
which together offer 50,000 sqm of newly
built space.
Real Urban Logisitcs
CTPark Bucharest
ABOUT THE PARK
GLA
544,000 sqm
TOP 10 ParkCity logistics
147
DAVID
HUSZLICSKA
Country Head, Hungary
With 14+ years of real
estate experience, including
investment consultant and
senior asset manager, David’s
experience, and making CTP
Hungary the market leader un-
der his guidance, has earned
him the reputation as one the
top-50 most infl uential real
estate people in Hungary—two
years in a row.
148
149
Ferenc
Gondi
COO, Deputy Country
Head, Hungary
After working for more
than 11 years mainly in
real estate law, fi ve of
which with CTP, Ferenc
has successfully completed
his MBA and was appointed
this year as COO for Hungary
to ensure smooth operations
and strong support at the
senior level.
151
#1
AT
HR
RS
SK
RO
UA
6Ɓ/
B U D A P E S T
River Danube
Szeged
Pécs
"/" "+
E75
E71
E60
M15
M1
E79
M3
M3
M30
E71
E71
M4
M5
E68
M43
Vienna
Maribor
Graz
Zagreb
Osijek
Belgrade
Bucharest
Oradea
Cluj
Bratislava
Brno
Prague
Košice
Prešov
Lviv
Balaton
Szombathely
Komárom
Székesfehérvár
Kecskemét
E73
E77
M6
M7
Budapest
E73
E661
E653
E65
E66
E60
E60
Core Markets
Expansion Markets
New Markets
152
The CTP Portfolio2021 in Review Hungary
CTP Hungary
10.0% of the Group’s
Gross Asset Value
153
Bordering six countries in the heart of CEE and
with one of the highest densities of TEN-T net-
works, Hungary continues to attract large foreign
corporations to operate regional centres from Bu-
dapest or other Hungarian cities in various sectors,
including logistics. This is largely driven by a well-
developed motorway network connecting the coun-
try with wider European markets. In addition, the
Budapest region has the third-highest motorway
density in Europe (according to Eurostat 2018) and
the country is located at the crossroads of four
main European transportation corridors.
Budapest plays the main role in the Hungarian
economy as the capital city, beneiting from its in-
frastructure and its central location in the country.
As a result, the majority of industrial and logistics
development activities and transactions are also
concentrated in the vicinity of Budapest. Besides
the capital there are countryside logistics locations
as well, mainly county seats, where the economic
and geographical conditions allow for the creation
of logistics and industrial parks.
“The Budapest logistics market is characterised by in-
creased activity since early 2020, large requirements and
deals drive the market, with true vitality and volumes
never experienced before. Logistics became a preferred
product both to develop and to invest in, which al-
lows developers with long-term strategic thinking to “GO
LARGE” and to secure space for and build large buildings,
parks and portfolios.” Colliers
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁷
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
16.67%
491,000
3.20%
4.0
18.50% 4.65
5.75%
39.80%
4.50%
mil. sqm
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
DOWN
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
6.90
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
7.80%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
BBB
CTP Hungary
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
16.50%
14.80%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
9,721,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 CBRE Research, 2022 7 Cushman & Wakefi eld
CTPark Budapest West
ABOUT THE PARK
GLA
228,000 sqm
TOP 10 Park
Western City Gate
City logistics
154
Budapest’s Top Park
CTP Hungary's premier park, CTPark
Budapest West, provides over 228,000
sqm of GLA. In 2021, CTP completed over
30,000 sqm facility for a variety of
clients. In November, local artists
painted CTP Hungary's fi rst Artwall—the
largest in the country, and has plans
to open its fi rst Clubhaus in May 2022.
City logistics
Hungarian ArtWall
Embedding Parks into
the Community
ABOUT THE PARK
GLA
228,000 sqm
TOP 10 Park
156
Artwall
Before the Covid Pandemic, CTP Hungary held an Artwall competition
which received 199 submissions from numerous countries. The winner
was chosen by a panel of judges including representatives from the
local municipality, graphic design and street art experts, as well
as CTP. CTP is committed to design, creativity and dialogue. The
goals of the project were to give artists the opportunity
to express themselves spectacularly and to beautify and visually
diversify CTPark Budapest West, integrating it into the daily life
of local communities.
CTParks Budapest
Encircling the Capital
ABOUT THE PARKS
GLA
36,000 sqm standing
CTPark Budapest Vecsés
158
Quick as a Flash
At the beginning of 2021, CTPark Vecsés was a simple landplot, and by
the end of the year, all 81,000 sqm under construction was prelet, with
the fi rst 36,000 sqm building fi nished and others close to handover. To
satisfy the strong demand around Budapest, CTP moved quickly to se-
cure strategic landplots including CTPark Budapest Vecsés (above) near
the airport, and CTPark Budapest North. With CTPark Budapest East, and
CTPark Budapest South, these four parks together provide a built up de-
velopment potential of nearly 330,000 sqm around the capital—in addi-
tion to our fl agship CTPark Budapest West (see prev. page).
Country Head & CFO,
Slovakia
Stanislav has grown the
Slovak team from two to 30 in
his fi ve years at the helm as
Country Head of Slovakia.
He set a major goal for
2021—to drive CTP to the
number-one position on the
Slovak market. His 18+ years
of experience in Slovak real
estate provides him insight
into all aspects of develop-
ment, from land acquisition
to handover.
STANO
PAGÁC
ˇ
160
161
Construction Director,
Slovakia
Ivan has risen rapidly through the CTP
ranks, after joining CTP as a Junior
Project Manager just over fi ve years ago.
Today, he plays a brick-and-mortar
role in building our portfolio’s success
in Slovakia, from overseeing construction
to scouting new locations. He holds a
Master’s degree in engineering from
the Slovak University of Technology
in Bratislava.
Ivan
Šimo
162
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Nitra
Komárno
CZ
PL
AT
HU
UA
Vienna
Graz
Brno
Prague
Budapest
Belgrade
Bucharest
Budapest
Ostrava
Zlín
Katowice
Kraków
Debrecen
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164
The CTP Portfolio2021 in Review Slovakia
CTP Slovakia
7.6% of the Group’s
Gross Asset Value
Core Markets
Expansion Markets
New Markets
165
“There is record-high interest from investors leading to
yield compression which motivates developers to secure
sites and develop new locations. Supported by strong oc-
cupier demand throughout 2021 and despite the increase of
construction prices, I see the upcoming year as positive
in terms of leasing activity that might outperform the
best years in the history of Slovakia.” CBRE
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁷
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
8.69%
338,000
6.50%
3.2
19.30% 4.00
5.25%
13.40%
2.00%
mil. sqm
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
DOWN
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
6.50
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
6.58%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
A+
CTP Slovakia
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
14.80%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
5,459,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
Slovakia, along with its capital city Bratislava,
which sits on the borders of Hungary and Austria,
just 65 kilometres from Vienna, are centrally lo-
cated within the wider European market and bene-
it from a well-developed highway and rail system.
Further improvement of motorway infrastructure
connecting the country to the east is also continu-
ing. The present infrastructure is in the process of
intensive development and modernisation. In order
to promote further economic expansion and attract
foreign investments, the Slovak government is fol-
lowing up on the priority of connecting the western
and eastern part of Slovakia with a highway running
between the cities of Bratislava and Košice.
The majority of Slovak industrial stock is located
within the Bratislava region. Companies beneit
mainly from the advantages that the region can of-
fer—relatively high education levels, well-developed
technical and road infrastructure, foreign invest-
ment activity and strong demand for goods and ser-
vices. It is the irst region in Slovakia where trade
and services have overtaken industrial production.
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 CBRE Research, 2022 7 Cushman & Wakefi eld
City logistics
CTPark Bratislava
ABOUT THE PARK
GLA
124,000 sqm
TOP 10 Park
Cross-Border Logistics Hub
166
Strategic Location
CTPark Bratislava is a cornerstone in CTP's Skovak portolio,
providing over 124,000 s
qm
of GLA, mostly for logistics operators
and supplilers to the next-door Volkswagen plant. Strategically
located in a well-developed industrial centre, CTPark Bratislava
is ideally situated for companies needing to connect with Vienna,
Budapest, Ostrava, Brno/Prague and Slovakia's interior industrial
regions.
CTPark Trnava
ABOUT THE PARK
GLA
118,000 sqm
Auto Logistics
Automotive Logistics Hub
168
Just in Time
Starting as strictly an automotive supply park,
CTPark Tranava's location just off the E58 high-
way connecting Trnava with Austria, Hungary, and
the Czech Republic has attracted large clothing
retailers serving the regional capital cities. Due
to the park's success, CTP has increased its land
bank nearby to develop a second park adjacent to
the factory to accommodate future tenant growth.
CTPark Žilina Airport & Žilina
GLA
Žilina parks: 69,000 sqm
ABOUT THE PARKS
Slovak Manufacturing Region
170
Mountainside Industrial Powerhouse
The city of Žilina is in the north-west of the country with close
proximity to both the Czech Republic and Poland. CTPark Žili-
na enjoys prime motorway connections, while also being located
in Slovakia’s main high-tech and automotive cluster. Kia Motors,
Hyundai, and several Slovak and Polish OEMs are all within close
proximity. CTP has two parks surrounding this major industrial
city, one directly adjacent to the airport with more than 90,000
sqm development opportunity, and the other CTPark Žilina, which
sits adjacent to the large KIA Slovakia assembly plant.
Head of Finance and
Accounting, Serbia
Dragana's over 20 years of
experience has prepared her
for her role at CTP, in which
she oversees all the account-
ing and fi nance operations for
our Serbian portfolio. She has
helped CTP reach the number-
one position on this fast
developing and strategic
market. Apart from that,
Dragana leads the acquisition
process and provides support
to construction.
Dragana
Djordjevic
173
BG
RO
MK
HR
BA
HU
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Zagreb
Sarajevo
Budapest
Bratislava
Vienna
Tirana
Skopje
Thessaloniki
Athens
,Ɇ
Istanbul
Bucharest
E75
E75
E75
E70
A1
A2
A1
A1
A3
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E80
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174
The CTP Portfolio2021 in Review Serbia
CTP Serbia
1.8% of the Group’s
Gross Asset Value
Core Markets
Expansion Markets
New Markets
175
Serbia is a high-potential growth market especially
due to its attractiveness for labour-intensive oper-
ations beneiting from a qualiied, skilled and mo-
tivated workforce available at relatively low cost in
close proximity to western European markets. Due
to a low level of international, standardised, ener-
gy-eicient and scalable industrial parks currently
on ofer, CTP’s position is highly attractive.
“CTP as an investor has been supporting
Yanfeng’s business growth in Europe since
2015 with the development of the fi rst new
plant in Planá nad Lužnicí in the Czech
Republic. Since then, our footprint with
CTP has grown signifi cantly from 29,000 sqm
to almost 176,000 sqm today including
two new plants in Kragujevac [Serbia]
already built and a third one being
planned, as well as the acquisition in
2021 of Yanfeng´s campus in Namestovo in
Slovakia. CTP is therefore our largest
footprint supplier in Europe. Having said
that, there is a relationship where we at
Yanfeng always feel like we are CTP’s most
valued customer at each request, and that
they put a huge amount of effort in build-
ing the solutions to meet Yanfeng’s needs
and requests.” Yanfeng
3.50
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
8.51%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
BB+
CTP Serbia
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
5.80%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
6,872,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁶
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
2.42%
194,000
1.2
–
4.25
8.00%
13.40%
4.00%
mil. sqm
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
STABLE
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
2.5%
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021
4 S&P 5 Statista, 2021 6 CBRE Research, 2022
GLA
All RS parks: 176,000 sqm
CTParks Serbia
ABOUT THE PARKS
Growing High-Tech Hub
176
Balkan Industrial Corridor
CTP Serbia maintained its market-leading position
during the year, with projects around all the
major hubs of Belgrade, Novi Sad, and Kragujevac,
and handing over 75,000 sqm of new premises.
CTPark Belgrade North (above) is slated to become
our largest park, currently with plans to reach
100,000 sqm. In 2021, CTP agreed deals with Nidec,
Continental and Elesys at CTPark Novi Sad and
agreed to expand with YanFeng at CTPark Kragujevac.
Bogi
Gabrovic
CFO, Poland
A seasoned and inspirational
team leader, Bogi brings 25+
years’ experience from
PricewaterhouseCoopers and
executive fi nance roles with
multiple international organ-
isations to her role as CFO
for Poland, where she plans to
help develop a strong local
team and build CTP’s presence
in CEE’s largest economy. She
also brings an entrepreneurial
spirit to CTP Poland, having
incubated her own businesses
in the US, which provided her
an owner’s view on business
opportunities and risk.
178
179
180
The CTP Portfolio2021 in Review Poland
CTP Poland
1.3% of the Group’s
Gross Asset Value
CZ
DE
SK
UA
BY
LT
Ostrava
Olomouc
Brno
Prešov
Lviv
Vilnius
Minsk
Berlin
Hamburg
Dresden
Leipzig
Kaliningrad
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Lublin
Olsztyn
E65
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Prague
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Core Markets
Expansion Markets
New Markets
181
Poland is the largest economy in the CEE region
with a population of almost 38 million and strong
historic and forecasted GDP growth. The purchas-
ing power of Poland´s large middle class is growing
quickly and a strong domestic consumer market is
developing. Furthermore, the country still beneits
from relatively low labour costs, especially in the
east. Despite catching up in recent years, there is
still a large gap with western European salaries.
Especially the western part of Poland is beneit-
ing hugely from its geographical position close to
the large consumer markets of Germany and other
western European countries, combined with an ex-
cellent road network that has beneited from large
(EU-funded) investments.
“The warehouse market in Poland is re-
cording record-breaking fi gures. This
trend is set to continue if not acceler-
ate in 2022 and beyond. Gross take-up of
space in 2021 reached an all-time high of
7.35 million sqm with an 84% year-on-year
increase in net absorption. Under con-
struction space is 55% pre-leased before
completion and vacancy rates have fallen
to under 4%. Poland offers competitive
labour rates, FDI incentives, an effi cient
planning and building permitting system;
and all this is backed by growing domes-
tic consumer spending. The dynamics of
the occupier is changing with require-
ments increasingly focused on quality,
sustainable and ESG-focused properties,
professionally managed by long-term land-
lords. These favourable market conditions
fi t the CTP business model of delivering
modern A-class industrial space and gives
bright prospects for the future. We are
delighted to support CTP in its growth on
the Polish market and wish the company
many more successes.” Savills
6.40
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
7.97%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
A-
CTP Poland
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
16.00%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
37,894,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁷
Prime Rent Outlook⁷
Prime Yield⁶
Prime Yield Outlook⁷
Total Stock
(DEVELOPER-LED)⁶
13.15% 4.30%
29.10% 4.20
4.35%
-
-
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
UP
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
5,340,068
sqm
23,220,701
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 CBRE Research, 2022 7 Cushman & Wakefi eld
GLA
All PL parks: 42,000 sqm
CTPark Opole
ABOUT THE PARK
Growth Opportunity
182
Plans for Growth
CTP has long had a small footprint in Poland and in 2021
began a new drive to expand into this largest CEE market.
Acquiring new land around the capital, Warsaw, and beginning
construction on parks in Opole (above), Ilowa, and Zabrze,
CTP is expanding its team and ambitions in the country with
nearly 100,000 sqm under construction at year end.
Steliana
Vac h eva
CFO & Deputy Country
Manager, Bulgaria
Steliana is responsible for
administration, fi nance and
legal and is actively involved
in business operations, proj-
ects, budgeting and recruitment
as she builds a full team for
CTP Bulgaria. She has a fi nance
background with more than 20
years of experience on senior
and executive roles in diverse
industries,including develop-
ment, planning, construction,
leasing and management of
retail, offi ce and industrial
properties.
184
185
186
The CTP Portfolio2021 in Review Bulgaria
CTP Bulgaria
0.7% of the Group’s
Gross Asset Value
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E70
E83
A4
A2
A3
E79
Niš
Belgrade
Budapest
Craiova
Bucharest
Thessaloniki
Athens
Skopje
Istanbul
Ankara
Constanƥa
RS
GR
MK
TU
RO
S O F I A
E87
E871
E79
Danube
Core Markets
Expansion Markets
New Markets
187
Bulgaria is strategically located in south-east-
ern Europe between Europe and Asia. Five of the
Trans-European-Transport corridors run through
Bulgaria, and a modern motorway network connect-
ing all the major cities is currently under construc-
tion. The country joined the EU in 2007 together
with Romania and continues to attract especially
international investors with labour intensive opera-
tions beneiting from relatively low costs combined
with a skilled and available workforce. CTP is in a
very appealing position as one of very few inves-
tors in the country developing industrial & logistics
parks to international institutional standards.
“The Bulgarian market and our business in Sofi a is
growing, and it is very comforting for us to be
able to put the development, ownership and man-
agement of our logistics assets into the hands
of a trusted long-term international real estate
partner like CTP in a market that we very much
believe in.” DSV
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁶
Prime Rent Outlook⁶
Prime Yield⁶
Prime Yield Outlook⁶
Total Stock
(DEVELOPER-LED)⁶
9.00% 8.00%
- 5.50
8.50%
-
-
sqm
Vacancy Rate⁶ CTP Vacancy
Rate
€
STABLE
STABLE
MARKET VARIABLE
(AS AT END Q4 2021)
79,820
sqm
1,325,000
3.20
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
8.03%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
BBB
CTP Bulgaria
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
16.80%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
6,875,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021
4 S&P 5 Statista, 2021 6 Colliers Research, 2022
188
Country Head,
Netherlands
Ralph de Munnik started at CTP
in 2021 and brings over 15
years of experience in in-
dustrial and logistics real
estate to the company.
Ralph is currently putting
together a strong Dutch team
and has begun rolling out the
unique CTPark approach across
the Netherlands, a major
distribution entry point to
Europe, thus strengthening
CTP’s European footprint.
Ralph De
Munnik
189
Paul
Dijkstra
CFO,
Netherlands
Paul Dijkstra joined CTP as
CFO for CTP NL with plans to
use his deep experience in
real estate and fi nance to help
CTP get its NL operations up
and running—with a long-term
investment focus. Paul brings
15 years of experience in
real estate from his time as
a management consultant with
Deloitte Real Estate Advisory,
as well as his service as CFO
for the City of Amsterdam Real
Estate department.
190
,11"/!*
DE
BE
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Middelburg
1/" %1
/+%"*
4,))"
/,+&+$"+
&+!%,3"+
01/& %1
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North Sea
Antwerp
Brussels
Liège
Aachen
Köln
Duisburg
Düsseldorf
Osnabrück
Bremen
Hamburg
A4
A4
A16
E19
E34
A59
A58
E31
A15
A27
A2
A2
A2
A12
A50
A28
A1
A6
E22
A7
A7
A32
E30
E35
A37
Maas
Rhine
192
The CTP Portfolio2021 in Review Netherlands
CTP Netherlands
4.1% of the Group’s
Gross Asset Value
Core Markets
Expansion Markets
New Markets
193
The Netherlands is Europe’s leading logistics coun-
try, beneiting from being one of the world´s most
eicient transportation hubs for road, rail, sea and
air connections. Furthermore, due to its central lo-
cation in one of the most densely populated areas
in the developed world surrounded by the strong
economies of Germany, the United Kingdom and
France and 170 million aluent consumers living
within a 500 km radius, the Netherlands is the ideal
gateway location for many international companies
for distribution and inal assembly activities.
In addition to logistics, the Netherlands also ofer
opportunities for investments into redevelopment
of out-dated industrial and logistic parks due to
scarcity of space, as well as science and technology
parks that are open for private investors.
“In their long-term planning, Dutch munic-
ipalities create little space for new sites
for distribution centres. However, the
Netherlands needs new, automated distribu-
tion centres to transition to zero emission
transport and the growth of online. CTP’s
Amsterdam Logistic Cityhub offers companies
in the metropolitan area opportunities for
consolidating sustainable city logistics
while reducing their logistics footprint.”
Prof. Walther Ploos van Amstel, Amsterdam
University of Applied Sciences
27.10
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
4.78%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
AAA
CTP Netherlands
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
12.90%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
17,476,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁶
Prime Rent Outlook⁶
Prime Yield⁶
Prime Yield Outlook⁶
Total Stock⁶
2.06%
-
45%
37,565,000
7.50
3.10%
-
-
Vacancy Rate⁶ CTP Vacancy
Rate
€
STABLE
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
4,800,000
sqm
sqm
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021 4 S&P
5 Statista, 2021 6 Cushman & Wakefi eld Research, 2022 7 JLL Research, 2022
Cracking the Last-Mile
CTParks the Netherlands
ABOUT THE PARKS
GLA
104,000 sqm
194
Gaining a Foothold in Western Europe
CTP entered the Netherlands through acquisitions
and began building a team of local professionals
to further our plans. During 2021, CTP acquired
a 104,000 sqm site in Gornichem, and other land-
plots around the country. CTP also completed for-
ward purchases in Rotterdam and of a multi-story
inner city logistics hub, ALC (above). ALC will
be a low-carbon, unique inner-city logistics
solution combining road and water access.
Karl
Brückner
Country Head,
Austria
Karl joined in 2020 to aid
our strategic growth in the
region. He has three decades
of experience of leading
international corporations’
growth in Austria behind him.
For 12 years he was the head
of Erste Group Immorent’s
division for Real Estate As-
set Management & Investment
Products for CEE.
196
198
The CTP Portfolio2021 in Review Austria
DE
CH
IT
SI
CZ
HU
SK
&+7
++0/2 (
)72/$
/7
)$"+#2/1
&"++
Budapest
Belgrade
Bucharest
Prague
Brno
Ostrava
Prague
Munich
Frankfurt
Bratislava
Maribor
Ljubljana
Zagreb
Udine
Venice
Nuremberg
Verona
Milan
Zürich
Frankfurt
V I E N N A
E57
E55
E57
A2
A5
A9
A1
A7
A2
A10
A12
A12
E60
E45
E60
E55
E61
E55
E59
E59
E59
E60
E60
Danube
Inn
E56
A8
CTP Austria
0.7% of the Group’s
Gross Asset Value
Core Markets
Expansion Markets
New Markets
199
Austria is a hotspot for innovation and R&D, with
strong automotive and chemical industries. Our ex-
pansion into Austria strengthens the CTPark net-
work. With its capital close to the Slovak, Czech,
and Hungarian borders, Vienna has a great advan-
tage when it comes to connectivity and access to
CEE markets.
19.00
20.00
GDP per Capita Growth
Forecast 2022–2026 CAGR¹
Western Europe GDP per
Capita Growth Forecast
2022–2026 CAGR¹
5.65%
5.06%
POPULATION²
COUNTRY CREDIT RATING⁴
AA+
CTP Austria
Total Hourly Compensation
in Manufacturing³
Western Europe Total
Hourly Compensation
in Manufacturing³
5.60%
12.8%
Western Europe
E-commerce Forecast
CAGR (2021-2025)⁵
6,872,000
€
MACROECONOMIC
INDICATORS
E-COMMERCE
FORECASTS
€
E-commerce Forecast CAGR
(2021-2025)⁵
Annual Growth Rate
(Y-O-Y GROWTH OF STOCK)⁶
CTP Market Share
Ownership⁶
Net Take-Up LTM⁶
CTP Market Share
Net Take-Up LTM⁶
Prime Rent
(sqm/MONTH)⁶
Prime Rent Outlook⁶
Prime Yield⁶
Prime Yield Outlook⁶
Total Stock
(DEVELOPER-LED)⁶
0.90%
-
2.2%
122,000
5.80
3.80%
-
-
Vacancy Rate⁶ CTP Vacancy
Rate
€
UP
DOWN
MARKET VARIABLE
(AS AT END Q4 2021)
5,600,000
sqm
sqm
“The Austrian logistics market shows very
dynamic development. The vacancy rate in
Vienna and including araes surrounding the
capital reached a new record low in 2021
and the demand for modern logistics space
remains high. The high developer demand
meets a limited supply of suitable plots.
Compared to other developers CTP acquired
several strategically well located land
plots since entering the Austrian market
1½ years ago amounting to more than 500,000
sq m. Due to the massive pipeline CTP will
become the market leader in Vienna and
Vienna surrounding in the next couple of
years.”
CBRE
SOURCES:
1 IMF, 2021 2 World Bank, 2022 3 IMD, BCI Global, WIIW, 2021
4 S&P 5 Statista, 2021 6 CBRE Research, 2022
GROUP
LEVEL
CTP’s internationl operations are
supported by a dedicated team of
professionals. Based in Amsterdam
and Prague, this team provides
strategic, legal, compliance and
administrative services to all
markets.
200
Corporate
Governance
Structure
CTP
International
One-Tier Board
Compliance
Internal Audit
Risk Management
Company Secretariat
Independent
Non-Executive
Directors
Senior
Independent
Non-Executive
Director
(Chair)
Executive Directors
CTP Country
Teams
Shareholders
Shareholders
Shareholders
201
Jan-Evert
Post
Head of Funding &
Investor Relations
Jan-Evert manages all rela-
tionships with CTP’s stake-
holders in the fi nancial sec-
tor and oversees the complete
external funding of CTP’s ac-
tivities. He was instrumental
in obtaining Investment Grade
ratings for CTP in September
2020 and was project lead for
CTP’s IPO on Euronext Amster-
dam in March 2021. He has
known CTP since 2012, whilst
at ING Bank, where he was
managing director in charge
of the bank’s International
Real Estate Finance activi-
ties.
203
OLIVER
OROS
Head of Legal
CZ/SK
Oliver is an expert on real
estate legal issues, es-
pecially related to asset
management, construction law
and leasing in both the Czech
Republic and Slovakia. He has
extensive experience handling
legal issues relating to
real estate transactions
and leasing arrangements for
a diverse range of interna-
tional businesses.
204
Thomas
Bergman
Group Director of IT
As a technical leader, Thomas
brings more than ten years
of experience in digital
transformation and innovation
through building reliable
processes and empowering IT
departments. Coming from the
fast world of IT start-ups
and scale-ups, he applies his
expertise at CTP to use tech-
nology and data to deliver
lasting business impact.
206
208
Group Head of Controlling
and Process Management
Chris is a professional
fi nance leader with wide
experience in different
leadership roles at
international organisations.
He learned from the best-in-
class industry leaders, with
his last function being Head
of Control at Unibail-Rodam-
co-Westfi eld. In his role at
CTP, Chris will grow and
develop the Group Controlling
Team, bringing strategic
insights to the organisation
together with continuous
improvement initiatives.
Chris
Dekkers
209
Head of M&A
Michal loves going up and down
on his bike but in his seven
years at CTP, he has only gone
up. Specialised in M&A, fi nance
and restructuring, Michal
stands behind more than 1 mil.
sqm GLA of properties acquired
to CTP’s portfolio during his
tenure.
michal
felcman
211
KVeTA
VOJTOVÁ
Head of M&A and Transaction
Legal, Attorney at law
Two decades of experience in
corporate law and an ability
to move things fast without
missing a beat. This is exactly
why Květa leads our M&A legal
team, which supports all
acquisitions, divestments,
and group restructuring.
213
214
Risk
Management
Corporate
Governance
Risk Management
CTP Group Approach to Risk Management
Exposure to risk arises in the normal course of the
Company’s business. The CTP Group approach to
Risk Management focuses on the principles of iden-
tiication, understanding, quantiication and con-
trol of the relevant sources of risk and on support-
ing management in the steering of the business and
the investment portfolio. The Enterprise Risk Man-
agement (ERM) framework was designed to relect
these principles.
For CTP’s exposure to credit risk, market risk,
capital risk and liquidity risk, along with the possi-
ble impact on the result and/or inancial position
in case of changes in the assumptions, we refer to
the sensitivity analysis in note 35 in the inancial
statements.
Risk Management Policy
CTP Group’s ERM framework is documented in the
Group’s Risk Management Policy. It is a living doc-
ument that evolves continuously and is annually re-
viewed by CTP’s Audit Committee, in line with the
Dutch Corporate Governance Code. If necessary,
it is updated by the Group CFO in conjunction with
the Group Head of Risk Management. The policy is
mandatory and applies to all CTP Group entities.
The approach and principles described must be fol-
lowed with respect to all approvals and controls by
the Executive Directors and their delegated Risk
Owners.
PILLAR 1
Three Lines
of Defence
PILLAR 2
Lifecycle of
Risk Functions
PILLAR 3
Taxonomy
of Risks
ERM Framework
CTP Group’s ERM framework is an
integrated, risk-based system of
functions, processes and methodolo-
gies and is constructed based on three
pillars:
THREE LINES OF DEFENCE
To achieve clarity of responsibilities and
accountabilities, the Group has adopt-
ed the “Three Lines of Defence” mod-
el (3LoD), considered regulatory best
practice. The three lines are the Busi-
ness, Risk Management, and Internal
Audit (with the supervisory functions
of the Audit Committee and the Board
of Directors). They work independently
and sequentially to provide assurance
that activities take place in line with
business objectives and procedures.
Business and Operating Units are ac-
countable for all risk-taking decisions
within the Group. They manage and
mitigate risks in compliance with CTP’s
risk policy requirements while operat-
ing within the risk appetite boundaries
set and approved by CTP’s Board of
Directors.
Risk Management provides oversight
of the risk management process and
supports the Board of Directors to
implement and operate the Risk Man-
agement process. Their role is not to
manage risk, but to act as enablers
to the irst line so that they can efec-
tively manage risk.
Internal Audit supports the Board of
Directors in providing independent, ob-
jective assurance and advice about the
quality, completeness and efective-
ness of the Group's Risk Management
framework.
1st LoD 3rd LoD2nd LoD
Business and
Operating Units
Enterprise Risk
Management
Internal
Audit
PILLAR 1
Board
Executive Directors
Board
Audit Committee
215
1. RISK
Identification
2. RISK
Analysis
3. RISK
Appetite
4. RISK
Mitigation
5. RISK
Control
6. RISK
REPORTING AND
Monitoring
7. Assessment
of effectivness
LIFECYCLE OF RISK FUNCTIONS
The Group has formulated a 7-step
process that deines what actions need
to be performed and when in order to
ensure efectiveness and completeness in
managing risks.
PILLAR 2
1. Risk Identiication – a systematic
process to identify and document the
Group’s principal risks.
2. Risk Analysis – identiied risks are
then analysed, and an assessment is
formed regarding their nature, impact
and frequency of occurrence.
3. Risk Appetite – the amount of risk
the Group is willing to accept in pursuit
of its strategic objectives.
4. Risk Mitigation – the Group may
choose to avoid, limit, transfer, hedge
or insure the risk.
5. Risk Control – design, implementa-
tion and maintenance of a Risk Control
framework.
6. Risk Reporting and Monitoring
– the Board of Directors monitors
the Group’s exposures as part of the
reporting process.
7. Assessment of Efectiveness – the
lifecycle that is formed will be repeated
as new risks emerge and the efec-
tiveness of the existing controls may
require improvement.
216
TAXONOMY OF RISKS
The Risk Universe was scanned to identify
the Unique Risks that could materially impact
the Group’s business strategy and objec-
tives. The various Risks that the Group has
identiied and analysed have been organised
in three layers: Risk Areas, Risk Groups and
Unique Risks. The 49 Unique Risks (Level 3)
have been organised into 19 Risk Groups
(Level 2) based on their similarity and owner-
ship by diferent functions and ultimately into
4 Risks Areas (Level 1).
PILLAR 3
• Strategic Risks are often risks
that the Group may have to take to
expand and thrive in the long term.
• Investment Risks are the Group's
main business risks and they are
related to the management of the
portfolio of the Group's assets.
• Financial Risks capture the risk
of having inadequate access to
Capital, Funding and Liquidity along
with Market, Credit and Tax Risks.
• Operational risks are the risks
that actual losses, incurred for
inadequate or failed internal
processes, people and systems, or
from external events, difer from
the expected losses.
Each Risk Area has been allocated to
a diferent Executive Director (or both
Executive Directors) who is the Owner
of that Risk and is responsible for
managing it. The responsibility for the
management of each Risk Group has
been allocated downstream to a difer-
ent Head of Department. The reason
for overlaying the Risk taxonomy over
the Company management structure is
to ensure that integration and control
happens naturally.
Investment Risks
Operational risks
Strategic Risks Financial risks
Risks Groups / Level 2
Risks Areas / Level 1
Business Model
Organisation
Macroeconomic
Geopolitical
ESG
HR
IT
Legal
Compliance
Insurance
Climate Change
Model
Property Sector
Portfolio
Single Properties
Capital, Funding,
Liquidity
Market
Credit
Tax
217
Implementation of the Risk Management Process
The implementation of the Risk Management pro-
cess started with an update of the Risk Inventory.
The Group has identiied the 49 Unique Risks (Lev-
el 3) and organised them in Risk Areas (Level 1) and
Risk Groups (Level 2).
In the next step, the process involves sourcing
of data from the same internal controlling and ac-
counting system used for inancial reporting and
aggregating and modelling independently by the
Risk Management department. In this way, con-
sistency is ensured between risk monitoring and
steering on the one side and inancial reporting
and business performance on the other. The inal
step involves the organisation (Executive Direc-
tors, country heads and all identiied Risk Owners
in Business and Operating Units) to manage, miti-
gate, measure and report identiied risks along with
early warning indicators. This step will be inalised
in 2022.
Climate Change Related Risks
Respect for the environment is at the heart of
CTP’s strategy. Our ESG credentials include
BREAAM certiications, designs to the highest
specs, incorporating technology to reduce our and
our clients’ energy usage and installation of solar
energy capacity. The way we view Climate Change
Related Risks from a Risk Management perspective
is three-fold:
• Environmental Risk category under Strategic
Risk/ESG: this captures the ethical element of
doing the right thing to help mitigate an envi-
ronmental catastrophe as a corporate respon-
sibility.
• Climate Change Risk category under Opera-
tional Risk: designed to capture the potential
physical damage to property that could result
from extreme weather phenomena linked to Cli-
mate Change.
• Climate change related risks in other Risk cat-
egories: examples include Customer Behaviour
Change Risk, Pandemic/Acts-of-God Risks,
Reputational Risk, Business Continuity Risk,
Regulatory Non-Compliance Risk and Regulato-
ry Change Risk.
The Risks are quantiied and ranked by expected
loss. CTP estimates that a composite measure of
the aggregate impact of all Climate Change related
risks places it in the list of top-5 biggest Risks.
We have performed a high-level analysis of the
impact of climate-related risks on the company’s
business and operations on the longer term and on
the accounting in the current inancial statements.
Further it is noted that the majority of the assets
in the balance sheet of CTP consist of investment
property (under development) valued at fair value.
On that basis, we have concluded that the efect of
climate-related risks do not have a material impact
on accounts and disclosures, including judgements
and estimates in the inancial statements.
Risks Arising from Fraud, Irregularities
or Misconduct
At CTP we are proud of our high ethical standards
and through our compliance programme, we ensure
that risks arising from fraud, irregularities or mis-
conduct are absolutely minimised.
The CTP compliance programme is a basic com-
ponent of systematic compliance at CTP. It is tailor
made, based on compliance risk analysis focused
on anti-bribery, corruption, gifts and hospitality,
procurement and fraud, fair competition (including
dawn raids) anti-money laundering (AML), insider
dealing and trade secrets.
Internal Controls
A controlled environment has been created with:
• central approvals by the Executive Directors of
investments, budgets and payments, which then
low into systems with controlled access rights;
• consolidated inancial statements that go
through three levels of review;
• major digitisation and automation projects
(completed and on-going), which are improving
the control and help to streamline processes.
Mitigation Strategies
The mitigation strategies employed to reduce and
control fraud risk include:
• CTP Group’s commitment to strict adherence to
applicable laws and regulations;
• critical compliance functions have been estab-
lished (with separate heads of compliance, in-
ternal audit, risk management and controlling);
• legal and compliance head in each country of
CTP Group’s presence;
• awareness training provided to employees;
• monitoring of existing and future legislation,
regulations and requirements in coordination
with external experts and gathering of advice
from industry organisations;
• management formalised the internal control
framework addressing inancial reporting risks.
After the assessment of risks arising from fraud,
irregularities and misconduct the Expected Losses
were estimated to be very low (less than 1% of total
Expected Losses).
Responsibilities
• Executive Directors, as a general principle, de-
termine the Risk Appetite. They approve and
verify the design of the controls, approve and
review the implementation of the controls as
well as the maintenance thereof, and manage
and mitigate the risks.
• Risk Management identify the risks, assess the
risk analysis and quantiication, advise on the
risk appetite, implement the controls, and moni-
tor and report on the risks.
• Country Heads, Business and Operating Unit Lead-
ers and all other Risk Owners, manage, mitigate
and inform about the risks.
• Internal Audit reviews every step of the process
to provide independent assurance. They report
to the chair of the Audit Committee and the CFO.
• Audit Committee reviews the risk identiication,
provides input about the design of the control
mechanisms and supervision of their mainte-
nance and judges and advises the Board of Di-
rectors thereon.
• Board of Directors reviews the risk identiica-
tion, approves the risk appetite, supervises the
implementation and maintenance of the con-
trols and approves the management and miti-
gation of the risks as well as the risk reporting.
Risk Appetite
Risk Appetite is the amount of risk the Group is will-
ing to accept in pursuit of its strategic objectives.
The three levels of Risk Appetite currently used are:
• Manage – these are risks that the Group is
taking to meet its investment objectives. They
are mainly Strategic and Investment/Prop-
erty Risks as appropriate for a real estate in-
vestment company. In this category Valuation
Risk, Capital Risk and Funding Risk are also in-
cluded as being integral to the investment pro-
cess and the property market itself. The Group
has the expertise to manage these risks in order
to maximise its proit potential.
• Avoid – these are risks that the Group tries to
avoid.
• Minimise – The Group’s tolerance for these risks
is zero but some minimal risk is unavoidable. All
Operational Risks are included in this category.
218
Risk Control Framework
The Group’s Risk Control is based on a central-
ised framework of approvals, systems and data. It
starts with central approvals of investments and
budgets by Executive Directors, which then low
into systems and then again with the central ap-
proval of payments by Executive Directors, creating
a closed “sandbox” environment outside of which no
investment or payment can be approved. The con-
trol worklow has two components:
• Ex-ante controls are incorporated in periodic
reporting and approval documentation for the
Risk Owners to inform Risk Management and
the Audit Committee/Board of Directors about
the risks that are perceived to be most signii-
cant and the mitigation strategies that are used
against them.
• Ex-post control Risk Management indepen-
dently aggregates all the data to calculate Risk
Measures from internal systems. These data
are sourced from the same internal Controlling
and Accounting systems that are used for
Financial Reporting.
The Risk Management department is responsible
for periodic Risk Reporting to the Audit Committee
and the Board of Directors, thereby incorporating
information from the Risk Owners. A Dashboard
will be delivered quarterly for all the risks, with ad-
hoc updates in the event of larger perceived macro-
economics risks.
CTP’s Principal Risks
To identify the Risks with the biggest potential to
harm the Group’s strategic objectives, the 49 Lev-
el-3 Unique Risks have been sorted by their per-
centage contribution to Expected Losses. A con-
siderable concentration can be observed, as the
six largest contribute 50% of the overall Expected
Losses and are discussed in greater detail in Ap-
pendix E. The four biggest Level-2 Risk Groups con-
tribute just over 50% of the overall Expected Loss-
es, while the contribution of the four Level-1 Risk
Areas is more balanced.
EXPECTED LOSS CONTRIBUTION BY
RISK AREA
EXPECTED LOSS CONTRIBUTION BY
RISK GROUP
Business
Model
7%
Market
Risks
21%
Macroeconomic
6%
HR
6%
Insurance
11%
Portfolio
13%
57%
Property
Sector
12%
ESG
5%
Single Properties
5%
IT
4%
Other
7%
2% Compliance
1% Organisational
1% Climate Change
1% Legal
1% Credit
1% Model
0% Geopolitical
0% Tax
Capital,
Funding & Liquidity
3%
Strategic
19%
Financial
26%
Operational
30%
Investment
25%
219
Non-Executive
Board
Corporate
Governance
MEEt
the
board
220
221
222
Governance
Policies
Corporate
Governance
1. Introduction
CTP N.V. is a public limited liability company under
Dutch law, listed on Euronext Amsterdam N.V. since
25 March 2021 and included in the AScX Index since
21 June 2021. CTP N.V. together with its subsidiar-
ies within the meaning of Article 2:24b of the Dutch
Civil Code is hereinafter referred to as CTP, CTP
Group or the Company.
CTP has designed its corporate governance
structure to best support its business, to meet the
needs of the (Non-) Executive Directors, its stake-
holders and comply with applicable laws, the Dutch
corporate governance code (the Code) and other
applicable regulations.
2. CTP’s Governance Structure
CTP has a one-tier board structure consisting of
one or more Executive Directors and independent
Non-Executive Directors (the Board). The Board
currently consists of six directors, of which two are
Executive Directors and four are Non-Executive
Directors. The Board, as a one-tier board, is both
the executive and supervisory body of the Company.
Under CTP’s articles of association (the Articles)
and Dutch corporate law, the Board is collectively
responsible for the management, general and inan-
cial afairs and policy and strategy of CTP Group as
well as its operations, taking into consideration the
interests of CTP Group’s stakeholders. The Board
also observes the corporate social responsibility is-
sues that are relevant to CTP Group.
Within the Board, the Non-Executive Directors su-
pervise and provide advice on the policy and per-
formance of the duties of the Executive Directors,
the Company and its business. Furthermore, the
Non-Executive Directors are responsible for the
supervision of the implementation of the Compa-
ny’s strategy by the Executive Directors. The Non-
Executive Directors are also responsible for deter-
mining the targets and remuneration of the Execu-
tive Directors in accordance with the remuneration
policy and any arrangements for remuneration in
the form of shares or rights to subscribe for shares
(as approved by the general meeting of sharehold-
ers (the General Meeting)).
The Board has adopted written rules of proce-
dure of the Board (the Rules of Procedure) that gov-
ern its performance, decision making, composition,
the tasks and working procedures of the commit-
tees and other matters relating to the Board, the
CEO, the Non-Executive Directors and the commit-
tees established by the Board. In accordance with
our Rules of Procedure, resolutions of CTP’s Board
are adopted by a simple majority of the votes cast
at a meeting at which at least the majority of its
members is present or represented. Each director
has the right to cast one vote. In a tie vote, the pro-
posal will be rejected except in speciic cases where
the current CEO has a casting vote. The Rules of
Procedure are available on CTP’s website.
In addition to the Rules of Procedure, the Board
has adopted charters of its committees, to which
the Board, while retaining overall responsibility,
has assigned certain tasks: the Audit Committee
and the Remuneration and Nomination Committee.
Each committee reports to the Board.
In this chapter, CTP addresses its overall corpo-
rate governance structure and states to what ex-
tent the Company applies the provisions of the
Code. Deviations from the provisions of the Code
will be explained. Substantial changes in CTP’s cor-
porate governance structure and in the Company’s
compliance with the Code will be submitted to the
General Meeting for discussion under a separate
agenda item. Furthermore, information is included
that the Company is required to disclose pursuant
to the Dutch governmental decree on corporate
governance. CTP’s corporate governance state-
ment is available in digital format and can be found
at https://www.ctp.eu/iles/2021/03/CTP-Board-
Rules-290321.pdf.
3. General Meetings
The annual General Meeting of shareholders (AGM)
is held at least once a year, no later than 30 June.
The agenda for the AGM includes, among other
things, the adoption of the annual accounts, the ap-
pointment of the external auditor, the allocation of
the proits insofar as this is at the disposal of the
General Meeting, and any other matters proposed
by the Board or by the shareholders in accordance
with the Articles and Dutch law.
The Articles outline the procedures for conven-
ing and holding general meetings of shareholders
and the decision-making process. The draft min-
utes of the AGM must be published on CTP’s web-
site no later than three months following the AGM.
Shareholders are given three months to respond
to the draft minutes. The minutes of the AGM are
subsequently adopted and signed by the chair of the
AGM and the company secretary.
Governance
Annual General Meeting 2021
The 2021 AGM was held on 4 March 2021. The
meeting topics included, amongst others, the 2020
Annual Report, the allocation of results and the
publication of our intention to launch an Initial Pub-
lic Ofering and to apply for admission to listing and
trading of CTP’s shares on Euronext Amsterdam
N.V. (IPO).
Shareholders Resolution 2021
On 16 March 2021, a shareholder’s resolution was
executed resolving, amongst others, the following:
• to issue new shares in connection with the IPO;
• to convert the Company from a private limited
liability company to a public limited liability com-
pany and in connection therewith to amend the
Articles;
• to appoint the Executive Directors and Non-
Executive Directors;
• to appoint KPMG Accountants N.V. as auditor
of the Company for the inancial years 2021 and
2022;
• to authorise the Board, until 29 September
2022, (i) to issue shares or to grant rights to
acquire those shares up to a maximum of 10%
of the Company’s share capital immediately af-
ter settlement of the IPO, (ii) to issue shares up
to the amount of shares relected on by share-
holders pursuant to an interim scrip dividend
regarding the 2021 inancial year, (iii) to exclude
pre-emptive rights accruing to shareholders in
connection with the aforementioned issuances
and (iv) to cause the Company to acquire shares
in its share capital at a price up to 110% of its
market price on Euronext Amsterdam N.V. and
up to 10% of the issued capital immediately af-
ter IPO settlement.
The next AGM will be held on Tuesday 26 April 2022.
Dividend
The inal dividend for the 2021 inancial year will be
paid following the AGM’s adoption of the 2021 an-
nual accounts and approval of the payment of the
dividend. An interim 2021 dividend was made avail-
able in shares or in cash and paid out on 22 Septem-
ber 2021, bringing the total dividend over the 2021
inancial year to EUR 0.35 per share. Contacts with
shareholders are conducted in line with the bilateral
contacts policy, published on CTP’s website.
4. Appointment and Composition of the Board
The Board is authorised to determine the number
of Executive and Non-Executive Directors, who
are appointed by the General Meeting on a binding
nomination of the Non-Executive Directors on be-
half of the Board. The AGM may overrule a binding
nomination for the appointment of a director by a
resolution adopted by an absolute majority of the
votes cast, representing more than one-third of the
issued capital. The majority of the directors must
be Non-Executive Directors. The Board may grant
titles to directors as the Board deems appropriate,
including the title of Chief Executive Oicer (CEO)
and Senior Independent Director (SID).
The CFO acts as the Board's spokesperson and
is primarily responsible for the Group’s strategic,
risk and control issues. He is also responsible for
convening general meetings of shareholders and
calling Board meetings. The responsibilities of the
SID include ensuring that the Board and its com-
mittees are composed in a balanced way and func-
tion properly. The SID chairs meetings of the AGM
and the Board, ensures Board decisions are made
in accordance with the Articles and the Rules of
Procedure, and supervises the implementation of
adopted resolutions by the Board. The SID also acts
on behalf of the Board as the main contact for the
shareholders and the AGM.
A director is appointed for a term lapsing ul-
timately at the end of the AGM held in the fourth
year after the year of his/her appointment or re-
appointment, unless speciied otherwise in the
nomination for his appointment or re-appoint-
ment. As an exception, the majority shareholder, Mr
Remon Vos, may be unlimitedly appointed and re-
appointed as a director. He was appointed after the
IPO as director for an indeinite term. The reason
for this is that Mr Vos has been instrumental to the
building of the Group since its foundation in 1998
and has been its CEO since 1999. He is personally
involved in many aspects of the Group’s business in-
cluding formulation and implementation of its busi-
ness strategy and relationships with key tenants.
The AGM may at any time suspend or dismiss a
director.
The Executive Directors are Mr Vos (CEO) and
Mr Richard Wilkinson (CFO). As mentioned above,
Mr Vos is appointed for an indeinite term. Mr
Wilkinson is appointed for a term ending at the end
of the AGM to be held in 2025.
The Non-Executive Directors are Ms Barbara
Knolach (SID), Mr Gerard van Kesteren (vice-
chair), Ms Susanne Eickermann-Riepe and Mr Pavel
Trenka. The Non-Executive Directors were ap-
pointed on 16 March 2021 for a term ending at the
end of the AGM to be held in 2023. All members
are independent in conformity with the provisions
of the Code. The retirement schedule of the Non-
Executive Directors provides for them to retire
simultaneously. There is no written succession plan
currently in place, however with the availability of
a dedicated senior management team placed below
the Executive Directors short- and medium-term
succession can be guaranteed.
The Board has two committees, an Audit Com-
mittee and a Nomination and Remuneration Com-
mittee, and is supported by the company secretary.
Independence of Non-Executive Directors
Conlict of interest situations are provided for in the
Rules of Procedure. The provisions are such that the
Non-Executive Directors decide whether a director
has a conlict of interest without this director being
present. Upon this being the case a decision can only
be made if the proposed transaction is customary in
the market and in compliance with the laws of the
relevant jurisdiction and requires the consent of at
least the majority of the Non-Executive Directors if
the conlict of interest is of material signiicance to
CTP or the relevant director. No loans or guarantees
are given to a director unless in the normal course of
business and on terms applicable to CTP’s person-
nel as a whole.
In the opinion of the Non-Executive Directors,
the independence requirements referred to in the
Code have been fulilled. Out of the four Non-Exec-
utive Directors, three own CTP shares.
223
CEO
Dutch, 1970
1 July 2020
Indeinite
CEO of CTP
• None
No
POSITION
INDEPENDENCE
FIRST APPOINTED ON
NATIONALITY,
YEAR OF BIRTH
END OF CURRENT TERM
OF APPOINTMENT
PREVIOUS
SIGNIFICANT
POSITIONS
ADDITIONAL
POSITIONS
CFO
British, 1964
28 December 2020
2025
Erste Group (Senior management
positions, inter alia Head of
Commercial Real Estate Business)
• None
Yes
Chair, Non-Executive Director
Austrian, 1965
29 March 2021
2024
BNP Paribas Real Estate (Deputy
CEO and Global Head of Investment
Management)
SEB Asset Management (CEO)
• Swiss Prime Site
(Board Member)
• Landmarken AG
(Supervisory Board Member)
Yes
PERSONAL INFORMATION
Biographies of directors of CTP’s Board
Remon Vos Richard Wilkinson Barbara Knofl ach
224
POSITION
INDEPENDENCE
FIRST APPOINTED ON
NATIONALITY,
YEAR OF BIRTH
END OF CURRENT TERM
OF APPOINTMENT
PREVIOUS
SIGNIFICANT
POSITIONS
ADDITIONAL
POSITIONS
Gerard van Kesteren Susanne Eickermann-Riepe Pavel Trenka
Non-Executive Director
Dutch, 1949
29 March 2021
2024
Kuehne + Nagel International
AG (CFO)
• Raben Group (Member of
the Supervisory Board)
• Planzer Holding AG
(Member of the Supervisory
Board)
• Janel Corporation
(Chair of the Audit
Committee and Member of
the Supervisory Board)
• PrimaFrio
(Non-Executive Director)
Yes
Non-Executive Director
German, 1960
29 March 2021
2024
PwC (Partner, Head of German
Real Estate Business)
• Engel & Völkers Venture
Management AG
(Deputy Chairperson of
the Supervisory Board)
• RICS
(Chair of the European World
Regional Board, Chair of
the Advisory Board of RICS
Germany)
• ICG Institute
(Chair of the Board)
• BIG (Member of
the Sustainability Board)
• DGNB German Sustainable
Building Council
(Head of the Advisory Board)
Yes
Non-Executive Director
Slovak, 1973
29 March 2021
2024
HB Reavis Group (CEO)
• Leaf (Board Member)
• Duke of Edinburgh
International Award
(Board Member)
Yes
225
director's competency table
Years in board
Year of birth
Gender
General business
management
strategy
Finance (balance &
reporting)
Financial markets/
disclosure,
communication
Audit, risk, com-
pliance, legal &
governance
Real estate
M&A
IT/Digital &
Innovation
Social employment
ESG
Remon Vos
2 1970 M XXXXXXXX
Richard Wilkinson
2 1964 M XXXXXXXXX
Barbara Knoflach
1 1965 F XXXXXXXXX
Susanne
Eickermann-Riepe
1 1960 F XXXXXXXXX
Gerard Van Kesteren
1 1949 M XXXXX
Pavel Trenka
1 1973 M XXXXXX
Introduction Programme for Non-Executive
Directors
The Non-Executive Directors completed an intro-
duction programme in June 2021 consisting of a
training session on the Code and country visits to
three countries in which the Group operates (the
Czech Republic, Hungary and Romania). Mr Trenka
participated in a separate programme consisting of
location visits in the Czech Republic where he met
with local CTP management.
In addition, all Non-Executive Directors at-
tended the senior management ofsite event in
September 2021, during which the Group’s strategy
and key challenges were discussed.
Permanent Education and Evaluation
In view of the recent appointment of its members
in March 2021, the Board did not evaluate its own
functioning, that of its committees, nor of its indi-
vidual members. The Board is of the opinion that a
suiciently long period of functioning should lapse
to be able to assess the performance of the various
bodies. Evaluation will consequently take place in
the irst half of 2022.
A training programme for the Board was es-
tablished at the 16 December 2021 meeting. The
programme varies from ESG sessions (including
reporting based on new legislation) to updates
on compliance developments and involves prop-
erty visits to Amsterdam Logistic Cityhub in the
Netherlands and various sites in Germany.
In the irst half of 2022, the Nomination and
Remuneration Committee will supervise the
selection criteria and appointment procedures for
senior management (composition of this group will
be determined in 2022). The committee will focus
on drawing up a plan for succession of Executive
Directors and Non-Executive Directors, evaluate
the functioning of the Executive Directors and
Non-Executive Directors and report on the results
to the Non-Executive Directors, and assess the size
and composition of the Board and review the com-
position proile of the Non-Executive Directors.
5. Executive Committee
After having been operational as a listed com-
pany since March 2021 CTP acknowledges that the
establishment of an Executive Committee—which
was done immediately prior to the IPO in March
2021 —is not appropriate for the Company at its
current stage. Day-to-day management is done
by and between the CEO and CFO and the coun-
try heads and there is frequent (monthly) contact
between the CFO and the Non-Executive Direc-
tors. Having an additional layer of decision-making
turned out to be unnecessary from the governance
and business perspectives.
The Board will have a discussion on the positioning of
the Executive Committee within CTP also consider-
ing leadership styles and skills in the irst quarter of
2022. The existence of a stable group of senior man-
agement will be considered in this discussion.
Once discussed and resolved, the Company will
amend the Rules of Procedure to synchronise the
factual situation with the organisational documents.
6. Board Committees
The Board has established an audit committee (Au-
dit Committee) and a nomination and remuneration
committee (Nomination and Remuneration Com-
mittee), comprising only Non-Executive Directors,
without in any way derogating from the primary
responsibilities of the Board as a whole. The re-
spective chairpersons of these committees report
on their activities periodically to the entire Board.
Both committees are subject to speciic regula-
tions, which form part of the Rules of Procedure,
available on our website.
226226
Audit Committee Report
Audit Committee
The duties of the Audit Committee include super-
vising and monitoring as well as advising the Board
and each director regarding the integrity and qual-
ity of the Company's inancial report and the efec-
tiveness of the Company’s internal risk manage-
ment and control systems. The Audit Committee
advises the Board on the exercise of certain of its
duties. It also supervises the submission of inan-
cial information by the Company, the compliance
with recommendations of internal and external ac-
countants, the Company’s policy on tax planning,
the Company’s inancing arrangements, and also
assists the Board with the Company’s information
and communications technology. It further main-
tains regular contact with and supervises the ex-
ternal accountant and it prepares the nomination
of an external accountant for appointment by the
AGM. The Audit Committee also issues preliminary
advice to the Board regarding the approval of the
annual accounts and the annual budget and ma-
jor capital expenditures. The charter of the Audit
Committee is published on CTP’s website.
The Audit Committee members are Mr Van
Kesteren (Chair) and Ms Eickermann-Riepe.
Meetings
The Audit Committee met four times in 2021; both
members attended all meetings. The Audit Com-
mittee reviewed the Rules of Procedure. The Audit
Committee extensively discussed the periodic and
annual inancial statements (including forecasts
and outlook) as well as the draft management let-
ter in the presence of the Company’s CFO and in-
ternal auditor. The external auditor attended (part
of) the meetings, to present its 2021 audit plan
and indings. The Audit Committee discussed the
funding of the Company and the internal 2021 audit
plan, KPIs and the selection of an external value for
2021-2022. The status of control issues based on
deiciencies identiied by KPMG in the 2020 audit
was discussed. Updates on the organisation of the
planning and control cycle and compliance updates
were given regularly, including the efectiveness of
and compliance with the Company’s Code of Con-
duct. Risk factors and risk management were also
discussed.
At its 16 November 2021 meeting, the Compa-
ny’s policy on tax planning was discussed and the
internal risk manager presented priorities for a risk
management framework. The application of infor-
mation technology by the Company, including risks
relating to cybersecurity, was discussed at its 16
December 2021 meeting.
At its 16 December 2021 meeting, the Audit
ommittee and the Board discussed the fulilment
of the responsibilities of the internal auditor. The
functioning of and developments in the relationship
with KPMG was also discussed. As KPMG was ap-
pointed external auditor on 16 March 2021 for the
years 2021 and 2022, there was no discussion on
appointment/re-appointment or dismissal.
The Audit Committee met with the internal audit
function and the CFO separately four times since
the appointment of the internal auditor on 1 May
2021. At these meetings the following topics were
discussed: progress of the internal audit plan and
the internal control framework. The Audit Commit-
tee met outside the presence of the Executive Di-
rectors on 16 November 2021; KPMG was present
at the meeting.
The efectiveness of the Company’s internal
risk management and control systems was not dis-
cussed as these systems are in the process of being
formalised. The assessment of the efectiveness of
the internal and external audit processes were not
discussed; material considerations regarding inan-
cial reporting were also not discussed. The way in
which material risks and uncertainties referred to
in the management section of the governance chap-
ter have been analysed and discussed and has been
tabled. A description of the most important ind-
ings was discussed by the Board at its 16 December
2021 meeting.
The Company’s risk proile was discussed at
its 16 December 2021 meeting by the internal risk
manager and was established as the working risk
control matrix going forward. Findings, observa-
tions, and recommendations have been made on
the implementation of the matrix but not yet on its
design, existence and operating efectiveness. The
Audit Committee evaluated the functioning of the
internal auditor and of KPMG as external auditor
and advised the Board of their functioning.
Audit Committee
Report
Corporate
Governance
227
Nomination and Remuneration
Committee Report
Nomination and Remuneration Committee
The Nomination and Remuneration Committee ad-
vises the Board on the exercise of its duties regard-
ing the selection and appointment of directors and
senior management and on the remuneration policy
relating to the directors and preparing proposals
for the Board on these subjects. The duties of the
Nomination and Remuneration Committee include
preparing the selection criteria and appointment
procedures for directors and proposing the com-
position proile for the Non-Executive Directors.
It also periodically assesses the scope and compo-
sition of the Board, and the functioning of the in-
dividual directors. The Nomination and Remuner-
ation Committee also proposes appointments and
reappointments. It supervises the Board’s policy on
selection criteria and appointment procedures for
directors and senior management.
Furthermore, the duties of the Nomination and
Remuneration Committee include the preparation
of proposals of the Board on the remuneration
policy for the directors to be adopted by the AGM
and on the remuneration of the individual Execu-
tive Directors to be determined by the Non-Exec-
utive Directors. The Nomination and Remuneration
Committee also prepares a remuneration report
on the execution of the remuneration policy for the
Board during the respective year to be adopted by
the AGM. The AGM has an annual advisory vote on
the remuneration report. The charter for the Nom-
ination and Remuneration Committee is published
on CTP’s website.
