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GENERAL INFORMATION Company CTP N.V. (the Company) is a Dutch-based real estate investor and developer, which develops and leases a port- folio 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 7 and 35 of the consolidated financial statements for a list of significant Group entities and changes to the Group in 2023 and in 2022. Principal activities CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech busi- ness 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. Owners of the Company at 31 December 2023 Shareholders Number of shares Share in Share in registered voting capital rights CTP Holding B.V. 337,286,991 75.26% 75.26% Individual shareholders 110,895,467 24.74% 24.74% 448,182,458 100.00% 100.00% The ultimate controlling party of the Group is Mr. Remon Vos via immediate parent company Multivest B.V. Board of Directors at 31 December 2023 Executive Directors: Remon L. Vos Richard J. Wilkinson Non-Executive Directors: Susanne Eickermann-Riepe Barbara Knoflach Gerard van Kesteren Pavel Trenka", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "CTP N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Dutch-based real estate investor and developer, which develops and leases a port- folio of properties", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Western Europe and Central and Eastern Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Apollolaan 151, 1077 AR Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "CTP Holding B.V. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Multivest B.V. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "Board of Directors at 31 December 2023 Executive Directors: Remon L. Vos Richard J. Wilkinson Non-Executive Directors: Susanne Eickermann-Riepe Barbara Knoflach Gerard van Kesteren Pavel Trenka", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023, during the financial year 2024, as follows: In EUR million 2023 Current liabilities as at 31 December 2023 481.3 Current assets excluding cash and cash equivalents as at 31 December 2023 323.5 Funds required in 2023 to cover the short-term liquidity need 157.8 Available cash as at 31 December 2023 690.6 Expected net rental income available for repayment current Interest-bearing loans and borrowings to be received in 2024 647.1 Drawdowns of loans and issuance of new bonds in 2024 690.0 Revolving facility * - Expected funds to be received in 2024 to cover the short-term liquidity need 2,027.7 * The Company has a EUR 500 million revolving credit facility (2022: EUR 400 million) for a three-year period. The Company does not expect a partial or full drawdown under this facility in 2024. Based on cash-flow projections prepared for 2024, other development up to the date of approval of these consolidated financial statements, and the management assessment results (described above), the Directors and management of the Group have not identified going concern risks. They believe it is appropriate to prepare the consolidated financial statements on a going concern basis as at 31 December 2023, and no material un- certainty exists with respect to the going concern of the Group as at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 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 material accounting policies are described in Note 3d. The consolidated financial statements were authorised for issue by the Board on 11 March 2024. b) Financial reporting and comparative period CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2023 and 31 December 2022, respectively. c) Common control transactions There were no significant common control transactions in 2023 or in 2022. Please, refer to Note 7. d) CTP considered the following new and amended standards in 2023 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 2023. The nature and the effect of these changes are disclosed below, however the impact on Consolidated financial statements is immaterial: \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 insurance contracts . \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12): IAS 12 is amended to provide a temporary mandatory relief from deferred tax accounting for top-up tax and require companies to provide new disclosures to compensate for the potential loss of information resulting from the relief. e) Standards issued but not yet effective A number of new standards took effect from the financial years beginning after 1 January 2024, 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 expected to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 Non-current liabilities with Covenants (Amendment to IAS 1): According the Amendment, a liability will be classified as non-current if the Company has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to complying with conditions (covenants) specified in a loan arrangement. Only covenants with which a Company must comply on or before the reporting date affect the classification of a liability as current or non-current. \u2022 Lease liability in a Sale and Leaseback (Amendments to IAS 16): Amendments to IFRS 16 impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new dis- closure objectives \u2013 in IAS 7 and in IFRS 7 \u2013 for a company to provide information about its supplier fi- nance arrangements that would enable users (investors) to assess the effects of these arrangements on the company\u2019s liabilities and cash flows, and the company\u2019s exposure to liquidity risk. \u2022 Lack of Exchangeability (Amendments to IAS 21): Board (IASB) amended IAS 21 to clarify, when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic de- cisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest hundred thousand, unless otherwise indicated. 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 com- panies\u201d) have a functional currency in the local currency: \u2022 where competitive forces and regulations mainly determine the sales prices of its goods and services rendered to other companies operating in the same country; \u2022 that primarily influences labour, material and other costs of providing goods and services; \u2022 in which receipts from operating activities are usually retained; \u2022 other Group entities that operate industrial parks or dormant entities with future industrial parks devel- opment potential have EUR functional currency, as: \u2022 sales prices of services rendered to the tenants are in EUR; \u2022 funds from financing activities are generated in EUR; \u2022 activities of these companies are conducted as an extension of the reporting entity, with no signifi- cant degree of autonomy. CTP Group\u2019s development companies are: \u2022 CTP Invest, spol. s r.o. \u2014 functional currency Czech koruna (CZK) \u2022 CTP Invest Poland Sp. z o.o. \u2014 functional currency Polish zloty (PLN) \u2022 CTP Invest d.o.o. Beograd-Novi Beograd \u2014 functional currency Serbian dinar (RSD) \u2022 CTP Management Hungary Kft. \u2014 functional currency Hungarian forint (HUF) \u2022 CTP Invest Bucharest SRL \u2014 functional currency Romanian leu (RON) \u2022 CTP Invest SK, spol. s r.o. \u2014 functional currency euro (EUR) \u2022 CTP Invest EOOD \u2014 functional currency Bulgarian lev (BGN) \u2022 CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) \u2022 CTP Invest B.V. \u2013 functional currency euro (EUR) \u2022 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 historical cost basis, except for the following items, which are measured on an alternative basis on each reporting date: \u2022 derivative financial instruments are measured at fair value; \u2022 investment property and investment property under development is measured at fair value; \u2022 solar plants within property, plant and equipment are measured at fair value; \u2022 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 assumptions 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 sourc- es. The actual results may differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are rec- ognised 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 critical judgments in applying accounting policies that have the most significant effect on the amount recognised in the financial statements, are de- scribed in the following Notes: \u2022 5a)iii Business combination \u2022 5b) Investment property \u2022 5c) Investment property under development \u2022 5d) Property, plant and equipment \u2022 5f) Financial instruments \u2022 5g) Impairment i) Measurement of fair values Some of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both fi- nancial 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 val- ues are categorised into different 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 observable 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 hierarchy 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: \u2022 Note 18. Investment property \u2022 Note 19. Investment property under development \u2022 Note 21. Property, plant and equipment \u2022 Note 22. Goodwill and intangible assets \u2022 Note 33. Derivative financial instruments", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "The consolidated financial statements were authorised for issue by the Board on 11 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "d) CTP considered the following new and amended standards in 2023 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 2023. The nature and the effect of these changes are disclosed below, however the impact on Consolidated financial statements is immaterial: \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 insurance contracts . \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12): IAS 12 is amended to provide a temporary mandatory relief from deferred tax accounting for top-up tax and require companies to provide new disclosures to compensate for the potential loss of information resulting from the relief. e) Standards issued but not yet effective A number of new standards took effect from the financial years beginning after 1 January 2024, 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 expected to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 Non-current liabilities with Covenants (Amendment to IAS 1): According the Amendment, a liability will be classified as non-current if the Company has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to complying with conditions (covenants) specified in a loan arrangement. Only covenants with which a Company must comply on or before the reporting date affect the classification of a liability as current or non-current. \u2022 Lease liability in a Sale and Leaseback (Amendments to IAS 16): Amendments to IFRS 16 impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new dis- closure objectives \u2013 in IAS 7 and in IFRS 7 \u2013 for a company to provide information about its supplier fi- nance arrangements that would enable users (investors) to assess the effects of these arrangements on the company\u2019s liabilities and cash flows, and the company\u2019s exposure to liquidity risk. \u2022 Lack of Exchangeability (Amendments to IAS 21): Board (IASB) amended IAS 21 to clarify, when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. 4. CORRECTION OF ERRORS In 2023, based on the recommendation of the Dutch Authority for the Financial Markets (\u201cAFM\u201d), the Group reconsidered the acquisition of Deutsche Industrie REIT-AG (\u201cDIR\u201d) as a transaction within the scope of IFRS 3 Business combination, rather than as an acquisition of assets. The acquisition of 80.9% ownership interest in DIR occurred in February 2022 (for details refer to Note 7). The acquisition of DIR allows CTP to expand its network to meet growing occupier demand for urban logistics in one of Europe\u2019s strongest economies. CTP become able to offer existing and new customers access via CTP\u2019s platform to the trans-European supply chain network across markets from the Black Sea to the North Sea. In 2022, the Group analysed the acquisition of DIR, identified inputs (investment property, liabilities) and out- puts (rental income) but no substantive acquired process, and therefore the transaction was concluded as an acquisition of assets within the scope of IFRS 2. In 2023, the Group updated its analysis and identified sub- stantive processes acquired. As a result, the acquisition of DIR was reassessed to be a business combination. Consequently, the impact on Equity, Profit or loss, deferred tax and goodwill was recognised. Recognition of this transaction has no impact on cash and cash equivalents. The errors have been corrected based on requirements of IAS 8 by restating each affected financial statement line item for prior periods, including all related disclosures. The following tables summarise the impacts on the Group\u2019s consolidated financial statements. a) Consolidated statement of financial position 31 December 2022 31 December as previously 2022 In EUR million reportedAdjustments Restated*Note reference Goodwill and Intangible assets 3.5 171.1 174.6 Note 22 Others 12,525.2 - 12,525.2 n/a Total assets 12,528.7 171.1 12,699.8 n/a Deferred tax liability 913.9 34.6 948.5 Note 34 Others 6,330.3 - 6,330.3 n/a Total liabilities 7,244.2 34.6 7,278.8 n/a Result for the year 794.6 -28.0 766.6 n/a Retained earnings 1,347.7 -13.5 1,334.2 Note 25 Share premium 3,024.5 178.0 3,202.5 Note 25 Others 117.7 - 117.7 n/a Total Equity 5,284.5 136.5 5,421.0 n/a b) Consolidated statement of profit or loss and OCI 31 December 2022 31 December as previously 2022 In EUR million reportedAdjustments Restated*Note reference Net valuation result on investment property 723.6 -26.3 697.3 Note 20 Other expenses -59.6 -10.1 -69.7 Note 13 Income tax -190.7 4.1 -186.6 Note 17 Share on profit of NCI -1.9 4.3 2.4 Note 28 Others 323.2 - 323.2 n/a Profit 794.6 -28.0 766.6 n/a Total comprehensive income 811.3 -28.0 783.3 n/a Goodwill and an increase in Share premium were recognised in the consolidated statement of financial posi- tion. Originally the deferred tax, which arose at the time of the acquisition, have decreased the value of investment property acquired in line with accounting for an asset deal, following the requirements of IAS 12. In 2023, after reconsideration of the transaction, the deferred tax liability was recognised instead. As a result, a valuation loss and the related deferred tax were booked in the restated profit or loss in 2022. Acquisition-related costs were fully released from the value of financial investment to other expenses with an impact of EUR 10.1 million. Hence, all acquisition-related costs have been accounted as expense in 2022 and recognized as part of Other expenses. The adjustments above also impacted the non-controlling interest. Impact of the restatement on earnings per share resulted in a change from EUR 1.83 per share to EUR 1.77 per share. The impact on the diluted earnings per share is the same. No significant impact due to the restatement was recognised on the total operating, investing, or financing cash flow for the years ended 31 December 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic de- cisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest hundred thousand, unless otherwise indicated. 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 com- panies\u201d) have a functional currency in the local currency: \u2022 where competitive forces and regulations mainly determine the sales prices of its goods and services rendered to other companies operating in the same country; \u2022 that primarily influences labour, material and other costs of providing goods and services; \u2022 in which receipts from operating activities are usually retained; \u2022 other Group entities that operate industrial parks or dormant entities with future industrial parks devel- opment potential have EUR functional currency, as: \u2022 sales prices of services rendered to the tenants are in EUR; \u2022 funds from financing activities are generated in EUR; \u2022 activities of these companies are conducted as an extension of the reporting entity, with no signifi- cant degree of autonomy. CTP Group\u2019s development companies are: \u2022 CTP Invest, spol. s r.o. \u2014 functional currency Czech koruna (CZK) \u2022 CTP Invest Poland Sp. z o.o. \u2014 functional currency Polish zloty (PLN) \u2022 CTP Invest d.o.o. Beograd-Novi Beograd \u2014 functional currency Serbian dinar (RSD) \u2022 CTP Management Hungary Kft. \u2014 functional currency Hungarian forint (HUF) \u2022 CTP Invest Bucharest SRL \u2014 functional currency Romanian leu (RON) \u2022 CTP Invest SK, spol. s r.o. \u2014 functional currency euro (EUR) \u2022 CTP Invest EOOD \u2014 functional currency Bulgarian lev (BGN) \u2022 CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) \u2022 CTP Invest B.V. \u2013 functional currency euro (EUR) \u2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "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 assumptions 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 sourc- es. The actual results may differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are rec- ognised 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 critical judgments in applying accounting policies that have the most significant effect on the amount recognised in the financial statements, are de- scribed in the following Notes: \u2022 5a)iii Business combination \u2022 5b) Investment property \u2022 5c) Investment property under development \u2022 5d) Property, plant and equipment \u2022 5f) Financial instruments \u2022 5g) Impairment ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "Further information about the assumption made in measuring fair values is included in the following notes: \u2022 Note 18. Investment property \u2022 Note 19. Investment property under development \u2022 Note 21. Property, plant and equipment \u2022 Note 22. Goodwill and intangible assets \u2022 Note 33. Derivative financial instruments", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "5. MATERIAL ACCOUNTING POLICIES The Group has consistently applied the following accounting policies to all periods presented in these consol- idated financial statements. In addition, the Group adopted Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice statement 2) from 1 January 2023. The amendments require the disclosure of material rather than signifi- cant, accounting policies. Although the amendments did not result in any changes to the accounting policies themselves, only the information disclosed. 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 activities. 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 necessary, 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 con- siders 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 inte- grated set of activities is acquired in addition to the property. 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 controlled by the same party or parties both before and after the business com- bination, and that control is not transitory. The assets and liabilities acquired under common control are recognised at the carrying amounts in the finan- cial statements of the entities 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 consistently 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 finan- cial 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 trans- ferred 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 acquiree; 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 annually and if events or changes in circumstances indicate that it might be impaired 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 immediately in the consolidated statement of profit or loss and other comprehensive income. Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. 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 acquisition. 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 resulting 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 con- trol 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 assumed 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 expenses 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 carrying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property portfolio at least annually. The independent valuation re- port was obtained as at 31 December 2023 and was incorporated into the Group\u2019s IFRS consolidated financial 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. Investment properties comprise of buildings and related land and landbank for future development. 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 sub- sequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2023. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is de- fined 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 property under development, as almost all de- velopment projects are finished within 12 months. The fair value measurement for all investment properties under development 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 revalued 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 professional qualifications and recent experi- ence 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 25-30 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 5g). Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the initial estimate, where relevant, of the costs of dismantling and removing building items and restoring the building site at which they are located, and an appropriate proportion of production overheads. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropri- ate, 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 statement during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have different 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 benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced 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 acquired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less impairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to investment 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 ex- pense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. e) 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. However, 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 measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of-use asset 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 periodically reduced by the impairment losses, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external fi- nancing sources and makes certain 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: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise; \u2022 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and \u2022 penalties for early termination of a lease unless the Group is reasonably 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 definition of investment property in the proper- ty, plant and equipment and lease liabilities in trade and other payables in the statement of financial 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 consid- eration 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 incidental 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 prop- erty and stated at fair value (as described in Note 5b). f) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehen- sive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both conditions below are met, and the financial asset is not designated at fair value through profit and loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely pay- ments of principal and interest 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 asset, that oth- erwise meets the requirements to be classified and measured 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 mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 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. \u2022 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 transaction 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 separate asset. Financial assets and liabilities are offset, and the net amount presented 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 effective 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 deter- minable 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 insig- nificant risk of changes in value. Bank accounts and call deposits 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 equiv- alents 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 finan- cial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a de- rivative, 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. Interest 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 subordinated 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 party to the contractual provisions of the instrument. The Group derecognises 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 oth- er payables. Such financial liabilities are recognised initially at fair value less any directly attributable trans- action costs. After initial recognition, these financial liabilities are measured at amortised cost using the ef- fective interest method. Financial assets and liabilities are offset, and the net amount presented in the statement of financial posi- tion 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, commod- ity 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 rec- ognised in profit or loss as incurred. 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agreements between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the differ- ence 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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. g) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under de- velopment and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds 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. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, 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 rec- ognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (ii) Financial assets A financial asset not carried at fair value through profit or loss, including an interest in an equity accounted investee, is assessed at each reporting date to determine whether there is objective evidence that it is credit impaired. Objective evidence that financial assets are impaired can include default or delinquency by a debtor; restruc- turing of an amount due to the Group on terms that the Group would not consider otherwise; indications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data indicating that there is a measurable decrease in the expected cash 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 financial 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. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recoverable amount can be related objectively to an event occurring after the impair- ment 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 policy 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 position 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 available press information about customers) and by applying experienced credit judgement. i) Equity Issued capital Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity. External costs directly attributable to the issuance of share capital, other than upon a business com- bination, 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 finan- cial statements from the functional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 5d). 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 deriva- tives 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 purchase, sale, issue or cancellation are rec- ognised 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. i) Earnings per share Earnings per share (EPS) is an important financial indicator that measures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attributable 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 attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. The denominator in the calculation of basic EPS for each period presented is the weighted average number of shares as at 31 December of the respective year. j) Share-based payment Under the CTP N.V. Long Term Incentive Plan (\u201cLTIP\u201d), CTP N.V. provides share-based benefits to Company Directors in the form of conditional 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 refer- ence to the fair value of the awards granted, including the impact of any market performance conditions and non-vesting conditions. Service conditions and any non-market performance vesting conditions are consid- ered 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 ad- justment to equity. k) Government Grants The Group recognises government grants related to acquisition of solar 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. l) 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 separately identifiable, part of rental contracts. The Group has identified that park management services are distinct from rentals and are therefore account- ed separately. The service charge is priced and contracted 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. m) Income from development activities Revenues from customer specific fit-outs of rented facilities (development extras) are presented separately in the Statement of comprehensive income. Income from development activities includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. Income from development activities is recognised at point in time. n) 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. o) Expenses (i) Attributable external expenses Attributable external expenses consist of property operating expenses (including service expenses), hotel op- erating 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 financial 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. p) Income tax Income tax comprises current and deferred tax. Income tax is recognised 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 compre- hensive income. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substan- tially 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 differences 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 liabilities. 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 avail- able 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 2023 and 2022 were as follows: Country 2023 2022 Austria 24.00% 25.00% Czech Republic 19.00% 19.00% Germany 15.83%; 29.48% 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.80% 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% In 2023, for the purposes of deferred tax calculation was used tax rate of 21% in the Czech Republic. Tax rate of 21% will be used also for corporate income tax rate from the year 2024. Deferred tax is not recognised from temporary differences on the initial 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. q) 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 national banks at the reporting date. Non-monetary assets and liabilities denominat- ed in foreign currencies that are measured at fair value are translated into the functional currency at the ex- change 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 acqui- sition, 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 trans- lation 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 re- classified 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 relevant proportion of the cumulative amount is reclassified to profit or loss . r) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating seg- ments. 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 information 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 segments based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany and other areas. Segment results reported to the Board include items directly attributable to a segment. In 2023, the Group reconsidered presentation of hotel segment. Hotels are currently presented under the Czech Republic operating segment. The operating segments are determined based on the Group\u2019s management and internal reporting structure. As required by IFRS 8, the Group provides information on the business activities in which it engages, including revenue and investment property split.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "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 activities. 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 necessary, 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 con- siders 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 inte- grated set of activities is acquired in addition to the property. 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 controlled by the same party or parties both before and after the business com- bination, and that control is not transitory. The assets and liabilities acquired under common control are recognised at the carrying amounts in the finan- cial statements of the entities 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 consistently 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 finan- cial 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 trans- ferred 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 acquiree; 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 annually and if events or changes in circumstances indicate that it might be impaired 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 immediately in the consolidated statement of profit or loss and other comprehensive income. Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. 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 acquisition. 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 resulting 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 con- trol 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 assumed 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 expenses arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "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 activities. 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 necessary, 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 con- siders 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 inte- grated set of activities is acquired in addition to the property. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "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 trans- ferred 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 acquiree; 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 annually and if events or changes in circumstances indicate that it might be impaired 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 immediately in the consolidated statement of profit or loss and other comprehensive income. Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "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 trans- ferred 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 acquiree; 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 annually and if events or changes in circumstances indicate that it might be impaired 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 immediately in the consolidated statement of profit or loss and other comprehensive income. Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "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 acquiree; 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 annually and if events or changes in circumstances indicate that it might be impaired 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 immediately in the consolidated statement of profit or loss and other comprehensive income. Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "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 acquisition. 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 con- trol 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 carrying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property portfolio at least annually. The independent valuation re- port was obtained as at 31 December 2023 and was incorporated into the Group\u2019s IFRS consolidated financial 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. Investment properties comprise of buildings and related land and landbank for future development. 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 sub- sequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2023. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is de- fined 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 property under development, as almost all de- velopment projects are finished within 12 months. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "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 development 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "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 sub- sequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2023. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is de- fined 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 property under development, as almost all de- velopment projects are finished within 12 months. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "Borrowing costs are not capitalised to the value of investment property under development, as almost all de- velopment projects are finished within 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "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 revalued 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 professional qualifications and recent experi- ence 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 25-30 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 5g). Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the initial estimate, where relevant, of the costs of dismantling and removing building items and restoring the building site at which they are located, and an appropriate proportion of production overheads. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropri- ate, 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 statement during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have different 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 benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced 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 acquired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less impairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to investment 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 ex- pense 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "Depreciation of the solar plants is recognised into profit or loss on a straight-line basis over the estimated useful life of 25-30 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 periodically reduced by the impairment losses, if any. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropri- ate, 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 statement during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-20": { "value": "e) 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. However, 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 measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of-use asset 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 periodically reduced by the impairment losses, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external fi- nancing sources and makes certain 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: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise; \u2022 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and \u2022 penalties for early termination of a lease unless the Group is reasonably 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 definition of investment property in the proper- ty, plant and equipment and lease liabilities in trade and other payables in the statement of financial 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 consid- eration 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 incidental 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 prop- erty and stated at fair value (as described in Note 5b). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-21": { "value": "f) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehen- sive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both conditions below are met, and the financial asset is not designated at fair value through profit and loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely pay- ments of principal and interest 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 asset, that oth- erwise meets the requirements to be classified and measured 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 mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 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. \u2022 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 transaction 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 separate asset. Financial assets and liabilities are offset, and the net amount presented 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 effective 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 deter- minable 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 insig- nificant risk of changes in value. Bank accounts and call deposits 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 equiv- alents 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 finan- cial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a de- rivative, 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. Interest 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 subordinated 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 party to the contractual provisions of the instrument. The Group derecognises 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 oth- er payables. Such financial liabilities are recognised initially at fair value less any directly attributable trans- action costs. After initial recognition, these financial liabilities are measured at amortised cost using the ef- fective interest method. Financial assets and liabilities are offset, and the net amount presented in the statement of financial posi- tion 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, commod- ity 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 rec- ognised in profit or loss as incurred. 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agreements between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the differ- ence 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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "(i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other comprehen- sive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both conditions below are met, and the financial asset is not designated at fair value through profit and loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely pay- ments of principal and interest 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 asset, that oth- erwise meets the requirements to be classified and measured 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 mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 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. \u2022 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 transaction 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 separate asset. Financial assets and liabilities are offset, and the net amount presented 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 effective 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 deter- minable 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 insig- nificant risk of changes in value. Bank accounts and call deposits 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 equiv- alents 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "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 asset, that oth-
erwise meets the requirements to be classified and measured 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 mismatch that would otherwise arise.
\u2022 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 finan- cial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a de- rivative, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "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 transaction 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 separate asset. Financial assets and liabilities are offset, and the net amount presented 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 effective 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 deter- minable 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "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 transaction 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 separate asset. The Group derecognises financial liability when its contractual obligations are discharged, cancelled, or expire", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "value": "Financial assets and liabilities are offset, and the net amount presented 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 presented in the statement of financial posi- tion 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "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 insig- nificant risk of changes in value. Bank accounts and call deposits 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 equiv- alents 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "(iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A finan- cial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a de- rivative, 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. Interest 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 subordinated 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 party to the contractual provisions of the instrument. The Group derecognises 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 oth- er payables. Such financial liabilities are recognised initially at fair value less any directly attributable trans- action costs. After initial recognition, these financial liabilities are measured at amortised cost using the ef- fective interest method. Financial assets and liabilities are offset, and the net amount presented in the statement of financial posi- tion 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, commod- ity 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 rec- ognised in profit or loss as incurred. 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agreements between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the differ- ence 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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "value": "(iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit and loss. A finan- cial liability is classified as at fair value through profit and loss if it is classified as held-for trading, it is a de- rivative, 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. Interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "Interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and oth- er payables. Such financial liabilities are recognised initially at fair value less any directly attributable trans- action costs. After initial recognition, these financial liabilities are measured at amortised cost using the ef- fective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "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, commod- ity 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 rec- ognised in profit or loss as incurred. 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agreements between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the differ- ence 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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "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, commod- ity 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 rec- ognised in profit or loss as incurred. 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 de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agreements between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the differ- ence 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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "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 documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between 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 recognised 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 compre- hensive 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 accumulated 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 reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "g) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under de- velopment and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds 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. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, 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 rec- ognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-22": { "value": "g) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under de- velopment and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds 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. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, 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 rec- ognised in profit and loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (ii) Financial assets A financial asset not carried at fair value through profit or loss, including an interest in an equity accounted investee, is assessed at each reporting date to determine whether there is objective evidence that it is credit impaired. Objective evidence that financial assets are impaired can include default or delinquency by a debtor; restruc- turing of an amount due to the Group on terms that the Group would not consider otherwise; indications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data indicating that there is a measurable decrease in the expected cash 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 financial 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. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recoverable amount can be related objectively to an event occurring after the impair- ment 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 policy 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 position 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 available press information about customers) and by applying experienced credit judgement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "
(ii) Financial assets
A financial asset not carried at fair value through profit or loss, including an interest in an equity accounted
investee, is assessed at each reporting date to determine whether there is objective evidence that it is credit
impaired.
Objective evidence that financial assets are impaired can include default or delinquency by a debtor; restruc-
turing of an amount due to the Group on terms that the Group would not consider otherwise; indications that
a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data
indicating that there is a measurable decrease in the expected cash 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 financial 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.
