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"value": "Notes to the consolidated financial statements GRI 2-1 1. GENERAL INFORMATION Company CTP N.V. (the Company) is a Dutch-based real estate investor and developer, which develops and leases a portfolio of properties in Western Europe and Central and Eastern Europe (CEE). Reporting entity These consolidated financial statements comprise the Company and its subsidiaries (collectively referred to as the \u201cGroup\u201d, \u201cCTP Group\u201d, \u201cCTP\u201d and individually as \u201cGroup companies\u201d). Refer to Notes 6 and 33 of the consolidated financial statements for a list of significant Group entities and changes to the Group in 2022 and in 2021. Principal activities CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business parks mainly in CEE, the Netherlands, Austria and Germany. Registered office The visiting address of CTP N.V. is Apollolaan 151, 1077 AR Amsterdam, the Netherlands. The corporate seat of the Company was approved on Annual general meeting held on 26 April 2022 and changed from Utrecht to Amsterdam, the Netherlands. RSIN number: 860528091 Registration number: 76158233 CTP N.V. was incorporated on 21 October 2019 for an unlimited period. In March 2021, the Company\u2019s shares were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V. to N.V. Owner of the Company at 31 December 2022: Shareholders Number of shares Share in registered capital Share in voting rights CTP Holding B.V. 335,644,164 75.58% 75.58% Individual shareholders 108,456,385 24.42% 24.42% 444,100,549 100.00% 100.00% The Group\u2019s ultimate parent company is Multivest B.V. (the Netherlands). Board of Directors at 31 December 2022: Executive directors: Non-executive directors: Remon L. Vos Susanne Eickermann-Riepe Richard J. Wilkinson Barbara Knoflach Gerard van Kesteren Pavel Trenka 2. GOING CONCERN
CTP\u2019s properties are leased to a wide range of tenants and there is no significant focus on a group or
company. CTP closely monitors the financial stability of its tenants and believes that, in light of the current
economic climate, its rental projections for the coming 12 months are realistic.
CTP expects to settle its current liabilities as at 31 December 2022, during the financial year 2023, as
follows:
In EUR thousand 2022
Current liabilities as at 31 December 2022 792,404
Current assets excluding cash and cash equivalents as at 31 December 2022 287,376
Funds required in 2022 to cover the short-term liquidity need 505,028
Available cash as at 31 December 2022 660,631
Expected net rental income available for repayment current Interest-bearing loans and borrowings to be received
in 2023
533,646
Expected drawdowns of loans and borrowings from financial institutions under existing loan facilities 95,000
Revolving facility * --
Expected funds to be received in 2023 to cover the short-term liquidity need 1,289,277
* The Company has a EUR 400 million revolving credit facility (2021: EUR 400 million) for a three-year period.
The Company does not expect a partial or full drawdown under this facility in 2023.
Based on cash-flow projections prepared for 2023, other development up to the date of approval of these
consolidated financial statements, and the management assessment results (described above), the Direc-
tors and management of the Group have not identified significant going concern risks. They believe it is
appropriate to prepare the consolidated financial statements on a going concern basis as at 31 December
2022, and no material uncertainty existed with respect to the going concern of the Group as at 31 December
2022.
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS a) Statement of compliance These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code. The changes to significant accounting policies are described in Note 3d. The consolidated financial statements were authorised for issue by the Board on 3 March 2023. b) Financial reporting and comparative period CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2022 and 31 December 2021, respectively. c) Common control transactions There were no significant common control transactions in 2022 or in 2021. Please, refer to Note 6. d) CTP considered the following new and amended standards in 2022 For the preparation of the consolidated financial statements of the Group, the following new or amended standards and interpretations were considered for the first time for the financial year beginning 1 January 2022. The nature and the effect of these changes are dis- closed below, however the impact on Consolidated financial state- ments is immaterial: \u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37): The amendments specify what costs an entity includes in determining the cost of fulfilling a contract, to assess whether the contract is onerous. The amendments apply for annual reporting periods beginning on or after 1 January 2022 to contracts existing when the amendments are first applied. \u2022 Annual Improvements to IFRS Standards 2018\u20132020: Amendments to IFRS1, IFRS9, IFRS 16 and IAS41. \u2022 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 profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identi- fying and measuring these production costs. \u2022 Reference to the Conceptual Framework (Amendments to IFRS3). e) Standards issued but not yet effective A number of new standards took effect from the financial years begin- ning after 1 January 2022, although earlier application was permitted. The Group did not adopt the new or amended standards in preparing these consolidated financial statements. The following amended standards and interpretations are not expect- ed to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 Classification of Liabilities as Current and Non-current (Amend- ment 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. \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2): The Board has issued amendments on the application of materiality to the disclosure of accounting policies. \u2022 Definition of Accounting Estimates (Amendments to IAS 8): The amendment clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates, focusing on the definition of and clarifications on accounting estimates. \u2022 Deferred Tax related to Assets and Liabilities arising from single transaction (Amendment to IAS 12): The amendment clarifies how companies should account for deferred tax on certain transactions, e.g., leases and decommissioning provisions. \u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts: IFRS 17 introduces a new measurement model for insur- ance contracts. f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest thousand. The Group analysed each entity level based on primary, secondary and other indicators, and concluded: \u2022 Group entities focused on investing and development activities in specific countries (\u201cdevelopment companies\u201d) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and services rendered to other compa- nies operating in the same country; o that primarily influences labour, material and other costs of pro- viding goods and services; o in which receipts from operating activities are usually retained; \u2022 other Group entities that operate industrial parks or dormant en- tities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no significant degree of autonomy. CTP Group\u2019s development companies are: - CTP Invest, spol. s r.o. \u2014 functional currency Czech koruna (CZK) - CTP Invest Poland Sp. z o.o. \u2014 functional currency Polish zloty (PLN) - CTP Invest d.o.o. Beograd-Novi Beograd \u2014 functional currency Ser- bian dinar (RSD) - CTP Management Hungary Kft. \u2014 functional currency Hungarian forint (HUF) - CTP Invest Bucharest SRL \u2014 functional currency Romanian leu (RON) - CTP Invest SK, spol. s r.o. \u2014 functional currency euro (EUR) - CTP Invest EOOD \u2014 functional currency Bulgarian lev (BGN) - CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) - CTP Invest B.V. \u2013 functional currency euro (EUR) - CTP Invest Germany GmbH \u2013 functional currency euro (EUR) All other Group companies have EUR as their functional currency. g) Basis of measurement The Group\u2019s consolidated financial statements are prepared on a his- torical cost basis, except for the following items, which are measured on an alternative basis on each reporting date: - derivative financial 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; - hotels within property, plant and equipment are measured at fair value. h) Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated as- sumptions are based on historical experience and various other factors that the management believes reasonable under the circumstances. The results of these 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 differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Information about significant areas of estimates, uncertainty and crit- ical judgments in applying accounting policies that have the most sig- nificant effect on the amount recognised in the financial statements, are described in the following Notes: - 4b) Investment property - 4c) Investment property under development - 4d) Property, plant and equipment - 4i) Impairment - 4g) Financial instruments i) Measurement of fair values Some of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market data as far as possible. Fair values are categorised into dif- ferent levels in a fair value hierarchy based on the following valuation techniques: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 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); \u2022 Level 3: inputs for the asset or liability that are not based on ob- servable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hi- erarchy at the end of the reporting period during which the change has occurred. Further information about the assumption made in measuring fair values is included in the following notes: - Note 17. Investment property - Note 18. Investment property under development - Note 20. Property, plant and equipment - Note 31. Derivative financial instruments 4. SIGNIFICANT ACCOUNTING POLICIES The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements. a) Basis of consolidation i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activi- ties. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. If neces- sary, subsidiary accounting policies are changed to align with 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 prop- erty. More specifically, consideration is made to the extent to which significant processes are acquired and 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. ii. Acquisition of business from companies under common control A business combination involving entities or businesses under common control is when all combining entities or businesses are ultimately con- trolled 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 recog- nised at the carrying amounts in the financial statements of the enti- ties acquired. Any difference between consideration paid and the net book value of assets and liabilities acquired is recognised directly in the equity. In the absence of more specific guidance, the Group consist- ently applies the book value method to account for all common control transactions. The assets and liabilities of the entities, and 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 Group\u2019s financial statements as if the common control transaction took place at the beginning of the comparative period. iii. 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: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately 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 financial statements. iv. Acquisition of assets via share-based payment Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2 Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair value of assets received. That fair value is measured at the date the entity obtains the assets. v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisi- tion. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vi. 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 re- sulting gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. viii. Asset acquisition Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not constitute a business. The Group identifies and recognises individual identifiable assets acquired and liabilities as- sumed and allocates the cost of the group of the individual identifiable assets and liabilities, based on their relative fair values at the date of the acquisition. ix. Transactions eliminated on consolidation level Intra-Group balances, and any gains and losses or income and expens- es arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements of the Group. b) Investment property Investment properties are those held to earn rental income, capital appreciation, or both. Investment property is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the car- rying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property port- folio at least annually. The independent valuation report was obtained as at 31 December 2022 and was incorporated into the Group\u2019s IFRS consolidated fi- nancial statements. Fair value is defined 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 the Group\u2019s investment properties is categorised as Level 3 fair value. c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2022. The value of investment property under development was deter- mined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Borrowing costs are not capitalised to the value of investment proper- ty under development, as almost all development projects are finished within 12 months. The fair value measurement for all investment properties under devel- opment is categorised as Level 3 fair value. d) Property, plant and equipment (i) Revaluation model Solar plants, which are completed solar plants that are generating income, and hotels, which represent a minority of the Group\u2019s property portfolio, are classified under property, plant and equipment at reval- ued amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the Group\u2019s 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 profit or loss. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. An external, independent valuer with appropriately recognised profes- sional qualifications 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 recognised into profit or loss on a straight-line basis over the estimated useful life of 20 years. Depreciation of the hotels is recognised into profit 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 (see Note 4i). Cost includes expenditure that is directly attributable to the ac- quisition 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\u2019s carrying amount or rec- ognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income state- ment during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have differ- ent useful lives, they are accounted for as separate items of property, plant and equipment. The Group recognises 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 ben- efits embodied with the item will flow 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 in the statement of comprehensive income as incurred. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The Group recognises as part of Property, plant and equipment ac- quired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less im- pairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to invest- ment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in Other Comprehensive Income (\u201cOCI\u201d) and presented in the revaluation reserve. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. e) Assets held for sale Non-current assets, or disposal groups comprising assets and liabili- ties, are classified 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 level of their carrying amount and fair value less costs to sell. Any im- pairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified 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 assesses 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 identified asset for a defined period, in exchange for consideration. \u2022 As a lessee At the start of a contract, or when a contract change contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. Howev- er, for property leases, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially meas- ured 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 under- lying 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 reflects that the Group will exercise a purchase option. In such a 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 peri- odically 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\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes cer- tain adjustments to reflect the terms of the lease and type of an asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed 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 reason- ably certain to exercise; - lease payments in an optional renewal period if the Group is reason- ably certain to exercise an extension option, and - penalties for early termination of a lease unless the Group is rea- sonably certain not to terminate early. Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is remeasured when there is a 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 profit or loss, if the carrying amount of the right-of-use asset is reduced to zero. The Group presents right-of-use assets that do not meet the defini- tion of investment property in the property, plant and equipment and lease liabilities in trade and other payables in the statement of finan- cial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. \u2022 As a lessor At inception or on modification 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, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all risks and rewards inci- dental to ownership of the underlying asset. If this is the case, then the lease is a finance 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 a major part of the economic life of the asset. The Group recognises 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 finance leases and leased out under operating leases was classified as investment property and stated at fair value (as described in Note 4b). g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both condi- tions below are met, and the financial asset is not designated at fair value through profit and loss: - the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and inter- est on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial as- set, that otherwise meets the requirements to be classified and meas- ured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mis- match that would otherwise arise Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: - Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. - Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are acquired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss. (ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset 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 financial assets with fixed 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 ef- fective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective 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 insignificant risk of changes in value. Bank accounts and call de- posits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (iv) Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinat- ed liabilities on the date they originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes par- ty to the contractual provisions of the instrument. The Group derecog- nises financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly at- tributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset and the net amount present- ed in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies as a current portion any part of long-term loans that is due within one year from the reporting date. (v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. h) Contract assets Contract assets represent work in progress, which relates to the cost of development extras and specific fit-outs for 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, con- tract 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-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax as- sets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recovera- ble amount is estimated at each reporting date. An impairment loss is recognised 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 recognised in profit or loss. An impairment loss in respect of a prop- erty, plant and equipment measured at fair value is reversed through profit and loss to the extent that it reverses an impairment loss on the same asset that was previously recognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocat- ed 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 financial asset not carried at fair value through profit or loss, in- cluding 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 financial assets are impaired can include de- fault or delinquency by a debtor; restructuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications 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 flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant fi- nancial assets are assessed for specific impairment. Those found not to be impaired are then collectively assessed for any impairment incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment, by grouping together receivables with similar risk characteristics. The Group uses the expected credit loss model (ECLs) for the recogni- tion and measurement of impairment losses. The Group measures loss allowance at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2022 provided loans and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instru- ment) has not increased significantly since initial recognition; \u2022 debt securities that are determined to have low credit risk at the reporting date; and \u2022 other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly 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 assesses whether financial assets carried at amortised cost are credit impaired. Financial assets are cred- it impaired when one or more events have occurred that have a detri- mental impact on the estimated future cash flows of the financial asset. Evidence that a financial asset is credit impaired includes the following observable data: \u2022 significant financial difficulty of the borrower or issuer; \u2022 a breach of contract such as a default or being more than 90 days past due; \u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2022 it is probable that the borrower will enter bankruptcy or other finan- cial reorganisation; or \u2022 the disappearance of an active market for a security because of fi- nancial difficulties. The Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individ- ually significant. If the Group determines that no objective evidence of credit impairment exists for an individually assessed financial assets, whether significant or not, it includes the assets in a group of financial 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 significant increase in credit risk represents a significant increase in the risk of default in respect of financial asset as at the reporting date, compared with the risk as at the date of initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when: - the borrower is unlikely to pay their 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 financial instrument. Twelve-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 difference between the cash flows due to the entity in accordance with the con- tract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In some cases, the observable data required to estimate the amount of an impairment loss on a financial asset may be limited or no longer fully relevant to current circumstances. This may be the case when a borrow- er is in financial difficulties and there is little available historical data re- lating to similar borrowers. In such cases, the Group uses its experience and judgement to estimate the amount of any credit impairment loss. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recov- erable 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\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amortisation, if no impairment loss was recognised. The write-off pol- icy of the Group requires that the outstanding amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial po- sition even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s 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 financial statements, management accounts and cash flow projections and avail- able press information about customers) and by applying experienced credit judgement. j) Reversals of impairment An impairment loss of non-financial assets is reversed if there is an indication that the loss has decreased or no longer exists and there is 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 rec- ognised. 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 classified as equity. External costs di- rectly 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 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 the process of shares emission. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements from the func- tional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 4d). Cash flow hedge reserve The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income net of tax and included within the cash flow hedge reserve in equity. Retained earnings Consolidated retained earnings arise from accumulation of profits and losses of the consolidated activities. Treasury shares Treasury shares are deducted from Equity. Gains or losses from pur- chase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. l) Earnings per share Earnings per share (EPS) is an important financial indicator that meas- ures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attrib- utable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net profit for the period attrib- utable 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 pre- sented is the weighted average number of shares as at 31 December of the respective year. m) Share-based payment Under the CTP N.V. Long Term Incentive Plan (\u201cLTIP\u201d), CTP N.V. pro- vides share-based benefits to Company Directors in the form of condi- tional share awards over the Company\u2019s ordinary shares. The fair value of the awards granted under the LTIP is recognised as an employee benefits 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 condi- tions are considered 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 specified vesting conditions are to be satisfied. 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 profit or loss, with a corresponding adjustment to equity. n) Government Grants The Group recognises government grants related to acquisition of so- lar plants. Grants are presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset. The grant is recognised in profit and loss over the life of a depreciable assets as a reduced depreciation expense. o) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation because of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre- tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. p) Rental income and service charge income Rental income from leases is recognised as income in the statement of comprehensive income on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Park management income (service charge) is an integral, but sepa- rately identifiable, part of rental contracts. The Group has identified that park management services are distinct from rentals and are therefore accounted separately. The service charge is priced and con- tracted based on market prices relevant for the region of operation. The service charge income is recognised evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service and management charges are included in net rental income gross of the related costs. The Group determined that it controls the services before they are transferred to tenants and therefore that the Group acts as a principal in these arrangements. q) Income from development activities Revenues from customer specific fit-outs of rented facilities (devel- opment extras) are presented separately in the Statement of compre- hensive 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 is recognised at point in time. r) 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 associat- ed 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 the trans- fer of legal ownership title. Revenue is measured net of returns, trade discounts and volume rebates. When appropriate, revenue from such sales is deferred until the property is completed and the properties are ready for sale, including the necessary regulatory permissions. s) Hotel revenues Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are recognised in profit and loss at the moment, when the customer obtains control over the services provided. t) 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 / finance expenses The Group\u2019s finance income and finance costs include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 the net gain or loss on financial assets at fair value through profit or loss (other than investment property and investment property under development); \u2022 the foreign currency gain or loss on financial assets and financial liabilities; \u2022 the fair value loss on contingent consideration classified as a finan- cial liability; \u2022 impairment losses recognised on financial assets (other than trade receivables); \u2022 the net gain or loss on hedging instruments that are recognised in profit or loss; and \u2022 the reclassification of net gains previously recognised in Other Comprehensive Income. Interest income or expense is recognised using the effective interest method. u) Income tax Income tax comprises current and deferred tax. Income tax is recog- nised in profit or loss, except to the extent that it relates to items recognised directly in equity, in which case it is recognised 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 dif- ferences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and lia- bilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2022 and 2021 were as follows: Country 2022 2021 Austria 25.00% 25.00% Czech Republic 19.00% 19.00% Germany 15.83%; 29.48% 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.00% Poland 19.00% 19.00% Romania 16.00% 16.00% Serbia 15.00% 15.00% Slovakia 21.00% 21.00% Bulgaria 10.00% 10.00% Slovenia 19.00% 19.00% Deferred tax is not recognised from temporary differences on the ini- tial recognition of assets and/or liabilities in a transaction that is not a business combination under IFRS 3 (asset deal). Deferred tax assets and liabilities are offset only if certain criteria are met. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority. v) Foreign currency transactions 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 na- tional 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 differences are generally recognised in profit 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 differences are recognised in Other Comprehensive Income and accumulated in the translation reserve, except to the extent that the translation difference is allocated to non-controlling interest (\u201cNCI\u201d). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit 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 significant influence or joint control, the rel- evant proportion of the cumulative amount is reclassified to profit or loss. w) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating segments. According to this standard, an operating segment is a component carrying out business operations whose operating income is evaluated regularly by the Group\u2019s highest executive decision maker, and about which separate financial informa- tion is available. The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geographical segments where the Group operates. The Group\u2019s operating segments were determined in connection with the nature of the business and how the operations are managed by the Group\u2019s operating decision maker. The Group reports operating seg- ments based on geographical segmentation: the Czech Republic, Roma- nia, Hungary, Slovakia, the Netherlands, Germany and other areas. The hotel segment in the Czech Republic is presented separately. Segment results reported to the Board include items directly attributable to a segment. The operating segments are determined based on the Group\u2019s man- agement and internal reporting structure. As required by IFRS 8, the Group provides information on the business activities in which it engag- es, including revenue and investment property split. 5. SEGMENT REPORTING The principal operation of the Group is the lease of investment proper- ty in Western, Central and Eastern Europe, and development in these countries. The Group manages its activities based on geographical segmentation, as business activities are the same in each region where the Group operates. The Group\u2019s principal activities are in the following operating segments: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Ger- many, Other geographical segments and Hotel segment. The Group operates three hotels under the \u201cCourtyard by Marriott\u201d brand in the Czech Republic (Prague Airport, Pilsen and Brno), with management agreements with a third party, and presented in the Hotel segment. Segment Segment description Czech Republic Industrial property, offices, retail, other Romania Industrial property Hungary Industrial property, offices Slovakia Industrial property, offices Netherlands Industrial property Germany Industrial property, offices Other segments Other segments which do not meet criteria for segment reporting recognition Hotel segment Operation of three hotels in the Czech Republic Segment results for the 12-month period ended 31 December 2022 are as follows:
In EUR thousand
Czech Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Hotel segment
Total Segments
Intersegment
eliminations
Total
Rental income 230,301 48,978 84,013 37,118 2,990 58,512 23,105 -- 485,017 -- 485,017
Service charge income 17,816 6,400 10,747 4,407 -- 11,121 1,384 -- 51,875 -- 51,875
Property operating expenses -32,581 -7,150 -9,030 -5,174 -229 -27,714 -2,448 -432 -84,758 -- -84,758
Net rental income 215,536 48,228 85,730 36,351 2,761 41,919 22,041 -432 452,134 -- 452,134
Hotel operating revenue -- -- -- -- -- -- -- 16,021 16,021 -- 16,021
Hotel operating expenses -- -- -- -- -- -- -- -12,280 -12,280 -- -12,280
Net operating income from hotel
operations
-- -- -- -- -- -- -- 3,741 3,741 -- 3,741
Income from development activities 19,393 1,931 6,297 316 -- -- 8,263 -- 36,200 -- 36,200
Expenses from development activities -14,198 -1,680 -4,388 -175 -- -- -6,717 -- -27,158 -- -27,158
Net income from development activities 5,195 251 1,909 141 -- -- 1,546 -- 9,042 -- 9,042
Total revenues 267,510 57,309 101,057 41,841 2,990 69,633 32,752 16,021 589,113 -- 589,113
Total attributable external expenses -46,779 -8,830 -13,418 -5,349 -229 -27,714 -9,165 -12,712 -124,196 -- -124,196
Gross profit 220,731 48,479 87,639 36,492 2,761 41,919 23,587 3,309 464,917 -- 464,917
Net valuation result on investment
property
394,372 46,434 67,238 18,412 14,761 -3,687 186,050 -- 723,580 -- 723,580
Other income 16,704 16 206 484 3,959 381 482 -- 22,232 -14,050 8,182
Amortisation and depreciation -9,010 -272 -413 -168 -52 -298 -516 -- -10,729 -- -10,729
Employee benefits -21,010 -3,385 -5,803 -2,807 -4,561 -1,238 -4,902 -- -43,706 -- -43,706
Impairment of financial assets 314 -- -- 19 875 59 -42 -- 1,225 -- 1,225
Other expenses -23,135 -4,807 -9,138 -3,324 -14,353 -10,141 -8,703 -33 -73,634 14,050 -59,584
Net other income/expenses -36,137 -8,448 -15,148 -5,796 -14,132 -11,237 -13,681 -33 -104,612 -- -104,612
Net profit/loss before finance costs 578,966 86,465 139,729 49,108 3,390 26,995 195,956 3,276 1,083,885 -- 1,083,885
Interest income 1,351 196 -- 166 90,718 733 112 42 93,318 -89,083 4,235
Interest expense -36,092 -15,078 -29,967 -6,771 -56,074 -10,645 -18,531 -869 -174,027 89,083 -84,944
Other financial expenses -54 -66 -75 -208 -16,098 -1,010 -274 -154 -17,939 -- -17,939
Other financial gains/losses 30,686 40,848 -183 -- -35,251 -899 -284 56 34,973 -32,942 2,031
Net finance costs -4,109 25,900 -30,225 -6,813 -16,705 -11,821 -18,977 -925 -63,675 -32,942 -96,617
Profit/loss before income tax 574,857 112,365 109,504 42,295 -13,315 15,174 176,979 2,351 1,020,210 -32,942 987,268
Income tax expense -115,700 -8,387 -20,549 -9,428 1,966 -5,841 -32,540 -264 -190,743 -- -190,743
Profit for the period 459,157 103,978 88,955 32,867 -11,349 9,333 144,439 2,087 829,467 -32,942 796,525
Profit attributable to:
Non-controlling interests -- -- -- -- -- 1,876 -- -- 1,876 -- 1,876
Equity holders of the Company 459,157 103,978 88,955 32,867 -11,349 7,457 144,439 2,087 827,591 -32,942 794,649
Segment assets and liabilities as at 31 December 2022 are as follows:
In EUR thousand
Czech Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Hotel segment
Total Segments
Intersegment
eliminations
Total
Assets
Investment property 5,181,043 946,437 1,577,581 660,873 148,430 918,110 691,711 -- 10,124,185 -- 10,124,185
Investment property under
development
187,330 98,371 58,250 76,636 298,798 2,097 471,861 -- 1,193,343 -- 1,193,343
Property, plant and
equipment
87,252 4,653 8,782 2,135 1,273 3,347 1,950 59,513 168,905 -- 168,905
Intangible assets 3,274 -- 4 -- 199 -- 8 7 3,492 -- 3,492
Trade and other receivables 5,762 6,644 1,532 1,921 40 175 1,940 -- 18,014 -- 18,014
Derivative financial
instruments
-- 3,277 -- -- 4,315 1,573 -- -- 9,165 -- 9,165
Financial investments 578,205 7 -- -- 2,503,939 -- -- -- 3,082,151 -3,081,692 459
Long-term receivables from
related parties
4,046 -- -- -- 3,841,866 -- -- -- 3,845,912 -3,800,667 45,245
Deferred tax assets 8,151 2,116 13 -- 4,874 -- 2,473 224 17,851 -- 17,851
Total non-current assets 6,055,063 1,061,505 1,646,162 741,565 6,803,734 925,302 1,169,943 59,744 18,463,018 -6,882,359 11,580,659
Trade and other receivables 52,897 23,327 40,509 9,954 6,268 13,952 86,789 1,888 235,584 -- 235,584
Short-term receivables
from related parties
1,001,384 64,765 -- -- 42,286 -- -- -- 1,108,435 -1,108,103 332
Derivative financial
instruments
-- 1,872 -- -- 39,773 236 -- -- 41,881 -- 41,881
Contract assets 2,487 -- 530 -- -- -- 340 47 3,404 -- 3,404
Current income tax
receivable
4,510 239 653 -- 23 88 662 -- 6,175 -- 6,175
Cash and cash equivalents 56,742 38,290 17,279 7,128 476,532 33,877 24,802 5,981 660,631 -- 660,631
Total current assets 1,118,020 128,493 58,971 17,082 564,882 48,153 112,593 7,916 2,056,110 -1,108,103 948,007
Total assets 7,173,083 1,189,998 1,705,133 758,647 7,368,616 973,455 1,282,536 67,660 20,519,128 -7,990,462 12,528,666
Total equity 4,260,790 524,178 537,735 329,425 1,773,588 580,045 321,945 38,503 8,366,209 -3,081,692 5,284,517
Liabilities
Interest-bearing loans and
borrowings from financial
institutions
977,442 55,594 -- 109,519 563,920 161,654 -- -- 1,868,129 -- 1,868,129
Bond issued -- -- -- -- 3,544,077 19,711 -- -- 3,563,788 -- 3,563,788
Trade and other payables 35,917 12,064 10,579 1,453 11,413 26,288 3,057 3,181 103,952 -- 103,952
Long-term payables to
related parties
1,074,646 540,371 1,018,690 237,486 -- 113,950 798,720 16,807 3,800,670 -3,800,667 3
Derivative financial
instruments
-- -- -- -- -- 2,018 -- -- 2,018 -- 2,018
Deferred tax liabilities 684,746 36,586 80,402 55,852 6,303 3,991 43,649 2,326 913,855 -- 913,855
Total non-current liabilities 2,772,751 644,615 1,109,671 404,310 4,125,713 327,612 845,426 22,314 10,252,412 -3,800,667 6,451,745
Interest-bearing loans and
borrowings from financial
institutions
9,453 2,794 -- -- 148 12,335 -- -- 24,730 -- 24,730
Bonds issued -- -- -- -- 417,191 371 -- -- 417,562 -- 417,562
Trade and other payables 116,120 15,198 35,014 20,982 9,808 47,755 72,929 3,111 320,917 -- 320,917
Short-term payables to
related parties
10,574 1,857 21,292 3,153 1,028,052 1,701 37,787 3,687 1,108,103 -1,108,103 --
Derivative financial
instruments
-- -- -- -- 12,112 565 -- -- 12,667 -- 12,667
Current income tax
payables
3,395 1,356 1,421 777 2,004 3,071 4,449 45 16,518 -- 16,518
Total current liabilities 139,542 21,205 57,727 24,912 1,469,315 65,798 115,165 6,843 1,900,507 -1,108,103 792,404
Total liabilities 2,912,293 665,820 1,167,398 429,222 5,595,028 393,410 960,591 29,157 12,152,919 -4,908,770 7,244,149
Total equity and liabilities 7,173,083 1,189,998 1,705,133 758,647 7,368,616 973,455 1,282,536 67,660 20,519,128 -7,990,462 12,528,666
Segment results for the 12-month period ended 31 December 2021 are as follows:
In EUR thousand
Czech Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Hotel segment
Total Segments
Intersegment
eliminations
Total
Rental income 204,345 31,110 60,491 25,821 -- 708 12,176 -- 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 -49 -1,110 -199 -38,910 -- -38,910
Net rental income 199,473 29,043 61,769 24,383 -115 659 11,840 -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 -- 708 21,700 8,779 407,366 -- 407,366
Total attributable external expenses -36,296 -6,693 -6,679 -4,626 -115 -49 -7,712 -11,533 -73,703 -- -73,703
Gross profit 205,990 29,409 61,769 24,717 -115 659 13,988 -2,754 333,663 -- 333,663
Net valuation result on investment
property
733,943 123,310 110,458 100,271 -8,360 -2,886 43,835 -- 1,100,571 -- 1,100,571
Other income 16,836 120 440 264 1,560 27 333 21 19,601 -9,156 10,445
Amortisation 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 -2,064 -5,234 -17 -35,619 9,156 -26,463
Net other income/expenses -18,399 -7,233 -10,790 -3,435 -7,813 -2,037 -7,723 4 -57,426 -- -57,426
Net profit/loss before finance costs 921,534 145,486 161,437 121,553 -16,288 -4,264 50,100 -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 -32 -6,082 -698 -132,520 61,637 -70,883
Other financial expenses -14,082 -2,451 -3,924 -229 -17,220 -12 -128 -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 -44 -7,146 -599 -100,118 -- -100,118
Profit/loss before income tax 858,818 147,048 132,955 115,419 -12,847 -4,308 42,954 -3,349 1,276,690 -- 1,276,690
Income tax expense -183,169 -13,743 -21,868 -24,636 5,692 105 -13,661 526 -250,754 -- -250,754
Profit for the period 675,649 133,305 111,087 90,783 -7,155 -4,203 29,293 -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 -4,203 29,293 -2,823 1,025,936 -- 1,025,936
Segment assets and liabilities as at 31 December 2021 are as follows:
In EUR thousand
Czech Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Hotel segment
Total Segments
Intersegment
eliminations
Total
Assets
Investment property 4,517,045 758,453 1,326,691 595,995 62,091 8,813 306,019 -- 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 2,725 944 59,255 110,967 -- 110,967
Intangible assets 2,038 -- 1 -- 41 -- 27 4 2,111 -- 2,111
Trade and other receivables 51,494 10,745 1,123 2,763 242 -- 34,372 -- 100,739 -- 100,739
Derivative financial
instruments
-- 126 -- -- -- -- -- -- 126 -- 126
Financial investments 373,742 -- -- -- 1,487,691 -- -- -- 1,861,433 -1,860,988 445
Long-term 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 5,206,941 859,391 1,393,432 648,970 5,366,950 11,538 430,248 59,702 13,977,172 -5,342,298 8,634,874
Trade and other receivables 44,137 19,631 24,680 12,282 17,701 485 24,053 1,113 144,082 -- 144,082
Short-term receivables
from related parties
7,337 -- -- 1,881 24,535 -- -- -- 33,753 -33,225 528
Derivative financial
instruments
-- 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 2,061 11,665 4,329 892,816 -- 892,816
Total current assets 94,938 79,295 32,028 19,708 815,053 2,546 35,958 5,470 1,084,996 -33,225 1,051,771
Total assets 5,301,879 938,686 1,425,460 668,678 6,182,003 14,084 466,206 65,172 15,062,168 -5,375,523 9,686,645
Total equity 2,379,119 350,842 473,608 275,803 2,383,634 671 69,435 34,706 5,967,818 -1,860,988 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 7,786 346,677 18,812 3,481,328 -3,481,310 18
Derivative financial
instruments
-- -- -- -- -- -- -- -- -- -- --
Deferred tax liabilities 579,754 29,526 65,597 50,329 2,581 899 15,820 2,267 746,773 -- 746,773
Total non-current liabilities 2,758,344 566,047 918,731 373,057 3,754,637 10,651 365,438 24,460 8,771,365 -3,481,310 5,290,055
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 16,707 594 12,691 1,740 237,148 -- 237,148
Short-term payables to
related parties
-- 4,152 7,450 787 -- 505 16,139 4,192 33,225 -33,225 --
Derivative financial
instruments
-- -- -- -- -- -- -- -- -- -- --
Current income tax
payables
8,581 1,012 593 868 3,447 1,211 2,503 74 18,289 -- 18,289
Provisions -- -- -- -- -- -- -- -- -- -- --
Total current liabilities 164,416 21,797 33,121 19,818 43,732 2,762 31,333 6,006 322,985 -33,225 289,760
Total liabilities 2,922,760 587,844 951,852 392,875 3,798,369 13,413 396,771 30,466 9,094,350 -3,514,535 5,579,815
Total equity and liabilities 5,301,879 938,686 1,425,460 668,678 6,182,003 14,084 466,206 65,172 15,062,168 -5,375,523 9,686,645
6. CHANGES IN GROUP STRUCTURE
Current financial year
Acquisitions
In 2022, the Group acquired the following subsidiaries:
Subsidiary Country Acquisition date
Deutsche Industrie Grundbesitz AG Germany 3 February 2022
KON\u010cINY SPV, s.r.o. Czech Republic 14 March 2022
CTP Tau Poland sp. z o.o. (formerly Dafne 23 sp. z o.o) Poland 9 May 2022
CTP Chi Poland sp. z o.o. (formerly 7R Projekt 37 sp. z o.o.) Poland 9 May 2022
CTP Omega Poland sp. z o.o. (formerly 7R Projekt 31 sp. z o.o.) Poland 9 May 2022
CTP Property Alpha Poland sp. z o.o. (formerly 7R Projekt 68 sp. z o.o.) Poland 9 May 2022
CTP Property Beta Poland sp. z o.o. (formerly 7R Projekt 64 Sp. z o.o.) Poland 9 May 2022
CTP Property Gamma Poland sp. z o.o. (formerly 7R Projekt 30 sp. z o.o.) Poland 9 May 2022
CTPARK CHITILA SRL (formerly Eglast Investment SRL) Romania 20 May 2022
CTPARK PITESTI SRL (formerly Dani Global Development SRL) Romania 20 May 2022
CTP Property Delta Poland sp. z o.o. (formerly 7R Projekt 41 sp. z o.o.) Poland 7 June 2022
CTP Property Epsilon Poland sp. z o.o. (formerly 7R Projekt 44 sp. z o.o.) Poland 14 June 2022
Banovac projekat d.o.o. Beograd-Novi Beograd Serbia 5 July 2022
CTPark Sofia Ring Road EOOD (formerly Transcapital Ring Road EOOD) Bulgaria 17 August 2022
CTPark Sofia EOOD (formerly Transcapital Airport EOOD) Bulgaria 17 August 2022
LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM ODGOVORN\u0160\u0106U BEOGRAD Serbia 31 August 2022
KRMEL\u00cdNSK\u00c1 I, s.r.o. Czech Republic 30 September 2022
CTP Property Eta Poland sp. z o.o. (formerly 7R Projekt 56 sp. z o.o.) Poland 20 October 2022
CTP Property Zeta Poland sp. z o.o. (formerly 7R Projekt 24 sp. z o.o.) Poland 20 October 2022
These acquisitions impacted Group financial statements as follows:
In EUR thousand
Deutsche
Industrie
Grundbesitz
AG Germany
Czech
Republic
Poland
Romania
Serbia
Bulgaria
Total
Investment property 850,291 8,754 111,604 12,416 1,056 62,004 1,046,125
Investment property under development
-- -- 42,427 18 -- 696 43,141
Property, plant & equipment
245 -- 22 -- -- -- 267
Intangible assets
3 -- -- -- -- 1 4
Cash and cash equivalents
11,031 17 2,828 554 57 1,090 15,577
Deferred tax asset
-- -- -- -- -- 59 59
Financial derivatives
125 -- -- -- -- -- 125
Asset held for sale
7,300 -- -- -- -- -- 7,300
Trade and other receivables
104,131 30 13,580 71 2 232 118,046
Total assets
973,126 8,801 170,461 13,059 1,115 64,082 1,230,644
Interest-bearing loans and borrowings from financial institutions
-232,991 -- -- -- -- -- -232,991
Bond issued
-140,026 -- -- -- -- -- -140,026
Financial derivatives
-36 -- -- -- -- -- -36
Trade and other liabilities
-30,300 -310 -8,628 -299 -13 -926 -40,476
Total liabilities
-403,353 -310 -8,628 -299 -13 -926 -413,529
Non-controlling interest
-95,943 -- -- -- -- -- -95,943
Net assets acquired
473,830 8,491 161,833 12,760 1,102 63,156 721,172
Consideration paid *
-77,612 -8,491 -159,820 -12,760 -1,102 -63,156 -322,941
Consideration not settled till period end
-- -- -2,013 -- -- -- -2,013
Consideration settled by shares of CTP N.V. -396,217 -- -- -- -- -- -396,217
Net cash outflow -66,581 -8,474 -156,992 -12,206 -1,045 -62,066 -307,364
* Consideration paid includes also the loans and borrowings provided to acquired subsidiaries of EUR 194,843 thousand.
The acquisitions were recognised as a property asset acquisition, as acquired companies do not represent a business as defined by IFRS 3 .
In 2022, the only significant acquisition was acquisition of Deutsche Industrie REIT-AG in Germany, described in detail below. Acquisition of Deutsche Industrie REIT-AG (subsequently renamed to Deutsche Industrie Grundbesitz AG) On 28 January 2022, the Group received 98.17% shareholder support for its voluntary public takeover and delisting offer (the \u201cOffer\u201d) for and contemplated merger with Deutsche Industrie REIT-AG (currently CTP Gemany B.V.) (\u201cDIR\u201d). The total number of DIR Shares tendered in the Offer was in aggre- gate 25,951,833 DIR Shares, corresponding to approximately 80.90% of the outstanding share capital in DIR. Closing and settlement of the Offer, in which CTP offered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share (the \u201cShare Consideration\u201d), took place on 3 February 2022. During the acceptance period, a total of 25,937,060 tendered DIR Shares were settled in form of the Share Consideration. Accordingly, a total of 32,421,325 CTP Shares were issued. Acquisition of DIR is not considered to be a business combination, but acquisition of assets in exchange for shares of CTP N.V. and therefore, this transaction is in scope of IFRS 2. Assets and liabilities acquired are measured at fair value and are equal to the related increase in eq- uity. On 23 August 2022, CTP N.V. and Deutsche Industrie Grundbesitz AG entered into a transaction for a cross-border merger. Assets and lia- bilities of Deutsche Industrie Grundbesitz AG were transferred to CTP N.V. under universal succession of title, and Deutsche Industrie Grund- besitz AG ceased to exist without liquidation. In accordance with the agreed exchange ratio, CTP allotted for each issued and outstanding DIR share, 1.25 shares in CTP\u2019s share capital to each holder of shares, resulting in the allotment of 7,659,590 new shares. Shares of DIR in ownership of non-controlling interest, were trans- ferred into shares of CTP N.V. For detail refer to Note 23. On 1 November 2022, all assets and liabilities of former Deutsche In- dustrie Grundbesitz AG were transferred through a hive down by way of legal partial division from CTP N.V. to a new subsidiary, CTP Ger- many B.V. Changes within the Group On 1 January 2022, the entities CTPark Bor II, spol. s r.o. and CTPark Bor III, spol. s r.o. were incorporated by spin-off from CTP Alpha, spol. s r.o. Part of the assets were transferred from CTP Alpha, spol, s r.o., to these entities according to the project prepared on 16 November 2021. 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. Subsequently CTPark Bor III, spol. s r.o. was merged into CTPark Bor, spol. s r.o. on 23 September 2022. RENWON a.s. was transferred from CTP Bohemia North, spol. s r.o. to CTP Property B.V. and was renamed to CTPark Chrastava a.s. on 22 August 2022. In 2022, the Group wound up subsidiaries CTP Property Serbia, spol. s.r.o., CTP Beta, spol. s r.o. v likvidaci and CTP I, spol. s r.o. v likvidaci. In September 2022, assets and liabilities of CTP Germany III GmbH and CTP Germany IV GmbH & Co. KG were transferred to CTP Germa- ny II GmbH via a merger transaction, and both entities ceased to exist without liquidation. The transaction was common control transaction with impact on Equity of EUR 1,082 thousand. In November 2022, newly acquired entity Banovac projekat d.o.o. Be- ograd-Novi Beograd was merged into CTP Omicron d.o.o. Beograd-No- vi Beograd. In December 2022, newly acquired entity LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM ODGOVORN\u0160\u0106U BEOGRAD was merged into CTP Tau d.o.o. Beograd-Novi Beograd. All above changes within the Group does not have material impact on consolidated financial statements. Prior financial year In 2021, the Group acquired the following subsidiaries: Subsidiary Country Acquisition date Amsterdam Logistic Cityhub B.V. Netherlands 12 August 2021 CTP Mu B.V. Netherlands 29 December 2021 CTPark N\u00e1mestovo, spol. s r.o. Slovakia 22 December 2021 Office Campus Real Estate Kft. Hungary 23 June 2021 CTPark Twenty Three Kft. Hungary 25 November 2021 CTPark Twenty Five Kft. Hungary 23 December 2021 CTPark Twenty Six Kft. Hungary 23 December 2021 CTPark Twenty Seven Kft. Hungary 23 December 2021 CTPark Twenty Four Kft. Hungary 31 December 2021 CTPark Oradea North SRL Romania 9 September 2021 CTPark Arad North SRL Romania 9 September 2021 CTPark Sibiu East SRL Romania 9 September 2021 CTPark Craiova East SRL Romania 9 September 2021 CTPark Bucharest South II SRL Romania 30 September 2021 CTPark Brasov West SRL Romania 30 September 2021 CTPark Timisoara East SRL Romania 30 September 2021 CTPark Brasov SRL Romania 30 September 2021 Project Vrajdebna EOOD Bulgaria 2 August 2021 CTPark Kappa EOOD Bulgaria 9 August 2021 CTPark Lambda EOOD Bulgaria 30 September 2021 P\u0158\u00cdD\u00c1NKY SPV, s.r.o. Czech Republic 29 June 2021 RENWON a.s. Czech Republic 16 August 2021 CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 3 March 202 These acquisitions impacted Group financial statements as follows:
In EUR thousand
Netherlands
Slovakia
Romania
Hungary
Bulgaria
Czech Republic
Serbia
Total
Investment property 37,285 80,795 147,120 111,949 38,046 25,257 20,031 460,483
Investment property under development 213,131 1,130 10,522 19,255 -- -- -- 244,038
Property, plant & equipment -- -- 1 -- -- -- -- 1
Intangible assets 12 -- -- -- -- -- -- 12
Cash and cash equivalents 1,422 906 57,422 5,935 880 467 11 67,043
Deferred tax asset 12 1,368 -- -- 24 -- -- 1,404
Trade and other receivables 64 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
* Consideration paid includes also the loans and borrowings provided to acquired subsidiaries of EUR 255,351 thousand.
The following significant transactions took place in 2021:
In EUR thousand
Amsterdam
Logistic
Cityhub B.V.
(NL)
CTP Mu B.V.
(NL)
CTPark
N\u00e1mestovo,
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 recognised as a property asset acquisition, as acquired companies do not represent
a business as defined by IFRS 3.
During 2021, the subsidiaries CTPark \u010cesk\u00e9 Bud\u011bjovice, spol. s r.o. and CTPark \u010cesk\u00e9 Bud\u011bjovice II, spol.
s r.o. were disposed of for a EUR 8,950 thousand consideration.
7. GROSS RENTAL INCOME
In EUR thousand 2022 2021
Industrial 424,727 287,328
Office 32,923 32,531
Retail 1,062 568
Other 26,305 14,224
Total rental income 485,017 334,651
Service charge income 51,875 31,112
Total gross rental income 536,892 365,763
CTP leases out its investment property under operating leases. The operating leases are generally for 5 to
15 years.
Other gross rental income represents termination fees, rental income from rent of parking slots, garages,
yards, porches and cloakrooms.
Service charge income represents fixed contractual income receivable from tenants for maintenance, clean-
ing, security, garbage management and usage of infrastructure.