The Nomination and Remuneration Committee
members are Mr Trenka (Chair) and Ms Knolach.
Meetings
The Nomination and Remuneration Committee met
three times during 2021; both members attended
all meetings. In its inaugural meeting after the IPO
the committee discussed and prepared the pro-
posal for the remuneration policy of the directors
and adopted selection criteria, proile and appoint-
ment procedures for the Non-Executive Directors.
The committee discussed the ixed and variable
remuneration of executive director Mr Wilkinson
in 2021 (including his KPIs), as well as the perfor-
mance of both Executive Directors. Consideration
to introduce soft KPIs for 2022 were discussed
based on benchmarking and marketing trends.
When deemed necessary, the committee consulted
outside experts for advice. The draft remuneration
report, containing information on the remuneration
policy and implementation thereof, was discussed
at the November and December meetings.
At the 16 December 2021 meeting the commit-
tee submitted a proposal to the Non-Executive Di-
rectors for the 2022 KPI targets of the CFO and the
individual remuneration of the CEO and the CFO.
All Non-Executive Directors were carefully se-
lected in relation to the IPO. The size and compo-
sition of the Board and the proile of the individual
directors were considered resulting in a Board that
is well-placed with respect to diversity, relevant ex-
perience and international background. CTP listed
at the end of March 2021 and therefore discussions
(if any) on selection criteria and appointment pro-
cedures for directors, senior management, succes-
sion planning and a periodic assessment of the size,
composition and assessment of the functioning of
the directors will take place in the irst half of 2022.
Board’s Role in Risk Oversight
The Board believes that its current structure pro-
vides robust and highly efective oversight based
on, among other factors:
• all four Non-Executive Directors and one of the
Executive Directors are independent (the sole
board member who is not independent is the
CEO);
• robust corporate governance principles are in
place and are reviewed annually;
• the CEO and SID both have deep experience and
knowledge of CTP’s business and industry and
a demonstrated unique and successful strate-
gic vision. Both the SID and CEO continue to be
actively focused on their role of providing the
overall strategic leadership for CTP, consistent
with Dutch law and the Company’s organisa-
tional documents and its one-tier board struc-
ture – a role that the Board believes remains
critically important as our industry continues to
experience signiicant changes at a rapid rate;
• the Audit Committee and the Remuneration
and Nomination Committee are both entirely
composed of independent directors (within the
meaning of the Code);
• approval of any appointment of members to the
Audit Committee and the Remuneration and
Nomination Committee must include at least a
majority of the independent directors;
• all Board committees operate pursuant to writ-
ten charters and conduct annual self-evalua-
tion;
• the independent directors of the Board and its
committees engage in detailed discussion and
analysis regarding matters put before them and
consistently and actively engage in the devel-
opment and approval of signiicant corporate
strategies.
Remuneration
Committee Report
Corporate
Governance
228
CTP N.V. 2021 Remuneration Report
In compliance with Article 2:135b of the Dutch
Civil Code, the European shareholder rights directive
(SRD II) and the Code, this report is split into two
separate sections, including:
1. a remuneration policy section describing the
overall approach to remuneration, and in particu-
lar, setting out the ixed and variable pay com-
ponents of the Executive Directors and the ixed
pay components of the Non-Executive Directors,
including the background relecting on the inter-
nal and external context surrounding remunera-
tion outcomes for the reporting year; and
2. a section on the implementation of the remuner-
ation policy during the reporting year. A copy of
the report shall be available on our website for
10 years.
Overview of our Remuneration Policy
The remuneration policy for the Executive Direc-
tors and the Non-Executive Directors of CTP N.V.
was adopted by the AGM on 25 March 2021, and be-
came efective as of 16 March 2021, following the
efective IPO date. The remuneration report serves
as the irst report for CTP as a listed company.
Consequently, this report does not include any com-
parable igures.
The design and implementation of our remuner-
ation policy have been drafted to follow all applica-
ble laws and corporate governance requirements.
Decisions related to remuneration are made in the
context of CTP’s values and strategy.
Philosophy and Principles
CTP’s remuneration philosophy aligns with the way
the Company operates, and that is helping CTP to
grow the business and to grow the businesses of
its clients. CTP is outcome focused, performance
driven and rewards fairly and competitively with a
focus on long-term value creation while supporting
the ownership mentality and spirit of entrepreneur-
ship in its teams in all its operating locations. CTP
places an emphasis on variable remuneration to
relect its highly performance-orientated and
entrepreneurial culture, its growth ambitions,
and to ensure alignment with the expectations
of shareholders.
The six principles that guide CTP’s approach to
remuneration are:
1. remuneration should focus on long-term value
creation for and be clearly linked to the delivery
of superior and sustainable corporate results in
line with our strategy;
2. remuneration outcomes should mirror the
shareholder and wider stakeholder experience
over the long-term and be aligned with our long-
term strategy and established risk appetite;
3. remuneration should be fair and competitive
against companies of a similar size, scope and
complexity with a strong emphasis on varia-
ble pay to relect our high-performance culture
but at the same time not paying more than
necessary;
4. remuneration should be simple and transparent
in terms of design and communication to inter-
nal and external stakeholders;
5. remuneration should adhere to principles of
good corporate governance practice in line with
the Dutch Corporate Governance Code and
Dutch law;
6. remuneration frameworks should be suiciently
lexible to take into account changing business
priorities over time.
In line with CTP’s remuneration philosophy and prin-
ciples, its remuneration policy is to target base sala-
ry levels around the lower quartile of the peer group
and total direct compensation levels (the sum of
base salary, annual bonus and long-term incentive)
around the upper quartile of Dutch listed companies.
Again, this positioning policy relects CTP’s perfor-
mance-based culture with highly competitive levels
of reward only being earned if outstanding perfor-
mance is delivered.
229
Benchmarking and Peer Group
CTP’s remuneration should be fair and competi-
tive against companies of a similar size, scope, and
complexity. The reference points used to deine
market peers in terms of remuneration are Dutch
listed companies that are of a similar size and
complexity to CTP and where appropriate, sector
comparisons, i.e., European real estate and logis-
tics businesses. To ensure a balanced approach to
benchmarking, remuneration levels of Dutch list-
ed companies within a reasonable range of CTP’s
market capitalisation will be considered. This may
comprise both Euronext AEX and AMX compa-
nies. CTP continuously reviews the market refer-
ence points used for benchmarking purposes as the
Company grows.
Looking Back
While Covid-19 has provided challenges, CTP has
continued to perform well, as set out in the “2021
Year in Review” section of this report. Remote
working was implemented immediately and main-
tained for those employees that preferred to (par-
tially) work from home after the return to oice
was permitted. Further, morale boosters in the
form of communication and small gifts had a posi-
tive impact on the workforce.
Looking Ahead
Creating sustainable long-term value for CTP’s
shareholders and other key stakeholders are at
the core of CTP’s business. Hence, the core per-
formance measure which was assessed under the
long-term incentive plan is Total Shareholder Re-
turn (“TSR”). TSR relects the return received by a
shareholder and captures both the change in share
price and the value of dividend income, assuming
dividends are reinvested. TSR is an appropriate
measure, as it objectively measures CTP’s inancial
performance and assesses long-term value crea-
tion for shareholders.
Next to TSR the Company also measures achieve-
ments against sustainability KPI’s. CTP feels this
is appropriate as it takes a hands-on approach to
protecting the environment. With smart buildings,
circular parks and solar-ready building plans, the
aim is not only carbon-neutrality but to positively
impact the communities in which CTP operates.
CTP takes the environmental impact of its activi-
ties seriously.
Equality, consistency, and transparency are em-
bedded in CTP’s remuneration practices, as CTP
believes that this is an imperative foundation to-
wards building a thriving and inclusive workplace.
Engaging with Our Stakeholders
CTP engages openly and often with its shareholders
and institutional investors on their input regarding
CTP’s remuneration policy and the implementation
thereof. Taking this input into account and along-
side the input from CTP’s other stakeholders allows
the Company to make informed decisions going for-
ward and to remain impactful on all fronts.
Remuneration of the Executive Directors
Total Direct Remuneration
The total direct remuneration of the Executive Di-
rectors consists of four components:
1. ixed annual base salary;
2. pension and fringe beneits;
3. an annual cash incentive; and
4. a long-term share-based incentives.
The total direct remuneration mix at target and
maximum performance for the CEO and CFO is as
follows:
CFO – MAXIMUM PERFORMANCE
Fixed remuneration Variable remuneration
18%
82%
100%
Fixed remuneration
CEO – TARGET AND MAXIMUM PERFORMANCE
CFO – TARGET PERFORMANCE
Fixed remuneration Variable remuneration
29%
71%
230
Note that our CEO, Mr Vos, has a substantial share-
holding in the company, meaning there is already a
clear and direct link between his reward and the
company’s performance. Therefore, there are ele-
ments of the remuneration policy in which Mr Vos
currently does not participate, namely variable re-
muneration. Scenario analyses under diferent per-
formance outcomes are carried out annually.
Fixed Annual Base Salary
The ixed annual base salary is based on seniority
and experience, relecting the nature of the role and
responsibilities, while considering relevant bench-
marks. The base salary of the Executive Directors is
currently set around the lower quartile of the Dutch
listed peer group.
Salaries are reviewed and approved by the
Non-Executive Directors on an annual basis, or
when there is a change in role and responsibility.
Pension and Fringe Beneits
Executive Directors do not participate in a pen-
sion plan but do receive market standard beneits
that could include: health insurance, life insurance,
housing/car allowance, use of a company car, travel
allowance, and workers’ compensation for illness.
Additional beneits may be considered based as re-
quired, subject to business needs.
Annual Cash Incentive
The purpose of the annual cash incentive is to drive
the achievement of annual performance targets
supporting CTP’s shorter-term strategic goals.
The Executive Directors are eligible for an “at tar-
get” annual bonus of 150% of the base salary and
the maximum bonus for outstanding performance
is capped at two times the target amount equal to
300% of base salary.
Performance measures are based on key perfor-
mance indicators that relate to CTP’s strategy and
business priorities for the year ahead:
• Financial measures could include cashlow,
EBITDA, proit, gross lettable area, gross
rental income, occupancy rate, rental collec-
tion, weighted average unexpired lease term
(WAULT) and other similar inancial measures;
• Non-inancial measures could relate to environ-
mental, social and governance targets, sustain-
ability targets, corporate social responsibility
targets and speciic strategic milestones as
considered appropriate by the Non-Executive
Directors.
For the annual cash incentive, 70% of the perfor-
mance measures are inancial in nature and 30%
are non-inancial. The chosen performance meas-
ures have challenging yet realistic targets to en-
courage achievement in a sustainable manner. At the
Non-Executive Directors’ discretion, a portion of the
annual cash incentive could be deferred into shares
using the deferred incentive plan. Further informa-
tion is contained beneath the heading “Deferred
Incentive Plan”.
Long-term Incentives Plan
The purpose of the long-term incentive plan
(“LTIP”) is to incentivise the achievement of long-
term sustainable shareholder returns and the de-
livery of CTP’s long-term strategy.
Under the LTIP, the Executive Directors may re-
ceive an annual award for shares, which shall nor-
mally vest after a three-year performance period,
subject to the achievement of certain pre-deter-
mined corporate performance conditions including
inancial and shareholder return based measures
set by the Non-Executive Directors and remain-
ing in service. LTIP awards may be granted as nil
cost awards and may take the form of options to
acquire shares, conditional rights to acquire shares
or an immediate award of shares subject to restric-
tions. No payment is required for the grant of an
LTIP award (unless the Non-Executive Directors
determine otherwise). LTIP awards in the form of
options that have vested will normally remain exer-
cisable for a period determined at grant, which shall
not exceed 10 years from grant.
The LTIP award opportunity is set at 100% of the
base salary for delivering “at target” performance.
The maximum number of shares that can be deliv-
ered under the LTIP award for delivering outstand-
ing performance is 1.5 times the number of shares
granted (i.e., 150% of the LTIP award shares grant-
ed). Therefore, the maximum LTIP award opportu-
nity is equal to 150% of base salary at grant and no
vesting will occur for below threshold performance.
The LTIP award level relects CTP’s high-perfor-
mance culture and is in line with the principle that
a greater portion of total remuneration should be
based on variable remuneration. In line with the
Code and unless the Non-Executive Directors de-
termine otherwise, LTIP awards granted to Execu-
tive Directors will be subject to a holding period of at
least two years following vesting. During this period,
sale of the shares is restricted, although shares may
be sold to cover taxes due because of vesting.
Each inancial year the Non-Executive Directors
will determine the most appropriate performance
conditions for the LTIP award. Performance meas-
ures will be selected considering CTP’s long-term
business strategy and will relate to pre-determined
corporate performance conditions including inan-
cial and shareholder return based measures.
The performance measures and targets for the
irst LTIP award were approved by the Non-Exec-
utive Directors following the IPO. The core perfor-
mance measure that was assessed under the LTIP
is Total Shareholder Return (“TSR”). TSR relects
the return received by a shareholder and captures
both the change in share price and the value of div-
idend income, assuming dividends are reinvested.
TSR is an appropriate measure, as it objectively
measures CTP’s inancial performance and as-
sesses long-term value creation for shareholders.
LTIP awards will be subject to relative TSR and
absolute TSR measures (both equally weighted at
50% each):
• A relative measure allows an assessment of
outperformance delivered by CTP compared to
other companies. For this purpose, relative per-
formance would be measured against an appro-
priate European real estate index.
• Absolute TSR will ensure that Executive Direc-
tors remain focused on CTP’s own performance
by requiring growth in TSR over the measure-
ment period, irrespective of market perfor-
mance. During the period of the remuneration
policy and in the context of CTP’s long-term
business strategy, the Non-Executive Directors
will review performance conditions for each
grant under the LTIP, in terms of the measures
themselves, the ranges of targets and weight-
ings applied to each element of the LTIP.
231
Deferred Incentive Plan
The deferred incentive plan (“DIP”) is a discretion-
ary plan that may operate with one or more incen-
tive plans operated by CTP and provides a mech-
anism for the deferral of part of a participant’s
incentive into a deferred award of cash and/or a
deferred award of shares (“DIP award”). The Non-
Executive Directors, in circumstances they consider
appropriate, may determine that Executive Direc-
tors are eligible for selection to participate in the
DIP. The Non-Executive Directors reserve the right
to defer a part of the annual cash bonus into shares
in circumstances they consider appropriate. Defer-
ral of shares would be under the terms of the DIP
and therefore Executive Directors may receive DIP
awards which are granted over shares. DIP awards
that are granted over shares may be granted as nil
cost awards and may take the form of options to
acquire shares, conditional rights to acquire shares
or an immediate award of shares subject to restric-
tions. In line with the Code and unless the Non-
Executive Directors determine otherwise, DIP
awards over shares will be subject to a ive year
holding period following the award date. During this
period, sale of the shares is restricted, although
shares may be sold to cover taxes due because of
vesting.
DIP awards are forfeited by Executive Direc-
tors who leave CTP unless and to the extent the
Non-Executive Directors otherwise determine. DIP
awards may vest early on certain corporate events
and may be varied on variations of the Company’s
share capital and certain corporate events. DIP
awards may also entitle participants to dividend
equivalents paid in cash or shares.
The total number of shares that may be newly
issued or transferred from treasury in satisfac-
tion of awards under the LTIP and the DIP may in
aggregate not exceed 5% of the Company’s issued
and outstanding share capital from time to time.
To mitigate dilution, the Company may repurchase
shares to cover DIP Awards granted in the form of
shares.
Minimum Shareholding Requirements
Executive Directors are encouraged to build or
maintain (as appropriate) a minimum shareholding
equivalent to 250% of their base salary over ive
years. Shares included in this calculation are any
shares beneicially owned and any vested shares
under the LTIP. Given Mr Vos’ substantial share-
holding in the Company, he already meets this re-
quirement. The Non-Executive Directors may use
their discretionary judgement to allow for a tem-
porary deviation of this guideline in circumstances
they consider to be appropriate, for example, in the
case of new joiners. For the avoidance of doubt, in
case of any shortfall under the share ownership re-
quirement, Executive Directors will not be required
to purchase shares from their own funds to satisfy
the requirement.
Risk Mitigation
Based on predeined trigger events, malus and
clawback provisions may be applied to our annual
cash incentive as well as our long-term share-based
incentive.
Malus
The Non-Executive Directors, acting fairly and
responsibly, may determine that the value of
variable remuneration as granted would pro-
duce an unfair result due to extraordinary cir-
cumstances during the period in which the pre-
determined performance criteria have been or
should have been applied. In such circumstances
and prior to vesting, variable remuneration can
be cancelled or reduced.
Clawback
Upon discovery that variable remuneration has
been awarded based on incorrect inancial or
other data (“trigger event”), the Non-Executive
Directors, acting fairly and responsibly, may re-
cover such variable remuneration in part or in
full. The clawback period is three years follow-
ing the discovery of such a trigger event and ap-
plies during the holding period.
Executive Service Agreements
Executive service agreements are either for a
permanent and indeinite period or a ixed-term
period. Either way, a three-month notice period ap-
plies to executive service agreements.
Severance Provisions
In the event of termination of employment, we pro-
vide compensation for the loss of income of up to
six months gross base salary in addition to a three-
months’ notice period.
Loans
At the end of 2021, no loans, advances, or guaran-
tees were outstanding to the Executive Directors.
Remuneration of the Non-Executive Directors
Fee structure of the Non-Executive Directors
Non-Executive Directors receive an annual ixed
base fee independent from the share price and per-
formance of the Company and delivered in cash.
The base fee is based on the ongoing nature of the
responsibilities of the Non-Executive Directors as
an independent body for efective control of the
Company.
In addition to a base fee, the Non-Executive
Directors also receive committee fees and reim-
bursement of reasonable expenses contingent upon
their activities and responsibilities (see Table 1). All
remuneration is denominated and delivered in eu-
ros. Currency conversion risks are not covered by
the Company.
Non-Executive Directors do not qualify or re-
ceive any equity in terms of the Company’s variable
pay incentive schemes, and they do not qualify to
participate in any beneit programme, e.g. pension
plans, loan programmes, etc.
232
Reimbursements
Non-Executive Directors are eligible to receive re-
imbursement of reasonable expenses incurred un-
dertaking their duties. Non-Executive Directors are
not entitled to any other compensation in relation
to their duties. In particular, Non-Executive Direc-
tors do not accrue any pension beneits. The Com-
pany does not have a stock option scheme.
Tenure
All Non-Executive Directors are subject to retire-
ment and re-election by shareholders every three
years, and the re-appointment of Non-Executive
Directors is not automatic. During the tenure, an-
nual self-evaluations are done by the Non-Execu-
tive Directors and its sub-committees.
Loans
At the end of 2021, no loans, advances, or guarantees
were outstanding to the Non-Executive Directors.
2021 Remuneration Outcomes
Remuneration at a Glance
The remuneration of the Executive Directors is de-
termined by the Board, following a recommendation
from the Nomination and Remuneration Committee
with due observance of the remuneration policy. It
comprises the following elements:
1. ixed annual base salary (see Table 2);
2. fringe beneits;
3. an annual cash incentive; and
4. long-term share-based incentives.
The implementation of the remuneration policy
provides a structure that aligns the compensa-
tion of the Executive Directors with the successful
delivery of CTP’s long-term strategy and share-
holder value growth. When designing the remuner-
ation policy, the Board considered amongst others
the pay ratio between the Executive Directors pay
and average employee pay. When implementing the
remuneration policy, and in particular in assessing
the outcomes of variable remuneration compo-
nents, scenario analyses have been taken into con-
sideration by the Non-Executive Directors.
Given the Company’s performance, and the returns
for shareholders, the Non-Executive Directors con-
sidered it was appropriate that the variable com-
ponents of pay for Mr Wilkinson pay out in accord-
ance with their respective performance conditions
having been met. When approving these payments,
the Non-Executive Directors considered whether
they represented a fair relection of the underlying
performance of the business and was satisied that
they did, and that no overriding adjustment would
have been appropriate.
The Non-Executive Directors took into con-
sideration that Mr Wilkinson agreed in advance of
the calculation of the performance conditions that
50% of his annual cash incentive for 2021 is contin-
gent on and conditionally deferred until CTP Group
achieves 10 million sqm growth in completed new
GLA (owned properties).
TABLE 1
ANNUAL FIXED BASE FEES
Designation Fee (in euros)
Chair of the Audit Committee
20,000
Member of the Audit Committee
15,000
Chair of the REMCO
15,000
Member of the REMCO 10,000
Designation Fee (in euros)
Senior Independent Director
150,000
Member of the Non-Executive Directors
75,000
COMMITTEE FEES
233
Name Board Role Annual fixed fees
received (in euros)
Remon Vos Chief Executive Officer
500,000
Richard Wilkinson Chief Financial Officer
380,000
Fringe Beneits
Executive Directors receive market standard ben-
eits that can include: health insurance, life insur-
ance, a housing/car allowance, use of a company
car, travel allowance, laptop, iPad and mobile phone
devices, and workers’ compensation for illness. Ad-
ditional beneits may be considered as required,
subject to business needs.
Mr Wilkinson receives a housing allowance of
(the local currency equivalent of) €1,500 per month.
The details of the Executive Directors’ emoluments
accrued or paid for in the 2021 reporting year are
set out below.
For the avoidance of doubt, no sign-on bonuses
or allowances for pension were paid to the Execu-
tive Directors.
Mr Vos holds a substantial shareholding in the
Company, meaning there is already a clear and di-
rect link between his reward and the Company’s
performance. Therefore, Mr Vos currently does not
participate in the variable remuneration compo-
nents described below.
Annual Cash Incentive
In 2021, the annual cash incentive pay out for the
Executive Directors was dependent on the perfor-
mance against the following pre-determined per-
formance measures:
• Growth in completed new GLA
• EPRA earnings
• Loan-to-value
• ESG environmental index
The Non-Executive Directors have reviewed the
actual performance of the Executive Directors
against the set of performance targets to deter-
mine the extent to which the targets have been
achieved. The annual cash incentive pay out is 150%
of the base salary based on an “at target” achieve-
ment of the performance conditions and the maxi-
mum bonus for outstanding performance is capped
at two times the target amount equal to 300% of
the base salary.
Actual performance has been disclosed based
on the total multiplier, as the underlying individual
multipliers could not be disclosed because of com-
mercially sensitive information.
The total annual cash incentive determined based
on the actual performance on the EPRA earnings
and the growth in completed new GLA may be ad-
justed downwards based on the actual performance
on the loan-to-value and the ESG environmental
index performance measures. The Non-Executive
Directors have reviewed the actual performance on
these targets and determined that a downward ad-
justment will not be imposed on the calculated an-
nual incentive for 2021 (see Table 3).
Long-term Incentive Plan
The conditional share award made under the LTIP
to Mr Wilkinson on 30 April 2021 may vest on 30
April 2024 and is subject to continuous services and
meeting the predetermined performance targets.
Outstanding conditional share awards will auto-
matically lapse upon termination of services before
the end of the vesting period. The shares must be
held for a minimum of two years after vesting. The
performance target for the LTIP award is divided
into two elements:
• 50% of the award may vest depending on the
Company’s absolute Total Shareholder Return
(TSR) performance; and
• 50% of the award may vest depending on the
Company’s relative TSR performance versus
the FTSE EPRA/NAREIT Developed Europe In-
dex (see Table 4).
Executive Directors Remuneration
Base Salary
In 2021, the annual aggregate base salaries of
Mr Vos and Mr Wilkinson were as follows:
TABLE 2
234
Performance measure Weight Vesting levels
(% of base
salary)
Actual
performance
Vested
(% of base
salary)
Payout
amounts
Remon Vos, CEO Richard Wilkinson,
CFO
EPRA earnings
35% 21% – 105%
Above target
105% - 399,000
Growth in completed
new GLA
65% 39% – 195%
Between target
and maximum
130% - 495,300
Total
100% 60% – 300% 235% - 894,300
Deferred
- 447,150
Bonus payable
- 447,150
Shares awards
Name of Director, position The main conditions of share award plans 2021 based on at target award levels (100%)
Opening
balance
During the year Closing balance
123456789
Performance
period
Award date
Vesting Date
End of holding
period
Shares outstand-
ing 1 January 2021
Shares awarded
Number of shares
awarded
Shares subject
to a performance
condition
Shares awarded
and unvested at
year end
Remon Vos, CEO n/a – – – – – – – –
Richard Wilkinson, CFO
2021-2023 30 Apr 2021 30 Apr 2024 30 Apr 2026
–
27,142 – 27,142 27,142
27,142 – 27,142 27,142
TABLE 4
1 50% of the annual cash incentive for Mr Wilkinson is deferred and subject to CTP Group achieving a 10 million
square metres growth in completed new GLA (owned properties).
TABLE 3
235
Adjustments to Remuneration
In 2021, no application of the use to reclaim varia-
ble remuneration by means of either a clawback or
malus within the meaning of article 2:135 (8) of the
Dutch Civil Code was applied on any kind of variable
payments for any Executive Director.
Minimum Shareholding Requirements
The minimum shareholding requirements amounts
to 250% of the base salary, built up over ive years.
Given Mr Vos’ substantial shareholding in the Com-
pany, he already exceeds the minimum shareholding
requirement. Mr Wilkinson not yet meets the mini-
mum shareholding requirement in 2021.
Pay Ratio
Pay diferentials and the Executive Directors’ posi-
tion within the Company have also been considered.
In this respect, the internal pay ratio was also con-
sidered and discussed. Since the CEO only receives
a ixed annual base salary, the pay ratio includes the
CEO and the CFO (including expenses recognised by
the Company in 2021 related to the annual bonus
plan and the LTI plan). The average total annual
remuneration for the reference group does not in-
clude the total annual remuneration of either the
CEO or the CFO. Based on the above, in 2021 the
internal pay ratio was 7.6 for the CEO and 16.1 for
the CFO as articulated in Table 5.
Non-Executive Directors’ Remuneration
In 2021, the Non-Executive Director’s remunera-
tion for participating in the Board and committees
is presented in Table 6.
Name
Annual fixed
fees received
(in euro)
Committee Role
Annual fixed
fees received
(in euro)
Total fees
received
(in euro)
Barbara Knoflach,
Senior Independent
Director
114,247
Member of the nomination
and remuneration committee
7,616 121,863
Gerard
Van Kesteren
57,123
Chairperson of the audit
committee
15,233 72,356
Pavel
Trenka
57,123
Chairperson of the
nomination and remuneration
committee
11,425 68,548
Susanne
Eickermann-Riepe
57,123
Member of the audit
committee
11,425 68,548
Total
285,616 45,699 331,315
1 Recognised by the Company for remuneration to Non-Executive Directors
as from 29 March 2021.
TABLE 6
Name of Executive Director, position 2021
Remon Vos, CEO
500,000
Richard Wilkinson, CFO
1,061,200
Annual remuneration of all full-time employees
(excluding CFO and CEO)
30,418,320
Average FTE's of employees
(excluding CFO and CEO)
461
Average total annual renumeration
65,983
Pay ratio CEO
7.6
Pay ratio CFO
16.1
TABLE 5
1 Company performance fi nancial metrics will be included in 2022
remuneration report.
236
Compliance
For neither the Executive nor Non-Executive Direc-
tors, CTP deviated from the remuneration policy.
As the 2021 remuneration report is the irst remu-
neration report that is subject to an advisory vote
since the public listing of the Company, there is no
previous advisory vote of the General Meeting to
take into account this year.
The Company has not granted any loans, advance
payments or guarantees to Executive Directors or
Non-Executive Directors.
Total Remuneration
The actual cash remuneration paid and the value
of the vested equity remuneration of the Executive
Directors by the Company for the year ended 31
December 2021, was as per Table 7.
Table 8 highlights the Remuneration of the
Executive Directors recognised as expenses by the
Company for the year ended 31 December 2021.
1 Recognised by the Company for remuneration to Executive Directors as from 29 March 2021.
2 This includes the expenses recognised in 2021 for the deferred portion.
Remuneration Executive Directors
Name 1 2 3 4 5
Fixed remuneration Variable remuneration Extra-
ordinary
items
Total
Remune-
ration
Proportion of fixed and
variable remuneration
Base
salary
Other
benefits
STI LTIP
Fixed Variable
Remon Vos, CEO
380,822 10,971 – – – 391,793
100% 0%
Richard Wilkinson, CFO
289,425 19,822 447,150 – – 756,397 41% 59%
TABLE 8
TABLE 7
Remuneration Executive Directors
1
Name of executive director, position Base
salary
Social
security
contribu-
tions
STI LTIP Other
benefits
Total
Remon Vos, CEO
380,822 51,556 – — 10,971 443,349
Richard Wilkinson, CFO
289,425 30,884 596,200 85,000
19,822 1,021,331
Total
670,247 82,440 596,200 85,000
30,793 1,464,680
237
7. Board Meetings
The Board meets at least once every quarter, prin-
cipally at CTP’s headquarters in Amsterdam. Since
the IPO, the Board met ive times. All Board mem-
bers attended all Board meetings. Topics of dis-
cussion were, amongst others, acquisition projects
and the development pipeline, leasing activities and
inancial performance. When deemed necessary,
the Board consulted outside experts for advice and
training purposes.
The Board adopted the Rules of Procedure in-
cluding the Audit Committee charter, Nomination
and Remuneration Charter at a meeting held on 29
March 2021 (the Rules of Procedure). The Rules of
Procedure are posted on CTP’s website.
The acquisitions year-to-date (completed and
pipeline) as well as the developments year-to-date
(completed and pipeline) are discussed in every
meeting, as well as an overview of the development
of the logistics market. Management reporting and
inancial reporting versus budget are discussed,
cash low forecasts and Investor Relations updates
are given.
At its 11 May 2021 meeting the Board discussed
amongst others a KPI update and approved the
irst quarter inancial igures. At its 10 August
2021 meeting the Board evaluated the introduc-
tion programme that took place in June/July 2021.
Financial statements of the irst half year were dis-
cussed and approved. The internal audit plan was
presented by the internal auditor to the Audit Com-
mittee and subsequently to the Board and was ap-
proved by the Board. The 2021 interim dividend was
determined and pay out was approved.
At its 10 August 2021 meeting it was reported
that the Code of Conduct was updated in the irst
half of 2021 relating to the listing of the Company
at Euronext Amsterdam N.V.. The efectiveness of,
and compliance with the Code of Conduct was dis-
cussed at the Board meeting of 16 December 2021.
At its 16 November 2021 meeting a strategy
update was given and the Board approved the ESG
strategy for the coming ive years. Third quarter i-
nancial igures were approved, and several govern-
ance issues were discussed.
The tax policy of the Company was discussed and
approved at its 16 November 2021 meeting. Funding
and compliance with recommendations and follow-
ing up on comments by the internal and external au-
ditor were discussed each quarter.
At its 16 December 2021 meeting, the Board dis-
cussed the risks associated with the strategy and
activities of CTP. The risk appetite and measures
to counter these risks being taken were discussed.
The risk management framework was approved.
Values for CTP have been established and were
re-airmed in the ESG policy. The 2022 targets
for the Executive Directors and their individual re-
muneration were discussed also with the individu-
al Executive Directors. The Board discussed their
functioning with the internal auditor and KPMG as
external auditor.
The Non-Executive Directors discussed the
draft audit report and the auditor’s opinion with
the external auditor.
The Board/CFO holds monthly update calls, the
purpose of which are to inform the Non-Executive
Directors of the business (including acquisitions)
and inancial position of CTP Group. In several
meetings the proposed public takeover and del-
isting ofer on the shares of Deutsche Industrie
REIT-AG was discussed, as well as the acquisition
of Amsterdam Logistic Centre in the Netherlands.
Also, the Investor Relations department updated
the Non-Executive Directors on the relations with
investors. These update calls were conducted by Mr
Wilkinson on behalf of the Executive Directors.
The Executive Directors discussed the long-
term 2022-2026 value-creation strategy with the
Non-Executive Directors at various meetings (16
November and 16 December 2021). The strategy
is aimed at permitting CTP to become a major
European player and a frontrunner in the approach
to ESG in its business. The ESG goals and actions
were discussed and approved by the Non-Executive
Directors at the 16 November 2021 meeting as well
as the appointment of a dedicated ESG oicer re-
porting directly to the CEO.
Strategy as a main topic was on the agenda of
the Board in March and in November 2021. Imple-
mentation and risks are discussed amongst the di-
rectors on a regular basis, in monthly Board update
calls and during regular meetings.
Post-2021 Events
The Executive Directors submitted the 2021 inan-
cial statements, the Letter of the CEO/CFO and the
responsibility statement to the Non-Executive Di-
rectors with the recommendation to adopt the 2021
inancial statements on 26 April 2022. The inancial
statements were audited by KPMG, who issued an
unqualiied auditor’s opinion. The Board approved
the accounts and signed the 2021 inancial state-
ments on 8 March 2022.
238
8. Diversity
CTP is committed to an inclusive culture and has
a diversity policy in place. In 2021, the Board con-
sisted of four male and two female members; the
current composition of the Board therefore meets
the gender target of having at least 30% female
and 30% male board members.
CTP continues to strive for an adequate and
balanced composition of the Board in its future
appointments by considering all relevant selection
criteria such as executive and industry experience,
skills, and knowledge. In the policy the objectives
are formulated as follows: at least 30% of the
Board and the Executive Committee jointly consists
of men and at least 30% of the Board and the Ex-
ecutive Committee jointly consists of women. CTP
also aims an increase of diversity in nationality and
age as well as creating and maintaining a variation
in education and experience.
Regarding the number of female and male em-
ployees during the year, CTP started out with 46%
female and 54% male and ended the year with 45%
female and 55% male employees. At the senior
management level, the percentages are 29% fe-
male and 71% male employees. CTP’s employees
come from the Czech Republic, Greece, Germany,
Hungary, UK, Romania, Slovakia, Poland, Serbia,
Bulgaria, Austria, and the Netherlands. The age
diferences vary from 20 to 64.
Average age across CTP Group: 39. Average age
of senior management (top30): 45.
AGE BRACKETS (%)
20 – 39 13
30 – 39 40
40 – 49 32
50 – 59 13
60 and older 2
As of 1 January 2022, companies listed at Euronext
Amsterdam N.V. must comply with quotas for su-
pervisory boards and formulate targets to achieve
gender balanced boards and senior management. A
company’s gender balance targets must be report-
ed to the Dutch Social and Economic Council (SER)
annually and will be included in the management re-
port for transparency purposes. As CTP has a one-
tier board, this means that at least one-third of the
directors must be women and at least one-third
must be men. CTP already meets this target and
will continue to report on this in its annual reports
over the inancial years to come.
9. Compliance with the Dutch Corporate
Governance Code
At the beginning of this section, CTP addresses its
overall corporate governance structure. Below, the
Company states to what extent it complies with
the provisions of the Code.
The Board, which is responsible for the corporate
governance structure of CTP, is of the opinion that
the principles and best practice provisions of the
Code are applied. Because CTP has been operational
as a listed company since March 2021, some of the
best practice provisions are not yet complied with.
Compliance with some of the provisions only makes
sense after the lapse of a certain period of time (the
assessment of the functioning of the Board and
its members), whereas other provisions are in the
process of being implemented (training and educa-
tion, implementation of a monitoring system for the
management of risks). The Board remains commit-
ted to and continues to working on compliance with
more provisions than it complies with today, taking
into account its speciic shareholding structure.
Deviations from the best practice provisions are
explained hereinafter. The headings refer to the
Code; the explanation is related to the CTP speciic
situation.
%
239
Best-practice Provision 1.2.2 and 1.2.3 -
Implementation of Risk Assessment and
Monitoring of Efectiveness
In the fourth quarter of 2021 an identiication and
analysis of the risks associated with CTP Group
strategy took place, as well as an assessment of the
the risk appetite. Measures are being put in place to
counter the risks being taken.
Steps are being taken to design and implement
an adequate internal risk management and control
system and to integrate these systems into the
work processes. Explaining this system to those
whose work they are relevant to will take place in
2022. Monitoring of the operations of the systems
and systemic assessment of their design and efec-
tiveness will take place in 2022, whereby attention
will be given to observed weaknesses, instances
of misconduct and irregularities, indications from
whistle-blowers, lessons learned and indings from
the internal and external audit functions.
Best-practice Provision 1.4.1 - Accountability to
the Supervisory Board
Efectiveness of the operation of the internal risk
management and control systems referred to in
best practice provisions 1.2.1 to 1.2.3 inclusive shall
be discussed by the Executive Directors with the
Audit Committee and accounted for by the Execu-
tive Directors with the Non Executive Directors in
the irst half of 2022.
Best-practice Provision 1.4.2 - Accountability in
the Management Report
An account of the execution of the risk assessment
and the operation of the internal risk management
and control systems during 2021 will be reported on
during 2022, together with observations of major
failings in the internal risk management and control
systems and CTP’s sensitivity to material changes
in external factors.
Best-practice Provision 1.5.3 - Audit Committee
Report
The Audit Committee was not able to report to the
Board on (i) the methods used to assess the ef-
fectiveness of the internal risk management and
in control systems, (ii) material considerations re-
garding inancial reporting. These will be reported
on as of 2022.
Best-practice Provision 2.1.3 and 3.1.3 - Executive
Committee and its Remuneration
After having been operational as a listed company
for some nine months CTP acknowledges that the
establishment of an Executive Committee—which
was done immediately prior to the IPO in March
2021—is not appropriate for CTP at its current
stage. The Board will have a discussion on the posi-
tioning of the Executive Committee within CTP also
considering leadership styles and qualities in the
irst half of 2022.
Best-practice Provision 2.2.1 - Appointment and
Re-appointment Periods - Management Board
Members
This provision prescribes that a managing director is
appointed for a maximum period of four years. The
CEO has been appointed as Executive Director for an
indeinite period and may be unlimitedly re-appoint-
ed considering his desire to continue an active role in
the Board as long as possible in order to safeguard
CTP’s long-term value creation strategy.
Best-practice Provision 2.2.2 - Appointment and
Re-appointment Periods - Supervisory Board
Members
Non-Executive Directors have been appointed
for three years, which is formally not in conform-
ity with the four years stipulated by the Code.
The Board feels it is important to relate the period
for re-appointment to international standards
and to be able to get new views and ideas on a more
regular basis.
Best-practice Provision 2.2.4 - Succession
The Non-Executive Directors will in the irst half
of 2022 focus on a plan for succession of Executive
Directors and Non-Executive Directors. CTP
deviates from this provision to the extent that the
Non-Executive Board members have drawn up a re-
tirement schedule in which all four members retire
simultaneously.
Best-practice Provision 2.2.5 - Duties of
the Selection and Appointment Committee
The Nomination and Remuneration Committee will
in the irst half of 2022 supervise the selection
criteria and appointment procedures for senior
management; will focus on drawing up a plan for
the succession of Executive Directors and Non-
Executive Directors; assess the functioning of the
Executive Directors and Non-Executive Directors
and report on the results to the Non-Executive
Directors, and assess the size and composition of the
Board and review the composition proile of the Non-
Executive Directors.
Best-practice Provision 2.2.6, 2.2.7 and 2.2.8 -
Evaluation by the Ssupervisory Board, Evaluation
of the Management Board, Evaluation Accounta-
bility
In view of the recent appointment of its directors
in March 2021, the Board did not evaluate its own
functioning, that of its committees, nor of its indi-
vidual members in 2021. The Board is of the opinion
that a suiciently long period of time should lapse
to be able to assess the performance of the various
bodies. Evaluation will take place in the irst half
of 2022.
Best-practice Provision 2.5.1 - Management
Board’s Responsibility for Culture
Values for CTP have been established and were
re-airmed in the ESG policy and the Code of Con-
duct. CTP's strategy and business model, the envi-
ronment in which CTP Group operates and adjust-
ments to its strategy have been discussed several
times in 2021 and 2022 and will be inalised in the
irst quarter of 2022.
240
Best-practice Provision 3.1.3 - Remuneration -
Executive Committee
After having been operational as a listed company
for some nine months CTP acknowledges that the
establishment of an Executive Committee—which
was done prior to the IPO in March 2021—is not
appropriate for CTP at its current stage. Relating
to this provision, CTP deviates in the sense that no
remuneration discussions have been held.
Best-practice Provision 4.2.3 - Meetings and
Presentations
CTP deviates from this provision to the extent that
analyst meetings, analyst presentations, presenta-
tions to institutional and other investors and press
conferences are not announced in advance on our
website and by means of press releases. All press
releases and inancial reports, once published, are
uploaded to our website and important corporate
events are published in advance.
Best-practice Provision 4.3.3 - Cancelling
the Binding Nature of a Nomination or Dismissal
The general meeting of a company not having the
large company regime (structuurregime) may pass
a resolution to nominate or dismiss a member of its
managing board or of its supervisory board by an
absolute majority of the votes cast. It may be pro-
vided that this majority should represent a given
proportion of the issued capital, the proportion of
which may not exceed one-third.
CTP deviates from this provision to the extent that
in the Articles and Rules of Procedure it is stated
that if a dismissal was not proposed by the Non-Ex-
ecutive Directors, the General Meeting can only
dismiss a director with a two-third majority of the
votes cast, representing more than half of the is-
sued share capital.
10. Further Information Pursuant to the Decree
on Article 10 of the European Takeover Directive
Further to the Decree on Article 10 of the EU
Takeover Directive, CTP is required to report on,
among other things: the Company’s capital struc-
ture; restrictions on voting rights and the transfer
of securities; signiicant shareholding in CTP N.V.;
the rules governing the appointment and dismissal
of directors and amendments to the Articles; the
powers of the Executive Directors (in particular
the power to issue shares or to repurchase shares);
signiicant agreements to which CTP is a party and
which are put into efect, changed or dissolved upon
a change of control of CTP following a takeover bid;
and any agreements between CTP and the Execu-
tive Directors or associates providing for compen-
sation if their employment agreement ceases be-
cause of a takeover bid. The information required
by the Decree on Article 10 of the EU takeover
directive is included in this corporate governance
chapter as well as in the subsequent events as part
of the disclosure notes of the consolidated inancial
statements.
Shares
CTP N.V.’s issued share capital consists of
400,392,810 shares with a nominal value of EUR
0.16 each. The shares are listed on Euronext
Amsterdam N.V. Each share carries one vote. All
shares carry equal rights and are freely transfer-
able.
Restrictions Related to Shares
There are no restrictions related to CTP N.V. shares.
Substantial Shareholdings
Pursuant to the Financial Supervision Act and the
Decree on Disclosure of Major Holdings and Capi-
tal Interests in Issuing Institutions (Besluit meld-
ing zeggenschap en kapitaalbelang in uitgevende
instellingen Wft), the Netherlands Authority for
the Financial Markets (AFM) must be notiied on
substantial shareholdings (i.e. of 3% or more). On
31 December 2021 CTP Holding B.V. held 83.14% of
the shares in CTP N.V. As per 8 March 2022 this
percentage was 76.91% following the issuance of
shares to support the transaction with Deutsche
Industrie REIT-AG.
Share Plans
CTP N.V. has a long-term incentive plan and a de-
ferred incentive plan, for Executive Directors and
key employees of the Group.
Voting Limitations
There are no voting limitations on CTP N.V.’s shares.
Agreements with Shareholders that can Limit
the Transfer of Shares or Voting Rights
There are no agreements with shareholders that
can limit the transfer of shares or voting rights.
Appointment and Dismissal of Directors,
Amendments to the Articles
The provisions regarding the appointment and dis-
missal of directors are available on CTP’s website.
The AGM may resolve to amend the Articles with
an absolute majority of the votes cast, further to a
proposal of the Board approved by a majority of the
Non-Executive Directors. A proposal to amend the
Articles must be stated in the notice of the AGM. A
copy of the proposal, containing the verbatim text
of the proposed amendment, must be made availa-
ble to all shareholders.
Acquisition of Own Shares
The AGM may authorise the Board (i) to purchase
shares in its own capital, and (ii) to issue and grant
rights to subscribe for shares and to limit or ex-
clude pre-emptive rights of shareholders in the
event of issuing and granting rights to subscribe
for shares. Further information can be found in the
Articles.
241
Issue of Shares
In a shareholders resolution dated 16 March 2021,
the AGM authorised the Board, until 29 September
2022, (i) to issue shares or to grant rights to acquire
those shares up to a maximum of 10% of the Com-
pany’s share capital immediately after settlement
of the IPO, (ii) to issue shares up to the amount of
shares relected on by shareholders pursuant to an
interim scrip dividend regarding the 2021 inancial
year, (iii) to exclude pre-emptive rights accruing
to shareholders in connection with the aforemen-
tioned issuances and (iv) to cause the Company to
acquire shares in its share capital at a price up to
110% of its market price on Euronext and up to 10%
of the issued capital immediately after settlement
of the IPO.
Change of Control Arrangements
The Company is not a party to material agreements
that are in any way subject to or afected by a change
of control over the Company following a public ofer
as referred to in Section 5:70 of the Financial Su-
pervision Act. There are no agreements under which
CTP is liable to make any payment to directors on
resignation following a public ofer as referred to in
section 5:70 of the Financial Supervision Act.
Special Rights of Control
CTP does not have any potential or existing take-
over measures.
Agreements with Executive Directors or
Employees
The severance payments for the Executive Direc-
tors have been set at a maximum of 100% of their
annual pay.
Conlict of Interest and Related Party
Transactions
Under the Rules of Procedure and the related party
transactions policy that was adopted on 29 March
2021 , a conlict of interest must be reported to the
SID. The Non-Executive Directors shall determine
the consequences of such conlict, if any. In case of
a conlict of interest, the director concerned is not
allowed to participate in discussions or vote on such
matter. If one or more directors have a conlict of
interest, the resolution concerned will be voted on if
(i) the transaction is entered into on terms that are
customary in the market and in compliance with the
law of the relevant jurisdiction, and (ii) resolution is
taken with the consent of at least the majority of
the Non-Executive Directors if the conlict of in-
terest is of material signiicance to the Company or
the relevant director.
Mr Vos serves as CEO and Executive Director,
while he is also an (indirect) majority shareholder.
Accordingly, Mr Vos may through his (indirect) vote
at the AGM support strategies and directions that
are in his best interests, which may conlict with the
interests of the Company and the other sharehold-
ers.
Mr Vos uses a company plane for private pur-
poses, for which he pays a user fee based on com-
mercial benchmarking.
The CTP Group is carefully monitoring and as-
sessing intercompany relationships that are in de-
tail disclosed in section [33] of the notes to the i-
nancial statements.
Personal Loans
Personal loans, guarantees, or the like are not per-
mitted to be granted to the Executive Directors nor
to the Non-Executive Directors, unless (i) in the
normal course of business (i.e. when we would be a
inancial institution), (ii) on terms applicable for the
personnel as a whole, and (iii) after approval of the
Non-Executive Directors.
No personal loans were granted by the Company.
On 22 September 2021, CTP paid its interim
dividend over the irst half of the year of €0.17 per
share, available either in scrip or cash. A total of
93% of CTP shareholders opted to receive the divi-
dend in shares.
In respect of the equity investors, the number of
equity analysts that cover the CTP share grew from
seven at the time of the Initial Public Ofering on 29
March, to nine by year-end 2021. An active dialogue
is held with a further four equity analysts. In early
October, a property tour was organised with seven
analysts, of which ive are actively covering CTP.
The analysts toured various assets of CTP and met
with various members of CTP country management
in the Czech Republic, Hungary, and Romania.
The engagement with equity investors took place
throughout the year, both through one-on-one as
well as through group calls at investor days, which
are regularly organised by CTP’s investment banks.
By the end of 2021, nine out of nine analysts held
a “BUY” recommendation on CTP’s share, with an
average target price of €22.00 per share.
Compliance
The implementation of the CTP compliance pro-
gramme continued in 2021. The CTP Group inal-
ised an anti-money laundering (AML) law analysis
according to the local regulations in all its jurisdic-
tions. The AML programmes for obliged entities (or
services) were implemented in each country accord-
ingly.
The compliance policies, AML programmes and
respective trainings of CTP staf are kept in com-
pliance with the amendments to law and new leg-
islation. CTP currently provides its staf with three
core compliance trainings: ethics and compliance;
fair competition and dawn raid; and anti-money
laundering.
CTP Group has implemented a Code of Conduct
and monitors its efectiveness and compliance with
it, both on the part of the Board and on the part of
its employees through the Group AML & compliance
oicer. The Executive Directors or the Group AML
& compliance oicer shall inform the Non-Execu-
tive Directors of any indings and observations re-
lated to the efectiveness of, and compliance with,
the Code of Conduct. CTP Group has established
a conidential anonymous whistleblowing system
for employees and third parties to report possible
non-compliance with the Code of Conduct. There
were no concerns raised in 2021. The Code of Con-
duct is published on the Company’s website.
As part of preparation for listing on Euronext
Amsterdam N.V. CTP Group has updated its Code
of Conduct in March 2021. The changes made are
relevant only to the Board and Executive Commit-
tee members. Minor changes were made in the doc-
ument during the year to relect changes in its in-
ternal whistleblowing system leading to the Group
AML & compliance oicer.
Related to CTP’s listing on Euronext Amster-
dam N.V., CTP Group has also updated its insider
trading policy in March 2021. This policy was irst
only relevant to CTP bonds, but now also applies
to CTP shares. Being listed also means that CTP
Group will be followed more closely by the outside
world, in relation to its inancial results as well as
the professionalism with which CTP conducts its
242
business. Compliance with (new and existing) rules
is a part of that. If the employees suspect miscon-
duct or irregularities within CTP Group, the new
whistleblower policy explains how to report these.
This policy was updated accordingly in July 2021,
relecting the changes in internal whistleblowing
system.
New AML and good-practice processes were es-
tablished within the whole CTP Group: including an
annual update and assessment of compliance risks;
all new associates certify the Code of Conduct as
part of the onboarding process; compliance train-
ing initiatives are facilitated by compliance; an AML
procedure on know-your-customer is set for all real
estate counterparties and CTP clients (tenants);
prior written approval of the Group AML & compli-
ance oicer is required for a third party to become
CTP’s supplier or client.
The Group AML & compliance oicer ensures
compliance with the market abuse regulation.
The CTP compliance programme has the full
support of top management, which gives the CTP
Group a strong tone from the top with a focus on
ethically and sustainably conducting its business.
CTP’s compliance department and company
secretary supervise compliance with applicable
laws and regulations in relation to the disclosure of
price-sensitive information.
Responsibility Statement made by the Executive
Directors
CTP has identiied the main risks it faces, including
inancial reporting risks. These risks can be found
in the Risk Management Chapter. In line with the
Code and the Financial Supervision Act, CTP has
not provided an exhaustive list of all possible risks.
Furthermore, developments that are currently un-
known to the Executive Directors or considered to
be unlikely may change the future risk proile of
CTP. The design of CTP’s internal risk manage-
ment and control systems has been described in the
chapter Risk Management. The objective of these
systems is to manage, rather than eliminate, the
risk of failure to achieve business objectives and
the risk of material errors to the inancial report-
ing. Accordingly, these systems can only provide
reasonable, but not absolute, assurance against
material losses or material errors.
CTP’s Executive Directors reviewed and analysed
the main strategic, operational, inancial & report-
ing, and compliance risks to which CTP is exposed
and assessed the design and operating efective-
ness of CTP’s risk management and internal con-
trol systems in 2021. The Executive Directors ac-
knowledge that on-going improvements are needed,
and these will be implemented going forward. The
outcome of this assessment was shared with the
Audit Committee and the Non-Executive Directors
and was discussed with our internal and external
auditors.
As required by best practice provision 1.4.3 of
the Code and section 5:25c(2)(c) of the Financial
Supervision Act and based on the foregoing and ex-
planations contained in the section Main Risks/Risk
Management, the Executive Directors conirm that
to their knowledge:
• The report provides suicient insights into any
failings in the efectiveness of the internal risk
management and control systems;
• These systems provide reasonable assurance
that the inancial reporting does not contain
any material inaccuracies;
• Based on the current situation, it is justiied
that the inancial reporting is prepared on a go-
ing concern basis;
• The report states those material risks and un-
certainties that are relevant to the expectation
of CTP’s continuity for the period of twelve
months after the preparation of the report;
• The inancial statements for 2021 provide, in ac-
cordance with IFRS as adopted by the EU, a true
and fair view of the consolidated assets, liabili-
ties, the inancial position and the proit or loss
of the Company and its consolidated assets/
companies as at 31 December, 2021, and of the
2021 consolidated income statement and cash
lows of CTP N.V.;
• The Annual Report presents a true and fair view
of the situation as of 31 December 2021, the
state of afairs during the 2021 inancial year
and the related entities included in its inancial
statements, together with a description of the
main risks faced by the Group.
Remon L. Vos (CEO)
Richard J. Wilkinson (CFO)
Amsterdam, 8 March 2022.
243
We are Parkmakers
244
245
We are Parkmakers
246
247
We are Parkmakers
248
249
ctFest
Čejkovice
2021
250
251
CTP Doksy Race
2021
252
253
CTP Slovakia Teambuilding
Autumn 2021
254
255
Sports Day
CTPark Bor
Autumn 2021
CTP Austria
Future project
Spring 2021
CTP Hungary
#1 on HU Market
Breakfast 2021
256
257
Financial
Statements
CTP N.V.
Apollolaan 151
1077 AR Amsterdam
The Netherlands
FINANCIAL STATEMENTS
for the year ended 31 December 2021
258
259
CONTENTS
FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of profi t and loss and comprehensive income
Consolidated statement of fi nancial position
Consolidated statement of changes in equity
Consolidated statement of cash fl ows
Notes to the consolidated fi nancial statements
1. General information
2. Going concern
3. Basis of preparation of consolidated inancial statements
4. Signiicant accounting policies
5. Segment reporting
6. Changes in the Group Structure
7. Gross rental income
8. Revenues from contracts with customers
9. Property operating expenses
10. Other income
11. Employee beneits
12. Other expenses (including administrative expenses)
13. Interest expense
14. Other inancial expenses
15. Other inancial gains/(losses)
16. Income tax expense
17. Investment property
18. Investment property under development
19. Net valuation result on investment property
20. Property, plant and equipment
21. Trade and other receivables
22. Cash and cash equivalents
23. Equity
24. Earnings per share
25. Non-controlling interest
26. Interest-bearing loans and borrowings from inancial institutions
27. Bonds issued
28. Trade and other payables
29. Share based payments
30. Leases
31. Derivative inancial instruments
32. Income taxes
33. Subsidiaries
34. Related parties
35. Financial instruments risk management objectives and policies
36. Contingent liabilities
37. Pledges
38. Subsequent events
COMPANY FINANCIAL STATEMENTS
Company balance sheet
Company income statement
Notes to the Company fi nancial statements
1. General information
2. Principles for measurement of assets and liabilities and determination of result
3. Financial reporting period and comparative igures
4. Investments in group companies
5. Shareholders’ equity
6. Bonds issued
7. Financial instruments
8. Of-balance sheet assets and liabilities
9. Trade and other payables
10. Cash and cash equivalents
11. Other income
12. Operational expenses
13. Net inance income/expense
14. Income taxes
15. Related parties
16. Personnel
17. Emoluments of directors
18. Subsequent events
19. Subsidiaries
OTHER INFORMATION
INDEPENDENT AUDITOR'S REPORT
260
IN EUR THOUSAND NOTE 1.1.2021 - 31.12.2021 1.1.2019 - 31.12.2020 * 1.1.2020 - 31.12.2020 *
REVENUES
ATTRIBUTABLE
EXTERNAL
EXPENSES REVENUES
ATTRIBUTABLE
EXTERNAL
EXPENSES REVENUES
ATTRIBUTABLE
EXTERNAL
EXPENSES
Rental income 7 334,651 549,921 291,935
Service charge income 7 31,112 48,261 25,882
Property operating expenses 9 -38,910 -77,723 -37,148
Net rental income 326,853 520,459 280,669
Hotel operating revenue 8 8,779 23,064 5,752
Hotel operating expenses 8 -11,334 -17,442 -5,897
Net operating income from hotel operations -2,555 5,622 -145
Income from development activities 8 32,824 53,894 49,411
Expenses from development activities 8 -23,459 -30,911 -26,984
Net income from development activities 9,365 22,983 22,427
Total revenues 407,366 675,140 372,980
Total attributable external expenses -73,703 -126,076 -70,029
Net valuation result on investment property 19 1,100,571 558,937 152,162
Other income 10 10,445 13,104 4,010
Amortization and depreciation 20 -8,447 -20,215 -10,462
Employee benefits 11 -31,883 -40,141 -22,969
Impairment of financial assets -1,078 -694 -685
Other expenses 12 -26,463 -50,270 -33,121
Net other income/expenses -57,426 -98,216 -63,227
Profit/loss before finance costs 1,376,808 1,009,785 391,886
Interest income 1,993 1,535 953
Interest expense 13 -70,883 -125,553 -68,534
Other financial expenses 14 -38,120 -27,445 -11,501
Other financial gains/losses 15 6,892 -67,188 -22,379
Net finance costs -100,118 -218,651 -101,461
Profit/loss before income tax 1,276,690 791,134 290,425
Income tax expense 16 -250,754 -146,449 -37,901
Profit for the period 1,025,936 644,685 252,524
Other comprehensive income
Items that will never be reclassified to profit and loss
Revaluation of PPE net of tax 7,554 -3,322 -7,347
Items that are or may be reclassified to profit and loss
Foreign currency translation differences net of tax -3,742 10,165 8,473
Total other comprehensive income 3,812 6,843 1,126
Total comprehensive income for the year 1,029,748 651,528 253,650
Profit attributable to:
Non-controlling interests -- 392 406
Equity holders of the Company 1,025,936 644,293 252,118
Total comprehensive income attributable to:
Non-controlling interests -- 392 406
Equity holders of the Company 1,029,748 651,136 253,244
Earnings per share
Basic earnings per share 2.68 1.92 0.75
Diluted earnings per share 2.68 1.92 0.75
*The consolidated statement of profi t and loss and comprehensive income over the period 1.1.2019-31.12.2020 represent the statutory reporting period of CTP N.V. The consolidated
statement of profi t and loss and comprehensive income over the calendar year 2020 are added for information purposes, refer to the basis of preparation in note 3.
The notes contained herein are an integral part of these consolidated inancial statements.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of profit and loss and comprehensive income
Over the period
261
IN EUR THOUSAND NOTE 31 DECEMBER 2021 31 DECEMBER 2020
Assets
Investment property 17 7,575,107 5,386,230
Investment property under development 18 774,203 387,347
Property, plant and equipment 20 110,967 98,884
Intangible assets 2,111 2,418
Trade and other receivables 21 100,739 11,796
Derivative financial instruments 30 126 --
Financial investments 445 521
Long-term receivables from related parties 33 47,124 42,046
Deferred tax assets 31 24,052 14,422
Total non-current assets 8,634,874 5,943,664
Trade and other receivables 21 144,082 67,941
Short-term receivables from related parties 33 528 45
Derivative financial instruments 30 46 --
Contract assets 7,039 12,878
Current income tax receivable 31 7,260 2,692
Cash and cash equivalents 22 892,816 419,141
Total current assets 1,051,771 502,697
Total assets 9,686,645 6,446,361
equity
Issued capital 23 64,063 53,760
Translation reserve 10,716 14,458
Share premium 23 2,661,979 1,858,460
Retained earnings 1,350,856 324,862
Revaluation reserve 19,216 11,662
Total equity attributable to owners of the Company 4,106,830 2,263,202
Non-controlling interest 25 -- 1,031
Total equity 4,106,830 2,264,233
Liabilities
Interest-bearing loans and borrowings from financial institutions 26 1,110,471 2,191,999
Bonds issued 27 3,368,202 1,041,971
Trade and other payables 28 64,591 23,385
Long-term payables to related parties 33 18 34,544
Derivative financial instruments 30 -- 27,196
Deferred tax liabilities 31 746,773 504,779
Total non-current liabilities 5,290,055 3,823,874
Interest-bearing loans and borrowings from financial institutions 26 20,833 160,288
Bonds issued 27 13,490 --
Trade and other payables 28 237,148 169,006
Short-term payables to related parties 33 -- 2,627
Derivative financial instruments 30 -- 6,870
Current income tax payables 31 18,289 19,463
Total current liabilities 289,760 358,254
Total liabilities 5,579,815 4,182,128
Total equity and liabilities 9,686,645 6,446,361
The notes contained herein are an integral part of these consolidated inancial statements.