All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a
subsequent increase in a recoverable amount can be related objectively to an event occurring after the impair-
ment 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 policy 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 position 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 available press information about customers) and by
applying experienced credit judgement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-23": { "value": "i) Equity Issued capital Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity. External costs directly attributable to the issuance of share capital, other than upon a business com- bination, are shown as a deduction from the proceeds, net of tax, in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-25": { "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 finan- cial statements from the functional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 5d). 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 deriva- tives 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 purchase, sale, issue or cancellation are rec- ognised 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. 25. EQUITY Issued capital and Share premium Current financial year As at 31 December 2023, the issued capital comprised of the following: Issued No. of Nominal capital Type of shares shares value of share In EUR million Ordinary shares 448,182,458 EUR 0.16 71.7 Treasury shares -27,976 EUR 0.16 -0.0 Total 448,154,482 EUR 0.16 71.7 Ordinary shares Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company\u2019s shares held by the Group are suspended until those shares are reissued. Treasury shares In 2022, the Company acquired during the merger transaction ordinary shares in total of 27,976 pcs for a total consideration of EUR 545,858 at an average cost of EUR 19.51 per share. MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM Issued Share Nr. of capital premium shares In EUR million In EUR million Balance at 1 January 2023 444,100,549 71.1 3,203.0 18 May 2023 Dividend paid 2,221,102 0.3 -76.2 4 September 2023 Dividend paid 1,860,807 0.3 -88.4 Balance at 31 December 2023 448,182,458 71.7 3,038.4 Treasury shares -27,976 - -0.5 Total balance at 31 December 2023 448,154,482 71.7 3,037.9 On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that entitles to one new ordinary share was set at 51.42. Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 18 May 2023. On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced. Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of dividend rights that entitles to one new ordinary share was set at 50.53. Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 21% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of 448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 4 September 2023. Prior financial year As at 31 December 2022, the issued capital was comprised of the following: Nominal Issued No. of value capital Type of shares shares of share In EUR million Ordinary shares 444,100,549 EUR 0.16 71.1 Treasury shares -27,976 EUR 0.16 -0.0 Total 444,072,573 EUR 0.16 71.1 Share Issued premium Nr. of capital Restated* shares In EUR million In EUR million Balance at 1 January 2022 400,392,810 64.1 2,662.0 3 February 2022 Share issuance connected 32,421,325 5.2 562.2 with DIR acquisition 9 June 2022 Dividend paid 763,581 0.1 -68.0 23 August 2022 Share issuance connected 7,659,590 1.2 103.4 with merger of DIR and CTP N.V. 5 September 2022 Dividend paid 2,863,243 0.5 -56.6 Balance at 31 December 2022 444,100,549 71.1 3,203.0 Treasury shares -27,976 - -0.5 Total balance at 31 December 2022 444,072,573 71.1 3,202.5 * The comparative information is restated on account of correction of errors, refer to Note 4. On 3 February 2022, the Group acquired DIR (currently CTP Deutschland B.V.). 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). The transaction resulted in the issuance of 32,421,325 new shares of CTP N.V. For details refer to Note 7. 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 ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 or- dinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 9 June 2022. On 23 August 2022 CTP N.V. completed the merger with DIR (acquired on 3 February 2022). As a result of the merger, CTP N.V. acquired shares from former shareholders of DIR. 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. Share- holders 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 div- idend rights that entitles to one new ordinary share was set at 62.5. Shareholders representing 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 payment in cash and delivery of the ordinary shares was 5 September 2022. 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 0.1 million net of tax as at 31 December 2023 (2022 \u2013 EUR 23.7 million). Decrease of EUR 23.6 million was caused mainly due to a decrease in market rates. Translation reserve The translation reserve of EUR 2.1 million (2022 \u2013 EUR 4.5 million) comprises all foreign exchange differences arising from the translation of the financial statements from the functional to the presentation currency (refer to Note 3f). Revaluation reserve Changes in the fair value of Property, plant and equipment valued under revaluation model is recognised in the revaluation reserve in equity reached EUR 29.0 million (net of tax) as at 31 December 2023 (2022 \u2013 EUR 18.4 million). Dividends In May 2023, the Group paid a final dividend for the year 2022 of EUR 102.1 million, out of which EUR 75.9 million was paid in cash and the rest of dividends were paid in the form of new shares. In September 2023, the Group paid an interim dividend for the year 2023 of EUR 111.6 million, out of which EUR 88.1 million was paid in cash and the rest of dividends were paid in the form of new shares. In June 2022, the Group paid a final dividend for the year 2021 of EUR 77.9 million, out of which EUR 67.9 million was paid in cash and the rest of dividends were paid in the form of new shares. In September 2022, the Group paid an interim dividend for the year 2022 of EUR 95.4 million, out of which EUR 56.0 million was paid in cash and the rest of dividends were paid in the form of new shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "Treasury shares Treasury shares are deducted from Equity. Gains or losses from purchase, sale, issue or cancellation are rec- ognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-24": { "value": "i) Earnings per share Earnings per share (EPS) is an important financial indicator that measures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attributable 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 attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. The denominator in the calculation of basic EPS for each period presented is the weighted average number of shares as at 31 December of the respective year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-29": { "value": "j) Share-based payment Under the CTP N.V. Long Term Incentive Plan (\u201cLTIP\u201d), CTP N.V. provides share-based benefits to Company Directors in the form of conditional 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 refer- ence to the fair value of the awards granted, including the impact of any market performance conditions and non-vesting conditions. Service conditions and any non-market performance vesting conditions are consid- ered 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 ad- justment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-27": { "value": "k) Government Grants The Group recognises government grants related to acquisition of solar 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-30": { "value": "l) 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 separately identifiable, part of rental contracts. The Group has identified that park management services are distinct from rentals and are therefore account- ed separately. The service charge is priced and contracted 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. m) Income from development activities Revenues from customer specific fit-outs of rented facilities (development extras) are presented separately in the Statement of comprehensive income. Income from development activities includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. Income from development activities is recognised at point in time. n) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-26": { "value": "o) Expenses (i) Attributable external expenses Attributable external expenses consist of property operating expenses (including service expenses), hotel op- erating 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 financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-28": { "value": "p) Income tax Income tax comprises current and deferred tax. Income tax is recognised 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 compre- hensive income. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substan- tially 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 differences 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 liabilities. 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 avail- able 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 2023 and 2022 were as follows:
Country
2023
2022
Austria
24.00%
25.00%
Czech Republic
19.00%
19.00%
Germany
15.83%; 29.48%
29.48%
Hungary
9.00%
9.00%
Netherlands
25.80%
25.80%
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%
In 2023, for the purposes of deferred tax calculation was used tax rate of 21% in the Czech Republic. Tax rate of 21% will be used also for corporate income tax rate from the year 2024. Deferred tax is not recognised from temporary differences on the initial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "
Deferred tax
Deferred tax is provided using the liability method on temporary differences 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 liabilities. 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 avail-
able 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 2023 and 2022 were as follows:
Country
2023
2022
Austria
24.00%
25.00%
Czech Republic
19.00%
19.00%
Germany
15.83%; 29.48%
29.48%
Hungary
9.00%
9.00%
Netherlands
25.80%
25.80%
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%
In 2023, for the purposes of deferred tax calculation was used tax rate of 21% in the Czech Republic. Tax rate
of 21% will be used also for corporate income tax rate from the year 2024.
Deferred tax is not recognised from temporary differences on the initial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "q) 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 national banks at the reporting date. Non-monetary assets and liabilities denominat- ed in foreign currencies that are measured at fair value are translated into the functional currency at the ex- change 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 acqui- sition, 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 trans- lation 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 re- classified 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 relevant proportion of the cumulative amount is reclassified to profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-31": { "value": "r) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating seg- ments. 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 information 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 segments based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany and other areas. Segment results reported to the Board include items directly attributable to a segment. In 2023, the Group reconsidered presentation of hotel segment. Hotels are currently presented under the Czech Republic operating segment. The operating segments are determined based on the Group\u2019s management and internal reporting structure. As required by IFRS 8, the Group provides information on the business activities in which it engages, including revenue and investment property split.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-32": { "value": "6. SEGMENT REPORTING The principal operation of the Group is the lease of investment property in Western, Central and Eastern Europe, and development in these countries. The Group manages its activities based on geographical segmen- tation, 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, Germany, and Other geographical segments. Segment Segment description Czech Republic Industrial property, offices, retail, hotels, solar, other Romania Industrial property, solar Hungary Industrial property, offices, solar Slovakia Industrial property, offices, solar Netherlands Industrial property, headquarter, solar Germany Industrial property, offices Other Segments which do not meet criteria for separate segment reporting recognition Segment results for the 12-month period ended 31 December 2023 are as follows: Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlandsGermany OtherSegments eliminations Total Rental income 255.2 57.6 101.7 43.5 7.2 69.2 37.5 571.9 - 571.9 Service charge income 20.8 7.7 12.0 5.3 0.8 12.3 2.6 61.5 -0.8 60.7 Property operating expenses -28.9 -8.6 -12.6 -6.3 -1.5 -23.6 -7.9 -89.4 - -89.4 Net rental income 247.1 56.7 101.1 42.5 6.5 57.9 32.2 544.0 -0.8 543.2 Hotel operating revenue 21.1 - - - - - - 21.1 - 21.1 Hotel operating expenses -15.7 - - - - - - -15.7 - -15.7 Net operating income from hotel operations 5.4 - - - - - - 5.4 - 5.4 Income from development activities 11.7 1.1 1.3 - - - 6.0 20.1 - 20.1 Expenses from development activities -8.7 -0.8 -1.0 - - - -4.2 -14.7 - -14.7 Net income from development activities 3.0 0.3 0.3 - - - 1.8 5.4 - 5.4 Total revenues 308.8 66.4 115.0 48.8 8.0 81.5 46.1 674.6 -0.8 673.8 Total attributable external expenses -53.3 -9.4 -13.6 -6.3 -1.5 -23.6 -12.1 -119.8 - -119.8 Gross profit/loss(-) 255.5 57.0 101.4 42.5 6.5 57.9 34.0 554.8 -0.8 554.0 Net valuation result on investment property 260.2 3.4 149.6 105.3 17.8 123.4 219.0 878.7 - 878.7 Other income 29.6 0.2 1.4 0.7 1.2 0.6 - 33.7 -19.6 14.1 Amortization, depreciation and impairment -9.8 -0.3 -0.8 -0.2 -0.2 -0.6 -0.8 -12.7 - -12.7 Employee benefits -23.3 -4.1 -4.7 -3.2 -2.0 -4.8 -8.3 -50.4 - -50.4 Impairment of financial assets 0.9 - -0.1 -0.1 - -2.1 - -1.4 - -1.4 Other expenses -29.3 -6.8 -7.0 -4.9 -11.2 -6.7 -13.0 -78.9 20.4 -58.5 Net other income/expenses(-) -31.9 -11.0 -11.2 -7.7 -12.2 -13.6 -22.1 -109.7 0.8 -108.9 Net profit/loss(-) before finance costs 483.8 49.4 239.8 140.1 12.1 167.7 230.9 1,323.8 - 1,323.8 Net finance costs -111.7 Profit/loss(-) before income tax 1,212.1 Income tax expense -289.5 Profit/loss(-) for the period 922.6 Profit/loss(-) attributable to: Non-controlling interests - Equity holders of the Company 922.6 Segment assets and liabilities as at 31 December 2023 are as follows: 1/2 Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlandsGermany OtherSegments eliminations Total Assets Investment property 5,689.1 982.6 1,827.5 789.1 482.5 1,188.7 1,079.7 12,039.2 - 12,039.2 Investment property under development 279.5 123.6 98.6 130.5 0.1 26.8 700.5 1,359.6 - 1,359.6 Property, plant and equipment 150.8 9.0 22.6 3.8 5.2 4.3 38.1 233.8 - 233.8 Goodwill and intangible assets 5.0 - - - 0.3 171.2 - 176.5 - 176.5 Trade and other receivables 17.2 2.1 1.2 1.0 0.1 - 2.5 24.1 - 24.1 Derivative financial instruments - 1.3 - - 7.2 2.1 - 10.6 - 10.6 Financial investments 658.9 - - - 3,260.1 - - 3,919.0 -3,918.6 0.4 Long-term receivables from related parties - - - - 3,111.7 - - 3,111.7 -3,111.1 0.6 Deferred tax assets 1.0 1.8 0.1 2.1 7.2 0.6 1.5 14.3 - 14.3 Total non-current assets 6,801.5 1,120.4 1,950.0 926.5 6,874.4 1,393.7 1,822.320,888.8 -7,029.7 13,859.1 Trade and other receivables 63.3 18.0 59.1 13.7 7.0 17.3 88.2 266.6 - 266.6 Short-term receivables from related parties 160.8 - - - 32.9 - - 193.7 -192.8 0.9 Derivative financial instruments - 1.7 - - 35.8 0.6 - 38.1 - 38.1 Contract assets 8.2 0.3 - - - - - 8.5 - 8.5 Current tax assets 2.8 0.6 0.5 0.4 3.5 - 1.6 9.4 - 9.4 Cash and cash equivalents 52.5 43.1 28.1 4.8 517.4 10.9 33.8 690.6 - 690.6 Total current assets 287.6 63.7 87.7 18.9 596.6 28.8 123.6 1,206.9 -192.8 1,014.1 Total assets 7,089.1 1,184.1 2,037.7 945.4 7,471.0 1,422.5 1,945.922,095.7 -7,222.5 14,873.2 Segment assets and liabilities as at 31 December 2023 are as follows: 2/2 Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlandsGermany OtherSegments eliminations Total Total equity 4,235.3 545.0 761.5 480.0 2,515.1 978.9 569.7 10,085.5 -3,918.6 6,166.9 Liabilities Interest-bearing loans and borrowings from financial 1,394.1 52.8 215.2 209.2 1,210.6 145.5 100.8 3,328.2 - 3,328.2 institutions Bond issued - - - - 3,551.6 19.7 - 3,571.3 - 3,571.3 Trade and other payables 51.4 10.9 10.3 2.9 22.2 31.7 18.1 147.5 - 147.5 Long-term payables to related parties 431.8 504.6 898.1 136.0 - 103.0 1,037.6 3,111.1 -3,111.1 - Derivative financial instruments - - - - 10.6 - - 10.6 - 10.6 Deferred tax liabilities 800.9 38.4 92.6 82.7 6.5 68.2 78.1 1,167.4 - 1,167.4 Total non-current liabilities 2,678.2 606.7 1,216.2 430.8 4,801.5 368.1 1,234.6 11,336.1 -3,111.1 8,225.0 Interest-bearing loans and borrowings from financial 15.1 2.8 7.6 2.6 3.3 18.0 0.6 50.0 - 50.0 institutions Bonds issued - - - - 18.3 0.4 - 18.7 - 18.7 Trade and other payables 150.5 22.3 31.9 28.5 9.6 42.0 82.1 366.9 - 366.9 Short-term payables to related parties 0.3 6.2 19.0 2.3 105.8 5.0 54.5 193.1 -192.8 0.3 Derivative financial instruments - - - - 17.0 - - 17.0 - 17.0 Current tax liabilities 9.7 1.1 1.5 1.2 0.4 10.1 4.4 28.4 - 28.4 Total current liabilities 175.6 32.4 60.0 34.6 154.4 75.5 141.6 674.1 -192.8 481.3 Total liabilities 2,853.8 639.1 1,276.2 465.4 4,955.9 443.6 1,376.2 12,010.2 -3,303.9 8,706.3 Total equity and liabilities 7,089.1 1,184.1 2,037.7 945.4 7,471.0 1,422.5 1,945.922,095.7 -7,222.5 14,873.2 Segment results for the 12-month period ended 31 December 2022 are as follows: Restated* Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlandsGermany OtherSegments eliminations Total Rental income 230.3 49.0 84.0 37.1 3.0 58.5 23.1 485.0 - 485.0 Service charge income 36.0 6.4 10.7 4.4 21.4 11.1 1.4 91.4 -39.5 51.9 Property operating expenses -33.0 -7.2 -9.0 -5.2 -0.2 -27.7 -2.5 -84.8 - -84.8 Net rental income 233.3 48.2 85.7 36.3 24.2 41.9 22.0 491.6 -39.5 452.1 Hotel operating revenue 16.0 - - - - - - 16.0 - 16.0 Hotel operating expenses -12.3 - - - - - - -12.3 - -12.3 Net operating income from hotel operations 3.7 - - - - - - 3.7 - 3.7 Income from development activities 19.4 1.9 6.3 0.3 - - 8.3 36.2 - 36.2 Expenses from development activities -14.1 -1.7 -4.4 -0.2 - - -6.7 -27.1 - -27.1 Net income from development activities 5.3 0.2 1.9 0.1 - - 1.6 9.1 - 9.1 Total revenues 301.7 57.3 101.0 41.8 24.4 69.6 32.8 628.6 -39.5 589.1 Total attributable external expenses -59.4 -8.9 -13.4 -5.4 -0.2 -27.7 -9.2 -124.2 - -124.2 Gross profit/loss(-) 242.3 48.4 87.6 36.4 24.2 41.9 23.6 504.4 -39.5 464.9 Net valuation result on investment property 394.4 46.4 67.2 18.4 14.8 -30.0 186.1 697.3 - 697.3 Other income 6.5 - 0.2 0.5 0.7 0.4 0.5 8.8 -0.6 8.2 Amortization, depreciation and impairment -8.9 -0.3 -0.4 -0.2 -0.1 -0.3 -0.5 -10.7 - -10.7 Employee benefits -21.0 -3.4 -5.8 -2.8 -4.6 -1.2 -4.9 -43.7 - -43.7 Impairment of financial assets 0.3 - - - 0.8 0.1 - 1.2 - 1.2 Other expenses -31.1 -4.8 -9.1 -3.3 -42.6 -10.2 -8.7 -109.8 40.1 -69.7 Net other income/expenses(-) -54.2 -8.5 -15.1 -5.8 -45.8 -11.2 -13.6 -154.2 39.5 -114.7 Profit/loss(-) before finance costs 582.5 86.3 139.7 49.0 -6.8 0.7 196.1 1,047.5 - 1,047.5 Net finance costs -96.7 Profit/loss(-) before income tax 950.8 Income tax expense -186.6 Profit/loss(-) for the period 764.2 Profit/loss(-) attributable to: Non-controlling interests -2.4 Equity holders of the Company 766.6 * The comparative information is restated on account of correction of errors, refer to Note 4. Segment assets and liabilities as at 31 December 2022 are as follows: 1/2 Restated* Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlands*Germany* OtherSegments eliminations* Total Assets Investment property 5,181.0 946.5 1,577.6 660.9 148.4 918.1 691.7 10,124.2 - 10,124.2 Investment property under development 187.3 98.4 58.2 76.6 298.8 2.1 471.9 1,193.3 - 1,193.3 Property, plant and equipment 146.8 4.7 8.8 2.1 1.3 3.3 1.9 168.9 - 168.9 Goodwill and intangible assets 3.3 - - - 0.2 171.1 - 174.6 - 174.6 Trade and other receivables 5.8 6.6 1.5 2.0 - 0.2 1.9 18.0 - 18.0 Derivative financial instruments - 3.3 - - 4.3 1.6 - 9.2 - 9.2 Financial investments 578.2 - - - 2,671.8 - - 3,250.0 -3,249.5 0.5 Long-term receivables from related parties 4.0 - - - 3,841.9 - - 3,845.9 -3,800.7 45.2 Deferred tax assets 8.4 2.1 - - 4.9 - 2.5 17.9 - 17.9 Total non-current assets 6,114.8 1,061.6 1,646.1 741.6 6,971.6 1,096.4 1,169.9 18,802.0 -7,050.2 11,751.8 Trade and other receivables 54.8 23.3 40.5 10.0 6.2 14.0 86.8 235.6 - 235.6 Short-term receivables from related parties 997.9 64.8 - - 42.3 - - 1,105.0 -1,104.7 0.3 Derivative financial instruments - 1.9 - - 39.8 0.2 - 41.9 - 41.9 Contract assets 2.6 - 0.5 - - - 0.3 3.4 - 3.4 Current tax assets 4.5 0.2 0.7 - - 0.1 0.7 6.2 - 6.2 Cash and cash equivalents 62.7 38.3 17.3 7.1 476.5 33.9 24.8 660.6 - 660.6 Total current assets 1,122.5 128.5 59.0 17.1 564.8 48.2 112.6 2,052.7 -1,104.7 948.0 Total assets 7,237.3 1,190.1 1,705.1 758.7 7,536.4 1,144.6 1,282.520,854.7 -8,154.9 12,699.8 Segment assets and liabilities as at 31 December 2022 are as follows: 2/2 Restated* Czech Total Intersegment In EUR million Republic Hungary Romania SlovakiaNetherlands*Germany* OtherSegments eliminations* Total Total equity 4,299.3 524.2 537.7 329.4 1,941.4 716.5 322.0 8,670.5 -3,249.5 5,421.0 Liabilities Interest-bearing loans and borrowings from financial 977.4 55.6 - 109.5 563.9 161.7 - 1,868.1 - 1,868.1 institutions Bond issued - - - - 3,544.1 19.7 - 3,563.8 - 3,563.8 Trade and other payables 39.1 12.0 10.6 1.5 11.4 26.3 3.1 104.0 - 104.0 Long-term payables to related parties 1,091.5 540.4 1,018.7 237.5 - 113.9 798.7 3,800.7 -3,800.7 - Derivative financial instruments - - - - - 2.0 - 2.0 - 2.0 Deferred tax liabilities 687.1 36.6 80.4 55.9 6.3 38.6 43.6 948.5 - 948.5 Total non-current liabilities 2,795.1 644.6 1,109.7 404.4 4,125.7 362.2 845.4 10,287.1 -3,800.7 6,486.4 Interest-bearing loans and borrowings from financial 9.5 2.8 - - 0.1 12.3 - 24.7 - 24.7 institutions Bonds issued - - - - 417.2 0.4 - 417.6 - 417.6 Trade and other payables 119.2 15.2 35.0 21.0 9.8 47.8 72.9 320.9 - 320.9 Short-term payables to related parties 10.8 1.9 21.3 3.1 1,028.1 1.7 37.8 1,104.7 -1,104.7 - Derivative financial instruments - - - - 12.1 0.6 - 12.7 - 12.7 Current tax liabilities 3.4 1.4 1.4 0.8 2.0 3.1 4.4 16.5 - 16.5 Total current liabilities 142.9 21.3 57.7 24.9 1,469.3 65.9 115.1 1,897.1 -1,104.7 792.4 Total liabilities 2,938.0 665.9 1,167.4 429.3 5,595.0 428.1 960.5 12,184.2 -4,905.4 7,278.8 Total equity and liabilities 7,237.3 1,190.1 1,705.1 758.7 7,536.4 1,144.6 1,282.520,854.7 -8,154.9 12,699.8 * The comparative information is restated on account of correction of errors, refer to Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-33": { "value": "7. CHANGES IN GROUP STRUCTURE Current financial year Acquisitions In 2023, the Group acquired the following subsidiaries:
Subsidiary
Country
Acquisition date
CTPark Ostrava Hru\u0161ov, spol. s r.o. (formerly H-Zone, s.r.o.)
Czech Republic
31 January 2023
BIMS PROPERTIES 2018 DOO DE\u010c
Serbia
21 February 2023
CTPark Pitesti East SRL (formerly Seebuca Immo SRL)
Romania
29 March 2023
CTPark Timisoara North SRL (formerly Seetimi SRL)
Romania
29 March 2023
CTPark Dragomiresti SRL (formerly Bati Carpath SRL)
Romania
29 March 2023
CTP Germany X GmbH (formerly Projektgesellschaft Rauentaler
Germany
30 March 2023
Strasse mbH)
CTPark N\u00fd\u0159any II, spol. s r.o. (formerly Limmo beta s.r.o.)
Czech Republic
30 November 2023
CTP Nov\u00e1 Zvona\u0159ka, spol. s r.o. (formerly Nov\u00e1 Zvona\u0159ka s.r.o.)
Czech Republic
30 November 2023
CTPark To\u0161anovice a.s. (formerly Tosan Park a.s.)
Czech Republic
6 December 2023
These acquisitions impacted the Group\u2019s financial statements as ta date of acquisition as follows:
Czech
In EUR million
Germany
Republic
Romania
Serbia
Total
Investment property
9.1
65.5
57.1
4.4
136.1
Investment property under
development
-
12.4
0.4
3.1
15.9
Cash and cash equivalents
0.1
0.5
2.3
-
2.9
Trade and other receivables
-
1.0
0.1
-
1.1
Total assets
9.2
79.4
59.9
7.5
156.0
Interest-bearing loans and
borrowings from financial
-
-
-27.1
-
-27.1
institutions
Trade and other liabilities
-0.4
-2.7
-10.4
-0.1
-13.6
Total liabilities
-0.4
-2.7
-37.5
-0.1
-40.7
Non-controlling interest
-
-
-
-
-
Net assets acquired
8.8
76.7
22.4
7.4
115.3
Consideration paid in cash*
-8.8
-65.2
-19.5
-7.4
-100.9
Consideration not settled till
-
-11.5
-2.9
-
-14.4
period end
Net cash inflow/outflow
-8.7
-64.7
-17.2
-7.4
-98.0
* Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 39.5 million. Total impact on consolidated cash flow is of EUR 58.5 million. The acquisitions were recognised as a property asset acquisition, as acquired companies do not represent a business as defined by IFRS 3. All acquisition above were assessed based on requirement of IFRS 3, no critical processes have been identified and acquisitions were considered to be an asset acquisitions. In 2023, the Group disposed subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group with impact on consolidated cash flow of EUR 3.7 million. Changes within the Group in 2023 As at 31 December 2023, there were no significant changes within the Group. Prior financial year Acquisitions In 2022, the Group acquired the following subsidiaries:
Acquisition
Subsidiary
Country
date
Deutsche Industrie REIT-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.
Poland
9 May 2022
(formerly 7R Projekt 31 sp. z o.o.)
CTP Property Alpha Poland sp. z o.o.
Poland
9 May 2022
(formerly 7R Projekt 68 sp. z o.o.)
CTP Property Beta Poland sp. z o.o.
Poland
9 May 2022
(formerly 7R Projekt 64 Sp. z o.o.)
CTP Property Gamma Poland sp. z o.o.
Poland
9 May 2022
(formerly 7R Projekt 30 sp. z o.o.)
CTPARK CHITILA SRL
Romania
20 May 2022
(formerly Eglast Investment SRL)
CTPARK PITESTI SRL
Romania
20 May 2022
(formerly Dani Global Development SRL)
CTP Property Delta Poland sp. z o.o.
Poland
7 June 2022
(formerly 7R Projekt 41 sp. z o.o.)
CTP Property Epsilon Poland sp. z o.o.
Poland
14 June 2022
(formerly 7R Projekt 44 sp. z o.o.)
Banovac projekat d.o.o. Beograd-Novi Beograd
Serbia
5 July 2022
CTPark Sofia Ring Road EOOD
Bulgaria
17 August 2022
(formerly Transcapital Ring Road EOOD)
CTPark Sofia EOOD (formerly Transcapital Airport EOOD)
Bulgaria
17 August 2022
LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM
Serbia
31 August 2022
ODGOVORN\u0160\u0106U BEOGRAD
KRMEL\u00cdNSK\u00c1 I, s.r.o.
Czech Republic
30 September 2022
CTP Property Eta Poland sp. z o.o.
Poland
20 October 2022
(formerly 7R Projekt 56 sp. z o.o.)
CTP Property Zeta Poland sp. z o.o.
Poland
20 October 2022
(formerly 7R Projekt 24 sp. z o.o.)
In 2022, the only significant acquisition\u2014the acquisition of Deutsche Industrie REIT-AG in Germany (sub- sequently renamed to Deutsche Industrie Grundbesitz AG), reconsidered in 2023 as a Business combination (refer to Note 4)\u2014is described in detail below. On 3 February 2022, the Group received 80.9 % ownership interest in DIR with the following impact on the consolidated financial statements as at the date of acquisition:
Deutsche Industrie
REIT-AG
Germany
In EUR million Restated*
Investment property
876.9
Property, plant & equipment
0.2
Cash and cash equivalents
11.0
Financial derivatives
0.1
Asset held for sale
7.3
Trade and other receivables
104.2
Total assets
999.7
Interest-bearing loans and borrowings from financial institutions
-233.0
Bond issued
-140.0
Deferred tax liabilities
-38.8
Trade and other liabilities
-30.3
Total liabilities
-442.1
Non-controlling interest*
-93.6
Net assets acquired
464.0
Consideration paid**
-67.7
Consideration not settled till period end
-
Consideration settled by shares of CTP N.V.
-567.4
Net cash outflow
-56.5
Goodwill arisen from acquisition
171.1
* Based on proportionate interest in the recognised amounts of the assets and liabilities of DIR. ** Consideration paid includes also the loans and borrowings provided to acquired subsidiaries of EUR 67.5 million. Total impact on consolidated cash flow is of EUR 0 million. The goodwill that arose in relation to the business combination represents the future economic benefits aris- ing from other assets acquired in a business combination that are not individually identified and separately recognised (refer to Note 22 for details). None of the goodwill recognised is expected to be deductible for tax purposes. The trade receivables comprise gross contractual amounts due of EUR 106.1 million, of which EUR 1.9 million was expected to be uncollectable at the date of acquisition. The majority of the gross contractual amount (EUR 87.0 million) were loans provided to previous owners, which were repaid in full immediately after acqui- sition. The remaining balances are all expected to be collected. For the 11 months ended 31 December 2022, DIR contributed revenue of EUR 67.3 million and loss of EUR 6.8 million to the Group\u2019s results. If the acquisition had occurred on 1 January 2022, management estimates that the consolidated revenue would have been EUR 595.6 million, and the consolidated profit for the year would have been EUR 766.4 million. In determining these amounts, management has assumed the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2022. Before the acquisition, at the end of January 2022, the Group received 98.17% shareholder support for its vol- untary public takeover and delisting offer (the \u201cOffer\u201d) for and contemplated merger with Deutsche Industrie REIT-AG (\u201cDIR\u201d). The total number of DIR Shares tendered in the Offer was in aggregate 25,951,833 DIR Shares, corresponding to approximately 80.90% of the outstanding share capital in DIR. Closing and settlement of the Offer, in which CTP offered either a cash consideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the \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 the form of the Share Consideration. Accordingly, a total of 32,421,325 CTP Shares were issued. The acquisition of DIR is considered as a business combination in exchange for shares of CTP N.V. and there- fore this transaction is within the scope of IFRS 3. Secondly, on 23 August 2022, CTP N.V. and DIR entered into a transaction for a cross-border merger and acquired an additional 19.1% ownership interest in DIR. The assets and liabilities of DIR were transferred to CTP N.V. under universal succession of title, and DIR 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 transferred into shares of CTP N.V. with impact on Retained earnings of EUR 13.5 million. For details refer to Note 25 and Note 28. On 1 November 2022, all assets and liabilities of DIR were transferred through a hive down by way of legal partial division from CTP N.V. to a new subsidiary, CTP Deutschland B.V. The below stated acquisitions were recognised as a property asset acquisition, as acquired companies do not represent a business as defined by IFRS 3. These acquisitions impacted Group financial statements as at date of acquisition as follows:
Czech
In EUR million
Republic
Poland
Romania
Serbia
Bulgaria
Total
Investment property
8.8
111.6
12.4
1.1
62.0
195.9
Investment property under
development
-
42.4
-
-
0.7
43.1
Cash and cash equivalents
-
2.9
0.6
0.1
1.1
4.7
Deferred tax asset
-
-
-
-
0.1
0.1
Trade and other receivables
-
13.6
0.1
-
0.2
13.9
Total assets
8.8
170.5
13.1
1.2
64.1
257.7
Trade and other liabilities
-0.3
-8.6
-0.3
-
-0.9
-10.1
Total liabilities
-0.3
-8.6
-0.3
-
-0.9
-10.1
Net assets acquired
8.5
161.9
12.8
1.2
63.2
247.6
Consideration paid*
-8.5
-159.8
-12.8
-1.2
-63.2
-245.5
Consideration not settled
-
-2.0
-
-
-
-2.0
till period end
Net cash outflow
-8.5
-156.9
-12.2
-1.1
-62.1
-240.8
* Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 127.3 million. Total impact on consolidated cash flow is of EUR 102.5 million. Changes within the Group in 2022 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. sr.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 Germany II GmbH via a merger transaction, and both entities ceased to exist without liq- uidation. The transaction was common control transaction with impact on Equity of EUR 1.1 million. In November 2022, newly acquired entity Banovac projekat d.o.o. Beograd-Novi Beograd was merged into CTP Omicron d.o.o. Beograd-Novi Beograd. In December 2022, newly acquired entity LEVANTE LOGISTICS DRU\u0160TVO SA OGRANI\u010cENOM ODGOVOR- N\u0160\u0106U BEOGRAD was merged into CTP Tau d.o.o. Beograd-Novi Beograd. No above changes within the Group have a material impact on its consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-34": { "value": "8. RENTAL INCOME AND SERVICE CHARGE INCOME
In EUR million
2023
2022
Industrial
504.6
424.7
Office
30.7
32.9
Retail
1.2
1.1
Other rental income
35.4
26.3
Total rental income
571.9
485.0
Service charge income
60.7
51.9
Total rental income including service charge
632.6
536.9
CTP leases out its investment property under operating leases. The operating leases are generally for five to fifteen years. Other rental income represents termination fees, rental income from the rent of parking spaces, garages, yards, porches and cloakrooms. Increase in other rental income is primarily derived by increase from parking places, yards, sanitary and short- term rent of our coworking offices and parking places. Service charge income represents fixed contractual income receivable from tenants for maintenance, clean- ing, security, garbage management and usage of infrastructure. The following revenues were generated in the countries where CTP operates:
In EUR million
2023
2022
Czech Republic
276.0
248.1
Romania
113.7
94.8
Germany
81.5
69.6
Hungary
65.3
55.4
Slovakia
48.8
41.5
Serbia
18.5
13.1
Bulgaria
12.2
7.1
Poland
8.4
4.1
Netherlands
7.2
3.0
Austria
1.0
0.2
Total rental income including service charge
632.6
536.9
9. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows:
In EUR million
2023
2022
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Hotel operating revenue
21.1
16.0
Hotel operating expenses
-15.7
-12.3
Net operating income from hotel operations
5.4
3.7
Income from development activities
20.1
36.2
Expenses from development activities
-14.7
-27.1
Net income from development activities
5.4
9.1
Total revenues from contract with customers
41.2
52.2
Total external expenses related to contract with customers
-30.4
-39.4
Net income from contract with customers
10.8
12.8
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 hospital- ity 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "
9. REVENUES FROM CONTRACTS WITH CUSTOMERS
According to IFRS 15 requirements, revenues related to contracts with customers are as follows:
In EUR million
2023
2022
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Hotel operating revenue
21.1
16.0
Hotel operating expenses
-15.7
-12.3
Net operating income from hotel operations
5.4
3.7
Income from development activities
20.1
36.2
Expenses from development activities
-14.7
-27.1
Net income from development activities
5.4
9.1
Total revenues from contract with customers
41.2
52.2
Total external expenses related to contract with customers
-30.4
-39.4
Net income from contract with customers
10.8
12.8
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 hospital-
ity 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "
10. PROPERTY OPERATING EXPENSES
In EUR million
2023
2022
Maintenance and repairs
-39.7
-41.3
Park Management expenses
-29.6
-27.6
Real estate tax
-12.8
-10.5
Insurance
-6.8
-5.1
Other
-0.5
-0.3
Total property operating expenses
-89.4
-84.8
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 2023, the increase in park management expenses represents mainly an increase in utilities and other exter-
nal services, such as cleaning, security services and others.