Revenues were generated in the following countries where CTP operates:
In EUR thousand 2022 2021
Czech Republic 248,117 220,036
Romania 94,760 68,448
Germany 69,633 708
Hungary 55,378 34,998
Slovakia 41,525 28,623
Serbia 13,064 8,560
Bulgaria 7,117 1,729
Poland 4,122 2,510
Netherlands 2,990 --
Austria 152 151
Slovenia 34 --
Total gross rental income 536,892 365,763
8. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows: In EUR thousand 2022 2021 Revenues Attributable external expenses Revenues Attributable external expenses Hotel operating revenue 16,021 8,779 Hotel operating expenses -12,280 -11,334 Net operating income from hotel operations 3,741 -2,555 Income from development activities 36,200 32,824 Expenses from development activities -27,158 -23,459 Net income from development activities 9,042 9,365 Total revenues from contract with customers 52,221 41,603 Total external expenses related to contract with customers -39,438 -34,793 Net income from contract with customers 12,783 6,810 Net operating income from hotel operations Net operating income from hotel operations is represented by revenues and expenses from the operation of three hotels in the Czech Republic. All hotels are operated under the \u201cCourtyard by Marriott\u201d brand. Revenues from hotel operations are represented by very short-term contracts with customers. The hospi- tality services are invoiced nearly at the same time as the respective service is provided. Net income from development activities Net income from development activities represents income from construction projects provided by CTP to third-party companies; the main part of construction represents extras and fit-outs for tenants. 9. PROPERTY OPERATING EXPENSES In EUR thousand 2022 2021 Maintenance and repairs -41,314 -21,383 Park Management expenses -27,673 -8,424 Real estate tax -10,450 -6,143 Insurance -5,064 -2,342 Other -257 -618 Total property operating expenses -84,758 -38,910 Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants . In 2022, the increase in Park management expenses represents mainly increase in utilities, facility manage- ment and other external services, such as cleaning, security services and other. In 2022, the significant increase in repairs and maintenance is connected mainly with the German and Czech portfolios. 10. OTHER INCOME In EUR thousand 2022 2021 Gains from sale of assets 881 2,963 Income from sale of electricity 4,301 3,236 Other income 3,000 4,246 Total other income 8,182 10,445 Other income was mainly from reverse charge from property insurance and income from assigned receiva- bles. 11. EMPLOYEE BENEFITS In EUR thousand 2022 2021 Wages and salaries -32,395 -24,140 Social security contributions -5,878 -4,604 Other personnel expenses -5,433 -3,139 Total employee benefits -43,706 -31,883 The average full-time equivalent of employees in 2022 was 634 (2021 \u2013 463); all except 15 (2021 \u2013 7) are working outside the Netherlands. Weighted average number of employees per segments 2022 2021 Czech Republic 298 258 Romania 95 75 Hungary 66 55 Slovakia 70 36 Netherlands 15 7 Germany 11 -- Other 79 32 Total employee number 634 463 The number of full-time equivalent employees as at 31 December 2022 was 699 (2021 \u2013 520). 12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. 13. INTEREST EXPENSES In EUR thousand 2022 2021 Bank interest expense -31,245 -25,386 Interest expense from liabilities due from related parties -- -385 Interest expense from financial derivative instruments -288 -5,469 Arrangement fees -3,956 -13,523 Interest expense from bonds issued -49,455 -26,120 Interest expense -84,944 -70,883 In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 \u2013 EUR 12,385 thousand). 14. OTHER FINANCIAL EXPENSES in EUR thousand 2022 2021 Bank fees -2,808 -4,563 Financing fees -15,022 -33,061 Other financial expenses -109 -496 Other financial expenses -17,939 -38,120 In 2022, financing fees include prepayment fee of EUR 1,465 thousand (2021 \u2013 EUR 16,629 thousand) for premature loan repayments and fee for early repayment of bonds of EUR 10,381 thousand (2021 - EUR 12,080 thousand), (refer to Note 28). 15. OTHER FINANCIAL GAINS/(LOSSES) In EUR thousand 2022 2021 Change in FMV of derivatives 4,052 12,127 Foreign exchange gains/(losses) -2,208 -5,306 Other financial gains/ (losses) 187 71 Other financial gains/(losses) 2,031 6,892 In 2021, premature terminated derivatives connected with the refinancing of interest-bearing loans and borrowings from financial institutions with money raised from the issuing of bonds were settled in form of cash and amounted to EUR 22,599 thousand. 16. INCOME TAX EXPENSES In EUR thousand 2022 2021 Current tax income/(expense) related to Current year -30,211 -25,735 Prior period -1,121 -2,669 Total -31,332 -28,404 Deferred tax expense Deferred tax expense -159,411 -222,350 Total -159,411 -222,350 Total income tax expense in statement of profit and loss and other comprehensive income -190,743 -250,754 The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its as- sessment of many factors, including interpretations of tax law and prior experience. The income tax rate is valid for 2022 and is as well valid for future periods when the Group expects to utilise the tax impacts from previous years. Reconciliation of effective tax rate In EUR thousand 2022 2021 Tax base Tax Tax base Tax Profit / Loss before income tax 987,268 254,715 1,276,690 319,172 Company's domestic tax rate 25.8% 25.0% Tax non-deductible expenses 45,478 11,733 26,701 6,675 Tax exempt income -2,444 -630 -9,439 -2,360 Income tax adjustment for prior years 4,345 1,121 10,676 2,669 Effect of unrecognised deferred tax asset related to tax losses (including current year losses) -2,108 -544 123 31 Effect of tax rates in foreign jurisdictions -- -83,351 -- -98,410 Other items 29,842 7,699 91,905 22,977 Tax base 1,062,381 190,743 1,396,656 250,754 Effective income tax rate 19.3% 19.6% Tax non-deductible expenses represent receivables written off, representation expenses, tax non-deducti- ble accruals (legal, advisory), financial expenses, penalties and gifts provided. Other items result mainly from the translation of transactions in foreign currencies to the functional cur- rency of the Group\u2019s entities. 17. INVESTMENT PROPERTY In EUR thousand 2022 2021 Buildings and related land and Right-of-use assets 9,361,260 7,048,269 industrial 8,764,194 6,445,781 office 549,520 549,300 retail and other 47,546 53,188 Landbank and related Right-of-use assets 762,925 526,838 Total 10,124,185 7,575,107 In EUR thousand Owned buildings and land Landbank Right-of-use assets Land and buildings Right-of-use assets Landbank Total Investment Property Balance at 1 January 2021 5,058,268 325,945 2,017 -- 5,386,230 Transfer from/to investment property under development 655,601 -13,144 -- -- 642,457 Transfer from/to owned buildings and land 22,548 -22,548 -- -- -- Acquisitions 495,376 87,625 -- -- 583,001 Additions / Disposals 48,793 105,536 -- -- 154,329 Net valuation result 765,666 43,424 -- -- 809,090 Balance at 31 December 2021 7,046,252 526,838 2,017 -- 7,575,107 Balance at 1 January 2022 7,046,252 526,838 2,017 -- 7,575,107 Transfer from/to investment property under development 814,394 -74,955 501 -- 739,940 Transfer from/to owned buildings and land 18,395 -18,395 -- -- -- Acquisitions 976,436 322,111 25,615 4,746 1,328,908 Additions / Disposals 63,658 -- -- -- 63,658 Net valuation result 413,992 2,580 -- -- 416,572 Balance at 31 December 2022 9,333,127 758,179 28,133 4,746 10,124,185 Owned buildings and land represent assets in CTP\u2019s legal ownership. The landbank comprises the plots of land in CTP\u2019s ownership available for development of new projects. Right-of-use assets comprise leased land in Germany under the buildings acquired as a part of DIR acquisi- tion of EUR 25,615 thousand; landbank in the Czech Republic of EUR 4,746 thousand (2021 \u2013 EUR 0 thou- sand); land in the Czech Republic of EUR 2,017 thousand (2021 \u2013 EUR 2,017 thousand); and land in Romania of EUR 501 thousand (transferred from investment property under development in 2022). 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 27). Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 6) and acquisitions of properties under asset deal agreements. The most significant changes in investment property in 2022 relate to completed construction of industrial properties in Bor, Brno and Ostrava in the Czech Republic; in Budapest in Hungary; in Beograd in Serbia; in Bucharest in Romania; and in Illowa in Poland. In 2022, the Group also made landbank acquisitions, mainly in the Czech Republic, Poland, Romania, Austria, the Netherlands, Serbia and Slovakia. Investment property disposal in 2022 relates to the sale of properties in the Czech Republic to external partners. The most significant changes in investment property in 2021 relate to the completed construction of in- dustrial properties in Plze\u0148, \u017datec, Ostrov u Tachova and No\u0161ovice in the Czech Republic; Trnava, Nitra and Ko\u0161ice in Slovakia; and in Turda and Sibiu in Romania; office premises in Brno in the Czech Republic and in Bucharest in Romania; and industrial premises in Budapest and Vecses in Hungary and in Kragujevac in Serbia. Investment property disposal in 2021 relates to the sale of properties in the Czech Republic to external partners. Fair value hierarchy The fair value measurement for investment property is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Management\u2019s adjustments made in respect of valuations appraisals CTP management did not make any adjustments to valuation prepared by an independent external valuer as at 31 December 2022 and 31 December 2021. The table below presents the portion of the investment property portfolio as at 31 December 2022 and 2021, valued by an independent external valuer: In EUR thousand 2022 2021 Investment property portfolio valued by external valuer 10,025,620 7,364,990 Investment property portfolio at acquisition value 98,565 210,117 Total 10,124,185 7,575,107 Valuation Building valuation To value investment property, external valuers adopt a traditional valuation method, specifically the hard- core method. Within the hardcore method, income considered sustainable (e.g., all income at or below mar- ket levels) is capitalised at a certain level, and any over-rented elements are capitalised at a separate rate until lease expiry. This enables a separate risk profile to be attached to the \u201criskier\u201d over-rented element, as appropriate. The capitalisation rates applied are implicit in terms of rental growth and most other risks, although external valuers are explicit in their calculations in terms of voids and costs. Valuations reflect, where appropriate: the type of tenants in occupation; those responsible for meeting the lease commitments; those likely to be in occupation after letting vacant accommodation; the market\u2019s gen- eral perception of tenants\u2019 creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. It is 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. Assumptions by the independent valuer for the year ended 31 December 2022 and 31 December 2021 were as follows: Core yield 2022 2021 Country Average Lower Upper Average Lower Upper Czech Republic 5.52% 4.05% 10.70% 5.09% 3.75% 10.70% Hungary 6.23% 5.50% 8.00% 6.32% 5.50% 7.75% Romania 7.25% 6.85% 8.25% 7.45% 7.00% 8.50% Slovakia 6.07% 5.50% 9.25% 5.85% 3.50% 9.00% Germany 7.11% 2.46% 14.39% -- -- -- Other 6.93% 3.50% 9.50% 7.81% 5.20% 9.40% All 6.13% 2.46% 14.39% 5.76% 3.50% 10.70% Core yield 2022 2021 Sector Average Lower Upper Average Lower Upper Offices 6.71% 4.45% 9.70% 6.19% 5.75% 9.70% Industrial/other 6.10% 2.46% 14.39% 5.73% 3.50% 10.70% Average ERV per sqm and month (EUR) 2022 2021 Country Czech Republic 6.7 5.6 Hungary 4.9 4.6 Romania 4.0 3.9 Slovakia 4.2 4.1 Germany 3.8 -- Other 4.5 5.0 All 5.1 4.9 Average ERV per sqm and month (EUR) 2022 2021 Sector Offices 13.1 13.3 Industrial/other 4.9 4.6 Structural vacancy was applied in few cases, mainly to office and ancillary areas. Landbank valuation The landbank comprises the plots of land in CTP\u2019s ownership, on which development projects are to be carried out. The landbank was valued by a registered independent valuer with an appropriately recognised professional qualification and with up\u2013to\u2013date knowledge and understanding of the location and category of the property. For land assets, the valuer applied the residual or the market comparison method or both, as appropriate. The residual method assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, pro- fessional fees, planning, finance and marketing costs and developer\u2019s profit. The market comparison uses sales information from sites of a similar type, size and in a similar location, where a similar development is possible. 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 difference between the subject property and the comparable sales by considering various elements of comparison. Independent valuer assumptions for the year ended 31 December were based on analysis of comparable ev- idence and adopted the following average market values per square meter: In EUR 2022 2021 Czech Republic 55 48 Slovakia 49 42 Hungary 49 76 Serbia 38 57 Romania 33 32 Poland 62 39 Bulgaria 50 42 Slovenia 78 78 Germany 123 -- Netherlands 31 26 Austria 86 -- Investment property is in the following countries where CTP operates: In EUR thousand 2022 2021 Czech Republic 5,181,043 4,517,045 Romania 1,577,581 1,326,691 Hungary 946,437 758,453 Germany 918,110 8,813 Slovakia 660,873 595,995 Poland 320,326 83,103 Serbia 212,060 155,916 Netherlands 148,430 62,091 Bulgaria 132,865 57,620 Austria 20,260 3,180 Slovenia 6,200 6,200 Total 10,124,185 7,575,107 Sensitivity analysis on changes in assumptions of investment property valuation CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in- vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit and loss before tax as at 31 December 2022 and 31 December 2021 due to changes in assumptions: Completed investment properties as at 31 December 2022 in EUR thousand Current average initial yield Current market value Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.45% 9,328,340 6.70% 8,980,367 -347,973 Current average initial yield Current market value Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.45% 9,328,340 6.20% 9,704,366 376,026 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 601,858 631,950 9,794,757 466,417 Decrease of 500bp in estimated rental income 601,858 571,765 8,861,923 -466,417 Completed investment properties as at 31 December 2021 in EUR thousand Current average initial yield Current market value * Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.36% 6,866,252 6.61% 6,606,673 -259,578 Current average initial yield Current market value * Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.36% 6,866,252 6.11% 7,147,062 280,811 * In 2021, sensitivity analysis is calculated on standing portfolio of the Group excluding fair market values of commercial element of hotels operated in the Czech Republic of EUR 20,140 thousand. Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 436,892 458,737 6,522,939 -343,313 Decrease of 500bp in estimated rental income 436,892 415,047 6,522,942 -343,310 18. INVESTMENT PROPERTY UNDER DEVELOPMENT In EUR thousand IPUD Right-of-use assets Total Balance at 1 January 2021 387,347 -- 387,347 Additions/disposals 433,795 1,251 435,046 Acquisitions 285,796 16,990 302,786 Transfer from/to Investment property -642,457 -- -642,457 Net valuation result 291,481 -- 291,481 Balance at 31 December 2021 755,962 18,241 774,203 Balance at 1 January 2022 755,962 18,241 774,203 Additions/disposals 807,016 -- 807,016 Acquisitions 45,056 -- 45,056 Transfer from/to Investment property -739,439 -501 -739,940 Net valuation result 307,008 -- 307,008 Balance at 31 December 2022 1,175,603 17,740 1,193,343 The investment property under development (IPUD) comprises pipeline projects in several stages of comple- tion and of land with planning permits in place, which are still to be constructed but where pre-agreements with future tenants are available. The management estimates that a significant majority of the pipeline projects will be completed within 12 months. 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 (2021 \u2013 EUR 16,990 thousand), and land in Romania of EUR 750 thousand (2021 \u2013 EUR 1,251 thousand) in CTPARK IOTA SRL (leased land of EUR 501 thousand was transferred to investment property). Investment property under development is located in the following countries where CTP operates: In EUR thousand 2022 2021 Poland 308,217 37,735 Netherlands 298,798 285,095 Czech Republic 187,330 201,175 Hungary 98,371 89,334 Slovakia 76,636 48,621 Austria 72,752 31,714 Serbia 60,980 10,727 Romania 58,250 62,950 Bulgaria 29,912 6,852 Germany 2,097 -- Total 1,193,343 774,203 Fair value hierarchy The fair value measurement for investment property under development is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Valuation Development assets are valued through a combination of traditional and residual methods. The tradition- al method is applied to determine a gross development value (GDV), which is a component of the residu- al method that is ultimately applied to determine fair value. This approach assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. In assessing the GDV, the independent 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:
2022 2021
Average Lower Upper Average Lower Upper
Capitalisation rates 6.01% 4.25% 9.10% 5.64% 4.25% 9.00%
Monthly ERV per
vacant sqm (EUR)
\u2013 Industrial premises 5.96 3.50 10.98 5.21 3.50 8.33
\u2013 Office properties 17.16 16.66 18.69 15.18 15.00 15.50
Soft costs 5.14% 2.50% 15.00% 6.76% 3.00% 15.00%
Finance costs 4.58% 3.00% 6.00% 3.51% 3.50% 5.00%
Profit allowance 14.56% 5.00% 25.00% 15.59% 5.00% 30.00%
Structural vacancy was applied in a very few cases, and mainly to office and ancillary areas.
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 profit and loss before tax as at 31 December 2022 and 31 December
2021:
Investment properties under development as at 31 December 2022 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 yield 6.38% 1,921,913 6.63% 1,849,395 -72,518
Current
average
yield
Current
market value at
completion
Decreased yield by
25bp
FMV based upon
decreased yield
Effect of
decrease
in yield by 25bp
Decrease of 25bp in yield 6.38% 1,921,913 6.13% 2,000,349 78,436
Current
rental income
including ERV
from vacant space
Changed
rental
income
FMV based upon
changed rental
income
Effect of
change in
rental
income
Increase of 500bp in estimated rental income 122,535 128,662 2,018,008 96,095
Decrease of 500bp in estimated rental income 122,535 116,408 1,825,817 -96,096
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 yield 6.14% 1,102,406 6.39% 1,059,289 -43,117
Current
average
yield
Current market
value at completion
Decreased yield by
25bp
FMV based upon
decreased yield
Effect of decrease
in yield by 25bp
Decrease of 25bp in yield 6.14% 1,102,406 5.89% 1,145,523 43,117
Current
rental income
including ERV
from vacant space
Changed
rental
income
FMV based upon
changed rental
income
Effect of
change in
rental
income
Increase of 500bp in estimated rental income 67,710 71,096 1,157,526 55,120
Decrease of 500bp in estimated rental income 67,710 64,324 1,047,286 -55,120
An increase of developers\u2019 profit mark-up by 2% in valuers\u2019 assumptions will increase the developers\u2019 profit
and as a consequence will decrease the valuation as at 31 December 2022 by EUR 12,202 thousand (31 De-
cember 2021 \u2013 EUR 7,591 thousand) provided all other variables remain constant.
19. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: In EUR thousand 2022 2021 Valuation gains 906,194 1,189,211 out of which: Investment Property 571,638 885,510 Investment Property under development 334,556 303,701 Valuation losses -182,614 -88,640 out of which: Investment Property -155,066 -76,420 Investment Property under development -27,548 -12,220 Net valuation gains (losses) on investment property 723,580 1,100,571 20. PROPERTY, PLANT AND EQUIPMENT In EUR thousand Hotels Leased Property Plant Plant under construction Forests Equipment 2022 Balance at 1 January 55,254 4,436 25,054 -- 4,332 21,891 110,967 Acquisitions -- -- -- -- -- 162 162 Additions/Disposals -- 5,277 2,077 13,776 -- 46,882 68,012 Valuation gain/loss on solar plants and hotels -- -- -1,004 -- -- -- -1,004 Depreciation -1,579 -877 -1,204 -- -- -7,397 -11,057 Reversal of impairment loss 1,825 -- -- -- -- -- 1,825 Balance at 31 December 55,500 8,836 24,923 13,776 4,332 61,538 168,905 In EUR thousand Hotels Leased Property Plant Forests Equipment 2021 Balance at 1 January 55,400 3,814 17,761 717 21,192 98,884 Acquisitions -- -- -- -- 6 6 Additions/Disposals 3,248 1,296 -- 3,615 5,768 13,927 Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- -- 8,840 Depreciation -1,539 -674 -1,169 -- -5,075 -8,457 Impairment loss -2,233 -- -- -- -- -2,233 Balance at 31 December 55,254 4,436 25,054 4,332 21,891 110,967 Under \u201cPlant\u201d are the solar plants installed on the roofs of several buildings. The value of EUR 24,923 thousand represents the fair value of the solar panels based upon the independent valuation report of EUR 22,881 thousand (2021 \u2013 EUR 25,054 thousand) and solar panels of EUR 2,042 thousand valued at costs. The value of EUR 55,500 thousand (2021 \u2013 EUR 55,254 thousand) represents revalued amount in accord- ance with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair value in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well as an income capitalisation approach, and comparable recent market transactions on arm\u2019s length terms. Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4,332 thousand (2021- EUR 4,332 thousand). 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 flow technique for a 20-year period. The cash flow 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 valuer capitalised solar revenues at a yield of 10% for a fixed period of 20 years (2021 - 9%). In view of the nature of the hotels and the bases of valuation, the valuer adopted the discounted cash flow method. Under this method the projected adjusted net operating income for the hotel over 10 years is dis- counted back to present day using an appropriate discount rate. The value of the hotel derived from the capitalised earnings in the 10th year is also brought back to present values. Capital expenditure is built into the cash flow if appropriate. Capitalisation rates used in hotel valuations range from 7.5% to 9.0% (2021 - from 6.75% to 7.25%). Sensitivity analysis on changes in assumptions of hotel valuation CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2022, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,500 -10,131 10,131 CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2021, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,254 -11,609 11,609 Real estate infrastructure (such as roads, greenery and energy transformers), including related equipment and means of transport, of EUR 61,538 thousand (2021 \u2013 EUR 21,891 thousand) is presented under Equip- ment. Property, plant and equipment include also right-of-use assets of EUR 8,836 thousand (2021 \u2013 EUR 4,436 thousand) relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 30). 21. TRADE AND OTHER RECEIVABLES Non-current In EUR thousand 2022 2021 Long term advances paid 14,674 97,014 Restricted cash 1,341 1,086 Other assets 1,999 2,639 Total trade and other receivables 18,014 100,739 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 official in relation to the third party), in order to conclude whether the commission fee is according to CTP\u2019s standards and agreed transaction price for the land is at arm\u2019s length and to have sufficiently evaluated risks in accordance with CTP internal policies. Current In EUR thousand 2022 2021 Trade receivables 54,537 36,417 Other assets 113,201 61,771 Other tax receivables 67,846 45,894 Total trade and other receivables 235,584 144,082 Trade receivables consist primarily of receivables from rent and rent related income. Other assets consist primarily of deferrals of EUR 10,067 thousand (2021 \u2013 EUR 5,110 thousand), advance payments and accrued income of EUR 69,173 thousand (2021 \u2013 EUR 35,182 thousand) and prepayments of EUR 33,961 thousand (2021 \u2013 EUR 21,479 thousand). Short-term receivables overdue more than six months total EUR 5,245 thousand (2021 \u2013EUR 3,143 thou- sand). Total expected credit losses are EUR 5,580 thousand (2021 \u2013 EUR 4,137 thousand). Other tax receivables consist primarily of value added tax receivables of EUR 67,023 thousand (2021 \u2013 EUR 45,692 thousand). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years. as at 31 December 2022 In EUR thousand Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired Current (not past due) 0.83% 39,610 -331 39,279 No 1 - 30 days past due 1.84% 10,559 -194 10,365 No 31 - 60 days past due 7.30% 1,651 -120 1,531 No 61 - 90 days past due 10.33% 1,597 -165 1,432 No 91 - 182 days past due 36.36% 1,455 -529 926 No 184 - 365 days past due 65.06% 2,874 -1,870 1,004 Yes Paid in more than 365 days past due 100.00% 2,371 -2,371 -- Yes Balance at 31 December 2022 60,117 -5,580 54,537 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 2021 40,554 -4,137 36,417 22. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 660,631 thousand (2021 \u2013 EUR 892,816 thousand) consist primarily of short-term deposits of EUR 221,224 thousand (2021 \u2013 EUR 700,000 thousand) and cash at bank accounts of EUR 439,292 thousand (2021 \u2013 EUR 192,682 thousand). Restricted cash amounts to EUR 1,341 thousand (2021 \u2013 EUR 1,086 thousand) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve ac- counts . 23. EQUITY Issued capital and Share premium As at 31 December 2022, the issued capital comprised of the following: Type of shares No. of shares Nominal value of share Issued capital in EUR Ordinary shares 444,100,549 EUR 0.16 71,056,088 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2022 400,392,810 64,063 2,661,979 3 February 2022 Share issuance connected with DIR acquisition 32,421,325 5,187 391,030 9 June 2022 Dividends paid in form of shares 763,581 122 -68,064 23 August 2022 Share issuance connected with merger of DIR and CTP N.V. 7,659,590 1,226 96,593 5 September 2022 Dividends paid in form of shares 2,863,243 458 -56,476 Balance at 31 December 2022 444,100,549 71,056 3,025,062 Treasury shares -27,976 -4 -541 Total balance at 31 December 2022 444,072,573 71,052 3,024,521 On 3 February 2022, the Group acquired Deutsche Industrie REIT-AG (currently CTP Germany B.V.). CTP of- fered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share (the \u201cShare Consideration\u201d). The transaction resulted in the issuance of 32,421,325 new shares of CTP N.V. For details refer to Note 6. Following its Annual General Meeting on 26 April 2022, CTP N.V. announced a final 2021 dividend of EUR 0.18 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 18 May 2022. The number of dividend rights that entitles to one new ordinary share was set at 72.5. Shareholders representing approximately 88% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 12% of the total number of outstanding ordi- nary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 9 June 2022. On 23 August 2022 CTP N.V. completed the merger with Deutsche Industrie Grundbesitz AG (acquired on 3 February 2022). As a result of the merger, CTP N.V. acquired shares from former shareholders of Deutsche Industrie Grundbesitz AG. CTP offered a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share. The transaction resulted in issuance of 7,659,590 new shares of CTP N.V. On 10 August 2022, an interim dividend of EUR 0.22 per share for the first half of 2022 was announced. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 29 August 2022. The number of dividend rights that entitles to one new ordinary share was set at 62.5. Shareholders represent- ing approximately 59% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 41% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,863,243 to a total of 444,100,549 ordinary shares. The payment date for the dividend pay- ment in cash and delivery of the ordinary shares was 5 September 2022. 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 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2021 336,000,000 53,760 1,858,460 29 March 2021 Share issuance connected with IPO 61,017,000 9,763 809,572 9 June 2021 Dividends paid in form of shares 3,375,810 540 -6,053 Balance at 31 December 2021 444,100,549 71,056 3,025,062 As at 29 March 2021, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share. On 29 March 2021, the Company issued new shares on Amsterdam\u2019s stock exchange. On 17 August 2021, CTP N.V. announced an 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 one new ordinary CTP share was set at 108. The conversion ratio was based on the volume-weighted average price of the CTP share during the period from 26 August 2021 up to and including 30 August 2021. Shareholders representing 92% of the total number of outstanding ordinary shares chose 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 was 22 Sep- tember 2021. Cash flow hedge reserve Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR 23,727 thousand net of tax as at 31 December 2022 (2021 \u2013 EUR 0 thousand). Translation reserve The translation reserve of EUR 4,547 thousand (2021 \u2013 EUR 10,716 thousand) comprises all foreign ex- change differences arising from the translation of the financial statements from the functional to the pres- entation currency (refer to Note 3f). Profit distribution In June 2022, the Group paid final dividends for the year 2021 of EUR 77,907 thousand, out of which EUR 67,942 thousand were paid in cash and the rest of dividends were paid in form of new shares. In September 2022, the Group has paid interim dividends for the year 2022 of EUR 95,387 thousand, out of which EUR 56,018 thousand were paid in cash and the rest of dividends were paid in form of new shares. In 2021, the Group paid dividends of EUR 67,492 thousand, of which EUR 5,513 thousand were paid in cash and the rest in new shares. 24. SHARE-BASED PAYMENTS On 30 April 2021 and 30 April 2022, the Company granted a conditional share award under the LTIP to a Director. This award has a vesting period of three years, and vesting is subject to continued services up to vesting and depends on the Company\u2019s total shareholder return (\u201cTSR\u201d). Vesting of 50% of the number of awards granted is subject to an Absolute TSR condition, and 50% is subject to 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 2022, the total share-based payment expense recognised for the equity-settled awards was EUR 176 thousand (2021 \u2013 EUR 85 thousand). 25. EARNINGS PER SHARE Basic earnings per share (\u201cEPS\u201d) Basic EPS calculations are based on the following profit attributable to ordinary shareholders and weight- ed-average number of ordinary shares outstanding. In EUR thousand 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Profit/(loss) attributable to Equity holders of the Company 794,649 1,025,936 Dividends on non-redeemable preference shares -- -- Profit/(loss) attributable to ordinary shareholders 794,649 1,025,936 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Issued ordinary shares at 1 January 400,392,810 336,000,000 Effect of shares issued related to a business combination -- -- Effects of shares issued in 2022/2021 33,588,692 47,407,350 Weighted-average number of ordinary shares at 31 December 433,981,502 383,407,350 Earnings per share 1.83 2.68 The denominator in the calculation of basic EPS for the years 2022 and 2021 is the weighted average num- ber of ordinary shares less treasury shares as at 31 December 2022 and 31 December 2021, respectively. Diluted earnings per share The calculation of diluted EPS is based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. In EUR thousand 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Profit (loss) attributable to Equity holders of the Company (basic) 794,649 1,025,936 Interest expense on convertible notes, net of tax -- -- Profit/(loss) attributable to ordinary shareholders 794,649 1,025,936 2022 2021 Weighted-average number of ordinary shares (basic) 433,981,502 383,407,350 Effect of conversion of convertible notes -- -- Effect of share options on issue -- -- Long-term incentive plan 28,913 10,202 Weighted-average number of ordinary shares (diluted) at 31 December 434,010,416 383,417,553 Earnings per share (diluted) 1.83 2.68 26. NON-CONTROLLING INTEREST On 3 February 2022, the Group acquired 80.9 % ownership interest in Deutsche Industrie REIT-AG (current- ly CTP Germany B.V.). For details refer to Note 6. Share of non-controlling interest as at date of acquisition corresponds to 19.1% of the outstanding share capital in Deutsche Industrie Grundbesitz AG. In EUR thousand 3 February 2022 NCI percentage 19.10% Non-current assets 850,539 Current assets 122,587 Non-current liabilities * -373,054 Current liabilities -97,757 Net assets 502,315 Net assets attributable to NCI 95,943 * Non-current liabilities also include the pre-acquisition loan of EUR 67,458 thousand provided by CTP N.V. to DIR. On 23 August 2022, CTP N.V. completed the merger with Deutsche Industrie Grundbesitz AG. As a result of the merger, the legal integration of Deutsche Industrie Grundbesitz AG into the CTP group was completed. CTP acquired 100% ownership of Deutsche Industrie Grundbesitz AG and the entity ceased to exist without liquidation. For details refer to Note 6. As at date of cross border merger and acquisition of additional 19.1% of ownership interest in DIR, the infor- mation related to acquired share are as follows: Net assets attributable to NCI as at date of acquisition 95,943 Revenue 35,763 Profit 9,822 Other comprehensive income -- Total comprehensive income 9,822 Other Adjustment in profit loss allocated to NCI -- Profit/(loss) allocated to NCI 1,876 OCI allocated to NCI -- Net assets attributable to NCI as at date of merger/demerger 97,819 In 2022, the Group acquired additional 9.9% ownership interest in CTP Delta B.V. with impact on Equity of EUR 2,247 thousand. As at 31 December 2021 non-controlling interest (NCI) in the consolidated companies of the Group was EUR 0 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 Decem- ber 2021 was of EUR 2 thousand and non-controlling interest was EUR 0 thousand. 27. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR thousand 2022 2021 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 1,874,481 1,115,412 Accrued arrangement fees -6,352 -4,941 Balance at 31 December 1,868,129 1,110,471 Current liabilities Interest-bearing loans and borrowings from financial institutions 24,672 23,186 Accrued interest 640 -- Accrued arrangement fees -582 -2,353 Balance at 31 December 24,730 20,833 Total balance at 31 December 1,892,859 1,131,304 In EUR thousand 2022 2021 Nominal value Fair value Nominal value Fair value Interest-bearing loans and borrowings from financial institutions 1,899,153 1,545,444 1,138,598 1,138,598 The valuation model of fair value of bank loans considers the present value of expected payments, discounted using risk adjusted discount rate. The Group has determined that all of its Interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. All of the Group\u2019s interest-bearing loans and borrowings from financial institutions have loan-to-value and debt service coverage ratio covenants. As at 31 December 2022, there was no breach of covenant conditions. All interest-bearing loans and borrowings from financial institutions are secured for 2022 and 2021. Bank loans are secured over investment property with a carrying amount of EUR 4,332,358 thousand (2021 \u2013 2,492,295 EUR thousand) and investment property under development with a carrying amount of EUR 295,307 thousand (2021 \u2013 EUR 19,970 thousand). Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the subsidiaries. Share pledges related to interest-bearing loans are described in Note 37. Residual maturity of loans and borrowings from financial institutions as at 31 December 2022 and 31 De- cember 2021 was as follows: In EUR thousand Balance as at 31 December 2022 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 24,671 29,170 130,681 1,714,631 1,899,153 In EUR thousand Balance as at 31 December 2021 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 23,186 26,710 111,998 976,704 1,138,598 Bank loans with nominal value of EUR 267,207 thousand have interest rate based on EURIBOR, plus margin that vary from 0.623% to 2.174% (2021 \u2013 EUR 29,659 thousand, interest rate from 0.53% to 1.60%). The rest of bank loans have fixed interest rates from 0.75% to 4.71% (2021 \u2013 from 1.1% - 1.90%). In September 2022, the Group received a syndicated bank loan of EUR 445,000 thousand, with fixed inter- est rate of 4.71%, due in 2029. In December 2022, the Group received bank loan of EUR 175,000 thousand, with variable interest rate of 3M EURIBOR with margin 1.80%, due in 2031. Bank loans of EUR 1,971,259 thousand were repaid in 2021 from bonds issued in the years 2020 and 2021. In September 2021, the Group received a syndicated bank loan of EUR 600,000 thousand, with fixed inter- est rate of 1.55%, due in 2031. In 2021, the Company replaced a revolving credit facility from the year 2020 with a new revolving credit fa- cility 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 2023. No significant changes to estimation techniques or assumptions were made during the reporting period. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities: In EUR thousand Bank loans Related party loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Non-controlling interest Total Balance as at 1 January 2022 1,131,304 18 3,381,692 13,833 -172 -- 64,063 2,661,979 1,350,856 -- 8,603,573 Changes from financing cash flows Proceeds from bonds -- -- 733,368 -- -- -- -- -- -- -- 733,368 Proceeds from loans and borrowings 628,987 -- -- -- -- -- -- -- -- -- 628,987 Transaction costs related to loans and borrowings, bonds and issue of shar capital -2,554 -- -2,200 -- -- -- -- -- -- -- -4,754 Acquisition of NCI -- -- -- -- -- -- 1,226 96,593 -2,247 -97,819 -2,247 Repayment of the loans and borrow-ings and bonds -101,637 -- -289,564 -- -- -- -- -- -- -- -391,201 Dividend in cash -- -- -- -- -- -- 580 -124,540 -- -- -123,960 Payment of lease liabilities -- -- -- -3,010 -- -- -- -- -- -- -3,010 Total changes in financing cash flows 524,796 -- 441,604 -3,010 -- -- 1,806 -27,947 -2,247 -97,819 837,183 Change in fair value -- -- -- -- -6,600 2,548 -- -- -- -- -4,052 Other adjustment -1,002 -16 2,552 12,084 -44,149 12,111 -- -- -991 -- 19,411 Share issuance related to DIR -- -- -- -- -- -- 5,183 390,489 395,671 Acquisition of subsidiaries 232,991 -- 140,026 25,623 -125 36 -- -- -- 95,943 494,494 Profit for the period -- -- -- -- -- -- -- -- 794,649 1,876 796,525 Interest expense incl. arrangement fee 35,200 1 49,455 -- -- 288 -- -- -- -- 84,944 Interest paid -30,430 -- -33,979 -- -- -288 -- -- -- -- -64,697 Other liability related changes 236,759 -15 158,054 37,707 -44,274 12,147 5,183 390,489 793,658 97,819 1,687,527 Balance at 31 December 2022 1,892,859 3 3,981,350 48,530 -51,046 14,695 71,052 3,024,521 2,142,267 -- 11,124,231 In EUR thousand Bankloans Relatedparty loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Total Balance as at 1 January 2021 2,352,287 37,172 1,041,971 5,235 -- 34,066 53,760 1,858,460 324,862 5,707,813 Changes from financing cash flows Proceeds from bonds -- -- 2,479,615 -- -- -- -- -- -- 2,479,615 Proceeds from loans and borrowings 677,468 -- -- -- -- -- -- -- -- 677,468 Transaction costs related to loans and borrowings, bonds and issue of share capital -4,669 -- -18,076 -- -- -22,599 -- -34,904 -- -80,248 Repayment of the loans and borrowings and bonds -1,971,259 -35,968 -148,709 -- -- -- -- -- -- -2,155,936 Proceeds from the issue of share capital -- -- -- -- -- -- 9,763 844,475 -- 854,238 Dividend in cash -- -- -- -- -- -- -- -5,513 -- -5,513 Payment of lease liabilities -- -- -- -974 -- -- -- -- -- -974 Total changes in financing cash flows -1,298,460 -35,968 2,312,830 -974 -- -22,599 9,763 804,058 -- 1,768,650 Change in fair value -- -- -- -- -172 -11,955 -- -- -- -12,127 Other adjustment -5,322 -164 17,084 2,425 -- 488 -- 1 58 14,570 Acquisition of subsidiaries 65,867 -- -- 7,147 -- -- -- -- -- 73,014 Dividend in stock -- -- -- -- -- -- 540 -540 -- -- Profit for the period -- -- -- -- -- -- -- -- 1,025,936 1,025,936 Interest expense 38,911 383 26,120 -- -- 5,469 -- -- -- 70,883 Interest paid -21,979 -1,405 -16,313 -- -- -5,469 -- -- -- -45,166 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 28. BONDS In EUR thousand 2022 2021 Non-current bonds 3,563,788 3,368,202 Current bonds 417,562 13,490 Total 3,981,350 3,381,692 Current period Bonds issued by CTP N.V. Bond Issuance Date ISIN Nominal value of total bonds issuedin EUR Nominal value of each bond in EUR Currency Type Fix in-terestrate per annum (\"p.a\") Maturity date Fair value of bonds(In TEUR ) 1 July 2022 XS2390546849 49,500,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 29,991 20 Jan 2022 XS2434791690 700,000,000 100,000 EUR senior unsecured 0.875% 20 Jan 2026 571,942 27 Sept 2021 XS2390530330 500,000,000 100,000 EUR senior unsecured 0.625% 27 Sept 2026 382,910 27 Sept 2021 XS2390546849 500,000,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 302,935 21 June 2021 XS2356029541 500,000,000 100,000 EUR senior unsecured 0.500% 21 June 2025 419,930 21 June 2021 XS2356030556 500,000,000 100,000 EUR senior unsecured 1.250% 21 June 2029 330,200 18 Feb 2021 XS2303052695 500,000,000 100,000 EUR senior unsecured 0.750% 18 Feb 2027 374,595 27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 379,784 1 Oct 2020 XS2238342484 331,813,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 286,813 Total 3,981,313,000 3,079,100 Bonds acquired 9 June 2021 DE000A3E5L07 20,000,000 100,000 EUR senior unsecured 3.300% 9 June 2031 14,240 Total Bonds 4,001,313,000 3,093,340 On 1 July 2022, the CTP N.V. issued EUR 49.5 million unsecured bonds with a nominal value of EUR 100,000 each under emission from 27 September 2021 with ISIN number XS2390546849. The bonds are issued as subordinated, with a fixed interest rate of 1.5% per annum (\u201cp.a.\u201d), and the bonds are due on 27 September 2031. There are no covenants related to the bonds. On 24 January 2022, the Group repaid bonds from the emission with ISIN XS2238342484 in a nominal value of EUR 168,189 thousand. On 20 January 2022, the Group has issued new bond with the emission ISIN XS2434791690 in the nominal value of EUR 700,000 thousand. On 3 February 2022, the Group acquired the subsidiary Deutsche Industrie Grundbesitz AG, where bonds with a nominal value of EUR 138,000 thousand were acquired as follows: ISIN Nominal value of total bonds issued (In EUR) Currency Fix interest rate per annum (\"p.a\") Maturity date DE000A3E5L07 20,000,000 EUR 3.300% 9 June 2031 DE000A2GS3T9 118,000,000 EUR 4.000% 30 August 2022 138,000,000 On 17 May 2022, the Group repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within Deutsche Industrie Grundbesitz AG) with a nominal value of EUR 118,000 thousand. Prior period Bond Issuance Date ISIN Nominal value of total bonds issued Nominal value of each bond Currency Type Fix in-terest 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 On 29 September 2021, the Group repaid bonds from the first issuance that occurred in October 2020 with a nominal value of EUR 149,998 thousand. In EUR thousand 2022 2021 Non-current liabilities Bonds issued - nominal value 4,299,500 3,550,000 Repayment of bonds \u2013 nominal value -318,187 -149,998 Nominal value after repayment 3,981,313 3,400,002 Bonds acquired 140,026 -- Repayment of bonds acquired -120,026 -- Interest liability 18,957 13,490 Discount applied -43,206 -27,878 Amortisation of applied discount 10,163 3,796 Bond issuance costs -8,869 -9,200 Amortisation of bond issuance costs 2,992 1,482 Total 3,981,350 3,381,692 Transaction costs paid in cash as at 31 December 2022 was EUR 2,200 thousand (2021 \u2013 EUR 18,076 thou- sand). There are no financial covenants related to the bonds. 29. TRADE AND OTHER PAYABLES Non-current In EUR thousand 2022 2021 Non-current trade payables and other liabilities 57,907 51,525 Liabilities from operating leases 46,045 13,066 Balance at 31 December 103,952 64,591 Current In EUR thousand 2022 2021 Trade payables and other liabilities 318,432 236,331 Liabilities from operating leases 2,485 817 Balance at 31 December 320,917 237,148 In 2022, trade payables and other liabilities consist primarily of liabilities for constructions works. In 2021, trade payables and other liabilities consisted primarily of liabilities for constructions works and liabilities from the acquisition of subsidiaries (refer to Note 6). 30. LEASES Leases as lessee The Group leases various types of assets: offices, parking places, plots of land and 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 offices varies significantly, from one to 17 years. Some leases provide for additional rent payments that are based on changes in local price indices, with an option to terminate the contract within less than twelve months. Parking places are leased for a period of several months up to an indefinite period, with an option to termi- nate the leasing within several days up to three months. Plots of land to operate Group premises are leased from a nineteen-year period to indefinitely. Information about leases for which the Group is a lessee is presented below. Right-of-use assets related to leased assets that do not meet the definition 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 develop- ment Total Balance at 1 January 2022 4,436 2,017 18,241 24,694 Acquisitions -- 30,361 -- 30,361 Additions 5,277 -- -- 5,277 Transfer from investment property under development -- -- -501 -501 Transfer to owned buildings and land -- 501 -- 501 Depreciation -877 -- -- -877 Balance at 31 December 2022 8,836 32,879 17,740 59,455 In EUR thousand Property, plant and equipment Investment property Investment property under develop- ment Total Balance at 1 January 2021 3,814 2,017 -- 5,831 Additions 1,296 -- 18,241 19,537 Depreciation -674 -- -- -674 Balance at 31 December 2021 4,436 2,017 18,241 24,694 Amounts recognised in profit or loss In EUR thousand 2022 2021 Interest on lease liabilities 1,832 103 Expenses relating to short-term leases 167 160 Expenses relating to leases of low-value assets 13 10 Balance at 31 December 2,012 273 Amounts recognised in profit or loss In EUR thousand 2022 2021 Total cash outflows for leases 3,000 974 The remaining performance obligations as at 31 December 2022 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 2,397 1,383 1,294 1,254 1,168 41,034
48,530
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 10,645 13,883
Leases as lessor
The Group leases out its own investment property. All leases are classified as operating leases from a lessor
perspective because they do not transfer substantially all the risks and rewards incidental to the ownership
of the assets.
Rental income recognised by the Group during 2022 was EUR 485,017 thousand (2021 \u2013 EUR 334,651 thou-
sand).
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay-
ments to be received after the reporting period.
In EUR thousand < 1 year 2-5 years > 5 years Total
Lease payments 588,915 1,802,345 1,812,739 4,203,999
31. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR thousand 2022 2021
Fair value of derivatives - non-current asset 9,165 126
Fair value of derivatives - current asset 41,881 46
Fair value of derivatives - assets 51,046 172
Fair value of derivatives - non-current liability -2,018 --
Fair value of derivatives - current liability -12,677 --
Fair value of derivatives - liabilities -14,695 --
Total 36,351 172
Accrued interest on derivatives -- --
Total derivatives 36,351 172
All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec-
tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de-
termine fair value.
The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships.