Consolidated statement of financial position
262
1.1.2021 - 31.12.2021 NOTE
ISSUED
CAPITAL
TRANSLATION
RESERVE
SHARE
PREMIUM
REVALUATION
RESERVE
RETAINED
EARNINGS
TOTAL EQUITY
ATTRIBUTABLE
TO PARENT
NON-
CONTROLLING
INTEREST TOTAL EQUITY
Balance at 1 January 2021 53,760 14,458 1,858,460 11,662 324,862 2,263,202 1,031 2,264,233
Comprehensive income for the period
Profit for period -- -- -- -- 1,025,936 1,025,936 -- 1,025,936
Other comprehensive income
Revaluation of Property, Plant and equipment 20,31 -- -- -- 7,554 -- 7,554 -- 7,554
Foreign currency translation differences -- -3,742 -- -- -- -3,742 -- -3,742
Comprehensive income for the period -- -3,742 -- 7,554 1,025,936 1,029,748 -- 1,029,748
Other movements
Share issuance 23 9,763 -- 809,572 -- -- 819,335 -- 819,335
Dividends 23 540 -- -6,053 -- -- -5,513 -- -5,513
Share based payment 29 -- -- -- -- 85 85 -- 85
Increase of shares without change of control -- -- -- -- -27 -27 -1,031 -1,058
Total other movements 10,303 -- 803,519 -- 58 813,880 -1,031 812,849
Balance at 31 December 2021 64,063 10,716 2,661,979 19,216 1,350,856 4,106,830 -- 4,106,830
1.1.2019 - 31.12.2020*
NOTE
ISSUED
CAPITAL
TRANSLATION
RESERVE
SHARE
PREMIUM
REVALUATION
RESERVE
RETAINED
EARNINGS
TOTAL EQUITY
ATTRIBUTABLE
TO PARENT
NON-
CONTROLLING
INTEREST TOTAL EQUITY
Balance at 1 January 2019 -- 4,293 138,921 14,984 801,874 960,072 639 960,711
Comprehensive income for the period
Profit for period -- -- -- -- 644,293 644,293 392 644,685
Other comprehensive income
Revaluation of Property, Plant and equipment 20,31 -- -- -- -3,322 -- -3,322 -- -3,322
Foreign currency translation differences -- 10,165 -- -- -- 10,165 -- 10,165
Comprehensive income for the period -- 10,165 -- -3,322 644,293 651,136 392 651,528
Other movements
Contribution of share premium 23 -- -- 828,682 -- -- 828,682 -- 828,682
Distribution of share premium 23 -- -- -170,838 -- -- -170,838 -- -170,838
Share issuance and formation of CTP N.V. 3c 53,760 -- 1,061,695 -- -1,121,305 -5,850 -- -5,850
Total other movements 53,760 -- 1,719,539 -- -1,121,305 651,994 -- 651,994
Balance at 31 December 2020 53,760 14,458 1,858,460 11,662 324,862 2,263,202 1,031 2,264,233
*The consolidated statement of changes in equity over the period 1.1.2019-31.12.2020 represent the statutory reporting period of CTP N.V. The consolidated statement of
changes in equity over the calendar year 2020 are added for information purposes, refer to the basis of preparation in note 3.
1.1.2020 - 31.12.2020 *
NOTE
ISSUED
CAPITAL
TRANSLATION
RESERVE
SHARE
PREMIUM
REVALUATION
RESERVE
RETAINED
EARNINGS
TOTAL EQUITY
ATTRIBUTABLE
TO PARENT
NON-
CONTROLLING
INTEREST TOTAL EQUITY
Balance at 1 January 2020 -- 5,985 828,682 19,009 1,188,547 2,042,223 625 2,042,848
Comprehensive income for the period
Profit for period -- -- -- -- 252,118 252,118 406 252,524
Other comprehensive income
Revaluation of Property, Plant and equipment 20,31 -- -- -- -7,347 -- -7,347 -- -7,347
Foreign currency translation differences -- 8,473 -- -- -- 8,473 -- 8,473
Comprehensive income for the period -- 8,473 -- -7,347 252,118 253,244 406 253,650
Other movements
Distribution of share premium 23 -- -- -31,917 -- -- -31,917 -- -31,917
Share issuance and formation of CTP N.V. 3c 53,760 -- 1,061,695 -- -1,115,803 -348 -- -348
Total other movements 53,760 -- 1,029,778 -- -1,115,803 -32,265 -- -32,265
Balance at 31 December 2020 53,760 14,458 1,858,460 11,662 324,862 2,263,202 1,031 2,264,233
*The consolidated statement of changes in equity over the period 1.1.2019-31.12.2020 represent the statutory reporting period of CTP N.V. The consolidated statement of
changes in equity over the calendar year 2020 are added for information purposes, refer to the basis of preparation in note 3.
The notes contained herein are an integral part of these consolidated inancial statements.
Consolidated statement of changes in equity
Over the period
263
IN EUR THOUSAND NOTE 1.1.2021 - 31.12.2021 1.1.2019 - 31.12.2020 * 1.1.2020-31.12.2020 *
Operating activities
Net result for the year 1,025,936 644,293 252,118
Adjustments for:
Net valuation result on investment property 19 -1,100,571 -558,937 -152,162
Amortisation and depreciation 10,121 20,215 10,462
Net interest expense 68,890 121,412 67,581
Change in fair value of derivatives and associated closeout costs 15 -12,127 72,621 40,272
Other changes 1,262 -18,709 -14,680
Change in foreign currency rates 20,055 5,816 -3,775
Income from non-controlling interest -- 392 406
Income tax expense 16 250,754 146,449 37,901
Decrease/(increase) in trade and other receivables -50,603 -22,535 31,332
Increase/(decrease) in trade and other payables 3,349 35,035 -13,439
-47,254 12,500 17,893
Interest paid 26 -45,165 -116,855 -62,272
Interest received 223 953 371
Income taxes paid -33,066 -20,762 -8,685
Cash flows from operating activities 139,058 309,388 185,430
Investment activities
Acquisition of investment property -174,392 -112,804 -64,105
Acquisition of PPE and intangible assets 20 -13,969 -5,460 -2,232
Advances paid for IP and PPE -96,526 -- --
Proceeds from disposal of investment property and PPE 4,312 21,060 8,950
Acquisition of subsidiaries, net of cash acquired 6 -552,568 -47,494 -27,116
Loans and borrowings provided to related parties -15,000 -27,080 -27,080
Proceeds from loans and borrowings provided to related parties 3,512 629 629
Proceeds from disposal of subsidiaries, net of cash disposed 6 8,950 1,060 1,060
Development of investment property -599,566 -681,282 -359,227
Cash flows used in investing activities -1,435,247 -851,371 -469,121
Financing activities
Bonds issued 26 2,479,615 1,041,395 1,041,395
Repayment of interest-bearing loans and borrowings and bonds 26 -2,119,968 -2,597,614 -1,088,814
Proceeds from interest-bearing loans and borrowings 26 677,468 2,785,739 743,657
Loans and borrowings received from related companies 26 -- -245,625 -20,625
Repayment of loans received from related companies 26 -35,968 -- --
Transaction costs related to issuance of new shares 26 -45,344 -53,354 -21,649
Proceeds from the issue of share capital 26 854,238 200 200
Repayment of share premium 26 -34,904 -12,500 -12,500
Paid dividends 26 -5,513 -- --
Payment of lease liabilities 26 -974 -1,041 -541
Cash flows from/used in financing activities 1,768,650 917,200 641,123
Cash and cash equivalents at 1 January 419,141 46,284 63,821
Net increase in cash and cash equivalents 472,461 375,217 357,432
Cash and cash equivalents reclassified to asset held for sale -- -- --
Change in foreign currency rates 1,214 -2,360 -2,112
Cash and cash equivalents at 31 December 22 892,816 419,141 419,141
* The consolidated statement of cash fl ows over the period 1.1.2019-31.12.2020 represent the statutory reporting period of CTP N.V. The consolidated state-
ment of cash fl ows over the calendar year 2020 is added for information purposes, refer to the basis of preparation in note 3
The notes contained herein are an integral part of these consolidated inancial statements.
Consolidated statement of cash flows
Over the period
264
Notes to the consolidated financial statements
1. General information
Company:
in Central and Eastern Europe (CEE).
Reporting entity:
These consolidated inancial statements comprise the Company and its subsidiaries (collectively referred to as
the “Group” or “CTP Group” or “CTP” and individually “Group companies”).
Refer to Note 32 and Note 6 of these consolidated inancial statements for a list of signiicant Group entities
and changes to the Group in 2021 and in period 2019/2020.
Principal activities:
CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business
parks mainly throughout Central and Eastern Europe, the Netherlands, Austria and Germany.
Registered oice:
The visiting address of CTP N.V . is located at Apollolaan 151, 1077 AR Amsterdam, the Netherlands . Corporate
seat of the Company is located in Utrecht, the Netherlands .
RSIN number: 860528091
Registration number: 76158233
CTP N.V. was incorporated on 21 October 2019, for an unlimited period of time. In March 2021, as the Company
Owner of the Company as at 31 December 2021:
SHAREHOLDERS NUMBER OF SHARES SHARE IN VOTING RIGHTS SHARE IN VOTING RIGHTS
332,813,402 83.12% 83.12%
INDIVIDUAL SHAREHOLDERS
67,579,408 16.88% 16.88%
400,392,810 100.00% 100.00%
Ultimate parent of the Group is the company Multivest B.V. (the Netherlands ).
Board of Directors as at 31 December 2021:
EXECUTIVE DIRECTORS:
Remon L. Vos
Richard J. Wilkinson
NON-EXECUTIVE DIRECTORS:
Susanne Eickermann-Riepe
Barbara Knoflach
Gerard van Kesteren
Pavel Trenka
265
2. Going concern
CTP’s properties are let to a wide range of tenants and there is no signiicant focus on any one particular group
or company. CTP closely monitors the inancial stability of its tenants and believes that its rental projections for
the coming 12 months are realistic in the light of the current economic climate.
CTP expects to settle its current liabilities as at 31 December 2021 during the year 2022 as follows:
IN EUR THOUSAND 2021
Current liabilities as at 31 December 2021 289,760
Current assets excluding cash and cash equivalents as at 31 December 2021 158,955
Funds required in 2021 to cover the short-term liquidity need 130,805
Available cash as at 31 December 2021 892,816
Expected net rental income available for repayment current Interest-bearing loans and borrowings to be received in 2022 437,042
Expected drawdowns of loans and borrowings from financial institutions under existing loan facilities 407,988
Revolving facility *) --
Expected funds to be received in 2022 to cover the short-term liquidity need 1,737,846
*) The Company has a EUR 400 million revolving credit facility (2020: EUR 100 million) for a three-year period.
The Company does not expect a drawdown either partial or for the full amount under this facility in 2022.
Based on the cash-low projections prepared for the year 2022, other actual development up to the date of
approval of these consolidated inancial statements and results of management assessment as described above,
the directors and management of the Group has not identiied signiicant going concern risks and therefore
believe that it is appropriate to prepare the consolidated inancial statements on a going concern basis as
at 31December 2021 and no material uncertainty exists with respect to going concern of the Group as at
31December 2021.
266
3. Basis of
preparation of
consolidated financial
statements
a) Statement of compliance
These consolidated inancial statements have been
prepared in accordance with International Financial
Reporting Standards as adopted by the European
Union (EU-IFRSs) and with Section 2:362(9) of the
Dutch Civil Code.
The consolidated inancial statements were
authorised for issue by the Board of Directors on
8March 2022.
b) Financial reporting and comparative period
Current inancial year
CTP N.V. has a 12 months inancial year which ended
at the balance sheet date of 31 December 2021.
Prior inancial year
CTP N.V. was founded on 21 October 2019 and had,
according to the articles of association, a inancial
year which ended at the balance sheet date of 31
December 2020.
As CTP N.V. acquired CTP Property B.V. and
CTP Invest, spol. s r.o. under common control the
Company decided to represent its comparatives
and adjust its current reporting period before the
date of the transaction as if the combination had
occurred before the start of the earliest period
presented. Therefore, the prior inancial year (2019-
2020) of CTP N.V. covers the period 1 January 2019
up to and included 31 December 2020.
As the comparative igures over 2019-2020 cover
24 months, these are not comparable with current
inancial year 2021 which covers 12 months. For
information purposes a breakdown of the extended
inancial year (2019-2020) into the 12 month period
for the year 2020 was prepared.
c) Common control transactions
CTP N.V. entered into several transactions under
common control, which is a business combination in
which all of the combining entities or businesses are
ultimately controlled by the same party or parties
both before and after the business combination, and
that control is not transitory.
The assets and liabilities acquired under common
control are recognized at the carrying amounts
recognized previously in the inancial statements
of the entities acquired. Any diference between
consideration paid and the net book value of assets
and liabilities acquired is recognized directly in the
equity.
Common control transactions in current
inancial year (2021)
There were no signiicant common control
transactions in current inancial year.
Common control transactions in prior inancial
year (2019-2020)
CTP started 2020 by completing its consolidation
plan to include all activities undertaken by CTP
Invest, spol. s r.o. and CTP Property B.V., which
process had commenced in 2019. The plan was
needed to streamline the organizational structure
(following the ownership consolidation per June
2019) enabling CTP to present itself to the
international capital markets as one consolidated
Group with both the real estate investment and real
estate development activities.
To enable this the following signiicant transactions
took place:
- Acquisition of CTP Property B.V. and its
subsidiaries on 31 October 2019, for EUR
951,803 thousand. Acquisition price was settled
by equity via share premium.
- Acquisition of CTP Invest, spol. s r.o. and
its subsidiaries on 27 January 2020, for EUR
920,485 thousand. Acquisition price was settled
by equity via share premium.
Both entities represent a legal Group, had already
inancial statements on the basis of EU-IFRS and
are aligned with the accounting policies of CTP
N.V. and were under the common control of their
ultimate shareholder Multivest B.V. which is also
the ultimate shareholder of CTP N.V. for all period
presented. As mentioned in the previous paragraph
CTP N.V. decided to represent its comparatives as
if the transaction had occurred before the start of
the earliest period presented. The impact on equity
as per 1January 2018 is that all reserves such as
the translation reserve, revaluation reserve and
retained earnings (including existing share capital
and share premium) have been included from both
entities at that moment. Intercompany transactions
between both entities have been eliminated. In
the movement schedule of equity the line “share
issuance and formation of CTP N.V.” relects the
movements to arrive at the share capital and share
premium of CTP N.V.
In the movement schedule of equity the line “share
issuance and formation of CTP N.V.” relects
the issuance of the new shares of CTP N.V. and
movement between retained earnings and share
premium to relect the acquisition of CTP Property
and CTP Invest through share premium as indicated
above.
Further CTP N.V. acquired Multiin B.V. on
17December 2019 (impact on equity of EUR 2,963
thousand) and NCI shares under common control
on 31 December 2019 (impact on equity EUR 3,087
thousand).
All transactions have been settled through equity,
no cash has been paid.
d) CTP has considered the following new and
amended standards in 2021
For the preparation of the consolidated inancial
statements of the Group, the following new or
amended standards and interpretations were
considered for the irst time for the inancial year
beginning 1 January 2021. The nature and the efect of
these changes are disclosed below.
• Interest rate Benchmark Reform – Phase 2
(Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4
and IFRS 16)- the amendments address issues that
might afect inancial reporting as a result of the
reform of an interest rate benchmark, including
the efects of changes to contractual cash lows or
hedging relationships arising from the replacement
of an interest rate benchmark with an alternative
benchmark rate. The amendments provide practical
relief from certain requirements in IFRS 9, IAS 39,
IFRS 7, IFRS 4 and IFRS 16.
Since the Group had no transactions for which
the benchmark rate had been replaced with an
alternative benchmark rate as at 31 December
2021, there is no impact on the Group’s inancial
statements opening equity balances as a result of
retrospective application.
e) Standards issued but not yet efective
A number of new standards are efective for annual
periods beginning after 1 January 2021 and earlier
application is permitted; however, the Group has
not early adopted the new or amended standards in
preparing the consolidated inancial statements of the
Group.
The following amended standards and interpretations
are not expected to have signiicant impact on the
Group’s consolidated inancial statements:
• Annual Improvements to IFRS Standards
2018–2020 – Amendments to IFRS 1, IFRS 9, IFRS
16 and IAS 41
• Amendments to References to Conceptual
Framework in IFRS Standards - the amendment
relect the changes in Framework’s principles, which
have implications for how and when assets and
liabilities are recognised and derecognised in the
Group’s consolidated inancial statements.
• Classiication of Liabilities as Current and
Non-current (Amendment to IAS 1) – to clarify the
requirements on determining if a liability is current
or non-current, the International Accounting
Standards Board (the Board) has amended IAS 1.
• Property, Plant and Equipment: Proceeds before
Intended use (Amendment to IAS 16) – under the
amendments, proceeds from selling items before
the related item of PPE is available for use should
be recognised in proit or loss, together with the
costs of producing those items. IAS 2 Inventories
should be applied in identifying and measuring these
production costs.
267
• Onerous contracts – Cost of Fulilling a Contract
(Amendments to IAS 37) - the amendments specify
which costs an entity includes in determining the
cost of fulilling a contract for the purpose of
assessing whether the contract is onerous. The
amendments apply for annual reporting periods
beginning on or after 1 January 2022 to contracts
existing at the date when the amendments are irst
applied.
• Disclosure of Accounting Policies (Amendments
to IAS 1 and IFRS Practice Statement 2) – the
Board has issued amendments on the application of
materiality to disclosure of accounting policies.
• Deinition of Accounting Estimates
(Amendments to IAS 8) – the amendment clarify
how companies should distinguish changes in
accounting policies from changes in accounting
estimates, with a primary focus on the deinition of
and clariications on accounting estimates.
• Deferred Tax related to Assets and Liabilities
arising from single transaction (Amendment to IAS
12) – the amendment clarify how companies should
account for deferred tax on certain transactions –
e.g. leases and decommissioning provisions.
• COVID-19- Related rent concessions beyond
30 June 2021 (Amendment to IFRS 16) – the
amendment to IFRS 16 Leases was issued to allow
lessees not to account for rent concessions as lease
modiications if they are a direct consequence of
COVID-19 and meet certain conditions
• Reference to the Conceptual Framework
(Amendments to IFRS3)
• IFRS 17 Insurance Contracts and amendments to
IFRS 17 Insurance Contracts - IFRS 17 introduces a
new measurement model for insurance contracts.
f) Functional and presentation currency
The presentation currency of the Group is Euro
(“EUR”), because the owners base their economic
decisions on information expressed in this currency.
All inancial information presented in EUR has been
rounded to the nearest thousand.
The Group performed analysis on entity level based on
primary, secondary and other indicators and concluded
on following:
- Group’s entities with primary objective to ensure
investing and development activities in speciic
countries, so called development companies, have
the functional currency its local currencies as it is
local currency:
o whose competitive forces and regulations
mainly determine the sales prices of its goods
and services rendered to other companies
operated in the same country,
o that primarily inluences labour, material and
other costs of providing goods and services,
o in which receipts from operating activities
are usually retained.
- other Group’s entities with objective of stable and
sustainable operation of industrial parks or dormant
entities with potential of future development of
industrial parks have the functional currency EUR
as
o sales prices of services rendered to the
tenants are in EUR,
o funds from inancing activities are
generated in EUR and
o activities of these companies are
conducted as an extension of the
reporting entity rather than with a
signiicant degree of autonomy.
In the CTP Group there are the following development
companies:
- CTP Invest, spol. s r.o. with functional
currency Czech koruna (CZK),
- CTP Invest Poland Sp. z o.o. with functional
currency Polish zloty (PLN),
- CTP Invest d.o.o. Beograd-Novi Beograd
with functional currency Serbian dinar (RSD),
- CTP Management Hungary Kft. with
functional currency Hungarian forint (HUF),
- CTP Invest Bucharest SRL with functional
currency Romanian leu (RON),
- CTP Invest SK, spol. s r.o. with functional
currency EURO (EUR)
- CTP Invest EOOD with functional currency
Bulgarian lev (BGN),
- CTP Invest Immobilien GmbH with functional
currency EURO (EUR).
All other companies in the Group have EUR as
functional currency.
g) Basis of measurement
The consolidated inancial statements of the Group
are prepared on a historical cost basis, except for the
following items, which are measured on an alternative
basis on each reporting date:
— derivative inancial instruments are
measured at fair value;
— investment property is measured at fair
value;
— solar plants within property, plant and
equipment are measured at fair value; and
— hotels within property, plant and equipment
are measured at fair value.
h) Use of estimates and judgments
The preparation of the consolidated inancial
statements requires the management to make
judgments, estimates and assumptions that afect
the application of policies and the reported amounts
of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on
historical experience and various other factors that
the management believes to be reasonable under the
circumstances, the results of which form the basis
of judgments about the carrying values of assets and
liabilities that are not readily apparent from other
sources. The actual results may difer from these
estimates.
The estimates and assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimate is
revised, if the revision afects only that period, or in
the period of the revision and future periods, if the
revision afects both current and future periods.
In particular, information about signiicant areas
of estimates uncertainty and critical judgments
in applying accounting policies that have the most
signiicant efect on the amount recognized in the
inancial statements are described in Note:
- 4b) Investment property
- 4c) Investment property under development
- 4d) Property, plant and equipment
- 4i) Impairment
i) Measurement of fair values
A number of the Groups’ accounting policies and
disclosures require the measurement of fair values,
for both inancial and non-inancial assets and
liabilities.
When measuring the fair value of an asset or a
liability, the Group uses market observable data as far
as possible. Fair values are categorized into diferent
levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
• Level 1: quoted prices (unadjusted) in active
markets for identical assets and liabilities.
• Level 2: inputs other than quoted prices included
in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
• Level 3: inputs for the asset or liability that are
not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an
asset or a liability might be categorized in diferent
levels of the fair value hierarchy, then the fair value
measurement is categorized in its entirety in the same
level of the fair value hierarchy as the lowest level
input that is signiicant to the entire measurement.
The Group recognizes transfers between levels of the
fair value hierarchy at the end of the reporting period
during which the change has occurred.
268
4. Significant
accounting policies
The Group has consistently applied the following
accounting policies to all periods presented in these
consolidated inancial statements.
a) Basis of consolidation
a) Subsidiaries
Subsidiaries are entities controlled by the Group.
Control exists when the Group has the power,
directly or indirectly, to govern the inancial and
operating policies of an entity so as to obtain
beneits from its activities. In assessing control,
the potential voting rights that are exercisable or
convertible, are taken into account. The inancial
statements of subsidiaries are included in these
consolidated inancial statements from the date
that control commences until the date that control
ceases. The accounting policies of subsidiaries have
been changed when necessary to align them with
the policies adopted by the Group.
The Group acquires subsidiaries that own real
estate. At the time of acquisition, the Group
considers whether each acquisition represents
the acquisition of a business or the acquisition of
an asset. The Group accounts for an acquisition
as a business combination under IFRS 3, when an
integrated set of activities is acquired in addition
to the property. More speciically, consideration is
made to the extent to which signiicant processes
are acquired and, in particular, the extent of
services provided by the subsidiary.
When the acquisition of subsidiaries does not
represent a business, it is accounted for as an
acquisition of a group of assets and liabilities. The
cost of the acquisition is allocated to the assets
and liabilities acquired based upon their relative
fair values, and no goodwill and deferred tax is
recognised.
b) Acquisition of business from companies under
common control
A business combination involving entities or
businesses under common control is a business
combination in which all of the combining entities
or businesses are ultimately controlled by the same
party or parties both before and after the business
combination, and that control is not transitory.
The assets and liabilities acquired under common
control are recognized at the carrying amounts
recognized previously in the inancial statements
of the entities acquired. Any diference between
consideration paid and the net book value of assets
and liabilities acquired is recognized directly in the
equity. In the absence of more speciic guidance, the
Group consistently applied the book value method to
account for all common control transactions.
In this respect, the assets and liabilities of the
entities, as well as their income and expenses, for
the period in which the common control transaction
has occurred and for the comparative period
disclosed are included in the inancial statements
of the Group as if the common control transaction
took place at the beginning of the comparative
period.
c) Business combinations
Business combinations, excluding those commenced
between parties under common control, are
accounted for by applying the acquisition method as
at the acquisition date, which is the date on which
control is transferred to the Group.
The Group measures goodwill at the acquisition
date as:
• the fair value of the consideration
transferred; plus
• the recognised amount of any non-
controlling interests in the acquiree; plus
• if the business combination is achieved in
stages, the fair value of the pre-existing equity
interest in the acquiree; less
• the net amount of the identiiable assets
acquired and liabilities stated at fair value.
Goodwill is tested for impairment if events or
changes in circumstances indicate that it might
be impaired, but at least annually, and is carried
at cost less accumulated impairment losses. Gains
and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity
sold.
When the excess is negative (bargain purchase),
it is recognized immediately in the consolidated
statement of comprehensive income.
The Group applies recognition exemption of
Deferred tax, that arises from the initial recognition
of an asset or liability in a transaction that is
not a business combination. Deferred tax from
subsequent asset revaluation is recognised in the
consolidated inancial statements.
d) Non-controlling interest
Non-controlling interests are measured initially
at their proportionate share of the acquiree’s
identiiable net assets at the date of acquisition.
Changes in the Group’s interest in a subsidiary that
do not result in a loss of control are accounted for
as equity transactions.
e) Loss of control
When the Group loses control over a subsidiary,
it derecognises the assets and liabilities of the
subsidiary, any non-controlling interests and
the other components of equity related to the
subsidiary. Any resulting gain or loss is recognised
in proit or loss. If the Group retains any interest
in the former subsidiary, then such interest is
measured at fair value at the date that control is
lost.
f) Changes in the ownership interests in existing
subsidiaries
Changes in the Company's ownership interests
in subsidiaries that do not result in the Company
losing control over the subsidiaries are accounted
for as equity transactions. The carrying amounts
of the Company's interests and the non-controlling
interests are adjusted to relect the changes in their
relative interests in the subsidiaries
g) Asset acquisition
Asset acquisitions is an acquisition of an asset or
a group of assets (and liabilities) that does not
constitute a business. The Group identify and
recognise the individual identiiable assets acquired
and liabilities assumed and allocate the cost of
the group to the individual identiiable assets and
liabilities based on their relative fair values at the
date of the acquisition.
h) Transactions eliminated on consolidation level
Intra-group balances and any gains and losses
or income and expenses arising from intra-group
transactions are eliminated in preparing the
consolidated inancial statements of the Group.
b) Investment property
Investment properties are those which are held to
earn rental income, for capital appreciation, or for
both. Investment property is initially measured at
cost and subsequently at fair value with any change
therein recognised in proit or loss. Any gain or loss
on disposal of an investment property (calculated as
the diference between the net proceeds from disposal
and the carrying amount of the item) is recognized in
proit or loss. An external, independent valuer having
appropriately recognized professional qualiications
and recent experience in the location and category
of property being valued, values the portfolio of
investment property at least annually.
The independent valuation report was obtained as
at 31 December 2021 and was incorporated into the
IFRS consolidated inancial statements of the Group.
The fair value is deined as the price that would be
received to sell an asset in an orderly transaction
between market participants at the measurement
date.
The fair value measurement for all of the investment
properties has been categorized as a Level 3 fair
value.
c) Investment property under development
Property that is being constructed or developed for
future use as investment property, is classiied as
investment property under development. Investment
property under development is initially measured at
cost and subsequently at fair value with any change
therein recognised in proit or loss. When construction
or development is completed, property is reclassiied
and subsequently accounted for as investment
property.
The independent valuation report was obtained as
at 31 December 2021. Value of investment property
under development was determined by external,
independent property valuers, having appropriate
recognized professional qualiications and recent
experience in the location and category of the
269
property being valued. The fair value is deined as
the price that would be received to sell an asset in an
orderly transaction between market participants at
the measurement date.
Borrowing cost are not capitalized to the value of
Investment property under development, as almost all
development projects are inished within 12 months.
The fair value measurement for all of the investment
properties under development has been categorized as
a Level 3 fair value.
d) Property, plant and equipment
(i) Revaluation model
Solar plants which are completed and generating
income and hotels which represents minor part
of property portfolio of the Group, are classiied
under Property, plant and equipment at revaluated
amounts, being the fair value at the reporting
date. Any gain or loss arising on re-measurement
of the solar plants and hotels is treated as a
revaluation with any gain recorded as part of other
comprehensive income, except to the extent that
it reverses a previous impairment on the same
property, in which case it is recorded in proit
or loss. A loss is an expense in proit or loss to
the extent at which it is higher than previously
recognized revaluation surplus.
An external, independent valuer having
appropriately recognized professional qualiications
and recent experience in the location and category
of the solar plant and hotel being valued, values the
portfolio of solar plants and hotels at least annually.
Depreciation of the solar plants is recognized into
proit or loss on a straight-line basis over the
estimated useful life of 20 years.
Depreciation of the hotels is recognized into proit
or loss on a straight-line basis over the estimated
useful life of 40 years.
(ii) Cost model
All other buildings, property, plant and equipment
are measured at cost less accumulated depreciation
and impairment losses (Note 4i). Cost includes
expenditure that is directly attributable to
the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials,
direct labour, any other costs directly attributable
to bringing the assets to a working condition for
their intended use, the initial estimate, where
relevant, of the costs of dismantling and removing
building items and restoring the building site
at which they are located and an appropriate
proportion of production overheads.
Subsequent costs are included in the asset's
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that
future economic beneits associated with the item
will low to the Company and the cost of the item
can be measured reliably. All other repairs and
maintenance expenses are charged to the income
statement during the inancial period in which they
are incurred.
Where parts of an item of property, plant and
equipment have diferent useful lives, they are
accounted for as separate items of property, plant
and equipment.
The Group recognize in the carrying amount of an
item of property, plant and equipment, the cost of
replacing part of such an item when that cost is
incurred and it is probable that the future economic
beneits embodied with the item will low to the
Group and the cost of the item can be measured
reliably. The carrying amount of the replace item is
derecognised. All other costs are recognized in the
statement of comprehensive income as incurred.
Depreciation is recognized into proit or loss on
a straight-line basis over the estimated useful
life of the equipment. The estimated useful life
for equipment varies between 3-8 years and for
property and plant between 10-20 years.
(iii) Reclassiication to Investment property
When the use of a property changes from owner-
occupied to investment property, the property
is remeasured to fair value and reclassiied
accordingly. Any gain arising on this remeasurement
is recognized in proit or loss to the extent that it
reverses a previous impairment loss on the speciic
property, with any remaining gain recognized in OCI
and presented in the revaluation reserve. A loss is
an expense in proit or loss to the extend at which
it is higher than previously recognized revaluation
surplus.
e) Assets held for sale
Non-current assets, or disposal groups comprising
assets and liabilities, are classiied as held-for sale if it
is highly probable that they will be recovered primarily
through sale rather than through continuing use.
Such assets, or disposal groups, are generally
measured at the lower of their carrying amount and
fair value less costs to sell. Any impairment loss on a
disposal group is allocated irst to goodwill, and then
to the remaining assets and liabilities on a pro rata
basis, except that no loss is allocated to inventories,
inancial assets, deferred tax assets, employee
beneit assets, investment property, which continue
to be measured in accordance with the Group’s other
accounting policies. Impairment losses on initial
classiication as held-for-sale or held-for distribution
and subsequent gains and losses on remeasurement
are recognised in proit or loss.
Once classiied as held-for-sale, intangible assets and
property, plant and equipment are no longer amortised
or depreciated, and any equity-accounted investee is
no longer equity accounted.
f) Leases
At inception of a contract, the Group assess whether
a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identiied asset for a period of
time in exchange for consideration.
• As a lessee
At commencement or on modiication of a contract
that contains a lease component, the Group allocate
the consideration in the contract to each lease
component on the basis of its relative stand-
alone prices. However, for the leases of property
the Group has elected not to separate non-lease
components and account for the lease and non-
lease components as a single lease component.
The Group recognizes a right-of-use asset and a
lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at
or before the commencement date, plus any initial
direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it
is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the end of lease term,
unless the lease transfers ownership of the
underlying asset to the Group by the end of the
lease term or the cost of the right-of-use asset
relects that the Group will exercise a purchase
option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying
asset, which is determined on the same basis as
those of property and equipment. In addition, the
right-of-use asset is periodically reduced by the
impairment losses, if any.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot
be readily determined, the Group’s incremental
borrowing rate.
The Group determines its incremental borrowing
rate by obtaining interest rates from various
external inancing sources and makes certain
adjustments to relect the terms of the lease and
type of an asset leased.
Lease payments included in the measurement of the
lease liability comprise of following:
- ixed payments, including in-substance ixed
payments;
- variable lease payments that depend on
an index or a rate, initially measured using the
index or rate as at the commencement date;
- the exercise price under a purchase option
that the Group is reasonably certain to exercise;
- lease payments in an optional renewal period
if the Group is reasonably certain to exercise an
extension option, and
- penalties for early termination of a lease
unless the Group is reasonably certain not to
terminate early.
270
Subsequently, the lease liability is measured at
amortized cost using efective interest method.
It is remeasured when there is change in any of
above-mentioned lease liability components. In such
case the corresponding adjustment is made to the
carrying amount of the right-of-use asset or is
posted in proit or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
The Group presents right-of-use assets that do not
meet the deinition of investment property in the
property, plant and equipment and lease liabilities
in trade and other payables in the statement of
inancial position.
The Groups has elected not to recognize right-
of-use assets and lease liabilities for leases of
low-value assets and short-term leases. The Group
recognizes the lease payments associated with
these leases as an expense on a straight-line basis
over the lease term.
• As a lessor
At inception or on modiication of a contract that
contains a lease component, the Group allocates
the consideration in the contract to each lease
component on the basis of their relative stand-alone
prices.
When the Group acts as a lessor, they determine at
lease inception whether each lease is a inance lease
or an operating lease.
To classify each lease, the Group makes an overall
assessment of whether the lease transfers
substantially all of the risks and rewards incidental
to ownership of the underlying asset. If this is the
case, then the lease is a inance lease; if not, then
it is an operating lease. As part of this assessment,
the Group considers certain indicators such as
whether the lease is for the major part of the
economic life of the asset.
The Group recognizes lease payments received
under operating leases as income on a straight-line
basis over the lease term as part of rental income.
Property held under inance leases and leased out
under operating leases was classiied as investment
property and stated at fair value as described in
Note 4b).
g) Financial instruments
(i) Financial assets
Initial recognition and measurement
The inancial assets are classiied at initial
recognition at amortized cost, fair value through
other comprehensive income or fair value through
proit or loss.
The Group measures inancial assets at amortised
cost if both of the conditions are met and the
inancial asset is not designated at fair value
through proit and loss:
- the inancial asset is held within a business
model with the objective to hold it in order to
collect contractual cash lows; and
- the contractual terms of the inancial asset
give rise on speciied dates to cash lows that
are solely payments of principal and interest on
the principal amount outstanding.
All inancial assets not classiied as measured at
amortised cost as described above are measured
at fair value through proit or loss. On initial
recognition, the Group may irrevocably designate
a inancial asset, that otherwise meets the
requirements to be classiied and measured at
amortised cost or at fair value through other
comprehensive income, to be classiied and
measured at fair value through proit or loss if doing
so eliminates or signiicantly reduces an accounting
mismatch that would otherwise arise.
Subsequent measurement
For purpose of subsequent measurement, the
Group’s inancial assets are classiied in two
categories:
- Financial assets at amortised cost (debt
instruments)
This category is most relevant to the Group and it
includes trade receivables and loans provided that
are subsequently measured at amortised cost using
the efective interest method, less any credit losses.
- Financial assets at fair value through proit
and loss
This category includes derivatives. Financial assets
are classiied as held for trading if they are acquired
for the purposes of selling or repurchasing in the
near future.
Financial assets at fair value through proit or loss
are carried out in the statement of inancial position
at fair value with net changes in fair value being
recognised in the statement of proit or loss.
(ii) Non-derivative inancial assets
The Group initially recognises loans and receivables
on the date that they are originated. All other
inancial assets are recognised initially on the trade
date at which the Group becomes a party to the
contractual provisions of the instrument.
The Group derecognises a inancial asset when
the contractual rights to the cash lows from the
asset expire, or it transfers the rights to receive
the contractual cash lows on the inancial asset
in a transaction in which substantially all the risks
and rewards of ownership of the inancial asset are
transferred. Any interest in transferred inancial
assets that is created or retained by the Group is
recognised as a separate asset.
Financial assets and liabilities are ofset and the
net amount presented in the statement of inancial
position when, and only when, the Group have a
legal right to ofset the amounts and intends either
to settle on a net basis or to realise the asset and
settle the liability simultaneously.
Loans provided
Loans are inancial assets with ixed or
determinable payments that are not quoted in
an active mark et. Such assets are recognised
initially at fair value plus any directly attributable
transaction costs. Loans provided are subsequently
measured at amortised cost using the efective
interest method, less any impairment losses.
The Group classify as a current portion any part of
long-term loans that is due within one year from the
reporting date.
Trade and other receivables
Trade and other receivables and Receivables due
from related parties are inancial assets with ixed
or determinable payments that are not quoted
in an active market. Such assets are recognised
initially at fair value plus any directly attributable
transaction costs. Receivables are subsequently
measured at amortised cost using the efective
interest method, less any impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances
and call deposits. Cash equivalents are short-term,
highly liquid investments that are readily convertible
to known amounts of cash and which are subject
to an insigniicant risk of changes in value. Bank
accounts and call deposits that are repayable on
demand and form an integral part of the Group’s
cash management are included as a component of
cash and cash equivalents for the purpose of the
cash-low statement.
The Group treats cash deposited as a security in
accordance with the bank loan covenants as cash
and cash equivalents for cash low purposes.
The cash low statement of the Group is prepared
based on indirect method from the statement of
inancial position and statement of comprehensive
income.
(iii) Financial liabilities
Financial liabilities are classiied as measured at
amortised cost or fair value through proit and
loss. A inancial liability is classiied as at fair value
through proit and loss if it is classiied as held-for
trading, it is a derivative or it is designed as such on
initial recognition. Financial liabilities at fair value
through proit and loss are measured at fair value
and net gains and losses, including any interest
expense, are recognised in proit or loss. Other
inancial liabilities are subsequently measured at
amortised cost using the efective interest method.
Interest expense and foreign exchange gains and
losses are recognised in proit or loss. Any gain or
loss on derecognition is also recognised in proit or
loss.
(iv) Non-derivative inancial liabilities
The Group initially recognizes debt securities
issued and subordinated liabilities on the date that
they are originated. All other inancial liabilities
(including liabilities designated at fair value through
proit or loss) are recognized initially on the trade
date at which the Group becomes party to the
contractual provisions of the instrument. The
271
Group derecognizes a inancial liability when its
contractual obligations are discharged, cancelled or
expire.
Non-derivative inancial liabilities comprise loans
and borrowings, bank overdrafts, and trade
and other payables. Such inancial liabilities are
recognized initially at fair value plus any directly
attributable transaction costs. Subsequent to initial
recognition these inancial liabilities are measured
at amortized cost using the efective interest
method.
Financial assets and liabilities are ofset and the
net amount presented in the statement of inancial
position when, and only when, the Group has a legal
right to ofset the amounts and intends either to
settle on a net basis or to realize the asset and
settle the liability simultaneously.
The Group classify as a current portion any part of
long-term loans that is due within one year from the
reporting date.
(v) Derivative inancial instruments
A derivative is a inancial instrument or other
contract which fulils the following conditions:
a) its value changes in response to change in a
speciied interest rate, inancial instrument
price, commodity price, foreign exchange rate,
index of prices or rates, credit rating or credit
index, or other variable, provided in the case of
a non-inancial variable that the variable is not
speciic to a party to the contract;
b) it requires no initial net investment or an initial
net investment that is smaller than would be
required for other types of contracts that
would be expected to have a similar response
to changes in market factors; and
c) it is settled at a future date.
Derivative inancial instruments are initially
recognized at fair value; attributable transaction
costs are recognized in proit or loss as incurred.
Subsequent to initial recognition, derivatives are
measured at fair value, and changes therein are
generally recognised in proit and loss.
Fair values are obtained from quoted market prices
or discounted cash low models, as appropriate. The
derivatives are carried as current (those that are
expected to be settled in less than 12 months) or non-
current assets when their fair value is positive, and as
current (those that are expected to be settled in less
than 12 months) or non-current liabilities when their
fair value is negative.
The principal types of derivative instruments used by
the Group are interest rate swaps.
Swaps are agreements between the Group and other
parties to exchange future cashlows based upon
agreed notional amounts.
Under interest rate swaps, the Group agrees with
other parties to exchange, at speciic interval, the
diference between ixed-rate and loating-rate
interest amounts calculated by reference to an agreed
notional amount.
h) Contract assets
Contract assets represents work in progress, which
relates to the cost of development extras and speciic
it outs for the tenants.
Contract assets are stated at the lower of cost and
net realisable value (being the estimated selling price
in the ordinary course of business less the estimated
costs of completion and the estimated costs
necessary to make the sale). Where the net realisable
value is below cost, contract assets are written
down to the lower value, and the impairment loss is
recorded in the income statement. Costs of contract
assets include the purchase price and related costs of
acquisition (transport, customs duties and insurance).
i) Impairment
(i) Non-inancial assets
The carrying amounts of the Group’s assets, other
than investment property, investment property
under development and deferred tax assets are
reviewed at each reporting date to determine
whether there is any indication of impairment. If
any such indication exists, the asset’s recoverable
amount is estimated. In respect of goodwill, the
recoverable amount is estimated at each reporting
date.
An impairment loss is recognized whenever
the carrying amount of an asset or its cash-
generating unit exceeds its recoverable amount.
The recoverable amount of an asset or cash-
generating unit is the greater of its value in use and
its fair value less costs to sell. Impairment losses
are recognized in proit or loss. An impairment
loss in respect of a Property, plant and equipment
measured at fair value is reversed through
proit and loss to the extent that it reverses
an impairment loss on the same asset that was
previously recognized in proit and loss.
Impairment losses recognized in respect of cash-
generating units are allocated irst to reduce
the carrying amount of any goodwill allocated to
cash-generating units (groups of units) and then to
reduce the carrying amount of the other assets in
the unit (group of units) on a pro-rata basis.
(ii) Financial assets
A inancial asset not carried at fair value through
proit or loss, including an interest in an equity-
accounted investee, is assessed at each reporting
date to determine whether there is objective
evidence that it is credit-impaired.
Objective evidence that inancial assets are
impaired can include default or delinquency by
a debtor, restructuring of an amount due to the
Group on terms that the Group would not consider
otherwise, indications that a debtor will enter
bankruptcy, the disappearance of an active market
for a security and observable data indicating that
there is a measurable decrease in the expected cash
lows from a group of inancial assets.
The Group considers evidence of impairment for
inancial assets at both speciic asset and collective
level. All individually signiicant inancial assets
are assessed for speciic impairment. Those found
not to be impaired are then collectively assessed
for any impairment that has been incurred but
not yet identiied. Assets that are not individually
signiicant are collectively assessed for impairment
by grouping together receivables with similar risk
characteristics.
The Group uses for the recognition and
measurement of impairment losses the “expected
credit loss” model (ECLs). The Group measures
loss allowance at an amount equal to lifetime ECLs,
except for the following, which are measured at
12-month ECLs:
• provided loans and bank balances for which
credit risk (i.e. the risk of default occurring
over the expected life of the inancial
instrument) has not increased signiicantly
since initial recognition;
• debt securities that are determined to have
low credit risk at the reporting date; and
• other debt securities and bank balances
for which credit risk (i.e. the risk of default
occurring over the expected life of the
inancial instrument) has not increased
signiicantly since initial recognition.
Loss allowances for trade receivables are always
measured at an amount equal to the lifetime ECLs.
At each reporting date, the Group assess whether
inancial assets carried at amortised cost are
credit-impaired. Financial assets are credit-
impaired when one or more events that have a
detrimental impact on the estimated future cash
lows of the inancial asset have occurred.
Evidence that a inancial asset is credit impaired
includes the following observable data:
• signiicant inancial diiculty of the borrower
or issuer;
• a breach of contract such as a default or
being more than 90 days past due;
• the restructuring of a loan or advance by the
Group on terms that the Group would not
consider otherwise;
• it is probable that the borrower will enter
bankruptcy or other inancial reorganisation;
or
• the disappearance of an active market for a
security because of inancial diiculties.
The Group irst assess whether objective evidence
of impairment exists individually for inancial assets
that are individually signiicant, and individually
or collectively for inancial assets that are not
individually signiicant. If the Group determines that
no objective evidence of credit impairment exists for
an individually assessed inancial assets, whether
272
signiicant or not, it includes the assets in a group of
inancial assets with similar risk characteristics and
collectively assesses them for credit impairment.
Financial assets that are individually assessed for
impairment and for which an impairment loss is
or continues to be recognised are not included in a
collective assessment of impairment.
A signiicant increase in credit risk (SICR)
represents a signiicant increase in the risk of
default in respect of a inancial assets as at the
reporting date compared with the risk as at the
date of initial recognition.
When determining whether the credit risk of a
inancial asset has increased signiicantly since
initial recognition and when estimating ECLs,
the Group considers reasonable and supportable
information that is relevant and available without
undue cost or efort. This includes both quantitative
and qualitative information and analysis, based
on the Group’s historical experience and informed
credit assessment and including forward-looking
information.
The Group considers a inancial asset to be in
default when:
- the borrower is unlikely to pay its credit
obligations to the Group in full, without recourse
by the Group to actions such as realising
security (if any is held); or
- the trade or other receivable is more than
365 days past due.
Lifetime ECLs are the ECLs that result from all
possible default events over the expected life of a
inancial instrument. 12-month ECLs are the portion
of ECLs that result from default events that are
possible within the 12 months after the reporting
date (or shorter period if the expected life of the
instrument is less than 12 months). The maximum
period considered when estimating ECLs is the
maximum contractual period over which the Group
is exposed to credit risk.
ECLs are a probability-weighted estimate of credit
losses. Credit losses are measured as the present
value of cash shortfalls (i.e. the diference between
the cash lows due to the entity in accordance with
the contract and the cash lows that the Group
expects to receive). ECLs are discounted at the
efective interest rate of the inancial asset.
In some cases the observable data required to
estimate the amount of an impairment loss on a
inancial asset may be limited or no longer fully
relevant to current circumstances. This may be the
case when a borrower is in inancial diiculties and
there is little available historical data relating to
similar borrowers. In such cases, the Group uses
their experience and judgement to estimate the
amount of any credit impairment loss.
All impairment losses in respect of inancial assets
are recognised in proit or loss and are only reversed
if a subsequent increase in recoverable amount
can be related objectively to an event occurring
after the impairment loss was recognised. An
impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed
the carrying amount of the asset that would
have been determined, net of amortisation, if no
impairment loss had been recognised. The write-of
policy of the Group requires that the outstanding
amount of a loan shall be written of if there is any
instalment overdue for 730 or more days. However,
the loan shall remain in the Company’s statement
of inancial position even after 730 days of non-
payment if it is probable that the loan will be sold in
a near future, or signiicant recoveries are expected.
In such case, the loan outstanding amount shall be
derecognised at the moment of the sale or later as
soon as no signiicant recoveries are expected.
The Group allocates to each inancial assets
exposure to a credit risk stage based on data
that is determined to be predictive of the risk of
loss (including but not limited to external ratings,
audited inancial statements, management
accounts and cash low projections and available
press information about customers) and applying
experienced credit judgement.
j) Reversals of impairment
An impairment loss of non-inancial assets is reversed
if there has been an indication that the loss has
decreased or no longer exists and a change in the
estimates used to determine the recoverable amount.
An impairment loss is only reversed to the extent that
the carrying amount does not exceed the carrying
amount that would have been determined, net of
depreciation or amortisation, had no impairment
losses been recognized.
Reversal of an impairment loss for goodwill is
prohibited.
k) Equity
Issued capital
Issued capital represents the amount of capital
registered in the Shareholders Register and
is classiied as equity. External costs directly
attributable to the issuance of share capital, other
than upon a business combination, are shown as a
deduction from the proceeds, net of tax, in equity.
Share premium
The share premium concerns the income from the
issuing of shares in so far as it exceeds the nominal
value of the shares (above par income). Share
premium is presented net of IPO costs incurred in
process of shares emission.
Translation reserve
The translation reserve comprises all foreign
exchange diferences arising from the translation of
the inancial statements from the functional to the
presentation currency (refer to Note 3f).
Revaluation reserve
Revaluation reserve comprise revaluation of solar
plants and hotels, which are classiied under
property, plant and equipment at revaluated
amounts, being the fair value at the reporting date
(refer to Note 4d).
Retained earnings
Consolidated retained earnings arises from
accumulation of proits and losses of the
consolidated activities and are subject of dividend
distribution after approval of the Board of
directors.
l) Earnings per share
Earnings per share is an important inancial indicator,
which measures the proitability of the Group.
Basic earnings per share is calculated by dividing the
net proit for the period attributable to equity holders
of the Group by the weighted average number of
shares of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing
the net proit for the period attributable to equity
holders of the Group by the weighted average number
of ordinary shares outstanding during the period plus
the weighted average number of shares that would
be issued if all dilutive potential ordinary shares were
converted into ordinary shares.
The denominator in the calculation of basic EPS for
each period presented is the number of shares as
at 31 December 2021. The resulting EPS data is pro
forma rather than historical but is comparable over
the years/period presented.
m) Share based payment
Under the CTP N.V. Long Term Incentive Plan (“the
LTIP”), CTP N.V. provides share-based beneits to
directors of the Company in the form conditional
share awards over the Company’s ordinary shares.
The fair value of the awards granted under the LTIP
is recognised as an employee beneits expense, with a
corresponding increase in equity (Retained earnings).
The total amount to be expensed is determined by
reference to the fair value of the awards granted,
including the impact of any market performance
conditions and non-vesting conditions. Service
conditions and any non-market performance vesting
conditions are taken into account when estimating the
number of awards expected to vest.
The total expense is recognised over the vesting
period, which is the period over which all of the
speciied vesting conditions are to be satisied. At the
end of each period, the Company revises its estimates
of the number of awards that are expected to vest
based on the service conditions and the non-market
vesting conditions. It recognises the impact of the
revision to original estimates, if any, in proit or loss,
with a corresponding adjustment to equity.
273
n) Provisions
A provision is recognized in the statement of inancial
position when the Group has a present legal or
constructive obligation as a result of a past event, and
it is probable that an outlow of economic beneits
will be required to settle the obligation. If the efect
is material, provisions are determined by discounting
the expected future cash lows at a pre-tax rate that
relects current market assessments of the time value
of money and, where appropriate, the risks speciic to
the liability.
o) Rental income and service charge income
Rental income from leases is recognized as income in
the statement of comprehensive income on a straight-
line basis over the term of the lease. Lease incentives
granted are recognized as an integral part of the total
rental income.
Park management income (service charge) is integral,
but separately identiiable, part of rental contracts.
The Group has identiied that the park management
services is distinct from rentals and are therefore
accounted separately. The service charge is priced
and contracted based on market prices relevant for
the region of operation. The service charge income is
recognized evenly over time of the service rendered as
the customer simultaneously receives and consumes
the beneits from the provided service.
Service and management charges are included in
net rental income gross of the related costs. The
Group determined that it does control the services
before they are transferred to tenants and therefore
that the Group acts rather as a principal in these
arrangements.
p) Income from development activities
Revenues from customer speciic it-outs of rented
facilities (development extras) are presented
separately in statement of comprehensive income.
Income from development activities includes the initial
amount agreed in the contract plus any variations
in contract work, claims and incentive payments to
the extent that it is probable that they will result in
revenue and can be measured reliably. Income from
development activities are recognised at point in time.
q) Revenues from sale of properties
Revenue from sale of properties is recognised when
the control has passed to the buyer at the amount to
which the Group expects to be entitled, recovery of
the consideration is probable, the associated costs and
possible return of goods can be estimated reliably and
there is no continuing management involvement with
the goods and the amount of revenue can be measured
reliably, i.e. on the date on which the application
is submitted to the Land Registry for transfer of
legal ownership title. Revenue is measured net of
returns, trade discounts and volume rebates. When
appropriate, revenue from such sales are deferred
until the property is completed and the properties
are ready for sale, including the necessary regulatory
permissions.
r) Hotel revenues
Revenues from hotel operations represents room
rental and sale of food and beverages. Hotel revenues
are recognised in proit and loss at the moment, when
customer obtains control over the services provided.
s) Expenses
(i) Attributable external expenses
Attributable external expenses consist of property
operating expenses (including service expenses),
hotel operating expenses and expenses from
development activities.
(ii) Property operating expenses
Property operating expenses (including service
expenses) are expensed as incurred.
(iii) Finance income / inance expenses
The Group’s inance income and inance costs
include:
• interest income;
• interest expense;
• dividend income;
• the net gain or loss on inancial assets at
fair value through proit or loss (other than
investment property and investment property
under development);
• the foreign currency gain or loss on inancial
assets and inancial liabilities;
• the fair value loss on contingent consideration
classiied as inancial liability;
• impairment losses recognised on inancial
assets (other than trade receivables);
• the net gain or loss on hedging instruments
that are recognised in proit or loss; and
• the reclassiication of net gains previously
recognised in Other Comprehensive Income.
Interest income or expense is recognised using the
efective interest method.
t) Income tax
Income tax comprises current and deferred tax.
Income tax is recognized in proit or loss except to the
extent that it relates to items recognized directly in
equity, in which case it is recognized in equity or other
comprehensive income.
Current tax
Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted
or substantially enacted by the end of the reporting
period, and any adjustment to tax payable in respect
of previous years.
Deferred tax
Deferred tax is provided using the liability method,
on temporary diferences arising between the
carrying amounts of assets and liabilities for
inancial reporting purposes and the amounts used
for taxation purposes.
The amount of deferred tax provided is based on
the expected manner of realization or settlement of
the carrying amount of assets and liabilities, using
tax rates enacted or substantially enacted at the
reporting date.
A deferred tax asset is recognized only to the
extent that it is probable that future taxable proits
will be available against which the asset can be
utilized. Deferred tax assets are reduced to the
extent that it is no longer probable that the related
tax beneit will be realized.
Deferred tax was calculated using the tax rates
valid for the periods in which the tax asset or
liability is expected to be utilized.
The corporate income tax rates for 2021 and
2019/2020 were as follows:
COUNTRY 2021 2019/2020
Austria 25.00% 25.00%
Czech Republic 19.00% 19.00%
Germany 29.48% 29.48%
Hungary 9.00% 9.00%
Netherlands 25.00% 25.00%
Poland 19.00% 19.00%
Romania 16.00% 16.00%
Serbia 15.00% 15.00%
Slovakia 21.00% 21.00%
Ukraine -- 18.00%
Bulgaria 10.00% 10.00%
Slovenia 19.00% 19.00%
Deferred tax is not recognized from temporary
diferences on the initial recognition of assets and/
or liabilities in transaction which is not a business
combination under IFRS 3 (asset deal).
Deferred tax assets and liabilities are ofset only if
certain criteria are met.
Deferred income tax assets and liabilities are ofset
when there is a legally enforceable right to ofset
current tax assets against current tax liabilities and
when the deferred income taxes of one entity relate
to the same iscal authority
274
u) Foreign currency transaction
Foreign currency transactions
Transactions in foreign currencies are translated
to the respective functional currencies of Group
entities at exchange rates at the dates of the
transactions.
Monetary assets and liabilities denominated in
foreign currencies are translated into the functional
currency at the exchange rate of local national
banks at the reporting date. Non-monetary assets
and liabilities denominated in foreign currencies
that are measured at fair value are translated into
the functional currency at the exchange rate when
the fair value was determined. Foreign currency
diferences are generally recognised in proit or
loss. Non-monetary items that are measured based
on historical cost in a foreign currency are not
translated.
Foreign operations
The assets and liabilities of foreign operations,
including goodwill and fair value adjustments
arising on acquisition, are translated into euro at
exchange rates at the reporting date. The income
and expenses of foreign operations are translated
into euros at the exchange rates at the dates of the
transactions.
Foreign currency diferences are recognised in Other
Comprehensive Income and accumulated in the
translation reserve, except to the extent that the
translation diference is allocated to Non-controlling
interest (NCI).
When a foreign operation is disposed of in its
entirety or partially such that control, signiicant
inluence or joint control is lost, the cumulative
amount in the translation reserve related to that
foreign operation is reclassiied to proit or loss as
part of the gain or loss on disposal. If the Group
disposes of part of its interest in a subsidiary but
retains control, then the relevant proportion of the
cumulative amount is reattributed to NCI. When the
Group disposes of only part of an associate or joint
venture while retaining signiicant inluence or joint
control, the relevant proportion of the cumulative
amount is reclassiied to proit or loss.
v) Segment reporting
The Group has applied the criteria of IFRS 8,
‘Operating Segments’ to determine the number
and type of operating segments. According to this
standard an operating segment is component carrying
out business operations whose operating income is
evaluated regularly by the Group’s highest executive
decision maker and about which separate inancial
information is available.
The results of the Group are reviewed by CEO
regularly on weekly basis by analysis of KPI on
geographical segments, where the Group operates.
The Group’s Operating segments were determined in
connection with the nature of the business and how
the operations are managed by the Group’s operating
decisionmaker. The Group reports operating segments
based on geographical segmentation: Czech Republic,
Romania, Hungary, Slovakia, The Netherlands and
Other. Hotel segment operated in the Czech Republic
is presented separately. Segment results that are
reported to the Board of Directors include items
directly attributable to a segment.
The operating segments are determined based on the
Group’s management and internal reporting structure.
As required by IFRS 8, the Group provides information
on the business activities in which, the Group engages
including split of revenue and investment property.
5. Segment reporting
The principal operation of the Group is the lease of
investment property in Central and Eastern Europe
(CEE) and development in these countries. The
Group manages its activities based on geographical
segmentation as the substance of the business
activities is the same in all regions, where the Group
operates.
The Group’s principal activities are performed in the
following main operating segments: Czech Republic,
Romania, Hungary, Slovakia, The Netherlands, Other
geographical segments and Hotel Segment.
The Group operates 3 hotels under the Courtyard by
Marriott brand in the Czech Republic (Prague Airport,
Pilsen and Brno) under management agreements with
third party, which are presented under separate Hotel
Segment.