12. EMPLOYEE BENEFITS
In EUR million
2023
2022
Wages and salaries
-40.5
-32.4
Social security contributions
-8.0
-5.9
Other personnel expenses
-1.9
-5.4
Total employee benefits
-50.4
-43.7
The average full-time equivalent of employees in 2023 was 711 (2022 \u2013 579); all except 9 (2022 \u2013 12) are working outside the Netherlands.
Weighted average number of employees per segments
2023
2022
Czech Republic
318
281
Romania
94
91
Poland
72
34
Hungary
67
64
Slovakia
62
47
Germany
39
11
Netherlands
9
12
Other
50
39
Total employee number
711
579
The number of full-time equivalent employees as at 31 December 2023 was 732 (2022 - 667). 13. OTHER EXPENSES
2022
In EUR million
2023
Restated*
Legal, tax and audit
-9.8
-23.3
Travel expenses
-8.6
-6.8
Donations
-5.7
-11.2
Fee for real estate consultants and brokers
-5.7
-4.7
Advertising and promotion expenses
-5.4
-5.4
Telecommunication expenses
-4.7
-3.0
Taxes and charges
-4.4
-2.8
Energy and material consumption
-3.5
-2.4
Receivables written off
-2.8
-1.7
Rent
-1.8
-1.3
Penalties
-0.3
-0.5
Loss from sale of Property, plant and equipment
-
-2.3
Other
-5.8
-4.3
Total other expenses
-58.5
-69.7
* The comparative information is restated on account of correction of errors, refer to Note 4. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. In 2022, the Group donated EUR 10.0 million 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 include advisory fees related to DIR transactions of EUR 14.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2023
2022
Maintenance and repairs
-39.7
-41.3
Park Management expenses
-29.6
-27.6
Real estate tax
-12.8
-10.5
Insurance
-6.8
-5.1
Other
-0.5
-0.3
Total property operating expenses
-89.4
-84.8
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 2023, the increase in park management expenses represents mainly an increase in utilities and other exter- nal services, such as cleaning, security services and others. 13. OTHER EXPENSES
2022
In EUR million
2023
Restated*
Legal, tax and audit
-9.8
-23.3
Travel expenses
-8.6
-6.8
Donations
-5.7
-11.2
Fee for real estate consultants and brokers
-5.7
-4.7
Advertising and promotion expenses
-5.4
-5.4
Telecommunication expenses
-4.7
-3.0
Taxes and charges
-4.4
-2.8
Energy and material consumption
-3.5
-2.4
Receivables written off
-2.8
-1.7
Rent
-1.8
-1.3
Penalties
-0.3
-0.5
Loss from sale of Property, plant and equipment
-
-2.3
Other
-5.8
-4.3
Total other expenses
-58.5
-69.7
* The comparative information is restated on account of correction of errors, refer to Note 4. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. In 2022, the Group donated EUR 10.0 million 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 include advisory fees related to DIR transactions of EUR 14.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2023
2022
Maintenance and repairs
-39.7
-41.3
Park Management expenses
-29.6
-27.6
Real estate tax
-12.8
-10.5
Insurance
-6.8
-5.1
Other
-0.5
-0.3
Total property operating expenses
-89.4
-84.8
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 2023, the increase in park management expenses represents mainly an increase in utilities and other exter- nal services, such as cleaning, security services and others. 11. OTHER INCOME
In EUR million
2023
2022
Gains from sale of assets
3.7
0.9
Income from sale of electricity
6.3
4.3
Other income
4.1
3.0
Total other income
14.1
8.2
Other income was mainly from reverse charge from property insurance and income from assigned receivables. During the year 2023, gain from sale of assets of EUR 3.1 million, represents the sale of subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group. 13. OTHER EXPENSES
2022
In EUR million
2023
Restated*
Legal, tax and audit
-9.8
-23.3
Travel expenses
-8.6
-6.8
Donations
-5.7
-11.2
Fee for real estate consultants and brokers
-5.7
-4.7
Advertising and promotion expenses
-5.4
-5.4
Telecommunication expenses
-4.7
-3.0
Taxes and charges
-4.4
-2.8
Energy and material consumption
-3.5
-2.4
Receivables written off
-2.8
-1.7
Rent
-1.8
-1.3
Penalties
-0.3
-0.5
Loss from sale of Property, plant and equipment
-
-2.3
Other
-5.8
-4.3
Total other expenses
-58.5
-69.7
* The comparative information is restated on account of correction of errors, refer to Note 4. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. In 2022, the Group donated EUR 10.0 million 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 include advisory fees related to DIR transactions of EUR 14.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2023
2022
Maintenance and repairs
-39.7
-41.3
Park Management expenses
-29.6
-27.6
Real estate tax
-12.8
-10.5
Insurance
-6.8
-5.1
Other
-0.5
-0.3
Total property operating expenses
-89.4
-84.8
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 2023, the increase in park management expenses represents mainly an increase in utilities and other exter- nal services, such as cleaning, security services and others. 12. EMPLOYEE BENEFITS
In EUR million
2023
2022
Wages and salaries
-40.5
-32.4
Social security contributions
-8.0
-5.9
Other personnel expenses
-1.9
-5.4
Total employee benefits
-50.4
-43.7
The average full-time equivalent of employees in 2023 was 711 (2022 \u2013 579); all except 9 (2022 \u2013 12) are working outside the Netherlands.
Weighted average number of employees per segments
2023
2022
Czech Republic
318
281
Romania
94
91
Poland
72
34
Hungary
67
64
Slovakia
62
47
Germany
39
11
Netherlands
9
12
Other
50
39
Total employee number
711
579
The number of full-time equivalent employees as at 31 December 2023 was 732 (2022 - 667). 13. OTHER EXPENSES
2022
In EUR million
2023
Restated*
Legal, tax and audit
-9.8
-23.3
Travel expenses
-8.6
-6.8
Donations
-5.7
-11.2
Fee for real estate consultants and brokers
-5.7
-4.7
Advertising and promotion expenses
-5.4
-5.4
Telecommunication expenses
-4.7
-3.0
Taxes and charges
-4.4
-2.8
Energy and material consumption
-3.5
-2.4
Receivables written off
-2.8
-1.7
Rent
-1.8
-1.3
Penalties
-0.3
-0.5
Loss from sale of Property, plant and equipment
-
-2.3
Other
-5.8
-4.3
Total other expenses
-58.5
-69.7
* The comparative information is restated on account of correction of errors, refer to Note 4. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. In 2022, the Group donated EUR 10.0 million 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 include advisory fees related to DIR transactions of EUR 14.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "11. OTHER INCOME
In EUR million
2023
2022
Gains from sale of assets
3.7
0.9
Income from sale of electricity
6.3
4.3
Other income
4.1
3.0
Total other income
14.1
8.2
Other income was mainly from reverse charge from property insurance and income from assigned receivables. During the year 2023, gain from sale of assets of EUR 3.1 million, represents the sale of subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "
12. EMPLOYEE BENEFITS
In EUR million
2023
2022
Wages and salaries
-40.5
-32.4
Social security contributions
-8.0
-5.9
Other personnel expenses
-1.9
-5.4
Total employee benefits
-50.4
-43.7
The average full-time equivalent of employees in 2023 was 711 (2022 \u2013 579); all except 9 (2022 \u2013 12) are working
outside the Netherlands.
Weighted average number of employees per segments
2023
2022
Czech Republic
318
281
Romania
94
91
Poland
72
34
Hungary
67
64
Slovakia
62
47
Germany
39
11
Netherlands
9
12
Other
50
39
Total employee number
711
579
The number of full-time equivalent employees as at 31 December 2023 was 732 (2022 - 667).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-35": { "value": "The average full-time equivalent of employees in 2023 was 711 (2022 \u2013 579); all except 9 (2022 \u2013 12) are working outside the Netherlands.
Weighted average number of employees per segments
2023
2022
Czech Republic
318
281
Romania
94
91
Poland
72
34
Hungary
67
64
Slovakia
62
47
Germany
39
11
Netherlands
9
12
Other
50
39
Total employee number
711
579
The number of full-time equivalent employees as at 31 December 2023 was 732 (2022 - 667). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "
13. OTHER EXPENSES
2022
In EUR million
2023
Restated*
Legal, tax and audit
-9.8
-23.3
Travel expenses
-8.6
-6.8
Donations
-5.7
-11.2
Fee for real estate consultants and brokers
-5.7
-4.7
Advertising and promotion expenses
-5.4
-5.4
Telecommunication expenses
-4.7
-3.0
Taxes and charges
-4.4
-2.8
Energy and material consumption
-3.5
-2.4
Receivables written off
-2.8
-1.7
Rent
-1.8
-1.3
Penalties
-0.3
-0.5
Loss from sale of Property, plant and equipment
-
-2.3
Other
-5.8
-4.3
Total other expenses
-58.5
-69.7
* The comparative information is restated on account of correction of errors, refer to Note 4.
In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million.
In 2022, the Group donated EUR 10.0 million 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 include advisory fees related to DIR transactions of EUR 14.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "
14. INTEREST EXPENSES
In EUR million
2023
2022
Bank interest expense
-81.9
-31.2
Impact of financial derivative instruments
5.7
-0.3
Arrangement fees
-4.0
-4.0
Interest expense from bonds issued
-48.8
-49.4
Interest expense
-129.0
-84.9
The increase in the bank interest expense in 2023 relates to the increase in financing of the Group via bank
loans and higher interest rates. Please, refer to Note 29.
In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolving
credit facility of EUR 0.9 million.
In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2.7
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "14. INTEREST EXPENSES
In EUR million
2023
2022
Bank interest expense
-81.9
-31.2
Impact of financial derivative instruments
5.7
-0.3
Arrangement fees
-4.0
-4.0
Interest expense from bonds issued
-48.8
-49.4
Interest expense
-129.0
-84.9
The increase in the bank interest expense in 2023 relates to the increase in financing of the Group via bank loans and higher interest rates. Please, refer to Note 29. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolving credit facility of EUR 0.9 million. In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2.7 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-36": { "value": "14. INTEREST EXPENSES
In EUR million
2023
2022
Bank interest expense
-81.9
-31.2
Impact of financial derivative instruments
5.7
-0.3
Arrangement fees
-4.0
-4.0
Interest expense from bonds issued
-48.8
-49.4
Interest expense
-129.0
-84.9
The increase in the bank interest expense in 2023 relates to the increase in financing of the Group via bank loans and higher interest rates. Please, refer to Note 29. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolving credit facility of EUR 0.9 million. In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2.7 million. 15. OTHER FINANCIAL EXPENSES
In EUR million
2023
2022
Bank fees
-0.7
-2.8
Financing fees
-7.4
-15.0
Other financial expenses
-0.4
-0.2
Other financial expenses
-8.5
-18.0
In 2022, financing fees include prepayment fee of EUR 1.4 million for premature loan repayments and fee for early repayment of bonds of EUR 10.4 million (refer to Note 30). 16. OTHER FINANCIAL GAINS/LOSSES In EUR million 2023 2022 Change in FMV of derivatives and hedge -1.7 4.1 Foreign exchange gains/losses(-) 9.2 -2.2 Other financial gains/losses(-) 1.1 0.1 Other financial gains/losses(-) 8.6 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "15. OTHER FINANCIAL EXPENSES In EUR million 2023 2022 Bank fees -0.7 -2.8 Financing fees -7.4 -15.0 Other financial expenses -0.4 -0.2 Other financial expenses -8.5 -18.0 In 2022, financing fees include prepayment fee of EUR 1.4 million for premature loan repayments and fee for early repayment of bonds of EUR 10.4 million (refer to Note 30). 16. OTHER FINANCIAL GAINS/LOSSES In EUR million 2023 2022 Change in FMV of derivatives and hedge -1.7 4.1 Foreign exchange gains/losses(-) 9.2 -2.2 Other financial gains/losses(-) 1.1 0.1 Other financial gains/losses(-) 8.6 2. 14. INTEREST EXPENSES In EUR million 2023 2022 Bank interest expense -81.9 -31.2 Impact of financial derivative instruments 5.7 -0.3 Arrangement fees -4.0 -4.0 Interest expense from bonds issued -48.8 -49.4 Interest expense -129.0 -84.9 The increase in the bank interest expense in 2023 relates to the increase in financing of the Group via bank loans and higher interest rates. Please, refer to Note 29. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolving credit facility of EUR 0.9 million. In 2022, arrangement fees include one off release of arrangement fee related to repaid bank loans of EUR 2.7 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "16. OTHER FINANCIAL GAINS/LOSSES
In EUR million
2023
2022
Change in FMV of derivatives and hedge
-1.7
4.1
Foreign exchange gains/losses(-)
9.2
-2.2
Other financial gains/losses(-)
1.1
0.1
Other financial gains/losses(-)
8.6
2. 0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "value": "
In EUR million
2023
2022
Change in FMV of derivatives and hedge
-1.7
4.1
Foreign exchange gains/losses(-)
9.2
-2.2
Other financial gains/losses(-)
1.1
0.1
Other financial gains/losses(-)
8.6
2. 0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "17. INCOME TAX EXPENSES 2022 In EUR million 2023 Restated* Current tax income/expense(-) related to Current year -48.0 -30.3 Prior period -6.2 -1.1 Total -54.2 -31.4 Deferred tax expense Deferred tax expense -235.3 -155.2 Total -235.3 -155.2 Total income tax expense in statement of profit and loss and other comprehensive income -289.5 -186.6 * The comparative information is restated on account of correction of errors, refer to Note 4. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assess- ment of many factors, including interpretations of tax law and prior experience. The income tax rate is valid for 2023 and is as well valid for future periods except for the Czech Republic, where new tax rate is valid from the year 2024, when the Group expects to utilise the tax impacts from pre- vious years. Current tax expenses from prior periods include additional tax of EUR 3.6 million related to pre-acquisition period of DIR. Reconciliation of effective tax rate 2022 In EUR million 2023 Restated* Tax Tax base Tax base Tax Profit before income tax 1,212.1 312.7950.8245.3 Company\u2019s domestic tax rate 25.8% 25.8% Tax non-deductible expenses 21.2 5.5 55.6 14.3 Tax exempt income -6.7 -1.7 -2.4 -0.6 Income tax adjustment for prior years 24.1 6.2 4.3 1.1 Effect of unrecognised deferred tax asset related to tax losses (including current year losses) -4.6 -1.2 -2.1 -0.5 Effect of tax rates in foreign jurisdictions - -81.6 - -80.7 Effect of change of tax rate in the Czech Republic - 54.0 - - Other items -17.0 -4.4 29.8 7.7 Tax base 1,229.1 289.51,036.0 186.6 Effective income tax rate 23.9% 19.6% * The comparative information is restated on account of correction of errors, refer to Note 4. Tax non-deductible expenses represent mainly financial expenses, reversal of items which were treated per- manently non-taxable in previous periods, non-deductible representation expenses and gifts. In 2023, for the purposes of deferred tax calculation was used tax rate of 21% in the Czech Republic. A tax rate of 21% also will be used for corporate income tax rate from the year 2024. Other items result mainly from the translation of transactions in foreign currencies to the functional currency of the Group\u2019s entities. 34. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: 2022 In EUR million 2023 Restated* Assets Liability Net Assets Liability Net Investment property 7.6 -1,169.9 -1,162.3 11.7 -927.2 -915.5 Tax losses 19.4 - 19.4 11.0 - 11.0 Property, plant and equipment - -2.3 -2.3 - - - Other (receivables, hedge accounting etc.) 14.6 -22.5 -7.9 16.6 -42.7 -26.1 Tax asset/liabilities(-) 41.6 -1,194.7 -1,153.1 39.3 -969.9 -930.6 Set-off of tax -27.3 27.3 - -21.4 21.4 - Net tax assets/liabilities(-) 14.3 -1,167.4 -1,153.1 17.9 -948.5 -930.6 * The comparative information is restated on account of correction of errors, refer to Note 4. Movement in Deferred tax during the year recognised in profit and loss, in equity and in OCI Change in Change through Deferred tax Effect of Balance as at Balance as at temporary business recognised changes in 31 December In EUR million 1 January 2023 differences combination in OCI FX rates 2023 Investment property -915.5 -252.7 - - 5.9 -1,162.3 Tax losses 11.0 8.5 - - -0.1 19.4 Property, plant and equipment - -0.9 - -1.4 - -2.3 Other (receivables, hedge accounting etc.) -26.1 9.8 - 8.2 0.2 -7.9 Total -930.6 -235.3 - 6.8 6.0 -1,153.1 In EUR million Restated* Balance as at Change in Change through Deferred Effect of Balance as at temporary business tax recognised changes in 31 December 1 January 2022 differences combination in OCI FX rates 2022 Investment property -725.8 -145.1 -38.7 - -5.9 -915.5 Tax losses 9.5 1.4 - - 0.1 11.0 Property, plant and equipment 1.2 -1.4 - 0.2 - - Other (receivables, hedge accounting etc.) -7.6 -10.1 - -8.3 -0.1 -26.1 Total -722.7 -155.2 -38.7 -8.1 -5.9 -930.6 * The comparative information is restated on account of correction of errors, refer to Note 4. Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future tax- able profit will be available against which the Group can use the benefits. In EUR million 2023 2022 Gross Tax Gross Tax amount effect amount effect Tax losses 19.7 3.8 24.3 4.2 Total 19.7 3.8 24.3 4.2 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. Expiry Expiry In EUR million 2023 date 2022 date Expire 19.7 2024-2029 24.3 2023-2028 Never expire - - Total 19.7 24.3 Amounts recognised in OCI In EUR million 2023 2022 Items that will not be reclassified to Gross Tax Net of Gross Tax Net of profit or loss amount effect tax amount effect tax Revaluation of PPE 12.1 -1.5 10.6 -1.0 0.2 -0.8 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve -31.8 8.2 -23.6 32.0 -8.3 23.7 Change in Translation reserve -3.0 0.6 -2.4 -7.5 1.3 -6.2 Current income tax assets and payables The current income tax asset of EUR 9.4 million (2022 \u2013 EUR 6.2 million) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance payments made exceed income tax payable). The current income tax liabilities of EUR 28.4 million (2022 \u2013 EUR 16.5 million) represent payables in respect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance payments made).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "18. INVESTMENT PROPERTY Fair value hierarchy The fair value measurement for investment property has been categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers be- tween Levels during the period. 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 2023 and 31 December 2022. The table below presents the portion of the investment property portfolio as at 31 December 2023 and 2022, valued by an independent external valuer: In EUR million 2023 2022 Investment property portfolio valued by external valuer 11,836.6 10,025.6 Investment property portfolio at acquisition value 202.6 98.6 Total 12,039.2 10,124.2 Valuation Building valuation To value investment property, with the exception of the German market, external valuers have adopted a tra- ditional capitalization approach. The capitalisation rates applied within this method 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. For German investment properties, according to local practice, the external valuers have adopted an explicit discounted cashflow approach. Valuations reflect, where appropriate: the tenants in current occupation; the rental potential after letting vacant accommodation, 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 appro- priate, counter notices, have been served validly and within the appropriate time. Assumptions by the independent valuer for the year ended 31 December 2023 and 31 December 2022 were as follows: Core yield 2023 2022 Country Average Lower Upper Average Lower Upper Czech 5.84% 4.60% 9.00% 5.52% 4.05% 10.70% Republic Hungary 6.92% 6.15% 8.80% 6.23% 5.50% 8.00% Romania 7.53% 7.35% 8.40% 7.25% 6.85% 8.25% Slovakia 6.77% 6.25% 9.50% 6.07% 5.50% 9.25% Germany 6.23% 3.11% 15.61% 7.11% 2.46% 14.39% Other 6.44% 3.65% 9.50% 6.93% 3.50% 9.50% All 6.36% 3.11% 15.61% 6.13% 2.46% 14.39% Core yield 2023 2022 Sector Average Lower Upper Average Lower Upper Offices 7.13% 5.79% 8.60% 6.71% 4.45% 9.70% Industrial/ 6.32% 3.11% 15.61% 6.10% 2.46% 14.39% other Average ERV per sqm and month (EUR) Country 2023 2022 Czech Republic 7.2 6.7 Slovakia 5.5 4.2 Hungary 5.4 4.9 Romania 4.4 4.0 Germany 4.3 3.8 Other 5.9 4.5 All 5.7 5.1 Average ERV per sqm and month (EUR) Sector 2023 2022 Offices 13.7 13.1 Industrial/other 5.5 4.9 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, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall be the residual amount. 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 evi- dence and adopted the following average market values per square meter: In EUR 2023 2022 Czech Republic 64 55 Slovakia 60 49 Hungary 48 49 Serbia 26 38 Romania 33 33 Poland 63 62 Bulgaria 55 50 Slovenia - 78 Germany 123 123 Netherlands 32 31 Austria 102 86 Total average for the Group 50 49 Investment property is in the following countries where CTP operates: In EUR million 2023 2022 Czech Republic 5,689.1 5,181.0 Romania 1,827.5 1,577.6 Germany 1,188.7 918.1 Hungary 982.6 946.5 Slovakia 789.1 660.9 Netherlands 482.5 148.4 Poland 420.1 320.3 Serbia 368.7 212.1 Bulgaria 177.7 132.9 Austria 113.2 20.3 Slovenia - 6.1 Total 12,039.2 10,124.2 Sensitivity analysis on changes in external valuer\u2019s 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 2023 and 31 December 2022 due to changes in assumptions: Completed investment properties as at 31 December 2023 in EUR million FMV based Current Current Increased upon increased Effect of increase average property yield market value yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.66% 11,028.7 6.91% 10,629.6 -399.1 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.66% 11,028.7 6.41% 11,459.0 430.3 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 734.3 771.0 11,580.2 551.4 Decrease of 500bp in estimated rental income 734.3 697.6 10,477.3 -551.4 Completed investment properties as at 31 December 2022 in EUR million Current Current Increased FMV based upon Effect of increase average property yield market value yield by 25bp increased yield in yield by 25bp Increase of 25bp in yield 6.45% 9,328.3 6.70% 8,980.4 -348.0 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.45% 9,328.3 6.20% 9,704.4 376.0 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 601.9 632.0 9,794.8 466.4 Decrease of 500bp in estimated rental income 601.9 571.8 8,861.9 -466.4 19. 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 period. Valuation Development assets are valued through a combination of traditional and residual methods. The traditional method is applied to determine a gross development value (GDV), which is a component of the residual 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, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall be the residual amount. In assessing the GDV, the independent valuer adopted a market approach by estimating the market rental val- ues 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. For those assets nearing com- pletion, the valuer has explicitly considered the likely leasing status of the property as at practical completion. The assumptions used by the independent valuer for the year ended 31 December were as follows: 2023 2022 Average Lower Upper Average Lower Upper Capitalisation rates 6.39% 4.40% 9.00% 6.01% 4.25% 9.10% Monthly ERV per vacant sqm (EUR) Industrial premises 5.22 2.67 9.11 5.46 3.50 10.98 Office properties 15.65 14.68 17.17 17.16 16.66 18.69 Soft costs 5.69% 0.00% 15.00% 5.14% 2.50% 15.00% Finance costs 5.50% 0.00% 6.00% 4.58% 3.00% 6.00% Profit allowance 10.73% 0.00% 18.50% 14.56% 5.00% 25.00% Structural vacancy was applied in a very few cases, mainly to office and ancillary areas. Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property under develop- ment valuation CTP performed a sensitivity analysis on changes in investment property under development valuation. The ta- ble below presents the sensitivity of profit and loss before tax as at 31 December 2023 and 31 December 2022: Investment properties under development as at 31 December 2023 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.87% 2,209.3 7.12% 2,131.8 -77.6 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.87% 2,209.3 6.62% 2,292.7 83.4 Current rental FMV based income including ERV Changed upon changed rental Effect of change from vacant space rental income income in rental income Increase of 500bp in estimated rental income 151.8 159.4 2,319.8 110.5 Decrease of 500bp in estimated rental income 151.8 144.2 2,098.9 -110.5 Investment properties under development as at 31 December 2022 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.38% 1,921.9 6.63% 1,849.4 -72.5 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.38% 1,921.9 6.13% 2,000.3 78.4 Current rental FMV based income including ERV Changed upon changed Effect of change from vacant space rental income rental income in rental income Increase of 500bp in estimated rental income 122.5 128.7 2,018.0 96.1 Decrease of 500bp in estimated rental income 122.5 116.4 1,825.8 -96.1 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 2023 by EUR 13.7 million (31 December 2022 \u2013 EUR 12.2 million) provided all other variables remain constant. 20. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: 2022 In EUR million 2023 Restated* Valuation gains 1,102.0 879.9 out of which: Investment Property 505.8 545.4 Investment Property under development 596.2 334.5 Valuation losses -223.3 -182.6 out of which: Investment Property -188.5 -155.1 Investment Property under development -34.8 -27.5 Net valuation gains (losses) on investment property 878.7 697.3 * The comparative information is restated on account of correction of errors, refer to Note 4. 21. PROPERTY, PLANT AND EQUIPMENT Solar plants Leased Solar under In EUR million Hotels Property Plants construction Forests Equipment Total Balance at 1 January 2023 55.5 8.8 24.9 13.8 4.3 61.6 168.9 Acquisitions - - - - - 0.1 0.1 Additions/disposals - 0.2 8.5 45.3 - 4.4 58.4 Transfers - - 11.0 -11.0 - - - Transfer from/to IP and IPuD - - 4.2 - - 2.3 6.5 Valuation gain/loss on solar plants and hotels 0.4 - -5.7 17.5 - - 12.2 Depreciation -1.6 -1.2 -1.4 - - -8.7 -12.9 Reversal of impairment loss 0.6 - - - - - 0.6 Balance at 31 December 2023 54.9 7.8 41.5 65.6 4.3 59.7 233.8 Solar plant Leased Solar under In EUR million Hotels Property Plants construction Forests Equipment Total Balance at 1 January 2022 55.3 4.4 25.1 - 4.3 21.9 111.0 Acquisitions - - - - - 0.2 0.2 Additions/disposals - 5.3 2.0 13.8 - 46.9 68.0 Valuation gain/loss on solar plants and hotels - - -1.0 - - - -1.0 Depreciation -1.6 -0.9 -1.2 - - -7.4 -11.1 Reversal of impairment loss 1.8 - - - - - 1.8 Balance at 31 December 2022 55.5 8.8 24.9 13.8 4.3 61.6 168.9 The value of Solar plants of EUR 41.5 million (2022 \u2013 EUR 24.9 million) represents the fair value of the solar panels based upon the independent valuation report. The value of Solar plant under construction of EUR 65.6 million (2022 \u2013 EUR 13.8 million) represents the fair value of the solar panels based upon the independent valuation report. In 2023, the Group recognised government grants related to acquisition of solar plants of EUR 4.2 million (2022 \u2013 EUR 0 million). The value of hotels EUR 54.9 million (2022 \u2013 EUR 55.5 million) represents revalued amount in accordance 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 4.3 million (2022 \u2013 EUR 4.3 million). Valuation Considering the nature of the solar plants and the basis of valuation, the valuer used the income approach un- der the Discounted Cash Flow (\u201cDCF\u201d) method, in a DCF Entity modification, as a valuation method. The cash flows are based on business plans that account for the general and specific characteristics of individual solar plant portfolios and typically cover a period of 25-30 years, reflecting the net useful life of the solar plants. To compute fair value of the solar plants, the valuer employed the WACC in the range from 7.0% to 8.6% as the discount rate, which was calculated with reference to the locations of the solar plants. Key assumptions used in solar valuation: \u2022 Business plans and financial models covering estimated useful life of solars. \u2022 Annual production of electricity in MWh based on installed capacity and corresponding production coef- ficient. This production coefficient depends on the geographical location. \u2022 Electricity price forecast for periods without fixed contractual agreements, with the following assump- tions: \u2022 Covered period from 2024 to 2040. \u2022 Forecast based on modelling inputs: fuel, CO2 allowance prices, installed capacities, required capac- ity ranges of ancillary services and other (non-fuel) variable costs of generation source. 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 11th 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 8.0% to 9.25% (2022 - from 7.5% to 9.0%). Sensitivity analysis on changes in assumptions of solars CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity. The table below presents the sensitivity of fair value as at 31 December 2023, due to changes in assumptions: Effect of decrease in Effect of increase in In EUR million Current FV price by 10 % price by 10 % 10% Change in price 107.1 -5.2 5.7 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 2023, due to changes in assumptions: Effect of decrease in Effect of increase in In EUR million Current FV RevPAR by 5 % RevPAR by 5 % 5% Change in RevPAR 54.9 -7.7 7.7 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: Effect of decrease in Effect of increase in In EUR million Current FV RevPAR by 5 % RevPAR by 5 % 5% Change in RevPAR 55.5 -10.1 10.1 Real estate infrastructure (such as roads, greenery and energy transformers), including related equipment and means of transport, of EUR 59.7 million (2022 \u2013 EUR 61.6 million) is presented under Equipment. Property, plant and equipment include also right-of-use assets of EUR 7.8 million (2022 \u2013 EUR 8.8 million) relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 32). 33. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2023 2022 Fair value of derivatives - non-current asset 10.6 9.2 Fair value of derivatives - current asset 38.1 41.9 Fair value of derivatives - assets 48.7 51.1 Fair value of derivatives - non-current liability -10.6 -2.0 Fair value of derivatives - current liability -17.0 -12.7 Fair value of derivatives - liabilities -27.6 -14.7 Total 21.1 36.4 All financial derivatives were stated at fair value as at 31 December 2023 and 31 December 2022, respectively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine 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 or- derly transaction between market participants at the measurement date. Fair values are obtained, as appro- priate, 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 finan- cial 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 2023 is EUR 3,112.3 million (2022 \u2013 EUR 1,545.4 million). For details refer to Note 29. Bonds The fair value of bonds issued as at 31 December 2023 is EUR 3,194.1 million (2022 \u2013 EUR 3,093.3 million). For details refer to Note 30. 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 18 and Note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-37": { "value": "18. INVESTMENT PROPERTY In EUR million 2023 2022 Buildings and related land and Right-of-use assets 11,119.4 9,361.3 Industrial 10,434.1 8,764.3 Office 620.8 549.5 Retail and other 64.5 47.5 Landbank and related Right-of-use assets 919.8 762.9 Total 12,039.2 10,124.2 Buildings Right-of-use and assets - Right-of-use Total In EUR million related buildings and assets - Investment Restated* land Landbank related land landbank Property Balance at 1 January 2022 7,046.3 526.8 2.0 - 7,575.1 Transfer from/to investment property under development 814.4 -75.0 0.5 - 739.9 Transfer from/to buildings and related land 18.4 -18.4 - - - Acquisitions 1,002.8 322.1 25.6 4.7 1,355.2 Additions/disposals 63.7 - - - 63.7 Net valuation result 387.6 2.7 - - 390.3 Balance at 31 December 2022 9,333.2 758.2 28.1 4.7 10,124.2 Balance at 1 January 2023 9,333.2 758.2 28.1 4.7 10,124.2 Transfer from/to investment property under development 1,209.4 -152.2 17.0 - 1,074.2 Transfer from/to buildings and related land 11.8 -11.8 - - - Transfer from/to PPE -2.3 - - - -2.3 Acquisitions 161.7 224.3 - - 386.0 Additions/disposals 144.9 -7.6 2.2 0.3 139.8 Net valuation result 213.4 103.9 - - 317.3 Balance at 31 December 2023 11,072.1 914.8 47.3 5.0 12,039.2 * The comparative information is restated on account of correction of errors, refer to Note 4. Buildings and related 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 of EUR 27.8 million (2022 \u2013 EUR 25.6 million), land in the Netherlands of EUR 17.0 million (2022 \u2013 EUR 0 million), landbank in the Czech Republic of EUR 5.0 million (2022 \u2013 EUR 4.7 million), land in the Czech Republic of EUR 2.0 million (2022 \u2013 EUR 2.0 million) and land in Romania of EUR 0.5 million (2022 \u2013 EUR 0.5 million). Investment property comprises mainly commercial properties that are leased to third parties. Part of owned buildings and land are subject to bank collateral (refer to Note 29). Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 7) and acquisitions of properties under asset deal agreements. The most significant completed construction of industrial properties in 2023 were in Mszczon\u00f3w and in Opole in Poland; in Sofia in Bulgaria; in Belgrade and in Kragujevac in Serbia; in Budapest in Hungary; in Vienna and in Getzersdorf in Austria; in Amsterdam in the Netherlands; in Brno, in Kozom\u00edn, in Cerhovice, in Hru\u0161ov, in Blu\u010dina, in \u017datec and in Ostrava in the Czech Republic; in Pre\u0161ov and in Trnava in Slovakia; and in Bucharest in Romania. In 2023, the Group also made landbank acquisitions, mainly in Hungary, Romania, Germany, Serbia, Poland, Bulgaria, Austria, Czech Republic and Slovakia. During the year 2023, disposals in landbank of EUR 6.2 million, represents the sale of subsidiary CTPark Alpha in Slovenia outside of the Group. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. 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 Belgrade 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. Fair value hierarchy The fair value measurement for investment property has been categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers be- tween Levels during the period. 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 2023 and 31 December 2022. The table below presents the portion of the investment property portfolio as at 31 December 2023 and 2022, valued by an independent external valuer: In EUR million 2023 2022 Investment property portfolio valued by external valuer 11,836.6 10,025.6 Investment property portfolio at acquisition value 202.6 98.6 Total 12,039.2 10,124.2 Valuation Building valuation To value investment property, with the exception of the German market, external valuers have adopted a tra- ditional capitalization approach. The capitalisation rates applied within this method 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. For German investment properties, according to local practice, the external valuers have adopted an explicit discounted cashflow approach. Valuations reflect, where appropriate: the tenants in current occupation; the rental potential after letting vacant accommodation, 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 appro- priate, counter notices, have been served validly and within the appropriate time. Assumptions by the independent valuer for the year ended 31 December 2023 and 31 December 2022 were as follows: Core yield 2023 2022 Country Average Lower Upper Average Lower Upper Czech 5.84% 4.60% 9.00% 5.52% 4.05% 10.70% Republic Hungary 6.92% 6.15% 8.80% 6.23% 5.50% 8.00% Romania 7.53% 7.35% 8.40% 7.25% 6.85% 8.25% Slovakia 6.77% 6.25% 9.50% 6.07% 5.50% 9.25% Germany 6.23% 3.11% 15.61% 7.11% 2.46% 14.39% Other 6.44% 3.65% 9.50% 6.93% 3.50% 9.50% All 6.36% 3.11% 15.61% 6.13% 2.46% 14.39% Core yield 2023 2022 Sector Average Lower Upper Average Lower Upper Offices 7.13% 5.79% 8.60% 6.71% 4.45% 9.70% Industrial/ 6.32% 3.11% 15.61% 6.10% 2.46% 14.39% other Average ERV per sqm and month (EUR) Country 2023 2022 Czech Republic 7.2 6.7 Slovakia 5.5 4.2 Hungary 5.4 4.9 Romania 4.4 4.0 Germany 4.3 3.8 Other 5.9 4.5 All 5.7 5.1 Average ERV per sqm and month (EUR) Sector 2023 2022 Offices 13.7 13.1 Industrial/other 5.5 4.9 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, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall be the residual amount. 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 evi- dence and adopted the following average market values per square meter: In EUR 2023 2022 Czech Republic 64 55 Slovakia 60 49 Hungary 48 49 Serbia 26 38 Romania 33 33 Poland 63 62 Bulgaria 55 50 Slovenia - 78 Germany 123 123 Netherlands 32 31 Austria 102 86 Total average for the Group 50 49 Investment property is in the following countries where CTP operates: In EUR million 2023 2022 Czech Republic 5,689.1 5,181.0 Romania 1,827.5 1,577.6 Germany 1,188.7 918.1 Hungary 982.6 946.5 Slovakia 789.1 660.9 Netherlands 482.5 148.4 Poland 420.1 320.3 Serbia 368.7 212.1 Bulgaria 177.7 132.9 Austria 113.2 20.3 Slovenia - 6.1 Total 12,039.2 10,124.2 Sensitivity analysis on changes in external valuer\u2019s 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 2023 and 31 December 2022 due to changes in assumptions: Completed investment properties as at 31 December 2023 in EUR million FMV based Current Current Increased upon increased Effect of increase average property yield market value yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.66% 11,028.7 6.91% 10,629.6 -399.1 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.66% 11,028.7 6.41% 11,459.0 430.3 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 734.3 771.0 11,580.2 551.4 Decrease of 500bp in estimated rental income 734.3 697.6 10,477.3 -551.4 Completed investment properties as at 31 December 2022 in EUR million Current Current Increased FMV based upon Effect of increase average property yield market value yield by 25bp increased yield in yield by 25bp Increase of 25bp in yield 6.45% 9,328.3 6.70% 8,980.4 -348.0 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.45% 9,328.3 6.20% 9,704.4 376.0 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 601.9 632.0 9,794.8 466.4 Decrease of 500bp in estimated rental income 601.9 571.8 8,861.9 -466.4 19. INVESTMENT PROPERTY UNDER DEVELOPMENT Right-of-use In EUR million IPUD assets Total Balance at 1 January 2022 756.0 18.2 774.2 Additions/disposals 807.0 - 807.0 Acquisitions 45.0 - 45.0 Transfer from/to Investment property -739.4 -0.5 -739.9 Net valuation result 307.0 - 307.0 Balance at 31 December 2022 1,175.6 17.7 1,193.3 Balance at 1 January 2023 1,175.6 17.7 1,193.3 Additions/disposals 666.7 0.1 666.8 Acquisitions 16.5 - 16.5 Transfer from/to Investment property -1,057.2 -17.0 -1,074.2 Transfer from/to PPE -4.2 - -4.2 Net valuation result 561.4 - 561.4 Balance at 31 December 2023 1,358.8 0.8 1,359.6 Investment property under development (\u201cIPUD\u201d) comprises pipeline projects in several stages of completion 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 asignificant 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 0 million (2022 \u2013 EUR 17.0 million), leased land of EUR 17 million was transferred to investment property, and land in Romania of EUR 0.8 million (2022 \u2013 EUR 0.7 million) in CTPARK IOTA SRL. Investment property under development is located in the following countries where CTP operates: In EUR million 2023 2022 Poland 483.0 308.2 Czech Republic 279.5 187.3 Slovakia 130.5 76.6 Hungary 123.6 98.4 Romania 98.6 58.2 Austria 95.1 72.8 Bulgaria 63.4 29.9 Serbia 59.0 61.0 Germany 26.8 2.1 Netherlands 0.1 298.8 Total 1,359.6 1,193.3 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 period. Valuation Development assets are valued through a combination of traditional and residual methods. The traditional method is applied to determine a gross development value (GDV), which is a component of the residual 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, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall be the residual amount. In assessing the GDV, the independent valuer adopted a market approach by estimating the market rental val- ues 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. For those assets nearing com- pletion, the valuer has explicitly considered the likely leasing status of the property as at practical completion. The assumptions used by the independent valuer for the year ended 31 December were as follows: 2023 2022 Average Lower Upper Average Lower Upper Capitalisation rates 6.39% 4.40% 9.00% 6.01% 4.25% 9.10% Monthly ERV per vacant sqm (EUR) Industrial premises 5.22 2.67 9.11 5.46 3.50 10.98 Office properties 15.65 14.68 17.17 17.16 16.66 18.69 Soft costs 5.69% 0.00% 15.00% 5.14% 2.50% 15.00% Finance costs 5.50% 0.00% 6.00% 4.58% 3.00% 6.00% Profit allowance 10.73% 0.00% 18.50% 14.56% 5.00% 25.00% Structural vacancy was applied in a very few cases, mainly to office and ancillary areas. Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property under develop- ment valuation CTP performed a sensitivity analysis on changes in investment property under development valuation. The ta- ble below presents the sensitivity of profit and loss before tax as at 31 December 2023 and 31 December 2022: Investment properties under development as at 31 December 2023 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.87% 2,209.3 7.12% 2,131.8 -77.6 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.87% 2,209.3 6.62% 2,292.7 83.4 Current rental FMV based income including ERV Changed upon changed rental Effect of change from vacant space rental income income in rental income Increase of 500bp in estimated rental income 151.8 159.4 2,319.8 110.5 Decrease of 500bp in estimated rental income 151.8 144.2 2,098.9 -110.5 Investment properties under development as at 31 December 2022 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.38% 1,921.9 6.63% 1,849.4 -72.5 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.38% 1,921.9 6.13% 2,000.3 78.4 Current rental FMV based income including ERV Changed upon changed Effect of change from vacant space rental income rental income in rental income Increase of 500bp in estimated rental income 122.5 128.7 2,018.0 96.1 Decrease of 500bp in estimated rental income 122.5 116.4 1,825.8 -96.1 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 2023 by EUR 13.7 million (31 December 2022 \u2013 EUR 12.2 million) provided all other variables remain constant. 20. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: 2022 In EUR million 2023 Restated* Valuation gains 1,102.0 879.9 out of which: Investment Property 505.8 545.4 Investment Property under development 596.2 334.5 Valuation losses -223.3 -182.6 out of which: Investment Property -188.5 -155.1 Investment Property under development -34.8 -27.5 Net valuation gains (losses) on investment property 878.7 697.3 * The comparative information is restated on account of correction of errors, refer to Note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "21. PROPERTY, PLANT AND EQUIPMENT
Solar plants
Leased Solar under
In EUR million
Hotels
Property Plants
construction
Forests
Equipment
Total
Balance at 1 January 2023
55.5
8.8
24.9
13.8
4.3
61.6
168.9
Acquisitions
-
-
-
-
-
0.1
0.1
Additions/disposals
-
0.2
8.5
45.3
-
4.4
58.4
Transfers
-
-
11.0
-11.0
-
-
-
Transfer from/to IP and IPuD
-
-
4.2
-
-
2.3
6.5
Valuation gain/loss on solar plants and hotels
0.4
-
-5.7
17.5
-
-
12.2
Depreciation
-1.6
-1.2
-1.4
-
-
-8.7
-12.9
Reversal of impairment loss
0.6
-
-
-
-
-
0.6
Balance at 31 December 2023
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Solar plant
Leased Solar under
In EUR million
Hotels
Property Plants
construction
Forests
Equipment
Total
Balance at 1 January 2022
55.3
4.4
25.1
-
4.3
21.9
111.0
Acquisitions
-
-
-
-
-
0.2
0.2
Additions/disposals
-
5.3
2.0
13.8
-
46.9
68.0
Valuation gain/loss on solar plants and hotels
-
-
-1.0
-
-
-
-1.0
Depreciation
-1.6
-0.9
-1.2
-
-
-7.4
-11.1
Reversal of impairment loss
1.8
-
-
-
-
-
1.8
Balance at 31 December 2022
55.5
8.8
24.9
13.8
4.3
61.6
168.9
The value of Solar plants of EUR 41.5 million (2022 \u2013 EUR 24.9 million) represents the fair value of the solar
panels based upon the independent valuation report.
The value of Solar plant under construction of EUR 65.6 million (2022 \u2013 EUR 13.8 million) represents the fair
value of the solar panels based upon the independent valuation report.
In 2023, the Group recognised government grants related to acquisition of solar plants of EUR 4.2 million
(2022 \u2013 EUR 0 million).
The value of hotels EUR 54.9 million (2022 \u2013 EUR 55.5 million) represents revalued amount in accordance
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 4.3 million
(2022 \u2013 EUR 4.3 million).
Valuation
Considering the nature of the solar plants and the basis of valuation, the valuer used the income approach un-
der the Discounted Cash Flow (\u201cDCF\u201d) method, in a DCF Entity modification, as a valuation method. The cash
flows are based on business plans that account for the general and specific characteristics of individual solar
plant portfolios and typically cover a period of 25-30 years, reflecting the net useful life of the solar plants. To
compute fair value of the solar plants, the valuer employed the WACC in the range from 7.0% to 8.6% as the
discount rate, which was calculated with reference to the locations of the solar plants.
Key assumptions used in solar valuation:
\u2022 Business plans and financial models covering estimated useful life of solars.
\u2022 Annual production of electricity in MWh based on installed capacity and corresponding production coef-
ficient. This production coefficient depends on the geographical location.
\u2022 Electricity price forecast for periods without fixed contractual agreements, with the following assump-
tions:
\u2022 Covered period from 2024 to 2040.
\u2022 Forecast based on modelling inputs: fuel, CO2 allowance prices, installed capacities, required capac-
ity ranges of ancillary services and other (non-fuel) variable costs of generation source.
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 11th 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 8.0% to 9.25% (2022 - from
7.5% to 9.0%).
Sensitivity analysis on changes in assumptions of solars
CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity. The table below
presents the sensitivity of fair value as at 31 December 2023, due to changes in assumptions:
Effect of decrease in Effect of increase in
In EUR million
Current FV
price by 10 % price by 10 %
10% Change in price
107.1
-5.2
5.7
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 2023, due to changes in assumptions:
Effect of decrease in Effect of increase in
In EUR million
Current FV
RevPAR by 5 % RevPAR by 5 %
5% Change in RevPAR
54.9
-7.7
7.7
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:
Effect of decrease in Effect of increase in
In EUR million
Current FV
RevPAR by 5 % RevPAR by 5 %
5% Change in RevPAR
55.5
-10.1
10.1
Real estate infrastructure (such as roads, greenery and energy transformers), including related equipment
and means of transport, of EUR 59.7 million (2022 \u2013 EUR 61.6 million) is presented under Equipment.
Property, plant and equipment include also right-of-use assets of EUR 7.8 million (2022 \u2013 EUR 8.8 million)
relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 32).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "
Solar plants
Leased Solar under
In EUR million
Hotels
Property Plants
construction
Forests
Equipment
Total
Balance at 1 January 2023
55.5
8.8
24.9
13.8
4.3
61.6
168.9
Acquisitions
-
-
-
-
-
0.1
0.1
Additions/disposals
-
0.2
8.5
45.3
-
4.4
58.4
Transfers
-
-
11.0
-11.0
-
-
-
Transfer from/to IP and IPuD
-
-
4.2
-
-
2.3
6.5
Valuation gain/loss on solar plants and hotels
0.4
-
-5.7
17.5
-
-
12.2
Depreciation
-1.6
-1.2
-1.4
-
-
-8.7
-12.9
Reversal of impairment loss
0.6
-
-
-
-
-
0.6
Balance at 31 December 2023
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Solar plant
Leased Solar under
In EUR million
Hotels
Property Plants
construction
Forests
Equipment
Total
Balance at 1 January 2022
55.3
4.4
25.1
-
4.3
21.9
111.0
Acquisitions
-
-
-
-
-
0.2
0.2
Additions/disposals
-
5.3
2.0
13.8
-
46.9
68.0
Valuation gain/loss on solar plants and hotels
-
-
-1.0
-
-
-
-1.0
Depreciation
-1.6
-0.9
-1.2
-
-
-7.4
-11.1
Reversal of impairment loss
1.8
-
-
-
-
-
1.8
Balance at 31 December 2022
55.5
8.8
24.9
13.8
4.3
61.6
168.9
22. GOODWILL AND INTANGIBLE ASSETS
Other
intangible
In EUR million
Goodwill
assets
Total
Balance at 1 January 2023
171.1
3.5
174.6
Additions/disposals
-
3.4
3.4
Amortisation
-
-1.5
-1.5
Balance at 31 December 2023
171.1
5.4
176.5
Other
Goodwill intangible
In EUR million Restated*
assets
Total
Balance at 1 January 2022
-
2.1
2.1
Acquisitions through Business combination
171.1
-
171.1
Additions/disposals
-
2.7
2.7
Amortisation
-
-1.3
-1.3
Balance at 31 December 2022
171.1
3.5
174.6
Investment
Property, plant Investment property under
In EUR million and equipment
property
Landbank
development
Total
Balance at 1 January 2023
8.8
28.1
4.7
17.7
59.3
Acquisitions
-
-
-
-
-
Additions
0.2
2.2
0.3
0.1
2.8
Transfer from investment property under development
-
17.0
-
-17.0
-
Transfer to owned buildings and land
-
-
-
-
-
Depreciation
-1.2
-
-
-
-1.2
Balance at 31 December 2023
7.8
47.3
5.0
0.8
60.9
Investment
Property, plant Investment property under
In EUR million and equipment
property
Landbank
development
Total
Balance at 1 January 2022
4.4
2.0
-
18.2
24.6
Acquisitions
-
25.6
4.7
-
30.3
Additions
5.3
-
-
-
5.3
Transfer from investment property under development
-
-
-
-0.5
-0.5
Transfer to owned buildings and land
-
0.5
-
-
0.5
Depreciation
-0.9
-
-
-
-0.9
Balance at 31 December 2022
8.8
28.1
4.7
17.7
59.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "Solar plants Leased Solar under In EUR million Hotels Property Plants construction Forests Equipment Total Balance at 1 January 2023 55.5 8.8 24.9 13.8 4.3 61.6 168.9 Acquisitions - - - - - 0.1 0.1 Additions/disposals - 0.2 8.5 45.3 - 4.4 58.4 Transfers - - 11.0 -11.0 - - - Transfer from/to IP and IPuD - - 4.2 - - 2.3 6.5 Valuation gain/loss on solar plants and hotels 0.4 - -5.7 17.5 - - 12.2 Depreciation -1.6 -1.2 -1.4 - - -8.7 -12.9 Reversal of impairment loss 0.6 - - - - - 0.6 Balance at 31 December 2023 54.9 7.8 41.5 65.6 4.3 59.7 233.8 Solar plant Leased Solar under In EUR million Hotels Property Plants construction Forests Equipment Total Balance at 1 January 2022 55.3 4.4 25.1 - 4.3 21.9 111.0 Acquisitions - - - - - 0.2 0.2 Additions/disposals - 5.3 2.0 13.8 - 46.9 68.0 Valuation gain/loss on solar plants and hotels - - -1.0 - - - -1.0 Depreciation -1.6 -0.9 -1.2 - - -7.4 -11.1 Reversal of impairment loss 1.8 - - - - - 1.8 Balance at 31 December 2022 55.5 8.8 24.9 13.8 4.3 61.6 168.9 Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German ge- ographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2022, nor in 2023. The estimate of value in use was determined by using a discount rate and a terminal value growth rate as set out in the table below. The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources. In percent 2023 2022 Discount rate 5.89 5.96 Terminal value growth rate 2.00 2.00 The discount rate was a post-tax measure estimated based on industry average weighted-average cost of capital. The terminal growth rate was determined based on management\u2019s estimates of the long-term compound an- nual EBITDA growth rate, consistent with the assumption that a market participant would make. Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 Rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2023\u20132026 (2022 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value cal- culation via the Gordon formula. CTP budgets for a seven-year period used in the impairment test for the 2023 are based on the assumption that the management is able to assess the budgets reasonably for this period. The estimated recoverable amount of the CGU exceeds carrying amount of Goodwill by approximately EUR 93.8 million (2022 \u2013 EUR 111.2 million). Management has identified that a reasonably possible change in two key assumptions could cause the carrying amount to exceed the recoverable amount. The following table presents the amount by which these key as- sumptions would need to equal individually for the estimated recoverable amount to be equal to the carrying amount. In percent 2023 2022 Discount rate 6.20 6.38 Terminal value growth rate 1.63 1.53", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-38": { "value": "22. GOODWILL AND INTANGIBLE ASSETS Other intangible In EUR million Goodwill assets Total Balance at 1 January 2023 171.1 3.5 174.6 Additions/disposals - 3.4 3.4 Amortisation - -1.5 -1.5 Balance at 31 December 2023 171.1 5.4 176.5 Other Goodwill intangible In EUR million Restated* assets Total Balance at 1 January 2022 - 2.1 2.1 Acquisitions through Business combination 171.1 - 171.1 Additions/disposals - 2.7 2.7 Amortisation - -1.3 -1.3 Balance at 31 December 2022 171.1 3.5 174.6 * The comparative information is restated on account of correction of errors, refer to Note 4. In 2022, the Group acquired under Business Combination the subsidiary DIR in Germany. As at the date of acquisition, Goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German ge- ographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2022, nor in 2023. The estimate of value in use was determined by using a discount rate and a terminal value growth rate as set out in the table below. The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources. In percent 2023 2022 Discount rate 5.89 5.96 Terminal value growth rate 2.00 2.00 The discount rate was a post-tax measure estimated based on industry average weighted-average cost of capital. The terminal growth rate was determined based on management\u2019s estimates of the long-term compound an- nual EBITDA growth rate, consistent with the assumption that a market participant would make. Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 Rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2023\u20132026 (2022 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value cal- culation via the Gordon formula. CTP budgets for a seven-year period used in the impairment test for the 2023 are based on the assumption that the management is able to assess the budgets reasonably for this period. The estimated recoverable amount of the CGU exceeds carrying amount of Goodwill by approximately EUR 93.8 million (2022 \u2013 EUR 111.2 million). Management has identified that a reasonably possible change in two key assumptions could cause the carrying amount to exceed the recoverable amount. The following table presents the amount by which these key as- sumptions would need to equal individually for the estimated recoverable amount to be equal to the carrying amount. In percent 2023 2022 Discount rate 6.20 6.38 Terminal value growth rate 1.63 1.53", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "22. GOODWILL AND INTANGIBLE ASSETS Other intangible In EUR million Goodwill assets Total Balance at 1 January 2023 171.1 3.5 174.6 Additions/disposals - 3.4 3.4 Amortisation - -1.5 -1.5 Balance at 31 December 2023 171.1 5.4 176.5 Other Goodwill intangible In EUR million Restated* assets Total Balance at 1 January 2022 - 2.1 2.1 Acquisitions through Business combination 171.1 - 171.1 Additions/disposals - 2.7 2.7 Amortisation - -1.3 -1.3 Balance at 31 December 2022 171.1 3.5 174.6 * The comparative information is restated on account of correction of errors, refer to Note 4. In 2022, the Group acquired under Business Combination the subsidiary DIR in Germany. As at the date of acquisition, Goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German ge- ographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2022, nor in 2023. The estimate of value in use was determined by using a discount rate and a terminal value growth rate as set out in the table below. The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources. In percent 2023 2022 Discount rate 5.89 5.96 Terminal value growth rate 2.00 2.00 The discount rate was a post-tax measure estimated based on industry average weighted-average cost of capital. The terminal growth rate was determined based on management\u2019s estimates of the long-term compound an- nual EBITDA growth rate, consistent with the assumption that a market participant would make. Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 Rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2023\u20132026 (2022 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value cal- culation via the Gordon formula. CTP budgets for a seven-year period used in the impairment test for the 2023 are based on the assumption that the management is able to assess the budgets reasonably for this period. The estimated recoverable amount of the CGU exceeds carrying amount of Goodwill by approximately EUR 93.8 million (2022 \u2013 EUR 111.2 million). Management has identified that a reasonably possible change in two key assumptions could cause the carrying amount to exceed the recoverable amount. The following table presents the amount by which these key as- sumptions would need to equal individually for the estimated recoverable amount to be equal to the carrying amount. In percent 2023 2022 Discount rate 6.20 6.38 Terminal value growth rate 1.63 1.53", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "22. GOODWILL AND INTANGIBLE ASSETS Other intangible In EUR million Goodwill assets Total Balance at 1 January 2023 171.1 3.5 174.6 Additions/disposals - 3.4 3.4 Amortisation - -1.5 -1.5 Balance at 31 December 2023 171.1 5.4 176.5 Other Goodwill intangible In EUR million Restated* assets Total Balance at 1 January 2022 - 2.1 2.1 Acquisitions through Business combination 171.1 - 171.1 Additions/disposals - 2.7 2.7 Amortisation - -1.3 -1.3 Balance at 31 December 2022 171.1 3.5 174.6 * The comparative information is restated on account of correction of errors, refer to Note 4. In 2022, the Group acquired under Business Combination the subsidiary DIR in Germany. As at the date of acquisition, Goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German ge- ographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2022, nor in 2023. The estimate of value in use was determined by using a discount rate and a terminal value growth rate as set out in the table below. The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources. In percent 2023 2022 Discount rate 5.89 5.96 Terminal value growth rate 2.00 2.00 The discount rate was a post-tax measure estimated based on industry average weighted-average cost of capital. The terminal growth rate was determined based on management\u2019s estimates of the long-term compound an- nual EBITDA growth rate, consistent with the assumption that a market participant would make. Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 Rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2023\u20132026 (2022 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value cal- culation via the Gordon formula. CTP budgets for a seven-year period used in the impairment test for the 2023 are based on the assumption that the management is able to assess the budgets reasonably for this period. The estimated recoverable amount of the CGU exceeds carrying amount of Goodwill by approximately EUR 93.8 million (2022 \u2013 EUR 111.2 million). Management has identified that a reasonably possible change in two key assumptions could cause the carrying amount to exceed the recoverable amount. The following table presents the amount by which these key as- sumptions would need to equal individually for the estimated recoverable amount to be equal to the carrying amount. In percent 2023 2022 Discount rate 6.20 6.38 Terminal value growth rate 1.63 1.53", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "23. TRADE AND OTHER RECEIVABLES Non-current In EUR million 2023 2022 Long term advances paid 21.4 14.7 Restricted cash 1.3 1.3 Other assets 1.4 2.0 Total trade and other receivables 24.1 18.0 Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible assets. Current In EUR million 2023 2022 Trade receivables 64.7 54.6 Other assets 126.7 113.2 Other tax receivables 75.2 67.8 Total trade and other receivables 266.6 235.6 Trade receivables consist primarily of receivables from rent and rent related income. Other assets consist primarily of deferrals of EUR 14.4 million (2022 \u2013 EUR 10.1 million), advance payments and accrued income of EUR 68.7 million (2022 \u2013 EUR 69.2 million) and prepayments of EUR 43.6 million (2022 \u2013 EUR 34.0 million). Short-term receivables overdue more than six months total EUR 4.4 million (2022 \u2013 EUR 5.3 million). Total expected credit losses are EUR 5.2 million (2022 \u2013 EUR 5.6 million). Other tax receivables consist primarily of value added tax receivables of EUR 74.1 million (2022 \u2013 EUR 67.0 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as actual credit losses over the past two years. as at 31 December 2023 Weighted Gross Net average carrying Loss carrying Credit- In EUR million loss rate amount allowance amount impaired Current (not past due) 0.69% 42.7 -0.3 42.4 No 1 - 30 days past due 1.74% 17.8 -0.3 17.5 No 31 - 60 days past due 6.36% 3.1 -0.2 2.9 No 61 - 90 days past due 11.04% 1.3 -0.1 1.2 No 91 - 182 days past due 28.41% 0.6 -0.2 0.4 No 184 - 365 days past due 86.15% 2.3 -2.0 0.3 Yes Paid in more than 365 days 100.00% 2.1 -2.1 - Yes past due Balance at 31 December 2023 69.9 -5.2 64.7 as at 31 December 2022 In EUR million Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired t past due) 0.83% 39.5 -0.3 39.2 No 1 -30 days past due 1.84% 10.6 -0.2 10.4 No 31 - 60 days past due 7.30% 1.7 -0.1 1.6 No 61 - 90 days past due 10.33% 1.6 -0.2 1.4 No 91 - 182 days past due 36.36% 1.5 -0.5 1.0 No 184 - 365 days past due 65.06% 2.9 -1.9 1.0 Yes Paid in more than 365 days 100.00% 2.4 -2.4 - Yes past due Balance at 31 December 2022 60.2 -5.6 54.6 24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 690.6 million (2022 \u2013 EUR 660.6 million) consist primarily of short-term deposits of EUR 467.2 million (2022\u2013 EUR 221.2 million) and cash at bank accounts of EUR 223.4 million (2022 \u2013 EUR 439.3 million). Restricted cash amounts to EUR 1.3 million (2022 \u2013 EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. 29. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR million 2023 2022 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 3,343.1 1,874.5 Accrued arrangement fees -14.9 -6.4 Balance at 31 December 3,328.2 1,868.1 Current liabilities Interest-bearing loans and borrowings from financial institutions 45.7 24.7 Accrued interest 4.8 0.6 Accrued arrangement fees -0.5 -0.6 Balance at 31 December 50.0 24.7 Total balance at 31 December 3,378.2 1,892.8 In EUR million 2023 2022 Non-current interest-bearing loans and borrowings from financial 3,343.1 1,874.5 institutions Current interest-bearing loans and borrowings from financial insti- tutions 45.7 24.7 Total balance at 31 December 3,388.8 1,899.2 In EUR million 2023 2022 Nominal Fair Nominal Fair value value value value Interest-bearing loans 3,388.8 3,112.3 1,899.2 1,545.4 and borrowings from financial institutions 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 signifi- cant inputs were based on observable market data. Group\u2019s interest-bearing loans and borrowings from financial institutions typically have financial covenants like loan-to-value and debt service coverage ratio. As at 31 December 2023, there was no breach of covenant conditions. Bank loans are secured over investment property with a carrying amount of EUR 6,361.5 million (2022 \u2013 EUR 4,332.4 million) and investment property under development with a carrying amount of EUR 0.0 million (2022 \u2013 EUR 295.3 million). 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 39. The residual maturity of loans and borrowings from financial institutions as at 31 December 2023 and 31 December 2022 was as follows: Balance as at 31 December 2023 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 45.7 90.0 3,388.8 655.2 2,597.9 from financial institutions Balance as at 31 December 2022 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 24.7 29.2 1,899.2 130.7 1,714.6 from financial institutions In 2023, the Group received bank loans with a total nominal value of EUR 1,557.0 million, out of which EUR 1,491.9 million was draw-down. Bank loans have fixed all-in costs interest rates in range from 4.45% to 5.47% due in 2028, 2029, 2030 and 2033, respectively. Fixed all-in cost includes effect of hedging. Prior period In September 2022, the Group received a syndicated bank loan of EUR 445.0 million, with a fixed interest rate of 4.71%, due in 2029. r 2022, the Group received a bank loan of EUR 175.0 million, with variable interest rate of 3M EURIBOR with a 1.80% margin, due in 2031. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities Related Derivative Non-con- Cash flow Bank party Lease financial Issued Share Retained trolling hedge In EUR million loans loans Bondsliabilities instruments capital premium earnings interest reserve Total Balance as at 1 January 2023 1,892.8 - 3,981.4 48.5 -36.4 71.1 3,202.5 2,100.8 - 23.7 11,284.4 Changes from financing cash flows Proceeds from bonds - - - - - - - - - - - Proceeds from loans and borrowings 1,492.8 - - - - - - - - - 1,492.8 Transaction costs related to loans and borrowings, bonds -11.2 - - - - - - - - - -11.2 and issue of shar capital Repayment of the loans and borrowings and bonds -27.9 - -400.0 - - - - - - - -427.9 Dividend in cash - - - - - 0.6 -164.6 - - - -164.0 Payment of lease liabilities - - - -3.6 - - - - - - -3.6 Total changes in financing cash flows 1,453.7 - -400.0 -3.6 - 0.6 -164.6 - - - 886.1 Change in fair value - - - - 18.6 - - - - -31.8 -13.2 Other adjustment -4.3 0.3 -0.8 4.8 -0.2 - - 2.7 - 8.2 10.7 Acquisition of subsidiaries 27.1 - - - - - - - - - 27.1 Profit for the period - - - - - - - 922.6 - - 922.6 Interest expense incl. arrangement fee 85.8 - 48.9 - -8.7 - - - - - 126.0 Interest paid -76.9 - -39.5 - 5.6 - - - - - -110.8 Other liability related changes 31.7 0.3 8.6 4.8 -3.3 - - 925.3 - 8.2 975.6 Balance at 31 December 2023 3,378.2 0.3 3,590.0 49.7 -21.1 71.7 3,037.9 3,026.1 - 0.1 13,132.9 Related Derivative Non-con- Cash Bank party Lease financial Issued Share Retained trolling flow hedge Total In EUR million loans loans Bondsliabilities instruments capital premium earnings interest reserve Restated* Balance as at 1 January 2022 1,131.3 - 3,381.7 13.8 -0.2 64.1 2,662.0 1,350.9 - - 8,603.6 Changes from financing cash flows Proceeds from bonds - - 733.4 - - - - - - - 733.4 Proceeds from loans and borrowings 629.1 - - - - - - - - - 629.1 Transaction costs related to loans and borrowings, bonds -2.6 - -2.2 - - - - - - - -4.8 and issue of shar capital Acquisition of NCI - - - - - 1.2 103.4 -15.7 -91.2 - -2.3 Repayment of the loans and borrowings and bonds -101.6 - -289.6 - - - - - - - -391.2 Dividend in cash - - - - - 0.6 -124.6 - - - -124.0 Payment of lease liabilities - - - -3.0 - - - - - - -3.0 Total changes in financing cash flows 524.9 - 441.6 -3.0 - 1.8 -21.2 -15.7 -91.2 - 837.2 Change in fair value - - - - -36.0 - - - - 31.9 -4.1 Other adjustment -1.1 - 2.6 12.1 -0.1 - - -1.0 - -8.2 4.3 Share issuance related to DIR - - - - - 5.2 561.7 - - - 566.9 Acquisition of subsidiaries 233.0 - 140.0 25.6 -0.1 - - - 93.6 - 492.1 Profit for the period - - - - - - - 766.6 -2.4 - 764.2 Interest expense incl. arrangement fee 35.2 - 49.5 - 0.3 - - - - - 85.0 Interest paid -30.5 - -34.0 - -0.3 - - - - - -64.8 Other liability related changes 236.6 - 158.1 37.7 -0.2 5.2 561.7 765.6 91.2 -8.2 1,847.7 Balance at 31 December 2022 1,892.8 - 3,981.4 48.5 -36.4 71.1 3,202.5 2,100.8 - 23.7 11,284.4 30. BONDS In EUR million 2023 2022 Non-current bonds 3,571.3 3,563.8 Current bonds 18.7 417.6 Total Bonds 3,590.0 3,981.4 Reconciliation of movements In EUR million 31 December 2023 31 December 2022 Bonds issued - nominal value 4,299.5 4,299.5 Repayment of bonds \u2013 nominal value -718.2 -318.2 Bonds acquired 140.0 140.0 Repayment of bonds acquired -120.0 -120.0 Nominal value of bonds 3,601.3 4,001.3 Interest liability 18.7 19.0 Discount applied -43.1 -43.2 Amortisation of applied discount 17.2 10.2 Bond issuance costs -8.9 -8.9 Amortisation of bond issuance costs 4.8 3.0 Total carrying value of bonds 3,590.0 3,981.4 Current period BONDS ISSUED BY CTP N.V. Nominal value of Nominal Fair total bonds value of Fix interest value of Bond Issuance issued each bond rate per Maturity bonds Date ISIN in EUR million in EUR Currency Type annum (\u201cp.a\u201d) date in EUR million 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 38.5 20 Jan 2022 XS2434791690 700.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 650.0 27 Sept 2021 XS2390530330 500.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 449.8 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 389.0 21 June 2021 XS2356029541 500.0 100,000 EUR senior unsecured 0.500% 21 June 2025 470.8 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 412.9 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 446.6 1 Oct 2020 XS2238342484 331.8 100,000 EUR senior unsecured 2.125% 1 Oct 2025 318.7 Total 3,581.3 3,176.3 BONDS ACQUIRED 9 June 2021 DE000A3E5L07 20.0 100,000 EUR senior unsecured 3.300% 9 June 2031 17.8 Total Bonds 3,601.3 3,194.1 n EUR million 31 December 2023 31 December 2022 Nominal value Fair value Nominal value Fair value Bonds 3,601.3 3,194.1 4,001.3 3,093.3 On 27 November 2023, the Group repaid bonds from the emission with ISIN XS2264194205 in a nominal value of EUR 400.0 million. Prior period BONDS ISSUED BY CTP N.V. Nominal Nominal Fair value of total value of Fix interest value of Bond Issuance bonds issued each bond rate per annum Maturity bonds Date ISINin EUR million in EUR Currency Type (\u201cp.a\u201d) date in EUR million 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 30.0 20 Jan 2022 XS2434791690 700.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 572.0 27 Sept 2021 XS2390530330 500.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 382.9 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 302.9 21 June 2021 XS2356029541 500.0 100,000 EUR senior unsecured 0.500% 21 June 2025 419.9 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 330.2 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 374.6 27 Nov 2020 XS2264194205 400.0 100,000 EUR senior unsecured 0.625% 27 Nov 2023 379.8 1 Oct 2020 XS2238342484 331.8 100,000 EUR senior unsecured 2.125% 1 Oct 2025 286.8 Total 3,981.3 3,079.1 Bonds acquired 9 June 2021 DE000A3E5L07 20.0 100,000 EUR senior unsecured 3.300% 9 June 2031 14.2 Total Bonds 4,001.3 3,093.3 On 20 January 2022, the Group has issued a new bond with the emission ISIN XS2434791690 in the nominal value of EUR 700.0 million. On 24 January 2022, the Group repaid bonds from the emission with ISIN XS2238342484 in anominal value of EUR 168.2 million. On 3 February 2022, the Group acquired the subsidiary DIR, where bonds with a nominal value of EUR 138.0 million were acquired as follows: Nominal value of total bonds Fix interest issued rate per annum Maturity ISIN in EUR million Currency (\u201cp.a\u201d) date DE000A3E5L07 20.0 EUR 3.300% 9 June 2031 DE000A2GS3T9 118.0 EUR 4.000% 30 August 2022 138.0 On 17 May 2022, the Group repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within DIR) with a nominal value of EUR 118.0 million. On 1 July 2022, 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 subor- dinated, with a fixed interest rate of 1.5% per annum (\u201cp.a.\u201d), and the bonds are due on 27 September 2031. Transaction costs paid in cash as at 31 December 2023 were EUR 0.0 million (2022 \u2013 EUR 2.2 million). Financial covenants related to bonds consist of a leverage ratio tests, secured debt tests, interest cover ratio and unencumbered assets tests. During the current period, the Group did not breach any of its covenants, nor did it default on any of its obligations under its agreements. 31. TRADE AND OTHER PAYABLES Non-current In EUR million 2023 2022 Non-current trade payables and other liabilities 100.4 58.0 Liabilities from operating leases 47.1 46.0 Balance at 31 December 147.5 104.0 Non-current trade and other payables consist primarily of construction retention and tenant deposits. Current In EUR million 2023 2022 Trade payables and other liabilities 344.9 308.2 Tax liabilities 19.4 10.2 Liabilities from operating leases 2.6 2.5 Balance at 31 December 366.9 320.9 In 2023 and 2022, trade payables and other liabilities consist primarily of liabilities for constructions works. 33. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2023 2022 Fair value of derivatives - non-current asset 10.6 9.2 Fair value of derivatives - current asset 38.1 41.9 Fair value of derivatives - assets 48.7 51.1 Fair value of derivatives - non-current liability -10.6 -2.0 Fair value of derivatives - current liability -17.0 -12.7 Fair value of derivatives - liabilities -27.6 -14.7 Total 21.1 36.4 All financial derivatives were stated at fair value as at 31 December 2023 and 31 December 2022, respectively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of deriva- tives 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 25). As at 31 December 2023 CTP held the following derivative financial instruments: Due within Nominal amount Fair value Derivative financial instruments - assets maturitydate Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge* 2028 \u20132053 2025 6M Euribor, Fixed 2.918% From 2.1265% to 3.293%, EUR 1,258.0 EUR 43.0 6M Euribor Interest rate swaps 2025 \u20132030 - 3M Euribor From -0.295% to 0.21% EUR 88.8 EUR 5.7 Total receivables from derivatives 48.7 * Cash flow hedge derivatives of EUR 35.8 million (2022 \u2013 EUR 39.0 million) are presented as short-term. Due within Nominal amount Fair value Derivative financial instruments - liabilities maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2024 3M Euribor, 6M Euribor From 2.5975% to 3.508% EUR 703.5 EUR -27.6 Total liabilities from derivatives -27.6 As at 31 December 2022 CTP held the following derivative financial instruments: Due within Nominal amount Fair value Derivative financial instruments - assets maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725.0 EUR 44.1 Interest rate swaps 2025 \u20132030 - 3M Euribor from -0.295% to 0.21% EUR 70.0 EUR 7.0 Total receivables from derivatives 51.1 * Cash flow hedge derivatives of EUR 39.0 million have mandatory break in 2023 and are presented as short-term. Due within Nominal amount Fair value Derivative financial instruments - liabilities maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375.0 EUR -12.1 Interest rate swaps 2025 \u2013 2028 - 3M Euribor from 0.04% to 0.2% EUR 23.5 EUR -2.6 Total liabilities from derivatives -14.7", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-39": { "value": "23. TRADE AND OTHER RECEIVABLES Non-current In EUR million 2023 2022 Long term advances paid 21.4 14.7 Restricted cash 1.3 1.3 Other assets 1.4 2.0 Total trade and other receivables 24.1 18.0 Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible assets. Current In EUR million 2023 2022 Trade receivables 64.7 54.6 Other assets 126.7 113.2 Other tax receivables 75.2 67.8 Total trade and other receivables 266.6 235.6 Trade receivables consist primarily of receivables from rent and rent related income. Other assets consist primarily of deferrals of EUR 14.4 million (2022 \u2013 EUR 10.1 million), advance payments and accrued income of EUR 68.7 million (2022 \u2013 EUR 69.2 million) and prepayments of EUR 43.6 million (2022 \u2013 EUR 34.0 million). Short-term receivables overdue more than six months total EUR 4.4 million (2022 \u2013 EUR 5.3 million). Total expected credit losses are EUR 5.2 million (2022 \u2013 EUR 5.6 million). Other tax receivables consist primarily of value added tax receivables of EUR 74.1 million (2022 \u2013 EUR 67.0 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as actual credit losses over the past two years. as at 31 December 2023 Weighted Gross Net average carrying Loss carrying Credit- In EUR million loss rate amount allowance amount impaired Current (not past due) 0.69% 42.7 -0.3 42.4 No 1 - 30 days past due 1.74% 17.8 -0.3 17.5 No 31 - 60 days past due 6.36% 3.1 -0.2 2.9 No 61 - 90 days past due 11.04% 1.3 -0.1 1.2 No 91 - 182 days past due 28.41% 0.6 -0.2 0.4 No 184 - 365 days past due 86.15% 2.3 -2.0 0.3 Yes Paid in more than 365 days 100.00% 2.1 -2.1 - Yes past due Balance at 31 December 2023 69.9 -5.2 64.7 as at 31 December 2022 In EUR million Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired t past due) 0.83% 39.5 -0.3 39.2 No 1 -30 days past due 1.84% 10.6 -0.2 10.4 No 31 - 60 days past due 7.30% 1.7 -0.1 1.6 No 61 - 90 days past due 10.33% 1.6 -0.2 1.4 No 91 - 182 days past due 36.36% 1.5 -0.5 1.0 No 184 - 365 days past due 65.06% 2.9 -1.9 1.0 Yes Paid in more than 365 days 100.00% 2.4 -2.4 - Yes past due Balance at 31 December 2022 60.2 -5.6 54.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "
Non-current
In EUR million
2023
2022
Long term advances paid
21.4
14.7
Restricted cash
1.3
1.3
Other assets
1.4
2.0
Total trade and other receivables
24.1
18.0
24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 690.6 million (2022 \u2013 EUR 660.6 million) consist primarily of short-term deposits of EUR 467.2 million (2022\u2013 EUR 221.2 million) and cash at bank accounts of EUR 223.4 million (2022 \u2013 EUR 439.3 million). Restricted cash amounts to EUR 1.3 million (2022 \u2013 EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "value": "Other assets consist primarily of deferrals of EUR 14.4 million (2022 \u2013 EUR 10.1 million), advance payments and accrued income of EUR 68.7 million (2022 \u2013 EUR 69.2 million) and prepayments of EUR 43.6 million (2022 \u2013 EUR 34.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "Short-term receivables overdue more than six months total EUR 4.4 million (2022 \u2013 EUR 5.3 million). Total expected credit losses are EUR 5.2 million (2022 \u2013 EUR 5.6 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as actual credit losses over the past two years. as at 31 December 2023 Weighted Gross Net average carrying Loss carrying Credit- In EUR million loss rate amount allowance amount impaired Current (not past due) 0.69% 42.7 -0.3 42.4 No 1 - 30 days past due 1.74% 17.8 -0.3 17.5 No 31 - 60 days past due 6.36% 3.1 -0.2 2.9 No 61 - 90 days past due 11.04% 1.3 -0.1 1.2 No 91 - 182 days past due 28.41% 0.6 -0.2 0.4 No 184 - 365 days past due 86.15% 2.3 -2.0 0.3 Yes Paid in more than 365 days 100.00% 2.1 -2.1 - Yes past due Balance at 31 December 2023 69.9 -5.2 64.7 as at 31 December 2022 In EUR million Weighted average loss rate Gross carrying amount Loss allowance Net carrying amount Credit- impaired t past due) 0.83% 39.5 -0.3 39.2 No 1 -30 days past due 1.84% 10.6 -0.2 10.4 No 31 - 60 days past due 7.30% 1.7 -0.1 1.6 No 61 - 90 days past due 10.33% 1.6 -0.2 1.4 No 91 - 182 days past due 36.36% 1.5 -0.5 1.0 No 184 - 365 days past due 65.06% 2.9 -1.9 1.0 Yes Paid in more than 365 days 100.00% 2.4 -2.4 - Yes past due Balance at 31 December 2022 60.2 -5.6 54.6 Impairment losses on financial assets recognised in profit or loss were as follows: In EUR million 2023 2022 Impairment to trade receivables 5.2 5.6 Total 5.2 5.6 The movement in the allowance for impairment in respect of trade receivables during the year was as follows: In EUR million 2023 2022 Balance as at 1 January 5.6 4.1 Net remeasurement of loss allowance -0.4 1.5 Balance at 31 December 5.2 5.6 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2023 and 2022 respectively: In EUR million for the year 2023 Stage Weighted Impairment average Gross loss Net loss rate amount allowance amount Cash and cash equivalents Low risk 0% 690.6 - 690.6 Restricted cash Low risk 0% 1.3 - 1.3 Receivables due Low risk 0% 1.5 - 1.5 from related parties Trade receivables * Low to 7% 69.9 -5.2 64.7 Fair risk Total 763.3 -5.2 758.1 Weighted Impairment average Gross loss Net In EUR million for the year 2022 Stageloss rate amount allowance amount Cash and cash equivalents Low risk 0% 660.6 - 660.6 Restricted cash Low risk 0% 1.3 - 1.3 Receivables due Low risk 0% 45.5 - 45.5 from related parties Trade receivables * Low to 9% 60.2 -5.6 54.6 Fair risk Total 767.6 -5.6 762.0 * Weighted average loss rate related to Trade receivables is calculated in Note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-40": { "value": "24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 690.6 million (2022 \u2013 EUR 660.6 million) consist primarily of short-term deposits of EUR 467.2 million (2022\u2013 EUR 221.2 million) and cash at bank accounts of EUR 223.4 million (2022 \u2013 EUR 439.3 million). Restricted cash amounts to EUR 1.3 million (2022 \u2013 EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
25. EQUITY
Issued capital and Share premium
Current financial year
As at 31 December 2023, the issued capital comprised of the following:
Issued
No. of Nominal capital
Type of shares shares value of share In EUR million
Ordinary shares
448,182,458
EUR 0.16
71.7
Treasury shares
-27,976
EUR 0.16
-0.0
Total
448,154,482
EUR 0.16
71.7
Ordinary shares
Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per
share at general meetings of the Company. All rights attached to the Company\u2019s shares held by the Group are
suspended until those shares are reissued.
Treasury shares
In 2022, the Company acquired during the merger transaction ordinary shares in total of 27,976 pcs for a total
consideration of EUR 545,858 at an average cost of EUR 19.51 per share.
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Issued Share
Nr. of capital premium
shares In EUR million In EUR million
Balance at
1 January 2023
444,100,549
71.1
3,203.0
18 May 2023
Dividend paid
2,221,102
0.3
-76.2
4 September 2023
Dividend paid
1,860,807
0.3
-88.4
Balance at
31 December 2023
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2023
448,154,482
71.7
3,037.9
On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders were
given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend
based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on
the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that
entitles to one new ordinary share was set at 51.42.
Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to
receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary
shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651
ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was
18 May 2023.
On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced.
Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction
for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of
dividend rights that entitles to one new ordinary share was set at 50.53.
Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to
receive the interim dividend in cash, while shareholders representing approximately 21% of the total number
of outstanding ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of 448,182,458
ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was
4 September 2023.
Prior financial year
As at 31 December 2022, the issued capital was comprised of the following:
Nominal Issued
No. of value capital
Type of shares shares of share In EUR million
Ordinary shares
444,100,549
EUR 0.16
71.1
Treasury shares
-27,976
EUR 0.16
-0.0
Total
444,072,573
EUR 0.16
71.1
Share
Issued premium
Nr. of capital Restated*
shares In EUR million In EUR million
Balance at
1 January 2022
400,392,810
64.1
2,662.0
3 February 2022
Share issuance connected
32,421,325
5.2
562.2
with DIR acquisition
9 June 2022
Dividend paid
763,581
0.1
-68.0
23 August 2022
Share issuance connected
7,659,590
1.2
103.4
with merger of DIR and
CTP N.V.
5 September 2022
Dividend paid
2,863,243
0.5
-56.6
Balance at
31 December 2022
444,100,549
71.1
3,203.0
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2022
444,072,573
71.1
3,202.5
* The comparative information is restated on account of correction of errors, refer to Note 4.
On 3 February 2022, the Group acquired DIR (currently CTP Deutschland B.V.). 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). The transaction resulted in the issuance of
32,421,325 new shares of CTP N.V. For details refer to Note 7.
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 ordinary
shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of issued and outstanding ordinary shares increased by 763,581 to a total of 433,577,716 or-
dinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was 9
June 2022.
On 23 August 2022 CTP N.V. completed the merger with DIR (acquired on 3 February 2022). As a result of
the merger, CTP N.V. acquired shares from former shareholders of DIR. 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. Share-
holders 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 div-
idend rights that entitles to one new ordinary share was set at 62.5. Shareholders representing 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 payment in cash and delivery of the
ordinary shares was 5 September 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "Treasury shares In 2022, the Company acquired during the merger transaction ordinary shares in total of 27,976 pcs for a total consideration of EUR 545,858 at an average cost of EUR 19.51 per share. MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Issued Share
Nr. of capital premium
shares In EUR million In EUR million
Balance at
1 January 2023
444,100,549
71.1
3,203.0
18 May 2023
Dividend paid
2,221,102
0.3
-76.2
4 September 2023
Dividend paid
1,860,807
0.3
-88.4
Balance at
31 December 2023
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2023
448,154,482
71.7
3,037.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "0.23", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-602": { "value": "0.25", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-568": { "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 0.1 million net of tax as at 31 December 2023 (2022 \u2013 EUR 23.7 million).
Decrease of EUR 23.6 million was caused mainly due to a decrease in market rates.
Translation reserve
The translation reserve of EUR 2.1 million (2022 \u2013 EUR 4.5 million) comprises all foreign exchange differences
arising from the translation of the financial statements from the functional to the presentation currency
(refer to Note 3f).
Revaluation reserve
Changes in the fair value of Property, plant and equipment valued under revaluation model is recognised in the
revaluation reserve in equity reached EUR 29.0 million (net of tax) as at 31 December 2023 (2022 \u2013 EUR 18.4
million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "
Dividends
In May 2023, the Group paid a final dividend for the year 2022 of EUR 102.1 million, out of which EUR 75.9 million
was paid in cash and the rest of dividends were paid in the form of new shares.
In September 2023, the Group paid an interim dividend for the year 2023 of EUR 111.6 million, out of which
EUR 88.1 million was paid in cash and the rest of dividends were paid in the form of new shares.
In June 2022, the Group paid a final dividend for the year 2021 of EUR 77.9 million, out of which EUR 67.9 million
was paid in cash and the rest of dividends were paid in the form of new shares.
In September 2022, the Group paid an interim dividend for the year 2022 of EUR 95.4 million, out of which
EUR 56.0 million was paid in cash and the rest of dividends were paid in the form of new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "
26. SHARE-BASED PAYMENTS
On 30 April 2023 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 2023,
the total share-based payment expense recognised for the equity-settled awards was EUR 0.2 million (2022
\u2013 EUR 0.1 million).
In 2023, expected bonus for employees of EUR 2.5 million (2022 \u2013 EUR 0 million) was recognised in equity of
the Group. Bonus will be paid in form of CTP shares in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-41": { "value": "27. 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. Restated* In EUR million 1.1.2023 - 31.12.2023 1.1.2022 - 31.12.2022 Profit/loss(-) attributable to Equity holders of the Company 922.6 766.6 Profit/loss(-) attributable to ordinary shareholders 922.6 766.6 1.1.2023 - 31.12.2023 1.1.2022 - 31.12.2022 Issued ordinary shares at 1 January 444,072,573 400,392,810 Treasury shares held at 1 January -27,976 - Effects of shares issued in 2023/2022 2,022,078 33,588,692 Weighted-average number of ordinary shares at 31 December 446,066,675 433,981,502 Earnings per share 2.07 1.77 * The comparative information is restated on account of correction of errors, refer to Note 4. The denominator in the calculation of basic EPS for the years 2023 and 2022 is the weighted average number of ordinary shares less treasury shares as at 31 December 2023 and 31 December 2022, 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 po- tential ordinary shares. Restated* In EUR million 1.1.2023 - 31.12.2023 1.1.2022 - 31.12.2022 Profit/loss(-) attributable to Equity holders of the Company (basic) 922.6 766.6 Profit/loss(-) attributable to ordinary shareholders 922.6 766.6 1.1.2023 - 31.12.2023 1.1.2022 - 31.12.2022 Weighted-average number of ordinary shares (basic) 446,066,675 433,981,502 Long-term incentive plan 42,841 28,913 Weighted-average number of ordinary shares (diluted) at 31 December 446,109,516 434,010,415 Earnings per share (diluted) 2.07 1.77 * The comparative information is restated on account of correction of errors, refer to Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "
28. NON-CONTROLLING INTEREST
Current financial year
As at 31 December 2023, non-controlling interest is EUR 0.0 million (2022 \u2013 EUR 0.0 million).