These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol-
idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of
derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive
income and included within the cash flow hedge reserve in equity (refer to Note 23).
As at 31 December 2022 CTP held the following derivative financial instruments: Derivative financial instruments - assets Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2023 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725,000 EUR 44,088 Interest rate swaps 2025 \u20132030 -- 3M Euribor from -0.295% to 0.21% EUR 69,990 EUR 6,958 Total receivables from derivatives 51,046 Derivative financial instruments - liabilities Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375,000 EUR -12,112 Interest rate swaps 2025 \u2013 2028 -- 3M Euribor from 04% to 0.2% EUR 23,476 EUR -2,583 Total liabilities from derivatives -14,695 As at 31 December 2021 CTP held the following derivative financial instruments: Derivative financial instruments Due within maturity date Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps 2025 \u2013 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172 Total receivables from derivatives 172 32. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset cur- rent income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: In EUR thousand 2022 2021 Assets Liability Net Assets Liability Net Investment property 11,688 -892,612 -880,924 8,722 -734,501 -725,779 Tax losses 10,987 -- 10,987 9,510 -- 9,510 Property, plant and equipment 35 -- 35 1,153 -- 1,153 Other (receivables, hedge accounting etc.) 16,599 -42,701 -26,102 16,913 -24,518 -7,605 Tax asset/(liabilities) 39,309 -935,313 -896,004 36,298 -759,019 -722,721 Set- off of tax -21,458 21,458 -- -12,246 12,246 -- Net tax assets/ (liabilities) 17,851 -913,855 -896,004 24,052 -746,773 -722,721 Movement in Deferred tax during the year recognised in profit and loss, in equity and in OCI In EUR thousand Balance as at 1 January 2022 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2022 Investment property -725,779 -149,348 99 -- -5,896 -880,924 Tax losses 9,510 1,400 -- -- 77 10,987 Property, plant and equipment 1,153 -1,318 -- 191 9 35 Other (receivables, hedge accounting etc.) -7,605 -10,145 -40 -8,250 -62 -26,102 Total -722,721 -159,411 59 -8,059 -5,872 -896,004 In EUR thousand Balance as at 1 January 2021 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2021 Investment property -500,129 -217,223 -753 -- -7,674 -725,779 Tax losses 10,321 -1,005 36 -- 158 9,510 Property, plant and equipment -2,189 5,148 -- -1,772 -34 1,153 Other (receivables, hedge accounting etc.) 1,640 -9,270 -- -- 25 -7,605 Total -490,357 -222,350 -717 -1,772 -7,525 -722,721 Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future taxable profit will be available against which the Group can use the benefits. In EUR thousand 2022 2021 Gross amount Tax effect Gross amount Tax effect Tax losses 24,319 4,222 26,427 4,257 Total 24,319 4,222 26,427 4,257 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. In EUR thousand 2022 Expiry date 2021 Expiry date Expire 24,319 2023-2028 26,427 2022 - 2027 Never expire -- -- Total 24,319 26,427 Amounts recognised in OCI In EUR thousand 2022 2021 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 -1,004 191 -813 9,326 -1,772 7,554 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve 31,977 -8,250 23,727 -- -- --- Change in Translation reserve -7,465 1,296 -6,169 -4,524 782 -3,742 Current income tax assets and payables The current income tax asset of EUR 6,175 thousand (2021 \u2013 EUR 7,260 thousand) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance pay- ments made exceed income tax payable). The current income tax liabilities of EUR 16,518 thousand (2021 \u2013 EUR 18,289 thousand) represent payables in respect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance payments made). 33. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2022 and 31 December 2021 respectively: Subsidiaries Country 2022 2021 Note CTP Alpha GmbH Austria 100% 100% CTP Beta GmbH Austria 100% 100% CTP Delta GmbH Austria 100% 100% CTP Epsilon GmbH Austria 100% 100% CTP Eta GmbH Austria 100% 0% 2/ CTP Gamma GmbH Austria 100% 100% CTP Invest Immobilien GmbH Austria 100% 100% CTP Iota GmbH Austria 100% 0% 2/ CTP Theta GmbH Austria 100% 0% 2/ CTP Zeta GmbH Austria 100% 100% CTP Invest EOOD Bulgaria 100% 100% CTPark Beta EOOD Bulgaria 100% 100% CTPark Delta EOOD Bulgaria 100% 100% CTPark Epsilon EOOD Bulgaria 100% 100% CTPark Eta EOOD Bulgaria 100% 100% CTPark Gamma EOOD Bulgaria 100% 100% CTPark Iota EOOD Bulgaria 100% 100% CTPark Kappa EOOD Bulgaria 100% 100% CTPark Lambda EOOD Bulgaria 100% 100% CTPark Sofia EOOD (formerly Transcapital Airport EOOD) Bulgaria 100% 0% 1/ CTPark Sofia Ring Road EOOD (formerly Transcapital Ring Road EOOD) Bulgaria 100% 0% 1/ CTPark Theta EOOD Bulgaria 100% 100% CTPark Zeta EOOD Bulgaria 100% 100% Project Vrajdebna EOOD Bulgaria 100% 100% Clubco, spol. s r.o. Czech Republic 100% 100% CTP Alpha, 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 Czech Republic 0% 100% 3/ CTP Bohemia North, spol. s r.o Czech Republic 100% 100% CTP Bohemia South, spol. s r.o. Czech Republic 100% 100% CTP Bohemia West, spol. s r.o. Czech Republic 100% 100% CTP Borsk\u00e1 Pole, spol. s r.o. Czech Republic 100% 100% CTP CEE Properties, spol. s r.o. 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 Energy CZ, spol. s r.o. (formerly CTP VII, spol. s r.o.) Czech Republic 100% 100% CTP Forest, 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. Czech Republic 100% 100% CTP Hotel Pilsen, spol. 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 Czech Republic 0% 100% 3/ Subsidiaries Country 2022 2021 Note
CTP II, spol. s r.o. Czech Republic 100% 100%
CTP III, spol. s r.o. Czech Republic 100% 100%
CTP Industrial Property CZ, spol. s.r.o. Czech Republic 100% 100%
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. 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 Pilsen Region, spol. s r.o. Czech Republic 100% 100%
CTP Pon\u00e1vka Business Park, spol. s r.o. Czech Republic 100% 100%
CTP Portfolio Finance CZ, spol. s r.o. Czech Republic 100% 100%
CTP Property Czech, spol. s r.o Czech Republic 100% 100%
CTP Property Romania, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/
CTP Property Serbia, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/
CTP Solar I, a. s. Czech Republic 100% 100%
CTP Solar II, a. s. Czech Republic 100% 100%
CTP Solar III, spol. s r.o. Czech Republic 100% 100%
CTP Solar, a.s. v likvidaci Czech Republic 0% 100% 3/
CTP V, spol. s r.o. Czech Republic 100% 100%
CTP VI, spol. s r.o. Czech Republic 100% 100%
CTP VIII, spol. s r.o. Czech Republic 100% 100%
CTP Vln\u011bna Business Park, spol. s r.o. Czech Republic 100% 100%
CTP Vyso\u010dina, spol. s r.o. Czech Republic 100% 100%
CTP X, 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. Czech Republic 100% 100%
CTP XIV, spol. s r.o. Czech Republic 100% 100%
CTP XV, spol. s r.o. Czech Republic 100% 100%
CTP XVI, spol. s r.o. Czech Republic 100% 100%
CTP XVII, spol. s r.o. Czech Republic 100% 100%
CTP XVIII, 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 A\u0161 II, spol. s r.o. Czech Republic 100% 100%
CTPark Blu\u010dina, spol. s r.o. (formerly CTP XXI, spol. s r.o.) Czech Republic 100% 100%
CTPark Bor II, spol. s r.o. Czech Republic 100% 0% 2/
CTPark Bor III, spol. s r.o. Czech Republic 0% 0% 6/
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. Czech Republic 100% 100%
CTPark Brno III, spol. s r.o. Czech Republic 100% 100%
CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o. Czech Republic 100% 100%
CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o. Czech Republic 100% 100%
CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o. Czech Republic 100% 100%
CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100%
CTPark \u010cesk\u00e9 Velenice, spol. s r.o. Czech Republic 100% 100%
CTPark Hranice, spol. s r.o. Czech Republic 100% 100%
CTPark Chrastava a.s. (formerly RENWON a.s.) Czech Republic 100% 100%
CTPark Lys\u00e1 nad Labem, spol. s r.o.
Czech Republic 100% 100%
CTPark Mlad\u00e1 Boleslav, spol. s r.o. Czech Republic 100% 100%
CTPark Mod\u0159ice, 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 Plze\u0148, 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. Czech Republic 100% 100%
CTPark Prague West, spol. s r.o. Czech Republic 100% 100%
CTPark St\u0159\u00edbro, spol. s r. o. Czech Republic 100% 100%
Subsidiaries Country 2022 2021 Note
CTPersonnel Bor, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/
CTZone Ostrava, spol. s r.o. Czech Republic 100% 100%
KON\u010cINY SPV, s.r.o. Czech Republic 0% 0% 6/
KRMEL\u00cdNSK\u00c1 I s.r.o. Czech Republic 100% 0% 1/
Multidisplay s.r.o. v likvidaci Czech Republic 0% 100% 3/
P\u0158\u00cdDANKY SPV, s.r.o. Czech Republic 0% 100% 7/
Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100%
Spielberk Business Park, spol. s r.o. Czech Republic 100% 100%
CTP Invest Egypt 100% 100% 5/
CTP Real Estate Egypt 100% 100% 5/
CTP Real Estate Development Egypt 100% 100% 5/
Samesova O\u00dc Estonia 100% 100% 5/
Vojtova O\u00dc Estonia 100% 100% 5/
Zemankova O\u00dc Estonia 100% 100% 5/
CTP Alpha France France 100% 100% 5/
CTP Beta France France 100% 100% 5/
CTP France France 100% 100% 5/
CTP Germany GmbH Germany 100% 100%
CTP Germany GmbH B.V. (formerly Deutsche Industrie Grundbesitz AG) Germany 100% 0% 1/
CTP Germany II GmbH Germany 100% 100%
CTP Germany IV GmbH & Co. KG Germany 0% 100% 7/
CTP Germany III GmbH Germany 0% 100% 7/
CTP Germany IX GmbH Germany 100% 100%
CTP Germany V GmbH Germany 100% 100%
CTP Germany VI GmbH Germany 100% 100%
CTP Germany VII GmbH Germany 100% 100%
CTP Germany VIII GmbH Germany 100% 100%
CTP Germany X GmbH Germany 100% 100%
CTP Invest Germany GmbH Germany 100% 100%
CTP Energy Hungary Kft (formerly CTP Solar Hungary Kft) Hungary 100% 100%
CTP Management Hungary Kft. Hungary 100% 100%
CTPark Alpha Kft. Hungary 100% 100%
CTPark Arrabona Kft. Hungary 100% 100%
CTPark Beta Kft. Hungary 100% 100%
CTPark Biatorb\u00e1gy Kft. Hungary 100% 100%
CTPark Delta Kft. Hungary 100% 100%
CTPark Eight Kft. Hungary 100% 100%
CTPark Eighteen Kft. Hungary 100% 100%
CTPark Eleven Kft. Hungary 100% 100%
CTPark Fifteen Kft. Hungary 100% 100%
CTPark Fourteen Kft Hungary 100% 100%
CTPark Gamma Kft. Hungary 100% 100%
CTPark Nine Kft. Hungary 100% 100%
CTPark Nineteen Kft. Hungary 100% 100%
CTPark Seven Kft. Hungary 100% 100%
CTPark Seventeen kft. Hungary 100% 100%
CTPark Sixteen Kft. Hungary 100% 100%
CTPark Ten Kft. Hungary 100% 100%
CTPark Thirteen Kft Hungary 100% 100%
CTPark Thirty Kft. Hungary 100% 0% 4/
CTPark Thirty One Kft. Hungary 100% 0% 4/
CTPark Twelve Kft.
Hungary 100% 100%
CTPark Twenty Eight Kft. Hungary 100% 0% 4/
CTPark Twenty Five Kft. Hungary 100% 100%
CTPark Twenty Four Kft. Hungary 100% 100%
CTPark Twenty Kft. Hungary 100% 100%
CTPark Twenty Nine Kft. Hungary 100% 0% 4/
CTPark Twenty One Kft. Hungary 100% 100%
CTPark Twenty Seven Kft. Hungary 100% 100%
CTPark Twenty Six Kft. Hungary 100% 100%
CTPark Twenty Three Kft. Hungary 100% 100%
CTPark Twenty Two Kft. Hungary 100% 100%
Subsidiaries Country 2022 2021 Note
Office Campus Real Estate Kft. Hungary 100% 100%
CTP Alpha S.r.l. Italy 100% 100% 5/
CTP Beta S.r.l. Italy 100% 100% 5/
CTP Italy S.r.l. Italy 100% 100% 5/
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 ALC B.V. (formerly Amsterdam Logistic Cityhub B.V.) Netherlands 100% 100%
CTP Alpha B.V. Netherlands 100% 100%
CTP Baltic Holding B.V. Netherlands 100% 100%
CTP Beta B.V. Netherlands 100% 100%
CTP Energy B.V. (formerly CTP Iota B.V.) Netherlands 100% 100%
CTP Epsilon B.V. Netherlands 100% 100%
CTP Eta B.V. Netherlands 100% 100%
CTP Gamma B.V. Netherlands 100% 100%
CTP Invest B.V. Netherlands 100% 100%
CTP Kappa B.V. Netherlands 100% 100%
CTP Lambda B.V. Netherlands 100% 100%
CTP Mediterranean Holding B.V. Netherlands 100% 100%
CTP Mu BV. Netherlands 100% 100%
CTP Portfolio Finance Czech B.V. Netherlands 100% 100%
CTP Property B.V. Netherlands 100% 100%
CTP Theta B.V. Netherlands 100% 100%
CTP Turkish Holding B.V. Netherlands 100% 100%
CTP Zeta B.V. Netherlands 100% 100%
CTPark Bremen B.V. (formerly CTP Delta B.V.) Netherlands 100% 100%
Multifin B.V. Netherlands 100% 100%
CTP Beta Poland Sp. z o.o. Poland 100% 100%
CTP Delta Poland Sp. z o.o. Poland 100% 100%
CTP Energy Poland Sp. z o.o. (formerly CTP Omicron 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. Poland 100% 100%
CTP Gamma Poland Sp. z o.o. Poland 100% 100%
CTP Chi Poland Sp. z o.o. (formerly 7R Projekt 37 Sp. z o.o.) Poland 100% 0% 1/
CTP Invest Poland Sp. z o.o. Poland 100% 100%
CTP Iota Poland Sp. z o.o. Poland 100% 100%
CTP Kappa Poland Sp. z o.o. Poland 100% 100%
CTP Lambda Poland Sp. z o.o. Poland 100% 100%
CTP Mu Poland Sp. z o.o. Poland 100% 100%
CTP Nu Poland Sp. z o.o. Poland 100% 100%
CTP Omega Poland Sp. z o.o. (formerly 7R Projekt 31 Sp. z o.o.) Poland 100% 0% 1/
CTP Pi Poland Sp. z o.o. Poland 100% 100%
CTP Property Alpha Poland Sp. z o.o. (formerly 7R Projekt 68 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Beta Poland Sp. z o.o. (formerly 7R Projekt 64 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Delta Poland Sp. z o.o. (formerly 7R projekt 41 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Epsilon Poland Sp. z o.o. (formerly 7R projekt 44 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Eta Poland Sp. z o.o. (formerly 7R Projekt 56 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Gamma Poland Sp. z o.o. (formerly 7R Projekt 30 Sp. z o.o.) Poland 100% 0% 1/
CTP Property Zeta Poland Sp. z o.o. (formerly 7R Projekt 24 Sp. z o.o.) Poland 100% 0% 1/
CTP Rho Poland Sp. z o.o. Poland 100% 100%
CTP Sigma Poland Sp. z o.o. Poland 100% 100%
CTP Tau Poland Sp. z o.o. (formerly Dafne 23 Sp. z o.o.) Poland 100% 0% 1/
CTP Theta Poland Sp. z o.o. w likwidacji Poland 100% 100%
CTP Xi Poland Sp. z o.o. Poland 100% 100%
CTP Zeta Poland Sp. z o.o. Poland 100% 100%
CTPark I\u0142owa Sp. z o.o. Poland 100% 100%
CTPark Opole Sp. z o.o. Poland 100% 100%
CTPark Zabrze Sp. z o.o. Poland 100% 100%
CTP CONTRACTORS SRL Romania 100% 100%
Subsidiaries Country 2022 2021 Note
CTP INVEST BUCHAREST SRL Romania 100% 100%
CTP SOLAR SRL Romania 100% 100%
CTPARK ALPHA SRL Romania 100% 100%
CTPARK ARAD NORTH SRL Romania 100% 100%
CTPARK BETA SRL Romania 100% 100%
CTPARK BRASOV SRL Romania 100% 100%
CTPARK BRASOV WEST SRL Romania 100% 100%
CTPARK BUCHAREST A1 SRL Romania 100% 100%
CTPARK BUCHAREST II SRL Romania 100% 100%
CTPARK BUCHAREST SOUTH II SRL Romania 100% 100%
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 Romania 100% 100%
CTPARK CRAIOVA EAST SRL Romania 100% 100%
CTPARK DELTA SRL Romania 100% 100%
CTPARK DEVA II SRL Romania 100% 100%
CTPARK EPSILON SRL Romania 100% 100%
CTPARK ETA SRL Romania 100% 100%
CTPARK GAMMA SRL Romania 100% 100%
CTPARK CHITILA SRL (formerly Eglast Investment SRL) Romania 100% 0% 1/
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 Romania 100% 100%
CTPARK PHI SRL Romania 100% 100%
CTPARK PITESTI SRL (formerly Dani Global Development SRL) Romania 100% 0% 1/
CTPARK PSI SRL Romania 100% 100%
CTPARK RHO SRL Romania 100% 100%
CTPARK SIBIU EAST SRL Romania 100% 100%
CTPARK SIGMA SRL Romania 100% 100%
CTPARK TAU SRL Romania 100% 100%
CTPARK THETA SRL Romania 100% 100%
CTPARK TIMISOARA EAST SRL Romania 100% 100%
CTPARK ZETA SRL Romania 100% 100%
FOREST PROPERTY INVEST SRL Romania 100% 100%
Universal Management SRL Romania 100% 100%
Banovac projekat d.o.o. Beograd-Novi Beograd Serbia 0% 0% 6/
CTP Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Energy d.o.o. Beograd-Novi Beograd (formerly CTP Iota d.o.o. Beograd-Novi Beograd) Serbia 100% 100%
CTP Epsilon d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Invest d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Kappa d.o.o. Beograd-Novi Beograd
Serbia 100% 100%
CTP Lambda d.o.o. Beograd Serbia 100% 100%
CTP Omega d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Omicron d.o.o. Beograd- Novi Beograd Serbia 100% 100%
CTP Phi d.o.o. Beograd- Novi Beograd Serbia 100% 100%
CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100%
CTP Property Beta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/
CTP Property Delta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/
CTP Property Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/
CTP Rho d.o.o. Beograd- Novi Beograd Serbia 100% 100%
CTP Sigma d.o.o. Beograd- Novi Beograd Serbia 100% 100%
Subsidiaries Country 2022 2021 Note
CTP Tau d.o.o. Beograd- Novi Beograd Serbia 100% 100%
CTP Zeta d.o.o. Beograd-Novi Beograd Serbia 100% 100%
Levante Logistics d.o.o. Beograd Serbia 0% 0% 6/
CTP Alpha SK, spol. s r.o. Slovakia 100% 100%
CTP Dunaj s.r.o. Slovakia 100% 100%
CTP Invest SK, spol. s r.o. Slovakia 100% 100%
CTP Slovakia, s.r.o. Slovakia 100% 100%
CTP Solar SK, spol. s r.o. Slovakia 100% 100%
CTPark Bansk\u00e1 Bystrica, spol. s r.o. Slovakia 100% 100%
CTPark Bratislava East, spol. s r.o. Slovakia 100% 100%
CTPark Bratislava, spol. s r.o. Slovakia 100% 100%
CTPark \u010cierny Les, spol. s r.o. Slovakia 100% 100%
CTPark Hlohovec, spol. s r.o. Slovakia 100% 100%
CTPark Ko\u0161ice, spol. s r. o. Slovakia 100% 100%
CTPark Kr\u00e1sno nad Kysucou, spol. s r.o. Slovakia 100% 100%
CTPark Land SK 1, spol. s r.o. Slovakia 100% 100%
CTPark Land SK 2, spol. s r.o. Slovakia 100% 100%
CTPark N\u00e1mestovo, spol. s r.o. Slovakia 100% 100%
CTPark Nitra, spol. s r. o. Slovakia 100% 100%
CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100%
CTPark Pre\u0161ov North, spol. s r.o. (formerly CTP Gama s. r. o.) Slovakia 100% 100%
CTPark Pre\u0161ov s. r. o. Slovakia 100% 100%
CTPark Trnava II, spol. s r.o. Slovakia 100% 100%
CTPark \u017dilina Airport II, spol. s r.o. Slovakia 100% 100%
CTPark \u017dilina 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 GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/
CTP BETA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/
CTP GAMMA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/
CTP Alpha Ltd United Kingdom 100% 100% 5/
CTP Beta Ltd United Kingdom 100% 100% 5/
CTP Invest Ltd United Kingdom 100% 100% 5/
1/ Newly acquired/consolidated subsidiaries in 2022
2/ Newly established subsidiaries in 2022
3/ Disposed subsidiaries in 2022
4/ Newly established subsidiaries in 2022 not consolidated due to their limited size/activities
5/ Not consolidated subsidiaries
6) Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2022
7) Subsidiaries merged with existing subsidiary in 2022
34. RELATED PARTIES
CTP has a related party relationship with its Directors, Executives and other companies of which Multivest
B.V. is an equity holder. This entity is the ultimate parent of CTP.
In 2022 and 2021, CTP had the following interest income and interest expense with related parties:
In EUR thousand 2022 2021
Revenues Expenses Revenues Expenses
CTP Holding B.V. 1,712 -- 1,707 --
CTP Germany IV GmbH 23 -- -- --
CTP Germany II GmbH -- -- 234 --
CTP Germany III GmbH -- -- 35 --
Multivest B.V. 601 -- 500 -383
CTP Solar, a.s. -- -- 9 -2
Other 5 -- 5 --
Total 2,341 -- 2,490 -385
As at 31 December 2022 and 2021, CTP had the following short-term receivables/payables from/to related
parties:
In EUR thousand 2022 2021
Receivables Payables Receivables Payables
Remon Vos 322 -- -- --
CTP Invest Ltd. 7 -- -- --
Multivest B.V. 3 -- 515 --
CTP Holding B.V. -- -- 13 --
Total 332 -- 528 --
As at 31 December 2022 and 2021, CTP had the following long-term receivables/payables from/to related
parties:
In EUR thousand 2022 2021
Receivables Payables Receivables Payables
CTP Holding B.V. 44,853 -3 46,776 -3
CTP Invest Ltd. 292 -- -- --
CTP Alpha Ltd. 60 -- -- --
CTP Germany III GmbH -- -- 348 --
CTP Germany IV GmbH -- -- -- -15
Other 40 -- -- --
Total 45,245 -3 47,124 -18
Other non-current non-trade receivables from related parties and non-trade liabilities to related parties
are interest-bearing and bear an arm\u2019s length interest in the range of 1.2% to 5.6%, depending on maturity,
collateralisation, subordination, country risk and other specifics.
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group, directly or indirectly, including any director. Average headcount per
year of key management is 7 for 2022 (2021 \u2013 5).
Key management personnel compensation comprises the following: In EUR thousand Personnel compensation 2022 2021 Short-term employee benefits 3,175 1,365 Total 3,175 1,365 The Company granted for 2022 and 2021 a conditional share award under LTIP to a Director (refer to Note 24). As at 31 December, Board Directors held shares in CTP N.V. as follows (directly or through other entities): Nr. of shares Price per 1 share Value in EUR thousand 2022 335,804,718 11.04 3,707,284 2021 332,911,079 18.70 6,225,437 In the Number of shares held by Board of Directors are included also shares held by CTP Holding B.V. 35. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES Exposure to various risks arises in the normal course of CTP\u2019s business. These risks include credit risk, cap- ital 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 financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an on-going 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 guar- antee, 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 counter- party to fail to meet its obligations. As at the reporting date there were no significant concentrations of credit risk towards third parties. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state- ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration: In EUR thousand 2022 2021 Amounts due from banks 661,972 893,902 Amounts due from financial derivatives 51,046 172 Amounts due from related parties 45,577 47,652 Amounts due from third parties 54,537 36,417 Amounts due from tax institutions 74,021 53,154 Total 887,153 1,031,297 Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-current trade and other receivables, as at 31 December of the respective year. CTP discloses significant amounts of receivables to 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 par- ties breach the repayment of CTP receivables, and CTP is not able to set off receivables against liabilities, CTP will be exposed to significant credit risk. CTP does not expect breach of repayment. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: In EUR thousand 2022 2021 Impairment to trade receivables 5,580 4,137 Total 5,580 4,137 The movement in the allowance for impairment in respect of trade receivables during the year was as fol- lows: In EUR thousand 2022 2021 Balance as at 1 January 4,137 3,257 Net remeasurement of loss allowance 1,443 880 Balance at 31 December 5,580 4,137 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2022 and 2021 respectively: In EUR thousand for the year 2022 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount Cash and cash equivalents Low risk 0% 660,631 -- 660,631 Restricted cash Low risk 0% 1,341 -- 1,341 Receivables due from related parties Low risk 0% 45,577 -- 45,577 Trade receivables * Low to Fair risk 9% 60,117 -5,580 54,537 Total 767,666 -5,580 762,086 In EUR thousand for the year 2021 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount 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 * Weighted average loss rate related to Trade receivables is calculated in Note 21. Capital risk CTP\u2019s policy is to maintain a strong capital base, to maintain creditor and market confidence 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 maximising the return to shareholders through the optimisation of the debt and equity balance. CTP\u2019s overall strategy remains unchanged compared to 2021. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP\u2019s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 27 and bonds disclosed in Note 28. 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 The gearing ratio calculated below compares debt to equity, where a debt is defined to be the sum of long- term and short-term liabilities, and equity includes all capital and reserves of the Group excluding non-con- trolling interests. In EUR thousand 2022 2021 Debt 7,244,149 5,579,815 Equity 5,284,517 4,106,830 Gearing ratio 137% 136% 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 financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45% at 31 December 2022 (2021 \u2013 43%), which is seen as appropriate within CTP\u2019s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial 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 affect CTP\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns. Foreign currency risk Currency risk is managed mainly by making, when possible, investments in the same currency as the financ- ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually offset 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. As at 31 December 2022, CTP analysed the impact of the foreign exchange rate variances on its assets and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most financial instruments are denominated in EUR. Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Curren- cy risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries. In EUR thousand 2022 CZK RON PLN HUF RSD BGN Total Trade and other receivables 38,419 42,774 43,490 21,184 19,145 17,273 182,285 Cash and cash equivalents 10,766 14,302 16,379 7,894 4,471 3,270 57,082 Loans provided to third parties -- -- -- -- 69 -- 69 Trade and other receivables from related parties 322 -- -- -- -- -- 322 Total financial assets 49,507 57,076 59,869 29,078 23,685 20,543 239,758 Trade and other payables -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Total financial liabilities -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Net position -37,489 12,353 46,693 15,110 10,767 12,000 59,434 FX hedge -- -- -- -- -- -- -- Net position after FX hedge -37,489 12,353 46,693 15,110 10,767 12,000 59,434 In EUR thousand 2021 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 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 considers reasonably likely at the end of the reporting period. The analysis assumes that all other variables remain constant, including interest rates. 2022 2021 Net position on financial assets and liabilities denominated in EUR 59,434 19,984 Effect on profit or loss and on equity of: CZK weakening by 5% -1,874 -1,496 CZK strengthening by 5% 1,874 1,496 RON weakening by 5% 618 -408 RON strengthening by 5% -618 408 PLN weakening by 5% 2,335 561 PLN strengthening by 5% -2,335 -561 HUF weakening by 5% 756 647 HUF strengthening by 5% -756 -647 RSD weakening by 5% 538 -- RSD strengthening by 5% -538 -- BGN weakening by 5% 600 -- BGN strengthening by 5% -600 -- USD weakening by 5% -- 1,695 USD strengthening by 5% -- -1,695 Interest rate risk The interest rate risk arises mainly from the floating interest rates applicable to debt financing. Bank loans usually have flexible interest rates based on EURIBOR rates for the reference period from one month to six months increased by a fixed margin. In 2022 and 2021, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 31). CTP mitigated the interest rate risk by holding interest rate swaps in 2022 and 2021. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows. Fixed-rate instruments 2022 2021 Receivables due from related parties 45,577 47,652 Loans owed to related parties -3 -18 Bonds issued -3,981,350 -3,381,692 Bank loans with fixed interest rate -1,631,946 -1,047,636 Bank loans covered by IRS -267,207 -61,303 Variable-rate instruments 2022 2021 Loans not covered by IRS -- -29,659 Sensitivity analysis A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased (decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. 1.1.2022 - 31.12.2022 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 1,899,153 1,899,153 100% -- -- - Total 1,899,153 1,899,153 100% -- -- - 1.1.2021 - 31.12.2021 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 Cash flow hedges At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest rates. 2022 1-6 months 6 - 12 months More than one year Interest rate swaps Net exposure (in EUR thousand) -- 750,000 -- Average fixed interest rate -- 2.322% -- At 31 December 2021, the Group did not hold any hedging instruments. The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2022 Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Costs of hedging hedge reserve Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied Interest rate risk Variable-rate instruments -- 23,727 -- -- The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2022 Nominal amount Carrying amount Change in the value of the hedging instrument recognised in OCI Hedge ineffective- ness recognised in profit or loss Cost of hedging recognised in OCI Amount reclassified from hedging reserve to profit or loss Amount reclassified from costs of hedging reserve to profit or loss Assets Liabilities In EUR thousand Interest rate risk Interest rate swaps 1,100,000 44,088 -12,111 31,977 -- -- -- -- The following table provides the reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. In EUR thousand 2022 Hedging reserve Cost of hedging reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2022 -- -- Changes in fair value 31,977 -- Amount reclassified to profit or loss -- -- Tax on movements on reserves during the year -8,250 -- Balance at 31 December 2022 23,727 -- Hedged risk The Company\u2019s risk management strategy is to hedge variability in interest payments due to changes in EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge. Hedge effectiveness measurement Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with- in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first expected issuance date and maturity date 5-30 years later. This hypothetical derivative will be adjusted at any time the hedged cash flows change. Potential sources of ineffectiveness - Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. - The hedged interest expenses are no more highly probable. Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re- spect 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 flow, financing its in- vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income to settle short-term liabilities. The table below shows liabilities at 31 December 2022 and 31 December 2021 by their remaining contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2022 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 18,075 54,174 339,132 1,897,205 2,308,586 Bonds issued 9,875 429,669 2,612,954 1,102,436 4,154,934 Loans to related parties -- -- 3 -- 3 Derivative financial liabilities 489 12,305 1,821 309 14,924 Lease liabilities 1,524 4,476 21,725 47,103 74,828 Trade and other payables incl. corporate income tax liability 324,325 9,915 58,638 -- 392,878 Total 354,288 510,539 3,034,273 3,047,053 6,946,153 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 Fair value Fair value is defined 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-flow projections and other valuation models. To estimate the fair value of individual classes of financial instruments, the following methods and assump- tions 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 financial instruments have a relatively short maturity. Receivables and payables The book value of short-term receivables and payables approximates their fair value, as these financial instruments have a short maturity. Short-term loans The book value approximates their fair value, as these instruments have a floating interest rate and a short maturity. Long-term loans The fair value of long term loans as at 31 December 2022 is EUR 1,545,444 thousand (2021 \u2013 EUR 1,138,598 thousand). For details refer to Note 27. Bonds The fair value of bonds issued as at 31 December 2022 is EUR 3,093,340 thousand (2021 \u2013 EUR 3,385,163 thousand). For details refer to Note 28. Derivatives The fair value of derivatives is based on fair value quotes from counterparties which are compared to the results of the internal valuation model using market data from an independent recognized market data agency. Investment property and investment property under development Investment property and investment property under development are stated at fair value (refer to Note 17 and Note 18). Impact of war conflict in Ukraine CTP group was largely unaffected by the war in Ukraine in 2022, as it has no assets with direct exposure in Ukraine or in Russia and the Group\u2019s expansion plans are for properties distant from these conflict areas. Nevertheless, the Group monitors development to mitigate any actual or potential undirect impacts of the conflict, such as geopolitical risk, inflation or energy prices. As part of appropriate risk management measures, and identifying and managing risk, the Directors have considered possible events and conditions for the purpose of identifying whether these events and condi- tions affect or may affect the future performance of the Group. In making this assessment, the following periods were considered: - the period up to 12 months after the end of the reporting period; - the period up to 12 months after the date of this report. The following risks were assessed: \u2022 Increased geopolitical risk as a result of Russia\u2019s invasion of Ukraine, have forced occupiers to review where and how they manufacture the goods they produce, as well as the ability of their supply chains to maintain efficiency whilst withstanding disruption and supply side shocks. This enduring occupational demand from a wide range of occupiers, is coupled with the constrained supply of appropriate assets situated in sought after locations. With fewer vacant buildings that meet the needs of modern occupiers, the limited availability of land suitable for the development of urban assets in densely populated areas, together with the increasing resistance from municipalities and local communities to consent to large, ad
hoc big box assets result in persistent barriers to entry in terms of developing new stock.
The increase in energy prices in 2022 had minimal direct effect on CTP, as its operations are not energy intensive. Going forward, CTP has ambitious plans to produce solar energy using photovoltaic panels installed on the rooftops of the Group\u2019s properties. They are much more strongly embedding ESG con- siderations into real estate decisions with regards to every aspect of the property, from building certifi- cation to work conditions and from CSR to governance. Following the war in Ukraine and the exponential energy price increases, energy security and efficiency is an increasing consideration with 76% of occupi- ers confirming that they are willing to pay rent premium to switch to green sources of energy in current locations. This in turn continues to support growing demand for modern, highly sustainable and energy efficient warehouse space, with green building certifications along with surrounding green space and employee amenities all well integrated into surrounding landscapes. \u2022 Signals of deterioration of credit risk and debtor payment behaviour CTP experienced no material delays in rental collection. Majority of receivables were paid within the con- tracted payment period + 2 weeks. tenant payment discipline kept its normal pattern, no sign of deterio- ration. \u2022 Disruptions in the Company\u2019s core processes (such as construction/property management/offices/ work force) An indirect effect of the war in Ukraine was a temporary price increase of construction materials at the beginning of the year due to supply disruptions. CTP acts as general contractor, with in-house teams taking full responsibility and control over the construction process. This, in combination with the central procurement of supplies directly from multiple sources, often by-passing distributors, protected the tar- get YoC, also thanks to significant rental increases. Prices and delivery times decreased from their peaks but remained above 2021 levels throughout the year. CTP mitigates risk associated with high inflation via the use of indexation clauses in roughly 50% of its lease agreements. CTP expects the percentage of indexed lease agreements to increase over time, as new contracts have by default this double indexation clause included. Apart from initial minor delays in construction activities due to temporarily increased costs, construction resumed to normal pace quickly. When reviewing its full effect, no material disrup- tions were recorded. \u2022 Issues with providers of financing, loan covenants and credit facilities CTP Group continuously and successfully renegotiates matured loans and bonds. This provided another indicator of CTP\u2019s sound financial position and trust by investors. CTP\u2019s business profile is resilient, as it benefits from a diversified portfolio (in terms of geographical lo- cation and tenants) and does not depend on any single individual tenant or location in isolation. The inde- pendent valuers of the industrial portfolio did not include a material valuation uncertainty statement in the valuations as at 31 December 2022, which confirms that the appraiser has sufficient market evidence and the estimation uncertainty is comparable to the period before the war in Ukraine. As at the date of publication of these financial results, CTP has not experienced any material operational or financial impact on its business. The Group will continue to monitor the situation and revise its approach to minimise any negative effects as events unfold. Management is convinced that current uncertainties related to war in Ukraine do not impact the presented consolidated financial statements as at 31 December 2022. 36. CONTINGENT LIABILITIES Contracted work As at 31 December 2022, the Group had contracted work with external suppliers relating to realising a con- struction project, which was not performed as at the year end, with a value of EUR 398,794 thousand (2021 \u2013 EUR 314,240 thousand). Guarantee provided Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft f\u00fcr Investmentfonds GmbH. The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar- antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement. In 2022, CTP N.V. issued guarantee in favor of Co\u00f6peratieve Rabobank U.A. connected with financing of development activities of CTP ALC B.V. Guaranteed obligations represents: - any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a max- imum amount of the Commitment minus the Reserve Amount, - any interest, fees (including for the avoidance of doubt any default interest) and any amount paya- ble under any Hedging Agreement due by the CTP ALC B.V. under and in connection with the Facility Agreement. Facility agreement is agreed of EUR 175,000,000 between ABN AMRO Bank N.V., Co\u00f6peratieve Rabobank U.A. and CTP ALC B.V. In 2021, the Company had no off-balance sheet assets, nor liabilities to be presented in these financial statements.37. PLEDGES
Shares, receivables, future receivables and other assets in some of the subsidiaries are pledged in favour of
the financing institutions for securing the bank loans received by them (refer to Note 27). As at the date of
these financial statements, the assets in the following companies are pledged:
Company
Pledge in favour of
CTP ALC B.V.
COOPERATIEVE RABOBANK U.A. (as agent) + others
CTP Bohemia North, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Bohemia West, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Germany II GmbH
Volksbank Jever eG
CTP Moravia South, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Slovakia, s. r. o.
Tatra banka, a.s.
CTP Vyso\u010dina, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
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.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Brno II, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Mod\u0159ice, spol. s r.o.
Aareal Bank AG
CTPark N\u00e1mestovo spol. s r.o.
Tatra banka, a.s.
CTPark Ostrava, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Prague East, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Seven Kft.
Unicredit Bank Hungary Zrt.
Deutsche Industrie Grundbesitz AG
Austrian Anadi Bank AG
Deutsche Industrie Grundbesitz AG
Berliner Sparkasse
Deutsche Industrie Grundbesitz AG
Berliner Volksbank
Deutsche Industrie Grundbesitz AG
Hypo Vorarlberg Bank AG
Deutsche Industrie Grundbesitz AG
Kreissparkasse Ostalb
Deutsche Industrie Grundbesitz AG
Kreissparkasse St. Wendel
Deutsche Industrie Grundbesitz AG
Landessparkasse zu Oldenburg
Deutsche Industrie Grundbesitz AG
Sparkasse D\u00fcren
Deutsche Industrie Grundbesitz AG
Sparkasse Esslingen-N\u00fcrtingen
Deutsche Industrie Grundbesitz AG
Sparkasse Hildesheim Goslar Peine
Deutsche Industrie Grundbesitz AG
Sparkasse Ingolstadt Eichst\u00e4tt
Deutsche Industrie Grundbesitz AG
Sparkasse Neubrandenburg-Demmin
Deutsche Industrie Grundbesitz AG
Sparkasse UnnaKamen
Deutsche Industrie Grundbesitz AG
Stadtsparkasse D\u00fcsseldorf
Deutsche Industrie Grundbesitz AG
VerbundVolksbank OWL eg
Deutsche Industrie Grundbesitz AG
Volksbank Main-Tauber
Deutsche Industrie Grundbesitz AG
Volksbank Mittweida eG
Deutsche Industrie Grundbesitz AG
Volksbank Th\u00fcringen Mitte eG
Deutsche Industrie Grundbesitz AG
VR Bank eG Region Aachen
Deutsche Industrie Grundbesitz AG
VR Bank eG Rosenheim
Deutsche Industrie Grundbesitz AG
VR Bank Mecklenburg
38. SUBSEQUENT EVENTS
In February, CTP N.V. increased agreed revolving credit facility to EUR 500,000 thousand. The Company
does not expect a partial or full drawdown under this facility in 2023.
In February, the Group received bank loans of EUR 95,000 thousand with due date in 2023 and variable in-
terest rate 3 M EURIBOR + 1,95% margin.
CTP is not aware of any other events that have occurred since the statement of financial position date that
would have a material impact on these financial statements as at 31 December 2022.