REPORTABLE SEGMENT OPERATIONS
Czech Republic Industrial property, offices, retail , other
Romania Industrial property
Hungary Industrial property
Slovakia Industrial property
The Netherlands Industrial property, Development
Other segments Other sements which do not meet criteria for sement reportin reconition
Hotel segment Operation of 3 hotels in the Czech Republic
275
Results of the segments for 12-month period ended 31 December 2021 are as follows:
IN EUR THOUSAND
CZECH
REPUBLIC HUNGARY ROMANIA SLOVAKIA
NETHER-
LANDS OTHER
HOTEL
SEGMENT
TOTAL
SEGMENTS
INTER-
SEGMENT
ELIMINA-
TIONS TOTAL
Rental income 204,345 31,110 60,491 25,821 -- 12,884 -- 334,651 -- 334,651
Service charge income 15,691 3,888 7,957 2,802 -- 774 -- 31,112 -- 31,112
Property operating expenses -20,563 -5,955 -6,679 -4,240 -115 -1,159 -199 -38,910 -- -38,910
Net rental income 199,473 29,043 61,769 24,383 -115 12,499 -199 326,853 -- 326,853
Hotel operating revenue -- -- -- -- -- -- 8,779 8,779 -- 8,779
Hotel operating expenses -- -- -- -- -- -- -11,334 -11,334 -- -11,334
Net operating income from hotel operations -- -- -- -- -- -- -2,555 -2,555 -- -2,555
Income from development activities 22,250 1,104 -- 720 -- 8,750 -- 32,824 -- 32,824
Expenses from development activities -15,733 -738 -- -386 -- -6,602 -- -23,459 -- -23,459
Net income from development activities 6,517 366 -- 334 -- 2,148 -- 9,365 -- 9,365
Total revenues 242,286 36,102 68,448 29,343 -- 22,408 8,779 407,366 -- 407,366
Total attributable external expenses -36,296 -6,693 -6,679 -4,626 -115 -7,761 -11,533 -73,703 -- -73,703
Net valuation result on investment property 733,943 123,310 110,458 100,271 -8,360 40,949 -- 1,100,571 -- 1,100,571
Other income 16,836 120 440 264 1,560 360 21 19,601 -9,156 10,445
Amortization and depreciation -7,622 -160 -329 -62 -18 -256 -- -8,447 -- -8,447
Employee benefits -13,415 -3,335 -4,529 -1,955 -6,083 -2,566 -- -31,883 -- -31,883
Impairment of financial assets -466 -- -691 79 -- -- -- -1,078 -- -1,078
Other expenses -13,732 -3,858 -5,681 -1,761 -3,272 -7,298 -17 -35,619 9,156 -26,463
Net other income/expenses -18,399 -7,233 -10,790 -3,435 -7,813 -9,760 4 -57,426 -- -57,426
Net profit/loss before finance costs 921,534 145,486 161,437 121,553 -16,288 45,836 -2,750 1,376,808 -- 1,376,808
Interest income 36 3 -- -- 63,513 -- 78 63,630 -61,637 1,993
Interest expense -46,528 -8,400 -25,623 -5,897 -39,260 -6,114 -698 -132,520 61,637 -70,883
Other financial expenses -14,082 -2,451 -3,924 -229 -17,220 -140 -74 -38,120 -- -38,120
Other financial gains/losses -2,142 12,410 1,065 -8 -3,592 -936 95 6,892 -- 6,892
Net finance costs -62,716 1,562 -28,482 -6,134 3,441 -7,190 -599 -100,118 -- -100,118
Profit/loss before income tax 858,818 147,048 132,955 115,419 -12,847 38,646 -3,349 1,276,690 -- 1,276,690
Income tax expense -183,169 -13,743 -21,868 -24,636 5,692 -13,556 526 -250,754 -- -250,754
Profit for the period 675,649 133,305 111,087 90,783 -7,155 25,090 -2,823 1,025,936 -- 1,025,936
Profit attributable to:
Non-controlling interests -- -- -- -- -- -- -- -- -- --
Equity holders of the Company 675,649 133,305 111,087 90,783 -7,155 25,090 -2,823 1,025,936 -- 1,025,936
276
Assets and liabilities by segments as at 31 December 2021 are as follows:
IN EUR THOUSAND
CZECH
REPUBLIC HUNGARY ROMANIA SLOVAKIA
NETHER-
LANDS OTHER
HOTEL
SEGMENT
TOTAL
SEGMENTS
INTER
SEGMENT
ELIMINA-
TIONS TOTAL
Assets
Investment property 4,517,045 758,453 1,326,691 595,995 62,091 314,832 -- 7,575,107 -- 7,575,107
Investment property under development 201,175 89,334 62,950 48,621 285,095 87,028 -- 774,203 -- 774,203
Property, plant and equipment 46,280 662 659 223 219 3,670 59,254 110,967 -- 110,967
intangible assets 2,038 -- 1 -- 41 26 5 2,111 -- 2,111
Financial investments 324 -- -- -- 135 -14 -- 445 445
Trade and other receivables 51,494 10,745 1,123 2,763 242 34,372 -- 100,739 -- 100,739
Financial derivatives -- 126 -- -- -- -- -- 126 -- 126
Receivables from related parties 4,458 -- -- -- 3,523,976 -- -- 3,528,434 -3,481,310 47,124
Deferred tax assets 10,709 71 2,008 1,368 7,595 1,858 443 24,052 -- 24,052
Total non-current assets 4,833,523 859,391 1,393,432 648,970 3,879,394 441,772 59,702 12,116,184 -3,481,310 8,634,874
Trade and other receivables 44,137 19,631 24,680 12,282 17,701 24,538 1,113 144,082 -- 144,082
Short-term receivables due from related parties 7,337 -- -- 1,881 24,535 -- -- 33,753 -33,225 528
Financial derivatives -- 46 -- -- -- -- -- 46 -- 46
Contract assets 7,011 -- -- -- -- -- 28 7,039 -- 7,039
Current income tax receivable 5,732 73 1,046 159 10 240 -- 7,260 -- 7,260
Assets held for sale -- -- -- -- -- -- -- -- -- --
Cash and cash equivalents 30,721 59,545 6,302 5,386 772,807 13,726 4,329 892,816 -- 892,816
Total current assets 94,938 79,295 32,028 19,708 815,053 38,504 5,470 1,084,996 -33,225 1,051,771
Total assets 4,928,461 938,686 1,425,460 668,678 4,694,447 480,276 65,172 13,201,180 -3,514,535 9,686,645
Total equity 2,005,701 350,842 473,608 275,803 896,078 70,092 34,706 4,106,830 -- 4,106,830
Liabilities
Interest-bearing loans and borrowings from financial
institutions
587,663 58,380 -- 89,385 373,077 1,966 -- 1,110,471 -- 1,110,471
Bond issued -- -- -- - 3,368,202 -- -- 3,368,202 -- 3,368,202
Trade and other payables 24,047 10,462 11,829 1,169 10,762 2,941 3,381 64,591 -- 64,591
Long-term payables to related parties 1,566,880 467,679 841,305 232,174 15 354,463 18,812 3,481,328 -3,481,310 18
Financial derivatives -- -- -- -- -- -- -- -- -- --
Deferred tax liabilities 579,754 29,526 65,597 50,329 2,581 16,719 2,267 746,773 -- 746,773
Total non-current liabilities 2,758,344 566,047 918,731 373,057 3,754,637 376,089 24,460 8,771,365 -3,481,310 5,290,055
Interest-bearing loans and borrowings from financial
institutions
3,587 2,780 -- 3,926 10,088 452 -- 20,833 -- 20,833
Bonds issued -- -- -- -- 13,490 -- -- 13,490 -- 13,490
Trade and other payables 152,248 13,853 25,078 14,237 16,707 13,285 1,740 237,148 -- 237,148
Short-term payables to related parties -- 4,152 7,450 787 -- 16,644 4,192 33,225 -33,225 --
Financial derivatives -- -- -- -- -- -- -- -- -- --
Current income tax payables 8,581 1,012 593 868 3,447 3,714 74 18,289 -- 18,289
Provisions -- -- -- -- -- -- -- -- -- --
Total current liabilities 164,416 21,797 33,121 19,818 43,732 34,095 6,006 322,985 -33,225 289,760
Total liabilities 2,922,760 587,844 951,852 392,875 3,798,369 410,184 30,466 9,094,350 -3,514,535 5,579,815
Total equity and liabilities 4,928,461 938,686 1,425,460 668,678 4,694,447 480,276 65,172 13,201,180 -3,514,535 9,686,645
277
Results of the segments for 24-month period ended 31 December 2020 are as follows:
IN EUR THOUSAND
CZECH
REPUBLIC HUNGARY ROMANIA SLOVAKIA
NETHER-
LANDS OTHER
HOTEL
SEGMENT
TOTAL
SEGMENTS
INTER-
SEGMENT
ELIMINA-
TIONS TOTAL
Rental income 359,868 47,107 90,624 41,283 -- 11,039 -- 549,921 -- 549,921
Service charge income 27,255 6,049 10,329 4,314 -- 314 -- 48,261 -- 48,261
Property operating expenses -38,475 -12,933 -17,415 -7,185 -- -925 -789 -77,723 -- -77,723
Net rental income 348,648 40,223 83,538 38,412 -- 10,427 -789 520,459 -- 520,459
Hotel operating revenue -- -- -- -- -- -- 23,064 23,064 -- 23,064
Hotel operating expenses -- -- -- -- -- -- -17,442 -17,442 -- -17,442
Net operating income from hotel operations -- -- -- -- -- -- 5,622 5,622 -- 5,622
Income from development activities 51,356 -- -- 226 -- 2,312 -- 53,894 -- 53,894
Expenses from development activities -28,512 -- -- -- -- -2 399 -- -30,911 -- -30,911
Net income from development activities 22,844 -- -- 226 -- -87 -- 22,983 -- 22,983
Total revenues 438,479 53,156 100,953 45,823 -- 13,665 23,064 675,140 -- 675,140
Total attributable external expenses -66,987 -12,933 -17,415 -7,185 -- -3,325 -18,231 -126,076 -- -126,076
Net valuation result on investment property 320,560 101,617 89,745 32,143 -- 14,872 -- 558,937 -- 558,937
Other income 19,558 426 514 -396 -- 135 12 20,249 -7,145 13,104
Amortization and depreciation -15,074 -376 -586 -118 -- -258 -3,803 -20,215 -- -20,215
Employee benefits -26,720 -3,831 -6,194 -1,791 -103 -1,502 -- -40,141 -- -40,141
Impairment of financial assets -662 65 81 -73 -- -100 -5 -694 -- -694
Other expenses -20,778 -8,096 -7,161 -2,121 -8,161 -6,078 -5,020 -57,415 7,145 -50,270
Net other income/expenses -43,676 -11,812 -13,346 -4,499 -8,264 -7,803 -8,816 -98,216 -- -98,216
Net profit/loss before finance costs 648,376 130,028 159,937 66,282 -8,264 17,409 -3,983 1,009,785 -- 1,009,785
Interest income 5,111 20 1 -- 10,443 7,187 518 23,280 -21,745 1,535
Interest expense -81,435 -11,392 -34,237 -9,804 -6,214 -2,479 -1,737 -147,298 21,745 -125,553
Other financial expenses -17,222 -1,366 -4,552 -1,626 -1,244 -1,028 -407 -27,445 -- -27,445
Other financial gains/losses -64,970 -4,262 1,910 954 -105 -479 -236 -67,188 -- -67,188
Net finance costs -158,516 -17,000 -36,878 -10,476 2,880 3,201 -1,862 -218,651 -- -218,651
Profit/loss before income tax 489,860 113,028 123,059 55,806 -5,384 20,610 -5,845 791,134 -- 791,134
Income tax expense -102,975 -10,978 -14,438 -14,177 -1,866 -2,894 879 -146,449 -- -146,449
Profit for the period 386,885 102,050 108,621 41,629 -7,250 17,716 -4,966 644,685 -- 644,685
Profit attributable to:
Non-controlling interests -1,720 -- -- -- -- 1,328 -- -392 -- -392
Equity holders of the Company 385,165 102,050 108,621 41,629 7,250 19,044 -4,966 644,293 -- 644,293
278
Assets and liabilities by segments as at 31 December 2020 are as follows:
IN EUR THOUSAND
CZECH
REPUBLIC HUNGARY ROMANIA SLOVAKIA
NETHER-
LANDS OTHER
HOTEL
SEGMENT
TOTAL
SEGMENTS
INTER
SEGMENT
ELIMINA-
TIONS TOTAL
Assets
Investment property 3,543,874 37,820 943,630 362,940 -- 163,966 -- 5,386,230 -- 5,386,230
Investment property under development 246,246 68,579 32,199 24,180 -- 16,143 -- 387,347 -- 387,347
Property, plant and equipment 37,658 300 683 188 -- 563 59,492 98,884 -- 98,884
intangible assets 2,371 -- -- -- -- 47 -- 2,418 -- 2,418
Trade and other receivables 2,140 5,141 3,765 10 -2 742 -- 11,796 -- 11,796
Financial derivatives -- -- -- -- -- -- -- -- -- --
Financial investments 326 -- -- -- 195 -- -- 521 -- 521
Receivables from related parties 8,078 -- -- -- 1,142,029 -- -- 1,150,107 -1,108,061 42,046
Deferred tax assets 11,732 13 1,901 -- -- 25 751 14,422 -- 14,422
Total non-current assets 3,852,425 445,853 982,178 387,318 1,142,222 181,486 60,243 7,051,725 -1,108,061 5,943,664
Trade and other receivables 29,484 8,261 19,613 2,690 599 6,594 700 67,941 -- 67,941
Short-term receivables due from related parties 46,686 -- -- 1,914 6,279 -- 49 54,928 -54,883 45
Financial derivatives -- -- -- -- -- -- -- -- -- --
Contract assets 11,543 -- -- -- -- 1,313 22 12,878 -- 12,878
Current income tax receivable 412 105 1,470 181 -- 401 123 2,692 -- 2,692
Assets held for sale -- -- -- -- -- -- -- -- -- --
Cash and cash equivalents 26,379 15,864 12,234 5,010 313,967 42,584 3,103 419,141 -- 419,141
Total current assets 114,504 24,230 33,317 9,795 320,845 50,892 3,997 557,580 -54,883 502,697
Total assets 3,966,929 470,083 1,015,495 397,113 1,463,067 232,378 64,240 7,609,305 -1,162,944 6,446,361
Total equity 1,517,530 216,215 309,403 114,193 19,866 52,113 34,913 2,264,233 -- 2,264,233
Liabilities
Interest-bearing loans and borrowings from financial
institutions
1,435,317 129,246 242,430 -- 385,006 -- -- 2,191,999 -- 2,191,999
Bond issued -- -- -- -- 1,041,971 -- -- 1,041,971 -- 1,041,971
Trade and other payables 12,467 2,527 1,754 1,476 -- 1,922 3,239 23,385 -- 23,385
Long-term payables to related parties 369,808 84,112 345,267 186,083 -- 137,550 19,785 1,142,605 -1,108,061 34,544
Financial derivatives 25,408 902 886 -- -- -- -- 27,196 -- 27,196
Provisions -- -- -- -- -- -- -- -- -- --
Deferred tax liabilities 406,129 18,730 45,434 27,255 4,801 2,430 504,779 -- 504,779
Total non-current liabilities 2,249,129 235,517 635,771 214,814 1,426,977 144,273 25,454 4,931,935 -1,108,061 3,823,874
Interest-bearing loans and borrowings from financial
institutions
45,383 6,321 37,446 58,678 12,460 -- -- 160,288 -- 160,288
Bonds issued -- -- -- -- -- -- -- -- -- --
Trade and other payables 107,884 9,975 26,008 8,166 1,251 13,937 1,785 169,006 -- 169,006
Short-term payables to related parties 26,900 1,591 5,384 1,066 647 19,926 1,997 57,511 -54,883 2,627
Financial derivatives 5,945 227 698 -- -- -- -- 6,870 -- 6,870
Current income tax payables 14,158 237 785 196 1,866 2,129 91 19,463 -- 19,463
Liabilities associated with assets held for sale -- -- -- -- -- -- -- -- -- --
Provisions -- -- -- -- -- -- -- -- -- --
Total current liabilities 200,270 18,351 70,321 68,106 16,224 35,992 3,873 413,137 -54,883 358,254
Total liabilities 2,449,399 253,868 706,092 282,920 1,443,201 180,265 29,327 5,345,072 -1,162,944 4,182,128
Total equity and liabilities 3,966,929 470,083 1,015,495 397,113 1,463,067 232,378 64,240 7,609,305 -1,162,944 6,446,361
279
Results of the segments for 12-month period ended 31 December 2020 are as follows:
IN EUR THOUSAND
CZECH
REPUBLIC HUNGARY ROMANIA SLOVAKIA
NETHER-
LANDS OTHER
HOTEL
SEGMENT
TOTAL
SEGMENTS
INTER-
SEGMENT
ELIMINA-
TIONS TOTAL
Rental income 186,808 25,785 49,540 22,862 -- 6,940 -- 291,935 -- 291,935
Service charge income 14,393 3,063 5,741 2,499 -- 186 -- 25,882 -- 25,882
Property operating expenses -17,845 -6,556 -7,943 -3,985 -- -482 -337 -37,148 -- -37,148
Net rental income 183,356 22,292 47,338 21,376 -- 6,644 -337 280,669 -- 280,669
Hotel operating revenue -- -- -- -- -- -- 5,752 5,752 -- 5,752
Hotel operating expenses -- -- -- -- -- -- -5,897 -5,897 -- -5,897
Net operating income from hotel operations -- -- -- -- -- -- -145 -145 -- -145
Income from development activities 46,873 -- -- 226 -- 2,312 -- 49,411 -- 49,411
Expenses from development activities -24,585 -- -- -- -- -2,399 -- -26,984 -- -26,984
Net income from development activities 22,288 -- -- 226 -- -87 -- 22,427 -- 22,427
Total revenues 248,074 28,848 55,281 25,587 -- 9,438 5,752 372,980 -- 372,980
Total attributable external expenses -42,430 -6,556 -7,943 -3,985 -- -2,881 -6,234 -70,029 -- -70,029
Net valuation result on investment property 62,577 53,092 22,681 5,037 -- 8,775 -- 152,162 -- 152,162
Other income 7,352 446 467 263 -- 1,369 4 9,901 -5,891 4,010
Amortization and depreciation -7,909 -151 -231 -67 -- -161 -1,943 -10,462 -- -10,462
Employee benefits -15,574 -2,071 -3,203 -1,086 -103 -932 -- -22,969 -- -22,969
Impairment of financial assets -435 -- -146 -99 -- -- -5 -685 -- -685
Other expenses -13,290 -3,758 -5,682 -1,308 -7,580 -2,612 -4,782 -39,012 5,891 -33,121
Net other income/expenses -29,856 -5,534 -8,795 -2,297 -7,683 -2,336 -6,726 -63,227 -- -63,227
Net profit/loss before finance costs 238,365 69,850 61,224 24,342 -7,683 12,996 -7,208 391,886 -- 391,886
Interest income 2,470 13 -- -- 10,443 1 197 13,124 -12,171 953
Interest expense -42,091 -5,860 -18,198 -5,329 -6,214 -2,342 -671 -80,705 12,171 -68,534
Other financial expenses -4,304 -744 -2,863 -1,133 -1,244 -978 -235 -11,501 -- -11,501
Other financial gains/losses -23,033 -2,496 2,744 657 65 -170 -146 -22,379 -- -22,379
Net finance costs -66,958 -9,087 -18,317 -5,805 3,050 -3,489 -855 -101,461 -- -101,461
Profit/loss before income tax 171,407 60,763 42,907 18,537 -4,633 9,507 -8,063 290,425 -- 290,425
Income tax expense -24,986 -6,765 -662 -4,081 -1,866 -935 1,394 -37,901 -- -37,901
Profit for the period 146,421 53,998 42,245 14,456 -6,499 8,572 -6,669 252,524 -- 252,524
Profit attributable to:
Non-controlling interests -406 -- -- -- -- -- -- -406 -- -406
Equity holders of the Company 146,015 53,998 42,245 14,456 -6,499 8,572 -6,669 252,118 -- 252,118
280
6. Changes in the Group Structure
Current inancial year
In 2021, the Group has acquired the below mentioned subsidiaries:
SUBSIDIARY COUNTRY ACQUISITION DATE
Amsterdam Logistic Cityhub B.V. The Netherlands 12 Auust 2021
CTP Mu B.V. The Netherlands 29 December 2021
CTPark Námestovo, spol. s r.o. Slovakia 22 December 2021
Office Campus Real Estate Kft. Hunary 23 June 2021
CTPark Twenty Three Kft. Hunary 25 November 2021
CTPark Twenty Five Kft. Hunary 23 December 2021
CTPark Twenty Six Kft. Hunary 23 December 2021
CTPark Twenty Seven Kft. Hunary 23 December 2021
CTPark Twenty Four Kft. Hunary 31 December 2021
CTPark Oradea North SRL Romania 9 September 2021
CTPark Arad North SRL Romania 9 September 2021
CTPark Sibiu East SRL Romania 9 September 2021
CTPark Craiova East SRL Romania 9 September 2021
CTPark Bucharest South II SRL Romania 30 September 2021
CTPark Brasov West SRL Romania 30 September 2021
CTPark Timisoara East SRL Romania 30 September 2021
CTPark Brasov SRL Romania 30 September 2021
Project Vrajdebna EOOD Bularia 2 Auust 2021
CTPark Kappa EOOD Bularia 9 Auust 2021
CTPark Lambda EOOD Bularia 30 September 2021
PŘÍDÁNKY SPV, s.r.o. Czech Republic 29 June 2021
RENWON a.s. Czech Republic 16 Auust 2021
CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 3 March 2021
with the efect on the inancial statement of the Group as follows:
IN EUR THOUSAND
THE NETH-
ERLANDS SLOVAKIA ROMANIA HUNGARY BULGARIA
CZECH
REPUBLIC SERBIA TOTAL
Investment property 37,285 80,795 147,120 111,949 38,046 25,257 20,031 460,483
Investment property under development 213,131 1,130 10,522 19,255 -- -- -- 244,038
Property, plant & equipment -- -- 1 -- -- -- -- 1
Intangible assets 12 -- -- -- -- -- -- 12
Cash and cash equivalents 1,422 906 57,422 5,935 880 467 11 67,043
Deferred tax asset 12 1,368 -- -- 24 -- -- 1,404
Trade and other receivables 65 4,358 5,978 2,649 226 326 2 13,603
Total assets 251,926 88,557 221,043 139,788 39,176 26,050 20,044 786,584
Interest-bearing loans and borrowings from financial
institutions
-- -26,292 -39,575 -- -- -- -65,867
Deferred tax liability -2,121 -- -- -- -- -- -- -2,121
Trade and other liabilities -9,684 -1,531 -20,282 -2,471 -67 -170 -22 -34,227
Total liabilities -11,805 -27,823 -59,857 -2,471 -67 -170 -22 -102,215
Net assets acquired 240,121 60,734 161,186 137,317 39,109 25,880 20,022 684,369
Consideration paid -199,107 -60,734 -138,582 -137,317 -39,109 -24,740 -20,022 -619,611
Consideration not settled till period end -41,014 -- -22,604 -- -- -1,140 -- -64,758
Net cash outflow -197,685 -59,828 -81,160 -131,382 -38,229 -24,273 -20,011 -552,568
281
The following most signiicant transactions took place in 2021:
IN EUR THOUSAND
AMSTERDAM LOGISTIC
CITYHUB B.V. (NL) CTP MU B.V. (NL)
CTPARK NÁMESTOVO,
SPOL. S R.O. (SK)
Investment property -- 37,285 80,795
Investment property under development 213,131 -- 1,130
Property, plant & equipment -- -- --
Intangible assets 12 -- --
Cash and cash equivalents 1,422 -- 906
Deferred tax asset 12 -- 1,368
Trade and other receivables 65 -- 4,358
Total assets 214,641 37,285 88,556
Interest-bearing loans and borrowings from financial
institutions
-- -- -26,292
Deferred tax liability -- -2,121 --
Trade and other liabilities -9,521 -163 -1,530
Total liabilities -9,521 -2,284 -27,822
Net assets acquired 205,120 35,001 60,734
Consideration paid -164,106 -35,001 -60,734
Consideration not settled till period end -41,014 -- --
Net cash outflow -162,685 -35,001 -59,827
The acquisitions were recognized as a property asset acquisition as acquired companies does not represent a
business as deined by IFRS 3.
During the year 2021, the subsidiaries CTPark České Budějovice, spol. s r.o. and CTPark České Budějovice II, spol.
s r.o. were disposed outside of the Group for the consideration paid of EUR 8,950 thousand.
Prior inancial year
In addition to the common control transaction as mentioned in Note 3c, CTP initiated in 2019 a legal
restructuring mainly of the companies which are part of the Czech Industrial Portfolio with the aim to simplify
the company structure and decrease the administrative burden. The legal restructuring consists of several
mergers, demergers and spin-ofs of over 40 SPVs, all efective from 1 January 2020. As a consequence of the
legal restructuring, part of companies ceased to exist as per 1 January 2020 and all assets and liabilities of the
dissolved companies were transferred to the respective successor company. For the list of companies included in
process of restructuring, please refer to Note 33 Subsidiaries.
In 2020, the Group has acquired the below mentioned subsidiaries:
SUBSIDIARY ACQUISITION DATE
CTPARK BUCHAREST UPSILON SRL 16 March 2020
Valkenburg s.r.o. 2 September 2020
LogMaxx Beta doo Beograd 23 December 2020
with the efect on the inancial statement of the Group as follows:
IN EUR THOUSAND ACQUISITIONS 2020
Investment property 47,141
Investment property under development --
Cash and cash equivalents 761
Trade and other receivables 2,613
Total assets 50,515
Trade and other liabilities -3,771
Interest bearing loans -18,867
Total liabilities -22,638
Net assets acquired 27,877
Consideration paid 27,877
Net cash outflow 27,116
282
The acquisitions were recognized as a property asset acquisition as acquired companies does not represent a
business as deined by IFRS 3.
During the year 2020, the subsidiaries CTPark Lviv LLC, CTPark Ukraine LLC and IQ Lviv LLC were disposed
outside of the Group.
In 2019, the Group has acquired the below mentioned subsidiaries:
SUBSIDIARY ACQUISITION DATE
Development OVA West a.s. 30 April 2019
CTP Invest XXX, spol. s r.o. 18 June 2019
CTP Bucharest A1 SRL 30 June 2019
CTP Borská Pole, spol. s r.o. 3 September 2019
CTP Lambda doo Beograd 31 December 2019
with the efect on the inancial statement of the Group as follows:
IN EUR THOUSAND ACQUISITIONS 2019
Investment property 54,548
Investment property under development 427
Cash and cash equivalents 301
Trade and other receivables 1,008
Total assets 56,284
Trade and other liabilities -4,414
Interest bearing loans -31,191
Total liabilities -35,605
Net assets acquired 20,679
Consideration paid 20,679
Net cash outflow 20,378
The acquisitions were recognized as a property asset acquisition as acquired companies does not represent a
business as deined by IFRS 3.
7. Gross rental income
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Industrial 287,328 457,309 240,905
Office 32,531 57,263 31,061
Retail 568 1,842 825
Other 14,224 33,507 19,144
Total rental income 334,651 549,921 291,935
Service charge income 31,112 48,261 25,882
Total gross rental income 365,763 598,182 317,817
CTP leases out its investment property under operating leases. The operating leases are generally for terms of
5 – 15 years.
Other gross rental income represents termination fees, rental income from rent of parking slots, garages, yards,
porches and cloakrooms.
Service charge income represents ixed contractual income receivable from tenants for maintenance, cleaning,
security, garbage management and usage of infrastructure.
283
The revenues were generated in the following countries where CTP operates:
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Czech Republic 220,036 387,092 201,201
Romania 68,448 100,984 55,281
Hungary 34,998 53,156 28,849
Slovakia 28,623 45,598 25,361
Serbia 8,560 4,332 3,539
Poland 2,510 3,704 1,918
Bulgaria 1,729 27 27
Germany 708 2,982 1,506
Austria 151 307 135
Total gross rental income 365,763 598,182 317,817
8. Revenues from contracts with customers
According to requirements of IFRS 15, the revenues related to contract with customers are as follows:
IN EUR THOUSAND
2021 1.1.2019 – 31.12.2020 2020
REVENUES
ATTRIB-
UTABLE
EXTERNAL
EXPENSES REVENUES
ATTRIB-
UTABLE
EXTERNAL
EXPENSES REVENUES
ATTRIB-
UTABLE
EXTERNAL
EXPENSES
Hotel operating revenue 8,779 23,064 5,752
Hotel operating expenses -11,334 -17,442 -5,897
Net operating income from hotel operations -2,555 5,622 -145
Income from development activities 32,824 53,894 49,411
Expenses from development activities -23,459 -30,911 -26,984
Net income from development activities 9,365 22,983 22,427
Total revenues from contract with customers 41,603 76,958 55,163
Total external expenses related to contract
with customers
-34,793 -48,353 -32,881
Net income from contract with customers 6,810 28,605 22,282
Net operating income from hotel operations
Net operating income from hotel operations is represented by revenues and expenses from operating three
hotels in the Czech Republic. All hotels are operated under the Courtyard by Marriott brand.
Revenues from hotel operations are represented by very short-term contracts with customers. The hospitality
services are invoiced nearly the same time as the respective service is provided.
Net income from development activities
Net income from development activities represents income from construction project provided by CTP to third
party companies, main part of construction represents extras and it outs for tenants.
In period from 1 January 2019 to 31 December 2020, the Group has constructed turn key project for third party
in Stříbro in the Czech Republic. Total income from development activities includes revenues related to this
project of EUR 41,824 thousand and related expenses of EUR 19,484 thousand.
284
9. Property operating expenses
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Maintenance and repairs -21,383 -45,189 -22,030
Park Management expenses -8,424 -17,370 -7,664
Real estate tax -6,143 -10,785 -5,337
Insurance -2,342 -3,374 -1,693
Other -618 -1,005 -424
Total property operating expenses -38,910 -77,723 -37,148
The park management expenses represent expenses for utilities, park maintenance, cleaning, security and garbage management provided by
external suppliers. These expenses are covered by the service charges that are charged to the tenants.
10. Other income
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Gains from sale of assets 2,963 5,842 --
Income from sale of electricity 3,236 6,577 3,326
Other income 4,246 685 684
Total other income 10,445 13,104 4,010
Other income consists mainly from reverse bonus from property insurance and income from assigned receivables.
11. Employee benefits
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Wages and salaries -24,140 -30,586 -17,386
Social security contributions -4,604 -6,603 -3,791
Other personnel expenses -3,139 -2,952 -1,792
Total employee benefits -31,883 -40,141 -22,969
The average full time equivalent of employees in 2021 was 463 (2020 – 379) and all except 7 are working outside the Netherlands.
WEIGHTED AVERAGE NUMBER OF EMPLOYEES PER SEGMENTS 2021 2020
Czech Republic 258 233
Romania 75 61
Hungary 55 40
Slovakia 36 26
Other 39 19
Total employee number 463 379
The number of equivalent employees working full-time as at 31 December 2021 was 520 (2020 – 394).
285
12. Other expenses (including administrative
expenses)
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Legal, tax and audit -7,788 -10,862 -7,573
Travel expenses -3,938 -5,000 -2,959
Advertising and promotion expenses -2,454 -4,587 -2,410
Telecommunication expenses -2,008 -3,230 -1,847
Fee for real estate consultants and brokers -1,872 -4,863 -2,575
Energy and material consumption -1,642 -3,091 -1,645
Receivables written off -1,133 -4,088 -2,805
Loss from sale of assets -730 -933 -933
Impairment losses on non-financial assets -584 -4,993 -4,993
Taxes and charges -582 -3,135 -1,881
Penalties -516 -2,011 -1,058
Rent -379 -2,366 -866
Other -2,837 -1,111 -1,576
Total other expenses -26,463 -50,270 -33,121
Other expenses include costs for insurance, gifts and donations.
13. Interest expense
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Bank interest expense -25,386 -94,122 -48,689
Interest expense from liabilities due from related parties -385 -5,518 -2,108
Interest expense from financial derivative instruments -5,469 -14,140 -8,255
Arrangement fees -13,523 -8,091 -5,800
Interest expense from bonds issued -26,120 -3,682 -3,682
Interest expense -70,883 -125,553 -68,534
In 2021, the arrangement fees include one of release of arrangement fee related to repaid bank loans of EUR
12,385 thousand (2020 – EUR 0 thousand).
14. Other financial expenses
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Bank fees -4,563 -8,468 -5,065
Financing fees -33,061 -18,730 -6,358
Other financial expenses -496 -247 -78
Other financial expenses -38,120 -27,445 -11,501
In 2021, the inancing fees include prepayment fee of EUR 16,629 thousand for premature loan repayments and
fee for early repayment of bonds of EUR 12,080 thousand (refer to Note 27).
In 2020, the inancing fees include prepayment fee of EUR 3,095 thousand for premature loan repayments from
bonds issued in October and November 2020 (refer to Note 27).
286
15. Other financial gains/(losses)
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Change in FMV of derivatives and associated close out costs 12,127 -73,266 -40,272
Foreign exchange gains/(losses) -5,306 5,983 17,866
Other financial gains/ (losses) 71 95 27
Other financial gains/(losses) 6,892 -67,188 -22,379
Premature termination fees of derivatives connected with the reinancing of interest-bearing loans and
borrowings from inancial institutions with money raised from the issuing of bonds in 2021 amounted to EUR
22,599 thousand (2020 – EUR 18,817 thousand).
Due to the premature termination of the derivatives related to the reinancing of the Czech industrial Portfolio
an amount of EUR 31,705 thousand has been paid in June 2019.
16. Income tax expense
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Current tax income/(expense) related to
Current year -25,735 -41,063 -23,736
Prior period -2,669 -2,045 -1,562
Total -28,404 -43,108 -25,298
Deferred tax expense
Deferred tax expense -222,350 -103,341 -12,603
Total -222,350 -103,341 -12,603
Total income tax expense in statement of profit and
loss and other comprehensive income
-250,754 -146,449 -37,901
The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its
assessment of many factors, including interpretations of tax law and prior experience.
Reconciliation of efective tax rate
2021 1.1.2019 – 31.12.2020 2020
IN EUR THOUSAND TAX BASE TAX TAX BASE TAX TAX BASE TAX
Profit / Loss before income tax 1,276,690 319,172 791,134 197,783 290,425 72,606
Company's domestic tax rate 25.0% 25.0% 25.0%
Tax non-deductible expenses 26,701 6,675 96,588 24,147 31,847 7,962
Tax exempt income -9,439 -2,360 -12,770 -3,193 -11,795 -2,949
Income tax adjustment for prior years 10,676 2,669 9,720 2,430 9,720 2,430
Effect of unrecognised deferred tax asset related to tax losses
(including current year losses)
123 31 -- -- -- --
Effect of tax rates in foreign jurisdictions -- -98,410 -- -55,443 -- -21,075
Other items 91,905 22,976 -77,101 -19,275 -84,294 -21,073
Tax base 1,396,656 250,754 807,570 146,449 235,903 37,901
Effective income tax rate 19.6% 18% 16%
Tax non-deductible expenses represents receivables written of, representation expenses, tax non-deductible
accruals (legal, advisory), inancial expenses, penalties and gifts provided.
287
Other items result mainly from the translation of transactions in foreign currencies to the functional currency of
the Group entities
17. Investment property
IN EUR THOUSAND 2021 2020
Buildings and land 7,048,269 5,060,285
industrial 6,445,781 4,462,367
office 549,300 550,937
retail and other 53,188 46,981
Landbank 526,838 325,945
Total 7,575,107 5,386,230
IN EUR THOUSAND
OWNED
BUILDINGS
AND LAND LANDBANK
RIGHT-OF-USE
ASSETS
TOTAL
INVESTMENT
PROPERTY
Balance at 1 January 2020 4,424,143 295,198 2,017 4,721,358
Transfer from/to investment property under development 239,920 14,173 -- 254,093
Transfer from/to owned buildings and land 6,971 -6,971 -- --
Acquisitions 97,424 5,823 -- 103,247
Additions / Disposals 242,036 7,673 -- 249,709
Net valuation result 47,774 10,049 -- 57,823
Balance at 31 December 2020 5,058,268 325,945 2,017 5,386,230
Balance at 1 January 2021 5,058,268 325,945 2,017 5,386,230
Transfer from/to investment property under development 362,701 -13,144 -- 349,557
Transfer from/to owned buildings and land 22,548 -22,548 -- --
Acquisitions 495,376 87,625 -- 583,001
Additions / Disposals 341,693 105,536 -- 447,229
Net valuation result 765,666 43,424 -- 809,090
Balance at 31 December 2021 7,046,252 526,838 2,017 7,575,107
IN EUR THOUSAND
OWNED
BUILDINGS
AND LAND LANDBANK
RIGHT-OF-USE
ASSETS
TOTAL
INVESTMENT
PROPERTY
Balance at 1 January 2019 3,744,869 277,082 2,017 4,023,968
Transfer from/to investment property under development 339,958 36,557 -- 376,515
Transfer from/to owned buildings and land 12,898 -12,898 -- --
Acquisitions 197,362 8,979 -- 206,341
Additions / Disposals 449,781 8,340 -- 458,121
Net valuation result 313,400 7,885 -- 321,285
Balance at 31 December 2020 5,058,268 325,945 2,017 5,386,230
Owned buildings and land represent assets in CTP’s legal ownership.
The landbank comprises the plots of land in CTP’s ownership, which are available for development of new
projects.
Investment property comprises a number of commercial properties that are leased to third parties.
Part of owned buildings and land are subject to bank collateral (refer to Note 36).
Acquisitions represents asset deal under acquisition of subsidiaries (refer to Note 6) and acquisitions of
properties under asset deal agreements.
The most signiicant investment property additions in 2021 relate to completed construction of industrial
properties in Plzeň, Žatec, Ostrov u Tachova and Nošovice in Czech Republic, Trnava, Nitra and Kosice in
Slovakia, and in Turda and Sibiu in Romania, oice premises in Brno and in Bucharest in Romania, industrial
premises in Budapest and Vecses in Hungary and in Kragujevac in Serbia.
288
Disposal of investment property in 2021 relate to sale of properties in Czech Republic to external partners.
The most signiicant investment property additions in 2020 relate to completed construction of industrial
properties in Ostrava, Prague, Plzeň and Blatnice in the Czech Republic, in Trnava and Nitra in Slovakia, in
Budapest in Hungary, in Bucharest in Romania and in Belgrade and Novi Sad in Serbia.
The most signiicant investment property additions in 2019 relate to completed construction of oice facility
in Brno, industrial properties in Žatec, Cerhovice, Nupaky and Plzeň in the Czech Republic and in Kragujevac in
Serbia.
Disposal of investment property in 2020 relate to sale of properties in Germany and Ukraine to external
partners.
Disposal of investment property in 2019 relate to sale of industrial property and land to external partners.
Fair value hierarchy
The fair value measurement for investment property has been categorized as Level 3 recurring fair value based
on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between
Levels during the year.
Management’s adjustments made in respect of valuations appraisals
The management of CTP did not make any adjustments to valuation prepared by independent external valuer as
at 31 December 2021.
The table below presents the portion of the investment property portfolio as at 31 December 2021 valued by
external valuer:
IN EUR THOUSAND 2021
Investment property portfolio valued by external valuer 7,364,990
Investment property portfolio at acquisition value 210,117
Total 7,575,107
Valuation
During 2021 the Group changed the valuation technique related to the valuation of buildings from Discounted
cash low method to Income capitalization method. Both methods are standard valuation methods and provide
comparable results. The change in the method is related to the assignment of new external valuer. For details
refer to below.
Building valuation 2021
In order to value investment property, external valuer has adopted a traditional valuation method, speciically
the hardcore method. Within the hardcore method the income considered to be sustainable (e.g. all income at or
below market levels) is capitalised at a certain level, and the “top slice” or “froth” e.g. any over-rented elements
is capitalised at a separate rate until lease expiry. This enables a separate risk proile to be attached to the
“riskier” over-rented element, as appropriate. The capitalisation rates applied are implicit in terms of rental
growth and most other risks, although external valuer has been explicit in their calculations in terms of voids and
costs.
Valuations relect, where appropriate, the type of tenants actually in occupation or responsible for meeting the
lease commitments or likely to be in occupation after letting vacant accommodation and the market’s general
perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between lessor
and lessee; and the remaining economic life of the property. It has been assumed that whenever rent reviews or
lease renewals are pending with anticipated reversionary increases, all notices, and where appropriate counter
notices, have been served validly and within the appropriate time.
289
The assumptions used by the independent valuer for the year ended 31 December were as follows:
CORE YIELD
COUNTRY AVERAGE LOWER UPPER
Czech Republic 5.09% 3.75% 10.70%
Hungary 6.32% 5.50% 7.75%
Romania 7.45% 7.00% 8.50%
Slovakia 5.85% 3.50% 9.00%
Other 7.81% 5.20% 9.40%
All 5.76% 3.50% 10.70%
CORE YIELD
SECTOR AVERAGE LOWER UPPER
Offices 6.19% 5.75% 9.70%
Industrial/other 5.73% 3.50% 10.70%
COUNTRY AVERAGE ERV PER M AND MONTH (EUR)
Czech Republic 5.6
Hungary 4.6
Romania 3.9
Slovakia 4.1
Other 5.0
All 4.9
SECTOR AVERAGE ERV PER M AND MONTH (EUR)
Offices 13.3
Industrial/other 4.6
Structural vacancy has been applied in a very few cases only and mainly to oice and ancillary areas.
Building valuation 2020/2019
The valuations are prepared by considering the aggregate of the net annual rents receivable from the properties,
and where relevant, associated costs. A yield which relects the risks inherent in the net cash lows is then
applied to the net annual rentals to arrive at the property valuation.
In view of the nature of the properties and the bases of valuation, the valuer adopted the Income Approach based
on the discounted cash low technique for a 10-year period. The cash low assumes a 10-year holding period with
the exit value calculated on the 11th year income. The cash low is based on the rent receivable under existing
lease agreements until their expiry date and the expected rental value for the period remaining in the 10-year
period, as applicable. The valuer has based his opinion of the Estimated Rental Value (ERV) on this.
Valuations relect, where appropriate, the type of tenants actually in occupation or responsible for meeting the
lease commitments or likely to be in occupation after letting vacant accommodation and the market’s general
perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between lessor
and lessee; and the remaining economic life of the property. It has been assumed that whenever rent reviews or
lease renewals are pending with anticipated reversionary increases, all notices, and where appropriate counter
notices, have been served validly and within the appropriate time.
290
The assumptions used by the independent valuer for the year ended 31 December were as follows:
2020 EXIT YIELD 2019 EXIT YIELD
COUNTRY AVERAGE LOWER UPPER AVERAGE LOWER UPPER
Czech Republic 5.87% 5.25% 9.50% 5.93% 5.50% 9.50%
Hungary 7.23% 6.90% 8.00% 7.33% 7.00% 8.00%
Romania 7.82% 7.40% 11.00% 7.82% 7.50% 11.00%
Slovakia 7.00% 6.35% 7.50% 6.98% 6.35% 7.55%
Other 7.82% 5.50% 8.75% 7.77% 6.50% 9.00%
All 6.42% 5.25% 11.00% 6.39% 5.50% 11.00%
2020 EXIT YIELD 2019 EXIT YIELD
SECTOR AVERAGE LOWER UPPER AVERAGE LOWER UPPER
Offices 6.35% 5.50% 11.00% 6.38% 6.00% 11.00%
Industrial/other 6.43% 5.25% 11.00% 6.39% 5.50% 9.50%
Ongoing Vacancy 0.00% - 5.00% 0.00% - 5.00%
AVERAGE ERV PER M AND MONTH (EUR)
COUNTRY 2020 2019
Czech Republic 5.2 5.3
Hungary 4.1 3.9
Romania 4.0 4.2
Slovakia 4.2 4.4
Other 3.8 4.5
All 4.7 4.8
AVERAGE ERV PER M AND MONTH (EUR)
SECTOR 2020 2019
Offices 11.7 11.9
Industrial/other 4.3 4.4
Any gain or loss arising from a change in fair value is recognized in the statement of proit and loss.
The land on which the buildings are being constructed and qualifying as investment property upon construction
completion is classiied as investment property and hence recorded at fair value.
291
Landbank
The landbank comprises the plots of land in CTP’s ownership, on which development projects are to be carried
out. The land bank has been valued by a registered independent valuer with an appropriately recognized
professional qualiication and with an up–to–date knowledge and understanding of the location and category of
the property.
For land assets, valuer in 2021 applied the residual or the market comparison method or both, as appropriate.
The residual method assumes the property’s value equates to the end value of the property once developed, less
the costs of realization, which may include site assembly and purchase, demolition, build costs, professional fees,
planning, inance and marketing costs and developer’s proit. The market comparison utilises sales information in
terms of sites of a similar type, size and in a similar location, where a similar development is possible.
The sale prices of the properties that are judged to be most comparable tend to indicate a range in which the
value indication for the subject property will fall. The valuer estimated the degree of similarity or diference
between the subject property and the comparable sales by considering various elements of comparison.
The assumptions of the independent valuer for the year ended 31 December were based on analysis of
comparable evidence and adopted the following average market values per square meter:
2021 2020 2019
Czech Republic 48 EUR 45 EUR 42 EUR
Slovak Republic 42 EUR 38 EUR 36 EUR
Hungary 76 EUR 37 EUR 27 EUR
Serbia 57 EUR 30 EUR 28 EUR
Romania 32 EUR 28 EUR 27 EUR
Poland 39 EUR 20 EUR 26 EUR
Bulgaria 42 EUR 41 EUR N/A
Slovenia 78 EUR 75 EUR N/A
Netherlands 26 EUR N/A N/A
The investment property is located in the following countries where CTP operates:
IN EUR THOUSAND 2021 2020
Czech Republic 4,517,045 3,543,874
Romania 1,326,691 943,630
Hungary 758,453 371,820
Slovakia 595,995 362,940
Serbia 155,916 87,071
Poland 83,103 45,390
Netherlands 62,091 --
Bulgaria 57,620 16,482
Germany 8,813 6,353
Slovenia 6,200 5,970
Austria 3,180 2,700
Total 7,575,107 5,386,230
292
Sensitivity analysis on changes in assumptions of investment property valuation
CTP performed a sensitivity analysis on changes in investment property valuation except for land bank
investment property as it is valued by comparable method. The table below presents the sensitivity of proit and
loss before tax as at 31 December 2021 and 31 December 2020 due to changes in assumptions:
COMPLETED INVESTMENT PROPERTIES AS AT 31 DECEMBER 2021 IN EUR THOUSAND
CURRENT AVERAGE YIELD CURRENT MARKET VALUE * INCREASED YIELD BY 25BP
FMV BASED UPON IN-
CREASED YIELD
EFFECT OF INCREASE IN
YIELD BY 25BP
Increase of 25bp in reversionary yield 6.36% 6,866,252 6.61% 6,606,673 -259,578
CURRENT AVERAGE YIELD CURRENT MARKET VALUE * DECREASED YIELD BY 25BP
FMV BASED UPON
DECREASED YIELD
EFFECT OF DECREASE
IN YIELD BY 25BP
Decrease of 25bp in reversionary yield 6.36% 6,866,252 6.11% 7,147,062 280,811
CURRENT RENTAL INCOME
INCLUDING ERV FROM VA-
CANT SPACE
DECREASE RENTAL INCOME
BY 500BP
FMV BASED UPON DE-
CREASED RENTAL INCOME
EFFECT OF DECREASE IN
RENTAL INCOME BY 500BP
EFFECT OF INCREASE IN
RENTAL INCOME BY 500BP
Change of 500bp in estimated rental income 436,892 415,047 6,522,939 -343,313 343,313
COMPLETED INVESTMENT PROPERTIES AS AT 31 DECEMBER 2020 IN EUR THOUSAND
CURRENT AVERAGE YIELD CURRENT MARKET VALUE * INCREASED YIELD BY 25BP
FMV BASED UPON IN-
CREASED YIELD
EFFECT OF INCREASE IN
YIELD BY 25BP
Increase of 25bp in reversionary yield 6.89% 5,037,618 7.14% 4,861,344 -176,274
CURRENT AVERAGE YIELD CURRENT MARKET VALUE * DECREASED YIELD BY 25BP
FMV BASED UPON
DECREASED YIELD
EFFECT OF DECREASE
IN YIELD BY 25BP
Decrease of 25bp in reversionary yield 6.89% 5,037,618 6.64% 5,213,892 176,274
CURRENT RENTAL INCOME
INCLUDING ERV FROM VA-
CANT SPACE
DECREASE RENTAL INCOME
BY 500BP
FMV BASED UPON DE-
CREASED RENTAL INCOME
EFFECT OF DECREASE IN
RENTAL INCOME BY 500BP
EFFECT OF INCREASE IN
RENTAL INCOME BY 500BP
Change of 500bp in estimated rental income 347,323 329,957 4,785,737 -251,881 251,881
* Sensitivity analysis is calculated on standing portfolio of the Group excluding fair market values of commercial element of hotels operated in the Czech Repub-
lic of EUR 20,140 thousand in 2021 (2020 – EUR 20,650 thousand).
18. Investment property under development
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Balance at 1 January 387,347 315,357 440,727
Additions/disposals 140,895 202,274 98,375
Acquisitions 285,796 8,579 7,999
Right-of-use assets 18,241 -- --
Transfer from/to Investment property -349,557 -376,515 -254,093
Net valuation result 291,481 237,652 94,339
Balance at 31 December 774,203 387,347 387,347
The investment property under development comprises pipeline projects in several stages of completion and of
land with planning permits in place which is still to be constructed but where pre-agreements with future tenants
are available. The management estimates that all of the pipeline projects will be completed in the coming 12
months.
293
Right-of-use assets in investment property under development comprise leased land in the Netherlands under
the acquired project CTP ALC B.V. of EUR 16,990 thousand and land in Romania of EUR 1,251 thousand in
CTPARK IOTA SRL.
The investment property under development is located in the following countries where CTP operates:
IN EUR THOUSAND 2021 2020
Netherlands 285,095 --
Czech Republic 201,175 246,245
Hungary 89,334 68,579
Austria 3 1,714 --
Romania 62,950 32,199
Slovakia 48,621 24,180
Poland 37,735 895
Serbia 10,727 14,055
Bulgaria 6,852 1,194
Total 774,203 387,347
Fair value hierarchy
The fair value measurement for investment property under development has been categorized as Level 3
recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were
no transfers between Levels during the year.
Valuation 2021
The development assets have been valued through a combination of the traditional and residual methods. The
traditional method is applied to determine a Gross Development Value, which is a component of the residual
method which we ultimately apply to determine fair value. This approach assumes the property’s value equates
to the end value of the property once developed, less the costs of realization, which may include site assembly
and purchase, demolition, build costs, professional fees, planning, inance and marketing costs and developer’s
proit.
In assessing the Gross Development Value, the valuer adopted a market approach by estimating the market
rental values for the accommodation to be developed, and the appropriate capitalisation rate which a potential
investor would require, to arrive at the Fair Value of the completed and leased building.
The assumptions used by the independent valuer for the year ended 31 December were as follows:
2021 2020 2019
Capitalization rates 4.25% – 9.00% 5.25% – 9.25% 5.25% – 9.00%
ERV per sqm
- Industrial premises 3.50 – 8.33 EUR 3.55 – 4.75 EUR 3.50 – 6.00 EUR
- Office properties 6.50 – 14.00 EUR 13.75 – 14.25 EUR 13.75 EUR
Soft costs 3.00% – 15.00% 7.00% – 10.00% 8.00% – 10.00%
Finance costs 3.50% – 5.00% 2.75% 4.00% – 8.00%
Profit allowance 5.00% – 30.00% 7.50% – 25.00% 20.00% – 25.00%
Structural vacancy has been applied in a very few cases only and mainly to oice and ancillary areas.
Estimated rental value of industrial premises slightly decreased in 2020 due to change in structure of
constructed portfolio of asset required by CTP tenants.
294
Sensitivity analysis on changes in assumptions of investment property under development
valuation
CTP performed a sensitivity analysis on changes in investment property under development valuation. The table
below presents the sensitivity of proit and loss before tax as at 31 December 2021 and 31 December 2020:
INVESTMENT PROPERTIES UNDER DEVELOPMENT AS AT 31 DECEMBER 2021 IN EUR THOUSAND
CURRENT AVERAGE
YIELD
CURRENT MARKET
VALUE AT
COMPLETION
INCREASED YIELD
BY 25BP
FMV BASED UPON
INCREASED YIELD
EFFECT OF INCREASE
IN YIELD BY 25BP
Increase of 25bp in reversionary yield 6.14% 1,102,406 6.39% 1,059,289 -43,117
CURRENT AVERAGE
YIELD
CURRENT MARKET
VALUE AT COMPLE-
TION
DECREASED YIELD
BY 25BP
FMV BASED UPON
DECREASED YIELD
EFFECT OF DECREASE
IN YIELD BY 25BP
Decrease of 25bp in reversionary yield 6.14% 1,102,406 5.89% 1,145,523 43,117
CURRENT RENTAL
INCOME INCLUDING
ERV FROM VACANT
SPACE
DECREASE RENTAL
INCOME BY 500BP
FMV BASED UPON
DECREASED RENTAL
INCOME
EFFECT OF DECREASE
IN RENTAL INCOME BY
500BP
EFFECT OF INCREASE
IN RENTAL INCOME BY
500BP
Change of 500bp in estimated rental income 67,710 64,324 1,047,286 -55,120 55,120
INVESTMENT PROPERTIES UNDER DEVELOPMENT AS AT 31 DECEMBER 2020 IN EUR THOUSAND
CURRENT AVERAGE
YIELD
CURRENT MARKET
VALUE AT
COMPLETION
INCREASED YIELD
BY 25BP
FMV BASED UPON
INCREASED YIELD
EFFECT OF INCREASE
IN YIELD BY 25BP
Increase of 25bp in reversionary yield 6.63% 571,700 6.88% 550,926 -20,774
CURRENT AVERAGE
YIELD
CURRENT MARKET
VALUE AT COMPLE-
TION
DECREASED YIELD
BY 25BP
FMV BASED UPON
DECREASED YIELD
EFFECT OF DECREASE
IN YIELD BY 25BP
Decrease of 25bp in reversionary yield 6.63% 571,700 6.38% 592,474 20,774
CURRENT RENTAL
INCOME INCLUDING
ERV FROM VACANT
SPACE
DECREASE RENTAL
INCOME BY 500BP
FMV BASED UPON
DECREASED RENTAL
INCOME
EFFECT OF DECREASE
IN RENTAL INCOME BY
500BP
EFFECT OF INCREASE
IN RENTAL INCOME BY
500BP
Change of 500bp in estimated rental income 37,885 35,991 543,115 -28,585 28,585
An increase of developers’ proit mark-up by 2% in valuers’ assumptions will increase the developers proit and
as a consequence will decrease the valuation as at 31 December 2021 by EUR 7,591 thousand (31 December 2020
– EUR 13,098 thousand) provided all other variables remain constant.
19. Net valuation result on investment property
Reconciliation of valuation gains/losses recognized in statement of comprehensive income:
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Valuation gains 1,189,211 676,582 231,603
out of which: Investment Property 885,510 407,730 109,544
Investment Property under development 303,701 268,852 122,059
Valuation losses -88,640 -117,645 -79,441
out of which: Investment Property -76,420 -86,445 -51,721
Investment Property under development -12,220 -31,200 -27,720
Net valuation gains (- losses) on investment property 1,100,571 558,937 152,162
295
20. Property, plant and equipment
IN EUR THOUSAND HOTELS LEASED PROPERTY PLANT EQUIPMENT 2021 2020
Balance at 1 January 55,400 3,814 17,761 21,909 98,884 117,090
Transfer from Assets held for sale -- -- -- -- -- --
Transfer from investment property -- -- -- -- -- --
Acquisitions -- -- -- 6 6 34
Additions / Disposals 3,248 1,296 -- 9,383 13,927 3,280
Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- 8,840 -8,536
Depreciation -1,539 -674 -1,169 -5,075 -8,457 -8,303
Impairment loss -2,233 -- -- -- -2,233 -4,681
Balance at 31 December 55,254 4,436 25,054 26,223 110,967 98,884
Under Plant are presented the solar plants installed on the roofs of several buildings. The value of
EUR 25,054 thousand (2020 – EUR 17,761 thousand) represents the fair value of the solar panels based
upon the independent valuation report.
The value of EUR 55,254 thousand (2020 – EUR 55,400 thousand) represents the fair value of the hotels based
upon the independent valuation report. The valuation is prepared on the basis of “Fair Value” in accordance
with IFRS 13 and has been primarily derived using the discounted cashlow methodology as well as the income
capitalization approach and comparable recent market transactions on arm’s length terms.
Given the uncertainties relating to the Covid-19 virus and the current restrictions on business activities, possibly
there could be a decline in demand for hotels accommodation and a resulting decrease in hotel operating
revenues.
Valuation
In view of the nature of the solar plants and the bases of valuation, the valuer adopted the Income Approach
based on the discounted cash low technique for a 20-year period. The cash low is based on the income
receivable under the license provided by the government.
For the calculation of the market value of solar energy power panels the discount rate of 9% was used.
In view of the nature of the hotels and the bases of valuation, the valuer adopted the discounted cash low
method. Under this method the projected adjusted net operating income for the hotel over 10 years are
discounted back to present day using an appropriate discount rate. The value of the hotel derived from the
capitalized earnings in the 10th year is also brought back to present values. Capital expenditure is built into the
cash low if appropriate. Capitalization rates used in hotel valuation is in range from 6.75% to 7.25%.
Sensitivity analysis on changes in assumptions of hotel valuation
CTP performed a sensitivity analysis on changes in EBITDA to changes in Revenues per available room. The table
below presents the sensitivity of EBITDA as at 31 December 2021, due to changes in assumptions:
IN EUR THOUSAND CURRENT EBITDA EFFECT OF DECREASE IN REVPAR BY 5 % EFFECT OF INCREASE IN REVPAR BY 5 %
5% Change in RevPAR 363 -223 223
CTP performed a sensitivity analysis on changes in EBITDA to changes in Revenues per available room. The table
below presents the sensitivity of EBITDA as at 31 December 2020, due to changes in assumptions:
IN EUR THOUSAND CURRENT EBITDA EFFECT OF DECREASE IN REVPAR BY 5 % EFFECT OF INCREASE IN REVPAR BY 5 %
5% Change in RevPAR 5,745 -1,253 1,253
Under Equipment in the amount of EUR 26,223 thousand (2020 – EUR 21,909 thousand) the real estate
infrastructure (roads, greenery, energy transformers etc.) including related equipment, and means of transport
are presented.
296
Property, plant and equipment includes also right-of-use assets of EUR 4,436 thousand
(2020 – EUR 3,814 thousand) related to leased properties that do not meet deinition of investment property
(refer to Note 29).
21. Trade and other receivables
Non-current
IN EUR THOUSAND 2021 2020
Long term advances paid 97,014 2,182
Restricted cash 1,086 9,588
Other assets 2,639 26
Total trade and other receivables 100,739 11,796
Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible
assets. CTP paid in 2021 an advance payment of EUR 1.9 million for assistance and advisory services related
to potential future land acquisitions in Hungary from a third party. CTP conducted standard compliance check
including an AML check, due diligence and evaluated risks of this potential transaction (including all risks for the
case of involvement of former / current government oicial in relation to the third party), in order to conclude
whether the commission fee is according to CTP’s standards and agreed transaction price for the land is at
arm’s length and to have suiciently evaluated risks in accordance with CTP internal policies.
Current
IN EUR THOUSAND 2021 2020
Trade receivables 36,417 24,491
Other assets 61,771 32,325
Other tax receivables 45,894 11,125
Total trade and other receivables 144,082 67,941
The trade receivables consist primarily of receivables from rent and rent related income.