Prior financial year
On 3 February 2022, the Group acquired 80.9 % ownership interest in DIR (currently CTP Deutschland B.V.).
For details refer to Note 7.
Share of non-controlling interest as at date of acquisition corresponds to 19.1% of the outstanding share
capital in DIR.
3 February 2022
In EUR million Restated*
NCI percentage
19.10%
Non-current assets
876.9
Current assets
122.5
Non-current liabilities**
-411.8
Current liabilities
-97.8
Net assets
489.8
Net assets attributable to NCI
93.6
* The comparative information is restated on account of correction of errors, refer to Note 4.
** Non-current liabilities also include the pre-acquisition loan of EUR 67.5 million provided by
CTP N.V. to DIR.
On 23 August 2022, CTP N.V. completed the merger with DIR. As a result of the merger, the legal integration
of DIR into the CTP group was completed. CTP acquired 100% ownership of DIR and the entity ceased to exist
without liquidation. For details refer to Note 7.
As at date of cross border merger and acquisition of additional 19.1% of ownership interest in DIR, with impact
on Equity of EUR 13.5 million, the information related to acquired share are as follows:
Restated*
Net assets attributable to NCI as at date of acquisition
93.6
Revenue
35.8
Profit
-12.8
Other comprehensive income
-
Total comprehensive income
-12.8
Other Adjustment in profit loss allocated to NCI
-
Profit/(loss) allocated to NCI
-2.4
OCI allocated to NCI
-
Net assets attributable to NCI as at date of merger/demerger
91.2
*The comparative information is restated on account of correction of errors, refer to Note 4.
In 2022, the Group also acquired an additional 9.9% ownership interest in CTP Delta B.V. with impact on Equity
of EUR 2.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "29. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR million 2023 2022 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 3,343.1 1,874.5 Accrued arrangement fees -14.9 -6.4 Balance at 31 December 3,328.2 1,868.1 Current liabilities Interest-bearing loans and borrowings from financial institutions 45.7 24.7 Accrued interest 4.8 0.6 Accrued arrangement fees -0.5 -0.6 Balance at 31 December 50.0 24.7 Total balance at 31 December 3,378.2 1,892.8 In EUR million 2023 2022 Non-current interest-bearing loans and borrowings from financial 3,343.1 1,874.5 institutions Current interest-bearing loans and borrowings from financial insti- tutions 45.7 24.7 Total balance at 31 December 3,388.8 1,899.2 In EUR million 2023 2022 Nominal Fair Nominal Fair value value value value Interest-bearing loans 3,388.8 3,112.3 1,899.2 1,545.4 and borrowings from financial institutions 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 signifi- cant inputs were based on observable market data. Group\u2019s interest-bearing loans and borrowings from financial institutions typically have financial covenants like loan-to-value and debt service coverage ratio. As at 31 December 2023, there was no breach of covenant conditions. Bank loans are secured over investment property with a carrying amount of EUR 6,361.5 million (2022 \u2013 EUR 4,332.4 million) and investment property under development with a carrying amount of EUR 0.0 million (2022 \u2013 EUR 295.3 million). 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 39. The residual maturity of loans and borrowings from financial institutions as at 31 December 2023 and 31 December 2022 was as follows: Balance as at 31 December 2023 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 45.7 90.0 3,388.8 655.2 2,597.9 from financial institutions Balance as at 31 December 2022 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 24.7 29.2 1,899.2 130.7 1,714.6 from financial institutions In 2023, the Group received bank loans with a total nominal value of EUR 1,557.0 million, out of which EUR 1,491.9 million was draw-down. Bank loans have fixed all-in costs interest rates in range from 4.45% to 5.47% due in 2028, 2029, 2030 and 2033, respectively. Fixed all-in cost includes effect of hedging. Prior period In September 2022, the Group received a syndicated bank loan of EUR 445.0 million, with a fixed interest rate of 4.71%, due in 2029. r 2022, the Group received a bank loan of EUR 175.0 million, with variable interest rate of 3M EURIBOR with a 1.80% margin, due in 2031. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities Related Derivative Non-con- Cash flow Bank party Lease financial Issued Share Retained trolling hedge In EUR million loans loans Bondsliabilities instruments capital premium earnings interest reserve Total Balance as at 1 January 2023 1,892.8 - 3,981.4 48.5 -36.4 71.1 3,202.5 2,100.8 - 23.7 11,284.4 Changes from financing cash flows Proceeds from bonds - - - - - - - - - - - Proceeds from loans and borrowings 1,492.8 - - - - - - - - - 1,492.8 Transaction costs related to loans and borrowings, bonds -11.2 - - - - - - - - - -11.2 and issue of shar capital Repayment of the loans and borrowings and bonds -27.9 - -400.0 - - - - - - - -427.9 Dividend in cash - - - - - 0.6 -164.6 - - - -164.0 Payment of lease liabilities - - - -3.6 - - - - - - -3.6 Total changes in financing cash flows 1,453.7 - -400.0 -3.6 - 0.6 -164.6 - - - 886.1 Change in fair value - - - - 18.6 - - - - -31.8 -13.2 Other adjustment -4.3 0.3 -0.8 4.8 -0.2 - - 2.7 - 8.2 10.7 Acquisition of subsidiaries 27.1 - - - - - - - - - 27.1 Profit for the period - - - - - - - 922.6 - - 922.6 Interest expense incl. arrangement fee 85.8 - 48.9 - -8.7 - - - - - 126.0 Interest paid -76.9 - -39.5 - 5.6 - - - - - -110.8 Other liability related changes 31.7 0.3 8.6 4.8 -3.3 - - 925.3 - 8.2 975.6 Balance at 31 December 2023 3,378.2 0.3 3,590.0 49.7 -21.1 71.7 3,037.9 3,026.1 - 0.1 13,132.9 Related Derivative Non-con- Cash Bank party Lease financial Issued Share Retained trolling flow hedge Total In EUR million loans loans Bondsliabilities instruments capital premium earnings interest reserve Restated* Balance as at 1 January 2022 1,131.3 - 3,381.7 13.8 -0.2 64.1 2,662.0 1,350.9 - - 8,603.6 Changes from financing cash flows Proceeds from bonds - - 733.4 - - - - - - - 733.4 Proceeds from loans and borrowings 629.1 - - - - - - - - - 629.1 Transaction costs related to loans and borrowings, bonds -2.6 - -2.2 - - - - - - - -4.8 and issue of shar capital Acquisition of NCI - - - - - 1.2 103.4 -15.7 -91.2 - -2.3 Repayment of the loans and borrowings and bonds -101.6 - -289.6 - - - - - - - -391.2 Dividend in cash - - - - - 0.6 -124.6 - - - -124.0 Payment of lease liabilities - - - -3.0 - - - - - - -3.0 Total changes in financing cash flows 524.9 - 441.6 -3.0 - 1.8 -21.2 -15.7 -91.2 - 837.2 Change in fair value - - - - -36.0 - - - - 31.9 -4.1 Other adjustment -1.1 - 2.6 12.1 -0.1 - - -1.0 - -8.2 4.3 Share issuance related to DIR - - - - - 5.2 561.7 - - - 566.9 Acquisition of subsidiaries 233.0 - 140.0 25.6 -0.1 - - - 93.6 - 492.1 Profit for the period - - - - - - - 766.6 -2.4 - 764.2 Interest expense incl. arrangement fee 35.2 - 49.5 - 0.3 - - - - - 85.0 Interest paid -30.5 - -34.0 - -0.3 - - - - - -64.8 Other liability related changes 236.6 - 158.1 37.7 -0.2 5.2 561.7 765.6 91.2 -8.2 1,847.7 Balance at 31 December 2022 1,892.8 - 3,981.4 48.5 -36.4 71.1 3,202.5 2,100.8 - 23.7 11,284.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "
30. BONDS
In EUR million
2023
2022
Non-current bonds
3,571.3
3,563.8
Current bonds
18.7
417.6
Total Bonds
3,590.0
3,981.4
Reconciliation of movements
In EUR million
31 December 2023
31 December 2022
Bonds issued - nominal value
4,299.5
4,299.5
Repayment of bonds \u2013 nominal value
-718.2
-318.2
Bonds acquired
140.0
140.0
Repayment of bonds acquired
-120.0
-120.0
Nominal value of bonds
3,601.3
4,001.3
Interest liability
18.7
19.0
Discount applied
-43.1
-43.2
Amortisation of applied discount
17.2
10.2
Bond issuance costs
-8.9
-8.9
Amortisation of bond issuance costs
4.8
3.0
Total carrying value of bonds
3,590.0
3,981.4
Current period
BONDS ISSUED BY CTP N.V.
Nominal
value of Nominal Fair
total bonds value of Fix interest value of
Bond Issuance issued each bond rate per Maturity bonds
Date
ISIN
in EUR million
in EUR
Currency
Type
annum (\u201cp.a\u201d) date in EUR million
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
38.5
20 Jan 2022
XS2434791690
700.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
650.0
27 Sept 2021
XS2390530330
500.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
449.8
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
389.0
21 June 2021
XS2356029541
500.0
100,000
EUR
senior unsecured
0.500%
21 June 2025
470.8
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
412.9
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
446.6
1 Oct 2020
XS2238342484
331.8
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
318.7
Total
3,581.3
3,176.3
BONDS ACQUIRED
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
17.8
Total Bonds
3,601.3
3,194.1
n EUR million
31 December 2023
31 December 2022
Nominal value
Fair value
Nominal value
Fair value
Bonds
3,601.3
3,194.1
4,001.3
3,093.3
On 27 November 2023, the Group repaid bonds from the emission with ISIN XS2264194205 in a nominal
value of EUR 400.0 million.
Prior period
BONDS ISSUED BY CTP N.V.
Nominal Nominal Fair
value of total value of Fix interest value of
Bond Issuance bonds issued each bond rate per annum Maturity bonds
Date
ISIN
in EUR million
in EUR
Currency
Type
(\u201cp.a\u201d) date in EUR million
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
30.0
20 Jan 2022
XS2434791690
700.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
572.0
27 Sept 2021
XS2390530330
500.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
382.9
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
302.9
21 June 2021
XS2356029541
500.0
100,000
EUR
senior unsecured
0.500%
21 June 2025
419.9
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
330.2
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
374.6
27 Nov 2020
XS2264194205
400.0
100,000
EUR
senior unsecured
0.625%
27 Nov 2023
379.8
1 Oct 2020
XS2238342484
331.8
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
286.8
Total
3,981.3
3,079.1
Bonds acquired
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
14.2
Total Bonds
4,001.3
3,093.3
On 20 January 2022, the Group has issued a new bond with the emission ISIN XS2434791690 in the nominal
value of EUR 700.0 million.
On 24 January 2022, the Group repaid bonds from the emission with ISIN XS2238342484 in anominal value
of EUR 168.2 million.
On 3 February 2022, the Group acquired the subsidiary DIR, where bonds with a nominal value of EUR 138.0
million were acquired as follows:
Nominal
value of
total bonds Fix interest
issued rate per annum Maturity
ISIN
in EUR million
Currency
(\u201cp.a\u201d) date
DE000A3E5L07
20.0
EUR
3.300%
9 June 2031
DE000A2GS3T9
118.0
EUR
4.000%
30 August 2022
138.0
On 17 May 2022, the Group repaid bonds from the emission with ISIN DE000A2GS3T9 (acquired within DIR)
with a nominal value of EUR 118.0 million.
On 1 July 2022, 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 subor-
dinated, with a fixed interest rate of 1.5% per annum (\u201cp.a.\u201d), and the bonds are due on 27 September 2031.
Transaction costs paid in cash as at 31 December 2023 were EUR 0.0 million (2022 \u2013 EUR 2.2 million).
Financial covenants related to bonds consist of a leverage ratio tests, secured debt tests, interest cover ratio
and unencumbered assets tests. During the current period, the Group did not breach any of its covenants, nor
did it default on any of its obligations under its agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "
31. TRADE AND OTHER PAYABLES
Non-current
In EUR million
2023
2022
Non-current trade payables and other liabilities
100.4
58.0
Liabilities from operating leases
47.1
46.0
Balance at 31 December
147.5
104.0
Non-current trade and other payables consist primarily of construction retention and tenant deposits.
Current
In EUR million
2023
2022
Trade payables and other liabilities
344.9
308.2
Tax liabilities
19.4
10.2
Liabilities from operating leases
2.6
2.5
Balance at 31 December
366.9
320.9
In 2023 and 2022, trade payables and other liabilities consist primarily of liabilities for constructions works.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-42": { "value": "32. 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 terminate 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 pre- sented as property, plant and equipment (refer to Note 21).
Investment
Property, plant Investment property under
In EUR million and equipment
property
Landbank
development
Total
Balance at 1 January 2023
8.8
28.1
4.7
17.7
59.3
Acquisitions
-
-
-
-
-
Additions
0.2
2.2
0.3
0.1
2.8
Transfer from investment property under development
-
17.0
-
-17.0
-
Transfer to owned buildings and land
-
-
-
-
-
Depreciation
-1.2
-
-
-
-1.2
Balance at 31 December 2023
7.8
47.3
5.0
0.8
60.9
Investment
Property, plant Investment property under
In EUR million and equipment
property
Landbank
development
Total
Balance at 1 January 2022
4.4
2.0
-
18.2
24.6
Acquisitions
-
25.6
4.7
-
30.3
Additions
5.3
-
-
-
5.3
Transfer from investment property under development
-
-
-
-0.5
-0.5
Transfer to owned buildings and land
-
0.5
-
-
0.5
Depreciation
-0.9
-
-
-
-0.9
Balance at 31 December 2022
8.8
28.1
4.7
17.7
59.3
AMOUNTS RECOGNISED IN PROFIT OR LOSS In EUR million 2023 2022 Interest on lease liabilities 2.3 1.8 Expenses relating to short-term leases 0.2 0.2 Expenses relating to leases of low-value assets 0.1 - Balance at 31 December 2.6 2.0 AMOUNTS RECOGNISED IN STATEMENT OF CASH FLOWS In EUR million 2023 2022 Total cash outflows for leases 3.6 3.0 The remaining performance obligations as at 31 December 2023 are as follows: In EUR million < 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total Lease payments 2.6 1.4 1.3 1.2 1.0 42.2 49.7 The remaining performance obligations as at 31 December 2022 are as follows: In EUR million < 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total Lease payments 2.4 1.4 1.3 1.2 1.2 41.0 48.5 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 2023 was EUR 571.9 million (2022 \u2013 EUR 485.0 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting period. In EUR million < 1 year 2-5 years > 5 years Total Lease payments 718.8 2,406.1 2,603.8 5,728.7", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "33. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2023 2022 Fair value of derivatives - non-current asset 10.6 9.2 Fair value of derivatives - current asset 38.1 41.9 Fair value of derivatives - assets 48.7 51.1 Fair value of derivatives - non-current liability -10.6 -2.0 Fair value of derivatives - current liability -17.0 -12.7 Fair value of derivatives - liabilities -27.6 -14.7 Total 21.1 36.4 All financial derivatives were stated at fair value as at 31 December 2023 and 31 December 2022, respectively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of deriva- tives 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 25). As at 31 December 2023 CTP held the following derivative financial instruments: Due within Nominal amount Fair value Derivative financial instruments - assets maturitydate Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge* 2028 \u20132053 2025 6M Euribor, Fixed 2.918% From 2.1265% to 3.293%, EUR 1,258.0 EUR 43.0 6M Euribor Interest rate swaps 2025 \u20132030 - 3M Euribor From -0.295% to 0.21% EUR 88.8 EUR 5.7 Total receivables from derivatives 48.7 * Cash flow hedge derivatives of EUR 35.8 million (2022 \u2013 EUR 39.0 million) are presented as short-term. Due within Nominal amount Fair value Derivative financial instruments - liabilities maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 2024 3M Euribor, 6M Euribor From 2.5975% to 3.508% EUR 703.5 EUR -27.6 Total liabilities from derivatives -27.6 As at 31 December 2022 CTP held the following derivative financial instruments: Due within Nominal amount Fair value Derivative financial instruments - assets maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2028 \u20132053 3M Euribor \u2013 6M Euribor From 2.1265% to 2.5975% EUR 725.0 EUR 44.1 Interest rate swaps 2025 \u20132030 - 3M Euribor from -0.295% to 0.21% EUR 70.0 EUR 7.0 Total receivables from derivatives 51.1 * Cash flow hedge derivatives of EUR 39.0 million have mandatory break in 2023 and are presented as short-term. Due within Nominal amount Fair value Derivative financial instruments - liabilities maturity date Mandatory break Receiving leg Paying leg Currency (in million) (in EUR million) Interest rate swaps \u2013 cash flow hedge 2030 \u2013 2053 2023 6M Euribor from 2.609% to 2.652% EUR 375.0 EUR -12.1 Interest rate swaps 2025 \u2013 2028 - 3M Euribor from 0.04% to 0.2% EUR 23.5 EUR -2.6 Total liabilities from derivatives -14.7", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "33. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2023 2022 Fair value of derivatives - non-current asset 10.6 9.2 Fair value of derivatives - current asset 38.1 41.9 Fair value of derivatives - assets 48.7 51.1 Fair value of derivatives - non-current liability -10.6 -2.0 Fair value of derivatives - current liability -17.0 -12.7 Fair value of derivatives - liabilities -27.6 -14.7 Total 21.1 36.4 All financial derivatives were stated at fair value as at 31 December 2023 and 31 December 2022, respectively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of deriva- tives 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 25). As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Nominal amount Fair value
Derivative financial instruments - assets
maturitydate
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0 EUR
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8 EUR
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million (2022 \u2013 EUR 39.0 million) are presented as short-term. Due within Nominal amount Fair value
Derivative financial instruments - liabilities
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5 EUR
-27.6
Total liabilities from derivatives
-27.6
As at 31 December 2022 CTP held the following derivative financial instruments: Due within Nominal amount Fair value
Derivative financial instruments - assets
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
3M Euribor \u2013 6M Euribor
From 2.1265% to 2.5975%
EUR
725.0 EUR
44.1
Interest rate swaps
2025 \u20132030
-
3M Euribor
from -0.295% to 0.21%
EUR
70.0 EUR
7.0
Total receivables from derivatives
51.1
* Cash flow hedge derivatives of EUR 39.0 million have mandatory break in 2023 and are presented as short-term. Due within Nominal amount Fair value
Derivative financial instruments - liabilities
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2030 \u2013 2053
2023
6M Euribor
from 2.609% to 2.652%
EUR
375.0 EUR
-12.1
Interest rate swaps
2025 \u2013 2028
-
3M Euribor
from 0.04% to 0.2%
EUR
23.5 EUR
-2.6
Total liabilities from derivatives
-14.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-43": { "value": "33. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2023 2022 Fair value of derivatives - non-current asset 10.6 9.2 Fair value of derivatives - current asset 38.1 41.9 Fair value of derivatives - assets 48.7 51.1 Fair value of derivatives - non-current liability -10.6 -2.0 Fair value of derivatives - current liability -17.0 -12.7 Fair value of derivatives - liabilities -27.6 -14.7 Total 21.1 36.4 All financial derivatives were stated at fair value as at 31 December 2023 and 31 December 2022, respectively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consolidated statement of financial position. To the extent that the hedge is effective, changes in the fair value of deriva- tives 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 25). As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Nominal amount Fair value
Derivative financial instruments - assets
maturitydate
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0 EUR
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8 EUR
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million (2022 \u2013 EUR 39.0 million) are presented as short-term. Due within Nominal amount Fair value
Derivative financial instruments - liabilities
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5 EUR
-27.6
Total liabilities from derivatives
-27.6
As at 31 December 2022 CTP held the following derivative financial instruments: Due within Nominal amount Fair value
Derivative financial instruments - assets
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
3M Euribor \u2013 6M Euribor
From 2.1265% to 2.5975%
EUR
725.0 EUR
44.1
Interest rate swaps
2025 \u20132030
-
3M Euribor
from -0.295% to 0.21%
EUR
70.0 EUR
7.0
Total receivables from derivatives
51.1
* Cash flow hedge derivatives of EUR 39.0 million have mandatory break in 2023 and are presented as short-term. Due within Nominal amount Fair value
Derivative financial instruments - liabilities
maturity date
Mandatory break
Receiving leg
Paying leg
Currency
(in million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2030 \u2013 2053
2023
6M Euribor
from 2.609% to 2.652%
EUR
375.0 EUR
-12.1
Interest rate swaps
2025 \u2013 2028
-
3M Euribor
from 0.04% to 0.2%
EUR
23.5 EUR
-2.6
Total liabilities from derivatives
-14.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-44": { "value": "34. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: 2022 In EUR million 2023 Restated* Assets Liability Net Assets Liability Net Investment property 7.6 -1,169.9 -1,162.3 11.7 -927.2 -915.5 Tax losses 19.4 - 19.4 11.0 - 11.0 Property, plant and equipment - -2.3 -2.3 - - - Other (receivables, hedge accounting etc.) 14.6 -22.5 -7.9 16.6 -42.7 -26.1 Tax asset/liabilities(-) 41.6 -1,194.7 -1,153.1 39.3 -969.9 -930.6 Set-off of tax -27.3 27.3 - -21.4 21.4 - Net tax assets/liabilities(-) 14.3 -1,167.4 -1,153.1 17.9 -948.5 -930.6 * The comparative information is restated on account of correction of errors, refer to Note 4. Movement in Deferred tax during the year recognised in profit and loss, in equity and in OCI Change in Change through Deferred tax Effect of Balance as at Balance as at temporary business recognised changes in 31 December In EUR million 1 January 2023 differences combination in OCI FX rates 2023 Investment property -915.5 -252.7 - - 5.9 -1,162.3 Tax losses 11.0 8.5 - - -0.1 19.4 Property, plant and equipment - -0.9 - -1.4 - -2.3 Other (receivables, hedge accounting etc.) -26.1 9.8 - 8.2 0.2 -7.9 Total -930.6 -235.3 - 6.8 6.0 -1,153.1 In EUR million Restated* Balance as at Change in Change through Deferred Effect of Balance as at temporary business tax recognised changes in 31 December 1 January 2022 differences combination in OCI FX rates 2022 Investment property -725.8 -145.1 -38.7 - -5.9 -915.5 Tax losses 9.5 1.4 - - 0.1 11.0 Property, plant and equipment 1.2 -1.4 - 0.2 - - Other (receivables, hedge accounting etc.) -7.6 -10.1 - -8.3 -0.1 -26.1 Total -722.7 -155.2 -38.7 -8.1 -5.9 -930.6 * The comparative information is restated on account of correction of errors, refer to Note 4. Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future tax- able profit will be available against which the Group can use the benefits. In EUR million 2023 2022 Gross Tax Gross Tax amount effect amount effect Tax losses 19.7 3.8 24.3 4.2 Total 19.7 3.8 24.3 4.2 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. Expiry Expiry In EUR million 2023 date 2022 date Expire 19.7 2024-2029 24.3 2023-2028 Never expire - - Total 19.7 24.3 Amounts recognised in OCI In EUR million 2023 2022 Items that will not be reclassified to Gross Tax Net of Gross Tax Net of profit or loss amount effect tax amount effect tax Revaluation of PPE 12.1 -1.5 10.6 -1.0 0.2 -0.8 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve -31.8 8.2 -23.6 32.0 -8.3 23.7 Change in Translation reserve -3.0 0.6 -2.4 -7.5 1.3 -6.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-45": { "value": "Current income tax assets and payables The current income tax asset of EUR 9.4 million (2022 \u2013 EUR 6.2 million) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance payments made exceed income tax payable). The current income tax liabilities of EUR 28.4 million (2022 \u2013 EUR 16.5 million) represent payables in respect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance payments made).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "35. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2023 and 31 December 2022 respectively: Subsidiaries Country 2023 2022 Note CTPark Sofia Ring Road EOOD Bulgaria 100% 100% Subsidiaries Country 2023 2022 Note CTP Alpha GmbH Austria 100% 100% CTP Beta GmbH Austria 100% 100% CTP Delta GmbH Austria 100% 100% CTP Energy GmbH Austria 100% 0% 2/ CTP Epsilon GmbH Austria 100% 100% CTP Eta GmbH Austria 100% 100% CTP Gamma GmbH Austria 100% 100% CTP Invest Immobilien GmbH Austria 100% 100% CTP Iota GmbH Austria 100% 100% CTP Kappa GmbH Austria 100% 0% 2/ CTP Lambda GmbH Austria 100% 0% 2/ CTP Mu GmbH Austria 100% 0% 2/ CTP Nu GmbH Austria 100% 0% 2/ CTP Omicron GmbH Austria 100% 0% 2/ CTP Pi GmbH Austria 100% 0% 2/ CTP Theta GmbH Austria 100% 100% CTP Xi GmbH Austria 100% 0% 2/ CTP Zeta GmbH Austria 100% 100% CTP Energy Bulgaria EOOD Bulgaria 100% 0% 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 Mu EOOD Bulgaria 100% 0% CTPark Sofia EOOD Bulgaria 100% 100% CTPark Theta EOOD Bulgaria 100% 100% CTPark Zeta EOOD Bulgaria 100% 100% Project Vrajdebna EOOD Bulgaria 100% 100% Clubco Nupaky, spol. s r.o. Czech Republic 100% 0% 2/ Clubco Ostrava,spol. s r.o. Czech Republic 100% 0% 2/ Clubco Vln\u011bna, spol. s r.o. (formerly 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 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. 