Amsterdam, 3 March 2023
Remon L. Vos Richard J. Wilkinson
Barbara Knoflach Gerard van Kesteren
Susanne Eickermann-Riepe Pavel Trenka
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"value": "1. GENERAL INFORMATION Company CTP N.V. (the Company) is a Dutch-based real estate investor and developer, which develops and leases a portfolio of properties in Western Europe and Central and Eastern Europe (CEE). Reporting entity These consolidated financial statements comprise the Company and its subsidiaries (collectively referred to as the \u201cGroup\u201d, \u201cCTP Group\u201d, \u201cCTP\u201d and individually as \u201cGroup companies\u201d). Refer to Notes 6 and 33 of the consolidated financial statements for a list of significant Group entities and changes to the Group in 2022 and in 2021. Principal activities CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business parks mainly in CEE, the Netherlands, Austria and Germany. Registered office The visiting address of CTP N.V. is Apollolaan 151, 1077 AR Amsterdam, the Netherlands. The corporate seat of the Company was approved on Annual general meeting held on 26 April 2022 and changed from Utrecht to Amsterdam, the Netherlands. RSIN number: 860528091 Registration number: 76158233 CTP N.V. was incorporated on 21 October 2019 for an unlimited period. In March 2021, the Company\u2019s shares were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V. to N.V. Owner of the Company at 31 December 2022: Shareholders Number of shares Share in registered capital Share in voting rights CTP Holding B.V. 335,644,164 75.58% 75.58% Individual shareholders 108,456,385 24.42% 24.42% 444,100,549 100.00% 100.00% The Group\u2019s ultimate parent company is Multivest B.V. (the Netherlands). Board of Directors at 31 December 2022: Executive directors: Non-executive directors: Remon L. Vos Susanne Eickermann-Riepe Richard J. Wilkinson Barbara Knoflach Gerard van Kesteren Pavel Trenka ",
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"fact-11": {
"value": "2. GOING CONCERN CTP\u2019s properties are leased to a wide range of tenants and there is no significant focus on a group or company. CTP closely monitors the financial stability of its tenants and believes that, in light of the current economic climate, its rental projections for the coming 12 months are realistic. CTP expects to settle its current liabilities as at 31 December 2022, during the financial year 2023, as follows: In EUR thousand 2022 Current liabilities as at 31 December 2022 792,404 Current assets excluding cash and cash equivalents as at 31 December 2022 287,376 Funds required in 2022 to cover the short-term liquidity need 505,028 Available cash as at 31 December 2022 660,631 Expected net rental income available for repayment current Interest-bearing loans and borrowings to be received in 2023 533,646 Expected drawdowns of loans and borrowings from financial institutions under existing loan facilities 95,000 Revolving facility * -- Expected funds to be received in 2023 to cover the short-term liquidity need 1,289,277 * The Company has a EUR 400 million revolving credit facility (2021: EUR 400 million) for a three-year period. The Company does not expect a partial or full drawdown under this facility in 2023. Based on cash-flow projections prepared for 2023, other development up to the date of approval of these consolidated financial statements, and the management assessment results (described above), the Direc- tors and management of the Group have not identified significant going concern risks. They believe it is appropriate to prepare the consolidated financial statements on a going concern basis as at 31 December 2022, and no material uncertainty existed with respect to the going concern of the Group as at 31 December 2022. ",
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"fact-414": {
"value": "3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS a) Statement of compliance These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code. The changes to significant accounting policies are described in Note 3d. The consolidated financial statements were authorised for issue by the Board on 3 March 2023. b) Financial reporting and comparative period CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2022 and 31 December 2021, respectively. c) Common control transactions There were no significant common control transactions in 2022 or in 2021. Please, refer to Note 6. d) CTP considered the following new and amended standards in 2022 For the preparation of the consolidated financial statements of the Group, the following new or amended standards and interpretations were considered for the first time for the financial year beginning 1 January 2022. The nature and the effect of these changes are dis- closed below, however the impact on Consolidated financial state- ments is immaterial: \u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37): The amendments specify what costs an entity includes in determining the cost of fulfilling a contract, to assess whether the contract is onerous. The amendments apply for annual reporting periods beginning on or after 1 January 2022 to contracts existing when the amendments are first applied. \u2022 Annual Improvements to IFRS Standards 2018\u20132020: Amendments to IFRS1, IFRS9, IFRS 16 and IAS41. \u2022 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 profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identi- fying and measuring these production costs. \u2022 Reference to the Conceptual Framework (Amendments to IFRS3). e) Standards issued but not yet effective A number of new standards took effect from the financial years begin- ning after 1 January 2022, although earlier application was permitted. The Group did not adopt the new or amended standards in preparing these consolidated financial statements. The following amended standards and interpretations are not expect- ed to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 Classification of Liabilities as Current and Non-current (Amend- ment 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. \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2): The Board has issued amendments on the application of materiality to the disclosure of accounting policies. \u2022 Definition of Accounting Estimates (Amendments to IAS 8): The amendment clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates, focusing on the definition of and clarifications on accounting estimates. \u2022 Deferred Tax related to Assets and Liabilities arising from single transaction (Amendment to IAS 12): The amendment clarifies how companies should account for deferred tax on certain transactions, e.g., leases and decommissioning provisions. \u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts: IFRS 17 introduces a new measurement model for insur- ance contracts. f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest thousand. The Group analysed each entity level based on primary, secondary and other indicators, and concluded: \u2022 Group entities focused on investing and development activities in specific countries (\u201cdevelopment companies\u201d) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and services rendered to other compa- nies operating in the same country; o that primarily influences labour, material and other costs of pro- viding goods and services; o in which receipts from operating activities are usually retained; \u2022 other Group entities that operate industrial parks or dormant en- tities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no significant degree of autonomy. CTP Group\u2019s development companies are: - CTP Invest, spol. s r.o. \u2014 functional currency Czech koruna (CZK) - CTP Invest Poland Sp. z o.o. \u2014 functional currency Polish zloty (PLN) - CTP Invest d.o.o. Beograd-Novi Beograd \u2014 functional currency Ser- bian dinar (RSD) - CTP Management Hungary Kft. \u2014 functional currency Hungarian forint (HUF) - CTP Invest Bucharest SRL \u2014 functional currency Romanian leu (RON) - CTP Invest SK, spol. s r.o. \u2014 functional currency euro (EUR) - CTP Invest EOOD \u2014 functional currency Bulgarian lev (BGN) - CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) - CTP Invest B.V. \u2013 functional currency euro (EUR) - CTP Invest Germany GmbH \u2013 functional currency euro (EUR) All other Group companies have EUR as their functional currency. g) Basis of measurement The Group\u2019s consolidated financial statements are prepared on a his- torical cost basis, except for the following items, which are measured on an alternative basis on each reporting date: - derivative financial 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; - hotels within property, plant and equipment are measured at fair value. h) Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated as- sumptions are based on historical experience and various other factors that the management believes reasonable under the circumstances. The results of these 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 differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Information about significant areas of estimates, uncertainty and crit- ical judgments in applying accounting policies that have the most sig- nificant effect on the amount recognised in the financial statements, are described in the following Notes: - 4b) Investment property - 4c) Investment property under development - 4d) Property, plant and equipment - 4i) Impairment - 4g) Financial instruments i) Measurement of fair values Some of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market data as far as possible. Fair values are categorised into dif- ferent levels in a fair value hierarchy based on the following valuation techniques: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 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); \u2022 Level 3: inputs for the asset or liability that are not based on ob- servable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hi- erarchy at the end of the reporting period during which the change has occurred. Further information about the assumption made in measuring fair values is included in the following notes: - Note 17. Investment property - Note 18. Investment property under development - Note 20. Property, plant and equipment - Note 31. Derivative financial instruments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-12": {
"value": "a) Statement of compliance These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-14": {
"value": "The consolidated financial statements were authorised for issue by the Board on 3 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-13": {
"value": "f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest thousand. The Group analysed each entity level based on primary, secondary and other indicators, and concluded: \u2022 Group entities focused on investing and development activities in specific countries (\u201cdevelopment companies\u201d) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and services rendered to other compa- nies operating in the same country; o that primarily influences labour, material and other costs of pro- viding goods and services; o in which receipts from operating activities are usually retained; \u2022 other Group entities that operate industrial parks or dormant en- tities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no significant degree of autonomy. CTP Group\u2019s development companies are: - CTP Invest, spol. s r.o. \u2014 functional currency Czech koruna (CZK) - CTP Invest Poland Sp. z o.o. \u2014 functional currency Polish zloty (PLN) - CTP Invest d.o.o. Beograd-Novi Beograd \u2014 functional currency Ser- bian dinar (RSD) - CTP Management Hungary Kft. \u2014 functional currency Hungarian forint (HUF) - CTP Invest Bucharest SRL \u2014 functional currency Romanian leu (RON) - CTP Invest SK, spol. s r.o. \u2014 functional currency euro (EUR) - CTP Invest EOOD \u2014 functional currency Bulgarian lev (BGN) - CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) - CTP Invest B.V. \u2013 functional currency euro (EUR) - CTP Invest Germany GmbH \u2013 functional currency euro (EUR) All other Group companies have EUR as their functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-16": {
"value": "h) Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated as- sumptions are based on historical experience and various other factors that the management believes reasonable under the circumstances. The results of these 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 differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Information about significant areas of estimates, uncertainty and crit- ical judgments in applying accounting policies that have the most sig- nificant effect on the amount recognised in the financial statements, are described in the following Notes: - 4b) Investment property - 4c) Investment property under development - 4d) Property, plant and equipment - 4i) Impairment - 4g) Financial instruments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-17": {
"value": "- Note 17. Investment property - Note 18. Investment property under development - Note 20. Property, plant and equipment - Note 31. Derivative financial instruments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "4. SIGNIFICANT ACCOUNTING POLICIES The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements. a) Basis of consolidation i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activi- ties. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. If neces- sary, subsidiary accounting policies are changed to align with 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 prop- erty. More specifically, consideration is made to the extent to which significant processes are acquired and 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. ii. Acquisition of business from companies under common control A business combination involving entities or businesses under common control is when all combining entities or businesses are ultimately con- trolled 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 recog- nised at the carrying amounts in the financial statements of the enti- ties acquired. Any difference between consideration paid and the net book value of assets and liabilities acquired is recognised directly in the equity. In the absence of more specific guidance, the Group consist- ently applies the book value method to account for all common control transactions. The assets and liabilities of the entities, and 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 Group\u2019s financial statements as if the common control transaction took place at the beginning of the comparative period. iii. 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: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately 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 financial statements. iv. Acquisition of assets via share-based payment Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2 Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair value of assets received. That fair value is measured at the date the entity obtains the assets. v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisi- tion. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vi. 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 re- sulting gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. viii. Asset acquisition Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not constitute a business. The Group identifies and recognises individual identifiable assets acquired and liabilities as- sumed and allocates the cost of the group of the individual identifiable assets and liabilities, based on their relative fair values at the date of the acquisition. ix. Transactions eliminated on consolidation level Intra-Group balances, and any gains and losses or income and expens- es arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements of the Group. b) Investment property Investment properties are those held to earn rental income, capital appreciation, or both. Investment property is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the car- rying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property port- folio at least annually. The independent valuation report was obtained as at 31 December 2022 and was incorporated into the Group\u2019s IFRS consolidated fi- nancial statements. Fair value is defined 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 the Group\u2019s investment properties is categorised as Level 3 fair value. c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2022. The value of investment property under development was deter- mined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Borrowing costs are not capitalised to the value of investment proper- ty under development, as almost all development projects are finished within 12 months. The fair value measurement for all investment properties under devel- opment is categorised as Level 3 fair value. d) Property, plant and equipment (i) Revaluation model Solar plants, which are completed solar plants that are generating income, and hotels, which represent a minority of the Group\u2019s property portfolio, are classified under property, plant and equipment at reval- ued amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the Group\u2019s 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 profit or loss. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. An external, independent valuer with appropriately recognised profes- sional qualifications 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 recognised into profit or loss on a straight-line basis over the estimated useful life of 20 years. Depreciation of the hotels is recognised into profit 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 (see Note 4i). Cost includes expenditure that is directly attributable to the ac- quisition 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\u2019s carrying amount or rec- ognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income state- ment during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have differ- ent useful lives, they are accounted for as separate items of property, plant and equipment. The Group recognises 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 ben- efits embodied with the item will flow 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 in the statement of comprehensive income as incurred. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The Group recognises as part of Property, plant and equipment ac- quired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less im- pairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to invest- ment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in Other Comprehensive Income (\u201cOCI\u201d) and presented in the revaluation reserve. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. e) Assets held for sale Non-current assets, or disposal groups comprising assets and liabili- ties, are classified 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 level of their carrying amount and fair value less costs to sell. Any im- pairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified 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 assesses 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 identified asset for a defined period, in exchange for consideration. \u2022 As a lessee At the start of a contract, or when a contract change contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. Howev- er, for property leases, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially meas- ured 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 under- lying 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 reflects that the Group will exercise a purchase option. In such a 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 peri- odically 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\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes cer- tain adjustments to reflect the terms of the lease and type of an asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed 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 reason- ably certain to exercise; - lease payments in an optional renewal period if the Group is reason- ably certain to exercise an extension option, and - penalties for early termination of a lease unless the Group is rea- sonably certain not to terminate early. Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is remeasured when there is a 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 profit or loss, if the carrying amount of the right-of-use asset is reduced to zero. The Group presents right-of-use assets that do not meet the defini- tion of investment property in the property, plant and equipment and lease liabilities in trade and other payables in the statement of finan- cial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. \u2022 As a lessor At inception or on modification 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, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all risks and rewards inci- dental to ownership of the underlying asset. If this is the case, then the lease is a finance 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 a major part of the economic life of the asset. The Group recognises 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 finance leases and leased out under operating leases was classified as investment property and stated at fair value (as described in Note 4b). g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both condi- tions below are met, and the financial asset is not designated at fair value through profit and loss: - the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and inter- est on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial as- set, that otherwise meets the requirements to be classified and meas- ured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mis- match that would otherwise arise . Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: - Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. - Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are acquired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss. (ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset 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 financial assets with fixed 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 ef- fective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective 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 insignificant risk of changes in value. Bank accounts and call de- posits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (iv) Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinat- ed liabilities on the date they originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes par- ty to the contractual provisions of the instrument. The Group derecog- nises financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly at- tributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset and the net amount present- ed in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies as a current portion any part of long-term loans that is due within one year from the reporting date. (v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. h) Contract assets Contract assets represent work in progress, which relates to the cost of development extras and specific fit-outs for 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, con- tract 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-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax as- sets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recovera- ble amount is estimated at each reporting date. An impairment loss is recognised 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 recognised in profit or loss. An impairment loss in respect of a prop- erty, plant and equipment measured at fair value is reversed through profit and loss to the extent that it reverses an impairment loss on the same asset that was previously recognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocat- ed 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 financial asset not carried at fair value through profit or loss, in- cluding 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 financial assets are impaired can include de- fault or delinquency by a debtor; restructuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications 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 flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant fi- nancial assets are assessed for specific impairment. Those found not to be impaired are then collectively assessed for any impairment incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment, by grouping together receivables with similar risk characteristicsThe Group uses the expected credit loss model (ECLs) for the recogni- tion and measurement of impairment losses. The Group measures loss allowance at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2022 provided loans and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instru- ment) has not increased significantly since initial recognition; \u2022 debt securities that are determined to have low credit risk at the reporting date; and \u2022 other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly 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 assesses whether financial assets carried at amortised cost are credit impaired. Financial assets are cred- it impaired when one or more events have occurred that have a detri- mental impact on the estimated future cash flows of the financial asset. Evidence that a financial asset is credit impaired includes the following observable data: \u2022 significant financial difficulty of the borrower or issuer; \u2022 a breach of contract such as a default or being more than 90 days past due; \u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2022 it is probable that the borrower will enter bankruptcy or other finan- cial reorganisation; or \u2022 the disappearance of an active market for a security because of fi- nancial difficulties. The Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individ- ually significant. If the Group determines that no objective evidence of credit impairment exists for an individually assessed financial assets, whether significant or not, it includes the assets in a group of financial 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 significant increase in credit risk represents a significant increase in the risk of default in respect of financial asset as at the reporting date, compared with the risk as at the date of initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when: - the borrower is unlikely to pay their 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 financial instrument. Twelve-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 difference between the cash flows due to the entity in accordance with the con- tract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In some cases, the observable data required to estimate the amount of an impairment loss on a financial asset may be limited or no longer fully relevant to current circumstances. This may be the case when a borrow- er is in financial difficulties and there is little available historical data re- lating to similar borrowers. In such cases, the Group uses its experience and judgement to estimate the amount of any credit impairment loss. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recov- erable 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\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amortisation, if no impairment loss was recognised. The write-off pol- icy of the Group requires that the outstanding amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial po- sition even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s 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 financial statements, management accounts and cash flow projections and avail- able press information about customers) and by applying experienced credit judgement. j) Reversals of impairment An impairment loss of non-financial assets is reversed if there is an indication that the loss has decreased or no longer exists and there is 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 rec- ognised. 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 classified as equity. External costs di- rectly 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 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 the process of shares emission. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements from the func- tional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 4d). Cash flow hedge reserve The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income net of tax and included within the cash flow hedge reserve in equity. Retained earnings Consolidated retained earnings arise from accumulation of profits and losses of the consolidated activities. Treasury shares Treasury shares are deducted from Equity. Gains or losses from pur- chase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. l) Earnings per share Earnings per share (EPS) is an important financial indicator that meas- ures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attrib- utable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net profit for the period attrib- utable 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 pre- sented is the weighted average number of shares as at 31 December of the respective year. m) Share-based payment Under the CTP N.V. Long Term Incentive Plan (\u201cLTIP\u201d), CTP N.V. pro- vides share-based benefits to Company Directors in the form of condi- tional share awards over the Company\u2019s ordinary shares. The fair value of the awards granted under the LTIP is recognised as an employee benefits 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 condi- tions are considered 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 specified vesting conditions are to be satisfied. 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 profit or loss, with a corresponding adjustment to equity. n) Government Grants The Group recognises government grants related to acquisition of so- lar plants. Grants are presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset. The grant is recognised in profit and loss over the life of a depreciable assets as a reduced depreciation expense. o) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation because of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre- tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. p) Rental income and service charge income Rental income from leases is recognised as income in the statement of comprehensive income on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Park management income (service charge) is an integral, but sepa- rately identifiable, part of rental contracts. The Group has identified that park management services are distinct from rentals and are therefore accounted separately. The service charge is priced and con- tracted based on market prices relevant for the region of operation. The service charge income is recognised evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service and management charges are included in net rental income gross of the related costs. The Group determined that it controls the services before they are transferred to tenants and therefore that the Group acts as a principal in these arrangements. q) Income from development activities Revenues from customer specific fit-outs of rented facilities (devel- opment extras) are presented separately in the Statement of compre- hensive 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 is recognised at point in time. r) 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 associat- ed 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 the trans- fer of legal ownership title. Revenue is measured net of returns, trade discounts and volume rebates. When appropriate, revenue from such sales is deferred until the property is completed and the properties are ready for sale, including the necessary regulatory permissions. s) Hotel revenues Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are recognised in profit and loss at the moment, when the customer obtains control over the services provided. t) 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 / finance expenses The Group\u2019s finance income and finance costs include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 the net gain or loss on financial assets at fair value through profit or loss (other than investment property and investment property under development); \u2022 the foreign currency gain or loss on financial assets and financial liabilities; \u2022 the fair value loss on contingent consideration classified as a finan- cial liability; \u2022 impairment losses recognised on financial assets (other than trade receivables); \u2022 the net gain or loss on hedging instruments that are recognised in profit or loss; and \u2022 the reclassification of net gains previously recognised in Other Comprehensive Income. Interest income or expense is recognised using the effective interest method. u) Income tax Income tax comprises current and deferred tax. Income tax is recog- nised in profit or loss, except to the extent that it relates to items recognised directly in equity, in which case it is recognised 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 dif- ferences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and lia- bilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2022 and 2021 were as follows: Country 2022 2021 Austria 25.00% 25.00% Czech Republic 19.00% 19.00% Germany 15.83%; 29.48% 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.00% Poland 19.00% 19.00% Romania 16.00% 16.00% Serbia 15.00% 15.00% Slovakia 21.00% 21.00% Bulgaria 10.00% 10.00% Slovenia 19.00% 19.00% Deferred tax is not recognised from temporary differences on the ini- tial recognition of assets and/or liabilities in a transaction that is not a business combination under IFRS 3 (asset deal). Deferred tax assets and liabilities are offset only if certain criteria are met. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority. v) Foreign currency transactions 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 na- tional 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 differences are generally recognised in profit 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 differences are recognised in Other Comprehensive Income and accumulated in the translation reserve, except to the extent that the translation difference is allocated to non-controlling interest (\u201cNCI\u201d). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit 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 significant influence or joint control, the rel- evant proportion of the cumulative amount is reclassified to profit or loss. w) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating segments. According to this standard, an operating segment is a component carrying out business operations whose operating income is evaluated regularly by the Group\u2019s highest executive decision maker, and about which separate financial informa- tion is available. The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geographical segments where the Group operates. The Group\u2019s operating segments were determined in connection with the nature of the business and how the operations are managed by the Group\u2019s operating decision maker. The Group reports operating seg- ments based on geographical segmentation: the Czech Republic, Roma- nia, Hungary, Slovakia, the Netherlands, Germany and other areas. The hotel segment in the Czech Republic is presented separately. Segment results reported to the Board include items directly attributable to a segment. The operating segments are determined based on the Group\u2019s man- agement and internal reporting structure. As required by IFRS 8, the Group provides information on the business activities in which it engag- es, including revenue and investment property split. ",
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"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-15": {
"value": "a) Basis of consolidation i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activi- ties. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. If neces- sary, subsidiary accounting policies are changed to align with 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 prop- erty. More specifically, consideration is made to the extent to which significant processes are acquired and 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. i. Acquisition of business from companies under common control A business combination involving entities or businesses under common control is when all combining entities or businesses are ultimately con- trolled 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 recog- nised at the carrying amounts in the financial statements of the enti- ties acquired. Any difference between consideration paid and the net book value of assets and liabilities acquired is recognised directly in the equity. In the absence of more specific guidance, the Group consist- ently applies the book value method to account for all common control transactions. The assets and liabilities of the entities, and 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 Group\u2019s financial statements as if the common control transaction took place at the beginning of the comparative period. iii. 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: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately 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 financial statements. iv. Acquisition of assets via share-based payment Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2 Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair value of assets received. That fair value is measured at the date the entity obtains the assets. v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisi- tion. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vi. 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 re- sulting gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. viii. Asset acquisition Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not constitute a business. The Group identifies and recognises individual identifiable assets acquired and liabilities as- sumed and allocates the cost of the group of the individual identifiable assets and liabilities, based on their relative fair values at the date of the acquisition. ix. Transactions eliminated on consolidation level Intra-Group balances, and any gains and losses or income and expens- es arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements of the Group. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-431": {
"value": "i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activi- ties. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. If neces- sary, subsidiary accounting policies are changed to align with 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 prop- erty. More specifically, consideration is made to the extent to which significant processes are acquired and 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-450": {
"value": "iii. 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: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately 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 financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-433": {
"value": "iii. 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: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately 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 financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-462": {
"value": "The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the ac- quiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable 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, and 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 recognised imme- diately in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisi- tion. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-18": {
"value": "b) Investment property Investment properties are those held to earn rental income, capital appreciation, or both. Investment property is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the car- rying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property port- folio at least annually. The independent valuation report was obtained as at 31 December 2022 and was incorporated into the Group\u2019s IFRS consolidated fi- nancial statements. Fair value is defined 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 the Group\u2019s investment properties is categorised as Level 3 fair value. Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2022. The value of investment property under development was deter- mined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Borrowing costs are not capitalised to the value of investment proper- ty under development, as almost all development projects are finished within 12 months. The fair value measurement for all investment properties under devel- opment is categorised as Level 3 fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "The fair value measurement for all the Group\u2019s investment properties is categorised as Level 3 fair value. The fair value measurement for all investment properties under devel- opment is categorised as Level 3 fair value. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2022. The value of investment property under development was deter- mined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Borrowing costs are not capitalised to the value of investment proper- ty under development, as almost all development projects are finished within 12 months. The fair value measurement for all investment properties under devel- opment is categorised as Level 3 fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Borrowing costs are not capitalised to the value of investment proper- ty under development, as almost all development projects are finished within 12 months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-20": {
"value": "d) Property, plant and equipment (i) Revaluation model Solar plants, which are completed solar plants that are generating income, and hotels, which represent a minority of the Group\u2019s property portfolio, are classified under property, plant and equipment at reval- ued amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the Group\u2019s 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 profit or loss. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. An external, independent valuer with appropriately recognised profes- sional qualifications 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 recognised into profit or loss on a straight-line basis over the estimated useful life of 20 years. Depreciation of the hotels is recognised into profit 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 (see Note 4i). Cost includes expenditure that is directly attributable to the ac- quisition 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\u2019s carrying amount or rec- ognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income state- ment during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have differ- ent useful lives, they are accounted for as separate items of property, plant and equipment. The Group recognises 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 ben- efits embodied with the item will flow 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 in the statement of comprehensive income as incurred. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The Group recognises as part of Property, plant and equipment ac- quired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less im- pairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to invest- ment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in Other Comprehensive Income (\u201cOCI\u201d) and presented in the revaluation reserve. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "Depreciation of the solar plants is recognised into profit or loss on a straight-line basis over the estimated useful life of 20 years. Depreciation of the hotels is recognised into profit or loss on a straight- line basis over the estimated useful life of 40 years. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. 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 reflects that the Group will exercise a purchase option. In such a 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 peri- odically reduced by the impairment losses, if any. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "Subsequent costs are included in the asset\u2019s carrying amount or rec- ognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income state- ment during the financial period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "e) Assets held for sale Non-current assets, or disposal groups comprising assets and liabili- ties, are classified 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 level of their carrying amount and fair value less costs to sell. Any im- pairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-19": {
"value": "e) Assets held for sale Non-current assets, or disposal groups comprising assets and liabili- ties, are classified 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 level of their carrying amount and fair value less costs to sell. Any im- pairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-22": {
"value": "f) Leases At inception of a contract, the Group assesses 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 identified asset for a defined period, in exchange for consideration. \u2022 As a lessee At the start of a contract, or when a contract change contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. Howev- er, for property leases, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially meas- ured 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 under- lying 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 reflects that the Group will exercise a purchase option. In such a 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 peri- odically 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\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes cer- tain adjustments to reflect the terms of the lease and type of an asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed 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 reason- ably certain to exercise; - lease payments in an optional renewal period if the Group is reason- ably certain to exercise an extension option, and - penalties for early termination of a lease unless the Group is rea- sonably certain not to terminate early. Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is remeasured when there is a 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 profit or loss, if the carrying amount of the right-of-use asset is reduced to zero. The Group presents right-of-use assets that do not meet the defini- tion of investment property in the property, plant and equipment and lease liabilities in trade and other payables in the statement of finan- cial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. \u2022 As a lessor At inception or on modification 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, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all risks and rewards inci- dental to ownership of the underlying asset. If this is the case, then the lease is a finance 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 a major part of the economic life of the asset. The Group recognises 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 finance leases and leased out under operating leases was classified as investment property and stated at fair value (as described in Note 4b). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-21": {
"value": "g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both condi- tions below are met, and the financial asset is not designated at fair value through profit and loss: - the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and inter- est on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial as- set, that otherwise meets the requirements to be classified and meas- ured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mis- match that would otherwise arise . Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: - Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. - Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are acquired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss. (ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset 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 financial assets with fixed 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 ef- fective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective 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 insignificant risk of changes in value. Bank accounts and call de- posits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (iv) Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinat- ed liabilities on the date they originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes par- ty to the contractual provisions of the instrument. The Group derecog- nises financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly at- tributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset and the net amount present- ed in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies as a current portion any part of long-term loans that is due within one year from the reporting date. (v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "(i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both condi- tions below are met, and the financial asset is not designated at fair value through profit and loss: - the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and inter- est on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial as- set, that otherwise meets the requirements to be classified and meas- ured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mis- match that would otherwise arise . Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: - Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. - Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are acquired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss. (ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset 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 financial assets with fixed 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 ef- fective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective 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 insignificant risk of changes in value. Bank accounts and call de- posits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial as- set, that otherwise meets the requirements to be classified and meas- ured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mis- match that would otherwise arise . - Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are acquired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "(ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset 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 financial assets with fixed 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 ef- fective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective interest method, less any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transac- tion in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a sep- arate asset. The Group derecog- nises financial liability when its contractual obligations are discharged, cancelled or expire. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "Financial assets and liabilities are offset, and the net amount present- ed in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets and liabilities are offset and the net amount present- ed in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed 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 effective interest method, less any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "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 insignificant risk of changes in value. Bank accounts and call de- posits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "(iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (iv) Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinat- ed liabilities on the date they originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes par- ty to the contractual provisions of the instrument. The Group derecog- nises financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly at- tributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset and the net amount present- ed in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies as a current portion any part of long-term loans that is due within one year from the reporting date. (v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "(iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A financial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit and loss are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "Other financial liabilities are subsequently measured at amortised cost using the effective interest method. In- terest expense and foreign exchange gains and losses are recognised in profit or loss.Interest income or expense is recognised using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "In- terest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly at- tributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "(v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "(v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial 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-financial variable that the variable is not specific 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 financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as in- curred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit and loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The derivatives are carried as cur- rent (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 cashflows, based upon agreed notion- al amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "(vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group docu- ments the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship be- tween the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is rec- ognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumu- lated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the Cash flow hedge re- serve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "i) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax as- sets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recovera- ble amount is estimated at each reporting date. An impairment loss is recognised 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 recognised in profit or loss. An impairment loss in respect of a prop- erty, plant and equipment measured at fair value is reversed through profit and loss to the extent that it reverses an impairment loss on the same asset that was previously recognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocat- ed 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. j) Reversals of impairment An impairment loss of non-financial assets is reversed if there is an indication that the loss has decreased or no longer exists and there is 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 rec- ognised. Reversal of an impairment loss for goodwill is prohibited. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-23": {