Current other assets consist primarily of deferrals of EUR 5,110 thousand (2020 – EUR 4,412 thousand),
advance payments and accrued income of EUR 35,182 thousand (2020 – EUR 7,101 thousand) and prepayments
of EUR 21,479 thousand (2020 – EUR 20,812 thousand).
Short-term receivables overdue more than 6 months total EUR 3,143 thousand (2020 – EUR 2,909 thousand).
Total expected credit losses are of EUR 4,137 thousand (2020 – EUR 3,257 thousand).
Trade and other receivables can be analysed as follows whereas the weighted average loss rate is determined as
actual credit losses over the past two years:
Other tax receivables consist primarily of value added tax receivables of EUR 45,692 thousand (2020 – EUR
10,667 thousand).
297
AS AT 31 DECEMBER 2021
IN EUR THOUSAND
WEIGHTED AVERAGE
LOSS RATE
GROSS CARRYING
AMOUNT LOSS ALLOWANCE
NET CARRYING
AMOUNT CREDIT-IMPAIRED
Current (not past due) 0.93% 27,034 -252 26,782 No
1 -30 days past due 3.22% 8,140 -262 7,878 No
31 - 60 days past due 17.92% 904 -162 742 No
61 - 90 days past due 38.85% 592 -230 362 No
91 - 182 days past due 46.83% 741 -347 394 No
184 - 365 days past due 73.71% 985 -726 259 Yes
Paid in more than 365 days past due 100.00% 2,158 -2,158 -- Yes
Balance at 31 December 40,554 -4,137 36,417
AS AT 31 DECEMBER 2020
IN EUR THOUSAND
WEIGHTED AVERAGE
LOSS RATE
GROSS CARRYING
AMOUNT LOSS ALLOWANCE
NET CARRYING
AMOUNT CREDIT-IMPAIRED
Current (not past due) 1.78% 17,496 -310 17,186 No
1 -30 days past due 3.18% 5,689 -181 5,508 No
31 - 60 days past due 14.95% 209 -31 178 No
61 - 90 days past due 36.97% 730 -270 460 No
91 - 182 days past due 46.48% 715 -332 383 No
184 - 365 days past due 62.04% 1,006 -624 382 Yes
Paid in more than 365 days past due 79.24% 1,903 -1,509 394 Yes
Balance at 31 December 27,748 -3,257 24,491
22. Cash and cash equivalents
Cash and cash equivalents of EUR 892,816 thousand (2020 – EUR 419,141 thousand) consist primarily of short-
term deposits of EUR 700,000 thousand (2020 – EUR 295,000 thousand) and cash at bank accounts of EUR
192,682 thousand (2020 – EUR 124,057 thousand).
Restricted cash amounts to EUR 1,086 thousand (2020 – EUR 9,588 thousand) and is presented under non-
current trade and other receivables. Restricted cash represents balances on debt service reserve accounts.
23. Equity
Issued capital
As at 31 December 2021, the issued capital comprised of the following:
TYPE OF SHARES NO. OF SHARES NOMINAL VALUE OF SHARE ISSUED CAPITAL IN EUR
Ordinary shares 400,392,810 EUR 0.16 64,062,850
As at 31 December 2018 and 2019 respectively, the issued capital consisted of 100 ordinary shares with nominal
value of share of EUR 0.01.
In April 2020, the Company issued share capital amounted to EUR 200 thousand divided into 20,000,000 shares
with nominal value of EUR 0.01. Increase of share capital by EUR 200 thousand was paid in cash as capital
contribution. Nominal value of share was increased to EUR 0.16 per share and share capital increased to EUR
3,200 thousand.
In December 2020, an additional 316,000,000 shares were issued, with the nominal value of EUR 0.16 per share.
298
As at 31 December 2020, the issued capital comprised of the following:
TYPE OF SHARES NO. OF SHARES NOMINAL VALUE OF SHARE ISSUED CAPITAL IN EUR
Ordinary shares 336,000,000 EUR 0.16 53,760,000
As at 29 March 2021, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share.
As at date of issuance of new shares, on 29 March 2021, the Company has emitted its shares on Amsterdam’s
stock exchange.
On 17 August 2021, CTP N.V. announced a H1 2021 interim dividend of EUR 0.17 per share. Shareholders were
given the choice to receive the interim dividend either in cash or shares.
The number of dividend rights that entitles to 1 new ordinary CTP share has been set at 108. The conversion
ratio is based on the volume-weighted average price of the CTP share during the period from 26 August up to
and including 30 August 2021.
Shareholders representing 92% of the total number of outstanding ordinary shares have chosento receive the
dividend in stock, while shareholders representing 8% of the total number of outstanding ordinary shares opted
for payment in cash.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of outstanding ordinary shares increased by 3,375,810 to a total of 400,392,810 shares. The
payment date for the dividend payment in cash and delivery of the ordinary shares has been set on 22 September
2021.
Share premium
In 2019, addition Share premium of EUR 828,682 thousand represents contribution of parent company for the
Group restructuring purposes. Decrease of share premium of EUR 138,921 thousand represents distribution
of funds due to restructuring of the Group. These transactions were on non-cash basis. In 2020, share capital
increased of EUR 53,760 thousand from the reserves. Based on a shareholders resolution dated 10 January
2020 a repayment of share premium of EUR 12,500 thousand in cash has been made to Multivest B.V.
As at 31 December 2020, share premium consisted of contribution of parent Company for the acquisition of CTP
Invest, spol. s r.o. and CTP Property B.V. including its subsidiaries of EUR 1,858,460 thousand.
In 2021, after emission of shares on Amsterdam’s stock exchange, there is an increase of
EUR 809,572 thousand, which comprise of EUR 844,476 thousand of cash acquired and capitalised
IPO costs of EUR 34,904 thousand.
In September 2021, decrease in Share premium of EUR 6,053 thousand is connected with announced interim
dividends.
Translation reserve
The translation reserve comprises all foreign exchange diferences arising from the translation of the inancial
statements from the functional to the presentation currency (refer to Note 3f).
Proit distribution
In 2021, the group has paid dividends of EUR 67,492 thousand, out of which EUR 5,513 thousand were paid in
cash and the rest of dividends were paid in form of new shares.
There was no proit distribution in 2019 and 2020.
299
24. Earnings per share
Basic earnings per share
The calculation of basic earnings per share has been based on the following proit attributable to ordinary
shareholders and weighted-average number of ordinary shares outstanding.
IN EUR THOUSAND 1.1.2021 - 31.12.2021 1.1.2019 – 31.12.2020 1.1.2020 - 31.12.2020
Profit/(loss) attributable to Equity
holders of the Company
1,025,936 644,293 252,118
Dividends on non-redeemable
preference shares
-- -- --
Profit/(loss) attributable
to ordinary shareholders
1,025,936 644,293 252,118
1.1.2021 - 31.12.2021 1.1.2019 – 31.12.2020 1.1.2020 - 31.12.2020
Issued ordinary shares at 1 January 336,000,000 100 100
Effect of shares issued related to
a business combination
-- -- --
Effects of shares issued in 2020/2021 47,407,350 8,257,600 16,515,000
Weighted-average number of
ordinary shares at 31 December
383,407,350 8,257,700 16,515,100
Earnings per share 2.68 1.92 0.75
The denominator in the calculation of basic EPS for year 2021 is the weighted average number of ordinary shares
as at 31 December 2021. The denominator in the calculation of basic EPS for periods ending 2020 is the number
of ordinary shares as at 31 December 2020. The resulting EPS data is pro forma rather than historical but is
comparable over the years/period presented.
Diluted earnings per share
The calculation of diluted earnings per share has been based on the following proit attributable to ordinary
shareholders and weighted-average number of ordinary shares outstanding after adjustment for the efects of
all dilutive potential ordinary shares.
IN EUR THOUSAND 1.1.2021 - 31.12.2021 1.1.2019 – 31.12.2020 1.1.2020 - 31.12.2020
Profit (loss) attributable to Equity holders
of the Company (basic)
1,025,936 644,293 252,118
Interest expense on convertible notes, net
of tax
-- -- --
Profit/(loss) attributable to
ordinary shareholders
1,025,936 644,293 252,118
2021 1.1.2019 – 31.12.2020 2020
Weighted-average number of ordinary
shares (basic)
383,407,350 8,257,700 16,515,100
Effect of conversion of convertible notes -- -- --
Effect of share options on issue -- -- --
Weighted-average number
of ordinary shares (diluted)
at 31 December
383,407,350 8,257,700 16,515,100
300
25. Non-controlling interest
As at 31 December 2021 non-controlling interest (NCI) in the consolidated companies of the Group was
EUR 0 thousand (2020 – EUR 1,031 thousand). In 2021, the Group has acquired additional 10% ownership
interest in its subsidiary from CTP Holding B.V.
In 2021, the Group has acquired 90.1% ownership interest in CTP Delta B.V. Net asset value as at 31 December
2021 is of EUR 2 thousand and non-controlling interest is EUR 0 thousand.
IN EUR THOUSAND 2020
NCI year end percentage 10.00%
Non-current assets 12,745
Current assets 10,733
Non-current liabilities -8,228
Current liabilities -4,938
Net assets 10,312
Net assets attributable to NCI 1,031
Revenue 1,040
Profit 4,060
Other comprehensive income --
Total comprehensive income 4,060
Other Adjustment in profit loss allocated to NCI --
Profit/(loss) allocated to NCI 406
OCI allocated to NCI --
26. Interest-bearing loans and borrowings from
financial institutions
IN EUR THOUSAND 2021 2020
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions 1,115,412 2,203,279
Accrued arrangement fees -4,941 -11,280
Balance at 31 December 1,110,471 2,191,999
IN EUR THOUSAND 2021 2020
Current liabilities
Interest-bearing loans and borrowings from financial institutions 23,186 162,616
Accrued arrangement fees -2,353 -2,328
Balance at 31 December 20,833 160,288
301
Residual maturity of loans and borrowings from inancial institutions as at 31 December 2021 and 31 December
2020 is as follows:
BALANCE AS AT 31 DECEMBER 2021
DUE WITHIN DUE IN
TOTAL
IN EUR THOUSAND 1 YEAR 2 YEARS 3-5 YEARS FOLLOW. YEARS
Interest-bearing loans and borrowings
from financial institutions
23,186 26,710 111,998 976,704
1,138,598
BALANCE AS AT 31 DECEMBER 2020
DUE WITHIN DUE IN
TOTAL
IN EUR THOUSAND 1 YEAR 2 YEARS 3-5 YEARS FOLLOW. YEARS
Interest-bearing loans and borrowings
from financial institutions
162,616 140,996 455,963 1,606,320
2,365,895
Interest rates for loans and borrowings in 2021 are based on EURIBOR, plus margins that vary
from 0.53% to 1.60% (2020 – from 1.01% to 3.78%), except for the bank loans provided by Aareal Bank A.G.
of EUR 383,164 thousand with ixed interest rate of 1.90%, syndicated loan provided by Komerční banka, a.s. of
EUR 598,500 thousand with ixed interest rate of 1.55% and loans provided by Tatra banka, a.s. of EUR
65,972 thousand with ixed interest rates from 1.1% to 1.45%.
All of the Group’s interest-bearing loans and borrowings from inancial institutions have, among others, loan-
to-value and debt service coverage ratio covenants. As at 31 December 2021 there was no breach of covenant
conditions. Bank loans are secured by pledges of shares, real estate, receivables and cash at bank accounts. The
share pledges related to interest-bearing loans are described in Note 36.
Bank loans of EUR 1,971,259 thousand (2020 – EUR 555,463 thousand) were repaid in 2021 from bonds issued in
the year 2020 and 2021.
In September 2021, the Group received syndicated bank loan of EUR 600,000 thousand, with ixed interest rate
of 1.55% due in 2031.
In 2021, the Company has replaced revolving credit facility from the year 2020 by new revolving credit facility of
EUR 400,000 thousand for a three-year period. The Company does not expect a drawdown either partial or for
the full amount under this facility in 2022.
In 2020, part of industrial portfolio of the Group was reinanced by bank loan with nominal value as at
31December 2020 of EUR 395,525 thousand provided by Aareal Bank AG.
In December 2020, the Company entered into a EUR 100,000 thousand revolving credit facility for a three-year
period. The Company does not expect a drawdown either partial or for the full amount under this facility in 2021.
No signiicant changes to estimation techniques or assumptions were made during the reporting period.
302
Reconciliation of movements of assets, liabilities and equity to cash lows arising from inancing activities
IN EUR THOUSAND
BANK
LOANS
RELATED
PARTY
LOANS BONDS
LEASE
LIABILITIES
IRS -
ASSETS
IRS -
LIABILITIES
ISSUED
CAPITAL
SHARE
PREMIUM
RETAINED
EARNINGS TOTAL
Balance as at 1 January 2021 2,352,287 37,172 1,041,971 5,235 -- 34,066 53,760 1,858,460 324,862 5,707,813
Changes from financing cash flows
Proceeds from bonds -- -- 2,479,615 -- -- -- -- -- -- 2,479,615
Proceeds from loans and borrowings 677,468 -- -- -- -- -- -- -- -- 677,468
Transaction costs related to loans and borrow-
ings, bonds and issue of shar capital
-4,669 -- -18,076 -- -- -22,599 -- -34,904 -- -80,248
Repayment of the loans and borrowings and
bonds
-1,971,259 -35,968 -148,709 -- -- -- -- -- -- -2,155,936
Proceeds from the issue of share capital -- -- -- -- -- -- 9,763 844,475 -- 854,238
Dividend in cash -- -- -- -- -- -- -- -5,513 -- -5,513
Payment of lease liabilities -- -- -- -974 -- -- -- -- -- -974
Total changes in financing
cash flows
-1,298,460 -35,968 2,312,830 -974 -- -22,599 9,763 804,058 -- 1,768,650
Change in fair value -- -- -- -- -172 -11,955 -- -- -- -12,127
Other adjustment -5,322 -164 17,084 2,425 -- 488 -- 1 58 14,570
Acquisition of subsidiaries 65,867 -- -- 7,147 -- -- -- -- -- 73,014
Dividend in stock -- -- -- -- -- -- 540 -540 -- --
Profit for the period -- -- -- -- -- -- -- -- 1,025,936 1,025,936
Interest expense 38,911 383 26,120 -- -- 5,469 -- -- -- 70,883
Interest paid -21,979 -1,405 -16,313 -- -- -5,469 -- -- -- -45,165
Other liability related changes 77,477 -1,186 26,891 9,572 -- 488 540 -539 1,025,994 1,139,237
Balance at 31 December 2021 1,131,304 18 3,381,692 13,833 -172 -- 64,063 2,661,979 1,350,856 8,603,573
IN EUR THOUSAND
BANK
LOANS
RELATED
PARTY
LOANS BONDS
LEASE
LIABILITIES
IRS -
ASSETS
IRS -
LIABILITIES
ISSUED
CAPITAL
SHARE
PREMIUM
RETAINED
EARNINGS TOTAL
Balance as at 1 January 2020 2,677,813 101,086 -- 5,776 -740 16,125 -- 828,682 1,188,597 4,817,339
Changes from financing cash flows
Proceeds from Bonds -- -- 1,041,395 -- -- -- -- -- -- 1,041,395
Proceeds from loans and borrowings 743,657 -- -- -- -- -- -- -- -- 743,657
Transaction costs related to loans and bor-
rowings
-- -- -2,832 -- -- -18,817 -- -- -- -21,649
Repayment of the loans and borrowings -1,088,814 -20,625 -- -- -- -- -- -- -- -1,109,439
Proceeds from the issue of share capital -- -- -- -- -- -- 200 -- -- 200
Repayment of share premium -- -- -- -- -- -- -- -12,500 -- -12,500
Payment of lease liabilities -- -- -- -541 -- -- -- -- -- -541
Total changes in financing
cash flow
-345,157 -20,625 1,038,563 -541 -- -18,817 200 -12,500 -- 641,123
Acquisition through business combination 18,867 -- -- -- -- -- -- -- -- 18,867
Changes arising from acquisitions
and disposal of subsidiaries
business combination
18,867 -- -- -- -- -- -- -- -- 18,867
Change in fair value -- -- -- -- -- 40,272 -- -- -- 40,272
Other adjustment -8,070 -- -274 -- 740 -3,514 -- -19,417 -598 -31,133
Share issuance and formation of CTP N.V. -- -- -- -- -- -- 53,560 1,061,695 -1,115,255 --
Profit for the period -- -- -- -- -- -- -- -- 252,118 252,118
Non cash set off of Related party loans -- -37,035 -- -- -- -- -- -- -37,035
Interest expense 54,321 2,276 3,682 -- -- 8,255 -- -- -- 68,534
Interest paid -45,487 -8,530 -- -- -- -8,255 -- -- -- -62,272
Other liability related changes 764 -43,289 3,408 -- 740 -3,514 53,560 1,042,278 -863,735 190,212
Balance at 31 December 2020 2,352,287 37,172 1,041,971 5,235 -- 34,066 53,760 1,858,460 324,862 5,707,813
303
27. Bonds issued
Current period
BOND ISSUANCE
DATE ISIN
NOMINAL VALUE
OF TOTAL
BONDS
ISSUED
IN EUR
NOMINAL VALUE
OF EACH
BOND CURRENCY TYPE
FIX INTEREST
RATE PER
ANNUM ("P.A") MATURITY DATE
FAIR VALUE
OF BONDS
IN EUR
27 Sept 2021 XS2390530330 500,000,000 100,000 EUR senior unsecured 0.625% 27 Sept 2026 494,545
27 Sept 2021 XS2390546849 500,000,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 485,270
21 June 2021 XS2356029541 500,000,000 100,000 EUR senior unsecured 0.500% 21 June 2025 498,545
21 June 2021 XS2356030556 500,000,000 100,000 EUR senior unsecured 1.250% 21 June 2029 490,725
18 Feb 2021 XS2303052695 500,000,000 100,000 EUR senior unsecured 0.750% 18 Feb 2027 486,940
27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 404,296
1 Oct 2020 XS2238342484 500,002,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 524,842
Total 3,400,002,000 3,385,163
Prior period
BOND ISSUANCE
DATE ISIN
NOMINAL VALUE
OF TOTAL
BONDS
ISSUED
IN EUR
NOMINAL VALUE
OF EACH
BOND CURRENCY TYPE
FIX INTEREST
RATE PER
ANNUM ("P.A") MATURITY DATE
FAIR VALUE
OF BONDS
IN EUR
27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 403,228
1 Oct 2020 XS2238342484 650,000,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 689,130
Total 1,050,000,000 1,092,358
On 29 September 2021, the Group has repaid bonds from the irst emission occurred in October 2020 in the
nominal value of EUR 149,998 thousand.
IN EUR THOUSAND 2021 2020
Non-current liabilities
Bonds issued - nominal value 3,550,000 1,050,000
Repayment of bonds – nominal value -149,998 --
Nominal value after repayment 3,400,002 1,050,000
Interest expense 13,490 3,682
Discount applied -27,878 -8,605
Amortisation of applied discount 3,796 345
Bond issuance costs -9,200 -3,602
Amortisation of bond issuance costs 1,482 151
Balance at 31 December 3,381,692 1,041,971
Transaction cost paid in cash as at 31 December 2021 is EUR 18,076 thousand (2020 – EUR 2,832 thousand).
There are no inancial covenants related to the bonds.
304
28. Trade and other payables
Non-current
IN EUR THOUSAND 2021 2020
Non-current trade payables and other liabilities 51,525 18,181
Liabilities from operating leases 13,066 5,204
Balance at 31 December 64,591 23,385
Current
IN EUR THOUSAND 2021 2020
Trade payables and other liabilities 236,331 168,691
Liabilities from operating leases 817 315
Balance at 31 December 237,148 169,006
Trade payables and other liabilities consist primarily of liabilities for constructions works and liabilities related to
acquisition of subsidiaries (refer to Note 6).
29. Share based payments
On 30 April 2021, the Company granted a conditional share award under the LTIP to the one of the directors.
This award has a vesting period of three years, and vesting is subject to continued services up to vesting and
depends on the Company’s total shareholder return (“TSR”). Vesting of 50% of the number of awards granted is
subject to an Absolute TSR condition and 50% is subject a Relative TSR condition. The number of awards that
will vest is between 0% and 150% of the target number of awards granted. The vesting percentage is allocated
linearly between the threshold level and the maximum level.
The fair value of the awards is expensed on a straight-line basis over the three-year vesting period. In 2021, the
total share-based payment expense recognized for the equity-settled awards amounted to EUR 85 thousand
(2020 – EUR 0 thousand).
30. Leases
Leases as lessee
The Group leases various types of assets: oices, parking places, plots of land, other small assets. For short-
term leases and leases of low-value items the Group has elected not to recognise right-of-use assets and related
lease liabilities.
The leasing period of the oices varies signiicantly from one to seventeen years. Some leases provide for
additional rent payments that are based on changes in local price indices and option to terminate the contract
within less than twelve months.
Parking places are leased for period of several months up to indeinite period however with the option to
terminate the leasing within several days up to 3 months.
The plots of land are leased for period of nineteen years up to indeinite period to operate the Group premises.
Information about leases for which the Group is a lessee is presented below.
305
Right-of-use assets related to leased assets that do not meet the deinition of investment property are
presented as property, plant and equipment (refer to Note 20).
IN EUR THOUSAND
PROPERTY, PLANT AND
EQUIPMENT INVESTMENT PROPERTY
INVESTMENT PROPERTY
UNDER DEVELOPMENT TOTAL
Balance at 1 January 2021 3,814 2,017 -- 5,831
Additions 1,296 -- 18,241 19,537
Disposals -- -- -- --
Depreciation -674 -- -- -674
Balance at 31 December 2021 4,436 2,017 18,241 24,694
IN EUR THOUSAND
PROPERTY, PLANT AND
EQUIPMENT INVESTMENT PROPERTY TOTAL
Balance at 1 January 2019 4,179 2,017 6,196
Additions 335 -- 335
Disposals -- -- --
Depreciation -700 -- -700
Balance at 31 December 2020 3,814 2,017 5,831
IN EUR THOUSAND
PROPERTY, PLANT AND
EQUIPMENT INVESTMENT PROPERTY TOTAL
Balance at 1 January 2020 3,856 2,017 5,873
Additions 335 -- 335
Disposals -- -- --
Depreciation -377 -- -377
Balance at 31 December 2020 3,814 2,017 5,831
Amounts recognised in proit or loss
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Interest on lease liabilities 103 158 78
Expenses relating to short-term leases 160 177 86
Expenses relating to leases of low-value assets 10 14 4
Balance at 31 December 273 349 168
Amounts recognised in statement of cash lows
IN EUR THOUSAND 2021 1.1.2019 – 31.12.2020 2020
Total cash outflows for leases 974 1,041 541
The remaining performance obligations as at 31 December 2021 are as follows:
IN EUR THOUSAND < 1 YEAR 1-2 YEARS 2-3 YEARS 3-4 YEARS 4-5 YEARS > 5 YEARS TOTAL
Lease payments 942 1,652 227 222 195 10,646 13,883
The remaining performance obligations as at 31 December 2020 are as follows:
IN EUR THOUSAND < 1 YEAR 1-2 YEARS 2-3 YEARS 3-4 YEARS 4-5 YEARS > 5 YEARS TOTAL
Lease payments 390 316 234 227 222 4,259 5,648
306
Leases as lessor
The Group leases out its own investment property. All leases are classiied as operating leases from a lessor
perspective because they do not transfer substantially all of the risks and rewards incidental to the ownership of
the assets.
Rental income recognised by the Group during in 2021 was EUR 334,651 thousand (2020 – EUR 549,921
thousand for 24 months, and EUR 291,935 thousand for 12 months period).
The following table set out a maturity analysis of lease payments, showing the undiscounted lease payments to
be received after the reporting period.
IN EUR THOUSAND < 1 YEAR 2-5 YEARS > 5 YEARS TOTAL
Lease payments 437,042 1,612,684 1,707,135 3,756,861
31. Derivative financial instruments
IN EUR THOUSAND
2021 2020
Fair value of derivatives - asset 172 --
Fair value of derivatives - liability -- -33,952
Total 172 -33,952
Accrued interest on derivatives -- -114
Total derivatives 172 -34,066
All inancial derivatives were stated at fair value as at 31 December 2021 and 31 December 2020 respectively and
classiied to Level 2 in the fair value hierarchy. For fair value determination, a market comparison technique was
used.
As at 31 December 2021 CTP held the following derivative inancial instruments:
DERIVATIVE FINANCIAL INSTRUMENTS
DUE WITHIN MATURITY
DATE RECEIVING LEG PAYING LEG CURRENCY NOMINAL AMOUNT
FAIR VALUE 2021
(IN EUR THOUSAND)
Interest rate swaps 2025 – 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172
Foreign exchange swaps N/A N/A N/A N/A N/A --
Total receivables from
derivatives
172
As at 31 December 2020 CTP held the following derivative inancial instruments:
DERIVATIVE FINANCIAL INSTRUMENTS
DUE WITHIN MATURITY
DATE RECEIVING LEG PAYING LEG CURRENCY NOMINAL AMOUNT
FAIR VALUE 2020
(IN EUR THOUSAND)
Interest rate swaps 2021 - 2026
from 3M Euribor
to 6M Euribor
from -0.44% to 0.446% EUR 1,648,904 EUR -33,900
Foreign exchange swaps 2021 N/A N/A CZK/EUR 10,000 EUR -52
Total liabilities from
derivatives
-33,952
307
32. Income taxes
Deferred income tax assets and liabilities are ofset when there is a legally enforceable right to ofset current
income tax assets against current income tax liabilities and when the deferred income taxes relate to the same
iscal authority.
Deferred tax assets and liabilities
The recognized deferred tax assets and liabilities are attributable to the following:
IN EUR THOUSAND 2021 2020
ASSETS LIABILITY NET ASSETS LIABILITY NET
Investment property 8,722 -734,501 -725,779 2,841 -502,970 -500,129
Tax losses 9,510 -- 9,510 10,321 -- 10,321
Property, plant and equipment 1,153 -- 1,153 -- -2,189 -2,189
Other (receivables, hedge accounting etc.) 16,913 -24,518 -7,605 1,640 -- 1,640
Tax asset/(liabilities) 36,298 -759,019 -722,721 14,802 -505,159 -490,357
Set- off of tax -12,246 12,246 -- -380 380 --
Net tax assets/ (liabilities) 24,052 -746,773 -722,721 14,422 -504,779 -490,357
Movement in Deferred tax during the Year recognized in proit and loss, in equity and in OCI
IN EUR THOUSAND
BALANCE AS AT
1 JANUARY 2021
CHANGE IN TEMPORARY
DIFFERENCES
CHANGE THROUGH
BUSINESS COMBINATION
DEFERRED TAX RECOG-
NISED IN OCI
EFFECT OF CHANGES IN
FX RATES
BALANCE AS AT
31 DECEMBER 2021
Investment property -500,129 -217,223 -753 -- -7,674 -725,779
Tax losses 10,321 -1,005 36 -- 158 9,510
Property, plant and equipment -2,189 5,148 -- -1,772 -34 1,153
Other (receivables, hedge accounting etc.) 1,640 -9,270 -- -- 25 -7,605
Total -490,357 -222,350 -717 -1,772 -7,525 -722,721
IN EUR THOUSAND
BALANCE AS AT
1 JANUARY 2019
CHANGE IN TEMPORARY
DIFFERENCES
CHANGE THROUGH
BUSINESS COMBINATION
DEFERRED TAX RECOG-
NISED IN OCI
EFFECT OF CHANGES IN
FX RATES
BALANCE AS AT
31 DECEMBER 2020
Investment property -396,369 -107,535 612 -- 3,163 -500,129
Tax losses 2,457 8,300 -- -- -436 10,321
Property, plant and equipment 2,679 -5,395 -944 1,723 -252 -2,189
Other (receivables, hedge accounting etc.) 432 1,288 -- -- -80 1,640
Total -390,801 -103,342 -332 1,723 2,395 -490,357
IN EUR THOUSAND
BALANCE AS AT
V1 JANUARY 2020
CHANGE IN TEMPORARY
DIFFERENCES
CHANGE THROUGH
BUSINESS COMBINATION
DEFERRED TAX RECOG-
NISED IN OCI
EFFECT OF CHANGES IN
FX RATES
BALANCE AS AT
31 DECEMBER 2020
Investment property -490,526 -14,234 612 -- 4,019 -500,129
Tax losses 3,158 7,194 -- -- -31 10,321
Property, plant and equipment 2,984 -6,867 -- 1,723 -29 -2,189
Other (receivables, hedge accounting etc.) 344 1,304 -- -- -8 1,640
Total -484,040 -12,603 612 1,723 3,951 -490,357
308
Unrecognized deferred tax assets
Deferred tax assets have not been recognized in respect of the following items, because it is not probable that
future taxable proit will be available against which the Group can use the beneits therefrom
IN EUR THOUSAND 2021 2020
Gross amount Tax effect Gross amount Tax effect
Tax losses 26,427 4,257 26,304 4,226
Total 26,427 4,257 26,304 4,226
Tax losses carried forward
Tax losses for which no deferred tax asset was recognized expire as follows.
IN EUR THOUSAND 2021 EXPIRY DATE 2020 EXPIRY DATE
Expire 26,427 2022 - 2027 26,304 2021 - 2026
Never expire -- --
Total 26,427 26,304
Amounts recognized in OCI
IN EUR THOUSAND 2021 2020
Items that will not be reclassified to
profit or loss
Gross amount Tax effect Net of tax Gross amount Tax effect Net of tax
Revaluation of PPE 9,326 -1,772 7,554 -9,070 1,723 -7,347
Items that are or may be reclassified
to profit or loss
Change in Translation reserve -4,524 782 -3,742 10,413 -1,940 8,473
Current income tax assets and payables
The current income tax asset of EUR 7,260 thousand (2020 – EUR 2,692 thousand) represents the amount of
income tax recoverable in respect of current and prior periods, i.e. the amount by which the advance payments
made exceed income tax payable if any.
The current income tax liabilities of EUR 18,289 thousand (2020 – EUR 19,463 thousand) represents payable in
respect of current or prior periods, i.e., the amount by which the income tax payable exceeds advance payments
made.
309
33. Subsidiaries
The Company had the following investments in subsidiaries as at 31 December 2021 and 31 December 2020
respectively:
SUBSIDIARIES COUNTRY 2021 2020 NOTE
CTP Alpha GmbH
Austria 100% 100%
CTP Beta GmbH (formerly CTP Immobilienverwaltung GmbH)
Austria 100% 100%
CTP Delta GmbH
Austria 100% 100%
CTP Epsilon GmbH
Austria 100% 100%
CTP Gamma GmbH
Austria 100% 100%
CTP Invest Immobilien GmbH
Austria 100% 100%
CTP Zeta GmbH
Austria 100% 100%
CTP Invest EOOD (formerly CTPark Alpha, EOOD)
Bularia 100% 100%
CTPark Beta EOOD
Bularia 100% 100%
CTPark Delta EOOD
Bularia 100% 100%
CTPark Epsilon EOOD
Bularia 100% 100%
CTPark Eta EOOD
Bularia 100% 0% 2/
CTPark Gamma EOOD
Bularia 100% 100%
CTPark Iota EOOD
Bularia 100% 0% 2/
CTPark Kappa EOOD
Bularia 100% 0% 1/
CTPark Lambda EOOD
Bularia 100% 0% 1/
CTPark Theta EOOD
Bularia 100% 0% 2/
CTPark Zeta EOOD
Bularia 100% 100%
Project Vrajdebna EOOD
Bularia 100% 0% 1/
Clubco, spol. s r.o. (formerly CTP Invest XXVII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Alpha, spol. s r.o. (formerly CTP Property XXII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Barrandov, spol. s r.o.
Czech Republic 100% 100%
CTP Beta, spol. s r.o. v likvidaci (formerly CTP Property Czech, S. a r.l.)
Czech Republic 100% 100%
CTP Bohemia North, spol. s r.o.
Czech Republic 100% 100%
CTP Bohemia South, spol. s.r.o. (formerly CTP Property XI, spol. s.r.o.)
Czech Republic 100% 100%
CTP Bohemia West, spol. s r.o.
Czech Republic 100% 100%
CTP Borská Pole, spol. s r.o.
Czech Republic 100% 100%
CTP CEE Properties, spol. s.r.o. (formerly CTP Property Lux S.á.r.l.)
Czech Republic 100% 100%
CTP CEE Sub Holding, spol. s.r.o.
Czech Republic 100% 100%
CTP Domeq Brno, spol. s r.o.
Czech Republic 100% 100%
CTP Finance, spol. s r.o. v likvidaci
Czech Republic 0% 100% 3/
CTP Forest, spol. s r.o. (formerly CTP Invest XXVI, spol. s.r.o.)
Czech Republic 100% 100%
CTP Hotel Operations Brno, spol. s r.o.
Czech Republic 100% 100%
CTP Hotel Operations PIlsen, spol. s.r.o.
Czech Republic 100% 100%
CTP Hotel operations Prague, spol. s.r.o. (formerly Hotel Operations EUROPORT s.r.o.)
Czech Republic 100% 100%
CTP Hotel Pilsen, spol. s.r.o. (formerly 2P , s.r.o.)
Czech Republic 100% 100%
CTP Hotel Prague, spol. s r.o.
Czech Republic 100% 100%
CTP I, spol. s r.o. v likvidaci (formerly Mavo Lux S.à r.l.)
Czech Republic 100% 100% 5/
CTP II, spol. s r.o. (formerly CTP Property XXIII, spol. s.r.o.)
Czech Republic 100% 100%
CTP III, spol. s r.o. (formerly CTP Property XXVI, spol. s.r.o.)
Czech Republic 100% 100%
CTP Industrial Property CZ, spol. s.r.o.
Czech Republic 100% 100%
CTP Infrastructure, spol. s r.o. v likvidaci
Czech Republic 0% 100% 3/
CTP Invest, spol. s r.o.
Czech Republic 100% 100%
CTP IQ Ostrava, spol. s r.o.
Czech Republic 100% 100%
CTP IV, spol. s r.o. (formerly CTP Property XXVII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Moravia North, spol. s r.o.
Czech Republic 100% 100%
CTP Moravia South, spol. s.r.o.
Czech Republic 100% 100%
CTP Omega, spol. s.r.o. v likvidaci
Czech Republic 0% 100% 3/
CTP Pilsen Region, spol. s r.o.
Czech Republic 100% 100%
CTP Ponávka Business Park, spol. s r.o.
Czech Republic 100% 100%
CTP Portfolio Finance CZ, spol. s.r.o.
Czech Republic 100% 100%
CTP Property Bulgaria, spol. s.r.o. v likvidaci
Czech Republic 0% 100% 3/
CTP Property Czech, spol. s.r.o.
Czech Republic 100% 100%
CTP Property Romania, spol. s.r.o. v likvidaci
Czech Republic 100% 100%
CTP Property Serbia, spol. s.r.o. v likvidaci
Czech Republic 100% 100%
CTP Solar I, a.s. (formerly CTP Property, a.s.)
Czech Republic 100% 100%
CTP Solar II, a.s. (formerly CTP Property VIII, a.s.)
Czech Republic 100% 100%
310
SUBSIDIARIES COUNTRY 2021 2020 NOTE
CTP Solar III, spol. s.r.o. (formerly CTP Invest VIII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Solar, a.s. v likvidaci
Czech Republic 100% 100% 5/
CTP V, spol. s r.o. (formerly CTP Property XXVIII, spol. s.r.o. )
Czech Republic 100% 100%
CTP VI, spol. s r.o. (formerly CTP Property XXIX, spol. s.r.o.)
Czech Republic 100% 100%
CTP VII, spol. s r.o. (formerly CTP Property XXXI, spol. s.r.o.)
Czech Republic 100% 100%
CTP VIII, spol. s r.o. (formerly CTP Property XXXII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Vlněna Business Park, spol. s.r.o. (formerly CTP Property XVII, spol. s.r.o.)
Czech Republic 100% 100%
CTP Vysočina, spol. s.r.o.
Czech Republic 100% 100%
CTP X, spol. s r.o. (formerly CTp invest 1, spol. s r.o.)
Czech Republic 100% 100%
CTP XI, spol. s r.o.
Czech Republic 100% 100%
CTP XII, spol. s r.o.
Czech Republic 100% 100%
CTP XIII, spol. s r.o. (formerly CTP Invest XIV, spol. s.r.o.)
Czech Republic 100% 100%
CTP XIV, spol. s r.o. (formerly CTP Invest XV, spol. s.r.o.)
Czech Republic 100% 100%
CTP XV, spol. s r.o. (formerly CTP Invest XVIII, spol. s.r.o.)
Czech Republic 100% 100%
CTP XVI, spol. s r.o. (formerly CTP Invest XXI, spol. s.r.o.)
Czech Republic 100% 100%
CTP XVII, spol. s r.o. (formerly CTP Invest XXII, spol. s.r.o.)
Czech Republic 100% 100%
CTP XVIII, spol. s r.o. (formerly CTP Invest XXIII, spol. s.r.o.)
Czech Republic 100% 100%
CTP XXI, spol. s r.o. (formerly CTP Invest XXVIII, spol. s.r.o.)
Czech Republic 100% 100%
CTP XXII, spol. s r.o.
Czech Republic 100% 100%
CTP XXIII, spol. s r.o.
Czech Republic 100% 100%
CTP XXIV, spol. s r.o.
Czech Republic 100% 100%
CTPark Aš II, spol. s r.o. (formerly CTP XIX, spol. s r.o.)
Czech Republic 100% 100%
CTPark Bor, spol. s.r.o.
Czech Republic 100% 100%
CTPark Brno I, spol. s.r.o.
Czech Republic 100% 100%
CTPark Brno II, spol. s.r.o. (formerly CTP Property X, spol. s.r.o.
Czech Republic 100% 100%
CTPark Brno III, spol. s.r.o. (formerly Bor Logistics, spol. s.r.o.)
Czech Republic 100% 100%
CTPark Brno Líšeň East, spol. s r.o. (formerly CTP Invest XX, spol. s.r.o.)
Czech Republic 100% 100%
CTPark Brno Líšeň II, spol. s r.o. (formerly CTP Invest XXIV, spol. s.r.o.)
Czech Republic 100% 100%
CTPark Brno Líšeň West, spol. s r.o.
Czech Republic 100% 100%
CTPark Brno Retail, spol. s.r.o.(formerly Brno Retail, spol. s.r.o.)
Czech Republic 100% 100%
CTPark České Budějovice II, spol. s r.o.
Czech Republic 0% 100% 3/
CTPark České Budějovice, spol. s r.o. (formerly Kaufpark a.s.)
Czech Republic 0% 100% 3/
CTPark České Velenice, spol. s r.o.
Czech Republic 100% 100%
CTPark Hranice, spol. s r.o.
Czech Republic 100% 100%
CTPark Lysá nad Labem, spol. s r.o.
Czech Republic 100% 100%
CTPark Mladá Boleslav, spol. s.r.o.
Czech Republic 100% 100%
CTPark Modřice, spol. s r.o.
Czech Republic 100% 100%
CTPark Ostrava Poruba, spol. s r.o.
Czech Republic 100% 100%
CTPark Ostrava, spol. s.r.o.
Czech Republic 100% 100%
CTPark Plzeň, spol. s r.o. (formerly CTP Invest XIX, spol. s.r.o.)
Czech Republic 100% 100%
CTPark Prague Airport, spol. s.r.o.
Czech Republic 100% 100%
CTPark Prague East, spol. s.r.o.
Czech Republic 100% 100%
CTPark Prague North II, spol. s.r.o.
Czech Republic 100% 100%
CTPark Prague North III, spol. s r.o. (formerly DUNSTAR a.s.)
Czech Republic 100% 100%
CTPark Prague West, spol. s.r.o. (formerly CTP Invest XI, spol. s.r.o.)
Czech Republic 100% 100%
CTPark Stříbro, spol. s.r.o. (formerly Waystone CZ s.r.o.)
Czech Republic 100% 100%
CTPersonnel Bor, spol. s.r.o. v likvidaci
Czech Republic 100% 100%
CTZone Ostrava, spol. s r.o.
Czech Republic 100% 100%
Multidisplay s.r.o.
Czech Republic 100% 100%
PŘÍDANKY SPV, s.r.o.
Czech Republic 100% 0% 1/
RENWON a.s.
Czech Republic 100% 0% 1/
Spielberk Business Park II, spol. s.r.o. (formerly CTP INVEST V, spol. s.r.o.)
Czech Republic 100% 100%
Spielberk Business Park, spol. s.r.o. (formerly Spielberk Oice Center, spol. s.r.o.)
Czech Republic 100% 100%
CTP Invest
Eypt 100% 0% 4/
CTP Real Estate
Eypt 100% 0% 4/
CTP Real Estate Development
Eypt 100% 0% 4/
Samesova OÜ
Estonia 100% 0% 4/
Vojtova OÜ
Estonia 100% 0% 4/
Zemankova OÜ
Estonia 100% 0% 4/
CTP Alpha France
France 100% 0% 4/
CTP Beta France
France 100% 0% 4/
CTP France
France 100% 0% 4/
CTP Germany GmbH
Germany 100% 100%
CTP Germany II GmbH
Germany 100% 100% 1/
CTP Germany III GmbH
Germany 100% 100% 5/
311
SUBSIDIARIES COUNTRY 2021 2020 NOTE
CTP Germany IV GmbH & Co. KG
Germany 100% 100% 5/
CTP Germany IX GmbH
Germany 100% 0% 4/
CTP Germany V GmbH
Germany 100% 100%
CTP Germany VI GmbH
Germany 100% 100%
CTP Germany VII GmbH
Germany 100% 0% 4/
CTP Germany VIII GmbH
Germany 100% 0% 4/
CTP Germany X GmbH
Germany 100% 0% 4/
CTP Invest Germany GmbH
Germany 100% 0% 4/
CTP Invest Hungary Kft.
Hunary 0% 100% 3/
CTP Management Hungary Kft.
Hunary 100% 100%
CTP Solar Hungary Kft
Hunary 100% 0% 2/
CTPark Alpha Kft.
Hunary 100% 100%
CTPark Arrabona Kft.
Hunary 100% 100%
CTPark Beta Kft.
Hunary 100% 100%
CTPark Biatorbágy Kft.
Hunary 100% 100%
CTPark Delta Kft.
Hunary 100% 100%
CTPark Eight Kft.
Hunary 100% 100%
CTPark Eighteen Kft.
Hunary 100% 0% 2/
CTPark Eleven Kft.
Hunary 100% 100%
CTPark Fifteen Kft.
Hunary 100% 0% 2/
CTPark Fourteen Kft
Hunary 100% 0% 2/
CTPark Gamma Kft.
Hunary 100% 100%
CTPark Nine Kft.
Hunary 100% 100%
CTPark Nineteen Kft.
Hunary 100% 0% 2/
CTPark Seven Kft.
Hunary 100% 100%
CTPark Seventeen Kft.
Hunary 100% 0% 2/
CTPark Sixteen Kft.
Hunary 100% 0% 2/
CTPark Ten Kft.
Hunary 100% 100%
CTPark Thirteen Kft
Hunary 100% 0% 2/
CTPark Twelve Kft.
Hunary 100% 100%
CTPark Twenty Five Kft. (formerly Aviv Investment Hungary Kft.)
Hunary 100% 0% 1/
CTPark Twenty Four Kft. (formerly Weerts LP VI Kft.)
Hunary 100% 0% 1/
CTPark Twenty Kft.
Hunary 100% 0% 2/
CTPark Twenty One Kft.
Hunary 100% 0% 2/
CTPark Twenty Seven Kft. (formerly Natibar Kft.)
Hunary 100% 0% 1/
CTPark Twenty Six Kft. (formerly Gali Hungary Kft.)
Hunary 100% 0% 1/
CTPark Twenty Three Kft
Hunary 100% 0% 1/
CTPark Twenty Two Kft.
Hunary 100% 0% 2/
Oice Campus Real Estate Kft.
Hunary 100% 0% 1/
CTP Alpha S.r.l.
Italy 100% 0% 4/
CTP Beta S.r.l.
Italy 100% 0% 4/
CTP Italy S.r.l.
Italy 100% 0% 4/
Samesova SIA
Latvia 100% 100% 5/
Vojtova SIA
Latvia 100% 100% 5/
Zemankova SIA
Latvia 100% 100% 5/
UAB Samesova
Lithuania 100% 100% 5/
UAB Vojtova
Lithuania 100% 100% 5/
UAB Zemankova
Lithuania 100% 100% 5/
CTP Alpha S.R.L.
Moldova 0% 100% 3/
CTP Invest S.R.L.
Moldova 0% 100% 3/
Amsterdam Logistic Cityhub B.V.
Netherland 100% 0% 1/
CTP Alpha B.V.
Netherland 100% 0% 2/
CTP Baltic Holding B.V.
Netherland 100% 100%
CTP Beta B.V.
Netherland 100% 0% 2/
CTP Delta B.V.
Netherland 90.1% 0% 2/
CTP Epsilon B.V.
Netherland 100% 0% 2/
CTP Eta B.V.
Netherland 100% 0% 2/
CTP Gamma B.V.
Netherland 100% 0% 2/
CTP Invest B.V.
Netherland 100% 0% 2/
CTP Iota B.V.
Netherland 100% 0% 4/
CTP Kappa B.V.
Netherland 100% 0% 4/
CTP Lambda B.V.
Netherland 100% 0% 4/
CTP Mediterranean Holding B.V.
Netherland 100% 100%
CTP Mu B.V.
Netherland 100% 0% 1/
CTP Portfolio Finance Czech B.V.
Netherland 100% 100%
312
SUBSIDIARIES COUNTRY 2021 2020 NOTE
CTP Property B.V (formerly CTP Invest B.V.)
Netherland 100% 100%
CTP Theta B.V.
Netherland 100% 0% 2/
CTP Turkish Holding B.V.
Netherland 100% 100%
CTP Zeta B.V.
Netherland 100% 0% 2/
Multiin B.V.
Netherland 100% 100%
CTP Beta poland Sp. z o.o.
Poland 100% 100%
CTP Delta Poland Sp. Z o. o.
Poland 100% 100%
CTP Epsilon Poland Sp. z o.o.
Poland 100% 100%
CTP Eta Poland Sp. z o.o. (formerly GreenPark Resi I Sp. z o.o.)
Poland 100% 100%
CTP Gamma Poland Sp. Z o. o.
Poland 100% 100%
CTP Invest Poland Sp. z o.o.
Poland 100% 100%
CTP IOTA POLAND SP Z O.O.
Poland 100% 0% 1/
CTP KAPPA POLAND SP Z O.O.
Poland 100% 0% 1/
CTP LAMBDA POLAND SP Z O.O.
Poland 100% 0% 1/
CTP Mu Poland Sp. z o.o.
Poland 100% 0% 2/
CTP Nu Poland Sp. z o.o.
Poland 100% 0% 2/
CTP Theta Poland Sp. z o.o. (formerly GreenPark Resi II Sp. z o.o.)
Poland 100% 100%
CTP Xi Poland Sp. z o.o.
Poland 100% 0% 2/
CTP Zeta Poland Sp. z o.o.
Poland 100% 100%
CTPark Iłowa Sp. z o.o.
Poland 100% 100%
CTPark Omicron Poland Sp. z o.o.
Poland 100% 0% 2/
CTPark Opole Sp. z o.o. (formerly CTP Alpha Poland Sp. Z.o.o. )
Poland 100% 100%
CTPark Phi Poland Sp. z o.o.
Poland 100% 0% 2/
CTPark Rho Poland Sp. z o.o.
Poland 100% 0% 2/
CTPark Sigma Poland Sp. z o.o.
Poland 100% 0% 2/
CTPark Zabrze Sp. z o.o.
Poland 100% 100%
CTP CONTRACTORS SRL
Romania 100% 100%
CTP INVEST BUCHAREST SRL
Romania 100% 100%
CTP SOLAR SRL (formerly CTPARK KM23 WEST SRL)
Romania 100% 100%
CTPARK ALPHA SRL
Romania 100% 100%
CTPark Arad North SRL (formerly BORDER LOGISTICS SRL)
Romania 100% 0% 1/
CTPARK BETA SRL
Romania 100% 100%
CTPark Brasov SRL (formerly Olympian Brasov Logistic SRL)
Romania 100% 0% 1/
CTPark Brasov West SRL (Olympian Brasov SA)
Romania 100% 0% 1/
CTPARK BUCHAREST A1 SRL
Romania 100% 100%
CTPARK BUCHAREST II SRL (formerly CENTURA PROPERTY HOLDINGS S.A.)
Romania 100% 100%
CTPark Bucharest South II SRL (formerly Olympian East Bucharest SA)
Romania 100% 0% 1/
CTPARK BUCHAREST SRL
Romania 100% 100%
CTPARK BUCHAREST UPSILON SRL
Romania 100% 100%
CTPARK BUCHAREST WEST I SRL
Romania 100% 100%
CTPARK BUCHAREST WEST II SRL (formerly H.E.E. (MERCURY) PROPRIETATI SRL)
Romania 100% 100%
CTPark Craiova East SRL (formerly SOUTHERN LOGISTICS SRL)
Romania 100% 0% 1/
CTPARK DELTA SRL
Romania 100% 100%
CTPARK DEVA II SRL (formerly DEVA LOGISTIC CENTER S.A.)
Romania 100% 100%
CTPARK EPSILON SRL
Romania 100% 100%
CTPARK ETA SRL
Romania 100% 100%
CTPARK GAMMA SRL
Romania 100% 100%
CTPARK IOTA SRL
Romania 100% 100%
CTPARK KAPPA SRL
Romania 100% 100%
CTPARK KM23 NORTH SRL
Romania 100% 100%
CTPARK LAMBDA SRL
Romania 100% 100%
CTPARK MANAGEMENT AFUMATI SRL
Romania 100% 100%
CTPARK MANAGEMENT TURDA SRL
Romania 100% 100%
CTPARK MIU SRL
Romania 100% 100%
CTPARK OMEGA SRL
Romania 100% 100%
CTPARK OMICRON SRL
Romania 100% 100%
CTPark Oradea North SRL (formerly WESTERN LOGISTICS SRL)
Romania 100% 0% 1/
CTPARK PHI SRL
Romania 100% 100%
CTPARK PSI SRL
Romania 100% 100%
CTPARK RHO SRL
Romania 100% 100%
CTPark Sibiu East SRL (formerly NETWORK WIDE LOGISTICS SRL)
Romania 100% 0% 1/
CTPARK SIGMA SRL
Romania 100% 100%
CTPARK TAU SRL
Romania 100% 100%
CTPARK THETA SRL
Romania 100% 100%
CTPark Timisoara East SRL (formerly Olympian Timisoara SA)
Romania 100% 0% 1/
313
1/ Newly acquired subsidiaries in 2021
2/ Newly established subsidiaries in 2021
3/ Disposed subsidiaries in 2021
4/ Newly established subsidiaries in 2021 not consolidated due to its limited size/activities
5/ Not consolidated subsidiaries
SUBSIDIARIES COUNTRY 2021 2020 NOTE
CTPARK ZETA SRL
Romania 100% 100%
FOREST PROPERTY INVEST SRL (formerly CTPARK KM23 SOUTH SRL)
Romania 100% 100%
Universal Management SRL
Romania 100% 75%
CTP Alpha doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Beta doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Delta doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Epsilon doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Gamma doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Invest doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Iota doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Kappa doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Lambda doo Beograd (formerly Expo Site doo Beograd)
Serbia 100% 100%
CTP Omega doo Beograd-Novi Beograd (formerly LogMaxx Beta, d.o.o.)
Serbia 100% 100%
CTP Omicron doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Phi doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Property Alpha d.o.o. Beograd-Novi Beograd
Serbia 100% 0% 1/
CTP Rho doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Sigma doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Tau doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Zeta doo Beograd-Novi Beograd
Serbia 100% 100%
CTP Alpha SK, spol. s.r.o.
Slovakia 100% 100%
CTP Dunaj s.r.o. (formerly ATH Slovakia, s.r.o.)
Slovakia 100% 100%
CTP Gama s. r. o. (formerly AZQ Slovakia s.r.o.)
Slovakia 100% 100%
CTP Invest SK, spol. s.r.o.
Slovakia 100% 90%
CTP Slovakia, s.r.o.
Slovakia 100% 100%
CTP Solar SK, spol. s r.o.
Slovakia 100% 0% 2/
CTPark Banská Bystrica, spol. s r.o.
Slovakia 100% 0% 2/
CTPark Bratislava East, spol. s r.o.
Slovakia 100% 0% 2/
CTPark Bratislava, spol. s.r.o.
Slovakia 100% 100%
CTPark Čierny Les, spol. s r.o. (formerly CTPark Žilina, spol. s.r.o.)
Slovakia 100% 100%
CTPark Hlohovec, spol. s r.o. (formerly CTPark Nitra, s.r.o.)
Slovakia 100% 100%
CTPark Košice, spol. s.r.o.
Slovakia 100% 100%
CTPark Krásno nad Kysucou, spol. s r.o. (formerly CTP Beta SK, spol. s.r.o.)
Slovakia 100% 100%
CTPark Land SK I, spol. s r.o.
Slovakia 100% 0% 2/
CTPark Land SK II, spol. s r.o.
Slovakia 100% 0% 2/
CTPark Námestovo, spol. s r.o. (formerly Accentis Námestovo, s.r.o.)
Slovakia 100% 0% 1/
CTPark Nitra, s.r.o. (formerly Nitra Park II, s.r.o.)
Slovakia 100% 100%
CTPark Nove Mesto, spol. s.r.o.
Slovakia 100% 100%
CTPark Prešov s.r.o. (formerly ABL Slovakia s.r.o.)
Slovakia 100% 100%
CTPark Trnava II, spol. s r.o. (formerly CTP Land SK, spol. s.r.o.)
Slovakia 100% 100%
CTPark Žilina Airport II, spol. s r.o.
Slovakia 100% 100%
CTPark Žilina Airport, spol. s r.o.
Slovakia 100% 100%
CTP Ljubljana, d.o.o.
Slovenia 100% 100%
CTPark Alpha, d.o.o.
Slovenia 100% 100%
Global Guanaco, S.L.U.
Spain 100% 100% 5/
CTP ALPHA GAYRİMENKUL VE İNAAT LİMİTED İRKETİ
Turkey 100% 100% 5/
CTP BETA GAYRİMENKUL VE İNAAT LİMİTED İRKETİ
Turkey 100% 100% 5/
CTP GAMMA GAYRİMENKUL VE İNAAT LİMİTED İRKETİ
Turkey 100% 0% 4/
CTP Alpha Ltd
United Kindom 100% 0% 4/
CTP Beta Ltd
United Kindom 100% 0% 4/
CTP Invest Ltd
United Kindom 100% 0% 4/
314
34. Related parties
CTP has a related party relationship with its directors and executive oicers and other companies which equity
holder is Multivest B.V. This entity is the ultimate parent of CTP.
In 2021 and 2020 CTP had the following interest income and interest expense with related parties:
2021 1.1.2019 – 31.12.2020 2020
IN EUR THOUSAND
REVENUES EXPENSES REVENUES EXPENSES REVENUES EXPENSES
Multivest B.V. -- -383 -- -4,419 -- -1,941
CTP Holding B.V. 1,707 -- 183 -1,093 183 -165
CTP Energy TR, a.s. -- -- 70 -- -- --
CTP Germany II GmbH 234 -- 197 -- 197 --
CTP Germany III GmbH 35 -- 35 -- 35 --
CTP I, spol. s r.o. -- -- 10 -- -- --
CTP Solar, a.s. -- -2 -- -6 -- -2
Total 1,976 -385 495 -5,518 415 -2,108
As at 31 December 2021 and 2020, CTP has the following short-term receivables/payables from/to related
parties:
2021 2020
IN EUR THOUSAND RECEIVABLES PAYABLES RECEIVABLES PAYABLES
CTP Holding B.V. 13 -- 13 -2,627
CTP I, spol. s. r.o. -- -- 30 --
Multivest B.V. 515 -- -- --
Other -- -- 2 --
Total 528 -- 45 -2,627
As at 31 December 2021 and 2020, CTP has the following long-term receivables/payables from/to related
parties:
2021 2020
IN EUR THOUSAND RECEIVABLES PAYABLES RECEIVABLES PAYABLES
CTP Germany II GmbH -- -- 7,924 --
CTP Germany III GmbH 348 -- 314 --
CTP Germany IV GmbH -- -15 -- -15
CTP Holding B.V. 46,776 -3 33,804 -3
CTP Solar, a.s. -- -- 4 -163
Multivest B.V. -- -- -- -34,363
Total 47,124 -18 42,046 -34,544
Other non-current non-trade receivables from and non-trade liabilities to related parties are interest bearing
and bear an arm’s length interest in a range of 1.2% - 5.6% depending on the maturity, collateralization,
subordination, country risk and other speciics.
315
Remuneration of management
The average number of members of Board of directors and top management and their remunerations paid for
the periods ended 31 December 2021 and 2020 respectively were as follows:
HEADCOUNT PERSONAL EXPENSES
IN EUR THOUSAND 2021
1.1.2019 –
31.12.2020 2020 2021
1.1.2019 –
31.12.2020 2020
Executive directors 2 2 2 1.025 3,478 2,322
Non-executive directors 2 -- -- 340 -- --
Other management 22 24 24 3,939 5,122 3,036
Total 26 26 26 5,304 8,600 5,358
Personnel expenses of executive and non-executive directors include only short-term employee beneits.
On 30 April 2021, the Company granted a conditional share award under the LTIP to the one of the directors. For
detail refer to Note 29.
As at 31 December 2021, the members of Board of directors held shares in CTP N.V as follows:
NR. OF SHARES PRICE PER 1 SHARE VALUE IN EUR THOUSAND
Board of Directors 527,384 18.70 9,862
35. Financial instruments risk management
objectives and policies
Exposure to various risks arises in the normal course of CTP’s business. These risks include credit risk, capital
risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk.
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a
inancial loss to CTP. The management has a credit policy in place and the exposure to credit risk is monitored on
an ongoing basis. Credit evaluations are performed for all customers requiring credit over a certain amount. CTP
usually does not require collateral from its tenants. For most of the tenants, a parent company guarantee or a
solvent tenant group company guarantee is in place.
Investments can be made only in liquid securities and only with counterparties that have a credit rating equal to
or better than CTP. Given their high credit ratings, the management does not expect any counterparty to fail to
meet its obligations.
As at the reporting date there were no signiicant concentrations of credit risk towards third parties. The
maximum exposure to credit risk is represented by the carrying amount of each inancial asset in the statement
of inancial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP
monitors regularly the inancial position of the related parties and the related credit risk.
Credit risk concentration:
IN EUR THOUSAND 2021 2020
Amounts due from banks 893,902 428,729
Amounts due from financial derivatives 172 --
Amounts due from related parties 47,652 42,091
Amounts due from third parties 36,417 24,491
Amounts due from tax institutions 53,154 13,817
Total 1,031,297 509,128
316
Amounts due from banks includes cash and cash equivalents including restricted cash reported under non-
current Trade and other receivables as per 31 December of the respective year.
CTP discloses signiicant amounts of receivables towards related parties. Receivables towards related parties
are partly covered by the liabilities to related parties and assets held by the related parties. If the related parties
breach the repayment of CTP receivables and CTP is not able to set of receivables against liabilities, CTP will be
exposed to signiicant credit risk. CTP does not expect breach of repayment.
Credit risk is the risk of inancial loss to the Group if a customer or counterparty to a inancial instrument fails
to meet its contractual obligations and arises principally from the Group’s receivables from customers. The
carrying amounts of inancial assets and contract assets represent the maximum credit exposure.
Impairment losses on inancial assets and contract assets recognized in proit or loss were as follows:
IN EUR THOUSAND 2021 2020
Impairment to cash and cash equivalent -- --
Impairment to trade receivables 4,137 3,257
Impairment to receivables to related parties -- --
Total 4,137 3,257
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
IN EUR THOUSAND 2021 2020
Balance as at 1 January 3,257 4,114
Amounts written off -- --
Amounts derecognised due to discontinued operations -- --
Net remeasurement of loss allowance 880 -857
Balance at 31 December 4,137 3,257
The following table provides information about the exposure to credit risk and ECLs for inancial assets as at 31
December 2021 and 2020 respectively:
IN EUR THOUSAND FOR THE YEAR 2021 STAGE
WEIGHTED AVERAGE
LOSS RATE GROSS AMOUNT
IMPAIRMENT LOSS
ALLOWANCE NET AMOUNT
Cash and cash equivalents Low risk 0% 892,816 -- 892,816
Restricted cash Low risk 0% 1,086 -- 1,086
Receivables due from related parties Low risk 0% 47,652 -- 47,652
Trade receivables * Low to Fair risk 10% 40,554 -4,137 36,417
Total 982,108 -4,137 977,971
IN EUR THOUSAND FOR THE YEAR 2020 STAGE
WEIGHTED AVERAGE
LOSS RATE GROSS AMOUNT
IMPAIRMENT LOSS
ALLOWANCE NET AMOUNT
Cash and cash equivalents Low risk 0% 419,141 -- 419,141
Restricted cash Low risk 0% 9,588 -- 9,588
Receivables due from related parties Low risk 0% 42,091 -- 42,091
Trade receivables * Low to Fair risk 12% 27,748 -3,257 24,491
Total 498,568 -3,257 495,311
* Weighted average loss rate related to Trade receivables is calculated in Note 21.
317
Capital risk
CTP’s policy is to maintain a strong capital base so as to maintain creditor and market conidence and to sustain
future development of the business. CTP manages its capital to ensure that entities in CTP will be able to
continue as a going concern while maximizing the return to shareholders through the optimization of the debt
and equity balance. CTP’s overall strategy remains unchanged compared to 2020.
CTP as property investor is mainly inluenced by the fact that it leverages its project inancing by using bank
debts or bonds. There is no real seasonality impact on its inancial position but rather the volatility of inancial
markets that might positively or negatively inluence CTP’s inancial position.
The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 26.
The Group has secured bank loans that contain loan covenants. Under the agreements, the covenants are
monitored on a regular basis to ensure compliance with these agreements.
Net gearing ratio:
Gearing ratio calculated below compares debt to equity where a debt is deined to be the sum of long-term and
short-term liabilities and equity includes all capital and reserves of the Group excluding non-controlling interests.
IN EUR THOUSAND 2021 2020
Debt 5,579,815 4,182,128
Equity 4,106,830 2,263,202
Gearing ratio 136% 185%
The Net loan to value (value is the fair value of the properties) ratio of CTP properties (calculated as a share
of interest-bearing loans from inancial institutions and bonds issued adjusted for cash and cash equivalents
available as per 31 December of the respective year on investment property, investment property under
construction and plant and equipment) is approximately 43% at 31 December 2021 (2020 – 51%) that is seen as
appropriate within the inancial markets where CTP is operating.
As the properties are leased for a long period and CTP agreed with its inancial institutions long-term inancing,
CTP expects to fulill inancial covenants in the future.
Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will afect
CTP’s income or the value of its holding of inancial instruments. The objective of market risk management is to
manage and control market risk exposure within acceptable parameters while optimizing the return.
Foreign currency risk
Currency risk is managed mainly by making, when possible, investments in the same currency as the inancing
sources utilized. The currency risk during the period of repayment of liabilities to third parties is usually ofset
by generating revenues denominated in the same underlying currency. CTP pays for construction of buildings
in local currency and therefore has foreign currency risk during the construction period. CTP uses derivative
inancial instruments (FX forwards) to hedge against the exposure to foreign currency risk arising on forecast
transactions.
As at 31 December 2021 CTP analyzed the impact of the foreign exchange rate variances on its assets and
liabilities and on its statement of comprehensive income. The impact would not be signiicant as a majority of
inancial instruments is denominated in EUR.
Foreign currency exchange risk is limited and arises from recognized monetary assets and liabilities. Below we
disclose the currency risk based on the functional currency (EUR) of the operating subsidiaries of the Group.
318
2021
IN EUR THOUSAND CZK RON PLN HUF USD TOTAL
Trade and other receivables 33,981 24,934 12,901 13,455 33,900 119,171
Cash and cash equivalents 12,940 5,385 240 7,205 -- 25,770
Financial derivatives -- -- -- 129 -- 129
Total financial assets 46,921 30,319 13,141 20,789 33,900 145,070
Trade and other payables -76,842 -38,471 -1,928 -7,845 -- -125,086
Total financial liabilities -76,842 -38,471 -1,928 -7,845 -- -125,086
Net position -29,921 -8,152 11,213 12,944 33,900 19,984
FX hedge -- -- -- -- -- --
Net position after FX hedge -29,921 -8,152 11,213 12,944 33,900 19,984
2020
IN EUR THOUSAND CZK RON PLN HUF USD TOTAL
Trade and other receivables 12,605 21,163 478 2,704 -- 36,950
Cash and cash equivalents 5,823 9,933 1,144 1,414 -- 18,314
Total financial assets 18,428 31,096 1,622 4,118 -- 55,264
Financial derivatives -52 -- -- -- -- -52
Interest-bearing loans and borrowings
incl. loans from related parties
-- -1,623 -- -- -- -1,623
Trade and other payables -95,724 -27,183 -217 -6,907 -- -130,031
Total financial liabilities -95,776 -28,806 -217 -6,907 -- -131,706
Net position -77,348 2,290 1,405 -2,789 -- -76,442
FX hedge 10,000 -- -- -- -- 10,000
Net position after FX hedge -67,348 2,290 1,405 -2,789 -- -66,442
Sensitivity analysis
A strengthening / (weakening) of EUR, as indicated below, against other currencies at the reporting date would
have increased / (decreased) the equity by the amounts shown in the following table. This analysis is based on
foreign currency exchange rate variances that the Group considered to be reasonably likely at the end of the
reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant.
2021 2020
Net position on financial assets and liabilities denominated in EUR 19,984 -66,442
Effect on profit or loss and on equity of:
CZK weakening by 5% -1,496 -3,367
CZK strengthening by 5% 1,496 3,367
RON weakening by 5% 408 115
RON strengthening by 5% -408 -115
USD weakening by 5% 1,695 N/A
USD strengthening by 5% -1,695 N/A
PLN weakening by 5% 561 70
PLN strengthening by 5% -561 -70
HUF weakening by 5% 647 -139
HUF strengthening by 5% -647 139
Interest rate risk
The interest rate risk arises mainly from the loating interest rates applicable to debt inancing. Bank loans
usually have lexible interest rates based on EURIBOR or PRIBOR rates for the reference period from 1 months
to 6 months increased by a ixed margin. In 2021 and 2020, CTP entered into transactions with the inancial
institutions to hedge the interest rate risk (refer to Note 30). CTP mitigated the interest rate risk by holding
interest rate swaps in 2021 and 2020.
The interest rate proile of the Group’s interest-bearing inancial instruments as reported to the management of
the Group is as follows.
319
Fixed-rate instruments
2021 2020
Receivables due from related parties 47,652 42,091
Loans owed to related parties -18 -37,171
Bonds issued -3,381,692 -1,041,971
Bank loans with fixed interest rate -1,047,636 -401,647
Bank loans covered by IRS -61,303 -1,648,904
Variable- rate instruments
2021 2020
Loans not covered by IRS -29,659 -315,344
Sensitivity analysis
A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased
(decreased) proit by the amounts shown below. This analysis assumes that all other variables, in particular
foreign currency exchange rates, remain constant.
1.1.2021 - 31.12.2021 INTEREST RATE SENSITIVITY ANALYSIS OF BANK LOANS AND BORROWINGS
IN EUR THOUSAND BANK LOANS
COVERED BY INTER-
EST RATE SWAPS
AND FIXED RATE % HEDGE
LOANS WITH
VARIABLE
INTEREST
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
INCREASE
BY 25BP
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
DECREASE
BY 25BP
Interest-bearing loans and borrowings 1,138,598 1,108,939 97.4% 29,659 -74 74
Total 1,138,598 1,108,939 97.4% 29,659 -74 74
1.1.2019 - 31.12.2020 INTEREST RATE SENSITIVITY ANALYSIS OF BANK LOANS AND BORROWINGS
IN EUR THOUSAND BANK LOANS
COVERED BY INTER-
EST RATE SWAPS
AND FIXED RATE % HEDGE
LOANS WITH
VARIABLE
INTEREST
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
INCREASE
BY 25BP
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
DECREASE
BY 25BP
Interest-bearing loans and borrowings 2,365,895 2,050,551 86.7% 315,344 -788 788
Total 2,365,895 2,050,551 86.7% 315,344 -788 788
1.1.2019 - 31.12.2020 INTEREST RATE SENSITIVITY ANALYSIS OF BANK LOANS AND BORROWINGS
IN EUR THOUSAND BANK LOANS
COVERED BY INTER-
EST RATE SWAPS
AND FIXED RATE % HEDGE
LOANS WITH
VARIABLE
INTEREST
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
INCREASE
BY 25BP
EFFECT ON RESULT
IN CASE OF
INTEREST RATE
DECREASE
BY 25BP
Interest-bearing loans and borrowings 2,365,895 2,050,551 86.7% 315,344 -2,105 2,105
Total 2,365,895 2,050,551 86.7% 315,344 -2,105 2,105
Liquidity risk
Liquidity risk is the risk that CTP will not be able to meet its inancial obligations as they fall due. With respect
to the nature of its business and its assets, CTP is naturally exposed to a certain amount of liquidity risk. CTP
manages liquidity risk by constantly monitoring forecast and actual cash low, inancing its investment property
portfolio by long-term inancing, and reinancing where appropriate, and to use the rent income to settle the
short-term liabilities.
The table set out below shows liabilities at 31 December 2021 and 31 December 2020 by their remaining
contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and
exclude the impact of netting agreements.
320
2021 CONTRACTUAL CASH FLOWS
IN EUR THOUSAND UNTIL 3 MONTHS 3 - 12 MONTHS BETWEEN 1 -5 YEARS OVER 5 YEARS TOTAL
Interest-bearing loans and borrowings 10,398 31,105 205,759 1,045,668 1,292,930
Bonds issued 3,750 32,500 1,994,359 1,547,978 3,578,587
Loans to related parties -- 1 19 -- 20
Derivative financial liabilities -- -- -- -- --
Lease liabilities 299 801 2,842 11,277 15,219
Trade and other payables incl. corporate income tax liability 245,513 7,911 52,721 -- 306,145
Total 259,960 72,318 2,255,700 2,604,923 5,192,901
2020 CONTRACTUAL CASH FLOWS
IN EUR THOUSAND UNTIL 3 MONTHS 3 - 12 MONTHS BETWEEN 1 -5 YEARS OVER 5 YEARS TOTAL
Interest-bearing loans and borrowings 21,216 119,254 673,188 1,775,341 2,588,999
Bonds issued 4,298 12,895 1,118,775 -- 1,135,968
Loans to related parties -- 2,673 37,722 -- 40,395
Derivative financial liabilities 1,706 5,064 24,911 2,722 34,403
Lease liabilities 153 240 1,054 4,555 6,002
Trade and other payables incl. corporate income tax liability 172,656 15,423 18,128 -- 206,207
Total 200,029 155,549 1,873,778 1,782,618 4,011,974
Fair value
Fair value is deined as the price that would be
received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants
at the measurement date. Fair values are obtained, as
appropriate, from quoted market prices, discounted
cash low projections and other valuation models.
To estimate the fair value of individual classes of
inancial instruments, the following methods and
assumptions are used:
Cash and cash equivalents, short-term
investments
The book value of cash and other short-term
investments approximates their fair value, as these
inancial instruments have a relatively short maturity.
Receivables and payables
The book value of short-term receivables and payables
approximates their fair value, as these inancial
instruments have a short maturity.
Short-term loans
The book value approximates their fair value, as these
instruments have a loating interest rate and a short
maturity.
Long-term loans
The book value of long-term loans and other liabilities
with diferent interest rates approximates their fair
values.
Bond
The fair value of bond issued as at 31 December 2021
is of EUR 3,385,163 thousand (2020 – EUR 1,092,358
thousand). For details refer to Note 27.
Derivatives
The fair value of derivatives is based on their market
value.
Investment property and Investment property
under development
Investment property and Investment property under
development are stated at fair value. For details refer
to Note 17 and Note 18.
Global health pandemic (COVID-19) assessment
Overall, whilst we will of course be adversely afected
by the disruption to normal life caused by COVID-19
related measures, after 2 years with COVID-19 we
believe that CTP is well placed to withstand these with
limited impact on our inancial position.
In general, economies are on its way to recovery from
the pandemic-induced recession. Economies are set to
recover to its pre-pandemic levels during next year(s).
However, economies are still impacted by supply
chain disruption and high energy prices. This impacts
forecasted GDP growth and inlation.
Although the impact of the Covid-19 is incorporated in
the igures as at and for the year ended 31 December
2021, Covid-19 can impact CTP in the period after
31 December 2021. However, based on the current
assessment we believe that the impact on CTP will be
limited.
Associated with the COVID-19 virus, we have
considered possible events and conditions for
the purpose of identifying whether these events
and conditions afect, or may afect the future
performance of the company. In making this
assessment, we have considered:
(i) the period up to 12 months after the end of the
reporting period, as well as for
(ii) the period up to 12 months after the date of this
report.
We assessed the following risks:
• Changes in demand of the company’s products
/ services; CTP experienced an ongoing demand
for new developments and take up of leases for
its space.
• Signals of deterioration of credit risk and
payment behavior of debtors; whilst at the
beginning of the Covid pandemic there was a
lot of uncertainty as regards the predictability
of the rental collection, during 2020 CTP
experienced no material hick-ups in its rental
collection. More speciically, 98% of receivables
were paid within the contracted payment period.
• Disruptions in the (inter-) national supply chains;
instead we recorded an increase in demand for
space as a result of this trend.
• Signals of change in payment terms required by
creditors; as stated above, after an initial period
of unpredictability in this respect, during which
time a limited number of tenants contacted CTP
for rental freeze (which were declined by us), the
payment discipline of our tenants kept its normal
pattern.
321
• Disruptions in the company’s core processes
(construction/ property management / oices
/ work force etc.); apart from some initial
minor delays in construction activities due to
workers staying at home due to the pandemic,
our construction was resumed to normal pace
quickly. In hindsight and when reviewing its full
efect, no material disruptions were recorded.
• Issues with providers of inancing / loan
covenants / credit facilities; as a result of
changes in the structure of our bond/bank
inancing, CTP repaid in 2021 bank loans in the
amount of 1.8 million and successfully issued
senior unsecured bonds in nominal amount of
EUR 2,500 million. Another bond in the amount
of EUR 700 million was issued in January 2022.
This provided another indicator of CTP’s sound
inancial position and trust of investors. Although
change in structure of CTP inancing has a positive
impact on meeting bank conditions, CTP wishes to
maintain its solid bank relationships by making sure
that core relationship banks can beneit through
ofering fee-based banking services to the Group.
CTP maintains its solid bank relationships by making
sure that core relationship banks can beneit through
ofering fee-based banking services to the Group. As
a result of above, the Group received syndicated bank
loan of EUR 0.6 million in September 2021
We expect COVID-19 to have negative but also positive
efects (such as an increase demand for our premises
in suitable e-commerce locations due to move from
classic retailers to e-commerce). Furthermore, we
expect that manufacturing locations will be located
closer to the consumption end of the European
supply chains due to the trend of diversiication of
manufacturing locations, which will lead to an increase
of the demand for new space. Therefore, on balance
we believe that for CTP positive efects will prevail
in the mid-term. During 2021 CTP experienced no
liquidity issues with tenants. CTP’s business proile is
resilient as it beneits from a very diversiied portfolio
(in terms of both geographical locations and tenants).
CTP has no dependence on any single individual
tenant or location in isolation.
The independent valuers of the industrial portfolio did
not include a material valuation uncertainty statement
in the valuations as per 31 December 2021, which
conirms that the appraiser has suicient market
evidence and the estimation uncertainty is comparable
to the period before the outbreak of COVID-19.
The management is convinced that the current
uncertainties related to the COVID-19 virus do
not impact the presented Consolidated inancial
statements as per 31 December 2021.
CTP is not aware of any other events that have
occurred since the statement of inancial position date
that would have a material impact on these inancial
statements as at 31 December 2021 particularly also
in respect of the going-concern assumption covering
the 12 months period after the day of this report.
36. Contingent
liabilities
Issued guarantees
Under Guarantee agreements concluded following
the sale of a portfolio A, CTP Invest, spol. s r.o. and
CTP CEE Properties, spol. s r.o. provided speciic
guarantees to the buyer of the entities being
the companies established by Deka Immobilien
Investment GmbH and WestInvest Gesellschaft ür
Investmentfonds GmbH.
The speciic guarantees include (i) Rental Guarantee
(Vacant Premises, Rent Shortfall, Outstanding
Tenant Incentives) (ii) Tenant Guarantees (Default,
Break Options, Non-Solicitation) and (iii) Technical
Guarantee (for the quality of the buildings). The
duration of the guarantees is until 15 November
2028, unless they terminate earlier pursuant to the
agreement.
During 2020 Raifeisenbank a.s. issued a bank
guarantee on behalf of the Group in favor of
BOHEMIA SHELFCO 2018 S.R.O. in the amount of
EUR 848 thousand. The bank guarantee relates
to the warranty under the General Agreement for
the delivery of a turn-key project in Stříbro, Czech
Republic and terminates on 3 June 2022.
Contracted work
As at 31 December 2021, the Group has contracted
work with external suppliers related to realization of
construction project, which is not performed at the
year-end of EUR 314,240 thousand (2020 – EUR
172,595 thousand).
322
37. Pledges
Shares, receivables, future receivables and other assets in some of the subsidiaries are pledged in favor of the
inancing institutions for securing the bank loans received by them. As at the date of these inancial statements
the assets in the following companies are pledged:
COMPANY PLEDGE IN FAVOUR OF
CTP Moravia South, spol. s r.o. Komerční banka, a.s. (as agent) + others
CTP Portfolio Finance Czech B.V. Aareal Bank AG
CTP Slovakia, s. r. o. Tatra banka, a.s.
CTPark Alpha Kft. Unicredit Bank Hungary Zrt.
CTPark Arrabona Kft. Unicredit Bank Hungary Zrt.
CTPark Bor, spol. s r.o. Aareal Bank AG
CTPark Brno I, spol. s r.o. Komerční banka, a.s. (as agent) + others
CTPark Brno II, spol. s r.o. Komerční banka, a.s. (as agent) + others
CTPark Čierny Les, spol. s r.o. Tatra banka, a.s.
CTPark Modřice, spol. s r.o. Aareal Bank AG
CTPark Námestovo spol. s r.o. Tatra banka, a.s.
CTPark Ostrava, spol. s r.o. Komerční banka, a.s. (as agent) + others
CTPark Prague East, spol. s r.o. Komerční banka, a.s. (as agent) + others
CTPark Seven Kft. Unicredit Bank Hungary Zrt.
CTP Germany II GmbH Volksbank Jever eG
38. Subsequent events
On 20 January 2022, the Company CTP N.V. issued EUR 700 million unsecured bonds in nominal value of EUR
100,000 each. The bonds are issued as subordinated, with ix interest rate 0.875% per annum (“p.a.”) and bonds
are due on 20 January 2026. The ISIN of the bonds is XS2434791690. There are no covenants related to the
bonds.
On 24 January 2022, the Group has repaid bonds from the irst emission occurred in October 2020 in the
nominal value of EUR 168,189 thousand.
On 28 January 2022, the Group has received 98.17% shareholder support for its voluntary public takeover
and delisting ofer (the “Ofer”) for and contemplated merger with Deutsche Industrie REIT-AG (now named
Deutsche Industrie Grundbesitz AG) (“DIR”). This includes a further 10.39% of the shares in DIR (“the DIR
Shares”) tendered during the additional acceptance period and a DIR shareholder with 4.67% of DIR Shares
expressing support for the merger. A further 12.60% of DIR Shares was previously secured for the merger via
non-tender commitments.
The expected impact of acquisition on consolidated inancial statements is as follows:
IN EUR THOUSAND ACQUISITION
Investment property 828,631
Cash and cash equivalents 9,355
Trade and other receivables 106,796
Assets held for sale 10,183
Total assets 954,966
Trade and other liabilities -32,350
Bond liabilities -206,961
Interest bearing loans -234,914
Total liabilities -474,226
Net assets acquired 480,740
323
The total number of DIR Shares tendered in the Ofer is in aggregate 25,951,833 DIR Shares, corresponding
to approximately 80.90% of the outstanding share capital in DIR. Additionally, a DIR shareholder, holding
1,498,505 DIR Shares, has expressed its support for the transaction and the intention to vote in favour of
the contemplated cross-border merger at the extraordinary general meeting of DIR. Entering into non-tender
agreements, CTP also secured the support of 4,041,958 DIR Shares held by DIR’s largest shareholder for the
cross-border merger (12.60% of the outstanding DIR Shares), resulting in total support for the transaction of
98.17% as illustrated in the table below:
NUMBER OF SHARES % OF TOTAL DIR SHARES
Share consideration 25,937,060 80.85%
Cash consideration 14,773 0.05%
Total DIR Shares tendered 25,951,833 80.90%
Non-tender agreements 4,041,958 12.60%
Statement of intent 1,498,505 4.67%
Total shareholder support 31,492,296 98.17%
Closing and settlement of the Ofer, in which CTP is ofering either a cash consideration of EUR 17.12 or a share
consideration of 1.25 shares in the share capital of CTP (the “CTP Shares”) for each tendered DIR Share (the
“Share Consideration”), is expected to take place on 3 February 2022. During the acceptance period, a total of
25,937,060 tendered DIR Shares opted for the Share Consideration. Accordingly, a total of 32,421,325 CTP
Shares will be issued, which will result in an increase of the total number of issued CTP Shares to 432,814,135
and representing an increase of 8.10% of CTP’s issued share capital. As a result, the stake of its founder and
CEO, Remon Vos, will reduce to c.76.91%.
On 1 January 2022, the entities CTPark Bor II, spol. s r.o. and CTPark Bor III, spol. s r.o. were incorporated by
spin-of from CTP Alpha, spol. s r.o. The part of the assets was transferred from CTP Alpha, spol, s r.o. to these
entities according to the project prepared on 16 November 2021. Subsequently CTPark Bor III, spol. s r.o. was
transferred from CTP Industrial Property, spol. s r.o. to CTPark Bor, spol. s r.o. on 21 February 2022.
In 2022, the entity CTP Delta B.V. was renamed to CTPark Bremen B.V.
In 2022, the Group wound up subsidiary CTP Property Serbia, spol. s.r.o.
CTP is not aware of any other events that have occurred since the statement of inancial position date that
would have a material impact on these inancial statements as at 31 December 2021.
Amsterdam, 8 March 2022
Remon L. Vos Richard J. Wilkinson
Barbara Knolach Gerard van Kesteren
Susanne Eickermann-Riepe Pavel Trenka
324
325
COMPANY FINANCIAL STATEMENTS
326
Company balance sheet
As at 31 December
IN EUR THOUSAND NOTE 31 DECEMBER 2021 31 DECEMBER 2020
Assets
Property, plant & equipment 35 --
Intangible assets 30 --
Investments in group companies 4 3,424,436 2,262,021
Long-term receivables due from related parties 15 3,281,737 737,922
Deferred tax asset 14 5,049 --
Total non-current assets 6,711,287 2,999,943
Trade and other receivables 2,777 493
Trade and other receivables from related parties 15 28,059 --
Cash and cash equivalents 10 766,674 307,154
Total current assets 797,510 307,647
Total assets 7,508,797 3,307,590
Issued capital 64,063 53,760
Share premium reserve 2,661,979 1,858,460
Legal reserve on participating interest 2,488,095 1,586,323
Translation reserve 10,716 14,458
Retained earnings -2,143,959 -1,676,396
Result for the year 1,025,936 426,597
Total equity 5 4,106,830 2,263,202
Liabilities
Long-term payables 3,615 --
Bonds issued 6 3,368,202 1,041,971
Total non-current liabilities 3,371,817 1,041,971
Bonds issued 6 13,490 --
Trade and other payables to related parties 15 15,280 --
Trade and other payables 1,380 2,417
Total current liabilities 30,150 2,417
Total liabilities 3,401,967 1,044,388
Total equity and liabilities 7,508,797 3,307,590
327
Company income statement
IN EUR THOUSAND NOTE 31 DECEMBER 2021
PERIOD FROM
21 OCTOBER 2019
TO 31 DECEMBER 2020
Other income 11 15,681 --
Administration costs 12 -21,164 -7,649
Net other income / expenses -5,483 -7,649
Net loss before finance costs -5,483 -7,649
Interest income 13 53,463 3,815
Interest expense -32,198 -4,178
Other financial expense -20,016 -1,107
Net finance income / expenses 13 1,249 -1,470
Result from participating interest 1,025,147 435,716
Result before income tax 1,020,913 426,597
Income tax expense 14 5,023 --
Result for the year 1,025,936 426,597
1. General information
The company inancial statements are part of the 2021 inancial statements of CTP N.V. (the “Company”).
The principal operation of the Company is the exploitation of investment property throughout Europe, in the
Czech Republic, Romania, Hungary, Slovakia, Serbia and Poland through its subsidiaries.
2. Principles for measurement of assets and
liabilities and determination of result
The company inancial statements have been prepared in accordance with Title 9, Book 2 of the Dutch Civil Code.
For setting the principles for the recognition and measurement of assets and liabilities and determination of
results for the company inancial statements, the Company makes use of the option provided in section 2:362(8)
of the Dutch Civil Code. This means that the principles for the recognition and measurement of assets and
liabilities and determination of the result (hereinafter referred to as principles for recognition and measurement)
of the company inancial statements of the Company are the same as those applied for the consolidated
EU-IFRS inancial statements. These principles also include the classiication and presentation of inancial
instruments, being equity instruments or inancial liabilities. In case no other principles are mentioned, refer to
the accounting principles as described in the consolidated inancial statements. For an appropriate interpretation
of these inancial statements, the separate inancial statements should be read in conjunction with the
consolidated inancial statements.
All amounts in the company inancial statements are presented in EUR thousand, unless stated otherwise.
Participating interests in group companies
Participating interests in group companies are accounted for in the company inancial statements according to
the equity method. Refer to the basis of consolidation accounting policy in the consolidated inancial statements.
328
Result of participating interests
The share in the result of participating interests consists of the share of the Company in the result of these
participating interests. Results on transactions, where the transfer of assets and liabilities between the
Company and its participating interests and mutually between participating interests themselves, are not
incorporated insofar as they can be deemed to be unrealised.
Impairment
The Company applies an ECL (expected credit loss) model. Under this approach, all inancial assets in the scope
of the impairment model of the Company generally carry a loss allowance – even those that are newly originated
or acquired.
Under the general approach, the measurement basis of Company’s assets, other than investment property,
investment property under development and deferred tax assets, depends on whether there has been a
signiicant increase in credit risk since initial recognition.
The Company bases the impairment calculation on its historical, observed default rates, and also takes into
account adjustments of forward-looking estimates that include the probability of a worsening economic
environment within the next years. At each reporting date, the Company updates the observed default history
and forward-looking estimates.
Loans provided
Loans are inancial assets with ixed or determinable payments that are not quoted in an active market. Such
assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are
subsequently measured at amortised cost using the efective interest method, less any impairment losses.
The Company classiies as a current portion any part of long-term loans that is due within one year from the
reporting date.
3. Financial reporting period and comparative
figures
CTP N.V. is founded on 21 October 2019 and has, according to the articles of association an extended inancial
year which ended at the balance sheet date of 31 December 2020. Therefore, the comparative inancial year of
CTP N.V. presents the period 21 October 2019 up to and included 31 December 2020.
CTP N.V. acquired CTP Property B.V. and CTP Invest, spol. s r.o. under common control. The company
inancial statements follow the legal requirements rather than the economic perspective of the common-
control transactions (refer to Note 3b to the consolidated inancial statements) therefore the common control
transactions are accounted for as of the date of incorporation of CTP N.V. The Company decided to re-
present its comparatives and adjust its current reporting period before the date of the transaction in case the
combination had occurred as at the date of incorporation.
4. Investments
in group companies
The Company has as at 31 December the following inancial interests in group companies:
SHARE IN ISSUED CAPITAL IN % AMOUNT
IN EUR THOUSAND 31 DECEMBER 2021 31 DECEMBER 2020 31 DECEMBER 2021 31 DECEMBER 2020
Participating interests 100.0% 100.0% 3,424,436 2,262,021
The Company holds 100% ownership interests in two subsidiaries – CTP Invest, spol. s r.o. with statutory seat in
the Czech Republic and CTP Property B.V. with statutory seat in the Netherlands.
329
The movements of the investment in group companies can be shown as follows:
IN EUR THOUSAND
PARTICIPATING
INTERESTS IN
GROUP COMPANIES TOTAL
Balance at 1 January 2021 2,262,021 2,262,021
Acquisitions -- --
Increase in investment - capital contribution 133,483 133,483
Share in result of participating interests - OCI 3,785 3,785
Share in result of participating interests 1,025,147 1,025,147
Balance at 31 December 2021 3,424,436 3,424,436
IN EUR THOUSAND
PARTICIPATING
INTERESTS IN
GROUP COMPANIES TOTAL
Balance at 21 October 2019 1,796,664 1,796,664
Acquisitions -- --
Increase in investment - capital contribution 450,466 450,466
Decrease in investments -285,978 -285,978
Returned contribution -12,102 -12,102
Dividends received -122,745 -122,745
Share in result of participating interests 435,716 435,716
Balance at 31 December 2020 2,262,021 2,262,021
As pooling of interest is applied the share in result of participating interest covers the period 21 October 2019 up
to and including 31 December 2020. This includes the result of CTP Invest, spol. s r.o. over the period 21 October
2019 (accounting date) and 27 January 2020 (transaction date) of EUR 69.6 million.
5. Shareholders’ equity
IN EUR THOUSAND
ISSUED
CAPITAL
SHARE
PREMIUM
RESERVE
LEGAL
RESERVE
FOR PAR-
TICIPATING
INTEREST
TRANS-
LATION
RESERVE
RETAINED
EARNINGS
NET
PROFIT FOR
THE PERIOD
TOTAL
EQUITY
Balance as at 1 January 2021 53,760 1,858,460 1,586,323 14,458 -1,676,396 426,597 2,263,202
Increase of share capital 9,763 809,572 -- -- -- -- 819,335
Dividends 540 -6,053 -- -- -- -- -5,513
Increase of other legal reserve -- -- 901,772 -- -894,218 -- 7,554
Other -- -- -- -- 85 -- 85
Increase in share without change in control -- -- -- -- -27 -- -27
Translation reserve -- -- -- -3,742 -- -- -3,742
Appropriation of profit -- -- -- -- 426,597 -426,597 --
Net result for the year -- -- -- -- -- 1,025,936 1,025,936
Balance as at 31 December 2021 64,063 2,661,979 2,488,095 10,716 -2,143,959 1,025,936 4,106,830
330
IN EUR THOUSAND
ISSUED
CAPITAL
SHARE
PREMIUM
RESERVE
LEGAL
RESERVE
FOR PAR-
TICIPATING
INTEREST
TRANS-
LATION
RESERVE
RETAINED
EARNINGS
NET PROFIT
FOR THE
PERIOD
TOTAL
EQUITY
Balance as at 21 October 2019 -- 1,802,714 1,345,120 5,255 -1,356,425 -- 1,796,664
Increase of share capital 53,760 -53,560 -- -- -- -- 200
Increase of other legal reserve -- -- 241,203 -- -241,203 -- --
Result of CTP Invest, spol. s r.o. over the period 21 October 19 till 27 January 2020 -- 69,565 -- -- -69,565 -- --
Returned contribution -- -12,102 -- -- -- -- -12,102
Increase in share premium -- 51,843 -- -- -- -- 51,843
Translation reserve -- -- -- 9,203 -9,203 -- --
Net result for the year -- -- -- -- -- 426,597 426,597
Balance as at 31 December 2020 53,760 1,858,460 1,586,323 14,458 -1,676,396 426,597 2,263,202
Issued capital
As at 31 December 2021, the issued capital comprised of the following:
TYPE OF SHARES NO. OF SHARES NOMINAL VALUE OF SHARE ISSUED CAPITAL IN EUR
Ordinary shares 400,392,810 EUR 0.16 64,062,850
In 2018 and 2019, the issued capital consisted of 100 ordinary shares with nominal value of share of EUR 1.
In April 2020, based on approved change in Articles of association, the Company issued share capital amounted
to EUR 200 thousand divided into 20,000,000 shares with nominal value of EUR 0.01. Nominal value of share
was increased to EUR 0.16 per share and share capital increased to EUR 3,200 thousand.
In December 2020, an additional 316,000,000 shares were issued, with the nominal value of EUR 0.16 per share.
As at 31 December 2020, the issued capital comprised of the following:
TYPE OF SHARES NO. OF SHARES NOMINAL VALUE OF SHARE ISSUED CAPITAL IN EUR
Ordinary shares 336,000,000 EUR 0.16 53,760,000
As at 29 March 2021, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share.
As at date of issuance of new shares, on 29 March 2021, the Company has emitted its shares on Amsterdam’s
stock exchange.
On 17 August 2021, CTP N.V. announced a H1 2021 interim dividend of EUR 0.17 per share. Shareholders were
given the choice to receive the interim dividend either in cash or shares.
The number of dividend rights that entitles to 1 new ordinary CTP share has been set at 108. The conversion
ratio is based on the volume-weighted average price of the CTP share during the period from 26 August up to
and including 30 August 2021.
Shareholders representing 92% of the total number of outstanding ordinary shares have chosen to receive the
dividend in stock, while shareholders representing 8% of the total number of outstanding ordinary shares opted
for payment in cash.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of outstanding ordinary shares increased by 3,375,810 to a total of 400,392,810 shares. The
payment date for the dividend payment in cash and delivery of the ordinary shares has been set on 22 September
2021.
331
As at date of issuance of new shares, on 29 March 2021, the Company has emitted its shares on Amsterdam’s
stock exchange.
Share premium reserve
The share premium concerns the income from the issuing of shares in so far as this exceeds the nominal value of
the shares (above par income).
Share premium as per 21 October 2019 of EUR 1,802.7 million consists of the book value of CTP Property B.V.
(EUR 951.8 million) and CTP Invest, spol. s r.o. (EUR 850.9 million). The book value of CTP Invest, spol. s r.o. at
the transaction date (27 January 2020) is EUR 920.5 million. As pooling of interest has been applied the result
over the period 21 October 2019 (accounting date) and 27 January 2020 (transaction date) of EUR 69.6 million
of CTP Invest, spol. s r.o. is shown in the movement schedule of equity as transfer of retained earnings to share
premium. The existing legal reserves are transferred as at 21 October 2019 and movements are shown since that
date.
In 2021, after emission of shares on Amsterdam’s stock exchange, there is an increase of EUR 809,572
thousand, which comprise of EUR 844,476 thousand of cash acquired and capitalised IPO costs of EUR 34,904
thousand.
Increase in Share premium as at 30 September 2021 of EUR 61,439 thousand is connected with announced
interim dividends, which were paid in form of new shares.
Legal reserve for participating interest
Other legal reserves which amount to EUR 2,488,095 thousand (2020 – EUR 1,586,323 thousand) consists
as per 31 December 2021 solely out of a legal reserve for participating interests and pertains to participating
interests that are accounted for according to the equity accounting method. The reserve represents the
diference between the participating interests’ retained proit and direct changes in equity, as determined on the
basis of the Company’s accounting policies, and the share thereof that the Company may distribute.
The acquisition of the participations in CTP Property B.V. and CTP Invest, spol. s r.o. including its subsidiaries
from related party Multivest B.V. under a common control transaction occurred in 2019 and 2020. The legal
reserve signiicantly increased as the valuation gain on this portfolio was transferred from the retained earnings.
The shares thereof the Company may distribute takes into account any proits that may not be distributable by
participating interests that are Dutch limited companies based on the distribution tests to be performed by the
management of those companies. The legal reserves are determined on an individual basis.
Net result for the year
Net result for the year consists of share in result of participating interest, administration cost and net inance
expense.
At the General Meeting, the following appropriation of the result 2021 will be proposed: addition of the amount of
EUR 1,025,936 thousand to the retained earnings.
6. Bonds issued
Current period
BOND
ISSUANCE DATE ISIN
NOMINAL
VALUE
OF TOTAL
BONDS ISSUED
IN EUR
NOMINAL
VALUE
OF EACH
BOND CURRENCY TYPE
FIX INTEREST
RATE PER
ANNUM
("P.A")
MATURITY
DATE
FAIR VALUE
OF BONDS
IN TEUR
27 Sept 2021 XS2390530330 500,000,000 100,000 EUR senior unsecured 0.625% 27 Sept 2026 494,545
27 Sept 2021 XS2390546849 500,000,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 485,270
21 June 2021 XS2356029541 500,000,000 100,000 EUR senior unsecured 0.500% 21 June 2025 498,545
21 June 2021 XS2356030556 500,000,000 100,000 EUR senior unsecured 1.250% 21 June 2029 490,725
18 Feb 2021 XS2303052695 500,000,000 100,000 EUR senior unsecured 0.750% 18 Feb 2027 486,940
27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 404,296
1 Oct 2020 XS2238342484 500,002,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 524,842
Total 3,400,002,000 3,385,163
332
Prior period
BOND
ISSUANCE DATE ISIN
NOMINAL
VALUE
OF TOTAL
BONDS ISSUED
NOMINAL
VALUE
OF EACH
BOND CURRENCY TYPE
FIX INTEREST
RATE PER
ANNUM
("P.A")
MATURITY
DATE
FAIR VALUE
OF BONDS
IN TEUR
27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 403,228
1 Oct 2020 XS2238342484 650,000,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 689,130
Total 1,050,000,000 1,092,358
On 29 September 2021, the Group has repaid bonds from the irst emission occurred in October 2020 in the
nominal value of EUR 149,998 thousand.
IN EUR THOUSAND 31 DECEMBER 2021 21 OCTOBER 2019 - 31 DECEMBER 2020
Non-current and current liabilities
Bonds issued - nominal value 3,550,000 1,050,000
Repayment of bonds – nominal value -149,998 --
Nominal value after payment 3,400,002 1,050,000
Interest expense 13,490 3,682
Discount applied -27,878 -8,605
Amortisation of applied discount 3,796 345
Bond issuance costs -9,200 -3,602
Amortisation of bond issuance costs 1,482 151
Balance at 31 December 3,381,692 1,041,971
In 2021, the Company has replaced revolving credit facility from the year 2020 by new revolving credit facility of
EUR 400,000 thousand for a three-year period. The Company does not expect a drawdown either partial or for
the full amount under this facility in 2022.
In December 2020, CTP N.V. has concluded the agreement with Raifeisen International Bank A.G. for providing
the EUR 100,000 thousand revolving facility to the Company. As at 31 December 2021 and 31 December 2020,
the revolving facility was not used for inancing of the Group.
7. Financial instruments
General
The Group has exposure to the following risks from its use of inancial instruments:
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a
inancial loss to CTP.
Credit risk concentration:
IN EUR THOUSAND 2021 2020
Amounts due from banks 766,674 307,154
Amounts due from related parties 3,309,796 737,922
Amounts due from third parties 2,777 493
Total 4,079,247 1,045,569
333
Liquidity risk
Liquidity risk is the risk that company will not be able to meet its inancial obligations as they fall due. With respect to the nature of its
business and its assets, the Company is naturally exposed to a certain amount of liquidity risk.
2021 CONTRACTUAL CASH FLOWS
IN EUR THOUSAND UNTIL 3 MONTHS 3 - 12 MONTHS BETWEEN 1 -5 YEARS OVER 5 YEARS TOTAL
Bonds issued 3,750 32,500 1,994,359 1,547,978 3,578,587
Trade and other payables incl. corporate income tax liability 16,660 -- 3,615 -- 20,275
Total 20,410 32,500 1,994,674 1,547,978 3,598,862
2020 CONTRACTUAL CASH FLOWS
IN EUR THOUSAND UNTIL 3 MONTHS 3 - 12 MONTHS BETWEEN 1 -5 YEARS OVER 5 YEARS TOTAL
Bonds issued 4,298 12,895 1,118,775 -- 1,135,968
Trade and other payables incl. corporate income tax liability 2,417 -- -- -- 2,417
Total 6,715 12,895 1,118,775 -- 1,138,385
Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will afect CTP’s income or the
value of its holding of inancial instruments. The objective of market risk management is to manage and control market risk exposure within
acceptable parameters while optimizing the return. CTP N.V. is not subject of interest rate risk, nor foreign currency risks, as all loans
provided are with ixed interest rate and in functional currency of the Group EUR.
In the notes to the consolidated inancial statements information is included about the Group’s exposure to each of the above risks, the
Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital.
8. Off-balance sheet assets and liabilities
In 2021 and 2020, the Company has no of-balance sheet assets, nor liabilities to be presented in these inancial statements.
9. Trade and other payables
Trade and other payables consist of arrangement fees, accruals for legal, tax and audit services.
10. Cash and cash equivalents
Cash and cash equivalents of EUR 766,674 thousand (2020 – EUR 307,154 thousand) consist of petty cash, cash at bank balances, including
cash acquired from bond issuance and cash on deposit account.
11. Other income
Other income of EUR 15,681 thousand represents license fee invoiced to the companies in the Group.
334
12. Operational expenses
IN EUR THOUSAND 31 DECEMBER 2021 21 OCTOBER 2019 - 31 DECEMBER 2020
Administrative expenses, legal, tax and audit 21,164 7,649
Total 21,164 7,649
Operational expenses consist of wages, salaries, and management fees.
For details related to audit fees, please refer to table below. Only audit services were provided to the Group.
Audit fees
The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consolidated
companies, as referred to in Section 2.382a (1) and (2) of the Dutch Civil Code:
IN EUR THOUSAND FOR 2021 KPMG ACCOUNTANTS N.V. OTHER KPMG NETWORK TOTAL KPMG
Audit fees 198 373 571
IPO costs 413 -- 413
Other services 94 -- 94
Total 705 373 1,078
Other services comprise expenses related IPO advisory services.
IN EUR THOUSAND FOR 2020 KPMG ACCOUNTANTS N.V. OTHER KPMG NETWORK TOTAL KPMG
Audit fees 173 799 972
Other services -- -- --
Total 173 799 972
13. Net finance income/expense
IN EUR THOUSAND 31 DECEMBER 2021 21 OCTOBER 2019 - 31 DECEMBER 2020
Interest income from related parties 53,463 3,815
Finance income 53,463 3,815
Bond interest expenses -26,120 3,682
Bond Issuance costs amortisation -6,078 496
Other financial expense -20,016 1,107
Finance costs -52,214 5,285
Net finance income / expense 1,249 -1,470
Other inancial expenses consist of bank fees of EUR 1,732 thousand (2020 – EUR 1 thousand), inancing fees of
EUR 14,777 thousand (2020 – EUR 1,106 thousand) and exchange rate diferences of EUR 3,507 thousand (2020 –
EUR 0 thousand).
335
14. Income taxes
No Dutch current income taxes have been recorded, primarily because of the participation exemption in 2020.
In 2021, withholding tax was paid of EUR 26 thousand. Deferred tax asset was recognized in 2021 of EUR 5,049
thousand.
15. Related parties
In periods as of 31 December 2021 and 21 October 2019 up to 31 December 2020 the Group had the following
interest income with related parties:
31 DECEMBER 2021
21 OCTOBER 2019 -
31 DECEMBER 2020
IN EUR THOUSAND REVENUES EXPENSES REVENUES EXPENSES
CTP Industrial Property CZ, spol. s r.o. 6,880 -- -- --
Spielberk Business Park, spol. s r.o. (formerly Spielberk Office Center, spol. s.r.o.) 2,875 -- 664 --
CTP Invest, spol. s r.o. 2,577 -- 111 --
CTPARK BUCHAREST WEST I SRL 2,215 -- 466 --
CTPARK ETA SRL 1,850 -- 0 --
CTPARK BUCHAREST SRL 1,669 -- 14 --
CTP Holding B.V. 1,588 -- 340 --
CTPark Bucharest A1 SRL 1,483 -- 121 --
CTPark Bratislava, spol. s r.o. 1,385 -- 300 --
CTPARK GAMMA SRL 1,329 -- 46 --
CTPARK BETA SRL 1,215 -- 12 --
CTPARK PHI SRL 1,156 -- -- --
CTPARK ZETA SRL 1,149 -- 7 --
CTP Vlněna Business Park, spol. s r.o. (formerly CTP Property XVII, spol. s.r.o.) 1,147 -- -- --
Spielberk Business Park II, spol. s r.o. (formerly CTP INVEST V, spol. s.r.o.) 1,094 -- 232 --
CTPARK BUCHAREST WEST II SRL (formerly H.E.E. (MERCURY) PROPRIETATI SRL) 875 -- 155 --
CTPark Košice, spol. s r. o. 808 -- 152 --
CTPark Nine Kft. 803 -- -- --
CTPark Biatorbágy Kft. 735 -- -- --
CTPARK ALPHA SRL 729 -- -- --
CTP CONTRACTORS SRL 724 -- -- --
CTPark Žilina Airport, spol. s r. o. 717 -- -- --
CTPark Eleven Kft. 694 -- -- --
CTP Property B.V. (formerly CTP Invest B.V.) 675 -- 49 --
CTP Alpha SK, spol. s r.o. 582 -- 91 --
CTP Zeta d.o.o. Beograd-Novi Beograd 575 -- 3 --
CTPARK PSI SRL 568 -- -- --
CTPARK BUCHAREST UPSILON SRL 563 -- -- --
CTPark Twelve Kft. 545 -- -- --
CTPark Prague North III, spol. s r.o. (formerly DUNSTAR a.s.) 543 -- 25 --
CTPark Fourteen Kft 519 -- -- --
CTPARK TAU SRL 514 -- -- --
CTP Beta B.V. 510 -- -- --
Other 12,172 -- 1,027 --
Total 53,463 -- 3,815 --
The revenues comprise interest on loan and borrowings provided to the subsidiaries.
336
As at 31 December 2021 and 31 December 2020, the Group has the following Long-term receivables due from
related parties:
IN EUR THOUSAND 2021 2020
CTP Industrial Property CZ, spol. s r.o.
824,173 --
CTP Invest, spol. s r.o.
144,285 5,448
CTPark Eighteen Kft.
133,266 --
CTPARK ETA SRL
89,685 --
Spielberk Business Park, spol. s.r.o. (formerly Spielberk Oice Center, spol. s.r.o.)
81,847 101,586
CTPARK BUCHAREST WEST I SRL
70,251 80,527
CTPark Bratislava, spol. s r.o.
64,488 48,913
CTPARK BUCHAREST SRL
58,224 10,235
CTP Vlněna Business Park, spol. s r.o. (formerly CTP Property XVII, spol. s r.o.)
57,480 --
CTPark Eleven Kft.
57,180 --
CTPARK GAMMA SRL
56,042 27,008
CTP Beta B.V.
54,560 --
CTPARK ZETA SRL
49,460 2,207
CTP CONTRACTORS SRL
49,099 --
CTPark Bucharest A1 SRL
46,721 20,936
CTPark Košice, spol. s r. o.
45,730 32,309
CTPark Brno Líšeň East, spol. s r.o. (formerly CTP Invest XX, spol. s r.o.)
44,841 3,785
CTPark Twelve Kft.
44,600 --
CTPARK THETA SRL
43,881 --
CTPARK PHI SRL
43,671 --
CTP Holding B.V.
42,318 25,730
CTPARK ALPHA SRL
42,289 --
CTPark Nine Kft.
35,855 --
CTPARK BETA SRL
35,033 8,983
CTP Alpha SK, spol. s r.o.
35,005 19,299
CTP Property B.V. (formerly CTP Invest B.V.)
34,502 35,831
CTPark Eta EOOD
31,219 --
CTPark Fourteen Kft
31,184 --
CTPARK PSI SRL
31,142 --
CTPark Žilina Airport, spol. s r. o.
31,017 --
Spielberk Business Park II, spol. s r.o. (formerly CTP INVEST V, spol. s r.o.)
28,791 35,463
CTPark Opole Sp. Z o.o. (formerly CTP Alpha Poland Sp. Z.o.o. )
26,597 12,228
CTP Invest Poland sp. Z o.o.
25,304 --
Amsterdam Logistic Cityhub B.V.
24,793 --
CTP IQ Ostrava, spol. s r.o.
24,319 --
CTP LAMBDA POLAND SP Z O.O.
23,848 --
CTPark Delta Kft.
23,178 --
CTPark Biatorbágy Kft.
22,808 --
CTPARK BUCHAREST WEST II SRL (formerly H.E.E. (MERCURY) PROPRIETATI SRL)
21,034 23,585
CTP Gamma GmbH
20,819 --
CTPARK OMEGA SRL
19,987 10,204
CTP Zeta doo Beograd-Novi Beograd
19,228 18,003
CTPARK TAU SRL
19,111 --
CTPARK BUCHAREST UPSILON SRL
19,072 --
CTPark Nineteen Kft.
19,036 --
CTP XXI, spol. s r.o. (formerly CTP Invest XXVIII, spol. s.r.o.)
18,445 --
CTP Alpha B.V.
18,222 --
CTPark Thirteen Kft
18,115 --
CTP Slovakia, s.r.o.
17,564 12,819
CTP Delta Poland Sp. z o.o.
15,779 --
CTPark Brno III, spol. s r.o. (formerly Bor Logistics, spol. s.r.o.)
15,023 --
CTPARK KAPPA SRL
14,062 --
CTPark Sixteen Kft.
13,718 --
CTPark Hlohovec, spol. s r.o. (formerly CTPark Nitra, s.r.o.)
12,743 14,973
CTPARK KM23 NORTH SRL
12,502 --
CTPARK DELTA SRL
12,339 9,814
CTPARK SIGMA SRL
12,323 10,429
337
Interest rate on long-term receivables due from related parties is 1.2% - 5.6% p.a. depending on purpose and
country speciic conditions.
IN EUR THOUSAND 2021 2020
CTP VIII, spol. s r.o. (formerly CTP Property XXXII, spol. s.r.o.)
11,751 --
CTP Delta doo Beograd-Novi Beograd
11,678 11,968
CTPark Gamma Kft.
11,598 11,384
CTPark Miu SRL
10,826 3,415
CTPark Beta Kft.
10,649 15,668
CTPark Delta EOOD
10,643 11,547
CTPark Seven Kft.
9,884 --
CTP Invest doo Beograd-Novi Beograd
9,743 --
CTPark Arrabona Kft.
9,566 --
CTP Zeta GmbH
9,109 --
CTP Gamma Poland Sp. z o.o.
9,057 --
CTPark Beta EOOD
8,517 --
CTPark Prague North III, spol. s r.o. (formerly CTPark Prague North III, a.s.)
8,495 12,675
CTP Alpha GmbH
8,474 --
CTPark Čierny Les, spol. s r.o. (formerly CTPark Žilina, spol. s.r.o.)
8,406 --
CTPark Plzeň, spol. s r.o. (formerly CTP Invest XIX, spol. s.r.o.)
8,392 --
CTPark Alpha Kft.
8,359 --
CTP Hotel Prague, spol. s r.o.
8,128 19,973
CTPark Prešov s.r.o. (formerly ABL Slovakia s.r.o.)
8,039 --
CTP Gamma doo Beograd-Novi Beograd
7,793 9,338
CTPark Gamma EOOD
7,617 --
CTPARK LAMBDA SRL
7,234 5,398
CTP Delta GmbH
7,189 --
CTP Mu Poland Sp. z o.o.
7,069 --
CTPark Seventeen kft.
7,067 --
CTPARK RHO SRL
6,837 2,613
CTPARK Zeta EOOD
6,573 --
CTP Property Czech, spol. s r.o
6,083 --
CTP Hotel Pilsen, spol. s r.o. (formerly 2P , s.r.o.)
5,938 12,541
CTPark Nove Mesto, spol. s.r.o.
5,647 --
CTPARK ZABRZE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOSCIA
5,590 --
CTP Gamma B.V.
5,558 --
CTPARK EPSILON SRL
4,996 --
CTPark Krásno nad Kysucou, spol. s r.o. (formerly CTP Beta SK, spol. s r.o.)
4,971 4,566
CTP Invest B.V.
4,888 --
CTPark Ten Kft.
4,887 --
CTP Management Hungary Kft.
4,786 --
CTPark Aš II, spol. s r.o. (formerly CTP XIX, spol. s r.o.)
4,437 4,733
CTPARK BUCHAREST II SRL (formerly CENTURA PROPERTY HOLDINGS S.A.)
4,305 4,455
CTP Sigma doo Beograd-Novi Beograd
3,959 --
CTP Phi doo Beograd-Novi Beograd
3,915 --
CTP Alpha doo Beograd-Novi Beograd
3,885 5,024
CTPark Trnava II, spol. s r.o. (formerly CTP Land SK, spol. s.r.o.)
3,844 --
CTP Forest, spol. s r.o. (formerly CTP Invest XXVI, spol. s.r.o.)
3,812 --
CTP Beta doo Beograd-Novi Beograd
3,067 3 964
CTPark Eight Kft.
2,703 --
CTPark Banská Bystrica, spol. s r.o.
2,350 --
CTPark Brno Líšeň II, spol. s r.o. (formerly CTP Invest XXIV, spol. s r.o.)
2,244 3,175
CTPark Epsilon EOOD
2,213 --
CTP XVII, spol. s r.o. (formerly CTP Invest XXII, spol. s.r.o.)
2,162 --
CTPARK DEVA II SRL (formerly DEVA LOGISTIC CENTER S.A.)
2,065 --
CTP Invest SK, spol. s r.o.
1,956 --
Valkenburg s.r.o.
1,924 1,924
Other
13,051 23,246
Total 3,281,737 737,922
338
Movement schedule of the loans provided to related parties:
IN EUR THOUSAND TOTAL
Balance of the loans provided as at 1 January 2021 737,922
Loans granted to the related parties 4,149,928
Repayment of loans -1,471,669
Settlement of loans with the Increase in Equity of subsidiaries -143,411
Interest accrued 53,463
Interest received -41,955
Other -2,541
Balance at 31 December 2021 3,281,737
IN EUR THOUSAND TOTAL
Balance of the loans provided as at 21 October 2019 --
Loans granted to the related parties 1,148,024
Repayment of loans -413,663
Interest accrued 3,704
Interest received -143
Balance at 31 December 2020 737,922
As at 31 December 2021 and 31 December 2020, the Group has the following Trade and
other receivables due from related parties and Trade and other payables to related parties:
2021 2020
IN EUR THOUSAND RECEIVABLES PAYABLES RECEIVABLES PAYABLES
CTP Invest, spol. s r.o. 21,491 -14,981 -- --
CTP INVEST BUCHAREST SRL 3,033 -- -- --
CTP Management Hungary Kft. 1,030 -- -- --
CTP Invest doo Beograd-Novi Beograd 522 -- -- --
CTP Invest EOOD (formerly CTPark Alpha, EOOD) 488 -- -- --
CTP Invest Poland Sp. z o.o. 392 -- -- --
CTP Invest B.V. 374 -1 -- --
CTP Invest Immobilien GmbH 213 -- -- --
Other 516 -298 -- --
Total 28,059 -15,280 -- --
16. Personnel
The Company did employ 9 employees in 2021 (in 2020 1 employee from 1 July onwards).
17. Emoluments of directors
In 2021, the emoluments, including pension costs as referred to in Section 2:383(1) of the Dutch Civil Code,
charged in the inancial year to the company, its subsidiaries and consolidated other companies amounted to
EUR 574 thousand, out of which EUR 234 thousand relates to emolument of Executive directors and EUR 340
thousand to Non-executive directors, respectively.
In 2020, the emoluments, including pension costs as referred to in Section 2:383(1) of the Dutch Civil Code,
charged in the inancial year to the company, its subsidiaries and consolidated other companies amounted to EUR
317 thousand (2018 – EUR 0 thousand) for managing directors and former managing directors.
339
On 30 April 2021, the Company granted a conditional share award under the LTIP to the one of the directors.
This award has a vesting period of three years, and vesting is subject to continued services up to vesting and
depends on the Company’s total shareholder return (“TSR”). Vesting of 50% of the number of awards granted is
subject to an Absolute TSR condition and 50% is subject a Relative TSR condition. The number of awards that
will vest is between 0% and 150% of the target number of awards granted. The vesting percentage is allocated
linearly between the threshold level and the maximum level.
The fair value of the awards is expensed on a straight-line basis over the three-year vesting period. In 2021, the
total share-based payment expense recognized for the equity-settled awards amounted to EUR 85 thousand
(2020 – EUR 0 thousand).
18. Subsequent events
For subsequent events, see Note 38 of the consolidated inancial statements.
19. Subsidiaries
The Company has 100% ownership interest in CTP Property B.V. and CTP Invest, spol. s r.o. which owns
subsidiaries with operational activities in the Czech Republic, Hungary, Romania, Poland, Slovakia, Austria,
Germany, Serbia and Bulgaria.
For the list of the Company`s subsidiaries as at 31 December 2021 refer to Note 33 to the consolidated inancial
statements.
Amsterdam, 8 March 2022
Remon L. Vos Richard J. Wilkinson
Barbara Knolach Gerard van Kesteren
Susanne Eickermann-Riepe Pavel Trenka
340
OTHER INFORMATION
Provisions in the Articles of Association governing the appropriation of proit
According to article 22 of the Company’s Articles of Association, the proit is at the disposal of the General
Meeting of Shareholders, which can allocate the proit wholly or partly to the general or speciic reserve funds.
The board has to approve the appropriation of proit before the decision of the general meeting takes efect.
The company can only make payments to the shareholders and other parties entitled to the distributable proit
for the amount the shareholders’ equity are greater than the paid-up and called-up part of the capital plus the
legally required reserves.
KPMG Accountants N.V., a Dutch limited liabilit
y
compan
y
re
g
istered with the trade re
g
ister in the Netherlands under number 33263683, is a member firm of the
g
lobal or
g
anization o
f
independent member firms affiliated with KPMG International Limited, a private En
g
lish compan
y
limited b
y
g
uarantee
.
I
n
d
epen
d
en
t
au
dit
or
'
s repor
t
T
o
: th
e
G
eneral Meetin
g
o
f
S
hareholders
of
C
TP N.V.
Re
p
ort on the audit of the financial statements
2
02
1
i
ncluded in the annual re
p
ort
Ou
r
o
pinion
In our opinio
n
:
—
the accompan
y
in
g
consolidated
f
inancial statements
g
ive a true and
f
air view o
f
the
f
inancial
p
osition o
f
C
TP N.V.
as
at
3
1 December 2
0
2
1
a
n
d
of
it
s
r
esu
lt
a
n
d
it
s
cas
h
f
l
o
w
s
fo
r the
y
ear
th
e
n
e
n
ded
,
in accordance with International Financial Reportin
g
S
ta
n
dards as adopted b
y
the European Union
(
E
U
-
IFR
S)
and with Part 9 o
f
Book 2 o
f
the Dutch
C
ivil
C
od
e
.
—
the accompan
y
in
g
compan
y
f
inancial statements
g
ive a true and
f
air view o
f
the
f
inancial
p
osition o
f
C
TP N.V.
as
a
t
3
1 December 2
0
2
1
a
n
d
of
it
s
r
esu
lt
fo
r the
y
ear then ende
d
in
accordance with Part
9
o
f
Book 2 o
f
the Dutch
C
ivil
C
od
e
.
W
hat we have audited
W
e
h
a
v
e
aud
it
ed
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
2
0
2
1
of
C
TP N.V.
(
‘
th
e
C
ompan
y
’
)
based
i
n
U
trecht.
Th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
in
c
l
ude
th
e
co
n
so
li
da
t
ed
f
inancial statements and the compan
y
f
inancial
s
t
a
t
e
m
e
nt
s
.
The consolidated
f
inancial statements compris
e
:
1
the consolidated statement o
f
f
inancial position as a
t
3
1 December 2
0
2
1
;
2
the
f
ollowin
g
consolidated statements
o
v
e
r th
e
p
eriod 1 Januar
y
2021 up to an
d
includin
g
3
1
December 2
0
21:
s
tatements o
f
pro
f
it and loss and comprehensive income, chan
g
es in equit
y
and cash
f
lows; an
d
3
the notes comprisin
g
a summar
y
o
f
the si
g
ni
f
icant accountin
g
policies and other explanator
y
in
fo
rm
a
ti
on
.
T
h
e compan
y
f
inancial statements compris
e
:
1
the compan
y
b
a
l
a
n
ce
s
h
ee
t
as
3
1 December 2
0
2
1
;
2
the compan
y
in
co
m
e
s
t
a
t
e
m
e
n
t
fo
r the
y
ear ended 31 December 2
0
2
1
a
n
d
3
the notes comprisin
g
a summar
y
o
f
the accountin
g
policies and other explanator
y
in
fo
rm
a
ti
on
.
341
2
Basis for our opinion
W
e
co
n
duc
t
ed
ou
r
aud
it in accordance with Dutch law, includin
g
the Dutch
S
tandards on
Auditin
g
.
O
ur responsibilities under those standards are
f
urther described in the
‘O
ur
responsibilities
f
or the audit o
f
the
f
inancial statements’ section o
f
our repor
t
.
We are independent o
f
C
TP N.V. in
acco
r
da
n
ce
with th
e
‘
V
erordenin
g
inzake de
ona
f
hankeli
j
kheid van accountants bi
j
assuranc
e
-
opdrachte
n
’
(
Vi
O
,
C
ode o
f
Ethics
f
or
Pro
f
essional Accountants, a re
g
ulation with respect to independence
)
and other relevant
independence re
g
ulations in the Netherlands. Furthermore, we have complied with the
‘
Verordenin
g
g
edra
g
s
-
e
n beroepsre
g
els accountants
’
(
V
G
BA, Dutch
C
ode o
f
Ethics
)
.
O
ur audit procedures were determine
d
in th
e
co
nt
e
xt
of
ou
r
aud
it
of
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
as
a
wh
o
l
e
.
O
ur observations in respect o
f
g
oin
g
concern,
f
raud and no
n
-
c
ompliance wit
h
l
a
w
s
a
n
d
r
e
g
ulations
,
c
lim
a
t
e
and the ke
y
audit matters should be viewed in that contex
t
a
n
d
no
t
as
s
eparate o
p
ini
on
s
o
r
co
n
c
l
us
i
o
n
s
.
We believe the audit evidence we have obtained is su
ff
icient and appropriate to provide a basis
f
or our opinio
n
.
Audit approach
S
ummar
y
M
aterialit
y
—
M
aterialit
y
o
f
EUR
82
milli
on
—
0
.
85
%
of
t
o
t
a
l
asse
t
s
G
rou
p
audi
t
—
Audit covera
g
e o
f
99
%
o
f
investment propert
y
and investment propert
y
under
developmen
t
—
Audit covera
g
e o
f
97
%
of
t
o
t
a
l
asse
t
s
—
Audit covera
g
e o
f
82
%
of
r
e
nt
a
l in
co
m
e
G
oin
g
concern
,
Fraud
/
Noclar
a
nd
C
l
imate chan
ge
—
G
oin
g
concern: no
s
i
g
ni
f
ican
t
g
oin
g
concer
n
r
i
s
k
s
i
de
nti
f
i
ed
—
Fraud
&
No
n
-
c
ompliance with laws and re
g
ulations
(
Noclar
)
: mana
g
ement override o
f
co
ntr
o
l
s
is presumed
f
r
aud
ri
sk
a
n
d
a
f
r
aud
r
i
s
k in r
e
l
a
ti
o
n t
o
acquisition o
f
investment
p
ropert
y
under developmen
t
.
—
C
limate chan
g
e: th
e
response
of
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
to possible
f
uture e
ff
ects o
f
climate
c
han
g
e and their anticipated outcomes have been disclose
d
in the chapter Risk
M
ana
g
ement o
f
the annual repor
t
.
We have considered the impact o
f
climat
e
-
re
l
a
t
ed
ri
s
ks
342
3
o
n
ou
r i
de
nti
f
i
ca
ti
o
n
a
n
d
assess
m
e
nt
of
ri
s
k
s
of
m
a
t
e
ri
a
l mi
ss
t
a
t
e
m
e
nt in th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
.
K
e
y
audit matters
—
V
aluation o
f
investment propert
y
and investment propert
y
under developmen
t
—
Acquisition o
f
investment propert
y
under developmen
t
O
p
inion
U
nquali
f
ie
d
M
aterialit
y
Based on our pro
f
essional
j
ud
g
ement we determined the materialit
y
f
or the
f
inancial statements
as
a
wh
o
l
e
at
E
UR
8
2 milli
o
n
(
2
0
2
0
: E
U
R
5
0 million
)
.
The materialit
y
is determined with
refe
r
e
n
ce
t
o
t
o
t
a
l
asse
t
s
(
0
.
85
%)
.
W
e
co
n
s
i
de
rt
o
t
a
l
asse
t
s
as the most appropriate benchmar
k
because
of
the nature o
f
the business, the level o
f
activities an
d
asset value is likel
y
the primar
y
focus
of
th
e
use
r
s
of
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
e
valuatin
g
C
TP N.V.’s
f
inancial
p
er
f
ormanc
e
.
M
aterialit
y
si
g
ni
f
icantl
y
increased compared to last
y
ear due to the increase o
f
total assets. W
e
h
ave also taken into account misstatements and
/
or possible misstatements that in our opinion
a
r
e
m
a
t
e
ri
a
l
fo
r th
e
use
r
s
of
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
en
ts
f
or qualitative reasons
.
We a
g
reed with th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
th
a
t mi
ss
t
a
t
e
m
e
nt
s
identi
f
ied durin
g
our
aud
it in
e
x
cess
of
E
UR
4.
1
milli
on
would be reported to them, as well as smaller misstatements that in our view
must be reported on
q
ualitative
g
rounds
.
S
cope of the group audi
t
C
TP N.V. is at the head o
f
a
g
roup o
f
c
omponents
(
the
G
roup
)
.
Th
e
f
in
a
n
c
i
a
l in
fo
rm
a
ti
o
n
of
thi
s
G
roup is included in the
f
inancial statements o
f
C
TP N.
V
.
O
ur
g
roup audit scopin
g
was mainl
y
based on the accounts investment propert
y
and investmen
t
p
ropert
y
under development. We determined the si
g
ni
f
icant components based on the relativ
e
s
ize and risk pro
f
ile o
f
the accounts investment propert
y
and investmen
t
p
ropert
y
u
n
de
r
developmen
t
where we assi
g
ned a
f
u
ll scope audit
(
audit o
f
the complete reportin
g
packa
g
e
)
.
Additionall
y
, w
e
included certain components in the scope o
f
our
g
roup audit where speci
f
ied
audit procedures are per
f
ormed on the valuation o
f
investment propert
y
and investment propert
y
u
n
de
r
de
v
e
lopment in order to obtain su
ff
icient audit covera
g
e.
Because we are ultimatel
y
responsible
f
or the opinion, we are also responsible
f
or directin
g
,
s
upervisin
g
and per
f
ormin
g
the
g
roup audit. In this respect we have determined the nature and
e
xt
e
nt
of
th
e
audit procedures to be carried out
f
or operatin
g
companies and issued audit
instructions to local auditors. As
g
roup auditor we were involved in the
f
ull
-
s
cope audits
p
er
f
ormed b
y
local auditors.
343
4
O
ur involvement included, amon
g
st others, the
f
ollowin
g
:
—
issuin
g
audit instructions to
c
omponen
t
auditors prescribin
g
the scope o
f
the audit procedures
to be per
f
ormed, our risk assessment, materialit
y
to be applied and reportin
g
requirements;
—
p
articipation in plannin
g
discussions with
c
omponen
t
auditors;
—
attendin
g
con
f
erence calls durin
g
the audit with respect to relevant audit matters
;
—
attendin
g
meetin
g
s with the local auditors to discuss the results o
f
local audits and
discussions on the valuation o
f
investment propert
y
with independent ap
p
raisers en
g
a
g
ed b
y
the
company
;
—
attendin
g
(
virt
ua
l
)
c
losin
g
meetin
g
s at the
c
omponents to discuss relevant audit
f
indin
g
s with
th
e
c
omponent auditor and countr
y
mana
g
ement;
—
f
ollow up on reported audit
f
indin
g
s
;
—
review o
f
the audit
f
iles o
f
all si
gn
i
f
icant components to veri
fy
the audit work b
y
c
omponent
aud
it
o
r
s
h
as
bee
n
ca
rri
ed
ou
t in
acco
r
da
n
ce
with
ou
r in
s
tr
uc
ti
o
n
s
.
F
o
r th
e
residual populatio
n
n
ot in scope we per
f
ormed anal
y
tical procedures in order to
c
orroborate that our scopin
g
remained appropriate throu
g
hout the audit.
B
y
per
f
ormin
g
the procedures mentioned above at
gro
u
p
c
omponents, to
g
ether with additional
p
rocedures at
g
roup level, we have been able to obtain su
ff
icient and appropriate audit evidence
about the
g
roup’s
f
inanc
i
al in
f
ormation to provide an opinion about the
f
inancial statements
.
The audit covera
g
e as stated in the section summar
y
can be
f
urther speci
f
ied as
f
ollows
:
Investment propert
y
and investment propert
y
under developm
e
n
t
7
1
%
2
8
%
Audit of the complete
reportin
g
packa
ge
S
pecified audit
p
rocedures
T
otal Assets
7
2
%
2
5
%
Audit of the complete
reportin
g
packa
ge
S
pecified audit
p
rocedures
344
5
R
ental income
82
%
A
udit o
f
the complete
r
eportin
g
packa
ge
Audit response to going concern
-
no significant going concern risks identified
As explained in n
o
t
e
2
t
o
the
f
inancial statements, the B
oa
r
d
of
Dir
ec
t
o
r
s
h
as per
f
ormed its
g
oin
g
c
oncern assessment and has not identi
f
ied an
y
g
oin
g
concern risks. T
o
assess
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s’
assessment, we have per
f
ormed, inter alia, the
f
ollowin
g
procedures
:
-
We considered whether the assessment o
f
the
g
oin
g
concern risks
p
er
f
ormed b
y
the
B
oa
r
d
of
Dir
ec
t
o
r
s
in
c
l
uded
a
ll r
e
l
e
v
a
nt in
fo
rm
a
ti
o
n
of
whi
c
h w
e
a
r
e
a
w
a
r
e
of
as
a
r
esu
lt
of
ou
r
aud
i
t
;
-
We considered whether the developments in share prices indicate a si
g
ni
f
icant
g
oin
g
c
oncern risk;
-
We anal
y
zed the
f
inancial positio
n
o
f
the
G
rou
p
as at
y
ear end and compared it t
o
th
e
p
revious
f
inancial
y
ear in terms o
f
indicators that could identi
fy
si
g
ni
f
icant
g
oin
g
concern
ri
s
k
s
.
The outcome o
f
our risk assessment procedures did not
g
ive a reason to per
f
orm additional audit
procedures o
n
th
e
g
oin
g
concern assessmen
t
p
er
f
ormed b
y
t
h
e
B
oa
r
d
of
Dir
ec
t
o
r
s
.
Audit response to the risk of fraud and non
-
compliance with laws and regulation
s
In
th
e
c
hapter
R
isk Mana
g
emen
t
of
th
e
a
nn
ua
l
r
epor
t
,
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
desc
ri
b
e
it
s
p
rocedures in respect o
f
the risk o
f
f
r
aud
a
n
d
n
on
-
c
ompliance with laws and re
g
ulations.
As part o
f
our audit, we have
g
ained insi
g
hts into the
C
ompan
y
and its business environment, and
assessed the desi
g
n and implementatio
n
of
th
e
C
ompan
y
’s risk mana
g
ement in relation to
f
raud
345
6
a
n
d
n
on
-
c
ompliance.
O
ur procedures included, amon
g
other thin
g
s, assessin
g
the
G
rou
p
’s
code
o
f
conduct, whistleblowin
g
p
olic
y
,
KY
C
&
AML screenin
g
polic
y,
a
nt
i
-
briber
y
polic
y
, ant
i
-
f
r
aud
p
olic
y
, incidents re
g
ister and its procedures to investi
g
ate indicat
i
ons o
f
possible
f
raud and no
n
-
c
omplianc
e
.
Furthermore, we per
f
ormed relevant inquiries with th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
a
n
d
o
th
e
r
r
elevant
f
unctions,
suc
h
as
Int
e
rn
a
l A
ud
it
a
n
d
C
ompliance. As part o
f
our audit procedures
,
w
e:
-
assessed other positions held b
y
t
he
B
oa
r
d
of
Dir
ec
t
o
r
s
and other emplo
y
ees and paid
s
pecial attention to procedures and compliance in view o
f
possible con
f
licts o
f
interest;
-
e
valuated correspondence with re
g
ulators
(
e.
g
. the AFM
)
as well as le
g
al con
f
irmation
le
tt
e
r
s
.
In addition, w
e
per
formed procedures
to obtain an understandin
g
o
f
the le
g
al and re
g
ulator
y
f
rameworks that are applicable to the
C
ompan
y
a
n
d
identi
f
ied the
f
ollowin
g
areas as those most
l
ikel
y
to have
a
m
a
t
e
ri
a
l
effect
o
n th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
:
—
Ant
i
-
briber
y
and
c
orruptio
n
l
a
w
;
—
Ant
i
-
mone
y
launderin
g
laws and re
g
ulations;
W
e
to
g
ether with our
f
orensics specialists,
e
v
a
l
ua
t
ed
th
e
f
r
aud
a
n
d
n
on
-
c
ompliance ris
k
fac
t
o
r
s
t
o
co
n
s
i
de
r wh
e
th
e
r th
ose
fac
t
o
r
s
in
d
i
ca
t
e
a
ri
s
k
of
m
a
t
e
ri
a
l mi
ss
t
a
t
e
m
e
nt i
n
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
.
We assessed the presumed
f
raud risk on revenue reco
g
nition as irrelevant, because the
C
ompan
y
’s main
f
orm o
f
revenue relates to rental income w
h
ich involves limited
j
ud
g
ement as the
revenue related to rental income is contractuall
y
a
g
reed and with various individual tenants.
Based on the above and on the auditin
g
standards, we identi
f
ied tw
o
f
r
aud
ri
s
k
s
th
a
t
a
r
e
r
e
l
e
v
a
n
t
to our audit, includin
g
t
h
e
relevant presumed risks laid down in the auditin
g
standards
.
A
f
r
aud
ri
sk
is identi
f
ied in relation to possible
c
on
f
lictin
g
interests which relate to an acquisitio
n
of
inv
es
tm
e
nt
p
ropert
y
under developmen
t
.
We re
f
er to our ke
y
audit matter. Th
e
o
th
e
r ri
s
k
i
de
nti
f
i
ed
i
s
th
e
p
resumed
f
r
aud
r
isk o
f
mana
g
ement override o
f
controls.
—
M
a
na
g
ement override of controls
(
a presumed risk
)
R
i
s
k:
-
M
ana
g
ement is in a unique position to manipulate accountin
g
records and prepare
f
raudulent
f
inancial statements b
y
overridin
g
controls that otherwise appear to be operatin
g
eff
ectivel
y
R
esponses:
-
We evaluated the desi
g
n and the implementation o
f
internal controls that miti
g
ate
f
raud
a
n
d
n
on
-
c
ompliance risks, such as processes related to
j
ournal entries
a
n
d
es
tim
a
t
es
.
-
We per
f
ormed
a
data anal
y
sis o
f
hi
gh
-
r
isk
j
ournal entries
(
ad
j
ustments to initiall
y
recorded
c
han
g
es in
f
air value o
f
investment propert
y
and investment propert
y
under development
above a threshold
)
which were sub
j
ect o
f
the examinatio
n
a
n
d
e
v
a
l
ua
t
ed
t
h
e
k
e
y
estimates
valuation o
f
investment propert
y
and investment propert
y
under developmen
t
a
n
d
346
7
j
ud
g
ments
f
or bias b
y
the
C
ompan
y
’s mana
g
emen
t
includin
g
retrospective reviews o
f
prior
y
ears
’
estimates
.
Where we identi
f
ied instances o
f
unexpecte
d
j
ournal entries or other risks
throu
g
h our data anal
y
tics, we per
f
ormed additional audit procedures to address eac
h
i
de
nti
f
i
ed
ri
sk
, includin
g
testin
g
o
f
transactions back to source in
f
ormatio
n
.
-
We incorporated elements o
f
unpredictabilit
y
in our audit, i
n
c
ludin
g
;
p
er
f
orm procedures
on an earl
y
sta
g
e development pro
j
ect and review the tender process related to selection
o
f
a construction compan
y
(
e.
g
. multiple quotes obtained, documentation around
s
election o
f
the part
y)
and selection o
f
advisor
y
f
ees paid in the period
j
ust be
f
or
e
a
c
onstruction permit is obtained and to per
f
orm procedures on whether the services are in
accordance with the
f
ees pai
d
.
We communicated our risk assessment, audit responses and results to th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
.
O
ur audit procedures did not reveal
ac
t
ua
l indications or reasonable suspicion o
f
f
raud and no
n
-
c
ompliance that are considered material
f
or our audi
t
.
Audit respon
s
e to climate ris
k
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or preparin
g
the
f
inancial statements in accordance with
the applicable
f
inancial reportin
g
f
ramework, includin
g
considerin
g
whether the implications
f
rom
c
lim
a
t
e
-
re
l
a
t
ed
ri
s
k
s
a
n
d
co
mmitm
e
nt
s
h
a
v
e
b
e
en appropriatel
y
accounted
f
or and disclosed.
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
ha
v
e
p
er
f
ormed its anal
y
sis o
f
the impact o
f
climat
e
-
r
e
l
a
t
ed
ri
s
k
s
o
n th
e
c
ompan
y’
s business and operations on the lon
g
er term and on its accountin
g
in the current
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
. In th
e
c
hapter
R
isk Mana
g
emen
t
of
th
e
annual repor
t
,
the B
oa
r
d
of
Dir
ec
t
o
r
s
co
n
c
l
uded
th
a
t th
e
effec
t
of
c
lim
a
t
e
-
related risks do not have a material impact on
accounts and disclosures, includin
g
j
ud
g
ements and estimates in the
f
inancial statements.
Th
e
e
v
a
l
ua
ti
o
n
of
th
e
effec
tiv
e
n
ess
of
th
e
s
trate
gy
of
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
aga
in
s
t int
e
rn
a
l
o
r
e
xternal
g
oals set is not in scope o
f
our audit o
f
the
f
inancial statements. As part o
f
our audit we
c
onsider potential e
ff
ects o
f
climat
e
-
related risks on the accounts and disclosures, includin
g
e
stimates and
j
ud
g
ements in the current
y
ea
r
’
s
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
t
o
de
t
e
rmin
e
wh
e
th
e
r th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
a
r
e
f
r
ee
f
r
o
m m
a
t
e
ri
a
l mi
ss
t
a
t
e
m
e
nt
s
. Thi
s
in
c
l
udes
d
i
scuss
i
o
n
of
th
e
c
ompan
y’
s strate
gy
in relation to climate chan
g
e with th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
.
347
8
Our
k
ey audit matter
s
Ke
y
audit matters are those matters that, in our pro
f
essional
j
ud
g
ement, were o
f
most
s
i
g
ni
f
icance in our audit o
f
the
f
inancial statements. We have communicated the ke
y
audit
m
a
tt
e
r
s
t
o
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
.
The ke
y
audit matters are not a comprehensive re
f
lec
ti
o
n
of
a
ll
m
a
tt
e
r
s
d
i
scussed
.
V
aluation of investment propert
y
and investment propert
y
under developmen
t
D
escri
p
tion
Investment propert
y
and investment propert
y
under development
(
herea
f
ter
‘
investment
p
ropert
y
’
)
amounts to EUR
8
.4 billion and represent
86
%
o
f
the
G
roup’s total assets as at 31
December 2
02
1
.
Investment propert
y
is valued at
f
air value; there
f
ore, the
G
r
o
u
p has to make
e
stimates and use assumptions to determine those
f
air values. The
f
air value is, as explained
in n
o
t
es
1
7
a
n
d
1
8
to the
f
inancial statements, determined b
y
the Board o
f
Directors based on
appraisal reports b
y
an
independent appraiser
(
98
%)
o
r on the acquisition price
of
inv
es
tm
e
nt
p
ropert
y
as a prox
y
f
or the
f
air value when acquired close to the reportin
g
date
(
2
%)
.
Because the valuation o
f
investment propert
y
is complex and hi
g
hl
y
dependent on estimates
a
n
d
s
i
g
ni
f
ican
t
assumptions
(
such as
es
tim
a
t
ed
r
e
nt
a
l v
a
l
ue
a
n
d
y
iel
d
/
discount rat
e
,
a
n
d
s
peci
f
icall
y
f
or investment propert
y
under development the development mar
g
in
)
and the
availabilit
y
o
f
comparable transactions, we consider the valuation o
f
investment propert
y
as a
k
e
y
audit m
a
tt
e
r in
ou
r
aud
it.
Our res
p
ons
e
We have evaluated the competence, capabilities and ob
j
ectivit
y
o
f
the external appraiser.
We have evaluated the appropriateness o
f
the in
f
ormation and assumptions used in the
valuations. This includes the estimates made b
y
the Board o
f
Directors supported b
y
the
e
xternal appraisal
f
irms. We
f
ocused on the si
g
ni
f
icant assumptions, such as: estim
a
t
ed
r
e
nt
a
l
value,
y
ield
/
discount rate and speci
f
icall
y
f
or investment propert
y
under development the
development mar
g
in.
We anal
y
sed the results o
f
the valuation process and discussed the abovementioned
f
actors
th
a
t
de
t
e
rmin
e
th
e
v
a
l
ua
ti
o
n
s
with th
e
B
o
ard o
f
Directors and the external appraiser. For that
p
urpose we used the expertise o
f
our own internal propert
y
valuation specialists. These
s
pecialists have supported us with our assessment o
f
the
(
si
g
ni
f
icant
)
assumptions, methods
and developments in t
h
e
v
a
l
ua
ti
o
n
s
.
Finall
y
, we veri
f
ied whether the disclosures in notes 17 and 1
8
t
o
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
in
r
espect o
f
investment propert
y
are in con
f
ormit
y
with E
U
-
IFR
S
.
348
9
Our observation
O
verall, we assess that the assumptions and
m
ethodolo
g
ies used, and related estimates
resulted in a valuation o
f
investment propert
y
whi
c
h i
s
dee
m
ed
r
easo
n
ab
l
e
a
n
d
co
n
cu
r with th
e
r
e
l
a
t
ed
d
i
sc
l
osu
r
es
in th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
.
Acquisition of investment propert
y
under developmen
t
D
escri
p
tion
As part o
f
the normal course o
f
business acquisitions take place.
Acquisitions o
f
investment propert
y
under development are si
g
ni
f
icant transactions which are
s
ub
j
ect to error due to the nature o
f
these transactions. Transactions o
f
ten involv
e
a
v
a
ri
ab
l
e
c
onsideration
(
earn outs, rental
g
uarantees, etc.
)
and are structured as asset deals or share
deals
(
dependin
g
on tax considerations
)
. In addition to the risk o
f
error, a
f
raud risk is i
de
nti
f
i
ed
in r
e
l
a
ti
o
n t
o
c
orruption in th
e
co
nt
e
xt
of
th
e
u
se o
f
a
g
ents and
/
or business partners as part o
f
the acquisition o
f
investment propert
y
a
n
d
r
e
l
a
t
ed
p
otential con
f
licts o
f
interes
t
.
G
iven the size and complex nature o
f
t
h
i
s
transaction we consider the accountin
g
f
or these
acquisitions o
f
investment propert
y
and investment propert
y
under development to be a ke
y
aud
it m
a
tt
e
r.
W
e
initiall
y
se
l
ec
t
ed
th
e
acquisition o
f
Amsterdam Lo
g
istic
C
it
y
hub B.V.
based
o
n
s
iz
e
a
n
d
c
omplexit
y
.
Durin
g
our audi
t
w
e
se
l
ec
t
ed
a
n
add
iti
o
n
a
l important transaction in pro
gress
t
o
ob
t
a
in
a
l
a
n
d
p
osition
f
or development in Hun
g
ar
y
. For this transaction in pr
o
gr
ess
w
e
r
efe
r t
o
n
o
t
e
21
in th
e
n
otes to the
f
inancial statements.
G
iven the structure o
f
the transaction, the EUR 1.
9
milli
o
n
f
ee paid, parties involved, includin
g
one compan
y
which involves
(
ex
)
local
g
overnment
o
ff
icials havin
g
minorit
y
share holdin
g
s and mana
g
ement positions. This could lead to potential
c
on
f
licts o
f
interest. In line with the existin
g
policies,
C
TP has per
f
ormed various procedures to
e
v
a
l
ua
t
e
thi
s
ri
s
k.
Our res
p
ons
e
We per
f
ormed audit procedures in respect o
f
the acquisitions o
f
investment propert
y
under
de
v
e
lopment to ensure these transactions are accuratel
y
accounted
f
or. These procedures
included obtainin
g
an understandin
g
o
f
the purchase contracts and related cash movements,
g
ainin
g
an understandin
g
o
f
the variable considerations in the contracts and tes
t
in
g
o
f
the
accountin
g
entries to record the initial purchase.
349
1
0
In respect o
f
f
raud risks related to transactions with investment propert
y
a
n
d
inv
es
tm
e
nt
p
ropert
y
under developmen
t
, we obtained an understandin
g
o
f
mana
g
ement’s ant
i
-
f
r
aud
c
ontrols
(f
or example, counterpart
y
due dili
g
ence,
f
our
-
ey
es principle, procurement procedures
f
or development
/
construction contracts
)
.
At
g
roup level, we also inspected minutes o
f
Board meetin
g
s in which these transactions are
discussed to veri
fy
that the
g
overnance arou
n
d the transactions is appropriate and the
required approvals are obtained.
S
peci
f
icall
y
f
or the transaction in pr
o
gr
ess
in Hun
g
ar
y
, with the support o
f
a
f
orensic specialist
,
w
e
p
er
f
ormed additional procedures which included mana
g
ement inquiries,
c
hallen
g
e
d
mana
g
ement’s assessment o
f
r
e
l
a
t
ed
f
r
aud
r
isks,
p
er
f
ormed a search in publicl
y
available
resources
on the involved parties and persons, evaluated whether the transaction price o
f
the
l
and is at arm
’
s len
g
th, evaluated the risk related to involv
e
m
e
nt
of
(
fo
rm
e
r
)
g
overnment
off
i
c
i
a
l
s
(
on which the corruption risk cannot be completel
y
miti
g
ated b
y
C
TP’s procedures
onl
y)
,
inspecte
d
r
e
l
e
v
a
nt
docu
m
e
n
t
s
such as contracts and emails, inspected th
e
s
creenin
g
as
p
art o
f
C
TP’s KY
C
policies and we v
e
ri
f
i
ed
t
h
e adequac
y
o
f
the disclosure i
n
no
t
e
21 t
o
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
.
Finall
y
, we veri
f
ied whether the disclosures in Notes 3 and 6 to the
f
inancial statements in
respect o
f
investment propert
y
transactions are in con
f
ormit
y
with E
U
-
IFR
S
.
Our observation
O
verall, we assess that the acquisitions o
f
investment propert
y
under development are
adequatel
y
accounted
f
or and disclosed in the
f
inancial statements. Furthermore, based on our
p
rocedures, the ris
k
o
f
a potential con
f
lict o
f
interest related to the transaction in pro
g
ress in
H
un
g
ar
y
, taken into account the inherent limitations o
f
the
f
acts and circumstances, is
m
iti
g
ated to an acceptable level.
Re
p
ort on the other information included in the annual
r
e
p
or
t
In addition to the
f
inancial statements and our auditor’s report thereon, the annual report
co
nt
a
in
s
o
th
e
r in
fo
rm
a
ti
on
.
Based on the
f
ollowin
g
procedures per
f
ormed, we conclude that the other in
f
ormatio
n
:
—
i
s
co
n
s
i
s
t
e
nt with th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
a
n
d
does
n
o
t
co
nt
a
in m
a
t
e
ri
a
l mi
ss
t
a
t
e
m
e
nt
s
;
a
n
d
—
co
nt
a
in
s
th
e
in
f
ormation as required b
y
Par
t
9
o
f
Boo
k
2 o
f
the Dutch
C
ivil
C
od
e
fo
rth
e
m
ana
g
ement report and
o
th
e
r in
fo
rm
a
ti
on
.
We have read the other in
f
ormation. Based on our knowled
g
e and understandi
n
g
obtained
throu
g
h our audit o
f
the
f
inancial statements or otherwise, we have considered whether the other
in
fo
rm
a
ti
o
n
co
nt
a
in
s
m
a
t
e
ri
a
l mi
ss
t
a
t
e
m
e
nt
s
.
350
1
1
B
y
per
f
ormin
g
these procedures, we compl
y
with the requirements o
f
Par
t
9
o
f
Boo
k
2
of
th
e
Dutch
Ci
vil
C
ode and the Dutch
S
tandar
d
720. The scope o
f
the procedures per
f
ormed is less
than the scope o
f
those per
f
ormed in our audit o
f
the
f
inancial statements
.
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or the preparation o
f
the o
t
h
er in
f
ormation, includin
g
t
h
e
in
f
ormation as required b
y
P
a
r
t
9
o
f
Boo
k
2 o
f
the Dutch
C
ivil
C
od
e
.
Report on other le
g
al and re
g
ulator
y
requirements
a
nd ESEF
Engagemen
t
We were en
g
a
g
ed b
y
th
e
G
eneral Meetin
g
o
f
S
hareholders
as
aud
it
o
r
of
C
TP N.V.
on
1
6
N
o
v
e
m
be
r2
02
0
,
as
of
th
e
aud
it
fo
r th
e
p
eriod ended 31 December 2
02
0
and have operated as
s
tatutor
y
auditor ever since that
f
inancial
y
ear
.
N
o prohibited non
-
a
udit service
s
We have not provided prohibited no
n
-
aud
it
se
rvi
ces
as
r
efe
rr
ed
t
o
in Arti
c
l
e
5(
1
)
o
f
the
E
U
R
e
g
ulation on speci
f
ic requirements re
g
ardin
g
statutor
y
audi
t
s
o
f
public
-
int
e
r
es
t
e
ntiti
es
.
Eur
o
pean Single Electroni
c
Format
(
ESEF
)
C
TP N.V.
h
as prepared its annual report in E
S
EF. The requirements
f
or this
f
ormat are set out i
n
the
C
ommission Dele
g
ated
R
eg
ulation
(
EU
)
2019
/
81
5
with re
g
ard to re
g
ulator
y
technical
s
tandards on the speci
f
ication o
f
a sin
g
le electronic reportin
g
f
orma
t
(t
he
se
r
equirements are
h
ereina
f
ter re
f
erred to as: the RT
S
on E
S
EF
)
.
In our opinion, the annual report
p
repare
d
in th
e
XHTML
f
ormat, includin
g
the par
t
i
a
l
ly
ta
gg
ed
c
onsolidated
f
inancial statements as included in the reportin
g
packa
g
e b
y
C
TP N.V.,
has
bee
n
prep
ared in all material respects in accordance with the RT
S
on E
S
EF.
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or preparin
g
the annual report includin
g
the
f
inancial
s
tatements in accordance with the RT
S
on E
S
EF, whereb
y
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
co
m
b
in
e
th
e
v
a
ri
ou
s
components into a
s
in
g
le
r
eportin
g
packa
g
e.
O
ur responsibilit
y
is to obtain reasonable
assu
r
a
n
ce
fo
r
ou
r opinio
n
whether the annual report in this reportin
g
packa
g
e, is in accordance
with th
e
R
T
S
on E
S
EF
.
O
ur procedures takin
g
into
co
n
s
i
de
r
a
ti
on
Alert 43 o
f
NBA
(
the Netherlands Institute o
f
C
hartered
Accountants
)
,in
c
l
uded
amon
g
st others
:
—
o
btainin
g
an understandin
g
o
f
the entit
y
's
f
inancial reportin
g
process, includin
g
the
p
reparation o
f
the reportin
g
packa
ge
;
—
o
btainin
g
the reportin
g
p
acka
g
e and per
f
ormin
g
validations to determine whether the
r
eportin
g
packa
g
e containin
g
the Inline XBRL instance document and the XBRL extension
taxonom
y
f
iles have been prepared in accordance with the technical speci
f
ications
as
included in the RT
S
on
E
S
E
F
;
351
1
2
—
e
xaminin
g
the in
f
ormation related to the consolidated
f
inancial statements in the reportin
g
p
acka
g
e to determine whether all required ta
gg
in
g
s have been applied and whether these
are in accordance with the RT
S
on E
S
EF.
D
escri
p
tion of res
p
onsibilities
r
e
g
ardin
g
the financial statements
R
esponsibilities o
f
t
he Board of Director
s
f
or the financial statement
s
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or the preparation and
f
air presentation o
f
the
f
inancial
s
tatements in accordance with E
U
-
IFR
S
and Part
9
o
f
Book 2 o
f
the Dutch
C
ivil
C
ode.
Furthermore, th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or such internal control as th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
determine is necessar
y
to enable the preparation o
f
the
f
inancial statements that are
f
ree
f
rom material misstatement, w
h
e
th
e
r
due
t
o
f
r
aud
o
r
e
rr
o
r
.
In that respect th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
is responsible
f
or the prevention and detection o
f
f
raud and no
n
-
c
ompliance with laws
and re
g
ulations, includin
g
determinin
g
measures to resolve the consequences o
f
it and to
p
revent recurrence.
As part o
f
the preparation o
f
the
f
inancial statements, th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
i
s
responsible
f
or
assessin
g
the
C
ompan
y
’s
abilit
y
to continue as a
g
oin
g
concern. Based on the
f
inancial reportin
g
f
rameworks mentioned, th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
s
hould prepare the
f
inancial statements usin
g
the
g
oin
g
concern basis o
f
accountin
g
unless th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
e
ither intends to liquidate the
C
ompan
y
or to cease operations, or has no realistic alternative but to do s
o
.
Th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
s
hould disclose events and circumstances that ma
y
cast si
g
ni
f
icant doubt on the
compa
ny
’s abilit
y
to continue as a
g
oin
g
concern in the
f
inancial statements.
Our responsibilities for the audit of the financial statement
s
O
ur ob
j
ective is to plan and per
f
orm the audit
e
n
g
a
g
emen
t
in
a
m
a
nn
e
r th
a
t
a
ll
o
w
s
us
t
o
ob
t
a
in
s
u
ff
icient and appropr
i
ate audit evidence
f
or our opinio
n
.
O
ur audit has been per
f
ormed with a hi
g
h, but not absolute, level o
f
assurance, which means we
ma
y
not detect all material errors and
f
raud durin
g
our audi
t
.
M
i
ss
t
a
t
e
m
e
nt
s
ca
n
a
ri
se
f
r
o
m
f
r
aud
o
r
e
rr
o
r
a
n
d
a
r
e
co
n
s
i
de
r
e
d material i
f
, individuall
y
or in the
a
gg
re
g
ate, the
y
could reasonabl
y
be expected to in
f
luence the economic decisions o
f
users
taken on the basis o
f
these
f
inancial statements. The materialit
y
a
ff
ects the nature, timin
g
and
e
xtent o
f
our audit procedures
a
n
d
th
e
e
v
a
l
ua
ti
o
n
of
th
e
effec
t
of
i
de
nti
f
i
ed
mi
ss
t
a
t
e
m
e
nt
s
o
n
ou
r
opinio
n
.
A
f
urther description o
f
our responsibilities
f
or the audit o
f
the
f
inancial statements is included i
n
th
e
appendix o
f
this auditor's repor
t
.
This description
f
orms part o
f
our auditor
’
s repor
t
.
352
1
3
Amstelveen,
8
M
arch 2
02
2
KPM
G
Accountants N.V.
H
.D.
G
rönloh RA
Appendix:
Description o
f
our responsibilities
f
or the audit o
f
the
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
353
14
A
pp
endi
x
D
escri
p
tion of our res
p
onsibilities for the audit of the
f
inancial statements
We have exercised pro
f
essional
j
ud
g
ement and have maintained pro
f
essional
s
cepticism
throu
g
hout the audit, in accordance with Dutch
S
tandards on Auditin
g
, ethical requirements a
n
d
independence requirements.
O
ur audit included amon
g
others
:
—
i
denti
fy
in
g
and assessin
g
the risks o
f
material misstatement o
f
the
f
inancial statements,
whether due to
f
raud or error, desi
g
nin
g
and per
f
ormin
g
audit procedures responsive to those
r
isks, and obtainin
g
audit evidence that is su
ff
icient and appropriate to provide a basis
f
or our
opinion. The risk o
f
not detectin
g
a material misstatement resultin
g
f
rom
f
raud is hi
g
her than
th
e
ri
sk
resultin
g
f
rom error, as
f
raud ma
y
involve collusion,
f
or
g
er
y
, i
n
tentional omissions,
m
isrepresentations, or the override o
f
internal control
;
—
o
btainin
g
an understandin
g
o
f
internal control relevant to the audit in order to desi
g
n audit
p
rocedures that are appropriate in the circumstances, but not
f
or the purpose o
f
ex
p
r
essin
g
an opinion on the e
ff
ectiveness o
f
the
C
ompan
y
’
s internal control;
—
e
valuatin
g
the appropriateness o
f
accountin
g
policies used and the reasonableness o
f
accountin
g
estimates and related disclosures made b
y
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
;
—
c
oncludin
g
on the a
p
propriateness o
f
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
’
u
se o
f
the
g
oin
g
concern basis
o
f
accountin
g
, and based on the audit evidence obtained, whether a material uncertaint
y
e
xists related to events or conditions that ma
y
cast si
g
ni
f
icant doubt on the
C
ompan
y
’s
abilit
y
to continue as a
g
oin
g
concern. I
f
we conclude that a material uncertaint
y
exists, we are
r
equired to draw attention in our auditor’s report to the related disclosures in the
f
inancial
s
tatements or, i
f
such disclosures are inadequate, to modi
fy
o
u
r opinion.
O
ur conclusions are
based on the audit evidence obtained up to the date o
f
our auditor’s report. However,
f
uture
e
vents or conditions ma
y
cause a compan
y
to cease to continue as a
g
oin
g
concer
n
;
—
e
valuatin
g
the overall presentation, structure an
d
c
ontent o
f
the
f
inancial statements,
includin
g
the disclosures
;
an
d
—
e
valuatin
g
whether the
f
inancial statements represent the underl
y
in
g
transactions and events
in a manner that achieves
f
air presentatio
n
.
W
e
are
s
olel
y
r
esponsible
f
or the opinio
n
a
n
d
th
e
re
f
ore responsible to
o
b
t
a
in
suff
i
c
i
e
nt
appropriate audit evidence re
g
ardin
g
the
f
inancial in
f
ormation o
f
the entities or business activities
within the
g
roup to express an opinion on the
f
inancial statements. In this respect we are also
r
esponsible
f
or d
i
r
ectin
g
, supervisin
g
and per
f
ormin
g
the
g
roup audi
t
.
W
e
co
mm
u
ni
ca
t
e
with th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
r
e
g
ardin
g
, amon
g
other matters, the planned scope
and timin
g
o
f
the audit and si
g
ni
f
icant audit
f
indin
g
s, includin
g
an
y
si
g
ni
f
icant
f
indin
g
s in internal
co
ntr
o
l
that we identi
fy
durin
g
our audit. In this respect we also submit an additional report to the
audit committee in accordance with Article 11 o
f
the EU Re
g
ulation on speci
f
ic requirements
r
e
g
ardin
g
statutor
y
audits o
f
public
-
int
e
r
es
t
e
ntiti
es
. Th
e
in
fo
rm
at
i
o
n in
c
l
uded
in thi
s
add
iti
o
n
a
l
r
eport is consistent with our audit opinion in this auditor
’
s report.
354
1
5
We provid
e
d
th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
with a statement that we have complied with relevant ethical
r
equirements re
g
ardin
g
independence, and to
co
mm
u
ni
ca
t
e
with th
e
m all relationships and other
m
atters that ma
y
reasonabl
y
be thou
g
ht to bear on our independence, and where applicable,
r
elated sa
f
e
g
uards
.
Fr
o
m th
e
m
a
tt
e
r
s
co
mm
u
ni
ca
t
ed
with th
e
B
oa
r
d
of
Dir
ec
t
o
r
s
,
w
e
de
t
e
rmin
e
the ke
y
audit matters:
t
h
ose matters that were o
f
most si
g
ni
f
icance in the a
u
d
it
of
th
e
f
in
a
n
c
i
a
l
s
t
a
t
e
m
e
nt
s
.
W
e
desc
ri
be
these matters in our auditor
’
s report unless law or re
g
ulation precludes public disclosure about
the matter or when, in extremel
y
rare circumstances, not comm
u
nicatin
g
the matter is in the
p
ublic interes
t
.
355
356
APPENDICES
357
358
CTP Building
Number
CTPark Country Company Use
1000012 CTPark Aš CZ CTP Bohemia West, spol. s r.o. Production/Warehouse
1000583 CTPark Aš CZ CTPark Aš II, spol. s r.o. Warehouse
1000512 CTPark Blatnice CZ CTP Pilsen Region, spol. s r.o. Warehouse
1000052 CTPark Blučina CZ CTP Moravia South, spol. s r.o. Production/Warehouse
1000548 CTPark Blučina CZ CTP Moravia South, spol. s r.o. Warehouse
1000025 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000028 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000574 CTPark Bor CZ CTP Alpha, spol. s r.o. Warehouse
1000029 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000549 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000030 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000033 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000034 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000035 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000036 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000037 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000481 CTPark Bor CZ CTPark Bor, spol. s r.o. Warehouse
1000038 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000509 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000039 CTPark Bor CZ CTPark Bor, spol. s r.o. Production/Warehouse
1000440 CTPark Bor CZ CTPark Bor, spol. s r.o. Oice
1000001 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000002 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production
1000003 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000004 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production
1000006 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000007 CTPark Brno CZ CTPark Brno I, spol. s r.o. Oice
1000008 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000009 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000010 CTPark Brno CZ CTPark Brno I, spol. s r.o. Parking
1000026 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production
1000027 CTPark Brno CZ CTPark Brno I, spol. s r.o. Custom built
1000031 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production
1000115 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000116 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production/Warehouse
1000117 CTPark Brno CZ CTPark Brno I, spol. s r.o. Production
1000152 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000153 CTPark Brno CZ CTPark Brno II, spol. s r.o. Custom built
1000154 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000155 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000156 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000165 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000166 CTPark Brno CZ CTPark Brno II, spol. s r.o. Warehouse
1000167 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000171 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
Appendix AAppendices Property List
Property List
CTP Building
Number
CTPark Country Company Use
1000172 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000462 CTPark Brno CZ CTPark Brno II, spol. s r.o. Production/Warehouse
1000173 CTPark Brno CZ CTPark Brno II, spol. s r.o. Warehouse
1000618 CTPark Brno Líšeň CZ CTPark Brno Líšeň West, spol. s r.o. Warehouse
1000570 CTPark Brno Líšeň CZ CTPark Brno Líšeň West, spol. s r.o. Warehouse
1000551 CTPark Brno Líšeň CZ CTPark Brno Líšeň West, spol. s r.o. Warehouse
1000552 CTPark Brno Líšeň CZ CTPark Brno Líšeň II, spol. s r.o. Warehouse
1000359 CTPark Brno South CZ CTP Moravia South, spol. s r.o. Production/Warehouse
1000360 CTPark Brno South CZ CTP Moravia South, spol. s r.o. Warehouse
1000361 CTPark Brno South CZ CTP Moravia South, spol. s r.o. Warehouse
1000434 CTPark Cerhovice CZ CTP Pilsen Region, spol. s r.o. Production/Warehouse
1000613 CTPark Cerhovice CZ CTP Pilsen Region, spol. s r.o. Warehouse
1000126 CTPark Česká Lípa CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000468 CTPark Česká Lípa CZ CTP Bohemia North, spol. s r.o Warehouse
1000150 CTPark České Velenice CZ CTPark České Velenice, spol. s r.o. Warehouse
1000127 CTPark Cheb CZ CTP Bohemia West, spol. s r.o. Warehouse
1000764 CTPark Chrastava CZ RENWON a.s. Warehouse
1000159 CTPark Divišov CZ CTP Vysočina, spol. s r.o. Warehouse
1000550 CTPark Divišov CZ CTP Vysočina, spol. s r.o. Warehouse
1000192 CTPark Hlubočky CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000128 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Warehouse
1000168 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Warehouse
1000195 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000196 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000197 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000198 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000199 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000200 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000201 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000202 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000203 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000211 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000363 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Warehouse
1000364 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Porch
1000416 CTPark Hranice CZ CTPark Hranice, spol. s r.o. Production/Warehouse
1000178 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production
1000179 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Parking
1000180 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000181 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000182 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production
1000183 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Warehouse
1000184 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000185 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000186 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Production
1000187 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Warehouse
1000188 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Oice
1000204 CTPark Humpolec CZ CTP Vysočina, spol. s r.o. Warehouse
1000208 CTPark Jihlava CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000209 CTPark Jihlava CZ CTP Vysočina, spol. s r.o. Warehouse
1000210 CTPark Jihlava CZ CTP Vysočina, spol. s r.o. Warehouse
1000219 CTPark Kadaň CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000220 CTPark Kadaň CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000483 CTPark Kadaň CZ CTP Bohemia North, spol. s r.o Production
1000221 CTPark Kadaň CZ CTP Bohemia North, spol. s r.o Warehouse
1000234 CTPark Karviná CZ CTP Moravia North, spol. s r.o. Warehouse
1000235 CTPark Karviná CZ CTP Moravia North, spol. s r.o. Production/Warehouse
359
CTP Building
Number
CTPark Country Company Use
1000236 CTPark Karviná CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000223 CTPark Kutná Hora CZ CTP Invest, spol. s r.o. Warehouse
1000224 CTPark Kutná Hora CZ CTP Invest, spol. s r.o. Warehouse
1000237 CTPark Kvasiny CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000489 CTPark Kvasiny CZ CTP Vysočina, spol. s r.o. Production/Warehouse
1000238 CTPark Liberec CZ CTP Bohemia North, spol. s r.o Warehouse
1000438 CTPark Lipník nad Bečvou CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000243 CTPark Louny CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000101 CTPark Lysá nad Labem CZ CTPark Lysá nad Labem, spol. s r.o. Production/Warehouse
1000102 CTPark Lysá nad Labem CZ CTPark Lysá nad Labem, spol. s r.o. Production/Warehouse
1000103 CTPark Lysá nad Labem CZ CTPark Lysá nad Labem, spol. s r.o. Production/Warehouse
1000490 CTPark Mladá Boleslav CZ CTPark Mladá Boleslav, spol. s r.o. Production
1000547 CTPark Mladá Boleslav CZ CTPark Mladá Boleslav, spol. s r.o. Warehouse
1000247 CTPark Mladá Boleslav CZ CTPark Mladá Boleslav, spol. s r.o. Production/Warehouse
1000248 CTPark Mladá Boleslav CZ CTPark Mladá Boleslav, spol. s r.o. Warehouse
1000249 CTPark Mladá Boleslav CZ CTPark Mladá Boleslav, spol. s r.o. Production/Warehouse
1000273 CTPark Mladá Boleslav II CZ CTPark Mladá Boleslav, spol. s r.o. Production
1000484 CTPark Mladá Boleslav II CZ CTPark Mladá Boleslav, spol. s r.o. Warehouse
1000274 CTPark Mladá Boleslav II CZ CTPark Mladá Boleslav, spol. s r.o. Warehouse
1000275 CTPark Mladá Boleslav II CZ CTPark Mladá Boleslav, spol. s r.o. Production/Warehouse
1000546 CTPark Mladá Boleslav II CZ CTPark Mladá Boleslav, spol. s r.o. Production/Warehouse
1000142 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Oice
1000144 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Oice
1000251 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000252 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000253 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000254 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000255 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000256 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000257 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production/Warehouse
1000258 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000259 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production/Warehouse
1000260 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000261 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000262 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000263 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Warehouse
1000264 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000265 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production/Warehouse
1000266 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production
1000267 CTPark Modřice CZ CTPark Modřice, spol. s r.o. Production/Warehouse
1000270 CTPark Most CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000442 CTPark Nošovice CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000498 CTPark Nošovice CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000279 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Warehouse
1000280 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000281 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000469 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000523 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000283 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Production/Warehouse
1000284 CTPark Nový Jičín CZ CTP Moravia North, spol. s r.o. Warehouse
1000312 CTPark Okříšky CZ CTP Moravia South, spol. s r.o. Production/Warehouse
1000143 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Oice
1000145 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Oice
1000146 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Oice
1000147 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Oice
1000189 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Custom built
360
CTP Building
Number
CTPark Country Company Use
1000291 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000292 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000472 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000293 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000294 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000295 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production
1000296 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000495 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000297 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000298 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000299 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000300 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000301 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000302 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000303 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000508 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production
1000304 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. SBU
1000305 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. SBU
1000561 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000470 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000306 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000307 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000308 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000309 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Warehouse
1000310 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000517 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000311 CTPark Ostrava CZ CTPark Ostrava, spol. s r.o. Production/Warehouse
1000603 CTPark Ostrava Poruba CZ CTPark Ostrava Poruba, spol. s r.o. Warehouse
1000337 CTPark Pardubice CZ CTP Vysočina, spol. s r.o. Warehouse
1000338 CTPark Pardubice CZ CTP Vysočina, spol. s r.o. Warehouse
1000346 CTPark Planá CZ CTP Bohemia South, spol. s r.o. Production/Warehouse
1000579 CTPark Plzeň CZ CTP Borská Pole, spol. s r.o. SBU
1000604 CTPark Plzeň CZ CTP XXIII, spol. s r.o. SBU
1000569 CTPark Plzeň CZ CTP XXIII, spol. s r.o. SBU
1000525 CTPark Plzeň CZ CTPark Plzeň, spol. s r.o. SBU
1000075 CTPark Plzeň CZ CTP Borská Pole, spol. s r.o. SBU
1000347 CTPark Pohořelice CZ CTP Moravia South, spol. s r.o. Warehouse
1000348 CTPark Pohořelice CZ CTP Moravia South, spol. s r.o. Warehouse
1000349 CTPark Pohořelice CZ CTP Moravia South, spol. s r.o. Warehouse
1000350 CTPark Pohořelice CZ CTP Moravia South, spol. s r.o. Warehouse
1000351 CTPark Pohořelice CZ CTP Moravia South, spol. s r.o. Warehouse
1000228 CTPark Prague Airport CZ CTPark Prague Airport, spol. s r.o. Warehouse
1000229 CTPark Prague Airport CZ CTPark Prague Airport, spol. s r.o. Warehouse
1000230 CTPark Prague Airport CZ CTPark Prague Airport, spol. s r.o. Warehouse
1000231 CTPark Prague Airport CZ CTPark Prague Airport, spol. s r.o. Oice
1000232 CTPark Prague Airport CZ CTPark Prague Airport, spol. s r.o. Warehouse
1000285 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Production/Warehouse
1000444 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Production/Warehouse
1000504 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Production/Warehouse
1000526 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Warehouse
1000286 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Oice
1000287 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Warehouse
1000288 CTPark Prague East CZ CTPark Prague East, spol. s r.o. Warehouse
1000129 CTPark Prague West CZ CTPark Prague West, spol. s r.o. Production/Warehouse
1000437 CTPark Prague West CZ CTPark Prague West, spol. s r.o. Production/Warehouse
1000352 CTPark Přeštice CZ CTP Pilsen Region, spol. s r.o. Production/Warehouse
361
CTP Building
Number
CTPark Country Company Use
1000353 CTPark Přeštice CZ CTP Pilsen Region, spol. s r.o. Production/Warehouse
1000354 CTPark Přeštice CZ CTP Pilsen Region, spol. s r.o. Production/Warehouse
1000408 CTPark Ústí nad Labem CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000427 CTPark Zákupy CZ CTP Bohemia North, spol. s r.o Warehouse
1000428 CTPark Zákupy CZ CTP Bohemia North, spol. s r.o Oice
1000425 CTPark Žatec CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000426 CTPark Žatec CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000577 CTPark Žatec CZ CTP Bohemia North, spol. s r.o Warehouse
1000430 CTPark Žatec II CZ CTP Bohemia North, spol. s r.o Production/Warehouse
1000013 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Oice
1000014 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Garages & Workshops
1000015 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Production
1000016 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. SBU
1000017 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Guard building
1000018 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Change & washroom
1000019 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Warehouse
1000020 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Parking
1000021 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Parking
1000022 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Warehouse
1000023 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Workshops
1000024 CTZone Ostrava CZ CTZone Ostrava, spol. s r.o. Workshops
1000207 IQ Ostrava/Náměstí Republiky CZ CTP IQ Ostrava, spol. s r.o. Oice
1000118 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000119 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000120 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Storage
1000121 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000122 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Warehouse
1000125 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Warehouse
1000134 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000135 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000136 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000137 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000138 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000139 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000140 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000141 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. SBU
1000148 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000149 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000507 Ponávka CZ CTP Ponávka Business Park, spol. s r.o. Oice
1000450 Ponávka CZ CTP Domeq Brno, spol. s r.o. Mid-term housing
Domeq II Ponávka CZ CTP Domeq Brno, spol. s r.o. Mid-term housing
Domeq III Ponávka CZ CTP Domeq Brno, spol. s r.o. Mid-term housing
1000272 Retail Bohemia CZ CTP Barrandov, spol. s r.o. Retail
1000206 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000389 Spielberk Oice Centre CZ Spielberk Business Park II, spol. s r.o. Oice
1000409 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000410 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000411 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000412 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000413 Spielberk Oice Centre CZ Spielberk Business Park, spol. s r.o. Oice
1000151 Vlněna Oice Park CZ CTP Vlněna Business Park, spol. s r.o. Oice
1000448 Vlněna Oice Park CZ CTP Vlněna Business Park, spol. s r.o. Oice
1000446 Vlněna Oice Park CZ CTP Vlněna Business Park, spol. s r.o. Oice
1000642 Vlněna Oice Park CZ CTP Vlněna Business Park, spol. s r.o. Oice
1000445 Vlněna Oice Park CZ CTP Vlněna Business Park, spol. s r.o. Oice
1000011 CTPark Arad RO CTPark Beta S.R.L Industrial
362
CTP Building
Number
CTPark Country Company Use
1000615 CTPark Arad West RO CTPark Beta S.R.L Industrial
1000527 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000528 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000529 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000532 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000530 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000531 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000533 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000534 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000535 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000585 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000586 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000587 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000588 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000589 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000590 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000591 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000592 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000593 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000594 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000595 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000596 CTPark Bucharest RO CTPark Bucharest A1 SRL Industrial
1000093 CTPark Bucharest RO CTPark Bucharest II SRL Industrial
1000090 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000094 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000095 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000096 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000097 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000098 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000099 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000100 CTPark Bucharest RO CTPark Bucharest SRL Industrial
1000565 CTPark Bucharest RO CTPARK BUCHAREST UPSILON SRL Industrial
1000566 CTPark Bucharest RO CTPARK BUCHAREST UPSILON SRL Industrial
1000567 CTPark Bucharest RO CTPARK BUCHAREST UPSILON SRL Industrial
1000091 CTPark Bucharest RO CTPARK GAMMA SRL Industrial
1000092 CTPark Bucharest RO CTPARK GAMMA SRL Industrial
1000497 CTPark Bucharest RO CTPARK GAMMA SRL Industrial
1000555 CTPark Bucharest RO CTPARK GAMMA SRL Industrial
1000568 CTPark Bucharest North RO CTPARK THETA SRL Industrial
1000623 CTPark Bucharest North RO CTPARK THETA SRL Industrial
1000623 CTPark Bucharest North RO CTPARK THETA SRL Industrial
1000553 CTPark Bucharest West RO CTP CONTRACTORS SRL Industrial
1000106 CTPark Bucharest West RO CTPark Bucharest West I SRL Industrial
1000107 CTPark Bucharest West RO CTPark Bucharest West I SRL Industrial
1000108 CTPark Bucharest West RO CTPark Bucharest West I SRL Industrial
1000113 CTPark Bucharest West RO CTPark Bucharest West I SRL Industrial
1000114 CTPark Bucharest West RO CTPark Bucharest West I SRL Industrial
1000105 CTPark Bucharest West RO CTPark Bucharest West II SRL Industrial
1000111 CTPark Bucharest West RO CTPark Bucharest West II SRL Industrial
1000112 CTPark Bucharest West RO CTPark Bucharest West II SRL Industrial
1000606 CTPark Bucharest West RO CTPark Bucharest West II SRL Industrial
1000109 CTPark Bucharest West RO CTPARK ETA SRL Industrial
1000477 CTPark Bucharest West RO CTPARK ETA SRL Industrial
1000473 CTPark Bucharest West RO CTPARK PHI SRL Industrial
1000110 CTPark Bucharest West RO CTPARK PHI SRL Industrial
1000612 CTPark Bucharest West RO CTPARK PHI SRL Canteen
363
CTP Building
Number
CTPark Country Company Use
1000454 CTPark Bucharest Chitila RO CTPARK KAPPA SRL Industrial
1000466 CTPark Cluj RO CTPARK ALPHA S.R.L. Industrial
1000494 CTPark Cluj RO CTPARK ALPHA S.R.L. Industrial
1000614 CTPark Caransebes RO CTPark Beta S.R.L Industrial
1000160 CTPark Deva RO CTPARK ALPHA S.R.L. Industrial
1000486 CTPark Deva RO CTPARK ALPHA S.R.L. Industrial
1000161 CTPark Deva II RO CTPark Deva II SRL Industrial
1000162 CTPark Deva II RO CTPark Deva II SRL Industrial
1000453 CTPark Ineu RO CTPARK DELTA SRL Industrial
1000344 CTPark Pitesti RO CTPARK ALPHA S.R.L. Industrial
1000345 CTPark Pitesti RO CTPARK OMEGA SRL Industrial
1000460 CTPark Pitesti RO CTPARK OMEGA SRL Industrial
1000451 CTPark Salonta RO CTPARK DELTA SRL Industrial
1000452 CTPark Salonta RO CTPARK DELTA SRL Industrial
1000474 CTPark Sibiu RO CTPARK TAU SRL Industrial
1000475 CTPark Sibiu RO CTPARK LAMBDA SRL Industrial
1000387 CTPark Timisoara RO CTPark Beta S.R.L Industrial
1000388 CTPark Timisoara II RO CTPARK SIGMA SRL Industrial
1000616 CTPark Timisoara South RO CTPark Beta S.R.L Industrial
1000622 CTPark Timisoara South RO CTPARK BETA SRL Industrial
1000401 CTPark Turda RO CTPark Beta S.R.L Industrial
1000402 CTPark Turda RO CTPark Beta S.R.L Industrial
1000709 CTPark Arad North RO CTPark Arad North SRL (fost BORDER LOGISTICS SRL) Industrial
1000710 CTPark Sibiu East RO CTPark Sibiu East SRL (Network Wide Logistics SRL) Industrial
1000711 CTPark Sibiu East RO CTPark Sibiu East SRL (Network Wide Logistics SRL) Industrial
CTPark Oradea North RO CTPark Oradea North SRL (WESTERN LOGISTICS SRL) Industrial
CTPark Oradea North RO CTPark Oradea North SRL (WESTERN LOGISTICS SRL) Industrial
1000713 CTPark Craiova East RO CTPark Craiova East SRL (SOUTHERN LOGISTICS SRL) Industrial
1000714 CTPark Craiova East RO CTPark Craiova East SRL (SOUTHERN LOGISTICS SRL) Industrial
n/A CTPark Brasov West RO CTPark Brasov West SRL Industrial
1000720 CTPark Brasov West RO CTPark Brasov West SRL Industrial
1000778 CTPark Brasov West RO CTPark Brasov West SRL Industrial
1000779 CTPark Brasov West RO CTPark Brasov West SRL Industrial
1000780 CTPark Brasov West RO CTPark Brasov SRL Industrial
1000781 CTPark Brasov West RO CTPark Brasov West SRL Industrial
1000721 CTPark Timisoara RO CTPark Timisoara East SRL (Olympian Timisoara SA) Industrial
1000788 CTPark Timisoara RO CTPark Timisoara East SRL (Olympian Timisoara SA) Industrial
1000721 CTPark Timisoara RO CTPark Timisoara East SRL (Olympian Timisoara SA) Industrial
1000790 CTPark Timisoara RO CTPark Timisoara East SRL (Olympian Timisoara SA) Industrial
1000721 CTPark Timisoara RO CTPark Timisoara East SRL (Olympian Timisoara SA) Industrial
1000728 CTPark Bucharest South II RO CTPark Bucharest South II SRL (Olympian East Bucharest SA) Industrial
1000729 CTPark Bucharest South II RO CTPark Bucharest South II SRL (Olympian East Bucharest SA) Industrial
1000722 CTPark Bucharest South II RO CTPark Bucharest South II SRL (Olympian East Bucharest SA) Industrial
1000787 CTPark Bucharest South II RO CTPark Bucharest South II SRL (Olympian East Bucharest SA) Industrial
1000496 CTPark Bucharest RO CTPARK GAMMA SRL Industrial
1000581 CTPark Bucharest RO CTP CONTRACTORS SRL Industrial
1000599 CTPark Bucharest RO CTPark Rho SRL Industrial
1000597 CTPark Bucharest West RO CTPARK ZETA SRL Industrial
1000365 CTPark Sibiu RO CTPARK TAU SRL Industrial
1000578 CTPark Timisoara II RO CTPARK PSI SRL Industrial
1000739 CTPark Turda RO CTPark Epsilon SRL Industrial
1000176 CTPark Arrabona HU CTPark Alpha Kft. Industrial
1000177 CTPark Arrabona II HU CTPark Arrabona Kft. Industrial
1000510 CTPark Arrabona II HU CTPark Arrabona Kft. Industrial
1000562 CTPark Arrabona II HU CTPark Arrabona Kft. Industrial
1000723 CTPark Budapest Campus HU OFFICE CAMPUS REAL ESTATE Kft. Oice
364
CTP Building
Number
CTPark Country Company Use
1000404 CTPark Budapest East HU CTPark Beta Kft. Industrial
1000405 CTPark Budapest East HU CTPark Alpha Kft. Industrial
1000406 CTPark Budapest East HU CTPark Beta Kft. Industrial
1000563 CTPark Budapest East HU CTPark Eleven Kft. Industrial
1000601 CTPark Budapest East HU CTPark Eleven Kft. Industrial
1000467 CTPark Budapest South HU CTPark Seven Kft. Industrial
1000572 CTPark Budapest South HU CTPark Seven Kft. Industrial
1000042 CTPark Budapest West HU CTPark Delta Kft. Industrial
1000043 CTPark Budapest West HU CTPark Delta Kft. Industrial
1000050 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000602 CTPark Budapest West HU CTPark Nine Kft. Industrial
1000506 CTPark Budapest West HU CTPark Nine Kft. Industrial
1000459 CTPark Budapest West HU CTPark Delta Kft. Industrial
1000044 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000045 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000046 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000047 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000048 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000049 CTPark Budapest West HU CTPark Biatorbágy Kft. Industrial
1000479 CTPark Komárom HU CTPark Alpha Kft. Industrial
1000227 CTPark Komárom HU CTPark Eight Kft. Industrial
1000455 CTPark Komárom HU CTPark Eight Kft. Industrial
1000456 CTPark Komárom HU CTPark Eight Kft. Industrial
1000465 CTPark Székesfehérvár HU CTPark Ten Kft. Industrial
1000380 CTPark Szombathely HU CTPark Biatorbágy Kft. Industrial
1000715 CTPark Szombathely East HU CTPark Thirteen Kft. Industrial
1000381 CTPark Tatabánya HU CTPark Gamma Kft. Industrial
1000382 CTPark Tatabánya HU CTPark Alpha Kft. Industrial
1000383 CTPark Tatabánya HU CTPark Alpha Kft. Industrial
1000384 CTPark Tatabánya HU CTPark Alpha Kft. Industrial
1000632 CTPark Vecsés HU CTPark Twelve Kft. Industrial
1000617 CTPark Vecsés HU CTPark Twelve Kft. Industrial
1000277 Nitra SK CTPark Nitra, spol, s.r.o Warehouse
1000278 Nitra SK CTPark Slovakia, s.r.o. Production
1000458 Nitra SK CTPark Slovakia, s.r.o. Production
1000391 Trnava SK CTPark Slovakia, s.r.o. Production
1000396 Trnava SK CTPark Slovakia, s.r.o. Warehouse
1000397 Trnava SK CTPark Slovakia, s.r.o. Production
1000398 Trnava SK CTPark Slovakia, s.r.o. Production
1000399 Trnava SK CTPark Slovakia, s.r.o. Production
1000400 Trnava SK CTPark Slovakia, s.r.o. Production
1000559 Trnava SK CTPark Slovakia, s.r.o. Warehouse
1000392 Trnava SK CTPark Slovakia, s.r.o. Production
1000393 Trnava SK CTPark Slovakia, s.r.o. Warehouse
1000394 Trnava SK CTPark Slovakia, s.r.o. Production
1000395 Trnava SK CTPark Slovakia, s.r.o. Warehouse
1000414 Voderady SK CTP Alpha SK, spol. s r.o. Production
1000415 Voderady SK CTP Alpha SK, spol. s r.o. Production
1000457 Hlohovec SK CTPark Hlohovec, spol. s r.o. Production
1000476 Hlohovec SK CTPark Hlohovec, spol. s r.o. Production
1000488 Nové Mesto nad Váhom SK CTPark Nove Mesto, spol. s.r.o. Production
1000487 Nové Mesto nad Váhom SK CTPark Nove Mesto, spol. s.r.o. Production
1000076 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000084 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000503 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000514 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
365
CTP Building
Number
CTPark Country Company Use
1000683 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
1000085 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000086 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000087 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
1000088 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
1000077 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000078 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000079 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
1000080 Bratislava SK CTPark Bratislava, spol. s r.o. Warehouse
1000081 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000082 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000083 Bratislava SK CTPark Bratislava, spol. s r.o. Production
1000626 Žilina Airport SK CTPark Žilina Airport, spol. s r. o. Warehouse
1000627 Žilina Airport SK CTPark Žilina Airport, spol. s r. o. Warehouse
1000628 Žilina Airport SK CTPark Žilina Airport, spol. s r. o. Warehouse
1000431 Žilina SK CTP Alpha SK, spol. s r.o. Production
1000432 Žilina SK CTP Alpha SK, spol. s r.o. Warehouse
1000435 Žilina SK CTP Alpha SK, spol. s r.o. Production
1000493 Žilina SK CTP Alpha SK, spol. s r.o. Production
1000560 Žilina SK CTP Alpha SK, spol. s r.o. Production
1000233 Krásno nad Kysucou SK CTPark Krásno nad Kysucou, spol. s r.o. Production
1000538 Košice SK CTPark Košice, spol. s r. o. Production
1000539 Košice SK CTPark Košice, spol. s r. o. Warehouse
1000537 Košice SK CTPark Košice, spol. s r. o. Production
1000554 Košice SK CTPark Košice, spol. s r. o. Production
1000540 Košice SK CTPark Košice, spol. s r. o. Production
1000541 Košice SK CTPark Košice, spol. s r. o. Warehouse
1000556 Košice SK CTPark Košice, spol. s r. o. Production
N/A Námestovo SK CTPark Námestovo, spol. s r.o. Production
N/A Vavrečka SK CTPark Námestovo, spol. s r.o. Production
1000093 OC Dunaj SK CTPark Bratislava, spol. s r.o. Mixes use
1000499 CTPark Belgrade West RS CTP Beta doo Beograd-Novi Beograd Warehouse
1000485 CTPark Belgrade West RS CTP Alpha d.o.o. Beograd-Novi Beograd Warehouse
1000584 CTPark Belgrade North RS CTP Lambda doo Beograd Warehouse
1000580 CTPark Belgrade North RS CTP Lambda doo Beograd Warehouse
1000619 CTPark Belgrade North RS CTP Omega doo Beograd-Novi Beograd Warehouse
1000513 CTPark Novi Sad, Serbia RS CTP Gamma d.o.o Beograd-Novi Beograd Production
1000511 CTPark Kragujevac RS CTP Delta doo Beograd-Novi Beograd Production
1000564 CTPark Kragujevac RS CTP Kappa doo Beograd-Novi Beograd Production
1000313 CTPark Opole PL CTPark Opole Sp. z o.o. Industrial
1000314 CTPark Opole PL CTPark Opole Sp. z o.o. Industrial
1000607 CTPark Soia Airport BG CTPark Delta EOOD Logistics
1000767 CTPark Soia East BG CTPark Lambda EOOD Logistics
1000766 CTPark Plovdiv Airport BG CTPark Kappa EOOD Industrial
1000132 Deuchendorf AT CTP Beta GmbH Production
1000041 Bernau, Germany DE CTP Germany V GmbH Industrial
1000169 Erfurt-Nord, Germany DE CTP Germany V GmbH Industrial
1000222 Gommern Karith, Germany DE CTP Germany V GmbH Industrial
1000271 Müllrose, Germany DE CTP Germany V GmbH Industrial
1000362 Schenkendöbern, Germany DE CTP Germany V GmbH Land
1000379 Syke, Germany DE CTP Germany V GmbH Industrial
1000407 Untermaßfeld, Germany DE CTP Germany V GmbH Land
1000417 Weimar, Germany DE CTP Germany V GmbH Industrial
1000419
Schulstr. 102 Wiesmoor,
Germany
DE CTP Germany V GmbH Industrial
366
Five Building Types
CTP’s Industrial portfolio is centered on our core business—the
CTPark Network—the largest integrated network of premium business
parks in CEE. With over 120 locations and a strategic land bank,
the CTPark Network enables our clients to cover the whole region
with room to grow. To meet the requirements of major industries,
CTP has developed fi ve bespoke building types ranging in size and
functionality to support a broad spectrum of business activities:
logistics, e-commerce, manufacturing and its supply chains, as
well as high-tech manufacturing, advanced R&D and back-offi ce
operations.
The in-house CTP Platform provides for the fi nancing, design and
construction of custom-built industrial properties and interior
fi t-outs, including sophisticated production lines, clean rooms and
laboratories, complemented by complex building management systems
engineered for effi cient operations and transparent OPEX costs.
ctBox
From 400-850 sqm
ctFlex
1,150-3,000 sqm
ctFit
from 5,000 sqm
ctLab
from 195 sqm
ctSpace
from 3,000 sqm
Appendix BAppendices Five Building Types
ctBox
Designed for local companies and
startups. This simple and functional
building provides three necessary
areas for a smooth running business:
showroom, office space and warehouse.
As companies grow, it is easy for
them to expand their retail, light
manufacturing, or test facilities etc.
Typical Usage B2B retail, showrooms,
warehousing / production
Typical Size 400-850 sqm
Standard Height 7 m
Floor Loading 500 kg/sqm (Oice),
4 tn/sqm (Warehouse) or
3.2 tn for rack support
Standard Grid 15×24 m, oice in-built
reduced up to 5×6 m
From 400-850 sqm
367
ctFlex
Built with flexibility in mind for
growing businesses, ctFlex offers
a modifiable and expandable concept
for small and mid-sized companies
with built-in offices and warehouses.
ctFlex allows companies to focus
on their business without being
worried about having enough space for
operations.
Typical Usage Production/warehousing
in smaller units that can
be merged as clients grow
Typical Size 1,150 - 3,000 sqm
Standard Height 10.5 m
Floor Loading 5,000 kg/sqm or
3.2 tn for rack support
Standard Grid 12×24 m
1,150-3,000 sqm
ctFit
Ideal for activities of large
enterprises with special technical
parameters, such as distribution
hubs, chilled warehousing, high-tech
manufacturing and R&D laboratories.
Typical Usage To meet client speciications,
but also suitable for
new clients
Typical Size from 5,000 sqm
Standard Height Clear height 10.5 m
Floor Loading 500 kg/sqm (Oice),
5 tn/sqm (Warehouse) or
3.2 tn for rack support
Standard Grid 12×24 m, oice inbuilt
reduced up to 6×6 m
from 5,000 sqm
368
ctLab
ctLab is a cost-effective facility
ideal for service centres, software/
equipment design, R&D and back-office
operations of all types of companies.
Flexible floor plans support
customisation and future expansion.
The concept also includes ground-floor
business services and amenities.
Typical Usage Supplementary oices
in parks
Typical Size from 195 sqm
Standard Height 2.8 m
Floor Loading 400 kg/sqm
Standard Grid Variable, typically 6×6 m
up to 7.5×7.5 m
from 195 sqm
ctSpace
Top-quality buildings for global
companies designed to accommodate
warehousing and distribution needs.
The ctSpace concept is ideal for
logistics operations, distribution
centres or supply chain hubs.
Typical Usage Big-box logistics
Typical Size from 3,000 sqm
Standard Height 12 m
Floor Loading 5,000 kg/sqm or 3.2 tn
for rack support
Standard Grid 12×24 m, oice in-built
from 3,000 sqm
369
370
Appendix CAppendices EPRA Financial
Performance Metrics
The purpose of these indicators, as recommended by the European Public Real Estate Association (EPRA),
is to enable easier comparison with similar real estate businesses. EPRA performance indicators are calcu-
lated in accordance with the EPRA Best Practices Recommendations (BPR) Guidelines.
EPRA Financial Performance Metrics
Indicator Definition
2021 2020
1. COMPANY SPECIFIC
ADJUSTED EPS
A key measure of a company’s underlying operating results and an
indication of the extent to which current dividend payments are
supported by earnings.
€ 0.49 € 0.44
2. EPRA NAV METRICS
EPRA NAV metrics make adjustments to the NAV per IFRS inan-
cial statements to provide stakeholders with the most relevant
information on the fair value of the assets and liabilities of a real
estate investment company, under diferent scenarios.
a. EPRA Net Tangible
Assets
Assumes that company buy and sell assets, thereby crystallising
certain levels of unavoidable deferred tax.
€ 12.06 € 8.32
b. EPRA Net
Reinstatement Value
Assumes that company never sell assets and aims to represent the
value required to rebuild the company.
€ 12.09 € 8.33
c. EPRA Net Disposal
Value
Represents the shareholders’ value under a disposal scenario,
where deferred tax, inancial instruments and certain other ad-
justments are calculated to the full extent of their liability, net of
any resulting tax.
€ 10.25 € 6.59
3. EPRA YIELD METRICS
A comparable measure for portfolio Valuations.
a. EPRA NET INITIAL
YIELD (NIY)
Annualised rental income based on the cash rents passing at the
balance sheet date, less non-recoverable property operating ex-
penses, divided by the market value of the property, increased with
(estimated) purchasers’ costs.
5.2% 5.8%
b. EPRA ‘TOPPED-UP’
NIY
This measure incorporates an adjustment to the EPRA NIY in
respect of the expiration of rent-free periods (or other unexpired
lease incentives such as discounted rent periods and step rents).
5.6% 6.2%
EPRA Earnings
(amounts in TEUR)
2021 2020
Earnings per IFRS income statement
1,025,936 252,118
Adjustments to calculate EPRA Earnings, exclude:
(i)
Changes in value of investment properties, development properties held for investment and
other interests
1,100,571 152,162
(ii)
Proits or losses on disposal of investment properties, development properties held for
investment and other interests
2,233 -933
(iii)
Proits or losses on sales of trading properties including impairment charges in respect of
trading properties.
- -
(iv) Tax on proits or losses on disposals
-146 -
(v) Negative goodwill / goodwill impairment
- -
(vi) Changes in fair value of inancial instruments and associated close-out costs
12,126 -40,272
(vii) Acquisition costs on share deals and non-controlling joint venture interests
-1,648 -
(viii) Deferred tax in respect of EPRA adjustments
-227,903 -14,234
(ix)
Adjustments (i) to (viii) above in respect of joint ventures (unless already included under
proportional consolidation)
- -
(x) Non-controlling interests in respect of the above
- -
EPRA Earnings
140,703 155,395
Average number of shares
383,407 336,000
EPRA Earnings per Share (EPS)
€ 0.37 € 0.46
Company speciic adjustments:
(a) Adjustment for rental income included in 2018 for sold portfolio to Deka
(b) Impairment/depreciation on property, plant and equipment
-5,657 -6,122
(c) FX related to company restructuring, intra-group transfer of SPV's
-5,306 17,866
(d) Adjustment associated costs with establishment capital market structure
-41,094 -6,479
(e) Deferred tax in respect of Company speciic adjustments
6,654 1,163
Company speciic Adjusted Earnings
186,106 148,967
Company speciic Adjusted EPS
€ 0.49 € 0.44
Please ind full reconciliation of the calculated EPRA performance indicators below.
1 The denominator in the calculation of basic EPS over 2020 is the number of shares as
at 31 December 2020. The resulting 2020 EPS data is pro forma rather than historical
but comparable to 2021.
EPRA Earnings
371
EPRA Net Asset Value Metrics
(amounts in TEUR)
EPRA NRV EPRA NTA EPRA NDV
December 2021 December 2021 December 2021
IFRS Equity attributable to shareholders 4,106,830 4,106,830 4,106,830
Include / Exclude:
i) Hybrid instruments
Diluted NAV
4,106,830 4,106,830 4,106,830
Include:
ii.a) Revaluation of IP (if IAS 40 cost option is used)
ii.b) Revaluation of IPUC1 (if IAS 40 cost option is used)
ii.c) Revaluation of other non-current investments
iii) Revaluation of tenant leases held as inance leases
iv) Revaluation of trading properties
Diluted NAV at Fair Value 4,106,830 4,106,830 4,106,830
Exclude:
v) Deferred tax in relation to fair value gains of IP
- 725,779 - 725,779
vi) Fair value of inancial instruments 172 172
vii) Goodwill as a result of deferred tax
viii.a) Goodwill as per the IFRS balance sheet
viii.b) Intangibles as per the IFRS balance sheet
2,111
Include:
ix) Fair value of ixed interest rate debt
-3,471
x) Revaluation of intangibles to fair value
xi) Real estate transfer tax
6,595
NAV 4,839,032 4,830,326 4,103,359
Fully diluted number of shares 400,393 400,393 400,393
NAV per share € 12.09 € 12.06 € 10.25
EPRA NAV Metrics 2021
372
EPRA net initial Yield (NIY) and 'topped-up' NIY
December 2021 December 2020
Investment property – wholly owned 7,822,472 5,447,632
Investment property – share of JVs/Funds - -
Trading property (including share of JVs)
- -
Less: developments
774,204 387,347
Completed property portfolio
7,048,268 5,060,285
Allowance for estimated purchasers’ costs
- -
Gross up completed property portfolio valuation B
7,048,268 5,060,285
Annualised cash passing rental income
379,001 302,816
Property outgoings
9,103 7,454
Annualised net rents A
369,898 295,362
Add: notional rent expiration of rent-free
periods or other lease incentives
21,435 19,724
Topped-up net annualised rent C
391,333 315,086
EPRA NIY A/B
5.2% 5.8%
EPRA “topped-up” NIY C/B
5.6% 6.2%
EPRA Net Asset Value Metrics
(amounts in TEUR)
EPRA NRV EPRA NTA EPRA NDV
December 2020 December 2020 December 2020
IFRS Equity attributable to shareholders 2,263,202 2,263,202 2,263,202
Include / Exclude:
i) Hybrid instruments
Diluted NAV 2,263,202 2,263,202 2,263,202
Include:
ii.a) Revaluation of IP (if IAS 40 cost option is used)
ii.b) Revaluation of IPUC1 (if IAS 40 cost option is used)
ii.c) Revaluation of other non-current investments
iii) Revaluation of tenant leases held as inance leases
iv) Revaluation of trading properties
Diluted NAV at Fair Value 2,263,202 2,263,202 2,263,202
Exclude:
v) Deferred tax in relation to fair value gains of IP - 500,129 - 500,129
vi) Fair value of inancial instruments - 34,066 - 34,066
vii) Goodwill as a result of deferred tax
viii.a) Goodwill as per the IFRS balance sheet
viii.b) Intangibles as per the IFRS balance sheet 2,418
Include:
ix) Fair value of ixed interest rate debt -50,387
x) Revaluation of intangibles to fair value
xi) Real estate transfer tax
NAV 2,797,379 2,794,979 2,212,815
Fully diluted number of shares 336,000 336,000 336,000
NAV per share € 8.33 € 8.32 € 6.59
EPRA NAV Metrics 2020
EPRA YIELD METRICS
373
374
EPRA
Performance
Measure
Definition 2021 2020
Elec-Abs Total amount of electricity consumed. It includes electric-
ity from renewable and non-renewable sources, whether
imported or generated on site. This accounts for CTP’s
corporate oices.
Of which from
renewable sources:
On-site solar energy
generation:
289 MWh
248 MWh
(85%)
5,592 MWh
Of which from
renewable sources:
On-site solar energy
generation:
147 MWh
2
7 MWh
(4%)
5,893 MWh
DH&C-Abs Total amount of indirect energy consumed from district
heating or cooling systems. In this instance, ‘indirect’
means energy generated of-site and typically bought
from an external energy supplier.
CTP did not make use of District Heating & Cooling in 2020 or 2021
Fuels-Abs Total amount of fuel used from direct (renewable and
non-renewable) sources (‘direct’ meaning that the fuel is
combusted on-site).
Natural Gas:
0% from renewables
270 MWh N/A
GHG-Dir-Abs Total amount of direct greenhouse gas emissions gener-
ated (‘direct’ meaning that GHG emissions are generated
on site through combustion of the energy source/fuel).
This calculation includes use of natural gas in oices, car
fuel, as well as jet fuel.
2,345 Mt CO
e 1,468 Mt CO
e
Water-Abs Total amount of water consumed within the corporate
oices over the full reporting year.
Municipal: 1,543 m
3, 4
N/A
Waste-Abs The total amount of waste produced and disposed of.
38 Mt
5, 6
N/A
Appendix DAppendices EPRA Sustainability
Performance Measures
EPRA Sustainability Performance Measures
CTP Carbon Footprint
Calculations of CTP’s Carbon Footprint were per-
formed by SCS Global Services. The results are
based on the data CTP provided for 2020 and 2021.
CTP Carbon Capture
This report describes the results of the evaluation
of the forest management practices in CTP’s two
forests in the Czech Republic to determine the car-
bon sequestration for 2020 and 2021. Data was
obtained directly from CTP which represents the
forest inventory at the start of year 2020. Growth
was then simulated using this data set as a starting
point and the growth rates were averaged across a
10-year period. Local tree biomass equations were
used whenever possible and the total carbon stocks
represent the above and below ground portions of
the tree (foliage, branches, stem, stump and roots)
for live trees only.
Results indicate that 43,872.26 Mg CO
2
e should
be sequestered each year (over the next 10 years)
by the forests owned by CTP Invest with the Mladá
Boleslav Forest representing 16,670.48 Mg CO
2
e
and the Zlín Forest, 27,201.78 Mg CO
2
e, provided
that the management and growth conditions remain
largely unaltered.
Mg stands for Mega gram which is the equivalent
of Metric ton.
1 The environmental numbers represent the 4 core countries, Czech Republic, Slovakia, Romania, and Hungary.
2 For 2020, we were not able to retrieve all data for Romania, therefore the number represented is lower than
what we believe true.
3 Our indirect energy consumption has been offset by the solar energy production.
4 CTP’s offi ces only withdraw from “municipal” sources.
5 Data from our Romanian offi ces could not be collected.
6 We were unable to separate waste streams by disposal route.
EPRA Sustainability Performance Measures - Environment
1
EPRA
Performance
Measure
Definition 2021 2020
Gov-Board The composition of the highest governance body Number of executive
members:
2 Number of executive
members:
2
Number of non-executive
members:
4 Number of non-executive
members:
0
Average Tenure: 4 year Average Tenure: N/A
EPRA
Performance
Measure
Definition 2021 2020
Diversity-Emp The percentage of male and female employees in the
organisation’s governance bodies and other signiicant
employee categories.
Board of Directors
gender headcount:
Female member:
Male members:
Headcount Total
Organisation:
Female employees:
Male Employees:
Headcount under 30:
Female employees:
Male Employees:
Between 30-50:
Female employees:
Male Employees:
50 and over:
Female employees:
Male Employees:
33%
67%
271 (49%)
282 (51%)
76 (67%)
38 (33%)
167 (46%)
199 (54%)
28 (38%)
45 (62%)
Board of Directors
gender headcount:
Female member:
Male members:
Employees:
0%
100%
Approx.
50/50
Diversity-Pay Ratio of the basic salary and/or remuneration of women
to men
Total organisation:
Under 30:
30-50:
50 and over:
67%
70%
78%
42%
N/A
Emp-Turnover The total number and rate of new employee hires and
employee turnover.
New Hires:
Dismissals:
Voluntary leave:
Turnover Rate:
222
23
82
19%
Turnover Rate:
H&S-Emp The occupational health and safety performance with
relation to our direct employees.
Lost day rate:
Work-related fatalities:
2,6%
0
N/A
1 The data for the social aspects covers 98% of the entire corporate organisation.
2 For this, CTP assumes that each employee works 230 days per year.
3 CTP went public.
EPRA Sustainability Performance Measures – Social
EPRA Sustainability Performance Measures - GOVERNANCE
1
375
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
376
LEVEL 1: operational RISKS
LEVEL 2: insurance RISKS
LEVEL 1: STRATEGIC RISKS
LEVEL 2: Business Model
RISKS
Appendix EAppendices Principal Risks
Principal Risks
Existing stable Cash Flow model - Future growth - ESG
Executive Directors
• Most of the Group's insurance policies do not contain an exclusion for Acts of God
The recent global coronavirus pan-
demic has led to signiicant volatility in
inancial and other markets and could
harm the Group’s business and results
of operations.
Pandemics / Acts of God
Minimise
APPETITE:
Material
IMPACT:
Likely
PROBABILITY:
Future growth - ESG
Executive Directors
• The Group Strategy is being implemented over 22 years by a team of seasoned
executives with exceptional track record
• The Group Strategy is based on a successful formula that includes:
• An Investment policy oriented to high-quality sustainable properties at strategic
locations with growth potential
• Development of new properties on its owned landbank
• Continuous improvement and active management of its property portfolio
• Disciplined approach to inancial management
• Selective strategic expansion to new markets where it currently has no or
limited presence
The Group may not be able to
successfully implement its key
strategies.
Strategy Execution
Manage
APPETITE:
Moderate
IMPACT: Very unlikely
PROBABILITY:
LEVEL 1: STRATEGIC RISKS
LEVEL 2: Macro-economic
RISKS
Existing stable Cash Flow model - Future growth
Executive Directors
• The Group negotiates long lease terms
• Portfolio diversiication across industries and single names
• Contracts with parent company guarantees
• Credit Quality of the tenant portfolio, compromising mainly large national
and international companies
• Excellent location of properties, near major cities and transport arteries
• Constant monitoring of macroeconomic trends and developments in major
industries across our geography
• Use of independent research
• The Group receives market intelligence from investment banks
• Experienced local presence and an extensive network of market contacts, advisors
and consultants
The Group is exposed to macroeco-
nomic conditions and business cycle
risks that afect the markets in
which the Group operates.
Macro economic
ManageAPPETITE:
Material
IMPACT: Very unlikely
PROBABILITY:
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
LINK TO STRATEGY
RISK OWNER
MANAGEMENT & MITIGATION
STRATEGIES
LEVEL 1: FINANCIal RISKS
LEVEL 2: Market RISKS
LEVEL 1: investment RISKS
LEVEL 2: portfolio RISKS
LEVEL 1: FINANCIal RISKS
LEVEL 2: Market RISKS
• The Group’s biggest cost is inancing which is largely ixed
• Operational costs constitute less than 20% of cash income and are
thus considered manageable even in times of prolonged high inlation
• Since 2020 our new leases contain an indexation clause that takes the higher of
(i) CPI or (ii) ixed-indexation
• CAPEX increases are passed on to the tenants
Existing stable Cash Flow model - Future growth
CFO
The Group’s business can be negatively
afected by rising inlation, as the
majority of the lease agreements
the Group has entered into with its
tenants contain a ixed adjustment of
rent clause.
Inflation
MinimiseAPPETITE:
ModerateIMPACT: Likely
PROBABILITY:
Existing stable Cash Flow model - Future growth
CFO
• Appointment of pre-eminent international valuation experts (as of 2021 Q3 the Group
appointed Cushman & Wakeield) using standardised valuation methods (RICS Red Book)
• Use of market studies, analyses and forecasts
• Geographical diversiication of the portfolio across all major CEE markets, with close
ties to western European markets
• Signiicant landbank at strategic locations in proximity to the Group's investment
properties complementing the existing network and supporting tenant demand
• Investment strategy oriented to high-quality properties that generate stable, long-term
income located at strategic locations with growth potential
• Continuous maintenance and improvement of properties
• Quality of the tenant portfolio, compromising mainly large national and international
companies with low annual credit provisions
The Group’s inancial statements may
be afected by luctuation in the fair
market value of its property portfolio
as a result of revaluations or the
Group may be unable to dispose of
its properties proitably. The Group
may hold excess land for future
development which may not ultimately
be beneicial to the Group.
VALUATION
ManageAPPETITE:
MaterialIMPACT: Unlikely
PROBABILITY:
• Specialised in-house property development team and use of external consultants
• Strict monitoring of construction sites
• Use of well-established contractors with good solvency
• Community engagement to maintain a constructive dialogue with local decision-makers
• Projects are launched only if they are pre-let and fully inanced and the required
permits have been obtained
Future growth
CEO
The Group is exposed to the risk of cost
overruns, delays or other diiculties in
relation to its development activities.
The Group is also dependent on the
performance of third-party contractors
or suppliers.
DEVELOPMENT
ManageAPPETITE:
Signifi cantIMPACT: Possible
PROBABILITY:
377
Remon LeonardɁVos
StichtingɁ
AdministratiekantoorɁ
Multivest
CTPInvest,spol.sr.o.
Multivest
B.V.
CTP Holding
B.V.
CTP N.V.
Personwith
signiicantcontrol
100%
100% 100%
83.14%
Czech Republic
CTP Property Czech, spol. s r.o.
100%
CTP X, spol. s r.o.
100%
CTPark Brno Retail, spol. s r.o.
100%
CTPark Brno III, spol. s r.o.
100%
Multidisplay s.r.o. v likvidaci
100%
CTPark Prague North II, spol. s r.o.
100%
CTP XIII, spol. s r.o.
100%
CTP XIV, spol. s r.o.
100%
CTP Vlněna Business Park, spol. s r.o.
100%
CTPark Plzeň, spol. s r.o.
100%
CTP II, spol. s r.o.
100%
CTPark Prague North III, spol. s r.o.
100%
CTP III, spol. s r.o.
100%
CTP V, spol. s r.o.
100%
CTPark Stříbro, spol. s r.o.
100%
CTP XV, spol. s r.o.
100%
CTP XVI, spol. s r.o.
100%
Serbia
➜ CTP Lambda doo Beograd
100%
CTP XVIII, spol. s r.o.
100%
CTPark Brno Líšeň II, spol. s r.o.
100%
CTP Forest, spol. s r.o.
100%
CTP Property Romania, spol. s r.o.
v likvidaci 100%
CTP Property Serbia, spol. s r.o.
v likvidaci 100%
Clubco, spol. s r.o.
100%
CTP XXI, spol. s r.o.
100%
➜ PŘÍDANKY SPV, s.r.o.
100%
CTP Barrandov, spol. s r.o.
100%
CTP XXII, spol. s r.o.
100%
CTPark Lysá nad Labem, spol. s r.o.
100%
Czech Republic
CTP Domeq Brno, spol. s r.o.
100%
CTP IQ Ostrava, spol. s r.o.
100%
CTP XII, spol. s r.o.
100%
CTP XI, spol. s r.o.
100%
CTP IV, spol. s r.o.
100%
CTP VI, spol. s r.o.
100%
Spielberk Business Park, spol. s r.o.
100%
CTZone Ostrava, spol. s r.o.
100%
CTP VII, spol. s r.o.
100%
CTP VIII, spol. s r.o.
100%
CTP XXIV, spol. s r.o.
100%
CTP Hotel Pilsen, spol. s r.o.
100%
➜ CTP Hotel Operations Pilsen,
spol. s r.o.
90%, 10% CTP Invest,spol. s r.o.
CTP Hotel Prague, spol. s r.o.
100%
➜ CTP Hotel Operations Prague,
spol. s r.o. 90%, 10% CTP Invest
spol. s.r.o.
Spielberk Business Park II, spol. s r.o.
100%
➜ CTP Hotel Operations Brno,
spol. s r.o.
100%
CTPersonnel Bor, spol. s r.o. v likvidaci
100%
CTP CEE Properties, spol. s r.o.
100%
CTP Beta, spol. s r.o. v likvidaci
100%
Austria
CTP Beta GmbH
100%
CTP Invest Immobilien GmbH
100%
CTP Alpha GmbH
100%
CTP Gamma GmbH
100%
CTP Delta GmbH
100%
CTP Epsilon GmbH
100%
CTP Zeta GmbH
100%
Bulgaria
CTP Invest EOOD
100%
CTPark Beta EOOD
100%
CTPark Gamma EOOD
100%
CTPark Delta EOOD
100%
CTPark Epsilon EOOD
100%
➜ Project Vrajdebna EOOD
100%
CTPark Zeta EOOD
100%
➜ CTPark Kappa EOOD
100%
CTPark Eta EOOD
100%
➜ CTPark Lambda EOOD
100%
CTPark Theta EOOD
100%
CTPark Iota EOOD
100%
France
CTP France
100%
CTP Alpha France
100%
CTP Beta France
100%
United Kingdom
CTP Invest Ltd
100%
CTP Alpha Ltd
100%
CTP Beta Ltd
100%
Germany
CTP Germany GmbH
100%
➜ CTP Germany V GmbH
90%, 10% CTP Invest, spol. s r.o.
➜ CTP Germany VI GmbH
90%, 10% CTP Invest, spol. s r.o.
CTP Invest Germany GmbH
100%
CTP Germany VII GmbH
100%
CTP Germany VIII GmbH
100%
CTP Germany IX GmbH
100%
CTP Germany X GmbH
100%
Hungary
CTP Management Hungary Kft.
100%
CTPark Eleven Kft.
100%
CTPark Twelve Kft.
100%
CTPark Thirteen Kft.
100%
CTPark Fourteen Kft.
100%
➜ Offi ce Campus Real Estate Kft.
100%
CTPark Fifteen Kft.
100%
CTPark Sixteen Kft.
100%
CTPark Seventeen Kft.
100%
CTP Solar Hungary Kft.
100%
CTPark Eighteen Kft.
100%
➜ CTPark Twenty Three Kft.
100%
➜ CTPark Twenty Four Kft.
100%
➜ CTPark Twenty Five Kft.
100%
➜ CTPark Twenty Six Kft.
100%
➜ CTPark Twenty Seven Kft.
100%
CTPark Nineteen Kft.
100%
CTPark Twenty Kft.
100%
CTPark Twenty One Kft.
100%
CTPark Twenty Two Kft.
100%
Italy
CTP Italy S.r.l.
100%
CTP Alpha S.r.l.
100%
CTP Beta S.r.l.
100%
Netherlands
Multifi n B.V.
100%
Czech Republic
➜ CTP I, spol. s r.o. v likvidaci
100%
➜ CTP Solar, a.s. v likvidaci
100%
Germany
➜ CTP Germany II GmbH
100%
➜ CTP Germany IV GmbH & Co. KG
100%
➜ CTP Germany III GmbH
100%
Netherlands
CTP Baltic Holding B.V.
100%
Latvia
➜ Samesova SIA
100%
➜ Vojtova SIA
100%
➜ Zemankova SIA
100%
Lithuania
➜ UAB Samesova
100%
➜ UAB Vojtova
100%
➜ UAB Zemankova
100%
Estonia
➜ Samesova OŰ
100%
➜ Vojtova OŰ
100%
➜ Zemankova OŰ
100%
CTP Turkish Holding B.V.
100%
Turkey
➜ CTP ALPHA GAYRİMENKUL VE
İNŞAAT LİMİTED ŞİRKETİ,
100%
➜ CTP BETA GAYRİMENKUL VE
İNŞAAT LİMİTED ŞİRKETİ,
100%
➜ CTP GAMMA GAYRİMENKUL VE
İNŞAAT LİMİTED ŞİRKETİ
100%
CTP Mediterranean Holding B.V.
100%
Egypt
➜ CTP Real Estate
90%, 10% CTP Baltic Holding B.V.
➜ CTP Real Estate Development
90%, 10% CTP Baltic Holding B.V.
➜ CTP Invest
90%, 10% CTP Baltic Holding B.V.
Netherlands
CTP Invest B.V.
100%
CTP Alpha B.V.
100%
CTP Beta B.V.
100%
CTP Gamma B.V.
100%
CTP Delta B.V.
90.1%
CTP Epsilon B.V.
100%
CTP Theta B.V.
100%
CTP Eta B.V.
100%
CTP Zeta B.V.
100%
Netherlands
CTP Iota B.V.
100%
CTP Kappa B.V.
100%
CTP Lambda B.V.
100%
CTP ALC B.V.
100%
CTP Mu B.V.
100%
Poland
CTP Invest Poland Sp. z o.o.
100%
CTPark Opole Sp. z o.o.
100%
CTP Eta Poland Sp. z o.o.
100%
CTP Theta Poland Sp. z o.o.
100%
CTPark Iłowa Sp. z o.o.
100%
CTPark Zabrze Sp. z o.o.
100%
CTP Beta Poland Sp. z o.o.
100%
CTP Delta Poland Sp. z o.o.
100%
CTP Gamma Poland Sp. z o.o.
100%
CTP Zeta Poland Sp. z o.o.
100%
CTP Epsilon Poland Sp. z o.o.
100%
CTP Iota Poland Sp. z o.o.
100%
CTP Kappa Poland Sp. z o.o.
100%
CTP Lambda Poland Sp. z o.o.
100%
CTP Mu Poland Sp. z o.o.
100%
CTP Nu Poland Sp. z o.o.
100%
CTP Xi Poland Sp. z o.o.
100%
CTP Omicron Poland Sp. z o.o.
100%
CTP Sigma Poland Sp. z o.o.
100%
CTP Pi Poland Sp. z o.o.
100%
CTP Rho Poland Sp. z o.o.
100%
CTP Company
Structure
Appendices Appendix F
378
CTPPropertyB.V.
100%
Romania
CTP INVEST BUCHAREST SRL
98.94%, 1.06% Spielberk Business
Park,spol. s r.o.
➜ Universal Management SRL
100%
➜ CTPARK MANAGEMENT TURDA SRL
100%
➜ CTPARK MANAGEMENT
AFUMATI SRL, 100%
CTPARK THETA SRL
100%
CTPARK PSI SRL
100%
CTPARK ZETA SRL
100%
CTPARK EPSILON SRL
100%
CTPARK IOTA SRL
100%
CTPARK MIU SRL
100%
CTPARK OMICRON SRL
100%
CTPARK RHO SRL
90%, 10% CTP Property Czech, spol. s r.o.
CTPARK KM23 NORTH SRL
100%
FOREST PROPERTY INVEST SRL
100%
CTP SOLAR SRL
100%
CTPARK ARAD NORTH SRL
100%
CTPARK SIBIU EAST SRL
100%
CTPARK CRAIOVA EAST SRL
100%
CTPARK ORADEA NORTH SRL
100%
CTPARK TIMISOARA EAST SRL
100%
CTPARK BRASOV SRL
100%
CTPARK BRASOV WEST SRL
100%
CTPARK BUCHAREST SOUTH II SRL
100%
Serbia
CTP Invest doo Beograd‐Novi Beograd
100%
CTP Zeta doo Beograd‐Novi Beograd,
100%
➜ CTP Property Alpha d.o.o.
Beograd‐Novi Beograd, 100%
CTP Iota doo Beograd‐Novi Beograd,
100%
CTP Sigma doo Beograd‐Novi Beograd
100%
CTP Omicron doo Beograd‐Novi Beograd
100%
CTP Phi doo Beograd‐Novi Beograd
100%
CTP Rho doo Beograd‐Novi Beograd
100%
CTP Tau doo Beograd‐Novi Beograd
100%
Slovakia
CTP Invest SK, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Čierny Les, spol. s r.o. *
85%, 15% CTP Property Czech, spol. s r.o.
CTPark Prešov s.r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTP Gama s. r. o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Trnava II, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTP Dunaj s.r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Žilina Airport II, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Bratislava East, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTP Solar SK, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Banská Bystrica, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Land SK I, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Land SK II, spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
CTPark Námestovo spol. s r.o.
90%, 10% CTP Property Czech, spol. s r.o.
Slovenia
CTP Ljubljana, d.o.o.
100%
CTPark Alpha, d.o.o.
100%
Spain
Global Guanaco, S.L.U.
100%
Romania
CTP CONTRACTORS SRL
100%
CTPARK ALPHA SRL
100%
CTPARK BETA SRL
100%
CTPARK GAMMA SRL
100%
CTPARK DELTA SRL
100%
CTPARK BUCHAREST SRL
100%
CTPARK BUCHAREST WEST I SRL
100%
CTPARK DEVA II SRL
100%
CTPARK BUCHAREST WEST II SRL
100%
CTPARK KAPPA SRL
100%
CTPARK BUCHAREST II SRL
100%
CTPARK LAMBDA SRL
100%
CTPARK OMEGA SRL
100%
CTPARK PHI SRL
100%
CTPARK SIGMA SRL
100%
CTPARK TAU SRL
100%
CTPARK ETA SRL
100%
CTPARK BUCHAREST A1 SRL
100%
CTPARK BUCHAREST UPSILON SRL
100%
Netherland
CTP Portfolio Finance Czech B.V.
100%
Czech Republic
➜ CTPark Bor, spol. s r.o.
100%
➜ CTPark Modřice, spol. s r.o.
100%
Czech Republic
CTPark Aš II, spol. s r.o.
100%
CTP CEE Sub Holding, spol. s r.o.
100%
CTPark Česká Velenice, spol. s r.o.
100%
Czech Republic
CTP Portfolio Finance CZ, spol. s r.o.
100%
➜ CTP Industrial Property CZ, spol.
s r.o.
100%
➜ CTPark Prague West, spol. s r.o.
100%
➜ CTPark Brno Líšeň East, spol.
s r.o.
100%
➜ CTP XVII, spol. s r.o.
100%
➜ CTP Borská Pole, spol. s r.o..
100%
➜ CTP Vysočina, spol. s r.o.
100%
➜ CTPark Brno I, spol. s r.o.
100%
➜ CTPark Ostrava, spol. s r.o.
100%
➜ CTP Moravia South, spol. s r.o.
100%
➜ CTPark Mladá Boleslav, spol.
s r.o.
100%
➜ CTP Bohemia North, spol. s r.o.
100%
➜ RENWON a. s.
100%
➜ CTPark Brno Líšeň West, spol. s r.o.
100%
➜ CTP Moravia North, spol. s r.o.
100%
➜ CTP Pilsen Region, spol. s r.o.
100%
➜ CTP Bohemia West, spol. s r.o.
100%
➜ CTPark Ostrava Poruba, spol. s r.o.
100%
➜ CTPark Hranice, spol. s r.o.
100%
➜ CTP XXIII, spol. s r.o.
100%
➜ CTPark Prague Airport, spol. s r.o.
100%
➜ CTPark Prague East, spol. s r.o.
100%
➜ CTP Ponávka Business Park, spol.
s r.o.,
100%
➜ CTP Solar I, a.s.
100%
➜ CTPark Brno II, spol. s r.o.
100%
➜ CTP Bohemia South, spol. s r.o.
100%
➜ CTP Alpha, spol. s r.o.
100%
➜ CTP Solar II, a.s.
100%
➜ CTP Solar III, spol. s r.o.
100%
Hungary
CTPark Alpha Kft.
100%
CTPark Beta Kft.
100%
CTPark Gamma Kft.
100%
CTPark Delta Kft.
100%
CTPark Biatorbágy Kft.
100%
Hungary
CTPark Arrabona Kft.
100%
CTPark Seven Kft.
100%
CTPark Eight Kft.
100%
CTPark Ten Kft.
100%
CTPark Nine Kft.
100%
Serbia
CTP Alpha doo Beograd‐Novi Beograd
100%
CTP Beta doo Beograd‐Novi Beograd
100%
CTP Gamma doo Beograd‐Novi Beograd
100%
CTP Delta doo Beograd‐Novi Beograd
100%
CTP Epsilon doo Beograd‐Novi Beograd
100%
➜ CTP Omega d.o.o. Beograd‐Novi
Beograd
100%
CTP Kappa doo Beograd‐Novi Beograd
100%
Slovakia
CTP Alpha SK, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Krásno nad Kysucou, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTP Slovakia, s. r. o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Bratislava, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Hlohovec, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Nitra, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Nove Mesto, spol. s.r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Košice, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
CTPark Žilina Airport, spol. s r.o.
90%, 10% CTP CEE Sub Holding, spol.
s r.o.
379
380
Glossary of Terms
Annualised Rental Income
Rent roll as per the end of
period, including service
charge income (Base rent plus
other rental income plus extras
for above standard technical
improvement plus services minus
rent frees)
Audit Committee
Audit committee of the Board
Average Cost of Debt
The total of bank interest
expense, interest expense
from fi nancial derivatives and
interest expense from bonds
issued for the reporting period
divided by the average total
balance of interest-bearing
loans and borrowings from
fi nancial institutions and bonds
issued for that same period
Board (of Directors)
The Board of Directors the
Company
BREEAM
Building research establishment
environmental assessment method
Business
The Company’s business and the
business of its affi liates
BW
Dutch Civil Code (Burgerlijk
Wetboek)
CAGR
Compound annual growth rate
CEE
The Central and Eastern Europe
region
CEO
Chief executive offi cer of the
Company
CFO
Chief fi nancial offi cer of the
Company
Collection Rate
The scheduled payments received
under lease agreements not
later than 15 days after
due date, as a percentage
of billings including rent,
service charges, extra’s and
tenant direct re-charges
Company
CTP N.V.
Company specifi c Adjusted
Earnings
EPRA Earnings adjusted for the
after (deferred) tax effect
from the adjustment for rental
income for sold portfolio,
impairment/depreciation
on hotel portfolio and
acquisitions, foreign exchange
gains/losses related to company
restructuring and associated
costs with establishment
capital market structure
Company specifi c Adjusted
Earnings per Share
Company specifi c Adjusted
Earnings based upon the number
of shares as of end of period
Core Markets
Czech Republic, Hungary,
Romania, Slovakia
COVID-19
Strain of a coronavirus disease
SARS-CoV-2
CTP Invest
CTP Invest, spol. s.r.o.
DEKA
DEKA Immobilien Investment GmbH
DIP
A deferred incentive plan,
which provides a mechanism
for the deferral of part of a
participant’s incentive into a
DIP Award
DIP Award
A deferred award of cash and/or
a deferred award of Shares
Director
A member of the Board
EBITDA
Profi t or loss for the period
attributable to parent
excluding Income tax expenses,
interest income, interest
expense and depreciation and
amortisation
EMTN Programme
EUR 4,000,000,000 Euro Medium
Term Note Programme established
by the Company in September
2020. Morgan Stanley & Co.
International plc acted as
arranger, Erste Group Bank
AG, J.P. Morgan Securities
plc, Morgan Stanley & Co.
International plc, Raiffeisen
Bank International AG, Société
Générale and UniCredit Bank AG
as dealers, Citicorp Trustee
Company Limited as trustee,
Citibank, N.A., London Branch
as principal paying agent and
transfer agent and Citigroup
Global Markets Europe AG as
registrar
EPRA Earnings per Share
EPRA Earnings based upon the
weighted average number of
shares as of end of period
EPRA Net Initial Yield
Annualised rental income based
upon the cash passing rent at
balance sheet date less non
recoverable property operating
expenses divided by the market
value of income generating
investment property
EPRA NTA or EPRA Net Tangible
Assets
Total equity attributable to
owners of the Company excluding
deferred tax in relation to net
valuation result of investment
property and investment
property under development with
intention to hold and not sell
in the long run, excluding Fair
value of fi nancial instruments
and excluding of goodwill as a
result of deferred tax
EPRA Topped-up Net Initial
Yield
Annualised rental income
based upon the cash passing
rent at balance sheet date
less non recoverable property
operating expenses adjusted
notional rent expiration of
for rent free periods and
other lease incentives divided
by the market value of income
generating investment property
ERM
Enterprise Risk Management, an
integrated risk-based system
of functions, processes and
methodologies of identifying
and addressing methodically the
potential events that represent
risks to the achievement of
strategic objectives, or
to opportunities to gain
competitive advantage
ERP
Enterprise Resource Planning,
a business process management
software that manages and
integrates a company’s
fi nancials, supply chain,
operations, commerce,
reporting, manufacturing, and
human resource activities
ESG
Environmental, Social,
and Corporate Governance;
an evaluation of a fi rm’s
collective conscientiousness
for social and environmental
factors
EUR or euro or €
The lawful currency of the
European Economic and Monetary
Union
Euronext Amsterdam
Euronext in Amsterdam, a
regulated market of Euronext
Amsterdam N.V.
Executive Committee
Executive Committee of the
Company constituted of The
Executive Directors and other
certain appointed key offi cers
Executive Directors
Executive Directors of the
Company
Expansion Markets
Bulgaria, Poland and Serbia
Financial Statements
Audited 2021 fi nancial
statements of CTP N.V.
prepared in accordance with
International Financial
Reporting Standards as adopted
by the European Union (EU-
IFRS). The fi nancial statements
include the consolidated
fi nancial statements and the
company fi nancial statements.
Founder
Mr. Remon Vos
FTEs
Full time equivalent personnel
GAV
The gross asset value
calculated as the aggregate of
investment property, investment
property under development and
property, plant and equipment
as presented in the fi nancial
statements in accordance with
IFRS
GDP
Gross domestic product
General Meeting
General meeting of the Company,
being the corporate body, or
where the context so requires,
the physical meeting of
Shareholders
GLA
Gross lettable area
Green Bond Framework
The Group’s framework developed
according to the Green Bond
Principles 2018, administrated
by the International Capital
Market Association
Gross Rental Income
Rental income and service
charge income for the relevant
period
Gross Yield
Percentage of annual rental
income not refl ecting any
expenses (i.e. property
operating expenses, maintenance
costs, stamp duty) divided by
market value of investment
property
Appendices Appendix G
Glossary of Terms
Group
The Company and all entities
included in the group (groep,
within the meaning of article
2:24b BW) headed by it
Group Companies
The Company’s subsidiaries
within the meaning of article
2:24b BW
IAS
International Accounting
Standards
ICR
The ratio of the Group’s total
interest expense to Adjusted
EBITDA
IFRS
The International Financial
Reporting Standards as adopted
by the European Union
Indebtedness
Interest-bearing loans and
borrowings from fi nancial
institutions
ISIN
International securities
identifi cation number
KPMG
KPMG Accountants N.V.
Leasing Activity
Sum of new contracts or
amendments for either newly
leased or prolonged premises in
given period.
Like-for-Like Rental Income
Growth
Organic growth of the
contracted rental income year-
on-year, excluding development
projects, acquisitions, vacancy
movement and disposals during
both periods of the comparison
LTIP
Long-term incentive plan
LTIP Awards
Awards of shares granted
by Non-Executive Directors
or Executive Directors as
appropriate
NET Debt
Aggregate amount of interest-
bearing loans and borrowings
from fi nancial institutions plus
bonds issued after deduction of
cash and cash equivalents
Net LTV
Net loan-to-value ratio,
which is the aggregate amount
of interest-bearing loans
and borrowings from fi nancial
institutions plus bonds issued
after deduction of cash
and cash equivalents as
a percentage of GAV
New Markets
Austria, Germany, the
Netherlands
Nomination and Remuneration
Committee
Nomination and remuneration
committee of the Board
Non-Executive Directors
Director of the Company
appointed as non-executive
director
NRI Margin
Net Rental Income Margin is
the rental income plus service
charge income minus property
operating expenses, divided by
the total rental income
Occupancy Rate
Proportion of the aggregate
GLA of the properties (whether
or not capable of being let)
which is subject to tenancies
at that point in time. For
the avoidance of doubt, the
aggregate GLA includes areas
designated as structurally
vacant or under refurbishment.
Any development to create new
lettable area at any property
shall only be included when the
relevant space or development
is complete and available to
generate income
Option Contracts
Signed purchase contracts or
future purchase contracts
of intent in respect of the
purchase of further 3.8 million
square meters of land mainly
in the CEE region between the
Group and potential sellers
Prospectus
IPO prospectus dated 17 March
2021
PV
Photovoltaic
SID
Senior Independent Director
Remuneration Policy
The remuneration policy of the
Company which will be effective
as of the Settlement Date
Retention Rate
The part of total rental income
that expires in one year and
is prolonged with existing
clients, as part of the total
rental income of leases which
expire in the same year.
TEN-T
Trans-European Transport
Network aims to include the
most important connections,
linking its most important
nodes
Valuation Report
The condensed valuation report
included in this Prospectus
prepared, at the Company’s
request, by JLL issued on 26
February 2021 which provides
a market valuation of 400
standing assets, 35 development
properties and 89 land sites of
the Group located in the Czech
Republic, Romania, Hungary,
Slovakia, Serbia, Poland,
Bulgaria, Slovenia and Austria
as of 31 December 2020
Valuation Yield
Annualised rental income as
a percentage of investment
property owned by the Group,
excluding the value of the
Group’s land bank
VaR
Value at Risk, a statistic
that quantifi es the extent of
possible fi nancial losses over a
specifi c time frame
WAULT
Weighted average unexpired
lease term
Yield-on-Cost
Average contracted rental value
divided by development cost
including land and excluding
fi nancing, marketing, rent
free periods and project
management costs restricted to
assets under development as at
31/12/2021, unless otherwise
stated.
381
382
Forward-looking Statements
To the extent that this annual report contains for-
ward-looking statements, such statements do not
represent facts and are characterised by the words
“expect”, “believe”, “estimate”, “intend”, “aim”, “as-
sume” or similar expressions. The forward-looking
statements contained herein speak only as of the
date they are made and CTP does not assume any
obligation to update such statements, except as re-
quired by law. Forward-looking statements express
the intentions, opinions or current expectations and
assumptions of CTP and the persons acting in con-
junction with CTP, for example with regard to the
the Outlook section of the “CEO and CFO letter”, or
the Outlook and Priorities for 2022 section in the
“2021 in Review.”
Such forward-looking statements are based on
current plans, estimates and forecasts which CTP
and the persons acting in conjunction with CTP
have made to the best of their knowledge, but which
may not be correct in the future. Forward-looking
statements are subject to risks and uncertainties
that are diicult to predict and usually cannot be
inluenced by CTP or the persons acting in conjunc-
tion with CTP. Please see in this respect chapter
Risk Management. It should be kept in mind that the
actual events or consequences may difer materi-
ally from those contained in or expressed by such
forward-looking statements.
Market Data
Statements regarding market share, market data,
industry statistics and industry forecasts, con-
tained in this annual report are based on publicly
available sources such as research institutes and
analyst coverage in combination with CTP’s own
management estimates.
Disclaimer
Appendices Appendix H Disclaimer
CTP
CTPark Humpolec 1571
396 01 Humpolec
Czech Republic
+420 565 535 565
CTP CZECH REPUBLIC
CTP Invest spol. s r.o.
Národní 135/14
110 00 Prague 1
Czech Republic
+420 220 511 444
CTP ROMANIA
CTP Invest Bucharest SRL
Dragomiresti Deal Commune
Plot 76-78, Building B,
Ground Floor, Oice no.2
Ilfov County 077096
Romania
+40 756 150 103
CTP POLAND
CTP Invest Poland Sp. z o.o.
Al. Korfantego 2 (9th l.)
40-004 Katowice
Poland
+48 666 387 585
CTP SLOVAKIA
CTP Invest SK, spol. s r.o.
Laurinská 18
811 01 Bratislava
Slovakia
+421 904 174 157
CTP AUSTRIA
CTP Invest Immobilien GmbH
Kärntner Straße 27
1010 Vienna
Austria
Colophon
CTP Regional Offices
CTP SERBIA
CTP Invest doo
Starine Novaka 23
11000 Belgrade
Serbia
+381 66 8772 860
CTP HUNGARY
CTP Management Hungary Kft,
Verebély László utca 2.,
2051 Biatorbágy
Hungary
+36 30 579 70 11
CTP BULGARIA
Shipka Street 6
Betahaus Oices, 3rd loor
1504 Soia
Bulgaria
+381 66 877 28 60
CTP NETHERLANDS
CTP Invest BV
Apollolaan 151
1077 AR Amsterdam
The Netherlands
+31 85 27 31 294
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CTP Yearbook 2021
Prepared by CTP
Content CTP
Graphic design Simon Gray
Photography Goran Tačevski,
Kryštof Antůšek , Vlad Dumea,
Konstantin Mitič, Tomáš Mertlík,
Chris Schotanus, Oldřich Hrb,
Michaela Antůšková,
Mart Stevens, Tomáš Schiller
CTP Archive
Print production KFG, s.r.o.
Published by CTP, March 2021
MIX — Paper from responsible
sources, FSC®-C100605.
Printed in the Czech Republic
on paper certiied by the Forest
Stewardship Council® as derived
from responsibly managed
forests and other controlled
sources.
CTPN.V.
Apollolaan 151
1077 AR Amsterdam
The Netherlands
T +31 85 27 31 294
ctp.eu