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 II, spol. s r.o. Czech Republic 100% 100% CTP III, 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 Nov\u00e1 Zvona\u0159ka, spol. s r.o. (formerly Nov\u00e1 Zvona\u0159ka s.r.o.) Czech Republic 100% 0% 1/ 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 0% 100% 5/ Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Property Czech, spol. s r.o Czech Republic 100% 100% CTPark Chrastava a.s. Czech Republic 100% 100% CTP Solar I, a. s. Czech Republic 100% 100% CTPark Lys\u00e1 nad Labem, spol. s r.o. Czech Republic 100% 100% CTP Solar II, a. s. Czech Republic 100% 100% CTPark Mlad\u00e1 Boleslav, spol. s r.o. Czech Republic 100% 100% CTP Solar III, spol. s r.o. Czech Republic 100% 100% CTPark Mod\u0159ice, spol. s r.o. Czech Republic 100% 100% CTP V, spol. s r.o. Czech Republic 100% 100% CTPark N\u00fd\u0159any II, spol. s r.o. (formerly Limmo beta s.r.o.) Czech Republic 100% 0% 1/ CTP VI, spol. s r.o. Czech Republic 100% 100% CTPark N\u00fd\u0159any, spol. s r.o. Czech Republic 100% 0% 2/ CTP VIII, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Hru\u0161ov, spol. s r.o. (formerly H-Zone, s.r.o. ) Czech Republic 100% 0% 1/ CTP Vln\u011bna Business Park, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Poruba, spol. s r.o. Czech Republic 100% 100% CTP Vyso\u010dina, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava, spol. s r.o. Czech Republic 100% 100% CTP X, spol. s r.o. Czech Republic 100% 100% CTPark Plze\u0148, spol. s r.o. Czech Republic 100% 100% CTP XI, spol. s r.o. Czech Republic 100% 100% CTPark Prague Airport, spol. s r.o. Czech Republic 100% 100% CTP XII, spol. s r.o. Czech Republic 100% 100% CTPark Prague East, spol. s r.o. Czech Republic 100% 100% CTP XIV, spol. s r.o. Czech Republic 100% 100% CTPark Prague North II, spol. s r.o. Czech Republic 100% 100% CTP XV, spol. s r.o. Czech Republic 100% 100% CTPark Prague North III, spol. s r.o. Czech Republic 100% 100% CTP XVI, spol. s r.o. Czech Republic 100% 100% CTPark Prague West, spol. s r.o. Czech Republic 100% 100% CTP XVII, spol. s r.o. Czech Republic 100% 100% CTPark St\u0159\u00edbro, spol. s r. o. Czech Republic 100% 100% CTP XVIII, spol. s r.o. Czech Republic 100% 100% CTPark To\u0161anovice a.s. (formerly Tosan Park a.s.) Czech Republic 100% 0% 1/ CTP XXII, spol. s r.o. Czech Republic 100% 100% CTZone Ostrava, spol. s r.o. Czech Republic 100% 100% CTP XXIII, spol. s r.o. Czech Republic 100% 100% KRMEL\u00cdNSK\u00c1 I s.r.o. Czech Republic 0% 100% 5/ CTP XXIV, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100% CTPark A\u0161 II, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park, spol. s r.o. Czech Republic 100% 100% CTPark Blu\u010dina, spol. s r.o. Czech Republic 100% 100% CTP Invest Egypt 100% 100% CTPark Bor II, spol. s r.o. Czech Republic 0% 100% 5/ CTP Real Estate Egypt 100% 100% CTPark Bor, spol. s r.o. Czech Republic 100% 100% CTP Real Estate Development Egypt 100% 100% CTPark Brno I, spol. s r.o. Czech Republic 0% 100% 5/ Samesova O\u00dc Estonia 100% 100% CTPark Brno II, spol. s r.o. Czech Republic 0% 100% 5/ Vojtova O\u00dc Estonia 100% 100% CTPark Brno III, spol. s r.o. Czech Republic 100% 100% Zemankova O\u00dc Estonia 100% 100% CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o. Czech Republic 100% 100% CTP Alpha France France 100% 100% CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o. Czech Republic 100% 100% CTP Beta France France 100% 100% CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o. Czech Republic 100% 100% CTP France France 100% 100% CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100% CTP Energy Germany GmbH (formerly CTP Germany X Germany 100% 100% CTPark Brno, spol. s r.o. (formerly CTP Industrial Property Czech Republic 100% 100% GmbH) CZ, spol. s r.o.) CTP Germany GmbH Germany 100% 100% CTPark Cerhovice, spol. s r.o. (formerly CTP XIII, spol. s r.o.) Czech Republic 100% 100% CTP Germany II GmbH Germany 100% 100% CTPark \u010cesk\u00e9 Velenice, spol. s r.o. Czech Republic 100% 100% CTP Germany IX GmbH Germany 100% 100% CTPark Hranice, spol. s r.o. Czech Republic 100% 100% CTP Germany V GmbH Germany 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Germany VI GmbH Germany 100% 100% CTPark Twenty Seven Kft. Hungary 100% 100% CTP Germany VII GmbH Germany 100% 100% CTPark Twenty Six Kft. Hungary 100% 100% CTP Germany VIII GmbH Germany 100% 100% CTPark Twenty Three Kft. Hungary 100% 100% CTP Germany X GmbH (formerly Projektgesellschaft Rau- Germany 100% 0% 1/ CTPark Twenty Two Kft. Hungary 100% 100% entaler Strasse mbH) Office Campus Real Estate Kft. Hungary 100% 100% CTP Invest Germany GmbH Germany 100% 100% CTP Alpha S.r.l. Italy 100% 100% CTP Invest Hong Kong Limited Hong Kong 100% 0% CTP Beta S.r.l. Italy 100% 100% CTP Energy Hungary Kft. Hungary 100% 100% CTP Italy S.r.l. Italy 100% 100% CTP Management Hungary Kft. Hungary 100% 100% Samesova SIA Latvia 100% 100% CTPark Alpha Kft. Hungary 100% 100% Vojtova SIA Latvia 100% 100% CTPark Arrabona Kft. Hungary 100% 100% Zemankova SIA Latvia 100% 100% CTPark Beta Kft. Hungary 100% 100% UAB Samesova Lithuania 100% 100% CTPark Biatorb\u00e1gy Kft. Hungary 100% 100% UAB Vojtova Lithuania 100% 100% CTPark Delta Kft. Hungary 100% 100% UAB Zemankova Lithuania 100% 100% CTPark Eight Kft. Hungary 100% 100% CTP ALC B.V. Netherlands 100% 100% CTPark Eighteen Kft. Hungary 100% 100% CTP Alpha B.V. Netherlands 100% 100% CTPark Eleven Kft. Hungary 100% 100% CTP Baltic Holding B.V. Netherlands 100% 100% CTPark Fifteen Kft. Hungary 100% 100% CTP Beta B.V. Netherlands 100% 100% CTPark Fourteen Kft Hungary 100% 100% CTP Deutschland B.V. (formerly CTP Germany GmbH B.V.) Netherlands 100% 100% CTPark Gamma Kft. Hungary 100% 100% CTP Energy B.V. Netherlands 100% 100% CTPark Nine Kft. Hungary 100% 100% CTP Epsilon B.V. Netherlands 100% 100% CTPark Nineteen Kft. Hungary 100% 100% CTP Eta B.V. Netherlands 100% 100% CTPark Seven Kft. Hungary 100% 100% CTP Gamma B.V. Netherlands 100% 100% CTPark Seventeen Kft. Hungary 100% 100% CTP Invest B.V. Netherlands 100% 100% CTPark Sixteen Kft. Hungary 100% 100% CTP Kappa B.V. Netherlands 100% 100% CTPark Ten Kft. Hungary 100% 100% CTP Lambda B.V. Netherlands 100% 100% CTPark Thirteen Kft. Hungary 100% 100% CTP Mediterranean Holding B.V. Netherlands 100% 100% CTPark Thirty Kft. Hungary 100% 100% CTP Mu B.V. Netherlands 100% 100% CTPark Thirty One Kft. Hungary 100% 100% CTP Nu B.V. Netherlands 100% 0% 2/ CTPark Twelve Kft. Hungary 100% 100% CTP Omicron B.V. Netherlands 100% 0% 2/ CTPark Twenty Eight Kft. Hungary 100% 100% CTP Pi B.V. Netherlands 100% 0% 2/ CTPark Twenty Five Kft. Hungary 100% 100% CTP Portfolio Finance Czech B.V. Netherlands 100% 100% CTPark Twenty Four Kft. Hungary 100% 100% CTP Property B.V. Netherlands 100% 100% CTPark Twenty Kft. Hungary 100% 100% CTP Rho B.V. Netherlands 100% 0% 2/ CTPark Twenty Nine Kft. Hungary 100% 100% CTP Theta B.V. Netherlands 100% 100% CTPark Twenty One Kft. Hungary 100% 100% CTP Turkish Holding B.V. Netherlands 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Xi B.V. Netherlands 100% 0% 2/ CTP Theta Poland Sp. z o.o. w likwidacji Poland 0% 100% 3/ CTP Zeta B.V. Netherlands 100% 100% CTP Xi Poland Sp. z o.o. Poland 100% 100% CTPark Bremen B.V. Netherlands 100% 100% CTP Zeta Poland Sp. z o.o. Poland 100% 100% Multifin B.V. Netherlands 100% 100% CTPark I\u0142owa Sp. z o.o. Poland 100% 100% CTP Beta Poland Sp. z o.o. Poland 100% 100% CTPark Opole Sp. z o.o. Poland 100% 100% CTP Delta Poland Sp. z o.o. Poland 100% 100% CTPark Zabrze Sp. z o.o. Poland 100% 100% CTP Dystrybucja Sp. z o.o. (formerly CTP Kappa Poland Sp. Poland 100% 100% Wiskitki Project Sp. z o.o. Poland 100% 0% 1/ z o.o.) CTP CONTRACTORS SRL Romania 100% 100% CTP Energy Poland Sp. z o.o. Poland 100% 100% CTP INVEST BUCHAREST SRL Romania 100% 100% CTP Epsilon Poland Sp. z o.o. Poland 100% 100% CTP SOLAR SRL Romania 100% 100% CTP Eta Poland Sp. z o.o. Poland 100% 100% CTPARK ALPHA SRL Romania 100% 100% CTP Gamma Poland Sp. z o.o. Poland 100% 100% CTPARK ARAD NORTH SRL Romania 100% 100% CTP Chi Poland Sp. z o.o. Poland 100% 100% CTPARK BETA SRL Romania 100% 100% CTP Invest Poland Sp. z o.o. Poland 100% 100% CTPARK BRASOV SRL Romania 100% 100% CTP Iota Poland Sp. z o.o. Poland 100% 100% CTPARK BRASOV WEST SRL Romania 100% 100% CTP Lambda Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST A1 SRL Romania 100% 100% CTP Mu Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST II SRL Romania 100% 100% CTP Nu Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST SOUTH II SRL Romania 100% 100% CTP Omega Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST SRL Romania 100% 100% CTP Pi Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST UPSILON SRL Romania 100% 100% CTP Property Alpha Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST WEST I SRL Romania 100% 100% CTP Property Beta Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST WEST II SRL Romania 100% 100% CTP Property Delta Poland Sp. z o.o. Poland 100% 100% CTPARK CRAIOVA EAST SRL Romania 100% 100% CTP Property Epsilon Poland Sp. z o.o. Poland 100% 100% CTPARK DELTA SRL Romania 100% 100% CTP Property Eta Poland sp. z o.o. Poland 100% 100% CTPARK DEVA II SRL Romania 100% 100% CTP Property Gamma Poland Sp. z o.o. Poland 100% 100% CTPark Dragomiresti SRL (formerly Bati Carpath SRL) Romania 100% 0% 1/ CTP Property Iota Poland sp. z o.o. Poland 100% 0% CTPARK EPSILON SRL Romania 100% 100% CTP Property Kappa Poland sp. z o.o. Poland 100% 0% CTPARK ETA SRL Romania 100% 100% CTP Property Lambda Poland sp. z o.o. Poland 100% 0% 2/ CTPARK GAMMA SRL Romania 100% 100% CTP Property Mu Poland sp. z o.o. Poland 100% 0% 2/ CTPARK CHITILA SRL Romania 100% 100% CTP Property Nu Poland sp. z o.o. Poland 100% 0% 2/ CTPARK IOTA SRL Romania 100% 100% CTP Property Theta sp. z o.o. Poland 100% 0% CTPARK KAPPA SRL Romania 100% 100% CTP Property Zeta Poland sp. z o.o. Poland 100% 100% CTPARK KM23 NORTH SRL Romania 100% 100% CTP Rho Poland Sp. z o.o. Poland 100% 100% CTPARK LAMBDA SRL Romania 100% 100% CTP Sigma Poland Sp. z o.o. Poland 100% 100% CTPARK MANAGEMENT AFUMATI SRL Romania 100% 100% CTP Tau Poland Sp. z o.o. Poland 100% 100% CTPARK MANAGEMENT TURDA SRL Romania 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTPARK MIU SRL Romania 100% 100% CTP Sigma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPARK OMEGA SRL Romania 100% 100% CTP Tau d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPARK OMICRON SRL Romania 100% 100% CTP Zeta d.o.o. Beograd-Novi Beograd Serbia 0% 100% 5/ CTPARK ORADEA NORTH SRL Romania 100% 100% CTP Alpha SK, spol. s r.o. Slovakia 100% 100% CTPARK PHI SRL Romania 100% 100% CTP Dunaj s.r.o. Slovakia 100% 100% CTPark Pitesti East SRL (formerly Seebuca Immo SRL) Romania 100% 0% 1/CTP Energy SK, spol. s r.o. (formerly CTPark Land SK 2, Slovakia 100% 100% CTPARK PITESTI SRL Romania 100% 100% spol. s r.o.) CTPARK PSI SRL Romania 100% 100% CTP Invest SK, spol. s r.o. Slovakia 100% 100% CTPARK RHO SRL Romania 100% 100% CTP Slovakia, s.r.o. Slovakia 100% 100% CTPARK SIBIU EAST SRL Romania 100% 100% CTP Solar SK, spol. s r.o. Slovakia 100% 100% CTPARK SIGMA SRL Romania 100% 100% CTPark Bansk\u00e1 Bystrica, spol. s r.o. Slovakia 100% 100% CTPARK TAU SRL Romania 100% 100% CTPark Bratislava East, spol. s r.o. Slovakia 100% 100% CTPARK THETA SRL Romania 100% 100% CTPark Bratislava, spol. s r.o. Slovakia 100% 100% CTPARK TIMISOARA EAST SRL Romania 100% 100% CTPark \u010cierny Les, spol. s r.o. Slovakia 100% 100% CTPark Timisoara North SRL (formerly Seetimi SRL) Romania 100% 0% 1/ CTPark Hlohovec, spol. s r.o. Slovakia 100% 100% CTPARK ZETA SRL Romania 100% 100% CTPark Ko\u0161ice, spol. s r.o. Slovakia 100% 100% FOREST PROPERTY INVEST SRL Romania 100% 100% CTPark Kr\u00e1sno nad Kysucou, spol. s r.o. Slovakia 100% 100% Universal Management SRL Romania 100% 100% CTPark Land SK 1, spol. s r.o. Slovakia 100% 100% BIMS PROPERTIES 2018 DOO DE\u010c Serbia 0% 0% 4/ CTPark N\u00e1mestovo, spol. s r.o. Slovakia 100% 100% CTP Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Nitra, spol. s r.o. Slovakia 100% 100% CTP Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100% CTP Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Pre\u0161ov North, spol. s r.o. Slovakia 100% 100% CTP Energy doo Beograd-Novi Beograd Serbia 100% 100% CTPark Pre\u0161ov s.r.o. Slovakia 100% 100% CTP Epsilon d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Trnava II, spol. s r.o. Slovakia 100% 100% CTP Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark \u017dilina Airport II, spol. s r.o. Slovakia 100% 100% CTP Invest d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark \u017dilina Airport, spol. s r.o. Slovakia 100% 100% CTP Kappa d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Ljubljana d.o.o. Slovenia 0% 100% 3/ CTP Lambda d.o.o. Beograd Serbia 100% 100% CTPark Alpha, d.o.o. Slovenia 100% 100% CTP Omega d.o.o. Beograd-Novi Beograd Serbia 0% 100% 5/Global Guanaco, S.L.U. Spain 100% 100% CTP Omicron d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP ALPHA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130 Turkey 100% 100% CTP Phi d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP BETA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130 Turkey 100% 100% CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP GAMMA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130R- Turkey 100% 100% CTP Property Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% KET\u0130 CTP Property Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Alpha Ltd United Kingdom 100% 100% CTP Property Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Beta Ltd United Kingdom 100% 100% CTP Invest Ltd United Kingdom 100% 100% CTP Rho d.o.o. Beograd-Novi Beograd Serbia 100% 100% 1/ Newly acquired/consolidated subsidiaries in 2023 2/ Newly established subsidiaries in 2023 3/ Disposed subsidiaries in 2023 4/ Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2023 5/ Subsidiaries merged with existing subsidiary in 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-46": { "value": "35. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2023 and 31 December 2022 respectively: Subsidiaries Country 2023 2022 Note CTPark Sofia Ring Road EOOD Bulgaria 100% 100% Subsidiaries Country 2023 2022 Note CTP Alpha GmbH Austria 100% 100% CTP Beta GmbH Austria 100% 100% CTP Delta GmbH Austria 100% 100% CTP Energy GmbH Austria 100% 0% 2/ CTP Epsilon GmbH Austria 100% 100% CTP Eta GmbH Austria 100% 100% CTP Gamma GmbH Austria 100% 100% CTP Invest Immobilien GmbH Austria 100% 100% CTP Iota GmbH Austria 100% 100% CTP Kappa GmbH Austria 100% 0% 2/ CTP Lambda GmbH Austria 100% 0% 2/ CTP Mu GmbH Austria 100% 0% 2/ CTP Nu GmbH Austria 100% 0% 2/ CTP Omicron GmbH Austria 100% 0% 2/ CTP Pi GmbH Austria 100% 0% 2/ CTP Theta GmbH Austria 100% 100% CTP Xi GmbH Austria 100% 0% 2/ CTP Zeta GmbH Austria 100% 100% CTP Energy Bulgaria EOOD Bulgaria 100% 0% 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 Mu EOOD Bulgaria 100% 0% CTPark Sofia EOOD Bulgaria 100% 100% CTPark Theta EOOD Bulgaria 100% 100% CTPark Zeta EOOD Bulgaria 100% 100% Project Vrajdebna EOOD Bulgaria 100% 100% Clubco Nupaky, spol. s r.o. Czech Republic 100% 0% 2/ Clubco Ostrava,spol. s r.o. Czech Republic 100% 0% 2/ Clubco Vln\u011bna, spol. s r.o. (formerly 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 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. 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 II, spol. s r.o. Czech Republic 100% 100% CTP III, 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 Nov\u00e1 Zvona\u0159ka, spol. s r.o. (formerly Nov\u00e1 Zvona\u0159ka s.r.o.) Czech Republic 100% 0% 1/ 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 0% 100% 5/ Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Property Czech, spol. s r.o Czech Republic 100% 100% CTPark Chrastava a.s. Czech Republic 100% 100% CTP Solar I, a. s. Czech Republic 100% 100% CTPark Lys\u00e1 nad Labem, spol. s r.o. Czech Republic 100% 100% CTP Solar II, a. s. Czech Republic 100% 100% CTPark Mlad\u00e1 Boleslav, spol. s r.o. Czech Republic 100% 100% CTP Solar III, spol. s r.o. Czech Republic 100% 100% CTPark Mod\u0159ice, spol. s r.o. Czech Republic 100% 100% CTP V, spol. s r.o. Czech Republic 100% 100% CTPark N\u00fd\u0159any II, spol. s r.o. (formerly Limmo beta s.r.o.) Czech Republic 100% 0% 1/ CTP VI, spol. s r.o. Czech Republic 100% 100% CTPark N\u00fd\u0159any, spol. s r.o. Czech Republic 100% 0% 2/ CTP VIII, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Hru\u0161ov, spol. s r.o. (formerly H-Zone, s.r.o. ) Czech Republic 100% 0% 1/ CTP Vln\u011bna Business Park, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Poruba, spol. s r.o. Czech Republic 100% 100% CTP Vyso\u010dina, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava, spol. s r.o. Czech Republic 100% 100% CTP X, spol. s r.o. Czech Republic 100% 100% CTPark Plze\u0148, spol. s r.o. Czech Republic 100% 100% CTP XI, spol. s r.o. Czech Republic 100% 100% CTPark Prague Airport, spol. s r.o. Czech Republic 100% 100% CTP XII, spol. s r.o. Czech Republic 100% 100% CTPark Prague East, spol. s r.o. Czech Republic 100% 100% CTP XIV, spol. s r.o. Czech Republic 100% 100% CTPark Prague North II, spol. s r.o. Czech Republic 100% 100% CTP XV, spol. s r.o. Czech Republic 100% 100% CTPark Prague North III, spol. s r.o. Czech Republic 100% 100% CTP XVI, spol. s r.o. Czech Republic 100% 100% CTPark Prague West, spol. s r.o. Czech Republic 100% 100% CTP XVII, spol. s r.o. Czech Republic 100% 100% CTPark St\u0159\u00edbro, spol. s r. o. Czech Republic 100% 100% CTP XVIII, spol. s r.o. Czech Republic 100% 100% CTPark To\u0161anovice a.s. (formerly Tosan Park a.s.) Czech Republic 100% 0% 1/ CTP XXII, spol. s r.o. Czech Republic 100% 100% CTZone Ostrava, spol. s r.o. Czech Republic 100% 100% CTP XXIII, spol. s r.o. Czech Republic 100% 100% KRMEL\u00cdNSK\u00c1 I s.r.o. Czech Republic 0% 100% 5/ CTP XXIV, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100% CTPark A\u0161 II, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park, spol. s r.o. Czech Republic 100% 100% CTPark Blu\u010dina, spol. s r.o. Czech Republic 100% 100% CTP Invest Egypt 100% 100% CTPark Bor II, spol. s r.o. Czech Republic 0% 100% 5/ CTP Real Estate Egypt 100% 100% CTPark Bor, spol. s r.o. Czech Republic 100% 100% CTP Real Estate Development Egypt 100% 100% CTPark Brno I, spol. s r.o. Czech Republic 0% 100% 5/ Samesova O\u00dc Estonia 100% 100% CTPark Brno II, spol. s r.o. Czech Republic 0% 100% 5/ Vojtova O\u00dc Estonia 100% 100% CTPark Brno III, spol. s r.o. Czech Republic 100% 100% Zemankova O\u00dc Estonia 100% 100% CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o. Czech Republic 100% 100% CTP Alpha France France 100% 100% CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o. Czech Republic 100% 100% CTP Beta France France 100% 100% CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o. Czech Republic 100% 100% CTP France France 100% 100% CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100% CTP Energy Germany GmbH (formerly CTP Germany X Germany 100% 100% CTPark Brno, spol. s r.o. (formerly CTP Industrial Property Czech Republic 100% 100% GmbH) CZ, spol. s r.o.) CTP Germany GmbH Germany 100% 100% CTPark Cerhovice, spol. s r.o. (formerly CTP XIII, spol. s r.o.) Czech Republic 100% 100% CTP Germany II GmbH Germany 100% 100% CTPark \u010cesk\u00e9 Velenice, spol. s r.o. Czech Republic 100% 100% CTP Germany IX GmbH Germany 100% 100% CTPark Hranice, spol. s r.o. Czech Republic 100% 100% CTP Germany V GmbH Germany 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Germany VI GmbH Germany 100% 100% CTPark Twenty Seven Kft. Hungary 100% 100% CTP Germany VII GmbH Germany 100% 100% CTPark Twenty Six Kft. Hungary 100% 100% CTP Germany VIII GmbH Germany 100% 100% CTPark Twenty Three Kft. Hungary 100% 100% CTP Germany X GmbH (formerly Projektgesellschaft Rau- Germany 100% 0% 1/ CTPark Twenty Two Kft. Hungary 100% 100% entaler Strasse mbH) Office Campus Real Estate Kft. Hungary 100% 100% CTP Invest Germany GmbH Germany 100% 100% CTP Alpha S.r.l. Italy 100% 100% CTP Invest Hong Kong Limited Hong Kong 100% 0% CTP Beta S.r.l. Italy 100% 100% CTP Energy Hungary Kft. Hungary 100% 100% CTP Italy S.r.l. Italy 100% 100% CTP Management Hungary Kft. Hungary 100% 100% Samesova SIA Latvia 100% 100% CTPark Alpha Kft. Hungary 100% 100% Vojtova SIA Latvia 100% 100% CTPark Arrabona Kft. Hungary 100% 100% Zemankova SIA Latvia 100% 100% CTPark Beta Kft. Hungary 100% 100% UAB Samesova Lithuania 100% 100% CTPark Biatorb\u00e1gy Kft. Hungary 100% 100% UAB Vojtova Lithuania 100% 100% CTPark Delta Kft. Hungary 100% 100% UAB Zemankova Lithuania 100% 100% CTPark Eight Kft. Hungary 100% 100% CTP ALC B.V. Netherlands 100% 100% CTPark Eighteen Kft. Hungary 100% 100% CTP Alpha B.V. Netherlands 100% 100% CTPark Eleven Kft. Hungary 100% 100% CTP Baltic Holding B.V. Netherlands 100% 100% CTPark Fifteen Kft. Hungary 100% 100% CTP Beta B.V. Netherlands 100% 100% CTPark Fourteen Kft Hungary 100% 100% CTP Deutschland B.V. (formerly CTP Germany GmbH B.V.) Netherlands 100% 100% CTPark Gamma Kft. Hungary 100% 100% CTP Energy B.V. Netherlands 100% 100% CTPark Nine Kft. Hungary 100% 100% CTP Epsilon B.V. Netherlands 100% 100% CTPark Nineteen Kft. Hungary 100% 100% CTP Eta B.V. Netherlands 100% 100% CTPark Seven Kft. Hungary 100% 100% CTP Gamma B.V. Netherlands 100% 100% CTPark Seventeen Kft. Hungary 100% 100% CTP Invest B.V. Netherlands 100% 100% CTPark Sixteen Kft. Hungary 100% 100% CTP Kappa B.V. Netherlands 100% 100% CTPark Ten Kft. Hungary 100% 100% CTP Lambda B.V. Netherlands 100% 100% CTPark Thirteen Kft. Hungary 100% 100% CTP Mediterranean Holding B.V. Netherlands 100% 100% CTPark Thirty Kft. Hungary 100% 100% CTP Mu B.V. Netherlands 100% 100% CTPark Thirty One Kft. Hungary 100% 100% CTP Nu B.V. Netherlands 100% 0% 2/ CTPark Twelve Kft. Hungary 100% 100% CTP Omicron B.V. Netherlands 100% 0% 2/ CTPark Twenty Eight Kft. Hungary 100% 100% CTP Pi B.V. Netherlands 100% 0% 2/ CTPark Twenty Five Kft. Hungary 100% 100% CTP Portfolio Finance Czech B.V. Netherlands 100% 100% CTPark Twenty Four Kft. Hungary 100% 100% CTP Property B.V. Netherlands 100% 100% CTPark Twenty Kft. Hungary 100% 100% CTP Rho B.V. Netherlands 100% 0% 2/ CTPark Twenty Nine Kft. Hungary 100% 100% CTP Theta B.V. Netherlands 100% 100% CTPark Twenty One Kft. Hungary 100% 100% CTP Turkish Holding B.V. Netherlands 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTP Xi B.V. Netherlands 100% 0% 2/ CTP Theta Poland Sp. z o.o. w likwidacji Poland 0% 100% 3/ CTP Zeta B.V. Netherlands 100% 100% CTP Xi Poland Sp. z o.o. Poland 100% 100% CTPark Bremen B.V. Netherlands 100% 100% CTP Zeta Poland Sp. z o.o. Poland 100% 100% Multifin B.V. Netherlands 100% 100% CTPark I\u0142owa Sp. z o.o. Poland 100% 100% CTP Beta Poland Sp. z o.o. Poland 100% 100% CTPark Opole Sp. z o.o. Poland 100% 100% CTP Delta Poland Sp. z o.o. Poland 100% 100% CTPark Zabrze Sp. z o.o. Poland 100% 100% CTP Dystrybucja Sp. z o.o. (formerly CTP Kappa Poland Sp. Poland 100% 100% Wiskitki Project Sp. z o.o. Poland 100% 0% 1/ z o.o.) CTP CONTRACTORS SRL Romania 100% 100% CTP Energy Poland Sp. z o.o. Poland 100% 100% CTP INVEST BUCHAREST SRL Romania 100% 100% CTP Epsilon Poland Sp. z o.o. Poland 100% 100% CTP SOLAR SRL Romania 100% 100% CTP Eta Poland Sp. z o.o. Poland 100% 100% CTPARK ALPHA SRL Romania 100% 100% CTP Gamma Poland Sp. z o.o. Poland 100% 100% CTPARK ARAD NORTH SRL Romania 100% 100% CTP Chi Poland Sp. z o.o. Poland 100% 100% CTPARK BETA SRL Romania 100% 100% CTP Invest Poland Sp. z o.o. Poland 100% 100% CTPARK BRASOV SRL Romania 100% 100% CTP Iota Poland Sp. z o.o. Poland 100% 100% CTPARK BRASOV WEST SRL Romania 100% 100% CTP Lambda Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST A1 SRL Romania 100% 100% CTP Mu Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST II SRL Romania 100% 100% CTP Nu Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST SOUTH II SRL Romania 100% 100% CTP Omega Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST SRL Romania 100% 100% CTP Pi Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST UPSILON SRL Romania 100% 100% CTP Property Alpha Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST WEST I SRL Romania 100% 100% CTP Property Beta Poland Sp. z o.o. Poland 100% 100% CTPARK BUCHAREST WEST II SRL Romania 100% 100% CTP Property Delta Poland Sp. z o.o. Poland 100% 100% CTPARK CRAIOVA EAST SRL Romania 100% 100% CTP Property Epsilon Poland Sp. z o.o. Poland 100% 100% CTPARK DELTA SRL Romania 100% 100% CTP Property Eta Poland sp. z o.o. Poland 100% 100% CTPARK DEVA II SRL Romania 100% 100% CTP Property Gamma Poland Sp. z o.o. Poland 100% 100% CTPark Dragomiresti SRL (formerly Bati Carpath SRL) Romania 100% 0% 1/ CTP Property Iota Poland sp. z o.o. Poland 100% 0% CTPARK EPSILON SRL Romania 100% 100% CTP Property Kappa Poland sp. z o.o. Poland 100% 0% CTPARK ETA SRL Romania 100% 100% CTP Property Lambda Poland sp. z o.o. Poland 100% 0% 2/ CTPARK GAMMA SRL Romania 100% 100% CTP Property Mu Poland sp. z o.o. Poland 100% 0% 2/ CTPARK CHITILA SRL Romania 100% 100% CTP Property Nu Poland sp. z o.o. Poland 100% 0% 2/ CTPARK IOTA SRL Romania 100% 100% CTP Property Theta sp. z o.o. Poland 100% 0% CTPARK KAPPA SRL Romania 100% 100% CTP Property Zeta Poland sp. z o.o. Poland 100% 100% CTPARK KM23 NORTH SRL Romania 100% 100% CTP Rho Poland Sp. z o.o. Poland 100% 100% CTPARK LAMBDA SRL Romania 100% 100% CTP Sigma Poland Sp. z o.o. Poland 100% 100% CTPARK MANAGEMENT AFUMATI SRL Romania 100% 100% CTP Tau Poland Sp. z o.o. Poland 100% 100% CTPARK MANAGEMENT TURDA SRL Romania 100% 100% Subsidiaries Country 2023 2022 Note Subsidiaries Country 2023 2022 Note CTPARK MIU SRL Romania 100% 100% CTP Sigma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPARK OMEGA SRL Romania 100% 100% CTP Tau d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPARK OMICRON SRL Romania 100% 100% CTP Zeta d.o.o. Beograd-Novi Beograd Serbia 0% 100% 5/ CTPARK ORADEA NORTH SRL Romania 100% 100% CTP Alpha SK, spol. s r.o. Slovakia 100% 100% CTPARK PHI SRL Romania 100% 100% CTP Dunaj s.r.o. Slovakia 100% 100% CTPark Pitesti East SRL (formerly Seebuca Immo SRL) Romania 100% 0% 1/CTP Energy SK, spol. s r.o. (formerly CTPark Land SK 2, Slovakia 100% 100% CTPARK PITESTI SRL Romania 100% 100% spol. s r.o.) CTPARK PSI SRL Romania 100% 100% CTP Invest SK, spol. s r.o. Slovakia 100% 100% CTPARK RHO SRL Romania 100% 100% CTP Slovakia, s.r.o. Slovakia 100% 100% CTPARK SIBIU EAST SRL Romania 100% 100% CTP Solar SK, spol. s r.o. Slovakia 100% 100% CTPARK SIGMA SRL Romania 100% 100% CTPark Bansk\u00e1 Bystrica, spol. s r.o. Slovakia 100% 100% CTPARK TAU SRL Romania 100% 100% CTPark Bratislava East, spol. s r.o. Slovakia 100% 100% CTPARK THETA SRL Romania 100% 100% CTPark Bratislava, spol. s r.o. Slovakia 100% 100% CTPARK TIMISOARA EAST SRL Romania 100% 100% CTPark \u010cierny Les, spol. s r.o. Slovakia 100% 100% CTPark Timisoara North SRL (formerly Seetimi SRL) Romania 100% 0% 1/ CTPark Hlohovec, spol. s r.o. Slovakia 100% 100% CTPARK ZETA SRL Romania 100% 100% CTPark Ko\u0161ice, spol. s r.o. Slovakia 100% 100% FOREST PROPERTY INVEST SRL Romania 100% 100% CTPark Kr\u00e1sno nad Kysucou, spol. s r.o. Slovakia 100% 100% Universal Management SRL Romania 100% 100% CTPark Land SK 1, spol. s r.o. Slovakia 100% 100% BIMS PROPERTIES 2018 DOO DE\u010c Serbia 0% 0% 4/ CTPark N\u00e1mestovo, spol. s r.o. Slovakia 100% 100% CTP Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Nitra, spol. s r.o. Slovakia 100% 100% CTP Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100% CTP Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Pre\u0161ov North, spol. s r.o. Slovakia 100% 100% CTP Energy doo Beograd-Novi Beograd Serbia 100% 100% CTPark Pre\u0161ov s.r.o. Slovakia 100% 100% CTP Epsilon d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark Trnava II, spol. s r.o. Slovakia 100% 100% CTP Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark \u017dilina Airport II, spol. s r.o. Slovakia 100% 100% CTP Invest d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTPark \u017dilina Airport, spol. s r.o. Slovakia 100% 100% CTP Kappa d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Ljubljana d.o.o. Slovenia 0% 100% 3/ CTP Lambda d.o.o. Beograd Serbia 100% 100% CTPark Alpha, d.o.o. Slovenia 100% 100% CTP Omega d.o.o. Beograd-Novi Beograd Serbia 0% 100% 5/Global Guanaco, S.L.U. Spain 100% 100% CTP Omicron d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP ALPHA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130 Turkey 100% 100% CTP Phi d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP BETA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130 Turkey 100% 100% CTP Property Alpha d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP GAMMA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130R- Turkey 100% 100% CTP Property Beta d.o.o. Beograd-Novi Beograd Serbia 100% 100% KET\u0130 CTP Property Delta d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Alpha Ltd United Kingdom 100% 100% CTP Property Gamma d.o.o. Beograd-Novi Beograd Serbia 100% 100% CTP Beta Ltd United Kingdom 100% 100% CTP Invest Ltd United Kingdom 100% 100% CTP Rho d.o.o. Beograd-Novi Beograd Serbia 100% 100% 1/ Newly acquired/consolidated subsidiaries in 2023 2/ Newly established subsidiaries in 2023 3/ Disposed subsidiaries in 2023 4/ Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2023 5/ Subsidiaries merged with existing subsidiary in 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-47": { "value": "36. RELATED PARTIES CTP has a related party relationship with its key management personnel and other entities of which Multivest B.V. is an equity holder (immediate parent company). In 2023 and 2022, CTP had the following income and expense with related parties:
2023
2022
In EUR million
Revenues
Expenses
Revenues
Expenses
CTP Holding B.V.