"value": "i) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax as- sets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recovera- ble amount is estimated at each reporting date. An impairment loss is recognised 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 recognised in profit or loss. An impairment loss in respect of a prop- erty, plant and equipment measured at fair value is reversed through profit and loss to the extent that it reverses an impairment loss on the same asset that was previously recognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocat- ed 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 financial asset not carried at fair value through profit or loss, in- cluding 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 financial assets are impaired can include de- fault or delinquency by a debtor; restructuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications 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 flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant fi- nancial assets are assessed for specific impairment. Those found not to be impaired are then collectively assessed for any impairment incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment, by grouping together receivables with similar risk characteristics. The Group uses the expected credit loss model (ECLs) for the recogni- tion and measurement of impairment losses. The Group measures loss allowance at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2022 provided loans and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instru- ment) has not increased significantly since initial recognition; \u2022 debt securities that are determined to have low credit risk at the reporting date; and \u2022 other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly 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 assesses whether financial assets carried at amortised cost are credit impaired. Financial assets are cred- it impaired when one or more events have occurred that have a detri- mental impact on the estimated future cash flows of the financial asset. Evidence that a financial asset is credit impaired includes the following observable data: \u2022 significant financial difficulty of the borrower or issuer; \u2022 a breach of contract such as a default or being more than 90 days past due; \u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2022 it is probable that the borrower will enter bankruptcy or other finan- cial reorganisation; or \u2022 the disappearance of an active market for a security because of fi- nancial difficulties. The Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individ- ually significant. If the Group determines that no objective evidence of credit impairment exists for an individually assessed financial assets, whether significant or not, it includes the assets in a group of financial 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 significant increase in credit risk represents a significant increase in the risk of default in respect of financial asset as at the reporting date, compared with the risk as at the date of initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when: - the borrower is unlikely to pay their 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 financial instrument. Twelve-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 difference between the cash flows due to the entity in accordance with the con- tract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In some cases, the observable data required to estimate the amount of an impairment loss on a financial asset may be limited or no longer fully relevant to current circumstances. This may be the case when a borrow- er is in financial difficulties and there is little available historical data re- lating to similar borrowers. In such cases, the Group uses its experience and judgement to estimate the amount of any credit impairment loss. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recov- erable 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\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amortisation, if no impairment loss was recognised. The write-off pol- icy of the Group requires that the outstanding amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial po- sition even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s 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 financial statements, management accounts and cash flow projections and avail- able press information about customers) and by applying experienced credit judgement. j) Reversals of impairment An impairment loss of non-financial assets is reversed if there is an indication that the loss has decreased or no longer exists and there is 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 rec- ognised. Reversal of an impairment loss for goodwill is prohibited. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "(ii) Financial assets A financial asset not carried at fair value through profit or loss, in- cluding 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 financial assets are impaired can include de- fault or delinquency by a debtor; restructuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications 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 flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant fi- nancial assets are assessed for specific impairment. Those found not to be impaired are then collectively assessed for any impairment incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment, by grouping together receivables with similar risk characteristics. The Group uses the expected credit loss model (ECLs) for the recogni- tion and measurement of impairment losses. The Group measures loss allowance at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2022 provided loans and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instru- ment) has not increased significantly since initial recognition; \u2022 debt securities that are determined to have low credit risk at the reporting date; and \u2022 other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly 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 assesses whether financial assets carried at amortised cost are credit impaired. Financial assets are cred- it impaired when one or more events have occurred that have a detri- mental impact on the estimated future cash flows of the financial asset. Evidence that a financial asset is credit impaired includes the following observable data: \u2022 significant financial difficulty of the borrower or issuer; \u2022 a breach of contract such as a default or being more than 90 days past due; \u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2022 it is probable that the borrower will enter bankruptcy or other finan- cial reorganisation; or \u2022 the disappearance of an active market for a security because of fi- nancial difficulties. The Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individ- ually significant. If the Group determines that no objective evidence of credit impairment exists for an individually assessed financial assets, whether significant or not, it includes the assets in a group of financial 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 significant increase in credit risk represents a significant increase in the risk of default in respect of financial asset as at the reporting date, compared with the risk as at the date of initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when: - the borrower is unlikely to pay their 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 financial instrument. Twelve-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 difference between the cash flows due to the entity in accordance with the con- tract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In some cases, the observable data required to estimate the amount of an impairment loss on a financial asset may be limited or no longer fully relevant to current circumstances. This may be the case when a borrow- er is in financial difficulties and there is little available historical data re- lating to similar borrowers. In such cases, the Group uses its experience and judgement to estimate the amount of any credit impairment loss. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recov- erable 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\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amortisation, if no impairment loss was recognised. The write-off pol- icy of the Group requires that the outstanding amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial po- sition even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s 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 financial statements, management accounts and cash flow projections and avail- able press information about customers) and by applying experienced credit judgement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-29": {
"value": "k) Equity Issued capital Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity. External costs di- rectly 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-30": {
"value": "Share premium The share premium concerns 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 the process of shares emission. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements from the func- tional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 4d). Cash flow hedge reserve The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income net of tax and included within the cash flow hedge reserve in equity. Retained earnings Consolidated retained earnings arise from accumulation of profits and losses of the consolidated activities. Treasury shares Treasury shares are deducted from Equity. Gains or losses from pur- chase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. 23. EQUITY Issued capital and Share premium As at 31 December 2022, the issued capital comprised of the following: Type of shares No. of shares Nominal value of share Issued capital in EUR Ordinary shares 444,100,549 EUR 0.16 71,056,088 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2022 400,392,810 64,063 2,661,979 3 February 2022 Share issuance connected with DIR acquisition 32,421,325 5,187 391,030 9 June 2022 Dividends paid in form of shares 763,581 122 -68,064 23 August 2022 Share issuance connected with merger of DIR and CTP N.V. 7,659,590 1,226 96,593 5 September 2022 Dividends paid in form of shares 2,863,243 458 -56,476 Balance at 31 December 2022 444,100,549 71,056 3,025,062 Treasury shares -27,976 -4 -541 Total balance at 31 December 2022 444,072,573 71,052 3,024,521 On 3 February 2022, the Group acquired Deutsche Industrie REIT-AG (currently CTP Germany B.V.). CTP of- fered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share (the \u201cShare Consideration\u201d). The transaction resulted in the issuance of 32,421,325 new shares of CTP N.V. For details refer to Note 6. Following its Annual General Meeting on 26 April 2022, CTP N.V. announced a final 2021 dividend of EUR 0.18 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 18 May 2022. The number of dividend rights that entitles to one new ordinary share was set at 72.5. Shareholders representing approximately 88% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 12% of the total number of outstanding ordi- nary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 9 June 2022. On 23 August 2022 CTP N.V. completed the merger with Deutsche Industrie Grundbesitz AG (acquired on 3 February 2022). As a result of the merger, CTP N.V. acquired shares from former shareholders of Deutsche Industrie Grundbesitz AG. CTP offered a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share. The transaction resulted in issuance of 7,659,590 new shares of CTP N.V. On 10 August 2022, an interim dividend of EUR 0.22 per share for the first half of 2022 was announced. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 29 August 2022. The number of dividend rights that entitles to one new ordinary share was set at 62.5. Shareholders represent- ing approximately 59% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 41% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,863,243 to a total of 444,100,549 ordinary shares. The payment date for the dividend pay- ment in cash and delivery of the ordinary shares was 5 September 2022. 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 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2021 336,000,000 53,760 1,858,460 29 March 2021 Share issuance connected with IPO 61,017,000 9,763 809,572 9 June 2021 Dividends paid in form of shares 3,375,810 540 -6,053 Balance at 31 December 2021 444,100,549 71,056 3,025,062 As at 29 March 2021, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share. On 29 March 2021, the Company issued new shares on Amsterdam\u2019s stock exchange. On 17 August 2021, CTP N.V. announced an 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 one new ordinary CTP share was set at 108. The conversion ratio was based on the volume-weighted average price of the CTP share during the period from 26 August 2021 up to and including 30 August 2021. Shareholders representing 92% of the total number of outstanding ordinary shares chose 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 was 22 Sep- tember 2021. Cash flow hedge reserve Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR 23,727 thousand net of tax as at 31 December 2022 (2021 \u2013 EUR 0 thousand). Translation reserve The translation reserve of EUR 4,547 thousand (2021 \u2013 EUR 10,716 thousand) comprises all foreign ex- change differences arising from the translation of the financial statements from the functional to the pres- entation currency (refer to Note 3f). Profit distribution In June 2022, the Group paid final dividends for the year 2021 of EUR 77,907 thousand, out of which EUR 67,942 thousand were paid in cash and the rest of dividends were paid in form of new shares. In September 2022, the Group has paid interim dividends for the year 2022 of EUR 95,387 thousand, out of which EUR 56,018 thousand were paid in cash and the rest of dividends were paid in form of new shares. In 2021, the Group paid dividends of EUR 67,492 thousand, of which EUR 5,513 thousand were paid in cash and the rest in new shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "Treasury shares Treasury shares are deducted from Equity. Gains or losses from pur- chase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-28": {
"value": "l) Earnings per share Earnings per share (EPS) is an important financial indicator that meas- ures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attrib- utable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net profit for the period attrib- utable 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 pre- sented is the weighted average number of shares as at 31 December of the respective year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-25": {
"value": "m) Share-based payment Under the CTP N.V. Long Term Incentive Plan (\u201cLTIP\u201d), CTP N.V. pro- vides share-based benefits to Company Directors in the form of condi- tional share awards over the Company\u2019s ordinary shares. The fair value of the awards granted under the LTIP is recognised as an employee benefits 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 condi- tions are considered 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 specified vesting conditions are to be satisfied. 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 profit or loss, with a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-27": {
"value": "n) Government Grants The Group recognises government grants related to acquisition of so- lar plants. Grants are presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset. The grant is recognised in profit and loss over the life of a depreciable assets as a reduced depreciation expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-26": {
"value": "o) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation because of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre- tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-24": {
"value": "p) Rental income and service charge income Rental income from leases is recognised as income in the statement of comprehensive income on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Park management income (service charge) is an integral, but sepa- rately identifiable, part of rental contracts. The Group has identified that park management services are distinct from rentals and are therefore accounted separately. The service charge is priced and con- tracted based on market prices relevant for the region of operation. The service charge income is recognised evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service and management charges are included in net rental income gross of the related costs. The Group determined that it controls the services before they are transferred to tenants and therefore that the Group acts as a principal in these arrangements. q) Income from development activities Revenues from customer specific fit-outs of rented facilities (devel- opment extras) are presented separately in the Statement of compre- hensive 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 is recognised at point in time. r) 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 associat- ed 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 the trans- fer of legal ownership title. Revenue is measured net of returns, trade discounts and volume rebates. When appropriate, revenue from such sales is deferred until the property is completed and the properties are ready for sale, including the necessary regulatory permissions. s) Hotel revenues Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are recognised in profit and loss at the moment, when the customer obtains control over the services provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-31": {
"value": "t) 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 / finance expenses The Group\u2019s finance income and finance costs include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 the net gain or loss on financial assets at fair value through profit or loss (other than investment property and investment property under development); \u2022 the foreign currency gain or loss on financial assets and financial liabilities; \u2022 the fair value loss on contingent consideration classified as a finan- cial liability; \u2022 impairment losses recognised on financial assets (other than trade receivables); \u2022 the net gain or loss on hedging instruments that are recognised in profit or loss; and \u2022 the reclassification of net gains previously recognised in Other Comprehensive Income. Interest income or expense is recognised using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-32": {
"value": "u) Income tax Income tax comprises current and deferred tax. Income tax is recog- nised in profit or loss, except to the extent that it relates to items recognised directly in equity, in which case it is recognised 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 dif- ferences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and lia- bilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2022 and 2021 were as follows: Country 2022 2021 Austria 25.00% 25.00% Czech Republic 19.00% 19.00% Germany 15.83%; 29.48% 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.00% Poland 19.00% 19.00% Romania 16.00% 16.00% Serbia 15.00% 15.00% Slovakia 21.00% 21.00% Bulgaria 10.00% 10.00% Slovenia 19.00% 19.00% Deferred tax is not recognised from temporary differences on the ini- tial recognition of assets and/or liabilities in a transaction that is not a business combination under IFRS 3 (asset deal). Deferred tax assets and liabilities are offset only if certain criteria are met. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Deferred tax Deferred tax is provided using the liability method on temporary dif- ferences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and lia- bilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2022 and 2021 were as follows: Country 2022 2021 Austria 25.00% 25.00% Czech Republic 19.00% 19.00% Germany 15.83%; 29.48% 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.00% Poland 19.00% 19.00% Romania 16.00% 16.00% Serbia 15.00% 15.00% Slovakia 21.00% 21.00% Bulgaria 10.00% 10.00% Slovenia 19.00% 19.00% Deferred tax is not recognised from temporary differences on the ini- tial recognition of assets and/or liabilities in a transaction that is not a business combination under IFRS 3 (asset deal). Deferred tax assets and liabilities are offset only if certain criteria are met. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "v) Foreign currency transactions 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 na- tional 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 differences are generally recognised in profit 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 differences are recognised in Other Comprehensive Income and accumulated in the translation reserve, except to the extent that the translation difference is allocated to non-controlling interest (\u201cNCI\u201d). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit 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 significant influence or joint control, the rel- evant proportion of the cumulative amount is reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-34": {
"value": "w) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating segments. According to this standard, an operating segment is a component carrying out business operations whose operating income is evaluated regularly by the Group\u2019s highest executive decision maker, and about which separate financial informa- tion is available. The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geographical segments where the Group operates. The Group\u2019s operating segments were determined in connection with the nature of the business and how the operations are managed by the Group\u2019s operating decision maker. The Group reports operating seg- ments based on geographical segmentation: the Czech Republic, Roma- nia, Hungary, Slovakia, the Netherlands, Germany and other areas. The hotel segment in the Czech Republic is presented separately. Segment results reported to the Board include items directly attributable to a segment. The operating segments are determined based on the Group\u2019s man- agement and internal reporting structure. As required by IFRS 8, the Group provides information on the business activities in which it engag- es, including revenue and investment property split. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-33": {
"value": "5. SEGMENT REPORTING The principal operation of the Group is the lease of investment proper- ty in Western, Central and Eastern Europe, and development in these countries. The Group manages its activities based on geographical segmentation, as business activities are the same in each region where the Group operates. The Group\u2019s principal activities are in the following operating segments: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Ger- many, Other geographical segments and Hotel segment. The Group operates three hotels under the \u201cCourtyard by Marriott\u201d brand in the Czech Republic (Prague Airport, Pilsen and Brno), with management agreements with a third party, and presented in the Hotel segment. Segment Segment description Czech Republic Industrial property, offices, retail, other Romania Industrial property Hungary Industrial property, offices Slovakia Industrial property, offices Netherlands Industrial property Germany Industrial property, offices Other segments Other segments which do not meet criteria for segment reporting recognition Hotel segment Operation of three hotels in the Czech Republic Segment results for the 12-month period ended 31 December 2022 are as follows: In EUR thousand Czech Republic Hungary Romania Slovakia Netherlands Germany Other Hotel segment Total Segments Intersegment eliminations Total Rental income 230,301 48,978 84,013 37,118 2,990 58,512 23,105 -- 485,017 -- 485,017 Service charge income 17,816 6,400 10,747 4,407 -- 11,121 1,384 -- 51,875 -- 51,875 Property operating expenses -32,581 -7,150 -9,030 -5,174 -229 -27,714 -2,448 -432 -84,758 -- -84,758 Net rental income 215,536 48,228 85,730 36,351 2,761 41,919 22,041 -432 452,134 -- 452,134 Hotel operating revenue -- -- -- -- -- -- -- 16,021 16,021 -- 16,021 Hotel operating expenses -- -- -- -- -- -- -- -12,280 -12,280 -- -12,280 Net operating income from hotel operations -- -- -- -- -- -- -- 3,741 3,741 -- 3,741 Income from development activities 19,393 1,931 6,297 316 -- -- 8,263 -- 36,200 -- 36,200 Expenses from development activities -14,198 -1,680 -4,388 -175 -- -- -6,717 -- -27,158 -- -27,158 Net income from development activities 5,195 251 1,909 141 -- -- 1,546 -- 9,042 -- 9,042 Total revenues 267,510 57,309 101,057 41,841 2,990 69,633 32,752 16,021 589,113 -- 589,113 Total attributable external expenses -46,779 -8,830 -13,418 -5,349 -229 -27,714 -9,165 -12,712 -124,196 -- -124,196 Gross profit 220,731 48,479 87,639 36,492 2,761 41,919 23,587 3,309 464,917 -- 464,917 Net valuation result on investment property 394,372 46,434 67,238 18,412 14,761 -3,687 186,050 -- 723,580 -- 723,580 Other income 16,704 16 206 484 3,959 381 482 -- 22,232 -14,050 8,182 Amortisation and depreciation -9,010 -272 -413 -168 -52 -298 -516 -- -10,729 -- -10,729 Employee benefits -21,010 -3,385 -5,803 -2,807 -4,561 -1,238 -4,902 -- -43,706 -- -43,706 Impairment of financial assets 314 -- -- 19 875 59 -42 -- 1,225 -- 1,225 Other expenses -23,135 -4,807 -9,138 -3,324 -14,353 -10,141 -8,703 -33 -73,634 14,050 -59,584 Net other income/expenses -36,137 -8,448 -15,148 -5,796 -14,132 -11,237 -13,681 -33 -104,612 -- -104,612 Net profit/loss before finance costs 578,966 86,465 139,729 49,108 3,390 26,995 195,956 3,276 1,083,885 -- 1,083,885 Interest income 1,351 196 -- 166 90,718 733 112 42 93,318 -89,083 4,235 Interest expense -36,092 -15,078 -29,967 -6,771 -56,074 -10,645 -18,531 -869 -174,027 89,083 -84,944 Other financial expenses -54 -66 -75 -208 -16,098 -1,010 -274 -154 -17,939 -- -17,939 Other financial gains/losses 30,686 40,848 -183 -- -35,251 -899 -284 56 34,973 -32,942 2,031 Net finance costs -4,109 25,900 -30,225 -6,813 -16,705 -11,821 -18,977 -925 -63,675 -32,942 -96,617 Profit/loss before income tax 574,857 112,365 109,504 42,295 -13,315 15,174 176,979 2,351 1,020,210 -32,942 987,268 Income tax expense -115,700 -8,387 -20,549 -9,428 1,966 -5,841 -32,540 -264 -190,743 -- -190,743 Profit for the period 459,157 103,978 88,955 32,867 -11,349 9,333 144,439 2,087 829,467 -32,942 796,525 Profit attributable to: Non-controlling interests -- -- -- -- -- 1,876 -- -- 1,876 -- 1,876 Equity holders of the Company 459,157 103,978 88,955 32,867 -11,349 7,457 144,439 2,087 827,591 -32,942 794,649 Segment assets and liabilities as at 31 December 2022 are as follows: In EUR thousand Czech Republic Hungary Romania Slovakia Netherlands Germany Other Hotel segment Total Segments Intersegment eliminations Total Assets Investment property 5,181,043 946,437 1,577,581 660,873 148,430 918,110 691,711 -- 10,124,185 -- 10,124,185 Investment property under development 187,330 98,371 58,250 76,636 298,798 2,097 471,861 -- 1,193,343 -- 1,193,343 Property, plant and equipment 87,252 4,653 8,782 2,135 1,273 3,347 1,950 59,513 168,905 -- 168,905 Intangible assets 3,274 -- 4 -- 199 -- 8 7 3,492 -- 3,492 Trade and other receivables 5,762 6,644 1,532 1,921 40 175 1,940 -- 18,014 -- 18,014 Derivative financial instruments -- 3,277 -- -- 4,315 1,573 -- -- 9,165 -- 9,165 Financial investments 578,205 7 -- -- 2,503,939 -- -- -- 3,082,151 -3,081,692 459 Long-term receivables from related parties 4,046 -- -- -- 3,841,866 -- -- -- 3,845,912 -3,800,667 45,245 Deferred tax assets 8,151 2,116 13 -- 4,874 -- 2,473 224 17,851 -- 17,851 Total non-current assets 6,055,063 1,061,505 1,646,162 741,565 6,803,734 925,302 1,169,943 59,744 18,463,018 -6,882,359 11,580,659 Trade and other receivables 52,897 23,327 40,509 9,954 6,268 13,952 86,789 1,888 235,584 -- 235,584 Short-term receivables from related parties 1,001,384 64,765 -- -- 42,286 -- -- -- 1,108,435 -1,108,103 332 Derivative financial instruments -- 1,872 -- -- 39,773 236 -- -- 41,881 -- 41,881 Contract assets 2,487 -- 530 -- -- -- 340 47 3,404 -- 3,404 Current income tax receivable 4,510 239 653 -- 23 88 662 -- 6,175 -- 6,175 Cash and cash equivalents 56,742 38,290 17,279 7,128 476,532 33,877 24,802 5,981 660,631 -- 660,631 Total current assets 1,118,020 128,493 58,971 17,082 564,882 48,153 112,593 7,916 2,056,110 -1,108,103 948,007 Total assets 7,173,083 1,189,998 1,705,133 758,647 7,368,616 973,455 1,282,536 67,660 20,519,128 -7,990,462 12,528,666 Total equity 4,260,790 524,178 537,735 329,425 1,773,588 580,045 321,945 38,503 8,366,209 -3,081,692 5,284,517 Liabilities Interest-bearing loans and borrowings from financial institutions 977,442 55,594 -- 109,519 563,920 161,654 -- -- 1,868,129 -- 1,868,129 Bond issued -- -- -- -- 3,544,077 19,711 -- -- 3,563,788 -- 3,563,788 Trade and other payables 35,917 12,064 10,579 1,453 11,413 26,288 3,057 3,181 103,952 -- 103,952 Long-term payables to related parties 1,074,646 540,371 1,018,690 237,486 -- 113,950 798,720 16,807 3,800,670 -3,800,667 3 Derivative financial instruments -- -- -- -- -- 2,018 -- -- 2,018 -- 2,018 Deferred tax liabilities 684,746 36,586 80,402 55,852 6,303 3,991 43,649 2,326 913,855 -- 913,855 Total non-current liabilities 2,772,751 644,615 1,109,671 404,310 4,125,713 327,612 845,426 22,314 10,252,412 -3,800,667 6,451,745 Interest-bearing loans and borrowings from financial institutions 9,453 2,794 -- -- 148 12,335 -- -- 24,730 -- 24,730 Bonds issued -- -- -- -- 417,191 371 -- -- 417,562 -- 417,562 Trade and other payables 116,120 15,198 35,014 20,982 9,808 47,755 72,929 3,111 320,917 -- 320,917 Short-term payables to related parties 10,574 1,857 21,292 3,153 1,028,052 1,701 37,787 3,687 1,108,103 -1,108,103 -- Derivative financial instruments -- -- -- -- 12,112 565 -- -- 12,667 -- 12,667 Current income tax payables 3,395 1,356 1,421 777 2,004 3,071 4,449 45 16,518 -- 16,518 Total current liabilities 139,542 21,205 57,727 24,912 1,469,315 65,798 115,165 6,843 1,900,507 -1,108,103 792,404 Total liabilities 2,912,293 665,820 1,167,398 429,222 5,595,028 393,410 960,591 29,157 12,152,919 -4,908,770 7,244,149 Total equity and liabilities 7,173,083 1,189,998 1,705,133 758,647 7,368,616 973,455 1,282,536 67,660 20,519,128 -7,990,462 12,528,666 Segment results for the 12-month period ended 31 December 2021 are as follows: In EUR thousand Czech Republic Hungary Romania Slovakia Netherlands Germany Other Hotel segment Total Segments Intersegment eliminations Total Rental income 204,345 31,110 60,491 25,821 -- 708 12,176 -- 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 -49 -1,110 -199 -38,910 -- -38,910 Net rental income 199,473 29,043 61,769 24,383 -115 659 11,840 -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 -- 708 21,700 8,779 407,366 -- 407,366 Total attributable external expenses -36,296 -6,693 -6,679 -4,626 -115 -49 -7,712 -11,533 -73,703 -- -73,703 Gross profit 205,990 29,409 61,769 24,717 -115 659 13,988 -2,754 333,663 -- 333,663 Net valuation result on investment property 733,943 123,310 110,458 100,271 -8,360 -2,886 43,835 -- 1,100,571 -- 1,100,571 Other income 16,836 120 440 264 1,560 27 333 21 19,601 -9,156 10,445 Amortisation 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 -2,064 -5,234 -17 -35,619 9,156 -26,463 Net other income/expenses -18,399 -7,233 -10,790 -3,435 -7,813 -2,037 -7,723 4 -57,426 -- -57,426 Net profit/loss before finance costs 921,534 145,486 161,437 121,553 -16,288 -4,264 50,100 -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 -32 -6,082 -698 -132,520 61,637 -70,883 Other financial expenses -14,082 -2,451 -3,924 -229 -17,220 -12 -128 -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 -44 -7,146 -599 -100,118 -- -100,118 Profit/loss before income tax 858,818 147,048 132,955 115,419 -12,847 -4,308 42,954 -3,349 1,276,690 -- 1,276,690 Income tax expense -183,169 -13,743 -21,868 -24,636 5,692 105 -13,661 526 -250,754 -- -250,754 Profit for the period 675,649 133,305 111,087 90,783 -7,155 -4,203 29,293 -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 -4,203 29,293 -2,823 1,025,936 -- 1,025,936 Segment assets and liabilities as at 31 December 2021 are as follows: In EUR thousand Czech Republic Hungary Romania Slovakia Netherlands Germany Other Hotel segment Total Segments Intersegment eliminations Total Assets Investment property 4,517,045 758,453 1,326,691 595,995 62,091 8,813 306,019 -- 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 2,725 944 59,255 110,967 -- 110,967 Intangible assets 2,038 -- 1 -- 41 -- 27 4 2,111 -- 2,111 Trade and other receivables 51,494 10,745 1,123 2,763 242 -- 34,372 -- 100,739 -- 100,739 Derivative financial instruments -- 126 -- -- -- -- -- -- 126 -- 126 Financial investments 373,742 -- -- -- 1,487,691 -- -- -- 1,861,433 -1,860,988 445 Long-term 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 5,206,941 859,391 1,393,432 648,970 5,366,950 11,538 430,248 59,702 13,977,172 -5,342,298 8,634,874 Trade and other receivables 44,137 19,631 24,680 12,282 17,701 485 24,053 1,113 144,082 -- 144,082 Short-term receivables from related parties 7,337 -- -- 1,881 24,535 -- -- -- 33,753 -33,225 528 Derivative financial instruments -- 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 2,061 11,665 4,329 892,816 -- 892,816 Total current assets 94,938 79,295 32,028 19,708 815,053 2,546 35,958 5,470 1,084,996 -33,225 1,051,771 Total assets 5,301,879 938,686 1,425,460 668,678 6,182,003 14,084 466,206 65,172 15,062,168 -5,375,523 9,686,645 Total equity 2,379,119 350,842 473,608 275,803 2,383,634 671 69,435 34,706 5,967,818 -1,860,988 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 7,786 346,677 18,812 3,481,328 -3,481,310 18 Derivative financial instruments -- -- -- -- -- -- -- -- -- -- -- Deferred tax liabilities 579,754 29,526 65,597 50,329 2,581 899 15,820 2,267 746,773 -- 746,773 Total non-current liabilities 2,758,344 566,047 918,731 373,057 3,754,637 10,651 365,438 24,460 8,771,365 -3,481,310 5,290,055 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 16,707 594 12,691 1,740 237,148 -- 237,148 Short-term payables to related parties -- 4,152 7,450 787 -- 505 16,139 4,192 33,225 -33,225 -- Derivative financial instruments -- -- -- -- -- -- -- -- -- -- -- Current income tax payables 8,581 1,012 593 868 3,447 1,211 2,503 74 18,289 -- 18,289 Provisions -- -- -- -- -- -- -- -- -- -- -- Total current liabilities 164,416 21,797 33,121 19,818 43,732 2,762 31,333 6,006 322,985 -33,225 289,760 Total liabilities 2,922,760 587,844 951,852 392,875 3,798,369 13,413 396,771 30,466 9,094,350 -3,514,535 5,579,815 Total equity and liabilities 5,301,879 938,686 1,425,460 668,678 6,182,003 14,084 466,206 65,172 15,062,168 -5,375,523 9,686,645 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-35": {
"value": "6. CHANGES IN GROUP STRUCTURE Current financial year Acquisitions In 2022, the Group acquired the following subsidiaries: Subsidiary Country Acquisition date Deutsche Industrie Grundbesitz AG Germany 3 February 2022 KON\u010cINY SPV, s.r.o. Czech Republic 14 March 2022 CTP Tau Poland sp. z o.o. (formerly Dafne 23 sp. z o.o) Poland 9 May 2022 CTP Chi Poland sp. z o.o. (formerly 7R Projekt 37 sp. z o.o.) Poland 9 May 2022 CTP Omega Poland sp. z o.o. (formerly 7R Projekt 31 sp. z o.o.) Poland 9 May 2022 CTP Property Alpha Poland sp. z o.o. (formerly 7R Projekt 68 sp. z o.o.) Poland 9 May 2022 CTP Property Beta Poland sp. z o.o. (formerly 7R Projekt 64 Sp. z o.o.) Poland 9 May 2022 CTP Property Gamma Poland sp. z o.o. (formerly 7R Projekt 30 sp. z o.o.) Poland 9 May 2022 CTPARK CHITILA SRL (formerly Eglast Investment SRL) Romania 20 May 2022 CTPARK PITESTI SRL (formerly Dani Global Development SRL) Romania 20 May 2022 CTP Property Delta Poland sp. z o.o. (formerly 7R Projekt 41 sp. z o.o.) Poland 7 June 2022 CTP Property Epsilon Poland sp. z o.o. (formerly 7R Projekt 44 sp. z o.o.) Poland 14 June 2022 Banovac projekat d.o.o. Beograd-Novi Beograd Serbia 5 July 2022 CTPark Sofia Ring Road EOOD (formerly Transcapital Ring Road EOOD) Bulgaria 17 August 2022 CTPark Sofia EOOD (formerly Transcapital Airport EOOD) Bulgaria 17 August 2022 LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM ODGOVORN\u0160\u0106U BEOGRAD Serbia 31 August 2022 KRMEL\u00cdNSK\u00c1 I, s.r.o. Czech Republic 30 September 2022 CTP Property Eta Poland sp. z o.o. (formerly 7R Projekt 56 sp. z o.o.) Poland 20 October 2022 CTP Property Zeta Poland sp. z o.o. (formerly 7R Projekt 24 sp. z o.o.) Poland 20 October 2022 These acquisitions impacted Group financial statements as follows: In EUR thousand Deutsche Industrie Grundbesitz AG Germany Czech Republic Poland Romania Serbia Bulgaria Total Investment property 850,291 8,754 111,604 12,416 1,056 62,004 1,046,125 Investment property under development -- -- 42,427 18 -- 696 43,141 Property, plant & equipment 245 -- 22 -- -- -- 267 Intangible assets 3 -- -- -- -- 1 4 Cash and cash equivalents 11,031 17 2,828 554 57 1,090 15,577 Deferred tax asset -- -- -- -- -- 59 59 Financial derivatives 125 -- -- -- -- -- 125 Asset held for sale 7,300 -- -- -- -- -- 7,300 Trade and other receivables 104,131 30 13,580 71 2 232 118,046 Total assets 973,126 8,801 170,461 13,059 1,115 64,082 1,230,644 Interest-bearing loans and borrowings from financial institutions -232,991 -- -- -- -- -- -232,991 Bond issued -140,026 -- -- -- -- -- -140,026 Financial derivatives -36 -- -- -- -- -- -36 Trade and other liabilities -30,300 -310 -8,628 -299 -13 -926 -40,476 Total liabilities -403,353 -310 -8,628 -299 -13 -926 -413,529 Non-controlling interest -95,943 -- -- -- -- -- -95,943 Net assets acquired 473,830 8,491 161,833 12,760 1,102 63,156 721,172 Consideration paid * -77,612 -8,491 -159,820 -12,760 -1,102 -63,156 -322,941 Consideration not settled till period end -- -- -2,013 -- -- -- -2,013 Consideration settled by shares of CTP N.V. -396,217 -- -- -- -- -- -396,217 Net cash outflow -66,581 -8,474 -156,992 -12,206 -1,045 -62,066 -307,364 * Consideration paid includes also the loans and borrowings provided to acquired subsidiaries of EUR 194,843 thousand. The acquisitions were recognised as a property asset acquisition, as acquired companies do not represent a business as defined by IFRS 3 In 2022, the only significant acquisition was acquisition of Deutsche Industrie REIT-AG in Germany, described in detail below. Acquisition of Deutsche Industrie REIT-AG (subsequently renamed to Deutsche Industrie Grundbesitz AG) On 28 January 2022, the Group received 98.17% shareholder support for its voluntary public takeover and delisting offer (the \u201cOffer\u201d) for and contemplated merger with Deutsche Industrie REIT-AG (currently CTP Gemany B.V.) (\u201cDIR\u201d). The total number of DIR Shares tendered in the Offer was in aggre- gate 25,951,833 DIR Shares, corresponding to approximately 80.90% of the outstanding share capital in DIR. Closing and settlement of the Offer, in which CTP offered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share (the \u201cShare Consideration\u201d), took place on 3 February 2022. During the acceptance period, a total of 25,937,060 tendered DIR Shares were settled in form of the Share Consideration. Accordingly, a total of 32,421,325 CTP Shares were issued. Acquisition of DIR is not considered to be a business combination, but acquisition of assets in exchange for shares of CTP N.V. and therefore, this transaction is in scope of IFRS 2. Assets and liabilities acquired are measured at fair value and are equal to the related increase in eq- uity. On 23 August 2022, CTP N.V. and Deutsche Industrie Grundbesitz AG entered into a transaction for a cross-border merger. Assets and lia- bilities of Deutsche Industrie Grundbesitz AG were transferred to CTP N.V. under universal succession of title, and Deutsche Industrie Grund- besitz AG ceased to exist without liquidation. In accordance with the agreed exchange ratio, CTP allotted for each issued and outstanding DIR share, 1.25 shares in CTP\u2019s share capital to each holder of shares, resulting in the allotment of 7,659,590 new shares. Shares of DIR in ownership of non-controlling interest, were trans- ferred into shares of CTP N.V. For detail refer to Note 23. On 1 November 2022, all assets and liabilities of former Deutsche In- dustrie Grundbesitz AG were transferred through a hive down by way of legal partial division from CTP N.V. to a new subsidiary, CTP Ger- many B.V. Changes within the Group On 1 January 2022, the entities CTPark Bor II, spol. s r.o. and CTPark Bor III, spol. s r.o. were incorporated by spin-off from CTP Alpha, spol. s r.o. Part of the assets were transferred from CTP Alpha, spol, s r.o., to these entities according to the project prepared on 16 November 2021. 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. Subsequently CTPark Bor III, spol. s r.o. was merged into CTPark Bor, spol. s r.o. on 23 September 2022. RENWON a.s. was transferred from CTP Bohemia North, spol. s r.o. to CTP Property B.V. and was renamed to CTPark Chrastava a.s. on 22 August 2022. In 2022, the Group wound up subsidiaries CTP Property Serbia, spol. s.r.o., CTP Beta, spol. s r.o. v likvidaci and CTP I, spol. s r.o. v likvidaci. In September 2022, assets and liabilities of CTP Germany III GmbH and CTP Germany IV GmbH & Co. KG were transferred to CTP Germa- ny II GmbH via a merger transaction, and both entities ceased to exist without liquidation. The transaction was common control transaction with impact on Equity of EUR 1,082 thousand. In November 2022, newly acquired entity Banovac projekat d.o.o. Be- ograd-Novi Beograd was merged into CTP Omicron d.o.o. Beograd-No- vi Beograd. In December 2022, newly acquired entity LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM ODGOVORN\u0160\u0106U BEOGRAD was merged into CTP Tau d.o.o. Beograd-Novi Beograd. All above changes within the Group does not have material impact on consolidated financial statements. Prior financial year In 2021, the Group acquired the following subsidiaries: Subsidiary Country Acquisition date Amsterdam Logistic Cityhub B.V. Netherlands 12 August 2021 CTP Mu B.V. Netherlands 29 December 2021 CTPark N\u00e1mestovo, spol. s r.o. Slovakia 22 December 2021 Office Campus Real Estate Kft. Hungary 23 June 2021 CTPark Twenty Three Kft. Hungary 25 November 2021 CTPark Twenty Five Kft. Hungary 23 December 2021 CTPark Twenty Six Kft. Hungary 23 December 2021 CTPark Twenty Seven Kft. Hungary 23 December 2021 CTPark Twenty Four Kft. Hungary 31 December 2021 CTPark Oradea North SRL Romania 9 September 2021 CTPark Arad North SRL Romania 9 September 2021 CTPark Sibiu East SRL Romania 9 September 2021 CTPark Craiova East SRL Romania 9 September 2021 CTPark Bucharest South II SRL Romania 30 September 2021 CTPark Brasov West SRL Romania 30 September 2021 CTPark Timisoara East SRL Romania 30 September 2021 CTPark Brasov SRL Romania 30 September 2021 Project Vrajdebna EOOD Bulgaria 2 August 2021 CTPark Kappa EOOD Bulgaria 9 August 2021 CTPark Lambda EOOD Bulgaria 30 September 2021 P\u0158\u00cdD\u00c1NKY SPV, s.r.o. Czech Republic 29 June 2021 RENWON a.s. Czech Republic 16 August 2021 CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 3 March 202 1 These acquisitions impacted Group financial statements as follows: In EUR thousand Netherlands Slovakia Romania Hungary Bulgaria Czech Republic Serbia Total Investment property 37,285 80,795 147,120 111,949 38,046 25,257 20,031 460,483 Investment property under development 213,131 1,130 10,522 19,255 -- -- -- 244,038 Property, plant & equipment -- -- 1 -- -- -- -- 1 Intangible assets 12 -- -- -- -- -- -- 12 Cash and cash equivalents 1,422 906 57,422 5,935 880 467 11 67,043 Deferred tax asset 12 1,368 -- -- 24 -- -- 1,404 Trade and other receivables 64 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 * Consideration paid includes also the loans and borrowings provided to acquired subsidiaries of EUR 255,351 thousand. The following significant transactions took place in 2021: In EUR thousand Amsterdam Logistic Cityhub B.V. (NL) CTP Mu B.V. (NL) CTPark N\u00e1mestovo, 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 recognised as a property asset acquisition, as acquired companies do not represent a business as defined by IFRS 3. During 2021, the subsidiaries CTPark \u010cesk\u00e9 Bud\u011bjovice, spol. s r.o. and CTPark \u010cesk\u00e9 Bud\u011bjovice II, spol. s r.o. were disposed of for a EUR 8,950 thousand consideration. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-36": {
"value": "7. GROSS RENTAL INCOME In EUR thousand 2022 2021 Industrial 424,727 287,328 Office 32,923 32,531 Retail 1,062 568 Other 26,305 14,224 Total rental income 485,017 334,651 Service charge income 51,875 31,112 Total gross rental income 536,892 365,763 CTP leases out its investment property under operating leases. The operating leases are generally for 5 to 15 years. Other gross rental income represents termination fees, rental income from rent of parking slots, garages, yards, porches and cloakrooms. Service charge income represents fixed contractual income receivable from tenants for maintenance, clean- ing, security, garbage management and usage of infrastructure. Revenues were generated in the following countries where CTP operates: In EUR thousand 2022 2021 Czech Republic 248,117 220,036 Romania 94,760 68,448 Germany 69,633 708 Hungary 55,378 34,998 Slovakia 41,525 28,623 Serbia 13,064 8,560 Bulgaria 7,117 1,729 Poland 4,122 2,510 Netherlands 2,990 -- Austria 152 151 Slovenia 34 -- Total gross rental income 536,892 365,763 8. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows: In EUR thousand 2022 2021 Revenues Attributable external expenses Revenues Attributable external expenses Hotel operating revenue 16,021 8,779 Hotel operating expenses -12,280 -11,334 Net operating income from hotel operations 3,741 -2,555 Income from development activities 36,200 32,824 Expenses from development activities -27,158 -23,459 Net income from development activities 9,042 9,365 Total revenues from contract with customers 52,221 41,603 Total external expenses related to contract with customers -39,438 -34,793 Net income from contract with customers 12,783 6,810 Net operating income from hotel operations Net operating income from hotel operations is represented by revenues and expenses from the operation of three hotels in the Czech Republic. All hotels are operated under the \u201cCourtyard by Marriott\u201d brand. Revenues from hotel operations are represented by very short-term contracts with customers. The hospi- tality services are invoiced nearly at the same time as the respective service is provided. Net income from development activities Net income from development activities represents income from construction projects provided by CTP to third-party companies; the main part of construction represents extras and fit-outs for tenants. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-416": {
"value": "8. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows: In EUR thousand 2022 2021 Revenues Attributable external expenses Revenues Attributable external expenses Hotel operating revenue 16,021 8,779 Hotel operating expenses -12,280 -11,334 Net operating income from hotel operations 3,741 -2,555 Income from development activities 36,200 32,824 Expenses from development activities -27,158 -23,459 Net income from development activities 9,042 9,365 Total revenues from contract with customers 52,221 41,603 Total external expenses related to contract with customers -39,438 -34,793 Net income from contract with customers 12,783 6,810 Net operating income from hotel operations Net operating income from hotel operations is represented by revenues and expenses from the operation of three hotels in the Czech Republic. All hotels are operated under the \u201cCourtyard by Marriott\u201d brand. Revenues from hotel operations are represented by very short-term contracts with customers. The hospi- tality services are invoiced nearly at the same time as the respective service is provided. Net income from development activities Net income from development activities represents income from construction projects provided by CTP to third-party companies; the main part of construction represents extras and fit-outs for tenants. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-466": {
"value": "9. PROPERTY OPERATING EXPENSES In EUR thousand 2022 2021 Maintenance and repairs -41,314 -21,383 Park Management expenses -27,673 -8,424 Real estate tax -10,450 -6,143 Insurance -5,064 -2,342 Other -257 -618 Total property operating expenses -84,758 -38,910 Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants . In 2022, the increase in Park management expenses represents mainly increase in utilities, facility manage- ment and other external services, such as cleaning, security services and other. In 2022, the significant increase in repairs and maintenance is connected mainly with the German and Czech portfolios. 10. OTHER INCOME In EUR thousand 2022 2021 Gains from sale of assets 881 2,963 Income from sale of electricity 4,301 3,236 Other income 3,000 4,246 Total other income 8,182 10,445 Other income was mainly from reverse charge from property insurance and income from assigned receiva- bles. 12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-457": {
"value": "9. PROPERTY OPERATING EXPENSES In EUR thousand 2022 2021 Maintenance and repairs -41,314 -21,383 Park Management expenses -27,673 -8,424 Real estate tax -10,450 -6,143 Insurance -5,064 -2,342 Other -257 -618 Total property operating expenses -84,758 -38,910 Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants . In 2022, the increase in Park management expenses represents mainly increase in utilities, facility manage- ment and other external services, such as cleaning, security services and other. In 2022, the significant increase in repairs and maintenance is connected mainly with the German and Czech portfolios. 11. EMPLOYEE BENEFITS In EUR thousand 2022 2021 Wages and salaries -32,395 -24,140 Social security contributions -5,878 -4,604 Other personnel expenses -5,433 -3,139 Total employee benefits -43,706 -31,883 The average full-time equivalent of employees in 2022 was 634 (2021 \u2013 463); all except 15 (2021 \u2013 7) are working outside the Netherlands. Weighted average number of employees per segments 2022 2021 Czech Republic 298 258 Romania 95 75 Hungary 66 55 Slovakia 70 36 Netherlands 15 7 Germany 11 -- Other 79 32 Total employee number 634 463 The number of full-time equivalent employees as at 31 December 2022 was 699 (2021 \u2013 520). 12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-442": {
"value": "9. PROPERTY OPERATING EXPENSES In EUR thousand 2022 2021 Maintenance and repairs -41,314 -21,383 Park Management expenses -27,673 -8,424 Real estate tax -10,450 -6,143 Insurance -5,064 -2,342 Other -257 -618 Total property operating expenses -84,758 -38,910 Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants In 2022, the increase in Park management expenses represents mainly increase in utilities, facility manage- ment and other external services, such as cleaning, security services and other. In 2022, the significant increase in repairs and maintenance is connected mainly with the German and Czech portfolios. 11. EMPLOYEE BENEFITS In EUR thousand 2022 2021 Wages and salaries -32,395 -24,140 Social security contributions -5,878 -4,604 Other personnel expenses -5,433 -3,139 Total employee benefits -43,706 -31,883 The average full-time equivalent of employees in 2022 was 634 (2021 \u2013 463); all except 15 (2021 \u2013 7) are working outside the Netherlands. Weighted average number of employees per segments 2022 2021 Czech Republic 298 258 Romania 95 75 Hungary 66 55 Slovakia 70 36 Netherlands 15 7 Germany 11 -- Other 79 32 Total employee number 634 463 The number of full-time equivalent employees as at 31 December 2022 was 699 (2021 \u2013 520). 12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-473": {
"value": "9. PROPERTY OPERATING EXPENSES In EUR thousand 2022 2021 Maintenance and repairs -41,314 -21,383 Park Management expenses -27,673 -8,424 Real estate tax -10,450 -6,143 Insurance -5,064 -2,342 Other -257 -618 Total property operating expenses -84,758 -38,910 Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants . In 2022, the increase in Park management expenses represents mainly increase in utilities, facility manage- ment and other external services, such as cleaning, security services and other. In 2022, the significant increase in repairs and maintenance is connected mainly with the German and Czech portfolios. 12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "10. OTHER INCOME In EUR thousand 2022 2021 Gains from sale of assets 881 2,963 Income from sale of electricity 4,301 3,236 Other income 3,000 4,246 Total other income 8,182 10,445 Other income was mainly from reverse charge from property insurance and income from assigned receiva- bles. ",
"dimensions": {
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"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-417": {
"value": "11. EMPLOYEE BENEFITS In EUR thousand 2022 2021 Wages and salaries -32,395 -24,140 Social security contributions -5,878 -4,604 Other personnel expenses -5,433 -3,139 Total employee benefits -43,706 -31,883 The average full-time equivalent of employees in 2022 was 634 (2021 \u2013 463); all except 15 (2021 \u2013 7) are working outside the Netherlands. Weighted average number of employees per segments 2022 2021 Czech Republic 298 258 Romania 95 75 Hungary 66 55 Slovakia 70 36 Netherlands 15 7 Germany 11 -- Other 79 32 Total employee number 634 463 The number of full-time equivalent employees as at 31 December 2022 was 699 (2021 \u2013 520). ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-37": {
"value": "The average full-time equivalent of employees in 2022 was 634 (2021 \u2013 463); all except 15 (2021 \u2013 7) are working outside the Netherlands. Weighted average number of employees per segments 2022 2021 Czech Republic 298 258 Romania 95 75 Hungary 66 55 Slovakia 70 36 Netherlands 15 7 Germany 11 -- Other 79 32 Total employee number 634 463 The number of full-time equivalent employees as at 31 December 2022 was 699 (2021 \u2013 520). ",
"dimensions": {
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"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-420": {
"value": "12. OTHER EXPENSES (INCLUDING ADMINISTRATIVE EXPENSES) In EUR thousand 2022 2021 Legal, tax and audit -13,081 -7,788 Donations -11,196 -1,842 Travel expenses -6,826 -3,938 Advertising and promotion expenses -5,394 -2,454 Fee for real estate consultants and brokers -4,719 -1,872 Telecommunication expenses -3,023 -2,008 Taxes and charges -2,831 -582 Energy and material consumption -2,439 -1,642 Loss from sale of Property, plant and equipment -2,259 -217 Receivables written off -1,659 -1,133 Rent -1,336 -379 Penalties -474 -516 Loss from sale of Investment property -11 -730 Other -4,336 -1,362 Total other expenses -59,584 -26,463 The Group donated EUR 10,000 thousand to the UN refugee agency UNHCR (United Nations High Commis- sioner for Refugees) to provide humanitarian support for the more than one million people, who have fled the war in Ukraine into neighboring countries. In 2022, Legal, tax and audit services includes advisory fees related to DIR transactions of EUR 4,511 thou- sand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "13. INTEREST EXPENSES In EUR thousand 2022 2021 Bank interest expense -31,245 -25,386 Interest expense from liabilities due from related parties -- -385 Interest expense from financial derivative instruments -288 -5,469 Arrangement fees -3,956 -13,523 Interest expense from bonds issued -49,455 -26,120 Interest expense -84,944 -70,883 In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 \u2013 EUR 12,385 thousand). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "13. INTEREST EXPENSES In EUR thousand 2022 2021 Bank interest expense -31,245 -25,386 Interest expense from liabilities due from related parties -- -385 Interest expense from financial derivative instruments -288 -5,469 Arrangement fees -3,956 -13,523 Interest expense from bonds issued -49,455 -26,120 Interest expense -84,944 -70,883 In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 \u2013 EUR 12,385 thousand). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "13. INTEREST EXPENSES In EUR thousand 2022 2021 Bank interest expense -31,245 -25,386 Interest expense from liabilities due from related parties -- -385 Interest expense from financial derivative instruments -288 -5,469 Arrangement fees -3,956 -13,523 Interest expense from bonds issued -49,455 -26,120 Interest expense -84,944 -70,883 In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 \u2013 EUR 12,385 thousand). 14. OTHER FINANCIAL EXPENSES in EUR thousand 2022 2021 Bank fees -2,808 -4,563 Financing fees -15,022 -33,061 Other financial expenses -109 -496 Other financial expenses -17,939 -38,120 In 2022, financing fees include prepayment fee of EUR 1,465 thousand (2021 \u2013 EUR 16,629 thousand) for premature loan repayments and fee for early repayment of bonds of EUR 10,381 thousand (2021 - EUR 12,080 thousand), (refer to Note 28). 15. OTHER FINANCIAL GAINS/(LOSSES) In EUR thousand 2022 2021 Change in FMV of derivatives 4,052 12,127 Foreign exchange gains/(losses) -2,208 -5,306 Other financial gains/ (losses) 187 71 Other financial gains/(losses) 2,031 6,892 In 2021, premature terminated derivatives connected with the refinancing of interest-bearing loans and borrowings from financial institutions with money raised from the issuing of bonds were settled in form of cash and amounted to EUR 22,599 thousand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-38": {
"value": "13. INTEREST EXPENSES In EUR thousand 2022 2021 Bank interest expense -31,245 -25,386 Interest expense from liabilities due from related parties -- -385 Interest expense from financial derivative instruments -288 -5,469 Arrangement fees -3,956 -13,523 Interest expense from bonds issued -49,455 -26,120 Interest expense -84,944 -70,883 In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2,691 thousand (2021 \u2013 EUR 12,385 thousand). 14. OTHER FINANCIAL EXPENSES in EUR thousand 2022 2021 Bank fees -2,808 -4,563 Financing fees -15,022 -33,061 Other financial expenses -109 -496 Other financial expenses -17,939 -38,120 In 2022, financing fees include prepayment fee of EUR 1,465 thousand (2021 \u2013 EUR 16,629 thousand) for premature loan repayments and fee for early repayment of bonds of EUR 10,381 thousand (2021 - EUR 12,080 thousand), (refer to Note 28). 15. OTHER FINANCIAL GAINS/(LOSSES) In EUR thousand 2022 2021 Change in FMV of derivatives 4,052 12,127 Foreign exchange gains/(losses) -2,208 -5,306 Other financial gains/ (losses) 187 71 Other financial gains/(losses) 2,031 6,892 In 2021, premature terminated derivatives connected with the refinancing of interest-bearing loans and borrowings from financial institutions with money raised from the issuing of bonds were settled in form of cash and amounted to EUR 22,599 thousand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "15. OTHER FINANCIAL GAINS/(LOSSES) In EUR thousand 2022 2021 Change in FMV of derivatives 4,052 12,127 Foreign exchange gains/(losses) -2,208 -5,306 Other financial gains/ (losses) 187 71 Other financial gains/(losses) 2,031 6,892 In 2021, premature terminated derivatives connected with the refinancing of interest-bearing loans and borrowings from financial institutions with money raised from the issuing of bonds were settled in form of cash and amounted to EUR 22,599 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "In EUR thousand 2022 2021 Change in FMV of derivatives 4,052 12,127 Foreign exchange gains/(losses) -2,208 -5,306 Other financial gains/ (losses) 187 71 Other financial gains/(losses) 2,031 6,892",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-474": {
"value": "16. INCOME TAX EXPENSES In EUR thousand 2022 2021 Current tax income/(expense) related to Current year -30,211 -25,735 Prior period -1,121 -2,669 Total -31,332 -28,404 Deferred tax expense Deferred tax expense -159,411 -222,350 Total -159,411 -222,350 Total income tax expense in statement of profit and loss and other comprehensive income -190,743 -250,754 The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its as- sessment of many factors, including interpretations of tax law and prior experience. The income tax rate is valid for 2022 and is as well valid for future periods when the Group expects to utilise the tax impacts from previous years. Reconciliation of effective tax rate In EUR thousand 2022 2021 Tax base Tax Tax base Tax Profit / Loss before income tax 987,268 254,715 1,276,690 319,172 Company's domestic tax rate 25.8% 25.0% Tax non-deductible expenses 45,478 11,733 26,701 6,675 Tax exempt income -2,444 -630 -9,439 -2,360 Income tax adjustment for prior years 4,345 1,121 10,676 2,669 Effect of unrecognised deferred tax asset related to tax losses (including current year losses) -2,108 -544 123 31 Effect of tax rates in foreign jurisdictions -- -83,351 -- -98,410 Other items 29,842 7,699 91,905 22,977 Tax base 1,062,381 190,743 1,396,656 250,754 Effective income tax rate 19.3% 19.6% Tax non-deductible expenses represent receivables written off, representation expenses, tax non-deducti- ble accruals (legal, advisory), financial expenses, penalties and gifts provided. Other items result mainly from the translation of transactions in foreign currencies to the functional cur- rency of the Group\u2019s entities. 32. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset cur- rent income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: In EUR thousand 2022 2021 Assets Liability Net Assets Liability Net Investment property 11,688 -892,612 -880,924 8,722 -734,501 -725,779 Tax losses 10,987 -- 10,987 9,510 -- 9,510 Property, plant and equipment 35 -- 35 1,153 -- 1,153 Other (receivables, hedge accounting etc.) 16,599 -42,701 -26,102 16,913 -24,518 -7,605 Tax asset/(liabilities) 39,309 -935,313 -896,004 36,298 -759,019 -722,721 Set- off of tax -21,458 21,458 -- -12,246 12,246 -- Net tax assets/ (liabilities) 17,851 -913,855 -896,004 24,052 -746,773 -722,721 Movement in Deferred tax during the year recognised in profit and loss, in equity and in OCI In EUR thousand Balance as at 1 January 2022 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2022 Investment property -725,779 -149,348 99 -- -5,896 -880,924 Tax losses 9,510 1,400 -- -- 77 10,987 Property, plant and equipment 1,153 -1,318 -- 191 9 35 Other (receivables, hedge accounting etc.) -7,605 -10,145 -40 -8,250 -62 -26,102 Total -722,721 -159,411 59 -8,059 -5,872 -896,004 In EUR thousand Balance as at 1 January 2021 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2021 Investment property -500,129 -217,223 -753 -- -7,674 -725,779 Tax losses 10,321 -1,005 36 -- 158 9,510 Property, plant and equipment -2,189 5,148 -- -1,772 -34 1,153 Other (receivables, hedge accounting etc.) 1,640 -9,270 -- -- 25 -7,605 Total -490,357 -222,350 -717 -1,772 -7,525 -722,721 Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future taxable profit will be available against which the Group can use the benefits. In EUR thousand 2022 2021 Gross amount Tax effect Gross amount Tax effect Tax losses 24,319 4,222 26,427 4,257 Total 24,319 4,222 26,427 4,257 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. In EUR thousand 2022 Expiry date 2021 Expiry date Expire 24,319 2023-2028 26,427 2022 - 2027 Never expire -- -- Total 24,319 26,427 Amounts recognised in OCI In EUR thousand 2022 2021 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 -1,004 191 -813 9,326 -1,772 7,554 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve 31,977 -8,250 23,727 -- -- --- Change in Translation reserve -7,465 1,296 -6,169 -4,524 782 -3,742 Current income tax assets and payables The current income tax asset of EUR 6,175 thousand (2021 \u2013 EUR 7,260 thousand) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance pay- ments made exceed income tax payable). The current income tax liabilities of EUR 16,518 thousand (2021 \u2013 EUR 18,289 thousand) represent payables in respect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance payments made). ",
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"fact-39": {
"value": "17. INVESTMENT PROPERTY In EUR thousand 2022 2021 Buildings and related land and Right-of-use assets 9,361,260 7,048,269 industrial 8,764,194 6,445,781 office 549,520 549,300 retail and other 47,546 53,188 Landbank and related Right-of-use assets 762,925 526,838 Total 10,124,185 7,575,107 In EUR thousand Owned buildings and land Landbank Right-of-use assets Land and buildings Right-of-use assets Landbank Total Investment Property Balance at 1 January 2021 5,058,268 325,945 2,017 -- 5,386,230 Transfer from/to investment property under development 655,601 -13,144 -- -- 642,457 Transfer from/to owned buildings and land 22,548 -22,548 -- -- -- Acquisitions 495,376 87,625 -- -- 583,001 Additions / Disposals 48,793 105,536 -- -- 154,329 Net valuation result 765,666 43,424 -- -- 809,090 Balance at 31 December 2021 7,046,252 526,838 2,017 -- 7,575,107 Balance at 1 January 2022 7,046,252 526,838 2,017 -- 7,575,107 Transfer from/to investment property under development 814,394 -74,955 501 -- 739,940 Transfer from/to owned buildings and land 18,395 -18,395 -- -- -- Acquisitions 976,436 322,111 25,615 4,746 1,328,908 Additions / Disposals 63,658 -- -- -- 63,658 Net valuation result 413,992 2,580 -- -- 416,572 Balance at 31 December 2022 9,333,127 758,179 28,133 4,746 10,124,185 Owned buildings and land represent assets in CTP\u2019s legal ownership. The landbank comprises the plots of land in CTP\u2019s ownership available for development of new projects. Right-of-use assets comprise leased land in Germany under the buildings acquired as a part of DIR acquisi- tion of EUR 25,615 thousand; landbank in the Czech Republic of EUR 4,746 thousand (2021 \u2013 EUR 0 thou- sand); land in the Czech Republic of EUR 2,017 thousand (2021 \u2013 EUR 2,017 thousand); and land in Romania of EUR 501 thousand (transferred from investment property under development in 2022). 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 27). Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 6) and acquisitions of properties under asset deal agreements. The most significant changes in investment property in 2022 relate to completed construction of industrial properties in Bor, Brno and Ostrava in the Czech Republic; in Budapest in Hungary; in Beograd in Serbia; in Bucharest in Romania; and in Illowa in Poland. In 2022, the Group also made landbank acquisitions, mainly in the Czech Republic, Poland, Romania, Austria, the Netherlands, Serbia and Slovakia. Investment property disposal in 2022 relates to the sale of properties in the Czech Republic to external partners. The most significant changes in investment property in 2021 relate to the completed construction of in- dustrial properties in Plze\u0148, \u017datec, Ostrov u Tachova and No\u0161ovice in the Czech Republic; Trnava, Nitra and Ko\u0161ice in Slovakia; and in Turda and Sibiu in Romania; office premises in Brno in the Czech Republic and in Bucharest in Romania; and industrial premises in Budapest and Vecses in Hungary and in Kragujevac in Serbia. Investment property disposal in 2021 relates to the sale of properties in the Czech Republic to external partners. Fair value hierarchy The fair value measurement for investment property is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Management\u2019s adjustments made in respect of valuations appraisals CTP management did not make any adjustments to valuation prepared by an independent external valuer as at 31 December 2022 and 31 December 2021. The table below presents the portion of the investment property portfolio as at 31 December 2022 and 2021, valued by an independent external valuer: In EUR thousand 2022 2021 Investment property portfolio valued by external valuer 10,025,620 7,364,990 Investment property portfolio at acquisition value 98,565 210,117 Total 10,124,185 7,575,107 Valuation Building valuation To value investment property, external valuers adopt a traditional valuation method, specifically the hard- core method. Within the hardcore method, income considered sustainable (e.g., all income at or below mar- ket levels) is capitalised at a certain level, and any over-rented elements are capitalised at a separate rate until lease expiry. This enables a separate risk profile to be attached to the \u201criskier\u201d over-rented element, as appropriate. The capitalisation rates applied are implicit in terms of rental growth and most other risks, although external valuers are explicit in their calculations in terms of voids and costs. Valuations reflect, where appropriate: the type of tenants in occupation; those responsible for meeting the lease commitments; those likely to be in occupation after letting vacant accommodation; the market\u2019s gen- eral perception of tenants\u2019 creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. It is 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. Assumptions by the independent valuer for the year ended 31 December 2022 and 31 December 2021 were as follows: Core yield 2022 2021 Country Average Lower Upper Average Lower Upper Czech Republic 5.52% 4.05% 10.70% 5.09% 3.75% 10.70% Hungary 6.23% 5.50% 8.00% 6.32% 5.50% 7.75% Romania 7.25% 6.85% 8.25% 7.45% 7.00% 8.50% Slovakia 6.07% 5.50% 9.25% 5.85% 3.50% 9.00% Germany 7.11% 2.46% 14.39% -- -- -- Other 6.93% 3.50% 9.50% 7.81% 5.20% 9.40% All 6.13% 2.46% 14.39% 5.76% 3.50% 10.70% Core yield 2022 2021 Sector Average Lower Upper Average Lower Upper Offices 6.71% 4.45% 9.70% 6.19% 5.75% 9.70% Industrial/other 6.10% 2.46% 14.39% 5.73% 3.50% 10.70% Average ERV per sqm and month (EUR) 2022 2021 Country Czech Republic 6.7 5.6 Hungary 4.9 4.6 Romania 4.0 3.9 Slovakia 4.2 4.1 Germany 3.8 -- Other 4.5 5.0 All 5.1 4.9 Average ERV per sqm and month (EUR) 2022 2021 Sector Offices 13.1 13.3 Industrial/other 4.9 4.6 Structural vacancy was applied in few cases, mainly to office and ancillary areas. Landbank valuation The landbank comprises the plots of land in CTP\u2019s ownership, on which development projects are to be carried out. The landbank was valued by a registered independent valuer with an appropriately recognised professional qualification and with up\u2013to\u2013date knowledge and understanding of the location and category of the property. For land assets, the valuer applied the residual or the market comparison method or both, as appropriate. The residual method assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, pro- fessional fees, planning, finance and marketing costs and developer\u2019s profit. The market comparison uses sales information from sites of a similar type, size and in a similar location, where a similar development is possible. 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 difference between the subject property and the comparable sales by considering various elements of comparison. Independent valuer assumptions for the year ended 31 December were based on analysis of comparable ev- idence and adopted the following average market values per square meter: In EUR 2022 2021 Czech Republic 55 48 Slovakia 49 42 Hungary 49 76 Serbia 38 57 Romania 33 32 Poland 62 39 Bulgaria 50 42 Slovenia 78 78 Germany 123 -- Netherlands 31 26 Austria 86 -- Investment property is in the following countries where CTP operates: In EUR thousand 2022 2021 Czech Republic 5,181,043 4,517,045 Romania 1,577,581 1,326,691 Hungary 946,437 758,453 Germany 918,110 8,813 Slovakia 660,873 595,995 Poland 320,326 83,103 Serbia 212,060 155,916 Netherlands 148,430 62,091 Bulgaria 132,865 57,620 Austria 20,260 3,180 Slovenia 6,200 6,200 Total 10,124,185 7,575,107 Sensitivity analysis on changes in assumptions of investment property valuation CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in- vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit and loss before tax as at 31 December 2022 and 31 December 2021 due to changes in assumptions: Completed investment properties as at 31 December 2022 in EUR thousand Current average initial yield Current market value Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.45% 9,328,340 6.70% 8,980,367 -347,973 Current average initial yield Current market value Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.45% 9,328,340 6.20% 9,704,366 376,026 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 601,858 631,950 9,794,757 466,417 Decrease of 500bp in estimated rental income 601,858 571,765 8,861,923 -466,417 Completed investment properties as at 31 December 2021 in EUR thousand Current average initial yield Current market value * Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.36% 6,866,252 6.61% 6,606,673 -259,578 Current average initial yield Current market value * Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.36% 6,866,252 6.11% 7,147,062 280,811 * In 2021, sensitivity analysis is calculated on standing portfolio of the Group excluding fair market values of commercial element of hotels operated in the Czech Republic of EUR 20,140 thousand. Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 436,892 458,737 6,522,939 -343,313 Decrease of 500bp in estimated rental income 436,892 415,047 6,522,942 -343,310 18. INVESTMENT PROPERTY UNDER DEVELOPMENT In EUR thousand IPUD Right-of-use assets Total Balance at 1 January 2021 387,347 -- 387,347 Additions/disposals 433,795 1,251 435,046 Acquisitions 285,796 16,990 302,786 Transfer from/to Investment property -642,457 -- -642,457 Net valuation result 291,481 -- 291,481 Balance at 31 December 2021 755,962 18,241 774,203 Balance at 1 January 2022 755,962 18,241 774,203 Additions/disposals 807,016 -- 807,016 Acquisitions 45,056 -- 45,056 Transfer from/to Investment property -739,439 -501 -739,940 Net valuation result 307,008 -- 307,008 Balance at 31 December 2022 1,175,603 17,740 1,193,343 The investment property under development (IPUD) comprises pipeline projects in several stages of comple- tion and of land with planning permits in place, which are still to be constructed but where pre-agreements with future tenants are available. The management estimates that a significant majority of the pipeline projects will be completed within 12 months. 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 (2021 \u2013 EUR 16,990 thousand), and land in Romania of EUR 750 thousand (2021 \u2013 EUR 1,251 thousand) in CTPARK IOTA SRL (leased land of EUR 501 thousand was transferred to investment property). Investment property under development is located in the following countries where CTP operates: In EUR thousand 2022 2021 Poland 308,217 37,735 Netherlands 298,798 285,095 Czech Republic 187,330 201,175 Hungary 98,371 89,334 Slovakia 76,636 48,621 Austria 72,752 31,714 Serbia 60,980 10,727 Romania 58,250 62,950 Bulgaria 29,912 6,852 Germany 2,097 -- Total 1,193,343 774,203 Fair value hierarchy The fair value measurement for investment property under development is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Valuation Development assets are valued through a combination of traditional and residual methods. The tradition- al method is applied to determine a gross development value (GDV), which is a component of the residu- al method that is ultimately applied to determine fair value. This approach assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. In assessing the GDV, the independent 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: 2022 2021 Average Lower Upper Average Lower Upper Capitalisation rates 6.01% 4.25% 9.10% 5.64% 4.25% 9.00% Monthly ERV per vacant sqm (EUR) \u2013 Industrial premises 5.96 3.50 10.98 5.21 3.50 8.33 \u2013 Office properties 17.16 16.66 18.69 15.18 15.00 15.50 Soft costs 5.14% 2.50% 15.00% 6.76% 3.00% 15.00% Finance costs 4.58% 3.00% 6.00% 3.51% 3.50% 5.00% Profit allowance 14.56% 5.00% 25.00% 15.59% 5.00% 30.00% Structural vacancy was applied in a very few cases, and mainly to office and ancillary areas. 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 profit and loss before tax as at 31 December 2022 and 31 December 2021: Investment properties under development as at 31 December 2022 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 yield 6.38% 1,921,913 6.63% 1,849,395 -72,518 Current average yield Current market value at completion Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.38% 1,921,913 6.13% 2,000,349 78,436 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Effect of change in rental income Increase of 500bp in estimated rental income 122,535 128,662 2,018,008 96,095 Decrease of 500bp in estimated rental income 122,535 116,408 1,825,817 -96,096 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 yield 6.14% 1,102,406 6.39% 1,059,289 -43,117 Current average yield Current market value at completion Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.14% 1,102,406 5.89% 1,145,523 43,117 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Effect of change in rental income Increase of 500bp in estimated rental income 67,710 71,096 1,157,526 55,120 Decrease of 500bp in estimated rental income 67,710 64,324 1,047,286 -55,120 An increase of developers\u2019 profit mark-up by 2% in valuers\u2019 assumptions will increase the developers\u2019 profit and as a consequence will decrease the valuation as at 31 December 2022 by EUR 12,202 thousand (31 De- cember 2021 \u2013 EUR 7,591 thousand) provided all other variables remain constant. 19. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: In EUR thousand 2022 2021 Valuation gains 906,194 1,189,211 out of which: Investment Property 571,638 885,510 Investment Property under development 334,556 303,701 Valuation losses -182,614 -88,640 out of which: Investment Property -155,066 -76,420 Investment Property under development -27,548 -12,220 Net valuation gains (losses) on investment property 723,580 1,100,571",
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"fact-484": {
"value": "Fair value hierarchy The fair value measurement for investment property is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Management\u2019s adjustments made in respect of valuations appraisals CTP management did not make any adjustments to valuation prepared by an independent external valuer as at 31 December 2022 and 31 December 2021. The table below presents the portion of the investment property portfolio as at 31 December 2022 and 2021, valued by an independent external valuer: In EUR thousand 2022 2021 Investment property portfolio valued by external valuer 10,025,620 7,364,990 Investment property portfolio at acquisition value 98,565 210,117 Total 10,124,185 7,575,107 Valuation Building valuation To value investment property, external valuers adopt a traditional valuation method, specifically the hard- core method. Within the hardcore method, income considered sustainable (e.g., all income at or below mar- ket levels) is capitalised at a certain level, and any over-rented elements are capitalised at a separate rate until lease expiry. This enables a separate risk profile to be attached to the \u201criskier\u201d over-rented element, as appropriate. The capitalisation rates applied are implicit in terms of rental growth and most other risks, although external valuers are explicit in their calculations in terms of voids and costs. Valuations reflect, where appropriate: the type of tenants in occupation; those responsible for meeting the lease commitments; those likely to be in occupation after letting vacant accommodation; the market\u2019s gen- eral perception of tenants\u2019 creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. It is 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. Assumptions by the independent valuer for the year ended 31 December 2022 and 31 December 2021 were as follows: Core yield 2022 2021 Country Average Lower Upper Average Lower Upper Czech Republic 5.52% 4.05% 10.70% 5.09% 3.75% 10.70% Hungary 6.23% 5.50% 8.00% 6.32% 5.50% 7.75% Romania 7.25% 6.85% 8.25% 7.45% 7.00% 8.50% Slovakia 6.07% 5.50% 9.25% 5.85% 3.50% 9.00% Germany 7.11% 2.46% 14.39% -- -- -- Other 6.93% 3.50% 9.50% 7.81% 5.20% 9.40% All 6.13% 2.46% 14.39% 5.76% 3.50% 10.70% Core yield 2022 2021 Sector Average Lower Upper Average Lower Upper Offices 6.71% 4.45% 9.70% 6.19% 5.75% 9.70% Industrial/other 6.10% 2.46% 14.39% 5.73% 3.50% 10.70% Average ERV per sqm and month (EUR) 2022 2021 Country Czech Republic 6.7 5.6 Hungary 4.9 4.6 Romania 4.0 3.9 Slovakia 4.2 4.1 Germany 3.8 -- Other 4.5 5.0 All 5.1 4.9 Average ERV per sqm and month (EUR) 2022 2021 Sector Offices 13.1 13.3 Industrial/other 4.9 4.6 Structural vacancy was applied in few cases, mainly to office and ancillary areas. Landbank valuation The landbank comprises the plots of land in CTP\u2019s ownership, on which development projects are to be carried out. The landbank was valued by a registered independent valuer with an appropriately recognised professional qualification and with up\u2013to\u2013date knowledge and understanding of the location and category of the property. For land assets, the valuer applied the residual or the market comparison method or both, as appropriate. The residual method assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, pro- fessional fees, planning, finance and marketing costs and developer\u2019s profit. The market comparison uses sales information from sites of a similar type, size and in a similar location, where a similar development is possible. 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 difference between the subject property and the comparable sales by considering various elements of comparison. Independent valuer assumptions for the year ended 31 December were based on analysis of comparable ev- idence and adopted the following average market values per square meter: In EUR 2022 2021 Czech Republic 55 48 Slovakia 49 42 Hungary 49 76 Serbia 38 57 Romania 33 32 Poland 62 39 Bulgaria 50 42 Slovenia 78 78 Germany 123 -- Netherlands 31 26 Austria 86 -- Investment property is in the following countries where CTP operates: In EUR thousand 2022 2021 Czech Republic 5,181,043 4,517,045 Romania 1,577,581 1,326,691 Hungary 946,437 758,453 Germany 918,110 8,813 Slovakia 660,873 595,995 Poland 320,326 83,103 Serbia 212,060 155,916 Netherlands 148,430 62,091 Bulgaria 132,865 57,620 Austria 20,260 3,180 Slovenia 6,200 6,200 Total 10,124,185 7,575,107 Sensitivity analysis on changes in assumptions of investment property valuation CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in- vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit and loss before tax as at 31 December 2022 and 31 December 2021 due to changes in assumptions: Completed investment properties as at 31 December 2022 in EUR thousand Current average initial yield Current market value Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.45% 9,328,340 6.70% 8,980,367 -347,973 Current average initial yield Current market value Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.45% 9,328,340 6.20% 9,704,366 376,026 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 601,858 631,950 9,794,757 466,417 Decrease of 500bp in estimated rental income 601,858 571,765 8,861,923 -466,417 Completed investment properties as at 31 December 2021 in EUR thousand Current average initial yield Current market value * Increased yield by 25bp FMV based upon increased yield Effect of increase in yield by 25bp Increase of 25bp in yield 6.36% 6,866,252 6.61% 6,606,673 -259,578 Current average initial yield Current market value * Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.36% 6,866,252 6.11% 7,147,062 280,811 * In 2021, sensitivity analysis is calculated on standing portfolio of the Group excluding fair market values of commercial element of hotels operated in the Czech Republic of EUR 20,140 thousand. Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Change in FMV Increase of 500bp in estimated rental income 436,892 458,737 6,522,939 -343,313 Decrease of 500bp in estimated rental income 436,892 415,047 6,522,942 -343,310 18. INVESTMENT PROPERTY UNDER DEVELOPMENT Fair value hierarchy The fair value measurement for investment property under development is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the year. Valuation Development assets are valued through a combination of traditional and residual methods. The tradition- al method is applied to determine a gross development value (GDV), which is a component of the residu- al method that is ultimately applied to determine fair value. This approach assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, which may include site assembly and purchase, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. In assessing the GDV, the independent 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: 2022 2021 Average Lower Upper Average Lower Upper Capitalisation rates 6.01% 4.25% 9.10% 5.64% 4.25% 9.00% Monthly ERV per vacant sqm (EUR) \u2013 Industrial premises 5.96 3.50 10.98 5.21 3.50 8.33 \u2013 Office properties 17.16 16.66 18.69 15.18 15.00 15.50 Soft costs 5.14% 2.50% 15.00% 6.76% 3.00% 15.00% Finance costs 4.58% 3.00% 6.00% 3.51% 3.50% 5.00% Profit allowance 14.56% 5.00% 25.00% 15.59% 5.00% 30.00% Structural vacancy was applied in a very few cases, and mainly to office and ancillary areas. 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 profit and loss before tax as at 31 December 2022 and 31 December 2021: Investment properties under development as at 31 December 2022 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 yield 6.38% 1,921,913 6.63% 1,849,395 -72,518 Current average yield Current market value at completion Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.38% 1,921,913 6.13% 2,000,349 78,436 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Effect of change in rental income Increase of 500bp in estimated rental income 122,535 128,662 2,018,008 96,095 Decrease of 500bp in estimated rental income 122,535 116,408 1,825,817 -96,096 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 yield 6.14% 1,102,406 6.39% 1,059,289 -43,117 Current average yield Current market value at completion Decreased yield by 25bp FMV based upon decreased yield Effect of decrease in yield by 25bp Decrease of 25bp in yield 6.14% 1,102,406 5.89% 1,145,523 43,117 Current rental income including ERV from vacant space Changed rental income FMV based upon changed rental income Effect of change in rental income Increase of 500bp in estimated rental income 67,710 71,096 1,157,526 55,120 Decrease of 500bp in estimated rental income 67,710 64,324 1,047,286 -55,120 An increase of developers\u2019 profit mark-up by 2% in valuers\u2019 assumptions will increase the developers\u2019 profit and as a consequence will decrease the valuation as at 31 December 2022 by EUR 12,202 thousand (31 De- cember 2021 \u2013 EUR 7,591 thousand) provided all other variables remain constant. 19. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: In EUR thousand 2022 2021 Valuation gains 906,194 1,189,211 out of which: Investment Property 571,638 885,510 Investment Property under development 334,556 303,701 Valuation losses -182,614 -88,640 out of which: Investment Property -155,066 -76,420 Investment Property under development -27,548 -12,220 Net valuation gains (losses) on investment property 723,580 1,100,571 20. PROPERTY, PLANT AND EQUIPMENT In EUR thousand Hotels Leased Property Plant Plant under construction Forests Equipment 2022 Balance at 1 January 55,254 4,436 25,054 -- 4,332 21,891 110,967 Acquisitions -- -- -- -- -- 162 162 Additions/Disposals -- 5,277 2,077 13,776 -- 46,882 68,012 Valuation gain/loss on solar plants and hotels -- -- -1,004 -- -- -- -1,004 Depreciation -1,579 -877 -1,204 -- -- -7,397 -11,057 Reversal of impairment loss 1,825 -- -- -- -- -- 1,825 Balance at 31 December 55,500 8,836 24,923 13,776 4,332 61,538 168,905 In EUR thousand Hotels Leased Property Plant Forests Equipment 2021 Balance at 1 January 55,400 3,814 17,761 717 21,192 98,884 Acquisitions -- -- -- -- 6 6 Additions/Disposals 3,248 1,296 -- 3,615 5,768 13,927 Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- -- 8,840 Depreciation -1,539 -674 -1,169 -- -5,075 -8,457 Impairment loss -2,233 -- -- -- -- -2,233 Balance at 31 December 55,254 4,436 25,054 4,332 21,891 110,967 Under \u201cPlant\u201d are the solar plants installed on the roofs of several buildings. The value of EUR 24,923 thousand represents the fair value of the solar panels based upon the independent valuation report of EUR 22,881 thousand (2021 \u2013 EUR 25,054 thousand) and solar panels of EUR 2,042 thousand valued at costs. The value of EUR 55,500 thousand (2021 \u2013 EUR 55,254 thousand) represents revalued amount in accord- ance with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair value in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well as an income capitalisation approach, and comparable recent market transactions on arm\u2019s length terms. Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4,332 thousand (2021- EUR 4,332 thousand). 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 flow technique for a 20-year period. The cash flow 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 valuer capitalised solar revenues at a yield of 10% for a fixed period of 20 years (2021 - 9%). In view of the nature of the hotels and the bases of valuation, the valuer adopted the discounted cash flow method. Under this method the projected adjusted net operating income for the hotel over 10 years is dis- counted back to present day using an appropriate discount rate. The value of the hotel derived from the capitalised earnings in the 10th year is also brought back to present values. Capital expenditure is built into the cash flow if appropriate. Capitalisation rates used in hotel valuations range from 7.5% to 9.0% (2021 - from 6.75% to 7.25%). Sensitivity analysis on changes in assumptions of hotel valuation CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2022, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,500 -10,131 10,131 CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2021, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,254 -11,609 11,609 Real estate infrastructure (such as roads, greenery and energy transformers), including related equipment and means of transport, of EUR 61,538 thousand (2021 \u2013 EUR 21,891 thousand) is presented under Equip- ment. Property, plant and equipment include also right-of-use assets of EUR 8,836 thousand (2021 \u2013 EUR 4,436 thousand) relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 30). 31. DERIVATIVE FINANCIAL INSTRUMENTS In EUR thousand 2022 2021 Fair value of derivatives - non-current asset 9,165 126 Fair value of derivatives - current asset 41,881 46 Fair value of derivatives - assets 51,046 172 Fair value of derivatives - non-current liability -2,018 -- Fair value of derivatives - current liability -12,677 -- Fair value of derivatives - liabilities -14,695 -- Total 36,351 172 Accrued interest on derivatives -- -- Total derivatives 36,351 172 All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de- termine fair value. Fair value Fair value is defined 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-flow projections and other valuation models. To estimate the fair value of individual classes of financial instruments, the following methods and assump- tions 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 financial instruments have a relatively short maturity. Receivables and payables The book value of short-term receivables and payables approximates their fair value, as these financial instruments have a short maturity. Short-term loans The book value approximates their fair value, as these instruments have a floating interest rate and a short maturity. Long-term loans The fair value of long term loans as at 31 December 2022 is EUR 1,545,444 thousand (2021 \u2013 EUR 1,138,598 thousand). For details refer to Note 27. Bonds The fair value of bonds issued as at 31 December 2022 is EUR 3,093,340 thousand (2021 \u2013 EUR 3,385,163 thousand). For details refer to Note 28. Derivatives The fair value of derivatives is based on fair value quotes from counterparties which are compared to the results of the internal valuation model using market data from an independent recognized market data agency. Investment property and investment property under development Investment property and investment property under development are stated at fair value (refer to Note 17 and Note 18). ",
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"value": "20. PROPERTY, PLANT AND EQUIPMENT In EUR thousand Hotels Leased Property Plant Plant under construction Forests Equipment 2022 Balance at 1 January 55,254 4,436 25,054 -- 4,332 21,891 110,967 Acquisitions -- -- -- -- -- 162 162 Additions/Disposals -- 5,277 2,077 13,776 -- 46,882 68,012 Valuation gain/loss on solar plants and hotels -- -- -1,004 -- -- -- -1,004 Depreciation -1,579 -877 -1,204 -- -- -7,397 -11,057 Reversal of impairment loss 1,825 -- -- -- -- -- 1,825 Balance at 31 December 55,500 8,836 24,923 13,776 4,332 61,538 168,905 In EUR thousand Hotels Leased Property Plant Forests Equipment 2021 Balance at 1 January 55,400 3,814 17,761 717 21,192 98,884 Acquisitions -- -- -- -- 6 6 Additions/Disposals 3,248 1,296 -- 3,615 5,768 13,927 Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- -- 8,840 Depreciation -1,539 -674 -1,169 -- -5,075 -8,457 Impairment loss -2,233 -- -- -- -- -2,233 Balance at 31 December 55,254 4,436 25,054 4,332 21,891 110,967 Under \u201cPlant\u201d are the solar plants installed on the roofs of several buildings. The value of EUR 24,923 thousand represents the fair value of the solar panels based upon the independent valuation report of EUR 22,881 thousand (2021 \u2013 EUR 25,054 thousand) and solar panels of EUR 2,042 thousand valued at costs. The value of EUR 55,500 thousand (2021 \u2013 EUR 55,254 thousand) represents revalued amount in accord- ance with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair value in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well as an income capitalisation approach, and comparable recent market transactions on arm\u2019s length terms. Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4,332 thousand (2021- EUR 4,332 thousand). 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 flow technique for a 20-year period. The cash flow 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 valuer capitalised solar revenues at a yield of 10% for a fixed period of 20 years (2021 - 9%). In view of the nature of the hotels and the bases of valuation, the valuer adopted the discounted cash flow method. Under this method the projected adjusted net operating income for the hotel over 10 years is dis- counted back to present day using an appropriate discount rate. The value of the hotel derived from the capitalised earnings in the 10th year is also brought back to present values. Capital expenditure is built into the cash flow if appropriate. Capitalisation rates used in hotel valuations range from 7.5% to 9.0% (2021 - from 6.75% to 7.25%). Sensitivity analysis on changes in assumptions of hotel valuation CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2022, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,500 -10,131 10,131 CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2021, due to changes in assumptions: In EUR thousand Current FV Effect of decrease in RevPAR by 5 % Effect of increase in RevPAR by 5 % 5% Change in RevPAR 55,254 -11,609 11,609 Real estate infrastructure (such as roads, greenery and energy transformers), including related equipment and means of transport, of EUR 61,538 thousand (2021 \u2013 EUR 21,891 thousand) is presented under Equip- ment. Property, plant and equipment include also right-of-use assets of EUR 8,836 thousand (2021 \u2013 EUR 4,436 thousand) relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 30). ",
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"value": "In EUR thousand Hotels Leased Property Plant Plant under construction Forests Equipment 2022 Balance at 1 January 55,254 4,436 25,054 -- 4,332 21,891 110,967 Acquisitions -- -- -- -- -- 162 162 Additions/Disposals -- 5,277 2,077 13,776 -- 46,882 68,012 Valuation gain/loss on solar plants and hotels -- -- -1,004 -- -- -- -1,004 Depreciation -1,579 -877 -1,204 -- -- -7,397 -11,057 Reversal of impairment loss 1,825 -- -- -- -- -- 1,825 Balance at 31 December 55,500 8,836 24,923 13,776 4,332 61,538 168,905 In EUR thousand Hotels Leased Property Plant Forests Equipment 2021 Balance at 1 January 55,400 3,814 17,761 717 21,192 98,884 Acquisitions -- -- -- -- 6 6 Additions/Disposals 3,248 1,296 -- 3,615 5,768 13,927 Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- -- 8,840 Depreciation -1,539 -674 -1,169 -- -5,075 -8,457 Impairment loss -2,233 -- -- -- -- -2,233 Balance at 31 December 55,254 4,436 25,054 4,332 21,891 110,967 In EUR thousand Property, plant and equipment Investment property Investment property under develop- ment Total Balance at 1 January 2022 4,436 2,017 18,241 24,694 Acquisitions -- 30,361 -- 30,361 Additions 5,277 -- -- 5,277 Transfer from investment property under development -- -- -501 -501 Transfer to owned buildings and land -- 501 -- 501 Depreciation -877 -- -- -877 Balance at 31 December 2022 8,836 32,879 17,740 59,455 In EUR thousand Property, plant and equipment Investment property Investment property under develop- ment Total Balance at 1 January 2021 3,814 2,017 -- 5,831 Additions 1,296 -- 18,241 19,537 Depreciation -674 -- -- -674 Balance at 31 December 2021 4,436 2,017 18,241 24,694 ",
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"value": "In EUR thousand Hotels Leased Property Plant Plant under construction Forests Equipment 2022 Balance at 1 January 55,254 4,436 25,054 -- 4,332 21,891 110,967 Acquisitions -- -- -- -- -- 162 162 Additions/Disposals -- 5,277 2,077 13,776 -- 46,882 68,012 Valuation gain/loss on solar plants and hotels -- -- -1,004 -- -- -- -1,004 Depreciation -1,579 -877 -1,204 -- -- -7,397 -11,057 Reversal of impairment loss 1,825 -- -- -- -- -- 1,825 Balance at 31 December 55,500 8,836 24,923 13,776 4,332 61,538 168,905 In EUR thousand Hotels Leased Property Plant Forests Equipment 2021 Balance at 1 January 55,400 3,814 17,761 717 21,192 98,884 Acquisitions -- -- -- -- 6 6 Additions/Disposals 3,248 1,296 -- 3,615 5,768 13,927 Valuation gain/loss on solar plants and hotels 378 -- 8,462 -- -- 8,840 Depreciation -1,539 -674 -1,169 -- -5,075 -8,457 Impairment loss -2,233 -- -- -- -- -2,233 Balance at 31 December 55,254 4,436 25,054 4,332 21,891 110,967 ",
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"fact-475": {
"value": "21. TRADE AND OTHER RECEIVABLES Non-current In EUR thousand 2022 2021 Long term advances paid 14,674 97,014 Restricted cash 1,341 1,086 Other assets 1,999 2,639 Total trade and other receivables 18,014 100,739 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 official in relation to the third party), in order to conclude whether the commission fee is according to CTP\u2019s standards and agreed transaction price for the land is at arm\u2019s length and to have sufficiently evaluated risks in accordance with CTP internal policies. Current In EUR thousand 2022 2021 Trade receivables 54,537 36,417 Other assets 113,201 61,771 Other tax receivables 67,846 45,894 Total trade and other receivables 235,584 144,082 Trade receivables consist primarily of receivables from rent and rent related income. Other assets consist primarily of deferrals of EUR 10,067 thousand (2021 \u2013 EUR 5,110 thousand), advance payments and accrued income of EUR 69,173 thousand (2021 \u2013 EUR 35,182 thousand) and prepayments of EUR 33,961 thousand (2021 \u2013 EUR 21,479 thousand). Short-term receivables overdue more than six months total EUR 5,245 thousand (2021 \u2013EUR 3,143 thou- sand). Total expected credit losses are EUR 5,580 thousand (2021 \u2013 EUR 4,137 thousand). Other tax receivables consist primarily of value added tax receivables of EUR 67,023 thousand (2021 \u2013 EUR 45,692 thousand). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years. as at 31 December 2022 In EUR thousand Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired Current (not past due) 0.83% 39,610 -331 39,279 No 1 - 30 days past due 1.84% 10,559 -194 10,365 No 31 - 60 days past due 7.30% 1,651 -120 1,531 No 61 - 90 days past due 10.33% 1,597 -165 1,432 No 91 - 182 days past due 36.36% 1,455 -529 926 No 184 - 365 days past due 65.06% 2,874 -1,870 1,004 Yes Paid in more than 365 days past due 100.00% 2,371 -2,371 -- Yes Balance at 31 December 2022 60,117 -5,580 54,537 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 2021 40,554 -4,137 36,417 22. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 660,631 thousand (2021 \u2013 EUR 892,816 thousand) consist primarily of short-term deposits of EUR 221,224 thousand (2021 \u2013 EUR 700,000 thousand) and cash at bank accounts of EUR 439,292 thousand (2021 \u2013 EUR 192,682 thousand). Restricted cash amounts to EUR 1,341 thousand (2021 \u2013 EUR 1,086 thousand) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve ac- counts 27. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR thousand 2022 2021 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 1,874,481 1,115,412 Accrued arrangement fees -6,352 -4,941 Balance at 31 December 1,868,129 1,110,471 Current liabilities Interest-bearing loans and borrowings from financial institutions 24,672 23,186 Accrued interest 640 -- Accrued arrangement fees -582 -2,353 Balance at 31 December 24,730 20,833 Total balance at 31 December 1,892,859 1,131,304 In EUR thousand 2022 2021 Nominal value Fair value Nominal value Fair value Interest-bearing loans and borrowings from financial institutions 1,899,153 1,545,444 1,138,598 1,138,598 The valuation model of fair value of bank loans considers the present value of expected payments, discounted using risk adjusted discount rate. The Group has determined that all of its Interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. All of the Group\u2019s interest-bearing loans and borrowings from financial institutions have loan-to-value and debt service coverage ratio covenants. As at 31 December 2022, there was no breach of covenant conditions. All interest-bearing loans and borrowings from financial institutions are secured for 2022 and 2021. Bank loans are secured over investment property with a carrying amount of EUR 4,332,358 thousand (2021 \u2013 2,492,295 EUR thousand) and investment property under development with a carrying amount of EUR 295,307 thousand (2021 \u2013 EUR 19,970 thousand). Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the subsidiaries. Share pledges related to interest-bearing loans are described in Note 37. Residual maturity of loans and borrowings from financial institutions as at 31 December 2022 and 31 De- cember 2021 was as follows: In EUR thousand Balance as at 31 December 2022 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 24,671 29,170 130,681 1,714,631 1,899,153 In EUR thousand Balance as at 31 December 2021 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 23,186 26,710 111,998 976,704 1,138,598 Bank loans with nominal value of EUR 267,207 thousand have interest rate based on EURIBOR, plus margin that vary from 0.623% to 2.174% (2021 \u2013 EUR 29,659 thousand, interest rate from 0.53% to 1.60%). The rest of bank loans have fixed interest rates from 0.75% to 4.71% (2021 \u2013 from 1.1% - 1.90%). In September 2022, the Group received a syndicated bank loan of EUR 445,000 thousand, with fixed inter- est rate of 4.71%, due in 2029. In December 2022, the Group received bank loan of EUR 175,000 thousand, with variable interest rate of 3M EURIBOR with margin 1.80%, due in 2031. Bank loans of EUR 1,971,259 thousand were repaid in 2021 from bonds issued in the years 2020 and 2021. In September 2021, the Group received a syndicated bank loan of EUR 600,000 thousand, with fixed inter- est rate of 1.55%, due in 2031. In 2021, the Company replaced a revolving credit facility from the year 2020 with a new revolving credit fa- cility 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 2023. No significant changes to estimation techniques or assumptions were made during the reporting period. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities: In EUR thousand Bank loans Related party loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Non-controlling interest Total Balance as at 1 January 2022 1,131,304 18 3,381,692 13,833 -172 -- 64,063 2,661,979 1,350,856 -- 8,603,573 Changes from financing cash flows Proceeds from bonds -- -- 733,368 -- -- -- -- -- -- -- 733,368 Proceeds from loans and borrowings 628,987 -- -- -- -- -- -- -- -- -- 628,987 Transaction costs related to loans and borrowings, bonds and issue of shar capital -2,554 -- -2,200 -- -- -- -- -- -- -- -4,754 Acquisition of NCI -- -- -- -- -- -- 1,226 96,593 -2,247 -97,819 -2,247 Repayment of the loans and borrow-ings and bonds -101,637 -- -289,564 -- -- -- -- -- -- -- -391,201 Dividend in cash -- -- -- -- -- -- 580 -124,540 -- -- -123,960 Payment of lease liabilities -- -- -- -3,010 -- -- -- -- -- -- -3,010 Total changes in financing cash flows 524,796 -- 441,604 -3,010 -- -- 1,806 -27,947 -2,247 -97,819 837,183 Change in fair value -- -- -- -- -6,600 2,548 -- -- -- -- -4,052 Other adjustment -1,002 -16 2,552 12,084 -44,149 12,111 -- -- -991 -- 19,411 Share issuance related to DIR -- -- -- -- -- -- 5,183 390,489 395,671 Acquisition of subsidiaries 232,991 -- 140,026 25,623 -125 36 -- -- -- 95,943 494,494 Profit for the period -- -- -- -- -- -- -- -- 794,649 1,876 796,525 Interest expense incl. arrangement fee 35,200 1 49,455 -- -- 288 -- -- -- -- 84,944 Interest paid -30,430 -- -33,979 -- -- -288 -- -- -- -- -64,697 Other liability related changes 236,759 -15 158,054 37,707 -44,274 12,147 5,183 390,489 793,658 97,819 1,687,527 Balance at 31 December 2022 1,892,859 3 3,981,350 48,530 -51,046 14,695 71,052 3,024,521 2,142,267 -- 11,124,231 In EUR thousand Bankloans Relatedparty loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Total Balance as at 1 January 2021 2,352,287 37,172 1,041,971 5,235 -- 34,066 53,760 1,858,460 324,862 5,707,813 Changes from financing cash flows Proceeds from bonds -- -- 2,479,615 -- -- -- -- -- -- 2,479,615 Proceeds from loans and borrowings 677,468 -- -- -- -- -- -- -- -- 677,468 Transaction costs related to loans and borrowings, bonds and issue of share capital -4,669 -- -18,076 -- -- -22,599 -- -34,904 -- -80,248 Repayment of the loans and borrowings and bonds -1,971,259 -35,968 -148,709 -- -- -- -- -- -- -2,155,936 Proceeds from the issue of share capital -- -- -- -- -- -- 9,763 844,475 -- 854,238 Dividend in cash -- -- -- -- -- -- -- -5,513 -- -5,513 Payment of lease liabilities -- -- -- -974 -- -- -- -- -- -974 Total changes in financing cash flows -1,298,460 -35,968 2,312,830 -974 -- -22,599 9,763 804,058 -- 1,768,650 Change in fair value -- -- -- -- -172 -11,955 -- -- -- -12,127 Other adjustment -5,322 -164 17,084 2,425 -- 488 -- 1 58 14,570 Acquisition of subsidiaries 65,867 -- -- 7,147 -- -- -- -- -- 73,014 Dividend in stock -- -- -- -- -- -- 540 -540 -- -- Profit for the period -- -- -- -- -- -- -- -- 1,025,936 1,025,936 Interest expense 38,911 383 26,120 -- -- 5,469 -- -- -- 70,883 Interest paid -21,979 -1,405 -16,313 -- -- -5,469 -- -- -- -45,166 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 28. BONDS In EUR thousand 2022 2021 Non-current bonds 3,563,788 3,368,202 Current bonds 417,562 13,490 Total 3,981,350 3,381,692 Current period Bonds issued by CTP N.V. Bond Issuance Date ISIN Nominal value of total bonds issuedin EUR Nominal value of each bond in EUR Currency Type Fix in-terestrate per annum (\"p.a\") Maturity date Fair value of bonds(In TEUR ) 1 July 2022 XS2390546849 49,500,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 29,991 20 Jan 2022 XS2434791690 700,000,000 100,000 EUR senior unsecured 0.875% 20 Jan 2026 571,942 27 Sept 2021 XS2390530330 500,000,000 100,000 EUR senior unsecured 0.625% 27 Sept 2026 382,910 27 Sept 2021 XS2390546849 500,000,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 302,935 21 June 2021 XS2356029541 500,000,000 100,000 EUR senior unsecured 0.500% 21 June 2025 419,930 21 June 2021 XS2356030556 500,000,000 100,000 EUR senior unsecured 1.250% 21 June 2029 330,200 18 Feb 2021 XS2303052695 500,000,000 100,000 EUR senior unsecured 0.750% 18 Feb 2027 374,595 27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 379,784 1 Oct 2020 XS2238342484 331,813,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 286,813 Total 3,981,313,000 3,079,100 Bonds acquired 9 June 2021 DE000A3E5L07 20,000,000 100,000 EUR senior unsecured 3.300% 9 June 2031 14,240 Total Bonds 4,001,313,000 3,093,340 On 1 July 2022, the CTP N.V. issued EUR 49.5 million unsecured bonds with a nominal value of EUR 100,000 each under emission from 27 September 2021 with ISIN number XS2390546849. The bonds are issued as subordinated, with a fixed interest rate of 1.5% per annum (\u201cp.a.\u201d), and the bonds are due on 27 September 2031. There are no covenants related to the bonds. On 24 January 2022, the Group repaid bonds from the emission with ISIN XS2238342484 in a nominal value of EUR 168,189 thousand. On 20 January 2022, the Group has issued new bond with the emission ISIN XS2434791690 in the nominal value of EUR 700,000 thousand. On 3 February 2022, the Group acquired the subsidiary Deutsche Industrie Grundbesitz AG, where bonds with a nominal value of EUR 138,000 thousand were acquired as follows: ISIN Nominal value of total bonds issued (In EUR) Currency Fix interest rate per annum (\"p.a\") Maturity date DE000A3E5L07 20,000,000 EUR 3.300% 9 June 2031 DE000A2GS3T9 118,000,000 EUR 4.000% 30 August 2022 138,000,000 On 17 May 2022, the Group repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within Deutsche Industrie Grundbesitz AG) with a nominal value of EUR 118,000 thousand. Prior period Bond Issuance Date ISIN Nominal value of total bonds issued Nominal value of each bond Currency Type Fix in-terest 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 On 29 September 2021, the Group repaid bonds from the first issuance that occurred in October 2020 with a nominal value of EUR 149,998 thousand. In EUR thousand 2022 2021 Non-current liabilities Bonds issued - nominal value 4,299,500 3,550,000 Repayment of bonds \u2013 nominal value -318,187 -149,998 Nominal value after repayment 3,981,313 3,400,002 Bonds acquired 140,026 -- Repayment of bonds acquired -120,026 -- Interest liability 18,957 13,490 Discount applied -43,206 -27,878 Amortisation of applied discount 10,163 3,796 Bond issuance costs -8,869 -9,200 Amortisation of bond issuance costs 2,992 1,482 Total 3,981,350 3,381,692 Transaction costs paid in cash as at 31 December 2022 was EUR 2,200 thousand (2021 \u2013 EUR 18,076 thou- sand). There are no financial covenants related to the bonds. 29. TRADE AND OTHER PAYABLES Non-current In EUR thousand 2022 2021 Non-current trade payables and other liabilities 57,907 51,525 Liabilities from operating leases 46,045 13,066 Balance at 31 December 103,952 64,591 Current In EUR thousand 2022 2021 Trade payables and other liabilities 318,432 236,331 Liabilities from operating leases 2,485 817 Balance at 31 December 320,917 237,148 In 2022, trade payables and other liabilities consist primarily of liabilities for constructions works. In 2021, trade payables and other liabilities consisted primarily of liabilities for constructions works and liabilities from the acquisition of subsidiaries (refer to Note 6). 31. DERIVATIVE FINANCIAL INSTRUMENTS In EUR thousand 2022 2021 Fair value of derivatives - non-current asset 9,165 126 Fair value of derivatives - current asset 41,881 46 Fair value of derivatives - assets 51,046 172 Fair value of derivatives - non-current liability -2,018 -- Fair value of derivatives - current liability -12,677 -- Fair value of derivatives - liabilities -14,695 -- Total 36,351 172 Accrued interest on derivatives -- -- Total derivatives 36,351 172 All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de- termine fair value. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 23). As at 31 December 2022 CTP held the following derivative financial instruments: Derivative financial instruments - assets Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2023 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725,000 EUR 44,088 Interest rate swaps 2025 \u20132030 -- 3M Euribor from -0.295% to 0.21% EUR 69,990 EUR 6,958 Total receivables from derivatives 51,046 Derivative financial instruments - liabilities Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375,000 EUR -12,112 Interest rate swaps 2025 \u2013 2028 -- 3M Euribor from 04% to 0.2% EUR 23,476 EUR -2,583 Total liabilities from derivatives -14,695 As at 31 December 2021 CTP held the following derivative financial instruments: Derivative financial instruments Due within maturity date Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps 2025 \u2013 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172 Total receivables from derivatives 172 ",
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"fact-40": {
"value": "21. TRADE AND OTHER RECEIVABLES Non-current In EUR thousand 2022 2021 Long term advances paid 14,674 97,014 Restricted cash 1,341 1,086 Other assets 1,999 2,639 Total trade and other receivables 18,014 100,739 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 official in relation to the third party), in order to conclude whether the commission fee is according to CTP\u2019s standards and agreed transaction price for the land is at arm\u2019s length and to have sufficiently evaluated risks in accordance with CTP internal policies. Current In EUR thousand 2022 2021 Trade receivables 54,537 36,417 Other assets 113,201 61,771 Other tax receivables 67,846 45,894 Total trade and other receivables 235,584 144,082 Trade receivables consist primarily of receivables from rent and rent related income. Other assets consist primarily of deferrals of EUR 10,067 thousand (2021 \u2013 EUR 5,110 thousand), advance payments and accrued income of EUR 69,173 thousand (2021 \u2013 EUR 35,182 thousand) and prepayments of EUR 33,961 thousand (2021 \u2013 EUR 21,479 thousand). Short-term receivables overdue more than six months total EUR 5,245 thousand (2021 \u2013EUR 3,143 thou- sand). Total expected credit losses are EUR 5,580 thousand (2021 \u2013 EUR 4,137 thousand). Other tax receivables consist primarily of value added tax receivables of EUR 67,023 thousand (2021 \u2013 EUR 45,692 thousand). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years. as at 31 December 2022 In EUR thousand Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired Current (not past due) 0.83% 39,610 -331 39,279 No 1 - 30 days past due 1.84% 10,559 -194 10,365 No 31 - 60 days past due 7.30% 1,651 -120 1,531 No 61 - 90 days past due 10.33% 1,597 -165 1,432 No 91 - 182 days past due 36.36% 1,455 -529 926 No 184 - 365 days past due 65.06% 2,874 -1,870 1,004 Yes Paid in more than 365 days past due 100.00% 2,371 -2,371 -- Yes Balance at 31 December 2022 60,117 -5,580 54,537 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 2021 40,554 -4,137 36,417 ",
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"value": "Non-current In EUR thousand 2022 2021 Long term advances paid 14,674 97,014 Restricted cash 1,341 1,086 Other assets 1,999 2,639 Total trade and other receivables 18,014 100,739 22. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 660,631 thousand (2021 \u2013 EUR 892,816 thousand) consist primarily of short-term deposits of EUR 221,224 thousand (2021 \u2013 EUR 700,000 thousand) and cash at bank accounts of EUR 439,292 thousand (2021 \u2013 EUR 192,682 thousand). Restricted cash amounts to EUR 1,341 thousand (2021 \u2013 EUR 1,086 thousand) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve ac- counts . ",
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"fact-446": {
"value": "Other assets consist primarily of deferrals of EUR 10,067 thousand (2021 \u2013 EUR 5,110 thousand), advance payments and accrued income of EUR 69,173 thousand (2021 \u2013 EUR 35,182 thousand) and prepayments of EUR 33,961 thousand (2021 \u2013 EUR 21,479 thousand). ",
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"fact-423": {
"value": "Short-term receivables overdue more than six months total EUR 5,245 thousand (2021 \u2013EUR 3,143 thou- sand). Total expected credit losses are EUR 5,580 thousand (2021 \u2013 EUR 4,137 thousand). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years. as at 31 December 2022 In EUR thousand Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired Current (not past due) 0.83% 39,610 -331 39,279 No 1 - 30 days past due 1.84% 10,559 -194 10,365 No 31 - 60 days past due 7.30% 1,651 -120 1,531 No 61 - 90 days past due 10.33% 1,597 -165 1,432 No 91 - 182 days past due 36.36% 1,455 -529 926 No 184 - 365 days past due 65.06% 2,874 -1,870 1,004 Yes Paid in more than 365 days past due 100.00% 2,371 -2,371 -- Yes Balance at 31 December 2022 60,117 -5,580 54,537 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 2021 40,554 -4,137 36,417 Impairment losses on financial assets recognised in profit or loss were as follows: In EUR thousand 2022 2021 Impairment to trade receivables 5,580 4,137 Total 5,580 4,137 The movement in the allowance for impairment in respect of trade receivables during the year was as fol- lows: In EUR thousand 2022 2021 Balance as at 1 January 4,137 3,257 Net remeasurement of loss allowance 1,443 880 Balance at 31 December 5,580 4,137 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2022 and 2021 respectively: In EUR thousand for the year 2022 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount Cash and cash equivalents Low risk 0% 660,631 -- 660,631 Restricted cash Low risk 0% 1,341 -- 1,341 Receivables due from related parties Low risk 0% 45,577 -- 45,577 Trade receivables * Low to Fair risk 9% 60,117 -5,580 54,537 Total 767,666 -5,580 762,086 In EUR thousand for the year 2021 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount 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 * Weighted average loss rate related to Trade receivables is calculated in Note 21. ",
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"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 660,631 thousand (2021 \u2013 EUR 892,816 thousand) consist primarily of short-term deposits of EUR 221,224 thousand (2021 \u2013 EUR 700,000 thousand) and cash at bank accounts of EUR 439,292 thousand (2021 \u2013 EUR 192,682 thousand). Restricted cash amounts to EUR 1,341 thousand (2021 \u2013 EUR 1,086 thousand) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve ac- counts . ",
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"value": "23. EQUITY Issued capital and Share premium As at 31 December 2022, the issued capital comprised of the following: Type of shares No. of shares Nominal value of share Issued capital in EUR Ordinary shares 444,100,549 EUR 0.16 71,056,088 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2022 400,392,810 64,063 2,661,979 3 February 2022 Share issuance connected with DIR acquisition 32,421,325 5,187 391,030 9 June 2022 Dividends paid in form of shares 763,581 122 -68,064 23 August 2022 Share issuance connected with merger of DIR and CTP N.V. 7,659,590 1,226 96,593 5 September 2022 Dividends paid in form of shares 2,863,243 458 -56,476 Balance at 31 December 2022 444,100,549 71,056 3,025,062 Treasury shares -27,976 -4 -541 Total balance at 31 December 2022 444,072,573 71,052 3,024,521 On 3 February 2022, the Group acquired Deutsche Industrie REIT-AG (currently CTP Germany B.V.). CTP of- fered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share (the \u201cShare Consideration\u201d). The transaction resulted in the issuance of 32,421,325 new shares of CTP N.V. For details refer to Note 6. Following its Annual General Meeting on 26 April 2022, CTP N.V. announced a final 2021 dividend of EUR 0.18 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 18 May 2022. The number of dividend rights that entitles to one new ordinary share was set at 72.5. Shareholders representing approximately 88% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 12% of the total number of outstanding ordi- nary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 9 June 2022. On 23 August 2022 CTP N.V. completed the merger with Deutsche Industrie Grundbesitz AG (acquired on 3 February 2022). As a result of the merger, CTP N.V. acquired shares from former shareholders of Deutsche Industrie Grundbesitz AG. CTP offered a share consideration of 1.25 shares in the share capital of CTP (the \u201cCTP Shares\u201d) for each tendered DIR Share. The transaction resulted in issuance of 7,659,590 new shares of CTP N.V. On 10 August 2022, an interim dividend of EUR 0.22 per share for the first half of 2022 was announced. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 29 August 2022. The number of dividend rights that entitles to one new ordinary share was set at 62.5. Shareholders represent- ing approximately 59% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 41% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,863,243 to a total of 444,100,549 ordinary shares. The payment date for the dividend pay- ment in cash and delivery of the ordinary shares was 5 September 2022. 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 Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2021 336,000,000 53,760 1,858,460 29 March 2021 Share issuance connected with IPO 61,017,000 9,763 809,572 9 June 2021 Dividends paid in form of shares 3,375,810 540 -6,053 Balance at 31 December 2021 444,100,549 71,056 3,025,062 As at 29 March 2021, an additional 61,017,000 shares were issued, with nominal value of EUR 0.16 per share. On 29 March 2021, the Company issued new shares on Amsterdam\u2019s stock exchange. On 17 August 2021, CTP N.V. announced an 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 one new ordinary CTP share was set at 108. The conversion ratio was based on the volume-weighted average price of the CTP share during the period from 26 August 2021 up to and including 30 August 2021. Shareholders representing 92% of the total number of outstanding ordinary shares chose 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 was 22 Sep- tember 2021. ",
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"value": "Movements in Issued capital and Share premium Nr. of shares Issued capital Share premium In thousands of EUR In thousands of EUR Balance at 1 January 2022 400,392,810 64,063 2,661,979 3 February 2022 Share issuance connected with DIR acquisition 32,421,325 5,187 391,030 9 June 2022 Dividends paid in form of shares 763,581 122 -68,064 23 August 2022 Share issuance connected with merger of DIR and CTP N.V. 7,659,590 1,226 96,593 5 September 2022 Dividends paid in form of shares 2,863,243 458 -56,476 Balance at 31 December 2022 444,100,549 71,056 3,025,062 Treasury shares -27,976 -4 -541 Total balance at 31 December 2022 444,072,573 71,052 3,024,521 ",
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"value": "0.22",
"decimals": 4,
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"fact-460": {
"value": "0.17",
"decimals": 4,
"dimensions": {
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"fact-425": {
"value": "Cash flow hedge reserve Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR 23,727 thousand net of tax as at 31 December 2022 (2021 \u2013 EUR 0 thousand). Translation reserve The translation reserve of EUR 4,547 thousand (2021 \u2013 EUR 10,716 thousand) comprises all foreign ex- change differences arising from the translation of the financial statements from the functional to the pres- entation currency (refer to Note 3f). ",
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"fact-426": {
"value": "Profit distribution In June 2022, the Group paid final dividends for the year 2021 of EUR 77,907 thousand, out of which EUR 67,942 thousand were paid in cash and the rest of dividends were paid in form of new shares. In September 2022, the Group has paid interim dividends for the year 2022 of EUR 95,387 thousand, out of which EUR 56,018 thousand were paid in cash and the rest of dividends were paid in form of new shares. In 2021, the Group paid dividends of EUR 67,492 thousand, of which EUR 5,513 thousand were paid in cash and the rest in new shares. ",
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"fact-448": {
"value": "24. SHARE-BASED PAYMENTS On 30 April 2021 and 30 April 2022, the Company granted a conditional share award under the LTIP to a Director. This award has a vesting period of three years, and vesting is subject to continued services up to vesting and depends on the Company\u2019s total shareholder return (\u201cTSR\u201d). Vesting of 50% of the number of awards granted is subject to an Absolute TSR condition, and 50% is subject to 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 2022, the total share-based payment expense recognised for the equity-settled awards was EUR 176 thousand (2021 \u2013 EUR 85 thousand). ",
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"fact-42": {
"value": "25. EARNINGS PER SHARE Basic earnings per share (\u201cEPS\u201d) Basic EPS calculations are based on the following profit attributable to ordinary shareholders and weight- ed-average number of ordinary shares outstanding. In EUR thousand 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Profit/(loss) attributable to Equity holders of the Company 794,649 1,025,936 Dividends on non-redeemable preference shares -- -- Profit/(loss) attributable to ordinary shareholders 794,649 1,025,936 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Issued ordinary shares at 1 January 400,392,810 336,000,000 Effect of shares issued related to a business combination -- -- Effects of shares issued in 2022/2021 33,588,692 47,407,350 Weighted-average number of ordinary shares at 31 December 433,981,502 383,407,350 Earnings per share 1.83 2.68 The denominator in the calculation of basic EPS for the years 2022 and 2021 is the weighted average num- ber of ordinary shares less treasury shares as at 31 December 2022 and 31 December 2021, respectively. Diluted earnings per share The calculation of diluted EPS is based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. In EUR thousand 1.1.2022 - 31.12.2022 1.1.2021 - 31.12.2021 Profit (loss) attributable to Equity holders of the Company (basic) 794,649 1,025,936 Interest expense on convertible notes, net of tax -- -- Profit/(loss) attributable to ordinary shareholders 794,649 1,025,936 2022 2021 Weighted-average number of ordinary shares (basic) 433,981,502 383,407,350 Effect of conversion of convertible notes -- -- Effect of share options on issue -- -- Long-term incentive plan 28,913 10,202 Weighted-average number of ordinary shares (diluted) at 31 December 434,010,416 383,417,553 Earnings per share (diluted) 1.83 2.68 ",
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"fact-427": {
"value": "26. NON-CONTROLLING INTEREST On 3 February 2022, the Group acquired 80.9 % ownership interest in Deutsche Industrie REIT-AG (current- ly CTP Germany B.V.). For details refer to Note 6. Share of non-controlling interest as at date of acquisition corresponds to 19.1% of the outstanding share capital in Deutsche Industrie Grundbesitz AG. In EUR thousand 3 February 2022 NCI percentage 19.10% Non-current assets 850,539 Current assets 122,587 Non-current liabilities * -373,054 Current liabilities -97,757 Net assets 502,315 Net assets attributable to NCI 95,943 * Non-current liabilities also include the pre-acquisition loan of EUR 67,458 thousand provided by CTP N.V. to DIR. On 23 August 2022, CTP N.V. completed the merger with Deutsche Industrie Grundbesitz AG. As a result of the merger, the legal integration of Deutsche Industrie Grundbesitz AG into the CTP group was completed. CTP acquired 100% ownership of Deutsche Industrie Grundbesitz AG and the entity ceased to exist without liquidation. For details refer to Note 6. As at date of cross border merger and acquisition of additional 19.1% of ownership interest in DIR, the infor- mation related to acquired share are as follows: Net assets attributable to NCI as at date of acquisition 95,943 Revenue 35,763 Profit 9,822 Other comprehensive income -- Total comprehensive income 9,822 Other Adjustment in profit loss allocated to NCI -- Profit/(loss) allocated to NCI 1,876 OCI allocated to NCI -- Net assets attributable to NCI as at date of merger/demerger 97,819 In 2022, the Group acquired additional 9.9% ownership interest in CTP Delta B.V. with impact on Equity of EUR 2,247 thousand. As at 31 December 2021 non-controlling interest (NCI) in the consolidated companies of the Group was EUR 0 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 Decem- ber 2021 was of EUR 2 thousand and non-controlling interest was EUR 0 thousand. ",
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"fact-468": {
"value": "27. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR thousand 2022 2021 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 1,874,481 1,115,412 Accrued arrangement fees -6,352 -4,941 Balance at 31 December 1,868,129 1,110,471 Current liabilities Interest-bearing loans and borrowings from financial institutions 24,672 23,186 Accrued interest 640 -- Accrued arrangement fees -582 -2,353 Balance at 31 December 24,730 20,833 Total balance at 31 December 1,892,859 1,131,304 In EUR thousand 2022 2021 Nominal value Fair value Nominal value Fair value Interest-bearing loans and borrowings from financial institutions 1,899,153 1,545,444 1,138,598 1,138,598 The valuation model of fair value of bank loans considers the present value of expected payments, discounted using risk adjusted discount rate. The Group has determined that all of its Interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. All of the Group\u2019s interest-bearing loans and borrowings from financial institutions have loan-to-value and debt service coverage ratio covenants. As at 31 December 2022, there was no breach of covenant conditions.All interest-bearing loans and borrowings from financial institutions are secured for 2022 and 2021. Bank loans are secured over investment property with a carrying amount of EUR 4,332,358 thousand (2021 \u2013 2,492,295 EUR thousand) and investment property under development with a carrying amount of EUR 295,307 thousand (2021 \u2013 EUR 19,970 thousand). Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the subsidiaries. Share pledges related to interest-bearing loans are described in Note 37. Residual maturity of loans and borrowings from financial institutions as at 31 December 2022 and 31 De- cember 2021 was as follows: In EUR thousand Balance as at 31 December 2022 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 24,671 29,170 130,681 1,714,631 1,899,153 In EUR thousand Balance as at 31 December 2021 Due within Due in follow. years Total 1 year 2 years 3-5 years Interest-bearing loans and borrowings from financial institutions 23,186 26,710 111,998 976,704 1,138,598 Bank loans with nominal value of EUR 267,207 thousand have interest rate based on EURIBOR, plus margin that vary from 0.623% to 2.174% (2021 \u2013 EUR 29,659 thousand, interest rate from 0.53% to 1.60%). The rest of bank loans have fixed interest rates from 0.75% to 4.71% (2021 \u2013 from 1.1% - 1.90%). In September 2022, the Group received a syndicated bank loan of EUR 445,000 thousand, with fixed inter- est rate of 4.71%, due in 2029. In December 2022, the Group received bank loan of EUR 175,000 thousand, with variable interest rate of 3M EURIBOR with margin 1.80%, due in 2031. Bank loans of EUR 1,971,259 thousand were repaid in 2021 from bonds issued in the years 2020 and 2021. In September 2021, the Group received a syndicated bank loan of EUR 600,000 thousand, with fixed inter- est rate of 1.55%, due in 2031. In 2021, the Company replaced a revolving credit facility from the year 2020 with a new revolving credit fa- cility 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 2023. No significant changes to estimation techniques or assumptions were made during the reporting period. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities: In EUR thousand Bank loans Related party loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Non-controlling interest Total Balance as at 1 January 2022 1,131,304 18 3,381,692 13,833 -172 -- 64,063 2,661,979 1,350,856 -- 8,603,573 Changes from financing cash flows Proceeds from bonds -- -- 733,368 -- -- -- -- -- -- -- 733,368 Proceeds from loans and borrowings 628,987 -- -- -- -- -- -- -- -- -- 628,987 Transaction costs related to loans and borrowings, bonds and issue of shar capital -2,554 -- -2,200 -- -- -- -- -- -- -- -4,754 Acquisition of NCI -- -- -- -- -- -- 1,226 96,593 -2,247 -97,819 -2,247 Repayment of the loans and borrow-ings and bonds -101,637 -- -289,564 -- -- -- -- -- -- -- -391,201 Dividend in cash -- -- -- -- -- -- 580 -124,540 -- -- -123,960 Payment of lease liabilities -- -- -- -3,010 -- -- -- -- -- -- -3,010 Total changes in financing cash flows 524,796 -- 441,604 -3,010 -- -- 1,806 -27,947 -2,247 -97,819 837,183 Change in fair value -- -- -- -- -6,600 2,548 -- -- -- -- -4,052 Other adjustment -1,002 -16 2,552 12,084 -44,149 12,111 -- -- -991 -- 19,411 Share issuance related to DIR -- -- -- -- -- -- 5,183 390,489 395,671 Acquisition of subsidiaries 232,991 -- 140,026 25,623 -125 36 -- -- -- 95,943 494,494 Profit for the period -- -- -- -- -- -- -- -- 794,649 1,876 796,525 Interest expense incl. arrangement fee 35,200 1 49,455 -- -- 288 -- -- -- -- 84,944 Interest paid -30,430 -- -33,979 -- -- -288 -- -- -- -- -64,697 Other liability related changes 236,759 -15 158,054 37,707 -44,274 12,147 5,183 390,489 793,658 97,819 1,687,527 Balance at 31 December 2022 1,892,859 3 3,981,350 48,530 -51,046 14,695 71,052 3,024,521 2,142,267 -- 11,124,231 In EUR thousand Bankloans Relatedparty loans Bonds Lease liabilities IRS - assets IRS - liabilities Issued capital Share premium Retained earnings Total Balance as at 1 January 2021 2,352,287 37,172 1,041,971 5,235 -- 34,066 53,760 1,858,460 324,862 5,707,813 Changes from financing cash flows Proceeds from bonds -- -- 2,479,615 -- -- -- -- -- -- 2,479,615 Proceeds from loans and borrowings 677,468 -- -- -- -- -- -- -- -- 677,468 Transaction costs related to loans and borrowings, bonds and issue of share capital -4,669 -- -18,076 -- -- -22,599 -- -34,904 -- -80,248 Repayment of the loans and borrowings and bonds -1,971,259 -35,968 -148,709 -- -- -- -- -- -- -2,155,936 Proceeds from the issue of share capital -- -- -- -- -- -- 9,763 844,475 -- 854,238 Dividend in cash -- -- -- -- -- -- -- -5,513 -- -5,513 Payment of lease liabilities -- -- -- -974 -- -- -- -- -- -974 Total changes in financing cash flows -1,298,460 -35,968 2,312,830 -974 -- -22,599 9,763 804,058 -- 1,768,650 Change in fair value -- -- -- -- -172 -11,955 -- -- -- -12,127 Other adjustment -5,322 -164 17,084 2,425 -- 488 -- 1 58 14,570 Acquisition of subsidiaries 65,867 -- -- 7,147 -- -- -- -- -- 73,014 Dividend in stock -- -- -- -- -- -- 540 -540 -- -- Profit for the period -- -- -- -- -- -- -- -- 1,025,936 1,025,936 Interest expense 38,911 383 26,120 -- -- 5,469 -- -- -- 70,883 Interest paid -21,979 -1,405 -16,313 -- -- -5,469 -- -- -- -45,166 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 ",
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"fact-469": {
"value": "28. BONDS In EUR thousand 2022 2021 Non-current bonds 3,563,788 3,368,202 Current bonds 417,562 13,490 Total 3,981,350 3,381,692 Current period Bonds issued by CTP N.V. Bond Issuance Date ISIN Nominal value of total bonds issuedin EUR Nominal value of each bond in EUR Currency Type Fix in-terestrate per annum (\"p.a\") Maturity date Fair value of bonds(In TEUR ) 1 July 2022 XS2390546849 49,500,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 29,991 20 Jan 2022 XS2434791690 700,000,000 100,000 EUR senior unsecured 0.875% 20 Jan 2026 571,942 27 Sept 2021 XS2390530330 500,000,000 100,000 EUR senior unsecured 0.625% 27 Sept 2026 382,910 27 Sept 2021 XS2390546849 500,000,000 100,000 EUR senior unsecured 1.500% 27 Sept 2031 302,935 21 June 2021 XS2356029541 500,000,000 100,000 EUR senior unsecured 0.500% 21 June 2025 419,930 21 June 2021 XS2356030556 500,000,000 100,000 EUR senior unsecured 1.250% 21 June 2029 330,200 18 Feb 2021 XS2303052695 500,000,000 100,000 EUR senior unsecured 0.750% 18 Feb 2027 374,595 27 Nov 2020 XS2264194205 400,000,000 100,000 EUR senior unsecured 0.625% 27 Nov 2023 379,784 1 Oct 2020 XS2238342484 331,813,000 100,000 EUR senior unsecured 2.125% 1 Oct 2025 286,813 Total 3,981,313,000 3,079,100 Bonds acquired 9 June 2021 DE000A3E5L07 20,000,000 100,000 EUR senior unsecured 3.300% 9 June 2031 14,240 Total Bonds 4,001,313,000 3,093,340 On 1 July 2022, the CTP N.V. issued EUR 49.5 million unsecured bonds with a nominal value of EUR 100,000 each under emission from 27 September 2021 with ISIN number XS2390546849. The bonds are issued as subordinated, with a fixed interest rate of 1.5% per annum (\u201cp.a.\u201d), and the bonds are due on 27 September 2031. There are no covenants related to the bonds. On 24 January 2022, the Group repaid bonds from the emission with ISIN XS2238342484 in a nominal value of EUR 168,189 thousand. On 20 January 2022, the Group has issued new bond with the emission ISIN XS2434791690 in the nominal value of EUR 700,000 thousand. On 3 February 2022, the Group acquired the subsidiary Deutsche Industrie Grundbesitz AG, where bonds with a nominal value of EUR 138,000 thousand were acquired as follows: ISIN Nominal value of total bonds issued (In EUR) Currency Fix interest rate per annum (\"p.a\") Maturity date DE000A3E5L07 20,000,000 EUR 3.300% 9 June 2031 DE000A2GS3T9 118,000,000 EUR 4.000% 30 August 2022 138,000,000 On 17 May 2022, the Group repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within Deutsche Industrie Grundbesitz AG) with a nominal value of EUR 118,000 thousand. Prior period Bond Issuance Date ISIN Nominal value of total bonds issued Nominal value of each bond Currency Type Fix in-terest 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 On 29 September 2021, the Group repaid bonds from the first issuance that occurred in October 2020 with a nominal value of EUR 149,998 thousand. In EUR thousand 2022 2021 Non-current liabilities Bonds issued - nominal value 4,299,500 3,550,000 Repayment of bonds \u2013 nominal value -318,187 -149,998 Nominal value after repayment 3,981,313 3,400,002 Bonds acquired 140,026 -- Repayment of bonds acquired -120,026 -- Interest liability 18,957 13,490 Discount applied -43,206 -27,878 Amortisation of applied discount 10,163 3,796 Bond issuance costs -8,869 -9,200 Amortisation of bond issuance costs 2,992 1,482 Total 3,981,350 3,381,692 Transaction costs paid in cash as at 31 December 2022 was EUR 2,200 thousand (2021 \u2013 EUR 18,076 thou- sand). There are no financial covenants related to the bonds. ",
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"fact-470": {
"value": "29. TRADE AND OTHER PAYABLES Non-current In EUR thousand 2022 2021 Non-current trade payables and other liabilities 57,907 51,525 Liabilities from operating leases 46,045 13,066 Balance at 31 December 103,952 64,591 Current In EUR thousand 2022 2021 Trade payables and other liabilities 318,432 236,331 Liabilities from operating leases 2,485 817 Balance at 31 December 320,917 237,148 In 2022, trade payables and other liabilities consist primarily of liabilities for constructions works. In 2021, trade payables and other liabilities consisted primarily of liabilities for constructions works and liabilities from the acquisition of subsidiaries (refer to Note 6). ",
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"fact-43": {
"value": "30. LEASES Leases as lessee The Group leases various types of assets: offices, parking places, plots of land and 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 offices varies significantly, from one to 17 years. Some leases provide for additional rent payments that are based on changes in local price indices, with an option to terminate the contract within less than twelve months. Parking places are leased for a period of several months up to an indefinite period, with an option to termi- nate the leasing within several days up to three months. Plots of land to operate Group premises are leased from a nineteen-year period to indefinitely. Information about leases for which the Group is a lessee is presented below. Right-of-use assets related to leased assets that do not meet the definition 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 develop- ment Total Balance at 1 January 2022 4,436 2,017 18,241 24,694 Acquisitions -- 30,361 -- 30,361 Additions 5,277 -- -- 5,277 Transfer from investment property under development -- -- -501 -501 Transfer to owned buildings and land -- 501 -- 501 Depreciation -877 -- -- -877 Balance at 31 December 2022 8,836 32,879 17,740 59,455 In EUR thousand Property, plant and equipment Investment property Investment property under develop- ment Total Balance at 1 January 2021 3,814 2,017 -- 5,831 Additions 1,296 -- 18,241 19,537 Depreciation -674 -- -- -674 Balance at 31 December 2021 4,436 2,017 18,241 24,694 Amounts recognised in profit or loss In EUR thousand 2022 2021 Interest on lease liabilities 1,832 103 Expenses relating to short-term leases 167 160 Expenses relating to leases of low-value assets 13 10 Balance at 31 December 2,012 273 Amounts recognised in profit or loss In EUR thousand 2022 2021 Total cash outflows for leases 3,000 974 The remaining performance obligations as at 31 December 2022 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 2,397 1,383 1,294 1,254 1,168 41,034 48,530 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 10,645 13,883 Leases as lessor The Group leases out its own investment property. All leases are classified as operating leases from a lessor perspective because they do not transfer substantially all the risks and rewards incidental to the ownership of the assets. Rental income recognised by the Group during 2022 was EUR 485,017 thousand (2021 \u2013 EUR 334,651 thou- sand). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay- ments to be received after the reporting period. In EUR thousand < 1 year 2-5 years > 5 years Total Lease payments 588,915 1,802,345 1,812,739 4,203,999 ",
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"fact-428": {
"value": "31. DERIVATIVE FINANCIAL INSTRUMENTS In EUR thousand 2022 2021 Fair value of derivatives - non-current asset 9,165 126 Fair value of derivatives - current asset 41,881 46 Fair value of derivatives - assets 51,046 172 Fair value of derivatives - non-current liability -2,018 -- Fair value of derivatives - current liability -12,677 -- Fair value of derivatives - liabilities -14,695 -- Total 36,351 172 Accrued interest on derivatives -- -- Total derivatives 36,351 172 All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de- termine fair value. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 23). As at 31 December 2022 CTP held the following derivative financial instruments: Derivative financial instruments - assets Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2023 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725,000 EUR 44,088 Interest rate swaps 2025 \u20132030 -- 3M Euribor from -0.295% to 0.21% EUR 69,990 EUR 6,958 Total receivables from derivatives 51,046 Derivative financial instruments - liabilities Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375,000 EUR -12,112 Interest rate swaps 2025 \u2013 2028 -- 3M Euribor from 04% to 0.2% EUR 23,476 EUR -2,583 Total liabilities from derivatives -14,695 As at 31 December 2021 CTP held the following derivative financial instruments: Derivative financial instruments Due within maturity date Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps 2025 \u2013 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172 Total receivables from derivatives 172 ",
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"fact-449": {
"value": "31. DERIVATIVE FINANCIAL INSTRUMENTS In EUR thousand 2022 2021 Fair value of derivatives - non-current asset 9,165 126 Fair value of derivatives - current asset 41,881 46 Fair value of derivatives - assets 51,046 172 Fair value of derivatives - non-current liability -2,018 -- Fair value of derivatives - current liability -12,677 -- Fair value of derivatives - liabilities -14,695 -- Total 36,351 172 Accrued interest on derivatives -- -- Total derivatives 36,351 172 All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de- termine fair value. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 23). As at 31 December 2022 CTP held the following derivative financial instruments: Derivative financial instruments - assets Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2023 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725,000 EUR 44,088 Interest rate swaps 2025 \u20132030 -- 3M Euribor from -0.295% to 0.21% EUR 69,990 EUR 6,958 Total receivables from derivatives 51,046 Derivative financial instruments - liabilities Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375,000 EUR -12,112 Interest rate swaps 2025 \u2013 2028 -- 3M Euribor from 04% to 0.2% EUR 23,476 EUR -2,583 Total liabilities from derivatives -14,695 As at 31 December 2021 CTP held the following derivative financial instruments: Derivative financial instruments Due within maturity date Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps 2025 \u2013 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172 Total receivables from derivatives 172 ",
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},
"fact-44": {
"value": "31. DERIVATIVE FINANCIAL INSTRUMENTS In EUR thousand 2022 2021 Fair value of derivatives - non-current asset 9,165 126 Fair value of derivatives - current asset 41,881 46 Fair value of derivatives - assets 51,046 172 Fair value of derivatives - non-current liability -2,018 -- Fair value of derivatives - current liability -12,677 -- Fair value of derivatives - liabilities -14,695 -- Total 36,351 172 Accrued interest on derivatives -- -- Total derivatives 36,351 172 All financial derivatives were stated at fair value as at 31 December 2022 and 31 December 2021, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to de- termine fair value. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 23). As at 31 December 2022 CTP held the following derivative financial instruments: Derivative financial instruments - assets Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2023 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725,000 EUR 44,088 Interest rate swaps 2025 \u20132030 -- 3M Euribor from -0.295% to 0.21% EUR 69,990 EUR 6,958 Total receivables from derivatives 51,046 Derivative financial instruments - liabilities Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375,000 EUR -12,112 Interest rate swaps 2025 \u2013 2028 -- 3M Euribor from 04% to 0.2% EUR 23,476 EUR -2,583 Total liabilities from derivatives -14,695 As at 31 December 2021 CTP held the following derivative financial instruments: Derivative financial instruments Due within maturity date Receiving leg Paying leg Currency Nominal amount Fair value (in EUR thousand) Interest rate swaps 2025 \u2013 2026 3M Euribor from -0.295% to -0.11% EUR 61,303 EUR 172 Total receivables from derivatives 172 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-45": {
"value": "32. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset cur- rent income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: In EUR thousand 2022 2021 Assets Liability Net Assets Liability Net Investment property 11,688 -892,612 -880,924 8,722 -734,501 -725,779 Tax losses 10,987 -- 10,987 9,510 -- 9,510 Property, plant and equipment 35 -- 35 1,153 -- 1,153 Other (receivables, hedge accounting etc.) 16,599 -42,701 -26,102 16,913 -24,518 -7,605 Tax asset/(liabilities) 39,309 -935,313 -896,004 36,298 -759,019 -722,721 Set- off of tax -21,458 21,458 -- -12,246 12,246 -- Net tax assets/ (liabilities) 17,851 -913,855 -896,004 24,052 -746,773 -722,721 Movement in Deferred tax during the year recognised in profit and loss, in equity and in OCI In EUR thousand Balance as at 1 January 2022 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2022 Investment property -725,779 -149,348 99 -- -5,896 -880,924 Tax losses 9,510 1,400 -- -- 77 10,987 Property, plant and equipment 1,153 -1,318 -- 191 9 35 Other (receivables, hedge accounting etc.) -7,605 -10,145 -40 -8,250 -62 -26,102 Total -722,721 -159,411 59 -8,059 -5,872 -896,004 In EUR thousand Balance as at 1 January 2021 Change in temporary differences Change through business combination Deferred tax recognised in OCI Effect of changes in FX rates Balance as at 31 December 2021 Investment property -500,129 -217,223 -753 -- -7,674 -725,779 Tax losses 10,321 -1,005 36 -- 158 9,510 Property, plant and equipment -2,189 5,148 -- -1,772 -34 1,153 Other (receivables, hedge accounting etc.) 1,640 -9,270 -- -- 25 -7,605 Total -490,357 -222,350 -717 -1,772 -7,525 -722,721 Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future taxable profit will be available against which the Group can use the benefits. In EUR thousand 2022 2021 Gross amount Tax effect Gross amount Tax effect Tax losses 24,319 4,222 26,427 4,257 Total 24,319 4,222 26,427 4,257 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. In EUR thousand 2022 Expiry date 2021 Expiry date Expire 24,319 2023-2028 26,427 2022 - 2027 Never expire -- -- Total 24,319 26,427 Amounts recognised in OCI In EUR thousand 2022 2021 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 -1,004 191 -813 9,326 -1,772 7,554 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve 31,977 -8,250 23,727 -- -- --- Change in Translation reserve -7,465 1,296 -6,169 -4,524 782 -3,742 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-46": {
"value": "Current income tax assets and payables The current income tax asset of EUR 6,175 thousand (2021 \u2013 EUR 7,260 thousand) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance pay- ments made exceed income tax payable). The current income tax liabilities of EUR 16,518 thousand (2021 \u2013 EUR 18,289 thousand) represent payables in respect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance payments made). ",
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"fact-429": {
"value": "33. SUBSIDIARIES
The Company had the following investments in subsidiaries as at 31 December 2022 and 31 December 2021
respectively:
Subsidiaries Country 2022 2021 Note
CTP Alpha GmbH Austria 100% 100%
CTP Beta GmbH Austria 100% 100%
CTP Delta GmbH Austria 100% 100%
CTP Epsilon GmbH Austria 100% 100%
CTP Eta GmbH Austria 100% 0% 2/
CTP Gamma GmbH Austria 100% 100%
CTP Invest Immobilien GmbH Austria 100% 100%
CTP Iota GmbH Austria 100% 0% 2/
CTP Theta GmbH Austria 100% 0% 2/
CTP Zeta GmbH Austria 100% 100%
CTP Invest EOOD Bulgaria 100% 100%
CTPark Beta EOOD Bulgaria 100% 100%
CTPark Delta EOOD Bulgaria 100% 100%
CTPark Epsilon EOOD Bulgaria 100% 100%
CTPark Eta EOOD Bulgaria 100% 100%
CTPark Gamma EOOD Bulgaria 100% 100%
CTPark Iota EOOD Bulgaria 100% 100%
CTPark Kappa EOOD Bulgaria 100% 100%
CTPark Lambda EOOD Bulgaria 100% 100%
CTPark Sofia EOOD (formerly Transcapital Airport EOOD) Bulgaria 100% 0% 1/
CTPark Sofia Ring Road EOOD (formerly Transcapital Ring Road EOOD) Bulgaria 100% 0% 1/
CTPark Theta EOOD Bulgaria 100% 100%
CTPark Zeta EOOD Bulgaria 100% 100%
Project Vrajdebna EOOD Bulgaria 100% 100%
Clubco, spol. s r.o. Czech Republic 100% 100%
CTP Alpha, 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 Czech Republic 0% 100% 3/
CTP Bohemia North, spol. s r.o Czech Republic 100% 100%
CTP Bohemia South, spol. s r.o. Czech Republic 100% 100%
CTP Bohemia West, spol. s r.o. Czech Republic 100% 100%
CTP Borsk\u00e1 Pole, spol. s r.o. Czech Republic 100% 100%
CTP CEE Properties, spol. s r.o. 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 Energy CZ, spol. s r.o. (formerly CTP VII, spol. s r.o.) Czech Republic 100% 100%
CTP Forest, 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. Czech Republic 100% 100%
CTP Hotel Pilsen, spol. 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 Czech Republic 0% 100% 3/
Subsidiaries Country 2022 2021 Note CTP II, spol. s r.o. Czech Republic 100% 100% CTP III, spol. s r.o. Czech Republic 100% 100% CTP Industrial Property CZ, spol. s.r.o. Czech Republic 100% 100% 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. 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 Pilsen Region, spol. s r.o. Czech Republic 100% 100% CTP Pon\u00e1vka Business Park, spol. s r.o. Czech Republic 100% 100% CTP Portfolio Finance CZ, spol. s r.o. Czech Republic 100% 100% CTP Property Czech, spol. s r.o Czech Republic 100% 100% CTP Property Romania, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTP Property Serbia, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTP Solar I, a. s. Czech Republic 100% 100% CTP Solar II, a. s. Czech Republic 100% 100% CTP Solar III, spol. s r.o. Czech Republic 100% 100% CTP Solar, a.s. v likvidaci Czech Republic 0% 100% 3/ CTP V, spol. s r.o. Czech Republic 100% 100% CTP VI, spol. s r.o. Czech Republic 100% 100% CTP VIII, spol. s r.o. Czech Republic 100% 100% CTP Vln\u011bna Business Park, spol. s r.o. Czech Republic 100% 100% CTP Vyso\u010dina, spol. s r.o. Czech Republic 100% 100% CTP X, 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. Czech Republic 100% 100% CTP XIV, spol. s r.o. Czech Republic 100% 100% CTP XV, spol. s r.o. Czech Republic 100% 100% CTP XVI, spol. s r.o. Czech Republic 100% 100% CTP XVII, spol. s r.o. Czech Republic 100% 100% CTP XVIII, 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 A\u0161 II, spol. s r.o. Czech Republic 100% 100% CTPark Blu\u010dina, spol. s r.o. (formerly CTP XXI, spol. s r.o.) Czech Republic 100% 100% CTPark Bor II, spol. s r.o. Czech Republic 100% 0% 2/ CTPark Bor III, spol. s r.o. Czech Republic 0% 0% 6/ 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. Czech Republic 100% 100% CTPark Brno III, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o. Czech Republic 100% 100% CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100% CTPark \u010cesk\u00e9 Velenice, spol. s r.o. Czech Republic 100% 100% CTPark Hranice, spol. s r.o. Czech Republic 100% 100% CTPark Chrastava a.s. (formerly RENWON a.s.) Czech Republic 100% 100% CTPark Lys\u00e1 nad Labem, spol. s r.o. Czech Republic 100% 100% CTPark Mlad\u00e1 Boleslav, spol. s r.o. Czech Republic 100% 100% CTPark Mod\u0159ice, 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 Plze\u0148, 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. Czech Republic 100% 100% CTPark Prague West, spol. s r.o. Czech Republic 100% 100% CTPark St\u0159\u00edbro, spol. s r. o. Czech Republic 100% 100% Subsidiaries Country 2022 2021 Note CTPersonnel Bor, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTZone Ostrava, spol. s r.o. Czech Republic 100% 100% KON\u010cINY SPV, s.r.o. Czech Republic 0% 0% 6/ KRMEL\u00cdNSK\u00c1 I s.r.o. Czech Republic 100% 0% 1/ Multidisplay s.r.o. v likvidaci Czech Republic 0% 100% 3/ P\u0158\u00cdDANKY SPV, s.r.o. Czech Republic 0% 100% 7/ Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park, spol. s r.o. Czech Republic 100% 100% CTP Invest Egypt 100% 100% 5/ CTP Real Estate Egypt 100% 100% 5/ CTP Real Estate Development Egypt 100% 100% 5/ Samesova O\u00dc Estonia 100% 100% 5/ Vojtova O\u00dc Estonia 100% 100% 5/ Zemankova O\u00dc Estonia 100% 100% 5/ CTP Alpha France France 100% 100% 5/ CTP Beta France France 100% 100% 5/ CTP France France 100% 100% 5/ CTP Germany GmbH Germany 100% 100% CTP Germany GmbH B.V. (formerly Deutsche Industrie Grundbesitz AG) Germany 100% 0% 1/ CTP Germany II GmbH Germany 100% 100% CTP Germany IV GmbH & Co. KG Germany 0% 100% 7/ CTP Germany III GmbH Germany 0% 100% 7/ CTP Germany IX GmbH Germany 100% 100% CTP Germany V GmbH Germany 100% 100% CTP Germany VI GmbH Germany 100% 100% CTP Germany VII GmbH Germany 100% 100% CTP Germany VIII GmbH Germany 100% 100% CTP Germany X GmbH Germany 100% 100% CTP Invest Germany GmbH Germany 100% 100% CTP Energy Hungary Kft (formerly CTP Solar Hungary Kft) Hungary 100% 100% CTP Management Hungary Kft. Hungary 100% 100% CTPark Alpha Kft. Hungary 100% 100% CTPark Arrabona Kft. Hungary 100% 100% CTPark Beta Kft. Hungary 100% 100% CTPark Biatorb\u00e1gy Kft. Hungary 100% 100% CTPark Delta Kft. Hungary 100% 100% CTPark Eight Kft. Hungary 100% 100% CTPark Eighteen Kft. Hungary 100% 100% CTPark Eleven Kft. Hungary 100% 100% CTPark Fifteen Kft. Hungary 100% 100% CTPark Fourteen Kft Hungary 100% 100% CTPark Gamma Kft. Hungary 100% 100% CTPark Nine Kft. Hungary 100% 100% CTPark Nineteen Kft. Hungary 100% 100% CTPark Seven Kft. Hungary 100% 100% CTPark Seventeen kft. Hungary 100% 100% CTPark Sixteen Kft. Hungary 100% 100% CTPark Ten Kft. Hungary 100% 100% CTPark Thirteen Kft Hungary 100% 100% CTPark Thirty Kft. Hungary 100% 0% 4/ CTPark Thirty One Kft. Hungary 100% 0% 4/ CTPark Twelve Kft. Hungary 100% 100% CTPark Twenty Eight Kft. Hungary 100% 0% 4/ CTPark Twenty Five Kft. Hungary 100% 100% CTPark Twenty Four Kft. Hungary 100% 100% CTPark Twenty Kft. Hungary 100% 100% CTPark Twenty Nine Kft. Hungary 100% 0% 4/ CTPark Twenty One Kft. Hungary 100% 100% CTPark Twenty Seven Kft. Hungary 100% 100% CTPark Twenty Six Kft. Hungary 100% 100% CTPark Twenty Three Kft. Hungary 100% 100% CTPark Twenty Two Kft. Hungary 100% 100% Subsidiaries Country 2022 2021 Note Office Campus Real Estate Kft. Hungary 100% 100% CTP Alpha S.r.l. Italy 100% 100% 5/ CTP Beta S.r.l. Italy 100% 100% 5/ CTP Italy S.r.l. Italy 100% 100% 5/ 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 ALC B.V. (formerly Amsterdam Logistic Cityhub B.V.) Netherlands 100% 100% CTP Alpha B.V. Netherlands 100% 100% CTP Baltic Holding B.V. Netherlands 100% 100% CTP Beta B.V. Netherlands 100% 100% CTP Energy B.V. (formerly CTP Iota B.V.) Netherlands 100% 100% CTP Epsilon B.V. Netherlands 100% 100% CTP Eta B.V. Netherlands 100% 100% CTP Gamma B.V. Netherlands 100% 100% CTP Invest B.V. Netherlands 100% 100% CTP Kappa B.V. Netherlands 100% 100% CTP Lambda B.V. Netherlands 100% 100% CTP Mediterranean Holding B.V. Netherlands 100% 100% CTP Mu BV. Netherlands 100% 100% CTP Portfolio Finance Czech B.V. Netherlands 100% 100% CTP Property B.V. Netherlands 100% 100% CTP Theta B.V. Netherlands 100% 100% CTP Turkish Holding B.V. Netherlands 100% 100% CTP Zeta B.V. Netherlands 100% 100% CTPark Bremen B.V. (formerly CTP Delta B.V.) Netherlands 100% 100% Multifin B.V. Netherlands 100% 100% CTP Beta Poland Sp. z o.o. Poland 100% 100% CTP Delta Poland Sp. z o.o. Poland 100% 100% CTP Energy Poland Sp. z o.o. (formerly CTP Omicron 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. Poland 100% 100% CTP Gamma Poland Sp. z o.o. Poland 100% 100% CTP Chi Poland Sp. z o.o. (formerly 7R Projekt 37 Sp. z o.o.) Poland 100% 0% 1/ CTP Invest Poland Sp. z o.o. Poland 100% 100% CTP Iota Poland Sp. z o.o. Poland 100% 100% CTP Kappa Poland Sp. z o.o. Poland 100% 100% CTP Lambda Poland Sp. z o.o. Poland 100% 100% CTP Mu Poland Sp. z o.o. Poland 100% 100% CTP Nu Poland Sp. z o.o. Poland 100% 100% CTP Omega Poland Sp. z o.o. (formerly 7R Projekt 31 Sp. z o.o.) Poland 100% 0% 1/ CTP Pi Poland Sp. z o.o. Poland 100% 100% CTP Property Alpha Poland Sp. z o.o. (formerly 7R Projekt 68 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Beta Poland Sp. z o.o. (formerly 7R Projekt 64 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Delta Poland Sp. z o.o. (formerly 7R projekt 41 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Epsilon Poland Sp. z o.o. (formerly 7R projekt 44 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Eta Poland Sp. z o.o. (formerly 7R Projekt 56 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Gamma Poland Sp. z o.o. (formerly 7R Projekt 30 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Zeta Poland Sp. z o.o. (formerly 7R Projekt 24 Sp. z o.o.) Poland 100% 0% 1/ CTP Rho Poland Sp. z o.o. Poland 100% 100% CTP Sigma Poland Sp. z o.o. Poland 100% 100% CTP Tau Poland Sp. z o.o. (formerly Dafne 23 Sp. z o.o.) Poland 100% 0% 1/ CTP Theta Poland Sp. z o.o. w likwidacji Poland 100% 100% CTP Xi Poland Sp. z o.o. Poland 100% 100% CTP Zeta Poland Sp. z o.o. Poland 100% 100% CTPark I\u0142owa Sp. z o.o. Poland 100% 100% CTPark Opole Sp. z o.o. Poland 100% 100% CTPark Zabrze Sp. z o.o. Poland 100% 100% CTP CONTRACTORS SRL Romania 100% 100% Subsidiaries Country 2022 2021 Note CTP INVEST BUCHAREST SRL Romania 100% 100% CTP SOLAR SRL Romania 100% 100% CTPARK ALPHA SRL Romania 100% 100% CTPARK ARAD NORTH SRL Romania 100% 100% CTPARK BETA SRL Romania 100% 100% CTPARK BRASOV SRL Romania 100% 100% CTPARK BRASOV WEST SRL Romania 100% 100% CTPARK BUCHAREST A1 SRL Romania 100% 100% CTPARK BUCHAREST II SRL Romania 100% 100% CTPARK BUCHAREST SOUTH II SRL Romania 100% 100% 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 Romania 100% 100% CTPARK CRAIOVA EAST SRL Romania 100% 100% CTPARK DELTA SRL Romania 100% 100% CTPARK DEVA II SRL Romania 100% 100% CTPARK EPSILON SRL Romania 100% 100% CTPARK ETA SRL Romania 100% 100% CTPARK GAMMA SRL Romania 100% 100% CTPARK CHITILA SRL (formerly Eglast Investment SRL) Romania 100% 0% 1/ 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 Romania 100% 100% CTPARK PHI SRL Romania 100% 100% CTPARK PITESTI SRL (formerly Dani Global Development SRL) Romania 100% 0% 1/ CTPARK PSI SRL Romania 100% 100% CTPARK RHO SRL Romania 100% 100% CTPARK SIBIU EAST SRL Romania 100% 100% CTPARK SIGMA SRL Romania 100% 100% CTPARK TAU SRL Romania 100% 100% CTPARK THETA SRL Romania 100% 100% CTPARK TIMISOARA EAST SRL Romania 100% 100% CTPARK ZETA SRL Romania 100% 100% FOREST PROPERTY INVEST SRL Romania 100% 100% Universal Management SRL Romania 100% 100% Banovac projekat d.o.o. Beograd-Novi Beograd Serbia 0% 0% 6/ CTP Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Energy d.o.o. Beograd-Novi Beograd (formerly CTP Iota d.o.o. Beograd-Novi Beograd) Serbia 100% 100% CTP Epsilon d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Invest d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Kappa d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Lambda d.o.o. Beograd Serbia 100% 100% CTP Omega d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Omicron d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Phi d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Property Beta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Property Delta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Property Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Rho d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Sigma d.o.o. Beograd- Novi Beograd Serbia 100% 100% Subsidiaries Country 2022 2021 Note CTP Tau d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Zeta d.o.o. Beograd-Novi Beograd Serbia 100% 100% Levante Logistics d.o.o. Beograd Serbia 0% 0% 6/ CTP Alpha SK, spol. s r.o. Slovakia 100% 100% CTP Dunaj s.r.o. Slovakia 100% 100% CTP Invest SK, spol. s r.o. Slovakia 100% 100% CTP Slovakia, s.r.o. Slovakia 100% 100% CTP Solar SK, spol. s r.o. Slovakia 100% 100% CTPark Bansk\u00e1 Bystrica, spol. s r.o. Slovakia 100% 100% CTPark Bratislava East, spol. s r.o. Slovakia 100% 100% CTPark Bratislava, spol. s r.o. Slovakia 100% 100% CTPark \u010cierny Les, spol. s r.o. Slovakia 100% 100% CTPark Hlohovec, spol. s r.o. Slovakia 100% 100% CTPark Ko\u0161ice, spol. s r. o. Slovakia 100% 100% CTPark Kr\u00e1sno nad Kysucou, spol. s r.o. Slovakia 100% 100% CTPark Land SK 1, spol. s r.o. Slovakia 100% 100% CTPark Land SK 2, spol. s r.o. Slovakia 100% 100% CTPark N\u00e1mestovo, spol. s r.o. Slovakia 100% 100% CTPark Nitra, spol. s r. o. Slovakia 100% 100% CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100% CTPark Pre\u0161ov North, spol. s r.o. (formerly CTP Gama s. r. o.) Slovakia 100% 100% CTPark Pre\u0161ov s. r. o. Slovakia 100% 100% CTPark Trnava II, spol. s r.o. Slovakia 100% 100% CTPark \u017dilina Airport II, spol. s r.o. Slovakia 100% 100% CTPark \u017dilina 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 GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP BETA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP GAMMA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP Alpha Ltd United Kingdom 100% 100% 5/ CTP Beta Ltd United Kingdom 100% 100% 5/ CTP Invest Ltd United Kingdom 100% 100% 5/ 1/ Newly acquired/consolidated subsidiaries in 2022 2/ Newly established subsidiaries in 2022 3/ Disposed subsidiaries in 2022 4/ Newly established subsidiaries in 2022 not consolidated due to their limited size/activities 5/ Not consolidated subsidiaries 6) Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2022 7) Subsidiaries merged with existing subsidiary in 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-47": {
"value": "33. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2022 and 31 December 2021 respectively: Subsidiaries Country 2022 2021 Note CTP Alpha GmbH Austria 100% 100% CTP Beta GmbH Austria 100% 100% CTP Delta GmbH Austria 100% 100% CTP Epsilon GmbH Austria 100% 100% CTP Eta GmbH Austria 100% 0% 2/ CTP Gamma GmbH Austria 100% 100% CTP Invest Immobilien GmbH Austria 100% 100% CTP Iota GmbH Austria 100% 0% 2/ CTP Theta GmbH Austria 100% 0% 2/ CTP Zeta GmbH Austria 100% 100% CTP Invest EOOD Bulgaria 100% 100% CTPark Beta EOOD Bulgaria 100% 100% CTPark Delta EOOD Bulgaria 100% 100% CTPark Epsilon EOOD Bulgaria 100% 100% CTPark Eta EOOD Bulgaria 100% 100% CTPark Gamma EOOD Bulgaria 100% 100% CTPark Iota EOOD Bulgaria 100% 100% CTPark Kappa EOOD Bulgaria 100% 100% CTPark Lambda EOOD Bulgaria 100% 100% CTPark Sofia EOOD (formerly Transcapital Airport EOOD) Bulgaria 100% 0% 1/ CTPark Sofia Ring Road EOOD (formerly Transcapital Ring Road EOOD) Bulgaria 100% 0% 1/ CTPark Theta EOOD Bulgaria 100% 100% CTPark Zeta EOOD Bulgaria 100% 100% Project Vrajdebna EOOD Bulgaria 100% 100% Clubco, spol. s r.o. Czech Republic 100% 100% CTP Alpha, 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 Czech Republic 0% 100% 3/ CTP Bohemia North, spol. s r.o Czech Republic 100% 100% CTP Bohemia South, spol. s r.o. Czech Republic 100% 100% CTP Bohemia West, spol. s r.o. Czech Republic 100% 100% CTP Borsk\u00e1 Pole, spol. s r.o. Czech Republic 100% 100% CTP CEE Properties, spol. s r.o. 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 Energy CZ, spol. s r.o. (formerly CTP VII, spol. s r.o.) Czech Republic 100% 100% CTP Forest, 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. Czech Republic 100% 100% CTP Hotel Pilsen, spol. 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 Czech Republic 0% 100% 3/ Subsidiaries Country 2022 2021 Note CTP II, spol. s r.o. Czech Republic 100% 100% CTP III, spol. s r.o. Czech Republic 100% 100% CTP Industrial Property CZ, spol. s.r.o. Czech Republic 100% 100% 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. 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 Pilsen Region, spol. s r.o. Czech Republic 100% 100% CTP Pon\u00e1vka Business Park, spol. s r.o. Czech Republic 100% 100% CTP Portfolio Finance CZ, spol. s r.o. Czech Republic 100% 100% CTP Property Czech, spol. s r.o Czech Republic 100% 100% CTP Property Romania, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTP Property Serbia, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTP Solar I, a. s. Czech Republic 100% 100% CTP Solar II, a. s. Czech Republic 100% 100% CTP Solar III, spol. s r.o. Czech Republic 100% 100% CTP Solar, a.s. v likvidaci Czech Republic 0% 100% 3/ CTP V, spol. s r.o. Czech Republic 100% 100% CTP VI, spol. s r.o. Czech Republic 100% 100% CTP VIII, spol. s r.o. Czech Republic 100% 100% CTP Vln\u011bna Business Park, spol. s r.o. Czech Republic 100% 100% CTP Vyso\u010dina, spol. s r.o. Czech Republic 100% 100% CTP X, 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. Czech Republic 100% 100% CTP XIV, spol. s r.o. Czech Republic 100% 100% CTP XV, spol. s r.o. Czech Republic 100% 100% CTP XVI, spol. s r.o. Czech Republic 100% 100% CTP XVII, spol. s r.o. Czech Republic 100% 100% CTP XVIII, 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 A\u0161 II, spol. s r.o. Czech Republic 100% 100% CTPark Blu\u010dina, spol. s r.o. (formerly CTP XXI, spol. s r.o.) Czech Republic 100% 100% CTPark Bor II, spol. s r.o. Czech Republic 100% 0% 2/ CTPark Bor III, spol. s r.o. Czech Republic 0% 0% 6/ 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. Czech Republic 100% 100% CTPark Brno III, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o. Czech Republic 100% 100% CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o. Czech Republic 100% 100% CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100% CTPark \u010cesk\u00e9 Velenice, spol. s r.o. Czech Republic 100% 100% CTPark Hranice, spol. s r.o. Czech Republic 100% 100% CTPark Chrastava a.s. (formerly RENWON a.s.) Czech Republic 100% 100% CTPark Lys\u00e1 nad Labem, spol. s r.o. Czech Republic 100% 100% CTPark Mlad\u00e1 Boleslav, spol. s r.o. Czech Republic 100% 100% CTPark Mod\u0159ice, 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 Plze\u0148, 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. Czech Republic 100% 100% CTPark Prague West, spol. s r.o. Czech Republic 100% 100% CTPark St\u0159\u00edbro, spol. s r. o. Czech Republic 100% 100% Subsidiaries Country 2022 2021 Note CTPersonnel Bor, spol. s r.o. v likvidaci Czech Republic 0% 100% 3/ CTZone Ostrava, spol. s r.o. Czech Republic 100% 100% KON\u010cINY SPV, s.r.o. Czech Republic 0% 0% 6/ KRMEL\u00cdNSK\u00c1 I s.r.o. Czech Republic 100% 0% 1/ Multidisplay s.r.o. v likvidaci Czech Republic 0% 100% 3/ P\u0158\u00cdDANKY SPV, s.r.o. Czech Republic 0% 100% 7/ Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park, spol. s r.o. Czech Republic 100% 100% CTP Invest Egypt 100% 100% 5/ CTP Real Estate Egypt 100% 100% 5/ CTP Real Estate Development Egypt 100% 100% 5/ Samesova O\u00dc Estonia 100% 100% 5/ Vojtova O\u00dc Estonia 100% 100% 5/ Zemankova O\u00dc Estonia 100% 100% 5/ CTP Alpha France France 100% 100% 5/ CTP Beta France France 100% 100% 5/ CTP France France 100% 100% 5/ CTP Germany GmbH Germany 100% 100% CTP Germany GmbH B.V. (formerly Deutsche Industrie Grundbesitz AG) Germany 100% 0% 1/ CTP Germany II GmbH Germany 100% 100% CTP Germany IV GmbH & Co. KG Germany 0% 100% 7/ CTP Germany III GmbH Germany 0% 100% 7/ CTP Germany IX GmbH Germany 100% 100% CTP Germany V GmbH Germany 100% 100% CTP Germany VI GmbH Germany 100% 100% CTP Germany VII GmbH Germany 100% 100% CTP Germany VIII GmbH Germany 100% 100% CTP Germany X GmbH Germany 100% 100% CTP Invest Germany GmbH Germany 100% 100% CTP Energy Hungary Kft (formerly CTP Solar Hungary Kft) Hungary 100% 100% CTP Management Hungary Kft. Hungary 100% 100% CTPark Alpha Kft. Hungary 100% 100% CTPark Arrabona Kft. Hungary 100% 100% CTPark Beta Kft. Hungary 100% 100% CTPark Biatorb\u00e1gy Kft. Hungary 100% 100% CTPark Delta Kft. Hungary 100% 100% CTPark Eight Kft. Hungary 100% 100% CTPark Eighteen Kft. Hungary 100% 100% CTPark Eleven Kft. Hungary 100% 100% CTPark Fifteen Kft. Hungary 100% 100% CTPark Fourteen Kft Hungary 100% 100% CTPark Gamma Kft. Hungary 100% 100% CTPark Nine Kft. Hungary 100% 100% CTPark Nineteen Kft. Hungary 100% 100% CTPark Seven Kft. Hungary 100% 100% CTPark Seventeen kft. Hungary 100% 100% CTPark Sixteen Kft. Hungary 100% 100% CTPark Ten Kft. Hungary 100% 100% CTPark Thirteen Kft Hungary 100% 100% CTPark Thirty Kft. Hungary 100% 0% 4/ CTPark Thirty One Kft. Hungary 100% 0% 4/ CTPark Twelve Kft. Hungary 100% 100% CTPark Twenty Eight Kft. Hungary 100% 0% 4/ CTPark Twenty Five Kft. Hungary 100% 100% CTPark Twenty Four Kft. Hungary 100% 100% CTPark Twenty Kft. Hungary 100% 100% CTPark Twenty Nine Kft. Hungary 100% 0% 4/ CTPark Twenty One Kft. Hungary 100% 100% CTPark Twenty Seven Kft. Hungary 100% 100% CTPark Twenty Six Kft. Hungary 100% 100% CTPark Twenty Three Kft. Hungary 100% 100% CTPark Twenty Two Kft. Hungary 100% 100% Subsidiaries Country 2022 2021 Note Office Campus Real Estate Kft. Hungary 100% 100% CTP Alpha S.r.l. Italy 100% 100% 5/ CTP Beta S.r.l. Italy 100% 100% 5/ CTP Italy S.r.l. Italy 100% 100% 5/ 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 ALC B.V. (formerly Amsterdam Logistic Cityhub B.V.) Netherlands 100% 100% CTP Alpha B.V. Netherlands 100% 100% CTP Baltic Holding B.V. Netherlands 100% 100% CTP Beta B.V. Netherlands 100% 100% CTP Energy B.V. (formerly CTP Iota B.V.) Netherlands 100% 100% CTP Epsilon B.V. Netherlands 100% 100% CTP Eta B.V. Netherlands 100% 100% CTP Gamma B.V. Netherlands 100% 100% CTP Invest B.V. Netherlands 100% 100% CTP Kappa B.V. Netherlands 100% 100% CTP Lambda B.V. Netherlands 100% 100% CTP Mediterranean Holding B.V. Netherlands 100% 100% CTP Mu BV. Netherlands 100% 100% CTP Portfolio Finance Czech B.V. Netherlands 100% 100% CTP Property B.V. Netherlands 100% 100% CTP Theta B.V. Netherlands 100% 100% CTP Turkish Holding B.V. Netherlands 100% 100% CTP Zeta B.V. Netherlands 100% 100% CTPark Bremen B.V. (formerly CTP Delta B.V.) Netherlands 100% 100% Multifin B.V. Netherlands 100% 100% CTP Beta Poland Sp. z o.o. Poland 100% 100% CTP Delta Poland Sp. z o.o. Poland 100% 100% CTP Energy Poland Sp. z o.o. (formerly CTP Omicron 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. Poland 100% 100% CTP Gamma Poland Sp. z o.o. Poland 100% 100% CTP Chi Poland Sp. z o.o. (formerly 7R Projekt 37 Sp. z o.o.) Poland 100% 0% 1/ CTP Invest Poland Sp. z o.o. Poland 100% 100% CTP Iota Poland Sp. z o.o. Poland 100% 100% CTP Kappa Poland Sp. z o.o. Poland 100% 100% CTP Lambda Poland Sp. z o.o. Poland 100% 100% CTP Mu Poland Sp. z o.o. Poland 100% 100% CTP Nu Poland Sp. z o.o. Poland 100% 100% CTP Omega Poland Sp. z o.o. (formerly 7R Projekt 31 Sp. z o.o.) Poland 100% 0% 1/ CTP Pi Poland Sp. z o.o. Poland 100% 100% CTP Property Alpha Poland Sp. z o.o. (formerly 7R Projekt 68 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Beta Poland Sp. z o.o. (formerly 7R Projekt 64 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Delta Poland Sp. z o.o. (formerly 7R projekt 41 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Epsilon Poland Sp. z o.o. (formerly 7R projekt 44 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Eta Poland Sp. z o.o. (formerly 7R Projekt 56 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Gamma Poland Sp. z o.o. (formerly 7R Projekt 30 Sp. z o.o.) Poland 100% 0% 1/ CTP Property Zeta Poland Sp. z o.o. (formerly 7R Projekt 24 Sp. z o.o.) Poland 100% 0% 1/ CTP Rho Poland Sp. z o.o. Poland 100% 100% CTP Sigma Poland Sp. z o.o. Poland 100% 100% CTP Tau Poland Sp. z o.o. (formerly Dafne 23 Sp. z o.o.) Poland 100% 0% 1/ CTP Theta Poland Sp. z o.o. w likwidacji Poland 100% 100% CTP Xi Poland Sp. z o.o. Poland 100% 100% CTP Zeta Poland Sp. z o.o. Poland 100% 100% CTPark I\u0142owa Sp. z o.o. Poland 100% 100% CTPark Opole Sp. z o.o. Poland 100% 100% CTPark Zabrze Sp. z o.o. Poland 100% 100% CTP CONTRACTORS SRL Romania 100% 100% Subsidiaries Country 2022 2021 Note CTP INVEST BUCHAREST SRL Romania 100% 100% CTP SOLAR SRL Romania 100% 100% CTPARK ALPHA SRL Romania 100% 100% CTPARK ARAD NORTH SRL Romania 100% 100% CTPARK BETA SRL Romania 100% 100% CTPARK BRASOV SRL Romania 100% 100% CTPARK BRASOV WEST SRL Romania 100% 100% CTPARK BUCHAREST A1 SRL Romania 100% 100% CTPARK BUCHAREST II SRL Romania 100% 100% CTPARK BUCHAREST SOUTH II SRL Romania 100% 100% 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 Romania 100% 100% CTPARK CRAIOVA EAST SRL Romania 100% 100% CTPARK DELTA SRL Romania 100% 100% CTPARK DEVA II SRL Romania 100% 100% CTPARK EPSILON SRL Romania 100% 100% CTPARK ETA SRL Romania 100% 100% CTPARK GAMMA SRL Romania 100% 100% CTPARK CHITILA SRL (formerly Eglast Investment SRL) Romania 100% 0% 1/ 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 Romania 100% 100% CTPARK PHI SRL Romania 100% 100% CTPARK PITESTI SRL (formerly Dani Global Development SRL) Romania 100% 0% 1/ CTPARK PSI SRL Romania 100% 100% CTPARK RHO SRL Romania 100% 100% CTPARK SIBIU EAST SRL Romania 100% 100% CTPARK SIGMA SRL Romania 100% 100% CTPARK TAU SRL Romania 100% 100% CTPARK THETA SRL Romania 100% 100% CTPARK TIMISOARA EAST SRL Romania 100% 100% CTPARK ZETA SRL Romania 100% 100% FOREST PROPERTY INVEST SRL Romania 100% 100% Universal Management SRL Romania 100% 100% Banovac projekat d.o.o. Beograd-Novi Beograd Serbia 0% 0% 6/ CTP Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Energy d.o.o. Beograd-Novi Beograd (formerly CTP Iota d.o.o. Beograd-Novi Beograd) Serbia 100% 100% CTP Epsilon d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Invest d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Kappa d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Lambda d.o.o. Beograd Serbia 100% 100% CTP Omega d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Omicron d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Phi d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Property Beta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Property Delta d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Property Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 0% 2/ CTP Rho d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Sigma d.o.o. Beograd- Novi Beograd Serbia 100% 100% Subsidiaries Country 2022 2021 Note CTP Tau d.o.o. Beograd- Novi Beograd Serbia 100% 100% CTP Zeta d.o.o. Beograd-Novi Beograd Serbia 100% 100% Levante Logistics d.o.o. Beograd Serbia 0% 0% 6/ CTP Alpha SK, spol. s r.o. Slovakia 100% 100% CTP Dunaj s.r.o. Slovakia 100% 100% CTP Invest SK, spol. s r.o. Slovakia 100% 100% CTP Slovakia, s.r.o. Slovakia 100% 100% CTP Solar SK, spol. s r.o. Slovakia 100% 100% CTPark Bansk\u00e1 Bystrica, spol. s r.o. Slovakia 100% 100% CTPark Bratislava East, spol. s r.o. Slovakia 100% 100% CTPark Bratislava, spol. s r.o. Slovakia 100% 100% CTPark \u010cierny Les, spol. s r.o. Slovakia 100% 100% CTPark Hlohovec, spol. s r.o. Slovakia 100% 100% CTPark Ko\u0161ice, spol. s r. o. Slovakia 100% 100% CTPark Kr\u00e1sno nad Kysucou, spol. s r.o. Slovakia 100% 100% CTPark Land SK 1, spol. s r.o. Slovakia 100% 100% CTPark Land SK 2, spol. s r.o. Slovakia 100% 100% CTPark N\u00e1mestovo, spol. s r.o. Slovakia 100% 100% CTPark Nitra, spol. s r. o. Slovakia 100% 100% CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100% CTPark Pre\u0161ov North, spol. s r.o. (formerly CTP Gama s. r. o.) Slovakia 100% 100% CTPark Pre\u0161ov s. r. o. Slovakia 100% 100% CTPark Trnava II, spol. s r.o. Slovakia 100% 100% CTPark \u017dilina Airport II, spol. s r.o. Slovakia 100% 100% CTPark \u017dilina 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 GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP BETA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP GAMMA GAYR\u0130MENKUL VE \u0130N AAT L\u0130M\u0130TED \u0130RKET\u0130 Turkey 100% 100% 5/ CTP Alpha Ltd United Kingdom 100% 100% 5/ CTP Beta Ltd United Kingdom 100% 100% 5/ CTP Invest Ltd United Kingdom 100% 100% 5/ 1/ Newly acquired/consolidated subsidiaries in 2022 2/ Newly established subsidiaries in 2022 3/ Disposed subsidiaries in 2022 4/ Newly established subsidiaries in 2022 not consolidated due to their limited size/activities 5/ Not consolidated subsidiaries 6) Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2022 7) Subsidiaries merged with existing subsidiary in 2022 ",
"dimensions": {
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"language": "en",
"entity": "scheme:3157000YTVO4TN65UM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-48": {
"value": "34. RELATED PARTIES CTP has a related party relationship with its Directors, Executives and other companies of which Multivest B.V. is an equity holder. This entity is the ultimate parent of CTP. In 2022 and 2021, CTP had the following interest income and interest expense with related parties: In EUR thousand 2022 2021 Revenues Expenses Revenues Expenses CTP Holding B.V. 1,712 -- 1,707 -- CTP Germany IV GmbH 23 -- -- -- CTP Germany II GmbH -- -- 234 -- CTP Germany III GmbH -- -- 35 -- Multivest B.V. 601 -- 500 -383 CTP Solar, a.s. -- -- 9 -2 Other 5 -- 5 -- Total 2,341 -- 2,490 -385 As at 31 December 2022 and 2021, CTP had the following short-term receivables/payables from/to related parties: In EUR thousand 2022 2021 Receivables Payables Receivables Payables Remon Vos 322 -- -- -- CTP Invest Ltd. 7 -- -- -- Multivest B.V. 3 -- 515 -- CTP Holding B.V. -- -- 13 -- Total 332 -- 528 -- As at 31 December 2022 and 2021, CTP had the following long-term receivables/payables from/to related parties: In EUR thousand 2022 2021 Receivables Payables Receivables Payables CTP Holding B.V. 44,853 -3 46,776 -3 CTP Invest Ltd. 292 -- -- -- CTP Alpha Ltd. 60 -- -- -- CTP Germany III GmbH -- -- 348 -- CTP Germany IV GmbH -- -- -- -15 Other 40 -- -- -- Total 45,245 -3 47,124 -18 Other non-current non-trade receivables from related parties and non-trade liabilities to related parties are interest-bearing and bear an arm\u2019s length interest in the range of 1.2% to 5.6%, depending on maturity, collateralisation, subordination, country risk and other specifics. Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director. Average headcount per year of key management is 7 for 2022 (2021 \u2013 5). Key management personnel compensation comprises the following: In EUR thousand Personnel compensation 2022 2021 Short-term employee benefits 3,175 1,365 Total 3,175 1,365 The Company granted for 2022 and 2021 a conditional share award under LTIP to a Director (refer to Note 24). As at 31 December, Board Directors held shares in CTP N.V. as follows (directly or through other entities): Nr. of shares Price per 1 share Value in EUR thousand 2022 335,804,718 11.04 3,707,284 2021 332,911,079 18.70 6,225,437 In the Number of shares held by Board of Directors are included also shares held by CTP Holding B.V. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-483": {
"value": "35. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES Exposure to various risks arises in the normal course of CTP\u2019s business. These risks include credit risk, cap- ital 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 financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an on-going 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 guar- antee, 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 counter- party to fail to meet its obligations. As at the reporting date there were no significant concentrations of credit risk towards third parties. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state- ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration: In EUR thousand 2022 2021 Amounts due from banks 661,972 893,902 Amounts due from financial derivatives 51,046 172 Amounts due from related parties 45,577 47,652 Amounts due from third parties 54,537 36,417 Amounts due from tax institutions 74,021 53,154 Total 887,153 1,031,297 Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-current trade and other receivables, as at 31 December of the respective year. CTP discloses significant amounts of receivables to 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 par- ties breach the repayment of CTP receivables, and CTP is not able to set off receivables against liabilities, CTP will be exposed to significant credit risk. CTP does not expect breach of repayment. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: In EUR thousand 2022 2021 Impairment to trade receivables 5,580 4,137 Total 5,580 4,137 The movement in the allowance for impairment in respect of trade receivables during the year was as fol- lows: In EUR thousand 2022 2021 Balance as at 1 January 4,137 3,257 Net remeasurement of loss allowance 1,443 880 Balance at 31 December 5,580 4,137 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2022 and 2021 respectively: In EUR thousand for the year 2022 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount Cash and cash equivalents Low risk 0% 660,631 -- 660,631 Restricted cash Low risk 0% 1,341 -- 1,341 Receivables due from related parties Low risk 0% 45,577 -- 45,577 Trade receivables * Low to Fair risk 9% 60,117 -5,580 54,537 Total 767,666 -5,580 762,086 In EUR thousand for the year 2021 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount 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 * Weighted average loss rate related to Trade receivables is calculated in Note 21. Capital risk CTP\u2019s policy is to maintain a strong capital base, to maintain creditor and market confidence 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 maximising the return to shareholders through the optimisation of the debt and equity balance. CTP\u2019s overall strategy remains unchanged compared to 2021. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP\u2019s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 27 and bonds disclosed in Note 28. 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 The gearing ratio calculated below compares debt to equity, where a debt is defined to be the sum of long- term and short-term liabilities, and equity includes all capital and reserves of the Group excluding non-con- trolling interests. In EUR thousand 2022 2021 Debt 7,244,149 5,579,815 Equity 5,284,517 4,106,830 Gearing ratio 137% 136% 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 financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45% at 31 December 2022 (2021 \u2013 43%), which is seen as appropriate within CTP\u2019s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial 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 affect CTP\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns. Foreign currency risk Currency risk is managed mainly by making, when possible, investments in the same currency as the financ- ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually offset 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. As at 31 December 2022, CTP analysed the impact of the foreign exchange rate variances on its assets and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most financial instruments are denominated in EUR. Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Curren- cy risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries. In EUR thousand 2022 CZK RON PLN HUF RSD BGN Total Trade and other receivables 38,419 42,774 43,490 21,184 19,145 17,273 182,285 Cash and cash equivalents 10,766 14,302 16,379 7,894 4,471 3,270 57,082 Loans provided to third parties -- -- -- -- 69 -- 69 Trade and other receivables from related parties 322 -- -- -- -- -- 322 Total financial assets 49,507 57,076 59,869 29,078 23,685 20,543 239,758 Trade and other payables -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Total financial liabilities -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Net position -37,489 12,353 46,693 15,110 10,767 12,000 59,434 FX hedge -- -- -- -- -- -- -- Net position after FX hedge -37,489 12,353 46,693 15,110 10,767 12,000 59,434 In EUR thousand 2021 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 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 considers reasonably likely at the end of the reporting period. The analysis assumes that all other variables remain constant, including interest rates. 2022 2021 Net position on financial assets and liabilities denominated in EUR 59,434 19,984 Effect on profit or loss and on equity of: CZK weakening by 5% -1,874 -1,496 CZK strengthening by 5% 1,874 1,496 RON weakening by 5% 618 -408 RON strengthening by 5% -618 408 PLN weakening by 5% 2,335 561 PLN strengthening by 5% -2,335 -561 HUF weakening by 5% 756 647 HUF strengthening by 5% -756 -647 RSD weakening by 5% 538 -- RSD strengthening by 5% -538 -- BGN weakening by 5% 600 -- BGN strengthening by 5% -600 -- USD weakening by 5% -- 1,695 USD strengthening by 5% -- -1,695 Interest rate risk The interest rate risk arises mainly from the floating interest rates applicable to debt financing. Bank loans usually have flexible interest rates based on EURIBOR rates for the reference period from one month to six months increased by a fixed margin. In 2022 and 2021, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 31). CTP mitigated the interest rate risk by holding interest rate swaps in 2022 and 2021. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows. Fixed-rate instruments 2022 2021 Receivables due from related parties 45,577 47,652 Loans owed to related parties -3 -18 Bonds issued -3,981,350 -3,381,692 Bank loans with fixed interest rate -1,631,946 -1,047,636 Bank loans covered by IRS -267,207 -61,303 Variable-rate instruments 2022 2021 Loans not covered by IRS -- -29,659 Sensitivity analysis A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased (decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. 1.1.2022 - 31.12.2022 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 1,899,153 1,899,153 100% -- -- - Total 1,899,153 1,899,153 100% -- -- - 1.1.2021 - 31.12.2021 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 Cash flow hedges At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest rates. 2022 1-6 months 6 - 12 months More than one year Interest rate swaps Net exposure (in EUR thousand) -- 750,000 -- Average fixed interest rate -- 2.322% -- At 31 December 2021, the Group did not hold any hedging instruments. The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2022 Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Costs of hedging hedge reserve Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied Interest rate risk Variable-rate instruments -- 23,727 -- -- The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2022 Nominal amount Carrying amount Change in the value of the hedging instrument recognised in OCI Hedge ineffective- ness recognised in profit or loss Cost of hedging recognised in OCI Amount reclassified from hedging reserve to profit or loss Amount reclassified from costs of hedging reserve to profit or loss Assets Liabilities In EUR thousand Interest rate risk Interest rate swaps 1,100,000 44,088 -12,111 31,977 -- -- -- -- The following table provides the reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. In EUR thousand 2022 Hedging reserve Cost of hedging reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2022 -- -- Changes in fair value 31,977 -- Amount reclassified to profit or loss -- -- Tax on movements on reserves during the year -8,250 -- Balance at 31 December 2022 23,727 -- Hedged risk The Company\u2019s risk management strategy is to hedge variability in interest payments due to changes in EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge. Hedge effectiveness measurement Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with- in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first expected issuance date and maturity date 5-30 years later. This hypothetical derivative will be adjusted at any time the hedged cash flows change. Potential sources of ineffectiveness - Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. - The hedged interest expenses are no more highly probable. Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re- spect 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 flow, financing its in- vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income to settle short-term liabilities. The table below shows liabilities at 31 December 2022 and 31 December 2021 by their remaining contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2022 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 18,075 54,174 339,132 1,897,205 2,308,586 Bonds issued 9,875 429,669 2,612,954 1,102,436 4,154,934 Loans to related parties -- -- 3 -- 3 Derivative financial liabilities 489 12,305 1,821 309 14,924 Lease liabilities 1,524 4,476 21,725 47,103 74,828 Trade and other payables incl. corporate income tax liability 324,325 9,915 58,638 -- 392,878 Total 354,288 510,539 3,034,273 3,047,053 6,946,153 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 Fair value Fair value is defined 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-flow projections and other valuation models. To estimate the fair value of individual classes of financial instruments, the following methods and assump- tions 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 financial instruments have a relatively short maturity. Receivables and payables The book value of short-term receivables and payables approximates their fair value, as these financial instruments have a short maturity. Short-term loans The book value approximates their fair value, as these instruments have a floating interest rate and a short maturity. Long-term loans The fair value of long term loans as at 31 December 2022 is EUR 1,545,444 thousand (2021 \u2013 EUR 1,138,598 thousand). For details refer to Note 27. Bonds The fair value of bonds issued as at 31 December 2022 is EUR 3,093,340 thousand (2021 \u2013 EUR 3,385,163 thousand). For details refer to Note 28. Derivatives The fair value of derivatives is based on fair value quotes from counterparties which are compared to the results of the internal valuation model using market data from an independent recognized market data agency. Investment property and investment property under development Investment property and investment property under development are stated at fair value (refer to Note 17 and Note 18). Impact of war conflict in Ukraine CTP group was largely unaffected by the war in Ukraine in 2022, as it has no assets with direct exposure in Ukraine or in Russia and the Group\u2019s expansion plans are for properties distant from these conflict areas. Nevertheless, the Group monitors development to mitigate any actual or potential undirect impacts of the conflict, such as geopolitical risk, inflation or energy prices. As part of appropriate risk management measures, and identifying and managing risk, the Directors have considered possible events and conditions for the purpose of identifying whether these events and condi- tions affect or may affect the future performance of the Group. In making this assessment, the following periods were considered: - the period up to 12 months after the end of the reporting period; - the period up to 12 months after the date of this report. The following risks were assessed: \u2022 Increased geopolitical risk as a result of Russia\u2019s invasion of Ukraine, have forced occupiers to review where and how they manufacture the goods they produce, as well as the ability of their supply chains to maintain efficiency whilst withstanding disruption and supply side shocks. This enduring occupational demand from a wide range of occupiers, is coupled with the constrained supply of appropriate assets situated in sought after locations. With fewer vacant buildings that meet the needs of modern occupiers, the limited availability of land suitable for the development of urban assets in densely populated areas, together with the increasing resistance from municipalities and local communities to consent to large, ad hoc big box assets result in persistent barriers to entry in terms of developing new stock. The increase in energy prices in 2022 had minimal direct effect on CTP, as its operations are not energy intensive. Going forward, CTP has ambitious plans to produce solar energy using photovoltaic panels installed on the rooftops of the Group\u2019s properties. They are much more strongly embedding ESG con- siderations into real estate decisions with regards to every aspect of the property, from building certifi- cation to work conditions and from CSR to governance. Following the war in Ukraine and the exponential energy price increases, energy security and efficiency is an increasing consideration with 76% of occupi- ers confirming that they are willing to pay rent premium to switch to green sources of energy in current locations. This in turn continues to support growing demand for modern, highly sustainable and energy efficient warehouse space, with green building certifications along with surrounding green space and employee amenities all well integrated into surrounding landscapes. \u2022 Signals of deterioration of credit risk and debtor payment behaviour CTP experienced no material delays in rental collection. Majority of receivables were paid within the con- tracted payment period + 2 weeks. tenant payment discipline kept its normal pattern, no sign of deterio- ration. \u2022 Disruptions in the Company\u2019s core processes (such as construction/property management/offices/ work force) An indirect effect of the war in Ukraine was a temporary price increase of construction materials at the beginning of the year due to supply disruptions. CTP acts as general contractor, with in-house teams taking full responsibility and control over the construction process. This, in combination with the central procurement of supplies directly from multiple sources, often by-passing distributors, protected the tar- get YoC, also thanks to significant rental increases. Prices and delivery times decreased from their peaks but remained above 2021 levels throughout the year. CTP mitigates risk associated with high inflation via the use of indexation clauses in roughly 50% of its lease agreements. CTP expects the percentage of indexed lease agreements to increase over time, as new contracts have by default this double indexation clause included. Apart from initial minor delays in construction activities due to temporarily increased costs, construction resumed to normal pace quickly. When reviewing its full effect, no material disrup- tions were recorded. \u2022 Issues with providers of financing, loan covenants and credit facilities CTP Group continuously and successfully renegotiates matured loans and bonds. This provided another indicator of CTP\u2019s sound financial position and trust by investors. CTP\u2019s business profile is resilient, as it benefits from a diversified portfolio (in terms of geographical lo- cation and tenants) and does not depend on any single individual tenant or location in isolation. The inde- pendent valuers of the industrial portfolio did not include a material valuation uncertainty statement in the valuations as at 31 December 2022, which confirms that the appraiser has sufficient market evidence and the estimation uncertainty is comparable to the period before the war in Ukraine. As at the date of publication of these financial results, CTP has not experienced any material operational or financial impact on its business. The Group will continue to monitor the situation and revise its approach to minimise any negative effects as events unfold. Management is convinced that current uncertainties related to war in Ukraine do not impact the presented consolidated financial statements as at 31 December 2022. ",
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"value": "Credit risk Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an on-going 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 guar- antee, 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 counter- party to fail to meet its obligations. As at the reporting date there were no significant concentrations of credit risk towards third parties. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state- ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration: In EUR thousand 2022 2021 Amounts due from banks 661,972 893,902 Amounts due from financial derivatives 51,046 172 Amounts due from related parties 45,577 47,652 Amounts due from third parties 54,537 36,417 Amounts due from tax institutions 74,021 53,154 Total 887,153 1,031,297 Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-current trade and other receivables, as at 31 December of the respective year. CTP discloses significant amounts of receivables to 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 par- ties breach the repayment of CTP receivables, and CTP is not able to set off receivables against liabilities, CTP will be exposed to significant credit risk. CTP does not expect breach of repayment. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: In EUR thousand 2022 2021 Impairment to trade receivables 5,580 4,137 Total 5,580 4,137 The movement in the allowance for impairment in respect of trade receivables during the year was as fol- lows: In EUR thousand 2022 2021 Balance as at 1 January 4,137 3,257 Net remeasurement of loss allowance 1,443 880 Balance at 31 December 5,580 4,137 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2022 and 2021 respectively: In EUR thousand for the year 2022 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount Cash and cash equivalents Low risk 0% 660,631 -- 660,631 Restricted cash Low risk 0% 1,341 -- 1,341 Receivables due from related parties Low risk 0% 45,577 -- 45,577 Trade receivables * Low to Fair risk 9% 60,117 -5,580 54,537 Total 767,666 -5,580 762,086 In EUR thousand for the year 2021 Stage Weighted average loss rate Gross amount Impairment loss allowance Netamount 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 * Weighted average loss rate related to Trade receivables is calculated in Note 21. ",
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"fact-51": {
"value": "Capital risk CTP\u2019s policy is to maintain a strong capital base, to maintain creditor and market confidence 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 maximising the return to shareholders through the optimisation of the debt and equity balance. CTP\u2019s overall strategy remains unchanged compared to 2021. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP\u2019s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 27 and bonds disclosed in Note 28. 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 The gearing ratio calculated below compares debt to equity, where a debt is defined to be the sum of long- term and short-term liabilities, and equity includes all capital and reserves of the Group excluding non-con- trolling interests. In EUR thousand 2022 2021 Debt 7,244,149 5,579,815 Equity 5,284,517 4,106,830 Gearing ratio 137% 136% 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 financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45% at 31 December 2022 (2021 \u2013 43%), which is seen as appropriate within CTP\u2019s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial covenants in the future. ",
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"value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect CTP\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns. Foreign currency risk Currency risk is managed mainly by making, when possible, investments in the same currency as the financ- ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually offset 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. As at 31 December 2022, CTP analysed the impact of the foreign exchange rate variances on its assets and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most financial instruments are denominated in EUR. Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Curren- cy risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries. In EUR thousand 2022 CZK RON PLN HUF RSD BGN Total Trade and other receivables 38,419 42,774 43,490 21,184 19,145 17,273 182,285 Cash and cash equivalents 10,766 14,302 16,379 7,894 4,471 3,270 57,082 Loans provided to third parties -- -- -- -- 69 -- 69 Trade and other receivables from related parties 322 -- -- -- -- -- 322 Total financial assets 49,507 57,076 59,869 29,078 23,685 20,543 239,758 Trade and other payables -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Total financial liabilities -86,996 -44,723 -13,176 -13,968 -12,918 -8,543 -180,324 Net position -37,489 12,353 46,693 15,110 10,767 12,000 59,434 FX hedge -- -- -- -- -- -- -- Net position after FX hedge -37,489 12,353 46,693 15,110 10,767 12,000 59,434 In EUR thousand 2021 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 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 considers reasonably likely at the end of the reporting period. The analysis assumes that all other variables remain constant, including interest rates. 2022 2021 Net position on financial assets and liabilities denominated in EUR 59,434 19,984 Effect on profit or loss and on equity of: CZK weakening by 5% -1,874 -1,496 CZK strengthening by 5% 1,874 1,496 RON weakening by 5% 618 -408 RON strengthening by 5% -618 408 PLN weakening by 5% 2,335 561 PLN strengthening by 5% -2,335 -561 HUF weakening by 5% 756 647 HUF strengthening by 5% -756 -647 RSD weakening by 5% 538 -- RSD strengthening by 5% -538 -- BGN weakening by 5% 600 -- BGN strengthening by 5% -600 -- USD weakening by 5% -- 1,695 USD strengthening by 5% -- -1,695 Interest rate risk The interest rate risk arises mainly from the floating interest rates applicable to debt financing. Bank loans usually have flexible interest rates based on EURIBOR rates for the reference period from one month to six months increased by a fixed margin. In 2022 and 2021, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 31). CTP mitigated the interest rate risk by holding interest rate swaps in 2022 and 2021. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows. Fixed-rate instruments 2022 2021 Receivables due from related parties 45,577 47,652 Loans owed to related parties -3 -18 Bonds issued -3,981,350 -3,381,692 Bank loans with fixed interest rate -1,631,946 -1,047,636 Bank loans covered by IRS -267,207 -61,303 Variable-rate instruments 2022 2021 Loans not covered by IRS -- -29,659 Sensitivity analysis A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased (decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. 1.1.2022 - 31.12.2022 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 1,899,153 1,899,153 100% -- -- - Total 1,899,153 1,899,153 100% -- -- - 1.1.2021 - 31.12.2021 Interest rate sensitivity analysis of bank loans and borrowings In EUR thousand Bank loans Covered by interest 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 Cash flow hedges At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest rates. 2022 1-6 months 6 - 12 months More than one year Interest rate swaps Net exposure (in EUR thousand) -- 750,000 -- Average fixed interest rate -- 2.322% -- At 31 December 2021, the Group did not hold any hedging instruments. The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2022 Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Costs of hedging hedge reserve Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied Interest rate risk Variable-rate instruments -- 23,727 -- -- The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2022 Nominal amount Carrying amount Change in the value of the hedging instrument recognised in OCI Hedge ineffective- ness recognised in profit or loss Cost of hedging recognised in OCI Amount reclassified from hedging reserve to profit or loss Amount reclassified from costs of hedging reserve to profit or loss Assets Liabilities In EUR thousand Interest rate risk Interest rate swaps 1,100,000 44,088 -12,111 31,977 -- -- -- -- The following table provides the reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. In EUR thousand 2022 Hedging reserve Cost of hedging reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2022 -- -- Changes in fair value 31,977 -- Amount reclassified to profit or loss -- -- Tax on movements on reserves during the year -8,250 -- Balance at 31 December 2022 23,727 -- Hedged risk The Company\u2019s risk management strategy is to hedge variability in interest payments due to changes in EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge. Hedge effectiveness measurement Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with- in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first expected issuance date and maturity date 5-30 years later. This hypothetical derivative will be adjusted at any time the hedged cash flows change. Potential sources of ineffectiveness - Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. - The hedged interest expenses are no more highly probable. ",
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"fact-52": {
"value": "Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re- spect 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 flow, financing its in- vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income to settle short-term liabilities. The table below shows liabilities at 31 December 2022 and 31 December 2021 by their remaining contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2022 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 18,075 54,174 339,132 1,897,205 2,308,586 Bonds issued 9,875 429,669 2,612,954 1,102,436 4,154,934 Loans to related parties -- -- 3 -- 3 Derivative financial liabilities 489 12,305 1,821 309 14,924 Lease liabilities 1,524 4,476 21,725 47,103 74,828 Trade and other payables incl. corporate income tax liability 324,325 9,915 58,638 -- 392,878 Total 354,288 510,539 3,034,273 3,047,053 6,946,153 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 ",
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"fact-430": {
"value": "36. CONTINGENT LIABILITIES Contracted work As at 31 December 2022, the Group had contracted work with external suppliers relating to realising a con- struction project, which was not performed as at the year end, with a value of EUR 398,794 thousand (2021 \u2013 EUR 314,240 thousand). Guarantee provided Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft f\u00fcr Investmentfonds GmbH. The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar- antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement. In 2022, CTP N.V. issued guarantee in favor of Co\u00f6peratieve Rabobank U.A. connected with financing of development activities of CTP ALC B.V. Guaranteed obligations represents: - any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a max- imum amount of the Commitment minus the Reserve Amount, - any interest, fees (including for the avoidance of doubt any default interest) and any amount paya- ble under any Hedging Agreement due by the CTP ALC B.V. under and in connection with the Facility Agreement. Facility agreement is agreed of EUR 175,000,000 between ABN AMRO Bank N.V., Co\u00f6peratieve Rabobank U.A. and CTP ALC B.V. In 2021, the Company had no off-balance sheet assets, nor liabilities to be presented in these financial statements. ",
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"fact-53": {
"value": "36. CONTINGENT LIABILITIES Contracted work As at 31 December 2022, the Group had contracted work with external suppliers relating to realising a con- struction project, which was not performed as at the year end, with a value of EUR 398,794 thousand (2021 \u2013 EUR 314,240 thousand). Guarantee provided Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft f\u00fcr Investmentfonds GmbH. The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar- antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement. In 2022, CTP N.V. issued guarantee in favor of Co\u00f6peratieve Rabobank U.A. connected with financing of development activities of CTP ALC B.V. Guaranteed obligations represents: - any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a max- imum amount of the Commitment minus the Reserve Amount, - any interest, fees (including for the avoidance of doubt any default interest) and any amount paya- ble under any Hedging Agreement due by the CTP ALC B.V. under and in connection with the Facility Agreement. Facility agreement is agreed of EUR 175,000,000 between ABN AMRO Bank N.V., Co\u00f6peratieve Rabobank U.A. and CTP ALC B.V. In 2021, the Company had no off-balance sheet assets, nor liabilities to be presented in these financial statements. ",
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"fact-54": {
"value": "37. PLEDGES Shares, receivables, future receivables and other assets in some of the subsidiaries are pledged in favour of the financing institutions for securing the bank loans received by them (refer to Note 27). As at the date of these financial statements, the assets in the following companies are pledged: Company Pledge in favour of CTP ALC B.V. COOPERATIEVE RABOBANK U.A. (as agent) + others CTP Bohemia North, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Bohemia West, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Germany II GmbH Volksbank Jever eG CTP Moravia South, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Slovakia, s. r. o. Tatra banka, a.s. CTP Vyso\u010dina, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others 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. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Brno II, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Mod\u0159ice, spol. s r.o. Aareal Bank AG CTPark N\u00e1mestovo spol. s r.o. Tatra banka, a.s. CTPark Ostrava, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Prague East, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Seven Kft. Unicredit Bank Hungary Zrt. Deutsche Industrie Grundbesitz AG Austrian Anadi Bank AG Deutsche Industrie Grundbesitz AG Berliner Sparkasse Deutsche Industrie Grundbesitz AG Berliner Volksbank Deutsche Industrie Grundbesitz AG Hypo Vorarlberg Bank AG Deutsche Industrie Grundbesitz AG Kreissparkasse Ostalb Deutsche Industrie Grundbesitz AG Kreissparkasse St. Wendel Deutsche Industrie Grundbesitz AG Landessparkasse zu Oldenburg Deutsche Industrie Grundbesitz AG Sparkasse D\u00fcren Deutsche Industrie Grundbesitz AG Sparkasse Esslingen-N\u00fcrtingen Deutsche Industrie Grundbesitz AG Sparkasse Hildesheim Goslar Peine Deutsche Industrie Grundbesitz AG Sparkasse Ingolstadt Eichst\u00e4tt Deutsche Industrie Grundbesitz AG Sparkasse Neubrandenburg-Demmin Deutsche Industrie Grundbesitz AG Sparkasse UnnaKamen Deutsche Industrie Grundbesitz AG Stadtsparkasse D\u00fcsseldorf Deutsche Industrie Grundbesitz AG VerbundVolksbank OWL eg Deutsche Industrie Grundbesitz AG Volksbank Main-Tauber Deutsche Industrie Grundbesitz AG Volksbank Mittweida eG Deutsche Industrie Grundbesitz AG Volksbank Th\u00fcringen Mitte eG Deutsche Industrie Grundbesitz AG VR Bank eG Region Aachen Deutsche Industrie Grundbesitz AG VR Bank eG Rosenheim Deutsche Industrie Grundbesitz AG VR Bank Mecklenburg",
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"fact-55": {
"value": "38. SUBSEQUENT EVENTS In February, CTP N.V. increased agreed revolving credit facility to EUR 500,000 thousand. The Company does not expect a partial or full drawdown under this facility in 2023. In February, the Group received bank loans of EUR 95,000 thousand with due date in 2023 and variable in- terest rate 3 M EURIBOR + 1,95% margin. CTP is not aware of any other events that have occurred since the statement of financial position date that would have a material impact on these financial statements as at 31 December 2022. ",
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