1.1
-
1.7
-
Multivest B.V.
0.6
-
0.6
-
Other
-
-0.5
-
-
Total
1.7
-0.5
2.3
-
As at 31 December 2023 and 2022, CTP had the following short-term receivables/payables from/to related parties:
2023
2022
In EUR million
Receivables
Payables
Receivables
Payables
Multivest B.V.
0.6
-
-
-
Remon Vos
0.3
-
0.3
-
Other
-
-0.3
-
-
Total
0.9
-0.3
0.3
-
As at 31 December 2023 and 2022, CTP had the following long-term receivables/payables from/to related parties:
2023
2022
In EUR million
Receivables
Payables
Receivables
Payables
CTP Holding B.V.
-
-
44.9
-
Other
0.6
-
0.3
-
Total
0.6
-
45.2
-
In 2023, the loan provided to CTP Holding B.V. was fully repaid. 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, col- lateralisation, 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 2023 (2022 \u2013 7). Key management personnel compensation comprises the following:
Personnel compensation
In EUR million
2023
2022
Short-term employee benefits
2.3
3.2
Total
2.3
3.2
The Company granted for 2023 and 2022 a conditional share award under LTIP to a Director (refer to Note 26). As at 31 December, Board Directors held shares in CTP N.V. as follows (directly or through other entities):
Nr. of Price Value
shares per 1 share in EUR million
2023
337,487,293
15.28
5,156.8
2022
335,804,718
11.04
3,707.3
In the Number of shares held by Board of Directors are included also shares held by CTP Holding B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "37. 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, capital risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk. Credit risk Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a 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 guaran- tee, or a solvent tenant group company guarantee is in place. Investments can be made only in liquid securities and only with counterparties that have a credit rating equal to or better than CTP. Given their high credit ratings, the management does not expect any counterparty to fail to meet its obligations. As at the reporting date there were no 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 ex- pected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration: In EUR million 2023 2022 Amounts due from banks 691.9 661.9 Amounts due from financial derivatives 48.7 51.1 Amounts due from related parties 1.5 45.5 Amounts due from third parties 64.7 54.6 Amounts due from tax institutions 84.6 74.0 Total 891.4 887.1 Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-cur- rent 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 parties 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 million 2023 2022 Impairment to trade receivables 5.2 5.6 Total 5.2 5.6 The movement in the allowance for impairment in respect of trade receivables during the year was as follows: In EUR million 2023 2022 Balance as at 1 January 5.6 4.1 Net remeasurement of loss allowance -0.4 1.5 Balance at 31 December 5.2 5.6 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2023 and 2022 respectively: In EUR million for the year 2023 Stage Weighted Impairment average Gross loss Net loss rate amount allowance amount Cash and cash equivalents Low risk 0% 690.6 - 690.6 Restricted cash Low risk 0% 1.3 - 1.3 Receivables due Low risk 0% 1.5 - 1.5 from related parties Trade receivables * Low to 7% 69.9 -5.2 64.7 Fair risk Total 763.3 -5.2 758.1 Weighted Impairment average Gross loss Net In EUR million for the year 2022 Stageloss rate amount allowance amount Cash and cash equivalents Low risk 0% 660.6 - 660.6 Restricted cash Low risk 0% 1.3 - 1.3 Receivables due Low risk 0% 45.5 - 45.5 from related parties Trade receivables * Low to 9% 60.2 -5.6 54.6 Fair risk Total 767.6 -5.6 762.0 * Weighted average loss rate related to Trade receivables is calculated in Note 23. 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 2022. 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 mar- kets 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 29 and bonds disclosed in Note 30. 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. Leverage ratio test The leverage ratio calculated below compares debt to assets, where a debt is defined to be the sum of inter- est-bearing loans and borrowings and bonds, and assets includes total consolidated assets of the Group. In EUR million 2023 2022 Debt 6,968.2 5,874.2 Total assets 14,873.2 12,699.8 Leverage ratio 46.9% 46.3% 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 equivalents available as at 31 December of the respective year on investment property, investment property under con- struction and plant and equipment) is approximately 46.0% at 31 December 2023 (2022: 45.4%), 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 manage- ment 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 financing 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 2023, CTP analysed the impact of the foreign exchange rate variances on its assets and li- abilities 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. Currency risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries. 2023 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 52.4 59.6 45.7 13.8 20.0 7.7 199.2 Cash and cash equivalents 14.6 23.0 1.6 8.3 2.7 3.6 53.8 Loans provided to third parties - 0.1 - - - - 0.1 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 67.3 82.7 47.3 22.1 22.7 11.3 253.4 Trade and other payables -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Total financial liabilities -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Net position -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 FX hedge - - - - - - - Net position after FX hedge -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 2022 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 38.4 42.8 43.5 21.2 19.1 17.3 182.3 Cash and cash equivalents 10.8 14.3 16.4 7.9 4.5 3.2 57.1 Loans provided to third parties - - - - 0.1 - 0.1 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 49.5 57.1 59.9 29.1 23.7 20.5 239.8 Trade and other payables -87.0 -44.7 -13.2 -14.0 -12.9 -8.5 -180.3 Total financial liabilities -87.0 -44.7 -13.2 -14.0 -12.9 -8.5 -180.3 Net position -37.5 12.4 46.7 15.1 10.8 12.0 59.5 FX hedge - - - - - - - Net position after FX hedge -37.5 12.4 46.7 15.1 10.8 12.0 59.5 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 report- ing period. The analysis assumes that all other variables remain constant, including interest rates. 2023 2022 Net position on financial assets and liabilities denominated in EUR -11.2 59.5 Effect on profit or loss and on equity of: CZK weakening by 5% -3.1 -1.9 CZK strengthening by 5% 3.1 1.9 RON weakening by 5% 2.1 0.6 RON strengthening by 5% -2.1 -0.6 PLN weakening by 5% 0.8 2.3 PLN strengthening by 5% -0.8 -2.3 HUF weakening by 5% 0.3 0.8 HUF strengthening by 5% -0.3 -0.8 RSD weakening by 5% -0.5 0.5 RSD strengthening by 5% 0.5 -0.5 BGN weakening by 5% -0.1 0.6 BGN strengthening by 5% 0.1 -0.6 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 2023 and 2022, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 33). CTP mitigated the interest rate risk by holding interest rate swaps in 2023 and 2022. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows. Fixed-rate instruments 2023 2022 Receivables due from related parties 1.5 45.5 Loans owed to related parties -0.3 - Bonds issued -3,590.0 -3,981.4 Bank loans with fixed interest rate -2,533.6 -1,632.0 Bank loans covered by IRS -821.2 -267.2 Variable-rate instruments 2023 2022 Loans not covered by IRS -34.0 - 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. 1.1.2023 - 31.12.2023 Interest rate sensitivity analysis of bank loans and borrowings In EUR million 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 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 Total 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 1.1.2022 - 31.12.2022 Interest rate sensitivity analysis of bank loans and borrowings In EUR million 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 1,899.2 1,899.2 100% - - - Total 1,899.2 1,899.2 100% - - - Cash flow hedges Current year At 31 December 2023, the Group held the following instruments to hedge exposures to changes in interest rates. Interest rate swaps 2023 Exposure paid (in EUR million) Average fixed interest rate Exposure received (in EUR million) Average fixed interest rate Net exposure (in EUR million) 0 - 12 months 200.0 2.66% - - 200.0 More than one year 1,053.0 2.55% 708.0 2.95% 345.0 Total 1,253.0 708.0 545.0 Of which prehedges at 2.33% 750.0 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2023 Balances remaining in the cash flow hedge reserve Change in from hedging value used for relationships calculating Costs of for which hedge hedge ineffec- Cash flow hedging accounting is no In EUR million tiveness hedge reserve hedge reserve longer applied Interest rate risk Variable-rate instruments - 0.1 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2023 Carrying amount Change in the value of Amount Amount the hedging Hedge reclassified reclassified instrument ineffective-ness from hedging from costs of Nominal recognised recognised in Cost of hedging reserve to hedging reserve In EUR million amount Assets Liabilities in OCI profit or loss recognised in OCI profit or loss to profit or loss Interest rate risk Interest rate swaps 1,961.5 43.0 -27.6 -31.8 - - - - 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. 2023 Hedging Cost of hedging In EUR million reserve reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2023 23.7 - Changes in fair value -31.8 - Tax on movements on reserves during the year 8.2 - Balance at 31 December 2023 0.1 - Prior year At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest rates. 2022 Interest rate swaps Exposure Average Exposure Average Net paid fixed received fixed exposure (in EUR million) interest rate (in EUR million) interest rate (in EUR million) 0 - 12 months 750.0 2.33% 175.0 2.61% 575.0 More than one year 175.0 2.60% - - 175.0 Total 925.0 175.0 750.0 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2022 Balances remain- ing in the cash flow hedge re- serve from hedg- Change in Costs of ing relationships value used for hedging for which hedge calculating hedge Cash flow hedge accounting is no In EUR million ineffectiveness hedge reserve reserve longer applied Interest rate risk Variable-rate instruments - 23.7 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2022 Carrying amount Change in the value of Amount Amount the hedging Hedge Cost of reclassified reclassified instrument ineffective-ness hedging from hedging from costs of recognised recognised in recognised reserve to hedging reserve In EUR million Nominal amount Assets Liabilities in OCI profit or loss in OCI profit or loss to profit or loss Interest rate risk Interest rate swaps 1,100.0 44.1 -12.1 32.0 - - - - 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. 2022 Cost of Hedging hedging In EUR million reserve reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2022 - - Changes in fair value 32.0 - Amount reclassified to profit or loss - - Tax on movements on reserves during the year -8.3 - Balance at 31 December 2022 23.7 - 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 within 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 \u2022 Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. \u2022 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 respect to the nature of its business and its assets, CTP is naturally exposed to acertain amount of liquidity risk. CTP manages liquidity risk by constantly monitoring forecast and actual cash flow, financing its investment 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 2023 and 31 December 2022 by their remaining contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2023 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans 43.7 134.9 1,200.7 2,899.6 4,278.9 and borrowings Bonds issued 9.9 27.2 2,616.4 1,092.6 3,746.1 Loans to related parties 0.3 - - - 0.3 Derivative financial liabilities 15.3 2.4 9.6 1.9 29.2 Lease liabilities 1.8 3.9 21.3 41.7 68.7 Trade and other payables incl. 347.7 44.9 55.1 30.3 478.0 corporate income tax liability Total 418.7 213.3 3,903.1 4,066.1 8,601.2 2022 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans and bor- rowings 18.1 54.2 339.1 1,897.2 2,308.6 Bonds issued 9.9 429.7 2,613.0 1,102.4 4,155.0 Derivative financial liabilities 0.5 12.3 1.8 0.3 14.9 Lease liabilities 1.5 4.5 21.7 47.1 74.8 Trade and other payables 324.3 9.9 58.6 - 392.8 incl. corporate income tax liability Total 354.3 510.6 3,034.2 3,047.0 6,946.1 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 or- derly transaction between market participants at the measurement date. Fair values are obtained, as appro- priate, 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 finan- cial 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 2023 is EUR 3,112.3 million (2022 \u2013 EUR 1,545.4 million). For details refer to Note 29. Bonds The fair value of bonds issued as at 31 December 2023 is EUR 3,194.1 million (2022 \u2013 EUR 3,093.3 million). For details refer to Note 30. 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 18 and Note 19).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-48": { "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 guaran- tee, or a solvent tenant group company guarantee is in place. Investments can be made only in liquid securities and only with counterparties that have a credit rating equal to or better than CTP. Given their high credit ratings, the management does not expect any counterparty to fail to meet its obligations. As at the reporting date there were no 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 ex- pected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration:
In EUR million
2023
2022
Amounts due from banks
691.9
661.9
Amounts due from financial derivatives
48.7
51.1
Amounts due from related parties
1.5
45.5
Amounts due from third parties
64.7
54.6
Amounts due from tax institutions
84.6
74.0
Total
891.4
887.1
Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-cur- rent 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 parties 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 million
2023
2022
Impairment to trade receivables
5.2
5.6
Total
5.2
5.6
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
In EUR million
2023
2022
Balance as at 1 January
5.6
4.1
Net remeasurement of loss allowance
-0.4
1.5
Balance at 31 December
5.2
5.6
The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2023 and 2022 respectively: In EUR million for the year 2023 Stage
Weighted Impairment
average Gross loss Net
loss rate amount allowance amount
Cash and cash equivalents
Low risk
0%
690.6
-
690.6
Restricted cash
Low risk
0%
1.3
-
1.3
Receivables due
Low risk
0%
1.5
-
1.5
from related parties
Trade receivables *
Low to
7%
69.9
-5.2
64.7
Fair risk
Total
763.3
-5.2
758.1
Weighted Impairment
average Gross loss Net
In EUR million for the year 2022
Stage
loss rate amount allowance amount
Cash and cash equivalents
Low risk
0%
660.6
-
660.6
Restricted cash
Low risk
0%
1.3
-
1.3
Receivables due
Low risk
0%
45.5
-
45.5
from related parties
Trade receivables *
Low to
9%
60.2
-5.6
54.6
Fair risk
Total
767.6
-5.6
762.0
* Weighted average loss rate related to Trade receivables is calculated in Note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-49": { "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 2022. 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 mar- kets 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 29 and bonds disclosed in Note 30. 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. Leverage ratio test The leverage ratio calculated below compares debt to assets, where a debt is defined to be the sum of inter- est-bearing loans and borrowings and bonds, and assets includes total consolidated assets of the Group. In EUR million 2023 2022 Debt 6,968.2 5,874.2 Total assets 14,873.2 12,699.8 Leverage ratio 46.9% 46.3% 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 equivalents available as at 31 December of the respective year on investment property, investment property under con- struction and plant and equipment) is approximately 46.0% at 31 December 2023 (2022: 45.4%), 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-50": { "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 manage- ment 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 financing 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 2023, CTP analysed the impact of the foreign exchange rate variances on its assets and li- abilities 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. Currency risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries. 2023 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 52.4 59.6 45.7 13.8 20.0 7.7 199.2 Cash and cash equivalents 14.6 23.0 1.6 8.3 2.7 3.6 53.8 Loans provided to third parties - 0.1 - - - - 0.1 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 67.3 82.7 47.3 22.1 22.7 11.3 253.4 Trade and other payables -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Total financial liabilities -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Net position -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 FX hedge - - - - - - - Net position after FX hedge -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 2022 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 38.4 42.8 43.5 21.2 19.1 17.3 182.3 Cash and cash equivalents 10.8 14.3 16.4 7.9 4.5 3.2 57.1 Loans provided to third parties - - - - 0.1 - 0.1 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 49.5 57.1 59.9 29.1 23.7 20.5 239.8 Trade and other payables -87.0 -44.7 -13.2 -14.0 -12.9 -8.5 -180.3 Total financial liabilities -87.0 -44.7 -13.2 -14.0 -12.9 -8.5 -180.3 Net position -37.5 12.4 46.7 15.1 10.8 12.0 59.5 FX hedge - - - - - - - Net position after FX hedge -37.5 12.4 46.7 15.1 10.8 12.0 59.5 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 report- ing period. The analysis assumes that all other variables remain constant, including interest rates. 2023 2022 Net position on financial assets and liabilities denominated in EUR -11.2 59.5 Effect on profit or loss and on equity of: CZK weakening by 5% -3.1 -1.9 CZK strengthening by 5% 3.1 1.9 RON weakening by 5% 2.1 0.6 RON strengthening by 5% -2.1 -0.6 PLN weakening by 5% 0.8 2.3 PLN strengthening by 5% -0.8 -2.3 HUF weakening by 5% 0.3 0.8 HUF strengthening by 5% -0.3 -0.8 RSD weakening by 5% -0.5 0.5 RSD strengthening by 5% 0.5 -0.5 BGN weakening by 5% -0.1 0.6 BGN strengthening by 5% 0.1 -0.6 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 2023 and 2022, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 33). CTP mitigated the interest rate risk by holding interest rate swaps in 2023 and 2022. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows. Fixed-rate instruments 2023 2022 Receivables due from related parties 1.5 45.5 Loans owed to related parties -0.3 - Bonds issued -3,590.0 -3,981.4 Bank loans with fixed interest rate -2,533.6 -1,632.0 Bank loans covered by IRS -821.2 -267.2 Variable-rate instruments 2023 2022 Loans not covered by IRS -34.0 - 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. 1.1.2023 - 31.12.2023 Interest rate sensitivity analysis of bank loans and borrowings In EUR million 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 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 Total 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 1.1.2022 - 31.12.2022 Interest rate sensitivity analysis of bank loans and borrowings In EUR million 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 1,899.2 1,899.2 100% - - - Total 1,899.2 1,899.2 100% - - - Cash flow hedges Current year At 31 December 2023, the Group held the following instruments to hedge exposures to changes in interest rates. Interest rate swaps 2023 Exposure paid (in EUR million) Average fixed interest rate Exposure received (in EUR million) Average fixed interest rate Net exposure (in EUR million) 0 - 12 months 200.0 2.66% - - 200.0 More than one year 1,053.0 2.55% 708.0 2.95% 345.0 Total 1,253.0 708.0 545.0 Of which prehedges at 2.33% 750.0 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2023 Balances remaining in the cash flow hedge reserve Change in from hedging value used for relationships calculating Costs of for which hedge hedge ineffec- Cash flow hedging accounting is no In EUR million tiveness hedge reserve hedge reserve longer applied Interest rate risk Variable-rate instruments - 0.1 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2023 Carrying amount Change in the value of Amount Amount the hedging Hedge reclassified reclassified instrument ineffective-ness from hedging from costs of Nominal recognised recognised in Cost of hedging reserve to hedging reserve In EUR million amount Assets Liabilities in OCI profit or loss recognised in OCI profit or loss to profit or loss Interest rate risk Interest rate swaps 1,961.5 43.0 -27.6 -31.8 - - - - 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. 2023 Hedging Cost of hedging In EUR million reserve reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2023 23.7 - Changes in fair value -31.8 - Tax on movements on reserves during the year 8.2 - Balance at 31 December 2023 0.1 - Prior year At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest rates. 2022 Interest rate swaps Exposure Average Exposure Average Net paid fixed received fixed exposure (in EUR million) interest rate (in EUR million) interest rate (in EUR million) 0 - 12 months 750.0 2.33% 175.0 2.61% 575.0 More than one year 175.0 2.60% - - 175.0 Total 925.0 175.0 750.0 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2022 Balances remain- ing in the cash flow hedge re- serve from hedg- Change in Costs of ing relationships value used for hedging for which hedge calculating hedge Cash flow hedge accounting is no In EUR million ineffectiveness hedge reserve reserve longer applied Interest rate risk Variable-rate instruments - 23.7 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2022 Carrying amount Change in the value of Amount Amount the hedging Hedge Cost of reclassified reclassified instrument ineffective-ness hedging from hedging from costs of recognised recognised in recognised reserve to hedging reserve In EUR million Nominal amount Assets Liabilities in OCI profit or loss in OCI profit or loss to profit or loss Interest rate risk Interest rate swaps 1,100.0 44.1 -12.1 32.0 - - - - 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. 2022 Cost of Hedging hedging In EUR million reserve reserve Cash flow hedges \u2013 interest rate risk Balance at 1 January 2022 - - Changes in fair value 32.0 - Amount reclassified to profit or loss - - Tax on movements on reserves during the year -8.3 - Balance at 31 December 2022 23.7 - 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 within 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 \u2022 Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. \u2022 The hedged interest expenses are no more highly probable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-51": { "value": "Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With respect to the nature of its business and its assets, CTP is naturally exposed to acertain amount of liquidity risk. CTP manages liquidity risk by constantly monitoring forecast and actual cash flow, financing its investment 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 2023 and 31 December 2022 by their remaining contractual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2023 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans 43.7 134.9 1,200.7 2,899.6 4,278.9 and borrowings Bonds issued 9.9 27.2 2,616.4 1,092.6 3,746.1 Loans to related parties 0.3 - - - 0.3 Derivative financial liabilities 15.3 2.4 9.6 1.9 29.2 Lease liabilities 1.8 3.9 21.3 41.7 68.7 Trade and other payables incl. 347.7 44.9 55.1 30.3 478.0 corporate income tax liability Total 418.7 213.3 3,903.1 4,066.1 8,601.2 2022 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans and bor- rowings 18.1 54.2 339.1 1,897.2 2,308.6 Bonds issued 9.9 429.7 2,613.0 1,102.4 4,155.0 Derivative financial liabilities 0.5 12.3 1.8 0.3 14.9 Lease liabilities 1.5 4.5 21.7 47.1 74.8 Trade and other payables 324.3 9.9 58.6 - 392.8 incl. corporate income tax liability Total 354.3 510.6 3,034.2 3,047.0 6,946.1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "38. CONTINGENT LIABILITIES Contracted work As at 31 December 2023, 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 EUR381.2 million (2022 \u2013 EUR 398.8 million). Guarantee provided Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. sr.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 guaran- tees 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 devel- opment activities of CTP ALC B.V. Guaranteed obligations represents: \u2022 any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount, \u2022 any interest, fees (including for the avoidance of doubt any default interest) and any amount payable un- der any Hedging Agreement due by the CTP ALC B.V. under and in connection with the Facility Agreement. Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Co\u00f6peratieve Rabobank U.A. and CTP ALC B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-52": { "value": "38. CONTINGENT LIABILITIES Contracted work As at 31 December 2023, 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 EUR381.2 million (2022 \u2013 EUR 398.8 million). Guarantee provided Under Guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. sr.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 guaran- tees 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 devel- opment activities of CTP ALC B.V. Guaranteed obligations represents: \u2022 any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount, \u2022 any interest, fees (including for the avoidance of doubt any default interest) and any amount payable un- der any Hedging Agreement due by the CTP ALC B.V. under and in connection with the Facility Agreement. Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Co\u00f6peratieve Rabobank U.A. and CTP ALC B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-53": { "value": "39. 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 29). 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) + ABN Amro Bank N.V. CTP Beta B.V. COOPERATIEVE RABOBANK U.A. CTP Bohemia North, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Bohemia South, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTP Bohemia West, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Borsk\u00e1 Pole, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTP Deutschland B.V. Sparkasse Neubrandenburg-Demmin CTP Deutschland B.V. Austrian Anadi Bank CTP Deutschland B.V. Berliner Sparkasse CTP Deutschland B.V. Berliner Volksbank CTP Deutschland B.V. Hypo Vorarlberg Bank AG CTP Deutschland B.V. Kreissparkasse Ostalb CTP Deutschland B.V. Kreissparkasse St. Wendel CTP Deutschland B.V. Landessparkasse zu Oldenburg CTP Deutschland B.V. SANTANDER CONSUMER BANK AG CTP Deutschland B.V. Sparkasse D\u00fcren CTP Deutschland B.V. Sparkasse Esslingen-N\u00fcrtingen CTP Deutschland B.V. Sparkasse Hildesheim Goslar Peine CTP Deutschland B.V. Sparkasse Ingolstadt Eichst\u00e4tt CTP Deutschland B.V. Sparkasse UnnaKamen CTP Deutschland B.V. Stadtsparkasse D\u00fcsseldorf CTP Deutschland B.V. VerbundVolksbank OWL eg CTP Deutschland B.V. Volksbank Main-Tauber CTP Deutschland B.V. Volksbank Mittweida eG CTP Deutschland B.V. Volksbank Th\u00fcringen Mitte eG CTP Deutschland B.V. VR Bank eG Region Aachen CTP Deutschland B.V. VR Bank eG Rosenheim CTP Deutschland B.V. VR Bank Mecklenburg CTP Domeq Brno, spol. s r.o. Aareal Bank AG CTP Eta Poland Sp. z o.o. Aareal Bank AG CTP Gamma Poland Sp. z o.o. Aareal Bank AG CTP Germany II GmbH Volksbank Jever eG CTP Moravia South, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTP Pon\u00e1vka Business Park, spol. s r.o.Aareal Bank AG CTP Portfolio Finance Czech B.V. Aareal Bank AG Company Pledge in favour of CTP Property Beta Poland Sp. z o.o.Aareal Bank AG 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 CTP XXIII, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Alpha Kft. Unicredit Bank Hungary Zrt. CTPark Arrabona Kft. Unicredit Bank Hungary Zrt. CTPark Bratislava, spol. s r.o. Erste Group Bank AG CTPark Brno, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Brno, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Bucharest A1 S.R.L Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest II S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest Upsilon S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Cerhovice, spol. s r.o. Deutsche Pfandbriefbank AG CTPark Dragomiresti SRL Vista Bank CTPark Gamma S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Hranice, spol. s r.o. Aareal Bank AG CTPark Chrastava, a.s. Landesbank Hessen - Thuringen Girozentrale CTPark I\u0142owa Sp. z o.o. Aareal Bank AG CTPark Kappa S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Ko\u0161ice, spol. s r.o. Erste Group Bank AG CTPark Mlad\u00e1 Boleslav, spol. s r.o.\u010ceskoslovenska obchodn\u00ed banka, a.s. CTPark N\u00e1mestovo, spol. s r.o. Tatra banka, a.s. CTPark Opole Sp. z o.o. Aareal Bank AG CTPark Ostrava Poruba, spol. s r.o.Deutsche Pfandbriefbank AG CTPark Ostrava, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Pitesti East SRL BRD-Groupe Soci\u00e9t\u00e9 G\u00e9n\u00e9rale S.A. CTPark Plze\u0148, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Prague Airport, spol. s r.o.Aareal Bank AG CTPark Prague East, spol. s r.o. Komer\u010dn\u00ed banka, a.s. (as agent) + others CTPark Prague West, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Seven Kft. Unicredit Bank Hungary Zrt. CTPark Timisoara North SRL BRD-Groupe Soci\u00e9t\u00e9 G\u00e9n\u00e9rale S.A.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-54": { "value": "40. SUBSEQUENT EVENTS In January 2024, the Group received a bank loan in amount of EUR 100.0 million with fixed interest rate of 4.86%, due in 2029. In February 2024, the Group issued green bonds of EUR 750.0 million with 6-year maturity and 4.75% fixed coupon. In February 2024, the concurrent tender offer enabled CTP to repurchase bonds with a total nominal amount of EUR 250.0 million. In February 2024, the Group signed a bank loan agreement in amount of EUR 90.0 million due in 2030. On 9 March 2024, the Group entered into a conditional purchase agreement in relation to 100% share in five Romanian companies, owners of investment properties across Romania. 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 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }