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CTP N.V.
ANNUAL
REPORT
2023
Annual Report 2023 CTP N.V.
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
2
Company
Introduction
MISSION
CTP’s mission is to build long-term value—for the Company,
its shareholders, clients, and the communities where it operates.
CTP pursues its mission through the creation of business parks
with economic ecosystems in strategic locations across Europe,
from the North Sea to the Black Sea. CTP is entrepreneurial,
full-speed and forward-leaning, with 25 years of on-the-ground
experience as a trusted partner to global business. Today, as
Europe’s largest listed owner, developer and manager of industrial
& logistics ("I&L") properties and the long-term leader in the
business-smart markets of Central and Eastern Europe ("CEE"),
CTP is ambitious, innovative, and growing fast.
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
3
Annual Report 2023 CTP N.V.
Company
Introduction
Company Introduction 4
1.1 Business Model and Strategy 5
1.2 History 6
1.3 Big Numbers 8
1.4 Quarterly Highlights 2023 10
1.5 Letter from the CEO 12
1.6 Letter from the CFO 15
1.7 Letter from the Chairwoman 17
1.8 IR Q&A 19
1
Financial Statements 171
Consolidated Financial Statements 173
Company Financial Statements 255
Other Information 276
Independent Auditor’s Report 277
CTP Strategy & Outlook 21
CTP Strategy & Outlook 22
2.1 CTP’s Business Model:
“Wheel of Growth” 23
2.2 Growth Plan and
20 Million sqm GLA Target 25
2.3 Outlook for 2024 28
4 5 6
2 73
Business Environment 29
3.1 Business Environment
and Trends 30
3.2 Operational Performance 36
3.3 Financial Performance 45
3.4 Funding and Hedging 48
3.5 Group-level Insights 54
3.6 Clients 59
3.7 Country Review 63
ESG 84
4.1 Highlights 85
4.2 Scope and Basis for
Preparation of Non-financial
Disclosure 88
4.3 Stakeholder Engagement 91
4.4 Materiality 92
4.5 CTP Value Chain 94
4.6 ESG Oversight 95
4.7 ESG Strategy 96
4.8 EU Taxonomy 125
Governance 131
5.1 Governance Structure 132
5.2 CTP Board and Committees 140
5.3 Diversity, Code of Conduct
and Compliance 155
5.4 Governance Declarations 158
5.5 Risk Management 163
5.6 Principal Risks 170
Appendices 296
7.1 Group Structure 297
7.2 EPRA Financial Performance
Metrics 303
7.3 Environmental Indicators 307
7.4 Social Indicators 313
7.5 ESRS Index 318
7.6 GRI Index 322
7.7 EPRA sBPR 325
7.8 EU Taxonomy 326
7.9 Property List 329
7.9 Glossary 333
7.10 Disclaimer 337
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
4
Annual Report 2023 CTP N.V.
Company
Introduction
Company Introduction
1.1 Business Model and Strategy 5
1.2 History 6
1.3 Big Numbers 8
1.4 Quarterly Highlights 2023 10
1.5 Letter from the CEO 12
1.6 Letter from the CFO 15
1.7 Letter from the Chairwoman 17
1.8 IR Q&A 19
1
Company
Introduction
1.1 Business Model and Strategy
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
5
Annual Report 2023 CTP N.V.
1.1 Business Model and Strategy
In line with its strategy, CTP targets to own and operate a pan-European network of
business parks with total gross leasable area (“GLA”) of 20 million sqm—nearly doubling
its current portfolio of 11.8 million sqm of GLA—and to generate annualised rental in-
come of €1.2 billion before the end of the decade, while continuing to develop at an indus-
try-leading Yield on Cost (“YoC”) of above 10%.
CTP, as a long-term owner, achieves its goals via its unique, vertically integrated
business model, which consists of two interconnected core business units—the “oper-
ator” and the “developer”—integrated with the Company’s new energy business, which
generates renewable energy for its CTParks and clients.
The business units each have their own roles and objectives, leveraging the Group’s
capital sources and unique in-house capabilities while positively impacting each other:
the operator, by owning and operating a property portfolio to enhance its value, generate
cash flow, and maintain client relations; the developer, by generating industry-leading
YoC and mobilising its landbank; and the energy business, by monetising solar capacity.
CTP's expansion into renewable energy is an integral part of the Company's Park-
maker concept and contributes to the Group's income and ESG objectives, while also pro-
viding green energy and energy security to its clients, supporting their ESG goals in the
process.
The Group’s strategy is based on growing with its existing clients across the CTPark
Network, which is illustrated by the high level of repeat business—almost two-thirds of
new leases each year are signed with existing clients. CTP’s disciplined capital allocation,
unique Parkmaker model and the expertise of its in-house teams position the Group to
provide best-in-class service to clients and be a long-term partner. This has made CTP
the market leader it is today and enabled the Group to provide shareholders with superior
and long-term, sustainable returns. See Chapter 2 for more details.
GENERATING
RENEWABLE ENERGY
ONSITE BOOSTS
REVENUES AND
SUSTAINABILITY.
MAXIMISING VALUE
BY PROVIDING THE
COMPLETE PACKAGE OF
PARKMAKING SERVICES.
MOBILISING
THE LANDBANK
WITH IN-HOUSE
TEAMS HELPS
MAINTAIN
INDUSTRY-
LEADING YOC.
OPERATOR
DEVELOPER
THE SYNERGIES OF
THE THREE BUSINESS
LINES COME TOGETHER
IN THE PARKMAKER
“WHEEL OF GROWTH”.
PARKMAKER
CONCEPT
ENERGY
Company
Introduction
1.2 History
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
6
Annual Report 2023 CTP N.V.
1.2 History
1998 Construction begins at CTP’s
headquarters and first business park in
the Czech Republic—CTPark Humpolec.
CTP established by Remon Vos.
2000 CTP completes its first building.
2007 CTP becomes the largest indus-
trial developer in the Czech Republic,
focusing on Plzeň, Brno and Ostrava.
2008 CTP installs its first solar plant
at its headquarters at CTPark Humpolec.
2010 CTP completes the installation of
6 MWp of solar capacity at various parks
in the Czech Republic.
2011 CTP’s annual rental income ex-
ceeds €100 million.
CTP averages nearly 8% growth per year
in 2008–2011, during the financial crisis.
2013 CTP enters the Prague market.
CTP’s portfolio reaches 2 million sqm of
GLA.
CTP delivers its first BREEAM Outstand-
ing building—Tower I at Spielberk in Brno.
2014 CTP launches operations in
Romania.
2015 CTP announces growth target of
3 million sqm of GLA by 2020.
CTP acquires 380,000 sqm of GLA in
Romania, becoming the market leader in
the country.
2016 CTP launches operations in
Hungary.
2018 CTP’s portfolio reaches 5 million
sqm of GLA across CEE.
CTP sells a portfolio of three parks in the
Czech Republic to DEKA for €410 million.
CTP sets new target of 10 million sqm of
GLA by 2023.
2019 Remon Vos consolidates 100%
ownership of CTP.
2020 CTP B.V. bonds rated Baa3
(Stable) by Moody’s and BBB- (Stable)
by S&P.
CTP issues its inaugural green bond.
CTP’s entire portfolio in Hungary is
BREEAM certified.
CTP becomes market leader in Serbia.
2021 CTP launches its IPO on Euronext
Amsterdam, the largest real estate IPO in
Europe since 2014, and is included in the
Euronext AScX index.
CTP launches in Western Europe, opens
an office in the Netherlands.
CTP BREEAM certifies 100% of its
standing portfolio.
CTP receives a Low-Risk rating in
Sustainalytics ESG Risk Ranking.
CTP is Europe’s largest real estate issuer
of green bonds for the year, with a total
of €2.5 billion issued.
CTP becomes market leader in Hungary.
Company
Introduction
1.2 History
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
7
Annual Report 2023 CTP N.V.
2022 CTP launches operations in
Germany with its acquisition of the
1.6 sqm GLA portfolio of Deutsche
Industrie REIT; the CTPark Network
now connects the North Sea to the
Black Sea.
CTP included in the Euronext AMX
index and the AEX® ESG Index.
CTP expands in Poland with a land
acquisition that offers the potential
for 1.2 million sqm of GLA.
CTP expands in Western Europe by
delivering its first development in
Rotterdam in the Netherlands and
launching its first project in Austria.
CTP exceeds its 10 million sqm of GLA
target with 10.5 million sqm of GLA
at year-end and reaches 38 MWp of
installed solar power capacity.
CTP becomes market leader in Bulgaria.
2023 CTP opens Hong Kong office amid
growing demand from Asian clients for
European industrial & logistics warehouse
space.
CTP starts its first development projects
in Germany.
CTP’s installed solar power capacity
reaches 100 MWp.
CTP's net rental income exceeds €500
million, with a record 2.0 million sqm of
leases signed.
2021
Company
Introduction
1.3 Big Numbers
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
8
Annual Report 2023 CTP N.V.
14.5%
94%
1.3 Big Numbers
OCCUPANCY
REVERSIONARY
POTENTIAL
7.4%
90%
23.4
CLIENT
RETENTION
LIKE-FOR-LIKE
RENTAL GROWTH
LANDBANK
GLA
11.8
million sqm
10.3%
ESTIMATED YoC OF PROJECTS
UNDER CONSTRUCTION
WAULT
6.6
years
million sqm
million sqm
2.0
UNDER
CONSTRUCTION
2.0
LEASES
SIGNED
million sqm
million
€719
NEXT 12-MONTHS’
CONTRACTED REVENUES
99.9%
COLLECTION
RATE
€5.69
per sqm
per month
AVERAGE RENT OF
LEASES SIGNED
38%
PRE-LET 2024
DELIVERIES
Company
Introduction
1.3 Big Numbers
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
9
Annual Report 2023 CTP N.V.
€1.9
3.8x
AVERAGE
DEBT MATURITY
PRO-FORMA
LIQUIDITY POSITION
5.3
PORTFOLIO
YIELD
6.7%
years
€13.6
GAV
billion
billion
INTEREST
COVER RATIO
€15.92
EPRA NTA
PER SHARE
€0.73
COMPANY SPECIFIC
ADJUSTED EPRA EPS
1.95%
AVERAGE
COST OF DEBT
Company
Introduction
1.4 Quarterly Highlights 2023
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
10
Annual Report 2023 CTP N.V.
Q1 CTP signs a three-year exten-
sion of its revolving credit facility with
two one-year extension options, while
increasing the size from €400 million to
€500 million.
CTP delivers its first project in Austria,
CTPark Vienna East, fully leased to
among others DHL, Frigologo, Quick
Service Logistics and Toyota.
CTP acquires a 100,000 sqm Romanian
portfolio from supply-chain logistics
provider FM Logistic in a sale-and-lease
back transaction.
CTP enters the Pomerania region in
Poland with the start of construction of
the 119,000 sqm CTPark Gdańsk Port.
1.4 Quarterly Highlights 2023
Q2 CTP signs a two-tranche, five- and
seven-year €280 million unsecured loan
facility extension with a consortium of
international financial institutions at a
fixed all-in cost of 4.7%.
CTP publishes its inaugural Sustainability
Report, integrating the standards of the
Global Reporting Initiative ("GRI") and
the recommendations of the Task Force
on Climate-related Financial Disclosures
("TCFD").
CTP leases 52,000 sqm at CTPark
Blučina to Taiwan-headquartered
Inventec, which produces computers,
notebooks, servers and other IoT
devices.
New facility for
Toyota in CTPark
Vienna East
Inventec facility
under construction
at CTPark Blučina
Q2
Q1
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
11
Annual Report 2023 CTP N.V.
Company
Introduction
1.4 Quarterly Highlights 2023
Q3 CTP hosts its second Capital
Market Days in Brno followed by an asset
tour through the Czech Republic, Poland,
Slovakia, Austria and Hungary with ana-
lysts and investors.
CTP opens an office in Hong Kong amid
growing demand from Asian tenants
for European industrial & logistics ware-
house space to produce in Europe for
Europe.
CTP signs a ten-year, €200 million unse-
cured loan facility extension with the
European Investment Bank for the roll-
out of solar panel installation, at a fixed
all-in cost of 4.5%.
CTP announces the start of construction
for 94,000 sqm of new space across
CTPark Bratislava, CTPark Voderady
and CTPark Trnava, bolstering its leading
position in the Slovak market.
CTP’s credit rating is confirmed by both
Moody’s (Baa3, stable outlook) and S&P
(BBB-, stable outlook).
CTP leases 67,000 sqm to Mercator, a
major Serbian supermarket chain, at
CTPark Belgrade City, which will be the
largest logistics hub in Serbia when deliv-
ered in Q4-2023.
Q4 CTP leases 115,000 sqm
at CTPark Warsaw West to Raben
Group, the largest lease transaction
on the Polish market in 2023.
CTP leases 28,000 sqm to Heineken
at CTPark Weiden, one of the first
CTP developments in Germany, which
will be delivered in 2024.
CTP delivers 0.6 million sqm across its
portfolio during Q4, delivering a record
1.2 million sqm during the year and ending
the year with 11.8 million sqm of owned
GLA.
CTP receives a negligible-risk ESG rating
from Sustainalytics and is ranked
inside the top 2% of companies globally
by Sustainalytics, underlining
the Company’s long-term commitment
to being a sustainable business.
CTP acquires a 335,000 sqm brownfield
site in in Mülheim, Germany for major new
high-tech business park that will provide
over 160,000 sqm of R&D, laboratory,
co-working and industrial & logistics
space for companies in technology-
focused sectors, with construction
work expected to begin in 2025.
Q4
Construction
at CTPark Warsaw
West Raben
Company
Introduction
1.5 Letter from the CEO
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
12
Annual Report 2023 CTP N.V.
CTP had an excellent 2023, both operationally and financially, despite the volatility in
the market during the year. Demand for our full-service business parks continued to
grow, especially in business-smart Central Eastern Europe (“CEE”), which benefits from
several important growth drivers.
In total we leased a record 2 million sqm of gross lettable area (“GLA”) during 2023,
while the average monthly rent for the leases signed increased 18% year-on-year. Two-
thirds of new leases were signed with existing clients who are expanding with us.
In 2023 we delivered 1.2 million sqm of GLA, ending the year with a standing portfolio
of 11.8 million sqm. Contracted revenues for the next 12 months at end-year increased
materially year-on-year to €719 million thanks to strong like-for-like rental growth, while
the occupancy rate remained stable.
Our strong income-producing portfolio, with our diverse international client base and
99.9% collection rate, ensures that CTP remains highly profitable and that we can con-
tinue to re-invest in our next developments.
CTP has a proven track record built over the course of more than 25 years. Our suc-
cess is anchored by several key factors, including our large strategic landbank, primarily
at existing CTPark locations, and our Parkmaker strategy and “wheel of growth” business
model, which includes our integrated development capabilities, including in-house design
and construction teams that help us build on-time and on-budget, as well as our proper-
ty management team that look after the client after move-in, which fosters deep client
relationships. Our unique mix of strengths, together with our first-mover advantage in
CEE, gives us a robust financial position, with a market-leading yield on cost (“YoC”) of
above 10% for new developments. We are well placed to further build on our position and
exploit emerging opportunities early.
1.5 Letter from the CEO
Company
Introduction
1.5 Letter from the CEO
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
13
Annual Report 2023 CTP N.V.
Secular growth drivers in a region with huge potential
We have set an ambitious target: to double the size of our portfolio to 20 million sqm of
GLA before the end of the decade, and we have a clear roadmap in place to achieve this.
The conversations with our clients, together with the strength of our business model,
give us full confidence in our ability to reach this milestone. The outlook for our markets
in CEE is favourable, with secular growth drivers that remain entrenched across the re-
gion, which continues to be undersupplied and is the largest growth market in Europe,
with rising barriers to entry for new developers.
Changes to the global geopolitical landscape continue to benefit CEE, as the impor-
tance and value of the region’s underlying business-smart proposition—strategic loca-
tion, educated workforce, and lower labour costs—becomes increasingly apparent and
critical for the resiliency of European supply chains. We continue to see the rise of near-
shoring/friend-shoring to the CEE region in response to global uncertainties and the need
to reduce the fragility and carbon footprint of extended global supply lines.
Due to the global nature of this trend, in 2023 we opened an office in Asia to develop
new relationships with companies looking to create a European presence, as well as to
deepen ties with our existing clients in Asia. It is exciting to see the opportunities that
this offers the CEE region, which is the natural production location in Europe.
The development of the middle class and increase in purchasing power drives ongoing
demand for e-commerce warehousing and logistics facilities, particularly in CEE, where
the growth in online retailing is more robust than in Western European markets, as it
comes from a lower base, but catching up rapidly.
CEE growth dynamics mean that our markets’ historic and projected GDP growth
outperforms the EU-27 and Western Europe on average, with lower debt-to-GDP ratios.
The region remains a generally low-tax, business-friendly environment, with strong gov-
ernment support for infrastructure development and foreign direct investments.
Consolidating our position
The CTPark Network provides unique and seamless, A-class industrial and logistics prop-
erty solutions to global business across ten countries, from the North Sea to the Black Sea.
In 2023 we continued to bolster our market share in all markets— primarily by pro-
viding expansion facilities to our existing clients, either at their current location or at a
new location in our expanding parks. We further solidified our position as market leader
in CEE, consolidating our leadership in our Core Markets and accelerating our expansion
in Serbia and Bulgaria, where we are also market leaders.
During the year we grew both our teams and market share in Germany and Poland,
the largest and third-largest logistics markets in continental Europe, which we entered
in 2022.
Germany remains the largest economy in Europe and is going through an impressive
modernisation of its economy. This has led to an increased need for new A-class indus-
trial and logistics space that complies with all client requirements, and newly, ESG cri-
teria. We see significant opportunities in the German market, especially for brownfield
transformations, and believe that our expertise and skillset can play in important role in
upgrading industrial & logistics stock in Germany.
Polish market conditions, where the prevailing trader-developer model is under
greater pressure due to the higher interest-rate environment, have allowed us to expand
our presence in the country rapidly. CTP’s build-to-own business model has proven to be
more sustainable and resilient, which is also appreciated by our clients in Poland.
Monetisation of the energy business
In 2023 we accelerated the roll-out of photovoltaic systems and are testing different
business models across the countries where we operate. The installations put in place
in 2023 will boost our solar income from 2024 onwards. We see strong synergies for our
renewable energy business and growth opportunities, with the energy business further
bolstering our ESG credentials while providing an important and sustainable third income
stream for the Company going forward. At the same time, more and more clients request
photovoltaic systems as it provides them with energy security, reduces their overall cost
of occupancy, and supports their own sustainability goals.
While we have historically built our buildings “solar ready”, the installation of rooftop
solar panels is standard for all new building projects and is an integral part of our strat-
egy going forward.
“We are confident that we can
achieve our ambitious goal and
reach 20 million sqm of GLA
and over €1.2 billion of annualised
rental income before the end of
the decade.”
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
14
Annual Report 2023 CTP N.V.
Company
Introduction
1.5 Letter from the CEO
Parkmakers at heart
We grew the team in 2023 to over 730 people, with a nearly 50/50 male to female ratio
and average employee age of around 38 years. None of our successes would have been
possible without our team of dedicated professionals, and I would like to thank and con-
gratulate all of them for the successes that we have achieved together.
CTP is an entrepreneurial company. This is also anchored in our five deeply rooted
values, which inspire our teams to do what they do best: develop sustainable, innovative
and high-quality industrial & logistics parks and high-tech R&D campuses. Their hands-
on, can-do attitude has made CTP what it is today, and I’m proud to see a new genera-
tion of young talent grow within the Company. They are Parkmakers at heart, creating
dynamic business ecosystems, where we grow with our clients. They are the people on
the ground, engaging with local communities, connecting our clients to local universities,
schools, businesses and charities—the key to our ESG pillar of embedding parks in local
communities and furthering our clients’ ESG goals at the same time.
Outlook
Current geopolitical and macroeconomic trends benefit our core CEE markets, and this is
just the beginning for this business-smart region. The continuation of structural market
trends favours CTP’s owner-operator business model, as we take a long-term, sustain-
able approach to our activities. We continue to grow with our clients in existing locations
and can expand with them quickly to new locations as required.
We are confident that we can achieve our ambitious goal and reach 20 million sqm of
GLA and over €1.2 billion of annualised rental income before the end of the decade. We
have the land, we have the clients, we have the talent and tools. Full speed to 20 million!
Remon Vos
CEO
Amsterdam, 11 March 2024
Company
Introduction
1.6 Letter from the CFO
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
15
Annual Report 2023 CTP N.V.
1.6 Letter from the CFO
GRI 2-22
In 2023 we again delivered double-digit growth of both our Com-
pany specific adjusted EPRA earnings per share (“EPS”) and EPRA
Net Tangible Asset (“NTA”) growth, continuing to deliver on the
promises we set out during our IPO. We ended the year with strong
results across all key financial indicators, with profit for the period
of €922.6 million and next 12-month contracted rental revenues of
€719 million. Gross rental income (“GRI”) increased year-on-year by
17.9% to €571.9 million and 7.4% on a like-for-like basis. Net rental
income (“NRI”) grew year-on-year by 20.1% to €543.2 million, as
we improved the NRI to GRI ratio by reducing service charge leak-
age across the portfolio. Company specific adjusted EPRA EPS in-
creased by 18.5% and came to €0.73 per share, ahead of our guid-
ance of €0.72 per share.
We had a record year in terms of deliveries, with over 1.2 million
sqm of GLA coming online, bringing the total portfolio to 11.8 million
sqm of GLA at year-end. The Group’s gross asset value (“GAV”) in-
creased 18.7% year-on-year to €13.6 billion, mainly driven by deliv-
eries of development projects.
In 2023 we saw a positive like-for-like revaluation of the port-
folio of 2%, thanks to the growth of the estimated rental value
(“ERV”) across the portfolio, which more than offset the 40 basis
points of reversionary yield widening during the year. Most of our
portfolio is in higher-yielding assets in the CEE region, where the
impact of yield widening is less than in Western European coun-
tries, where lower valuation yields prevailed. In total we have seen
80 basis points of yield widening since H1 2022. We expect contin-
ued strong revaluation of deliveries, driven by our two million sqm
of GLA pipeline and industry leading YoC of above 10%. EPRA NTA
increased 15.8% y-o-y to €15.92 per share, mainly driven by positive
revaluation deliveries.
“Building on our
strong results in 2023
and robust occupier
demand, our priority
for 2024 is to
mobilise the existing
landbank we have
already bought,
which further
enhances our
financial returns.”
Company
Introduction
1.6 Letter from the CFO
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
16
Annual Report 2023 CTP N.V.
Strong liquidity position
We ended 2023 with a liquidity position of €1.2 billion, or €1.9 billion on a pro-forma basis
including the loan facilities we signed in January–February 2024, the €750 million bond
issued at the beginning of February 2024 and the concurrent bond tender offer of €250
million. Our strong cash position and undrawn revolving credit facility, combined with our
access to bond markets and bank financing, puts us in a prime position to act quickly and
seize growth opportunities as they arise. Given the current market conditions and the
strength of CTP’s build-to-own business model, we anticipate significant investment op-
portunities in the coming years.
While in 2023 we mainly relied on both secured and unsecured bank lending, which was
offered at more attractive rates, pricing in the bond market started to rationalise from
the fourth quarter onwards, allowing us to go back to the bond market in February 2024.
CTP’s financial position is further bolstered by strong underlying fundamentals: our
average cost of debt of 1.95%, which is fully fixed or hedged until maturity, and our av-
erage debt maturity of 5.3 years. CTP's first material upcoming maturities are a bond
in June 2025 (€425 million outstanding
1
) and a bond in October 2025 (€282 million out-
standing
1
), which can be fully repaid from our cash position.
The Company’s Loan-to-Value (“LTV”) ratio stood at 46% at year-end 2023, slightly
above our 40%–45% target range, due to the yield widening seen in 2023 and the highly
attractive landbank acquisitions we completed for cash payments during the fourth quar-
ter. We deem the 40%–45% target range appropriate, as this reflects our above-market
average portfolio yield. Our interest coverage ratio of 3.8x and normalised Net Debt to
EBITDA of 9.2x reflect healthy cash-flow leverage. In Q3 2023, both S&P and Moody’s
confirmed our BBB- and Baa3 credit rating, respectively, both with a stable outlook.
Capital allocation priorities—requirements for returns
Based on our strong results in 2023 and robust occupier demand, our priority for 2024
is to mobilise the existing landbank we have already bought, which further enhances our
financial returns. As illustrated during our Capital Markets Day, we can develop over 1
million sqm without affecting the leverage metrics, on the back of our YoC target of
over 10%.
Deepening our ESG goals and improving disclosure
In line with CTP’s long-term business principles and strategy going forward, sustainabil-
ity and the principles of ESG are integral to our operations at all levels. This year we are
publishing our Sustainability Report as an integral part of this Annual Report.
CTP’s new energy business provides a third revenue stream for the Company while
enhancing our ESG credentials and offer for clients, who increasingly require high levels
of ESG compliance for their leased premises. Solar income in 2023 came to €6.3 million,
and by year-end we had 100 MWp installed.
During the year we continued our long-standing commitment to deliver state-of-the-
art, energy efficient buildings that meet high BREEAM and EPC standards across the
portfolio.
Dividend
We propose a final 2023 dividend of €0.275 per ordinary share, which will be paid, subject
to approval by the Annual General Meeting, in May 2024. This will bring the total 2023
dividend to €0.525 per ordinary share, which represents a pay-out ratio of 72% of our
Company specific adjusted EPS, and a growth of 16.7% compared to 2022.
Outlook
We confirm our Company specific adjusted EPS guidance of €0.80–€0.82 for 2024. We
remain bullish on our prospects for 2024 and beyond. CTP is well positioned, thanks to
our robust balance sheet and strong liquidity position; our disciplined capital allocation
and industry-leading YoC; our conservative debt repayment profile, high interest coverage
and good access to credit markets; our well-diversified client base with blue-chip multi-
nationals, which continue to expand with us; and the strong cash-flow generation of our
standing portfolio, which is supported by an increasing number of leases linked to inflation
and continued rental growth driven by the secular growth drivers in the CEE region and
the industrial & logistics property sector.
Richard Wilkinson
CFO
Amsterdam, 11 March 2024
1 After settlement tender offer on 7 February 2024.
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
17
Annual Report 2023 CTP N.V.
Company
Introduction
1.7 Letter from the Chairwoman
1.7 Letter from the Chairwoman
Dear Shareholders,
The economic and geopolitical uncertainty of recent years contin-
ued in 2023. The high inflationary environment in 2022 led central
banks around the world to raise interest rates to levels not seen in
over 20 years. This had a material effect on the real estate sector,
which is by nature capital intensive. In the second half of the year,
inflation started to moderate and tail-off and in some markets is
getting close to central bank targets. However, the first rate cuts
from either the US Federal Reserve, the European Central Bank or
the Bank of England have yet to come.
In this context I am very proud of the performance of our teams
and the resilience of our business model. The industrial & logistics
real estate market remains exceptionally dynamic, and CTP contin-
ued to outperform in 2023 and kept its double-digit pace. We did so
thanks to our geographical footprint, client-centric approach, and
disciplined capital allocation.
In addition, we saw a continuation of deglobalising trends. Global
supply chains are being reconfigured, reflecting international ten-
sions and regional conflicts in Ukraine and the Middle East. The re-
routing of shipping lanes due to safety concerns in the Red Sea not
only brings additional costs and complexity for logistics operators, it
also leads to companies holding more stock and reconsidering their
production value chains.
The Board closely monitors ongoing macroeconomic and geopo-
litical changes and constantly evaluates whether there is a need to
adapt the Group’s growth strategy. With its entrepreneurial culture
and market leading position in most of its markets, CTP is well posi-
tioned to benefit from these changes by delivering new buildings to
meet growing tenant demand. Overall, we see an improving market
sentiment and the transaction market becoming more active again.
“Embedding CTP parks
into the communities
where they are
located has always
been part of the
Group’s strategy
as long-term owner
and operator.”
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
18
Annual Report 2023 CTP N.V.
“Reindustrialisation of Europe”
Increased trade tariffs, sanctions, security concerns around major transportation routes,
as well as ESG considerations all lead to more local production for local consumption. This
offers opportunities in CEE, similar to Mexico, which has become the largest producer and
trading partner for the US, replacing China. The CEE region is a great production location
for Europe and will continue to benefit from these ongoing trends, given its competitive
labour rates, educated and motivated workforce and good infrastructure. This can be ei-
ther Asian or US companies who start to produce in Europe for the European market, or
Western European companies who decide not to open their next production location in
China but in, for example, Romania or Serbia.
Nearshoring and friend-shoring are among the main demand drivers for the I&L sec-
tor across Europe as companies seek to enhance the resiliency of their supply chains. New
industries are emerging as growth drivers within Europe, for example the defense indus-
try is increasing its space requirements, as are companies active in the energy transition
and EV mobility as these pick-up speed. With our build-to-own strategy we are the ideal
partner for many of these manufacturing companies looking to expand in Europe.
Governance
By the end of 2022, CTP had established a Sustainability Committee as a subcommittee
of the Board of Directors to oversee the ESG agenda of the Group. In 2023, five meetings
of the Sustainability Committee took place.
CTP’s sustainability efforts in 2023 were recognised by Sustainalytics with an ESG
Risk Rating of 9.5 and assessed as Negligible Risk. During the year we also received
61 new BREEAM certificates, 57% of which were rated "Excellent" or "Outstanding", as
we are stepping up our ESG efforts. Embedding CTP parks into the communities where
they are located has always been part of the Company's strategy as a long-term owner
and operator. Last year, we opened our fifth Clubhaus park community centre, which of-
fers a restaurant, public spaces, and medical, educational, and sports facilities for our
clients and their employees as well as for the local community.
As a Board we appreciate the ongoing dialogue with our shareholders and are com-
mitted to continuing this, both ahead of CTP’s Annual General Meeting (“AGM”) as well
as on an ad-hoc basis. Sound governance is a key component of CTP’s culture, behaviour
and management and is consistent with its core values and purpose.
During 2023 CTP prepared for the implementation of the new Dutch Corporate Govern-
ance Code. Internal rules and procedures were amended to fit the new Code. By tabling
the Code as a separate item for discussion at our AGM on 23 April 2024 in Amsterdam,
we follow the recommendation of the Dutch Monitoring Committee. At the AGM CTP will
propose to shareholders an updated remuneration policy in respect of the remuneration
of the Company's Executive Directors and Non-Executive Directors, as the current policy
dated from the IPO. The updated policy will enhance the alignment of interest and bolster
long-term value creation, among others, by inclusion of ESG KPI's in the short-term and
long-term incentives.
Furthermore, I am very pleased to propose two new Non-Executive Directors to
the shareholders at the AGM—Mr. Rodolphe Schoettel and Ms. Kari Pitkin, replacing
Mr. Gerard van Kesteren and Mr. Pavel Trenka, who both will not be available for reap-
pointment. I want to express my deep gratitude to Pavel and Gerard for all their contribu-
tions during the years, as CTP entered a new growth phase and transformed from being
privately held to a listed company.
Efforts recognised
The CTP share price performed well in 2023 and we outperformed the broader FTSE
EPRA NAREIT Developed Europe Index, reflecting CTP’s strong financial and operational
performance and the Group’s consistent delivery on its promises.
On behalf of all Non-Executive Directors, I would like to thank our clients, share-
holders, partners, and other valued stakeholders for their trust and support. In addition,
I want to thank all CTP employees and the Senior Management for their hard work and
commitment.
We had another record year with 1.2 million sqm of deliveries and 2 million sqm of new
leases signed, which wouldn’t have been possible without you all. We look forward to see-
ing you at the AGM!
On behalf of the Board,
Barbara Knoflach
Chairwoman
Amsterdam, 11 March 2024
Company
Introduction
1.7 Letter from the Chairwoman
Company
Introduction
1.8 IR Q&A
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
19
Annual Report 2023 CTP N.V.
1.8 IR Q&A
In 2023, we celebrated the second-year anniversary of CTP’s listing
on Euronext Amsterdam. We hosted our second Capital Market Day,
welcoming over 45 investors and sell-side analysts in Brno, followed by
a property tour of our Czech, Polish, Slovak, Hungarian and Austrian
assets. The total shareholder return (dividend reinvested) over 2023
was 43.9%, outperforming our European peers.
What is your expected like-for-like rental growth in 2024?
We expect like-for-like rental growth in 2024 to be around 5%, driven by indexation and
reversion. As at year-end 2023, 66% of our contracts had a double indexation clause,
with indexation being the higher of (i) a fixed escalator of between 1.5%–2.5% or (ii) the
local or European Consumer Price Index (“CPI”). The remaining 34% of the contracts
have only a fixed escalator. Based on this mix and the levels of the local and European CPI,
we expect indexation to contribute around 4% to the like-for-like rental growth, on top
of which we will have the reversion of expiring leases. The reversionary potential of our
portfolio at year-end 2023 stood at 14.5%.
How do you see the demand and pre-letting to evolve going forward?
The demand in the CEE regions remains strong. In 2023 we leased 5% more sqm than in
2022, while the average monthly rent per sqm for the leases signed increased 18% from
€4.82 in 2022 to €5.69 in 2023.
Based on this continued strong demand, we expect to be able—in line with our track
record—to deliver projects 80%–90% pre-let at completion, as most of CTP’s projects
currently under construction are within an existing park—72% as at 31 December 2023.
In some cases, we begin construction without having a pre-let secured. This is because in
existing parks, CTP has clear visibility on future client demand, since most new leases are
signed with existing clients. During the course of construction, the pre-letting ticks up to
80%–90% at completion. Starting construction in advance gives CTP a competitive ad-
vantage when existing tenants want to expand in their existing locations or when clients
need space available within a short timeframe.
Company
Introduction
1.8 IR Q&A
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
20
Annual Report 2023 CTP N.V.
Why is the CEE region outperforming?
The CEE region is “business-smart” due to its competitive total labour costs that are
one-third of what they are in Western Europe and comparable with China; its strong work
ethic; and high infrastructure investments that are constantly improving transport links.
There are several secular demand drivers: (i) nearshoring, as companies look to de-risk
and shorten their supply chains, with CEE countries ranked high as likely destinations—
for example, currently nearly 10% of CTP’s portfolio is leased to Asian tenants producing
in Europe for Europe; (ii) continued e-commerce growth, which comes from a low base;
and (iii) professionalisation of supply chains, with above-average GDP growth forecasts
for the CEE region and the rise of the middle class supporting consumption.
As CEE markets are still undersupplied in terms of GLA per capita and new supply
barriers are rising, CTP is uniquely positioned, thanks to its first-mover advantage and
strategically positioned landbank, to further bolster its leading market position.
Have valuations bottomed out?
In 2023, we saw a like-for-like valuation increase of 2.0%, despite the 40bps reversionary
yield widening, which was more than fully offset by strong ERV growth.
Looking forward, we don’t foresee any further material yield widening, while we ex-
pect strong client demand to continue to drive ERV growth and support valuations. Since
H1-2022, CTP has seen a cumulative yield widening of 80bps, slightly less than in Western
European markets, where yields had tightened much more. The lower yields in Western
Europe and increased yield spread were driven by a more active transaction market in
Western Europe, while in CEE most investors developed assets for their own portfolio,
leading to a lower number of transactions. Due to the lower yield widening in CEE, the
differential between CEE and Western European logistics now is back to the long-term
average, and we expect it to come down further driven by the higher growth prospects for
the CEE region.
How will you fund your ambitious development pipeline?
As shown during our Capital Markets Day, we can develop over 1 million sqm a year without
affecting the leverage metrics, thanks to the high revaluation potential upon completion
—with assets revalued from their >10% YoC to the portfolio yield of 6.7%—as well as the
retained earnings from our standing portfolio.
While we have a dividend pay-out ratio of 70%–80%, the default dividend is paid in
scrip, allowing the Group to retain a material amount of cash. We therefore don’t need
to raise new equity to finance the current pipeline, with 2024 deliveries expected to be
between 1 million sqm–1.5 million sqm.
During 2023 we demonstrated our excellent access to the credit markets as we
raised €1.6 billion, of which €641 million is unsecured bank lending and €916 million se-
cured bank lending. The spreads in the bond market also became competitive again for
real estate issuers from the fourth quarter of 2023, following which CTP issued a €750
million bond with a 4.75% coupon (MS +220 bps) in February 2024. The Group’s pro-for-
ma liquidity stands at €1.9 billion.
Is CTP’s YoC of above 10% sustainable?
Our construction costs are coming down. While in 2022, construction costs on average
were around €550/sqm, in 2023 they were around €500/sqm and we expect them to stay
around this level throughout 2024, as the overall construction market is cooling down,
with less new offices and residential projects being built in the higher interest rate en-
vironment. As we act as our own general contractor, CTP is typically one of the first in
the industry to notice these trends. In addition, market rents continue to increase due to
strong demand and lower supply coming to the market in 2024. These two effects com-
bined allow us to continue to develop at a YoC of above 10%, while staying competitive.
What are your capital allocation priorities?
Investing in our development pipeline is the priority. For this we plan to mobilise our existing
landbank, which is already paid for and was valued at €920 million as at 31 December 2023,
as this gives us the highest incremental return.
New landbank acquisitions are preferably executed through options—limiting capital
outflows, while giving CTP maximum flexibility—which is feasible in the current market,
as the market for land acquisition has slowed down in the higher interest rate environ-
ment. We will also look opportunistically to benefit from the current macro-environment,
which we expect will offer acquisition opportunities.
Maarten Otte
Head of Investor Relations
Amsterdam, 11 March 2024
ESG Governance Financial
Statements
21
Business
Environment
AppendicesCompany
Introduction
Annual Report 2023 CTP N.V.
Strategy &
Outlook
CTP Strategy &
Outlook
CTP Strategy & Outlook
CTP Strategy & Outlook 22
2.1 CTP’s Business Model: “Wheel of Growth” 23
2.2 Growth Plan and 20 Million sqm GLA Target 25
2.3 Outlook for 2024 28
2
ESG Governance Financial
Statements
22
Business
Environment
AppendicesStrategy &
Outlook
CTP Strategy & Outlook
Company
Introduction
Annual Report 2023 CTP N.V.
ESG Governance Financial
Statements
22
Business
Environment
AppendicesCompany
Introduction
CTP’s strategy has been consistent since the Company’s start in
1998: to develop, own and operate state-of-the-art business parks in
strategic locations, leveraging its strong client relationships and driving
sustainable, long-term value creation. The Company’s unprecedented
success stems from its entrepreneurial spirit, market insight, and
first-mover advantages in business-smart Central and Eastern Europe
(“CEE”). The drivers that have led the growth of CEE markets over the
past decade—strategic location, developed transport infrastructure,
lower labour costs, and a well-educated workforce—are even more
relevant today, as companies worldwide are rethinking their supply
chains to make them more resilient. CTP’s successful recent expansion
into Western Europe and the strengthening of its position as market
leader in CEE enables it to provide seamless, value-driven property
solutions across ten European markets.
The Group forecasts sustainable growth for 2024 and the medium
term on the back of continued strong client demand, increased rental
levels, and CTP’s strategic landbank of over 23 million sqm, which it can
mobilise to meet growing demand. CTP is confident that the secular
growth drivers for its markets and sector will allow the Group to
continue to deliver developments at a Yield on Cost (“YoC”) above 10%.
CTP Strategy & Outlook
ESRS 2 SBM-1-42, GRI 2-6, GRI 2-25
Strategy &
Outlook
Company
Introduction
Business
Environment
ESG Governance Financial
Statements
Appendices
23
Annual Report 2023 CTP N.V.
ESG
Delivering sustainable growth via the “Wheel of
Growth” model
Integral to CTP’s “Wheel of Growth” model is the support
that its in-house property management and client-rela-
tionship teams provide to the Company’s clients, which
enables them to stay focused on their core business ac-
tivities. The success of CTP’s “Wheel of Growth” model
drives future Company growth, as approximately two-
thirds of new leases each year are signed with existing
clients—the vast majority of which are large multination-
als—both at their current location and at new locations
across the CTPark Network. CTP’s park strategy—which
is based on scaling up its parks by adding onsite services,
improving infrastructure for its clients and enabling them
to expand in existing locations, together with the strate-
gic use of its landbank and in-house capabilities—enables
the Group to realise industry-leading development re-
turns.
CTP’s “Wheel of Growth” business model has al-
lowed the Group to grow the business by generating in-
dustry-leading development profits and reinvesting cash
flows generated by the long-term leases of its standing
assets in new developments, without the need for exter-
nal equity. CTP’s business model has proven to be resil-
ient—also in a higher interest-rate environment.
CTP’s “Wheel of Growth” business model consists of two
interconnected core business units that encompass the
Group’s activities:
• The developer, where CTP invests in developing
cost-efficient, future-proof buildings, leveraging its
strategically located landbank; and
• The operator, where CTP manages and operates its
properties to service its international client base
while maximising value.
The “Wheel of Growth” demonstrates how the activities
of CTP’s two core business units come together in con-
junction with the Group’s new energy business, which pro-
vides renewable energy produced onsite for CTP’s clients.
CTP’s strategy enables the Company to retain ownership
and maintain strong, long-term client relationships.
2.1 CTP’s Business Model:
“Wheel of Growth”
Energy as a service for the Group’s clients
The Group’s new sustainable energy business is an addi-
tional source of income for CTP. The Group’s properties
provide significant space for the installation of rooftop
solar panels and wind turbines. The Group also supports
its clients with energy management and is working on fu-
ture opportunities in the field of electric vehicle charging
stations and energy storage.
By year-end 2023, CTP had 100 MWp of installed so-
lar power capacity. Building on the momentum created by
recent geopolitical developments, which emphasise the
need for more self-reliant sourcing of energy and envi-
ronmental considerations, CTP plans to monetise its en-
ergy-generating installations by selling the green energy
produced onsite to its clients. Offering integrated ener-
gy solutions lowers clients’ total cost of occupancy, helps
them to meet their Environmental, Social and Govern-
ance (“ESG”) objectives and comply with increased reg-
ulation, and improves their energy security. CTP has set
an ambitious target for this fast-growing business unit
to reach 400 MWp of installed solar capacity by the end
of 2026, thereby moving the Company further towards
meeting its ESG aspirations as well as growing additional
income streams.
Strategy &
Outlook
2.1 CTP’s Business Model:
“Wheel of Growth”
ESG Governance Financial
Statements
24
Business
Environment
AppendicesCompany
Introduction
Annual Report 2023 CTP N.V.
Value Creation
Value Capitalisation
ORGANIC
GROWTH
PARK
MANAGEMENT
ESG & ENERGY
INNOVATOR
SCALING
SERVICES
QUALITY &
MAINTENANCE
CTP
PARKMAKERS
DEVELOPER
Landbank
Utilisation
OPERATOR
Strengthening
Relationships
STAKEHOLDERS
& COMMUNITY
IN-HOUSE
CONSTRUCTION
CLIENT
TEAMS
INDUSTRY-
LEADING YOC
CLIENT-LED
GROWTH
PARK
DEVELOPMENT
SPACE
SATISFIED
CLIENTS
CLIENTS
Strategy &
Outlook
2.1 CTP’s Business Model:
“Wheel of Growth”
Company
Introduction
Business
Environment
ESG Governance Financial
Statements
Appendices
25
Annual Report 2023 CTP N.V.
Governance Financial
Statements
25
Business
Environment
AppendicesCompany
Introduction
ESG
CTP targets to own and operate a pan-
European network of business parks
with total gross leasable area (“GLA”) of
20 million sqm before the end of the
decade, nearly doubling its current
portfolio of 11.8 million sqm and generating
annualised rental income of over €1.2 billion.
These targets go hand in hand with the Group’s robust
financial framework with 1) a loan-to-value (“LTV”) tar-
get between 40%-45%, 2) a target YoC of over 10% for
the Group and 11% across the Group’s core CEE markets,
3) a WAULT above six years, and 4) an occupancy level of
around 95%.
CTP expects that the scale of its business, its flexi-
bility in offering its clients scalable solutions and its ESG
commitment will continue to position the Company ahead
of its competitors. The Group’s strong liquidity position
and capital structure enable it to act quickly to capitalise
on opportunities. Key factors of CTP’s continued market
leadership include its strong, long-term client relation-
ships and business ecosystem combined with its strategic
landbank, the vast majority of which is located in or ad-
jacent to its existing parks. This enables the Company’s
clients to expand at their existing locations, while CTP’s
in-house capabilities allow for shorter construction times.
In addition, the photovoltaic rooftop capacity of CTP’s
buildings offer a unique opportunity for the Group to de-
velop a sizeable renewable energy business delivering at-
tractive returns, with a YoC on renewable energy-related
investments above 15%.
Strategy &
Outlook
2.2 Growth Plan and 20 Million sqm
GLA Target
2.2 Growth Plan and 20 Million sqm
GLA Target
x
€1.2 BILLION
RENTAL INCOME
20 MILLION
SQM GLA
BEFORE THE END
OF THE DECADE
Capital allocation
CTP’s in-house construction teams and centralised pro-
curement capabilities, together with increasing market
rents, enable the Company to continue to deliver at an in-
dustry-leading double-digit YoC. Since its start in 1998,
CTP has assembled one of Europe’s largest industrial &
logisitcs (“I&L”) real estate portfolios by focusing on high
development returns and reinvesting cash flows from its
standing assets. To keep leverage metrics in line with the
Group’s financial framework, CTP focuses on developing
in countries with higher revaluation potential at delivery—
subject to the availability of landbank and client demand.
The Group’s priority is to mobilise its existing landbank,
which is already paid for, as this results in the highest in-
cremental return. CTP’s preference is to secure additional
land plots through options in order to limit the amount of
capital allocated to non-income generating assets.
Company
Introduction
Business
Environment
ESG Governance Financial
Statements
Appendices
26
Annual Report 2023 CTP N.V.
ESG
ESRS 2 SBM-1-40, ESRS 2 SBM-1-41, ESRS 2 SBM-1-42, GRI 201-1
CTP enhances its offer to clients by having ESG as an in-
tegral part of its Parkmaker concept to ensure that the
Group’s parks maintain their relevancy over the long term
for all stakeholders. Inputs are gathered from industry
reports, market analysis, relations with stakeholders in-
cluding clients and suppliers.
CTP’s overall ESG strategy is based on four guiding
principles: (i) Striving to Be Climate Positive; (ii) Embed-
ding Parks in Communities; (iii) Stimulating Social Impact
& Well-being; and (iv) Conducting Business with Integrity.
These principles support 10 of the 17 United Nations Sus-
tainability Development Goals. Focus areas have been ad-
justed based on the outcome of materiality assessments.
CTP has also carried out a full analysis of its physical and
climate-transition risks. The Group’s ESG targets have
been set in accordance with materiality assessments and
risk analyses.
CTP’s long-term ambition is to become carbon neu-
tral in line with the Paris Agreement. To minimise its car-
bon footprint, CTP focuses on the full value chain, from
design and construction to operations and maintenance.
The Group has a long history of developing indus-
try-leading sustainable buildings. As the long-term owner
of its business parks, CTP makes significant investments
to ensure that its buildings are built future-proof in terms
of energy efficiency—which reduces the overall occupancy
cost for clients—and that they are constructed and op-
erated in line with circular economy principles of waste
management, recycling and resource usage.
CTP actively engages the stakeholders in its value chain.
Examples include the green lease agreements that the
Group signs with its clients; community events that are
organised to integrate CTP’s parks into local communi-
ties; and onsite amenities that include CTP’s community
Clubhaus space, with restaurants, shops, relaxation spac-
es, and sport and medical facilities available to the work-
forces of CTP’s clients.
CTP culture and organisation
Integral to the achievement of CTP’s ambitious goals
and targets is its team, which at year-end 2023 consist-
ed of 746 employees (headcount). CTP’s organisation is
comprised of a corporate international team and coun-
try teams. Where possible, decision making is delegated
to the country management teams, whose detailed local
knowledge plays a pivotal role in securing operational re-
sults. Local knowledge helps CTP’s country teams accel-
erate development and proactively secure land positions
at strategic locations to meet client requirements.
CTP’s international team provides a strategic outline
and funding, allocates capital, and provides central sup-
port by way of scalable systems and processes.
CTP continues to have a healthy gender diversity ratio
of 54% men and 46% women, while at the Board level two
of the six Board members are women.
The Group has five deeply rooted values (commitment,
entrepreneurial, accountability, sustainability and com-
munity) that inspire its teams to do what they do best: de-
velop sustainable, innovative and high-quality I&L build-
ings. As a long-term owner, CTP’s responsibility towards
its partners, clients, communities, employees and other
stakeholders is safeguarded by its values.
The expertise of the Group’s professionals and their
responsiveness to market trends, new technologies, and
client needs—which often change during their tenancy—
have made CTP the market leader it is today and allowed
the Group to provide shareholders with superior and long-
term sustainable returns.
CTP’s employees have a real “can-do” mentality, with
a clear sense of commitment to deliver the best possi-
ble product for the Group’s clients and the communities
where it operates.
Engagement
ESRS 2 SBM-2-45
CTP’s stakeholder relationships provide a significant
competitive advantage, as the Group leverages these re-
lationships as a strategic value driver. CTP maintains an
ongoing dialogue with all of the Group’s stakeholders, in-
cluding clients, their workforce, sub-contractors, author-
ities, CTP’s workforce, shareholders, debt providers, and
the local communities where it operates.
The Group is aware that its activities impact the en-
vironment where it co-exists with surrounding communi-
ties. The Company’s long-term partnership approach and
proactive engagement with communities, local authorities
and municipalities add value to the wider socio-economic
ecosystem.
Strategy &
Outlook
2.2 Growth Plan and 20 Million sqm
GLA Target
Company
Introduction
Business
Environment
ESG Governance Financial
Statements
Appendices
27
Annual Report 2023 CTP N.V.
Strategy &
Outlook
2.2 Growth Plan and 20 Million sqm
GLA Target
Capitalising on market opportunities
The I&L sector is transitioning from being a pure cost cen-
tre to a driver of performance (see Section 3.1 for more
details). This transition results in a holistic view of real
estate in a client’s total operations, including labour, total
supply-chain costs and ESG, in order to optimise their to-
tal cost of occupancy. CTP accommodates this by:
• improving efficiency in I&L networks, thanks to its
strategically located CTParks and building layouts,
which also allow clients to expand at their existing lo-
cations;
• supporting increased ESG requirements focused on
sustainable supply chains and providing amenities/
services to attract and retain local workers;
• developing properties with renewable energy sources
that also bolster energy security, which is especially
key when client operations are highly automated; and
• guaranteeing flexibility and speed by established
in-house teams and scale to expand throughout the
CTPark Network.
With its business model and strategy, CTP is well posi-
tioned to capitalise on market opportunities and accom-
modate changing client requirements. This is reflected
in the Company’s high repeat business, as approximately
two-thirds of all new leases signed each year are with ex-
isting clients. CTP’s parks enable positive network effects
for all stakeholders:
• for Clients – by providing the opportunity to expand
at the same location or elsewhere within the CTPark
Network, improved infrastructure, the exchange of
expertise and services between clients, and scale to
have access to services and amenities for their em-
ployees that are not feasible for stand-alone units;
• for Communities – by providing access to services
offered at parks and investments in public transport
and green areas; and
• for CTP – by enabling market leadership, efficiency,
and growth with existing clients, allowing for indus-
try-leading returns.
Strategy &
Outlook
2.3 Outlook for 2024
Company
Introduction
Business
Environment
ESG Governance Financial
Statements
Appendices
28
Annual Report 2023 CTP N.V.
Leasing dynamics in the I&L sector in CEE
markets remain strong, despite the macro
economic slowdown in 2023. Secular growth
drivers (see Section 3.1) as well as the
decreasing availability of new supply result
in low vacancy across CTP’s markets and
continued rental growth.
2.3 Outlook for 2024
CTP is well positioned to benefit from these trends. The
Group’s pipeline is highly profitable and client led, allowing
the Group to deliver sustainable and profitable growth—
also in the current higher interest-rate environment.
The YoC for CTP’s pipeline increased to 10.3% as at
end-2023. The target for new projects across the Group
is over 10%, thanks to decreasing construction costs and
rental growth. The next stage of growth is built in and fi-
nanced with 2.0 million sqm under construction as at year
end-2023.
CTP’s robust capital structure, disciplined finan-
cial policy, strong credit market access, industry-leading
landbank, in-house construction expertise and strong,
long-standing client relationships allow the Company to
deliver on its targets, with the Group on track to reach
20 million sqm of GLA and €1.2 billion of annual rental in-
come before the end of the decade.
The Group confirms its Company specific adjusted EPRA
EPS guidance of €0.80–€0.82 for 2024, up 10%–13%
year-on-year.
The guidance assumes a like-for-like rental growth of
around 5%, driven by indexation and reversion on renego-
tiations and expiring leases, deliveries between 1 million
sqm–1.5 million sqm in 2024, and a higher average cost
of debt.
The Group maintains its dividend policy, paying out
70%–80% of its Company specific adjusted EPRA EPS.
The default is a scrip dividend; shareholders can opt for
a payment of the dividend in cash.
Business
Environment
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
29
Annual Report 2023 CTP N.V.
Business
Environment
Business Environment
3.1 Business Environment and Trends 30
3.2 Operational Performance 36
3.3 Financial Performance 45
3.4 Funding and Hedging 48
3.5 Group-level Insights 54
3.6 Clients 59
3.7 Country Review 63
3
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
30
Annual Report 2023 CTP N.V.
Business
Environment
3.1 Business Environment
and Trends
3.1 Business Environment and Trends
The resiliency of Europe’s industrial & logistics
(“I&L”) sector is underpinned by multiple
demand drivers and elevated barriers to
new supply. Drivers of demand are diverse
and include nearshoring, e-commerce, and
increasing disposable income, while the
Central and Eastern European (“CEE”)
markets remain undersupplied and are faster-
growing than Western European markets.
Elevated barriers include increased scarcity
of land and a stricter regulatory environment.
Resiliency supported by sector drivers and barriers
The European I&L sector has historically done better
than the overall economy. This perspective is supported
by an analysis comparing GDP growth to the growth of
occupied logistics stock. Between 2009–2022, total GDP
growth in Europe was 12%, while occupied grade-A I&L
stock more than doubled. This growth can be attributed
to various demand drivers, among them the expansion of
e-commerce, and a persistent undersupply in the mar-
kets. A similar analysis of office space growth in Europe
(+15%) reveals that the office sector is more aligned with
the GDP trend and can therefore be considered as more
mature. The resiliency of I&L supports a positive outlook,
despite the current turbulent macro-economic conditions
especially in the undersupplied CEE markets.
I&L real estate has transitioned from being purely a
cost centre to a catalyst of operational excellence. Compa-
nies now emphasise the efficiency, reliability, flexibility, and
agility of their supply-chain networks. Grade-A real estate
can support these priorities. This transition to a driver of
performance makes sense from a core supply-chain cost
perspective as well. According to CBRE Supply Chain Advi-
sory, the majority of expenditures in logistics are allocated
to transportation costs (45%–70%). The share of fixed
facility costs (including real estate) is relatively small, ac-
counting for only 5%–10%. CBRE estimates that it takes
roughly an 8% increase in fixed facility costs to equal the
impact of just a 1% increase in transportation costs. This
is particularly important in an environment of high trans-
portation costs and the greening of supply chains.
Nearshoring is a durable solution for clients to mitigate
market volatility
An immediate response to mitigate the risks of sup-
ply-chain disruptions is for companies to hold higher in-
ventories. Risks of disruptive events seem here to stay,
and companies are prioritising the more durable solution
of de-centralising global supply chains by nearshoring
their operations closer to consumers. In addition to risk
mitigation, another reason to prioritise nearshoring is the
accelerated wage growth in traditionally low-cost Asian
manufacturing markets. The trade-off between low-cost
production in Asia and longer supply chains is no longer
as attractive. According to Economic Research Institute
and Salaryexpert.com, the average hourly rate for a fork-
lift operator is at the same level in mainland China as in
the Czech Republic. In CTP’s other markets in CEE, rates
are even lower. A third reason supporting nearshoring is
its reduced environmental impact: a company can signifi-
cantly lower its carbon footprint by reducing the intercon-
tinental trans-shipment of goods and materials.
The demand driven by nearshoring is expected to be
more concentrated in CEE—the “business-smart” region
of Europe. The region is well situated from a geographical
perspective, delivering access to the whole of Europe from
a cost-effective location, supported by modern logistics
infrastructure and connectivity and benefiting from ma-
jor transportation hubs close to Europe’s largest markets
with high purchasing power. Equally, in terms of industrial
activity, the region boasts high-end manufacturing capa-
bilities in locations close to university cities with access to
a highly skilled and motivated workforce. Favourable labour
costs further contribute to cost-effective operations. Net
labour costs (including taxes minus subsidies) in the trans-
portation & storage and manufacturing sectors in CEE are
typically one-fourth of those incurred in Western Europe.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
31
Annual Report 2023 CTP N.V.
For these reasons, the CEE region is attractive for compa-
nies seeking to take advantage of nearshoring, nearsourc-
ing, and friendshoring. The CEE’s favourability is reflected
in multiple surveys, including the sourcing strategy report
by Maersk.
1
For European companies, three of the top ten
countries across the globe for nearshoring are in CEE. In
addition to Poland, which heads the list, the ranking also
includes Romania and the Czech Republic.
E-commerce is maturing, resulting in diverse demand
and continued long-term growth
E-commerce penetration across the CEE region has ex-
panded consistently since 2010 and is now closing the gap
with the EU-27, having moved past its initial stages (de-
fined as <5% e-commerce penetration) in 2015.
2
In general, the CEE region compares favourably with
the EU-27 in terms of the cumulative percentage growth
of e-commerce penetration. Cumulative and projected
e-commerce revenue growth from 2018–2028 indicates
that CEE has surpassed the EU-27, with a Compound An-
nual Growth Rate (“CAGR”) of 10%, compared to EU-27’s
CAGR of 8% and Western Europe’s 7%.
1 A Generational Shift in Sourcing Strategy: A Global and European
Deep Dive into Near-Sourcing, Nearshoring and Reshoring in the
Post-Pandemic World, 2023.
2 E-commerce penetration is expressed in total e-commerce turn-
over of enterprises.
The growth rate of e-commerce user penetration in the
CEE region between 2017–2028 is forecast to outpace
that of the EU-27 by over 30 percentage points. Specif-
ically, in Bulgaria, Romania, and Serbia, the number of
e-commerce users is expected to more than triple be-
tween 2017 and 2028, showcasing the most significant
growth in the region. Other CEE countries are also fore-
cast to more than double their number of e-commerce
users during this period Recent online sales numbers
support CEE’s e-commerce penetration growth: CEE
achieved a notable 18% increase in online sales during Q4
2023, exceeding the growth of Western Europe (7.4%) by
more than two times.
3
Diversifying e-fulfilment demand is a result of more
product categories (e.g., groceries) moving online, par-
ticularly since the Covid-19 pandemic. There is a broad
range of sectors and company sizes active in CTP’s mar-
kets. Demand is diverse but client requirements are fo-
cused on proximity to end-consumers, availability of la-
bour, sufficient/reliable energy and the opportunity to
expand. To successfully execute an online or omni-channel
retail model, e-tailers require more flexible, well-located
logistics properties that can accommodate their entire
product range and enable them to deliver orders and man-
age returns quickly and cost effectively.
3 Western Europe includes Germany, France, Belgium, the Nether-
lands, and the United-Kingdom.
Long-term trend of diverse demand and undersupplied
markets isolates market volatility
Demand in Europe’s I&L sector is broad-based and origi-
nates from a diverse pool of client categories. This diver-
sity across a wide range of categories isolates the risk
of becoming too dependent on a single sector or client.
CTP’s client base is diverse, particularly in CEE markets,
given the higher share of final assembly and manufactur-
ing services.
This diverse demand is taking place in a market that
is tight, as vacancy across Europe is below long-term av-
erages. I&L is undersupplied, as the sector is a relative-
ly young asset class compared to other commercial real
estate. The pan-European market only emerged follow-
ing the establishment of the Schengen visa-free trade
zone. Undersupplied markets create structural demand
as clients continue to upgrade to modern grade-A stock.
Growth markets in CEE, such as Bulgaria and Serbia, have
<0.25 sqm of grade-A stock per capita, which places them
among the most undersupplied markets in Europe. These
undersupplied markets are catching up, fuelling demand
as they move closer to European averages. However, dif-
ferences between markets remain, given differences in
wealth and role in the pan-European supply chain.
Business
Environment
3.1 Business Environment
and Trends
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
32
Annual Report 2023 CTP N.V.
Elevated supply barriers due to land scarcity and rising
regulatory requirements create structural constraints
Barriers to new supply are expected to rise in years to
come. This mitigates the risk of potential oversupply and
is expected to keep market vacancy rates at low levels.
Land is scarce in more mature markets such as Germany,
the Netherlands, Austria and the Czech Republic. Supply
barriers are rising in other CEE markets as well, particu-
larly at sites close to key economic clusters. The second
driver of constraints are rising regulatory requirements.
Obtaining permits to (re)develop requires more time, de-
laying future new supply. Long and expanding regulatory
requirements is a trend seen across Europe but is most
visible in markets with the tightest supply, e.g., Germany,
and the Czech Republic. Permitting timelines are expand-
ing for multiple reasons, including lack of staff at public
authorities and/or stricter requirements. As supply bar-
riers are rising, today’s infill markets are expected to be-
come ultra-infill in the future. Therefore, supply barriers
are also a driver of future rent growth performance.
Real estate market outlooks
The I&L sector has undergone maturation and institu-
tionalisation since the 2007–2009 global financial crisis.
This has led to more disciplined supply and structurally
lower vacancy levels compared to 2007.
CEE offers better opportunities for greenfield devel-
opments than Western Europe, with per capita industrial
building rates currently still lower than in Western Europe.
In terms of the number of non-residential building permits
issued (for millions of sqm of useful floor area) the CEE
average lies below the EU-27 average. More specifically,
Slovakia, Romania, Czech Republic, Serbia and Bulgar-
ia have a lower than EU-27 average of building permits
issued (for millions of sqm of useful floor area). Building
permitting time is slightly higher in CEE compared to the
EU-27. There has been a focus in CEE in recent years on
building modern retail and industrial spaces. Occupier
demand remained robust in the CEE region throughout
2023, primarily fueled by factors like nearshoring, e-com-
merce, and growth of domestic consumption. Overall, de-
mand continues to surpass the supply of industrial stock,
serving as a driver for rental growth.
In the early months of 2023, numerous projects ini-
tiated during a phase of low interest rates and high de-
mand were completed. As 2023 unfolded, the industrial
supply decreased, as rising interest rates challenged the
business model of developer traders. Supply is expected
to remain moderate in 2024. The industrial market sup-
ply is acknowledged for its quick adaptation to changes
in economic conditions due to shorter construction times
compared to other types of real estate.
In 2023, overall net absorption remained positive for
the Czech Republic and Poland, while negative for West-
ern & Southern Europe. Despite slight increases seen in
CEE, it is worth noting that vacancy rates remained be-
low 5% in the Czech Republic, Slovakia, Romania, Serbia
and Bulgaria. Net industrial building completions declined
across the EU throughout 2023, encompassing Western
and Southern Europe as well as CEE. Most new supply is
built-to-suit, due to the demand/supply imbalance. Pro-
jections indicate an expected decrease in vacancy rates,
an increase in net absorption from 2024 to 2028 across
Europe.
4
The combination of moderate vacancy, continued ele-
vated demand, disciplined new supply and rising replace-
ment costs resulted in elevated rental growth in many
markets in 2023. European average prime rent growth
was over 7% in 2023 and is forecast to average around
3% until 2028.
5
Two of the five fastest-growing markets
are in CEE, mainly due to supply-demand imbalance (par-
ticularly the Czech Republic). The Group’s Western Eu-
ropean markets including Germany and the Netherlands
benefit from multiple demand drivers including being en-
try points to Europe and economic engines of the EU with
a large concentration of affluent consumption centres. At
same time, these markets are facing high regulatory bar-
riers and low land supply, leading to a structural demand
and supply imbalance. This is a driver of rent growth today
and of expected rental growth in the future.
Business
Environment
3.1 Business Environment
and Trends
1 Information is solely accessible for Belgium, France, Germany,
the UK, Italy, and Spain (representing Western and Southern
Europe), as well as for the Czech Republic and Poland in the
CEE region.
2 Countries included are: Belgium, Czech Republic, France,
Germany, Italy, Netherlands, Poland, Spain, United Kingdom.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
33
Annual Report 2023 CTP N.V.
FIG. 3.1 GROWTH OF GDP, OFFICE AND LOGISTICS
SECTORS IN 2009–2022
Fig. 3.2 net labour costs including taxes and excluding
subsidies (transportation & storage and manufacturing)
12%
15%
116%
GPD OFFICE:
Occupied
Stock
LOGISTICS:
Occupied
Stock
120%
100%
80%
60%
40%
20%
0
Business
Environment
3.1 Business Environment
and Trends
(€/hr, 2022) (%)
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0
BG RS RO HU PL SK CZ EU-27
avg.
WESTERN
EUROPE
Manufacturing
Transport & Storage
Source: IMF, CBRE Source: Eurostat
Source: Eurostat, Statista
FIG. 3.3 E-COMMERCE REVENUE, CUMULATIVE % GROWTH PER COUNTRY
450
400
350
300
250
200
150
100
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
RO
HU
BG
PL
SK
NL
CZ
UK
RS
DE
FR
CAGR 18-28 = 10%
CAGR 18-28 = 7%
350
300
250
200
150
100
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
FIG. 3.4 E-COMMERCE REVENUE GROWTH (INDEX: 2018=100)
CEE av.
Western Europe av. EU-27 av.
Source: Eurostat, Statista
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
34
Annual Report 2023 CTP N.V.
ESG
FIG. 3.5 STOCK PER CAPITA (Q4 2023)
Business
Environment
3.1 Business Environment
and Trends
(in sqm)
NL
BE
DE
SE
CZ
PL
EUROPE AVG.
FR
UK
SK
CEE AVG.
ES
HU
IT
PT
RO
BG
RS
0 0.5 1.0 1.5 2.0 2.5 3.0
WESTERN
EUROPEAN AVG.
Source: CBRE
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
35
Annual Report 2023 CTP N.V.
ESG
FIG. 3.6 RESIDENTIAL BUILDING PERMIT TIME (DAYS), 2020
FIG. 3.7 EUROPEAN MARKET FUNDAMENTALS
Business
Environment
3.1 Business Environment
and Trends
(mil. of sqm vs %)
Net Absorption (mil. of sqm) Net Completions (mil. of sqm) Vacancy Rate (in %)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 E 2025 E 2026 E 2027 E 2028 E
30.0
25.0
20.0
15.0
10.0
5.0
0
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0
DK FI LT BG RS EE SE DE PL HR ES LI PT NL IE MT GR IT LV HU BE FR AT CZ SI RO SK CY
600
500
400
300
200
100
0
EU-27
CTP
CEE-7 190.3
179.9
184.1
Source: CBRE
Source: World Bank
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
36
Annual Report 2023 CTP N.V.
3.2 Operational Performance
Building on its strong cash-flow generating
portfolio and unique in-house capabilities,
CTP was able to double its gross leasable
area (“GLA”) compared to 2020 with another
record-breaking year of developments.
The Group remains on track to reach its
goal of 20 million sqm of GLA before end
of the decade.
Leasing demand
In 2023, CTP signed leases for 1,976,000 sqm, with con-
tracted annual rental income of €135 million and an aver-
age monthly rent per sqm of €5.69 (2022: €4.82).
Around two-thirds of these leases were with existing
clients, in line with CTP’s business model of growing with
existing clients in existing parks.
Some of the main leasing deals in 2023 included:
115,000 sqm with Raben Group, a third-party logistics
provider; 27,000 sqm with Titan X, a global supplier of
cooling systems for commercial vehicle manufacturers;
25,000 sqm with a German renewable energy developer
and service provider; 25,000 sqm with TRUMPF Huet-
tinger, a global manufacturer of power supplies for plasma
coating, induction heating, and laser excitation process-
es—all in Poland; and 67,000 sqm with the Mercator su-
permarket chain in Serbia, which is centralising its distri-
bution and warehousing requirements. Other new leases
include 53,000 sqm with Taiwan-headquartered Inventec,
which produces computers, notebooks, servers and other
IoT devices; and 26,000 sqm with Vitesco, which develops
electrified drive technologies—both in the Czech Republic;
and 28,000 sqm with Jiangsu Xinquan Trim in Slovakia.
CTP’s four Core Markets—the Czech Republic,
Romania, Hungary, and Slovakia—represent over 74%
of the Group’s total owned GLA. CTP’s average market
share in those markets stood at 27.4% as at 31 December
2023, and the Group remains the largest owner and devel-
oper of industrial and logistics real estate assets in those
markets. The Group is also the market leader in Serbia
and Bulgaria.
With over 1,000 clients, CTP has a wide and diversi-
fied international client base, consisting of blue-chip com-
panies with strong credit ratings. CTP’s clients represent
a broad range of industries, including manufacturing,
high-tech/IT, automotive, and e-commerce, retail, whole-
sale, and third-party logistics. This client base is highly
diversified, with no single client accounting for more than
2.5% of its annual rent roll, which leads to a stable income
stream. CTP’s top 50 clients only account for 33.1% of its
rent roll and most are in multiple CTParks.
LEASES SIGNED BY SQM
Q1 Q2 Q3 Q4 FY
2022 441,000 452,000 505,000 485,000 1,883,000
2023 297,000 552,000 585,000 542,000 1,976,000
Increase -33% +22% +16% +12% +5%
AVERAGE MONTHLY RENT LEASES SIGNED PER SQM (€)
Q1 Q2 Q3 Q4 FY
2022 4.87 4.89 4.75 4.80 4.82
2023 5.31 5.56 5.77 5.81 5.69
Increase +9% +14% +19% +21% +18%
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
37
Annual Report 2023 CTP N.V.
Standing portfolio
CTP develops, owns and manages a high-quality portfolio
of assets in over 200 locations. In line with its Parkmaker
and build-to-own business model with its vertically inte-
grated operating platform, the Group increased its invest-
ment portfolio from 10.5 million sqm of owned GLA in 2022
to 11.8 million sqm at end-2023. Growth was driven by de-
liveries of 1.2 million sqm and the acquisition of 0.2 million
sqm of value-add and income-producing assets. With its
market-leading portfolio throughout continental Europe,
the Group’s business generates strong cash flows.
The Group’s main driver of GLA growth in 2023 were
the properties that CTP developed in-house, as the Group
can realise the highest incremental return by developing
on land that it has already paid for. In the current higher
interest-rate environment, the Group is less active as a
cash-buyer of standing assets, resulting in less invest-
ment in acquisitions in 2023 than in previous years.
The Group’s next 12 months’ revenue increased to
€719 million (31 December 2022: €589 million), an increase
year-on-year of 22%. The main drivers of this increase
were 2023 deliveries (€66 million), income growth in the
standing portfolio (€42 million), future developments (€12
million), and acquisitions (€10 million).
An increasing proportion of the rental income gener-
ated by CTP’s investment portfolio benefits from infla-
tion protection. Since end-2019, all the Group’s new lease
agreements include a double indexation clause, which cal-
culates annual rental increases as the higher of:
• a fixed increase of 1.5%–2.5% a year; or
• the Consumer Price Index.
As at 31 December 2023, over 66% (49% at the end of
2022) of income generated by the Group’s portfolio in-
cludes this double indexation clause, and the Group aims
to increase this further. The remaining 34% of the port-
folio has only a fixed increase of 1.5%–2.5% a year, and
therefore more reversionary potential built-in. The index-
ation takes place on 1 January of each year in the majority
of the lease agreements. Therefore, the growth in rental
income relating to 2023 inflation will only be recorded in
the 2024.
The Company’s occupancy stood at 94% at year-end
(31 December 2022: 94%). CTP targets an occupancy rate
around 95% with a few percentage points of vacancy, as
this flexibility is key to optimise client relationships and
drive rental growth. CTP’s business model is focused on
being a long-term business partner, to allow existing cli-
ents to grow in their existing location or in another park
within the CTPark Network. Some of CTP’s clients have
already extended more than five times in their existing lo-
cation. CTP therefore starts some developments before
having secured pre-letting; however, this is concentrated
in existing parks, where the Company has good visibility
on future demand and knows the market well. This allows
CTP to have a market-leading client retention rate of 90%
(31 December 2022: 90%), which demonstrates CTP’s
ability to leverage long-standing client relationships.
The rent collection level slightly increased to 99.9%
(31 December 2022: 99.7%), with no deterioration in pay-
ment profile.
In 2023, CTP realised a like-for-like growth of 7.4%,
mainly driven by reversion and indexation. Countries with
the highest like-for-like rental growth were Hungary,
Romania and Bulgaria.
The weighted average unexpired lease term (“WAULT”)
of CTP’s investment portfolio stood at 6.6 years at the
period end (31 December 2022: 6.5 years), in line with the
Company’s target of >6 years.
The reversionary potential stands at 14.5% as at 31
December 2023 (31 December 2022 12.5%), illustrating the
future rental growth potential. The Group has the highest
reversionary potential in the Czech Republic with 22.2%.
Based on the expiry schedule, the Group is expected
to be able to capture more than 33% of the reversionary
potential in the coming five years. During 2023, leases
were signed on average above their estimated rental
value (“ERV”), supporting both the Group’s reversionary
potential and valuations.
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
38
Annual Report 2023 CTP N.V.
FIG. 3.8 GLA
2018 2019 2020 2021 2022 2023
7,617
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
10,467
5,882
5,100
4,600
11,790
(ʼ000s sqm)
FIG. 3.11 OCCUPANCY
2018 2019 2020 2021 2022 2023
95%
100%
90%
80%
70%
60%
50%
94%94%
95%95%
94%
(in %)
2019 2020 2021 2022 2023
29%
28%
27%
26%
25%
24%
23%
22%
21%
27.5%
23.9%
24.2%
27.8%
27.40%
FIG. 3.9 CTP MARKET SHARE EVOLUTION OF
IN-PLACE GLA, (CORE MARKETS *)
(in %)
* CZ, RO, HU, SK
Source: CBRE
FIG. 3.10 CTP MARKET SHARE OF TAKE-UP
(LAST FOUR QUARTERS, CORE MARKETS*)
* CZ, RO, HU, SK
Source: CBRE
(in %)
2022 2023
50%
40%
30%
20%
10%
0%
31.8%
33.9%
31.3%
33.5%
27.3%
33.4%
25.1%
37.4%
Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
39
Annual Report 2023 CTP N.V.
FIG. 3.12 CLIENT RETENTION
8%
7%
6%
5%
4%
3%
2%
1%
0
2021 2022 2023
4.5%
3.8%
7.4%
8
7
6
5
4
2
1
0
6.5
6.0
5.45.4
6.6
6.7
FIG. 3.17 WAULT TO EXPIRYFIG. 3.16 LIKE-FOR-LIKE
RENTAL GROWTH
FIG. 3.14 COLLECTION RATE
2018 2019 2020 2021 2022 2023
100%
90%
80%
70%
60%
50%
99.7%
98.5%
99.2%99.8%
99.9%
99.4%
2018 2019 2020 2021 2022 2023
FIG. 3.13 NEXT 12 MONTHS’
CONTRACTED REVENUE
(in € million) (in %)
(in %)
1,976
1,704
1,883
2018 2019 2020 2021 2022 2023
1,143
2,500
2,000
1,500
1,000
500
0
1,175
727
FIG. 3.15 LEASING ACTIVITY
DEVELOPMENT
(ʼ000s sqm) (years)
(in %)
2018 2019 2020 2021 2022 2023
100%
90%
80%
70%
60%
50%
90%
92%
83%
86%
90%
92%
719
800
700
600
500
400
300
200
100
0
589
42
66
12
10
YE 2022 Standing
assets
Deliveries
2023
Future
develop-
ments
Acqui-
sitions
YE 2023
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
40
Annual Report 2023 CTP N.V.
18%
16%
14%
12%
10%
8%
6%
4%
2%
0
Growth
markets
Core
markets
Western
markets
Group
15.1%
15.4%
14.5%
7.2%
FIG. 3.19 ERV VS. EXPIRING IN-PLACE RENT FIG. 3.18 REVERSIONARY POTENTIAL
BY MARKET
2024 2025 2026 2027 2028
65
60
55
50
45
40
35
30
25
20
20%
16%
12%
8%
4%
0%
Annualised Rent Reversion (%)ERV
29.5
32.6
28.7
39.4
42.0
46.6
58.1
63.3
31.0
8.2%
15.3%
8.9%
10.7%
(in %)
6.7%
40.4
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
41
Annual Report 2023 CTP N.V.
Development
After completing over 1 million sqm of GLA in 2022, CTP
continued its disciplined investment in its highly profitable
pipeline and set a new record of 1.2 million sqm delivered
in 2023. The developments were approximately 86% let at
delivery and will generate an annualised contracted rent-
al income of €73 million, with another €16 million to come
when these reach full occupancy.
Some of the main deliveries during 2023 were: 65,000
sqm in CTPark Bucharest West (leased to LPP), 51,000
sqm in CTPark Vienna East (fully leased to among oth-
ers DHL, Frigologo, Quick Service Logistics, Toyota,
Schachinger), 47,000 sqm in CTPark Warsaw South
(leased to amongst others Tas Logistyka), 27,000 sqm in
CTPark Prešov South (leased to Bosch) and 25,000 sqm
in CTPark Brno Líšeň (leased to among others Bufab,
Stannah Stairlifts, Swiss Automotive Group and Dr. Max).
While average construction costs in 2022 were around
€550 per sqm, in 2023 they lowered to €500 per sqm, in
part thanks to CTP’s in-house construction and procure-
ment teams.
Due to these decreasing construction costs and by
capitalising on strong occupier demand, low vacancies
and the growth of market rents, CTP was able to deliver
its projects in 2023 with a higher Yield on Cost (“YoC”)
of 10.8% (2022: 10.1%). CTP targets a YoC of 11% for
new construction across its core CEE markets, an in-
dustry-leading level, supported by the Company’s unique
park model and in-house expertise.
At the end of 2023, the Group had 2 million sqm of
projects under construction with a potential rental income
of €142 million and an expected YoC of 10.3%. The largest
expansion markets are Poland and the Czech Republic,
with 597,000 sqm and 370,000 sqm under construction,
respectively.
CTP has a long track record of delivering sustainable
growth through its client-led development in its existing
parks. Seventy-two percent of the Group’s projects under
construction are in existing parks, while 13% are in new
parks that have the potential to be developed to more
than 100,000 sqm of GLA.
The Group is targeting the delivery 1 million–1.5 million
sqm in 2024, subject to client demand. The 61,000 sqm of
leases that are currently signed for future projects that
have not yet started are an illustration of continued occu-
pier demand.
Planned 2024 deliveries are 38% pre-let (planned
2023 deliveries were 32% pre-let at YE-2022, and 86%
let at delivery) and CTP expects to reach 80%-90%
pre-letting at delivery, in line with historical performance.
As CTP acts in most markets as general contractor, it is
fully in control of the process and timing of deliveries, al-
lowing the Company to speed up or slow down depending
on client demand, while also offering clients flexibility in
terms of building requirements.
The Group replenishes its landbank on a continuous
basis. CTP focuses on acquiring development sites that are
adjacent to existing parks or in sought-after locations with
proximity to strong logistics hubs and transport corridors
and large, densely populated cities. In 2023, the Group
invested €224 million (2022: €279 million) to expand its
landbank (excl. options), focusing particularly on acquiring
sites within its Growth and Western European Markets. In
the higher interest rate environment, the Group prefers to
secure land through options were possible.
CTP’s landbank amounted to 23.4 million sqm at year-
end (2022: 20.3 million sqm), which allows the Company
to reach its target of 20 million sqm GLA before the end
of the decade. Twenty-four percent of the landbank was
secured by options (2022: 22%), while the remaining 76%
was owned and accordingly reflected in the balance sheet
(2022: 78%).
Sixty-two percent of the landbank is located with-
in CTP’s existing parks, while 29% is in or is adjacent to
new parks that have the potential to grow to more than
100,000 sqm.
The total landbank, which is part of the Group’s In-
vestment Properties, was valued at €920 million (2022:
€733 million). The revaluation in 2023 amounted to €104
million (2022: €3 million).
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
42
Annual Report 2023 CTP N.V.
(‘000s sqm)
(‘000s sqm)
FIG. 3.20 DELIVERIES PER QUARTER, 2023
FIG. 3.23 NEW PROJECTS STARTED
(‘000s sqm)
FIG. 3.24 GLA UNDER CONSTRUCTION
BY COUNTRY
(‘000s sqm)
FIG. 3.22 UNDER CONSTRUCTION 2023
CZ
26%
PL
24%
HU
12%
RO
8%
RS
8%
SK
7%
AT
5%
DE
4%
BG
6%
FIG. 3.25 PROJECTED ANNUALISED RENTAL INCOME OF
GLA UNDER CONSTRUCTION PER COUNTRY
Q1 Q2 Q3 Q4
2018 2019 2020 2021 2022 2023
153
337
190
492
223
411
(in %)
FIG. 3.21 ESTIMATED YOC, PROJECTS
UNDER CONSTRUCTION
14%
12%
10%
8%
6%
4%
2%
0
2018 2019 2020 2021 2022 2023
13.5%
10.8%
11.6%
11.0%
10.3%
10.1%
RS
171
RO
203
BG
127
SK
109
DE
76
AT
105
CZ
370
PL
597
HU
214
640
1,110
1,807
1,452
700
600
500
400
300
200
100
0
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
YE 2022 Deliveries Deliveries
started
in 2023
New
Projects
YE 2023
1,9721,452
2,500
2,000
1,500
1,000
500
0
-885
-321
1,726
2.0 MILLION sqm €142 MILLION
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
43
Annual Report 2023 CTP N.V.
(‘000s sqm)
FIG. 3.26 LANDBANK
DEVELOPMENT
Owned Under Option
23,359
20,297
8,344
-1,555
2,890
-837
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
YE 2022 New
acqui-
sitions
Transfer
from land
under
option to
land
owned
Transfer
to
IP/IPuD
Disposal
(incl.
option
expiries)
YE 2023
FIG. 3.27 OWNED LANDBANK ACQUISITIONS
BY QUARTER
4,804
557
995
1,526
Q1 Q2 Q3 Q4 YE 2023
6,000
5,000
4,000
3,000
2,000
1,000
0
1,726
‘000s sqm
Business
Environment
3.2 Operational Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
44
Annual Report 2023 CTP N.V.
Energy
In line with its ESG ambitions, CTP further accelerated its
roll-out of solar photovoltaic (“PV”) systems in its parks,
boosting the Company’s energy business. By year-end
CTP had installed 100 MWp, and its target is to reach 400
MWp by the end of 2026.
CTP’s sustainability ambition goes hand in hand with
more and more clients requesting PV systems, as they
provide them with i) improved energy security, ii) a lower
cost of occupancy, iii) compliance with increased regula-
tions, iv) compliance with their clients’ requirements, and
v) the ability to fulfil their own ESG ambitions.
The Group’s largest PV systems include CTPark Am-
sterdam City, CTPark Bor, CTPark Belgrade West and
CTPark Bucharest North.
The income from the Group’s energy business in 2023
amounted to €6.3 million, up 46% compared 2022, on the
back of the increased capacity. With an average cost of
~€750,000 per MWp, the Group targets a YoC of 15% for
these investments.
To get a better understanding of client energy com-
pensation on a real-time basis and help clients to improve
their energy efficiency and implement energy savings, in
2022 the Group started with the roll-out of smart metres.
FIG. 3.28 INCOME FROM THE SALE OF
SOLAR ELECTRICITY
2018 2019 2020 2021 2022 2023
3,236
4,301
3,326
3,254
3,185
6,274
(€ ‘000s)
(in MWp)
FIG. 3.29 TOTAL INSTALLED CAPACITY
2023 Previously
22
7
40
35
30
25
20
15
10
5
0
CZ RO HU SK PL RS BG DE AT NL
8
37
22
3
2
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Business
Environment
3.3 Financial Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
45
Annual Report 2023 CTP N.V.
3.3 Financial Performance
In 2023, CTP continued to deliver on its
promises with another year of strong
financial performance, despite the continued
macroeconomic and geopolitical volatility seen
throughout 2023. CTP delivered a record 1.2
million sqm of GLA (excluding acquisitions),
which brought the total GLA of its investment
portfolio at the end of the year to 11.8 million
sqm, while keeping its robust balance sheet
and sound financial policy.
Revenues
Rental income amounted to €571.9 million in 2023, up
17.9% year-on-year on an absolute basis. On a like-for-like
basis, rental income grew 7.4%, mainly driven by indexa-
tion and reversion on renegotiations and expiring leases.
The Group has put measures in place to limit service
charge leakage, especially in the Czech Republic and Ger-
many, which resulted in the improvement of the net rental
income (“NRI”) to rental income ratio from 93.2% in 2022
to 95% in 2023. Consequently, NRI increased 20.1% year-
on-year.
The Group’s NRI came to €543.2 million at end-year.
In CTP’s Core Markets, NRI grew 16.1% year-on-year to
€447.4 million; in Growth markets by 66.1% year-on-year
to €31.4 million; while the cumulative NRI in its Western
European Markets grew year-on-year by 43.3% to €64.4
million.
Net operating income from hotel operations increased to
€5.4 million from €3.7 million in 2022. The Group’s net
income from development activities within its industrial
and logistics portfolio decreased slightly from €9 million
in 2022 to €5.4 million in 2023.
Total revenues for 2023 came to €673.8 million, up
14.4% year-on-year, while the total attributable external
expense came to €119.8 million, down 3.5% year-on-year,
resulting in gross profit of €554 million, up 19.2% year-
on-year.
(€ million) 2018 2019 2020 2021
2022
restated 2023
Rental income 242.0 258.0 291.9 334.7 485.0 571.9
Net rental income 232.2 239.8 280.7 326.9 452.1 543.2
Operating profit
(excl. valuation result)
243.0 211.1 239.7 276.3 350.1 445.1
Net valuation result
on investment property
239.4 406.8 152.2 1,100.6 697.3 878.7
Profit/loss before finance costs 482.4 617.9 391.9 1,376.8 1,047.4 1,323.8
Profit for the period 361.5 392.2 252.5 1,025.9 764.2 922.6
FINANCIAL HIGHLIGHTS
Business
Environment
3.3 Financial Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
46
Annual Report 2023 CTP N.V.
Net other income and expense
The Group’s employee benefits increased from €43.7
million in 2022 to €50.4 million in 2023, driven primarily
by the increase of FTEs from 667 to 732. Other expens-
es came to €58.5 million in 2023, down 16.1% compared
to 2022. Other expenses in 2023, included non-recurring
items like donations, transaction advisory, and write-offs
of acquisition costs of cancelled transactions.
At year-end the Group had 100 MWp of installed PV
capacity, much of which was rolled out towards the end of
the year and therefore will only generate income in 2024.
Income attributable to solar energy in 2023 was €6.3 mil-
lion, which is booked in Other income.
Amortisation and depreciation increased to €12.7 mil-
lion in 2023, mainly driven by the depreciation of the in-
creased PV capacity.
EBITDA
EBITDA for 2023 came to €1,338.3 million, up 27.9%
year-on-year. The increase reflects the 19.2% increase in
gross profit and the 26% increase in the Net valuation re-
sult on investment property, while the Net other income /
expense increased much less with 5.1%. EBITDA excluding
net revaluation results stood at €459.6 million, up 31.7%
year-on-year.
Foreign currency
CTP has minimal exposure to currency risk, as all of the
portfolio’s lease agreements are denominated in euros.
Net currency conversion risks noted on the balance sheet
are also limited, as the valuations of the Group’s proper-
ties together with all interest-bearing debt are denomi-
nated in euros. In terms of transactional currency, a small
amount of construction costs is denominated in local cur-
rencies. However, this brings limited exposure, as rents
related to developments are set at levels that take such
risks into account at the time of procurement.
Taxation
The Group’s effective tax rate increased from 19.6% in
2022 to 23.9% in 2023. Of the overall tax expense, 81.3%
is a deferred tax expense connected to the Net valuation
result on investment property. The Group’s current tax
expense increased from €31.3 million in 2022 to €54.2
million in 2023.
Profit
Profit for the period increased by 20.4% to €922.6 million
compared to €764.2 million in 2022. This increase is main-
ly driven by Net valuation results on investment property,
due to completed developments, and Operating profit.
Company specific adjusted EPRA earnings increased
from €265.5 million in 2022 to €323.5 million in 2023. The
difference between EPRA earnings and IFRS profit is at-
tributable to several non-recurring items. The Company
specific adjusted EPRA earnings per share increased to
€0.73 compared from €0.61 in 2022, which represents
a 18.5% increase and is ahead of the guidance that the
Group gave.
Dividend
CTP’s dividend policy is to pay out 70%–80% of its Com-
pany specific adjusted EPRA earnings.
On 16 May 2023, CTP paid out its 2022 final dividend
of €0.23 per ordinary share. Shareholders were given the
choice to receive the 2022 final dividend in either cash or
in shares. The number of dividend rights that equates to
one new ordinary share was set at 51.54. A total of 26%
of shareholders opted for payment of the interim divi-
dend in stock.
On 4 September 2023, CTP paid out its 2023 inter-
im dividend of €0.25 per ordinary share, which repre-
sents 70% of H1-2023 Company specific adjusted EPRA
earnings. Shareholders were given the choice to receive
the 2023 interim dividend in either cash or in shares. The
number of dividend rights that equates to one new ordi-
nary share was set at 50.53. A total of 21% of sharehold-
ers opted for payment of the interim dividend in stock.
CTP will propose a final 2023 dividend of €0.275 per
ordinary share to the AGM on 23 April 2024. Subject to
approval by the AGM, the total 2023 dividend will amount
to €0.525 per ordinary share, representing a pay out of
73% and increase of 16.7% compared to 2022.
Business
Environment
3.3 Financial Performance
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
47
Annual Report 2023 CTP N.V.
Investment portfolio
Investment property (“IP”) valuation increased from
€10.1 billion as at 31 December 2022 to €12 billion as at
31 December 2023, driven by, among other factors, the
€1,074.2 million transfer of completed projects from
Investment property under development (“IPuD”) to IP,
a €317.3 million net revaluation result, €161.7 million of
standing assets acquisitions, and €224.3 million of land-
bank acquisitions.
The value of the Group’s landbank, which is part of
its IP, increased from €762.9 million at year-end 2022 to
€919.8 million at year-end 2023.
IPuD increased by 13.9% to €1.4 billion as at 31 De-
cember 2023, mainly driven by progress on developments,
while the projects under construction increased from 1.7
million sqm of GLA at year-end 2022 to 2 million sqm of
GLA at year-end 2023.
GAV increased to €13.6 billion as at 31 December
2023, up 18.7% compared to 31 December 2022.
The Net valuation results on investment property in
2023 came to €878.7 million and was mainly driven by a
revaluation of IPuD (€561.4 million), standing assets in-
cluding the stabilisation of 2023 deliveries (€198.6 mil-
lion), and landbank (€103.9 million).
On a like-for-like basis CTP saw a positive revaluation
of 2% in 2023 (0.4% in H1-2023). The like-for-like ERV
growth amounted to 10.1% (6.3% in H1-2023).
The reversionary yield increased 30 basis points in
H1-2023, while the yield increased by 10bps in H2-2023,
bringing it to 7.2%. In total, the Group saw a yield widen-
ing of 80 basis points between H1-2022 and FY-2023.
With the larger yield movements in Western European
markets, the yield differential between CEE and Western
European logistics is back to the long-term average. CTP
expects the yield differential to decrease further, driven
by the higher growth expectations for the CEE region.
CTP expects further positive ERV growth on the back
of continued client demand, which is positively impacted
by the secular growth drivers in the CEE region—especial-
ly since CEE rental levels remain affordable, as despite the
strong growth seen, they have started from significantly
lower absolute levels than in Western European countries.
In real terms, rents in many CEE markets are still below
2010 levels.
EPRA NTA
EPRA NTA per share increased from €13.81 as at 31 De-
cember 2022 to €15.92 as at 31 December 2023, rep-
resenting an increase of 15.2%. The increase is mainly
driven by the revaluation (+€1.94) and Company specific
adjusted EPRA EPS (+€0.73), but was partly offset by the
dividend (-€0.50) and others (-€0.06).
2022 adjustment of Financial Statements
Following a recommendation by the Dutch Authority for
the Financial Markets (“AFM”), the Group changed the
Deutsche Industrie REIT (“DIR”) accounting from an ac-
quisition of assets to a business combination.
This interpretation of IFRS 3.3 and consequently the
acquisition accounting method for a business combina-
tion that is outlined in IFRS 3.4 was corrected in CTP’s
comparative 2022 figures. Consequently, impact on Equi-
ty, deferred Tax and Goodwill was recognised in the 2022
results. Please see specific the impact in the notes to the
Financial Statements.
The amendment has no impact on CTP’s ongoing opera-
tional results, strategy, Company specific adjusted EPRA
EPS, or EPRA NTA.
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
48
Annual Report 2023 CTP N.V.
3.4 Funding and Hedging
The Group continued to take a prudent
approach to financial policy and credit metrics
to navigate the uncertain market conditions
witnessed in 2023. The Group repaid its
first bond in November 2023 and ended the
year with solid liquidity and a conservative
repayment profile, with the next material bond
repayment in June 2025.
In 2023, the Group signed €1.6 billion in
funding, of which €641 million was unsecured
funding, and maintained significant headroom
in all of its covenants.
Funding
In line with its proactive and prudent approach, the Group
benefits from a solid liquidity position to fund its develop-
ment pipeline, with a fixed cost of debt and conservative
repayment profile.
During 2023, the Group demonstrated its continued
good access to—and the depth of—the bank lending mar-
ket, signing:
• in February, the Group signed a €95 million secured
loan facility with an all-in fixed interest rate of 4.3%
1
and a maturity of 7 years;
• in March, the Group signed a €133 million secured loan
facility with an all-in fixed interest rate of 4.6%
1
and a
maturity of 7 years;
• in May, the Group signed a €280 million unsecured loan
facility with an all-in fixed interest rate of 4.7% and
a maturity of 5–7 years;
6
• in August, the Group signed a €200 million unsecured
loan facility with an all-in fixed interest rate of 4.5%
and a maturity of 10 years;
• in August, the Group signed a €103 million secured loan
facility with an all-in fixed interest rate of 4.7%
1
and
a maturity of 7 years;
• in August, the Group signed a €33 million secured loan
facility with an all-in fixed interest rate of 5.2% and
a maturity of 6 years;
• in September, the Group signed a €80 million unse-
cured loan facility with an all-in fixed interest rate of
5.6% and a maturity of 5–7 years;
• in October, the Group signed a €113 million secured
loan facility with an all-in fixed interest rate of 5.4%
and a maturity of 6 years;
1 Includes effect of hedging.
• in October, the Group signed a €96 million secured
loan facility with an all-in fixed interest rate of 5.2%
and a maturity of 7 years;
• in December, the Group signed a €81 million unsecured
loan facility with and all-in fixed interest rate of 5.2%
and a maturity of 5–7 years;
• in December, the Group signed a €143 million secured
loan facility with an all-in fixed interest rate of 4.9%
and a maturity of 7 years;
• in December, the Group signed a €200 million secured
loan facility with an all-in fixed interest rate of 5.3%
and a maturity of 5 years.
In total, the Group has raised €1,557 million in 2023, of
which €641 million is unsecured and €916 million secured.
In addition, in February CTP’s Revolving Credit Facility
(“RCF”) was extended for three years with two one-year
extension options and increased from €400 million to
€500 million.
The bank lending market—both secured and unse-
cured—remained more attractive than the bond market
during 2023, with pricing reflecting CTP’s long-term reli-
able and growing cash flows.
The Group’s liquidity position pro-forma for the loan
facilities signed in January and February 2024, the €750
million bond issuance and the concurrent bond tender of-
fer of €250 million, stood at €1.9 billion, comprised of €1.4
billion of pro-forma cash and cash equivalents, and an un-
drawn RCF of €500 million.
Furthermore, a material amount of additional loan
facilities have been agreed to fund 2024 developments as
well as pre-fund 2025 maturities.
CTP repaid its first €400 million bond in November
2023, with the next material bond repayment in June 2025.
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
49
Annual Report 2023 CTP N.V.
Issuance
Date Series
Maturity
Date Coupon
Outstanding
Balance
October 2020 €650 million October 2025 2.125%
€331.8 million
1
February 2021 €500 million February 2027 0.750% €500 million
June 2021 €500 million June 2025 0.500%
€500 million
2
June 2021 €500 million June 2029 1.250% €500 million
September 2021 €500 million September 2026 0.625% €500 million
September 2021 €500 million September 2031 1.500% €549.5 million
January 2022 €700 million January 2026 0.875%
€650 million
3
1 Outstanding amount after the settlement of the tender offer on 7 February 2024: €281.8 million
2 Outstanding amount after the settlement of the tender offer on 7 February 2024: €425 million
3 Outstanding amount after the settlement of the tender offer on 7 February 2024: €575 million
The Group had 60% unsecured debt and 40% secured
debt as at 31 December 2023, with ample headroom un-
der its covenants to increase the amount of secured debt,
which is offered at more attractive rates than the bond
market in the current environment.
The average debt maturity came to 5.3 years (31
December 2022: 5.7 years). CTP’s average cost of debt
stood at 1.95% (31 December 2022: 1.56%), with 99.5% of
the debt fixed or hedged till maturity.
Hedging
CTP targets to have close to 100% of its debt either fixed
or hedged till maturity. However, the Group also constant-
ly monitors the financial markets to identify optimum
timing and relative value-hedging opportunities, as CTP
pre-hedges certain upcoming and future funding require-
ments using forward starting swaps to lock in advanta-
geous interest rates. In 2022, several pre-hedging swaps
with a total nominal value of €750 million were put in
place at an average lock-in rate of 2.33%. All pre-hedges
were used during 2023.
Covenants
As of 31 December 2023, the Group is in compliance with
all of its covenants, with significant headroom in all of
them.
The interest coverage ratio (“ICR”) stood at 3.8x, well
above the minimum covenant threshold of 1.5x. The Se-
cured Debt Test stood at 18.5% compared to 15% in 2022
and a maximum covenant level of 40%, while the Unen-
cumbered Assets Test came to 189.1% compared to 185%
in 2022 and a minimum covenant level of 125%.
CTP’s Loan-to-Value (“LTV”) increaesd from 45.4% as
at 31 December 2022 to 46.0% as at 31 December 2023,
above the Company’s target range of between 40%-45%,
due mainly to land acquisitions in Germany in December
2023. The Group deems this to be an appropriate lev-
el, given its higher gross portfolio yield, which stands at
6.7%. The higher yielding assets lead to a healthy level of
cash-flow leverage that is also reflected in the normalised
Net Debt to EBITDA of 9.2x (31 December 2022: 9.6x).
EMTN Programme
The EMTN Programme enables the Group to issue green
bonds on the Dublin Euronext Exchange. As at 31 Decem-
ber 2023, the Group has the bonds outstanding as shown
below in Table 3.4.1.
In November 2023, CTP published its third Green Bond
Report. This report includes an overview of the use of pro-
ceeds—CTP reached full allocation in 2023—and features
a second-party opinion by Sustainalytics, Inc.
In September 2020, the Company received a long-
term issuer rating of BBB- (stable outlook) from S&P and
a long-term issuer rating of Baa3 (stable outlook) from
Moody’s. Moody’s confirmed CTP’s rating and outlook on
3 August 2023, and S&P confirmed CTP’s rating and out-
look on 15 September 2023.
GREEN BONDS OUTSTANDING
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
50
Annual Report 2023 CTP N.V.
Overview of cash flow
Cash flows from operating activities remained strong and
increased in 2023, mainly due to increasing rental income.
The portfolio’s attractive WAULT of 6.6 years provides
comfort and income security. EBITDA (excluding net val-
uation result) grew from €349.0 million to €459.6 million.
The Group’s cash flows used for investment activities
decreased in 2023 to -€1,176.7 million. The decrease was
mainly driven by lower CapEx spent on Development of in-
vestment property, thanks to the decrease of construction
costs.
The cash flows from/used in financing activities
amounted to €886.1 million in 2023, an increase driv-
en by CTP’s pro-active funding strategy. This enabled
the Group to fund both its development activities during
2023 as well as to pre-fund the pipeline of developments
for 2024 and part of the maturities in 2025. The Group
paid out €164 million in dividends during 2023 and repaid
€427.9 million of bonds and loan facilities.
Post-period events
In January and February 2024, the Group signed a total of
€190 million in loans.
On 5 February 2024, the Group made a successful
placement of a €750 million green bond with 6-year ma-
turity and a 4.75% fixed coupon.
On 7 February 2024, the Group settled a tender of-
fer which ran concurrently with the note placement in the
amount of €250 million.
FIG. 3.30 GROSS RENTAL INCOME
BY COUNTRY
FIG. 3.31 NET RENTAL INCOME
BY COUNTRY
AT
1.0
CZ
255.2
RO
101.7
DE
69.2
DE
57.9
SK
43.5
RS
18.0
BG
11.4
PL
7.2
NL
7.1
HU
57.6
CZ
247.1
RO
101.1
SK
42.5
RS
17.5
BG
11.0
AT
0.8
NL
5.7
PL 3.0
HU
56.7
2023 2022 2021
Cash at beginning of the year 660.6 892.8 419.1
Cash flows from operational activities 318.4 300.3 139.1
Cash flows used for investing activities -1,176.7 -1,364.8 -1,435.2
Cash flows from/used in financing activities 886.1 837.2 1,768.7
Cash at the end of the period 690.6 660.6 892.8
(€ million)
(€ million)
CASH FLOW OVERVIEW
(€ million)
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
51
Annual Report 2023 CTP N.V.
66%
YE2022 YE2023
80%
70%
60%
50%
40%
30%
20%
10%
0
49%
FIG. 3.32 LEASES LINKED TO CPI
FIG. 3.34 VALUE OF STANDING ASSETS FIG. 3.35 VALUE OF INVESTMENT PROPERTY
UNDER DEVELOPMENT
FIG. 3.36 VALUE OF LANDBANK
(in %) (in %) (in %)
(in %)
YE 2022 Transfer
from/to
investment
property
under de-
velopment
Transfer
from/to
PPE
Acqui-
sitions
Additions/
disposals
Net
valuation
result
YE 2023
12,000
10,000
8,000
6,000
4,000
2,000
0
FIG. 3.33 INVESTMENT PROPERTY
DEVELOPMENT, 2023
(€ ‘000s)
10,124
1,074
386
317 12,039
140
-2
CZ
21%
SK
10%
HU
9%
RO
7%
AT
7%
BG
5%
RS
4%
DE
2%
NL
0%
PL
35%
RO
11%
HU
11%
SK
10%
DE
8%
NL
5%
RS
4%
BG
2%
AT
2%
CZ
49%
RO
16%
DE
10%
HU
8%
SK
6%
NL
4%
PL
2%
BG
1%
RS
3%
AT
1%
CZ
31%
PL
16%
€11.1 BILLION €1.4 BILLION €920 MILLION
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
52
Annual Report 2023 CTP N.V.
FIG. 3.41 COST OF DEBT
2018 2019 2020 2021 2022 2023
Like-for-
Like
Revaluation
Yield
Impact
ERV & Other
Impact
1.48%
2.5%
2.0%
1.5%
1.0%
0.5%
0
1.56%
2021 2022 2023
1.95%
(in %)
(€)
FIG. 3.42 LTV
2018 2019 2020 2021 2022 2023
2018 2019 2020 2021 2022 2023
43%
70%
60%
50%
40%
30%
20%
10%
0
45%
51%
50%
47%
46%
(in %)
(€)
FIG. 3.37 LIKE-FOR-LIKE
REVALUATION, 2023
FIG. 3.40 COMPANY SPECIFIC
ADJUSTED EPS
FIG. 3.38 NET VALUATION RESULT
ON INVESTMENT PROPERTY
10.0%
8.0%
6.0%
4.0%
2.0%
0
-2.0%
-4.0%
-6.0%
-8.0%
8.32
4.07
7.57
12.06
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0
13.81
15.92
0.61
0.73
0.44
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0
0.32
0.38
0.49
FIG. 3.39 EPRA NTA PER SHARE
(in %)
PL
12%
CZ
30%
RO
17%
AT
6%
2.0%
-6.1%
8.1%
SK
12%
BG
3%
NL
2%
RS
4%
DE
14%
HU
0%
€879 MILLION
Business
Environment
3.4 Funding and Hedging
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
53
Annual Report 2023 CTP N.V.
FIG. 3.47 COVENANTS
FIG. 3.45 INTEREST COVER RATIO
(x)
2018 2019 2020 2021 2022 2023
5.0
10
8
6
4
2
0
4.6
3.8
4.2
4.0
3.8
FIG. 3.43 AVAILABLE LIQUIDITY
(€ billion)
FIG. 3.44 UNSECURED DEBT
(in % of total debt)
(€ million)
2018 2019 2020 2021 2022 2023
1.1
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
1.1
0.5
0.10.1
1.2
2018 2019 2020 2021 2022 2023
75%
80%
70%
60%
50%
40%
30%
20%
10%
0
68%
31%
4%
31%
60%
FIG. 3.46 DEBT MATURITY PROFILE
2024 2025 2026 2027 2028 2029 2030 2031 2032 ≥2033
1,600
1,400
1,200
1,000
800
600
400
200
0
922
46
1,263
563
528
33
1,515
841
442
836
Year
Secured
Debt
Test
Interest
Cover
Ratio
Unecumbered
Assets
Test
2018 n.a. 4.0 n.a.
2019 n.a. 4.2 n.a.
2020 73% 3.8 139%
2021 12% 5.0 194%
2022 15% 4.6 185%
2023 19% 3.8 189%
Covenant level max 40% min 1.5 min 125%
Business
Environment
3.5 Group-level Insights
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
54
Annual Report 2023 CTP N.V.
P O L A N D
C Z E C H I A
S L O V A K I A
H U N G A R Y
S E R B I A
B U L G A R I A
R O M A N I A
G E R M A N Y
A U S T R I A
N E T H E R L A N D S
BASEL
ZÜRICH
SARAJEVO
PODGORICA
TIRANA
SKOPJE
BRUSSELS
LUXEMBOURG
THESSALONIKI
ISTANBUL
LONDON
LILLE
ANTWERP
CALAIS
LIÈGE
METZ
STRASBOURG
KÖLN
MANNHEIM
ZAGREB
LJUBLJANA
TRIESTE
VENICE
BOLZANO
ŁÓDŹ
KRAKÓW
RZESZÓW
ROTTERDAM
UTRECHT
GRONINGEN
KOŠICE
KATOWICE
WROCŁAW
POZNAŃ
BYDGOSZCZ
OSTRAVA
BRNO
PLZEŇ
TIMIŞOARA
ARAD
DEBRECEN
ORADEA
TRNAVA
ŽILINA
GYŐR
GRAZ
LINZ
SALZBURG
INNSBRUCK
CLUJ
BRAŞOV
NOVI SAD
NIŠ
PLOVDIV
VARNA
BURGAS
CONSTANȚA
GDAŃSK
KLAIPÉDA
MALMO
COPENHAGEN
KAUNAS
CRAIOVA
PLOIEŞTI
MUNICH
STUTTGART
NÜRNBERG
DRESDEN
LEIPZIG
FRANKFURT
DÜSSELDORF
DORTMUND
BREMEN
HAMBURG
HANNOVER
SZCZECIN
ROSTOCK
EINDHOVEN
AACHEN
BERLIN
AMSTERDAM
SOFIA
BRATISLAVA
VIENNA
BUDAPEST
BELGRADE
BUCHAREST
WARSAW
PRAGUE
Core Markets
CTP is the leading logis-
tics player as measured
by owned industrial GLA
in each of its most estab-
lished Core Markets: the
Czech Republic, Romania,
Hungary, and Slovakia.
In these four markets
combined, CTP further
increased its market
share to 27.4% as at end-
2023. As of 31 December
2023, the Group owned
the four-largest industrial
parks in the CEE region,
including CTPark Bucha-
rest West and CTPark
Bucharest in Romania and
CTPark Brno and CTPark
Bor in the Czech Republic.
Growth Markets
In recent years CTP has
diversified its portfolio
and successfully execut-
ed its client-led expan-
sion into the three new
key markets of Serbia,
Bulgaria and Poland.
They are referred to as
“Growth Markets”, where
CTP aims to become a
prominent player in the
medium term.
Western European
Markets
CTP’s access to inter-
national capital markets
has facilitated its market
entry in Austria and the
Netherlands, as well its
strategic acquisition to
enter Germany. These
Western European Mar-
kets now enable the Com-
pany to service its clients
from the North Sea to the
Black Sea, along all main
European transit routes,
and to grow with them.
3.5 Group-level Insights
CTP’s unmatched industrial and logistics
portfolio—the CTPark Network—is the
cornerstone of a resilient European supply
chain. The CTPark Network is the largest
integrated system of premium business parks
in continental Europe. With over 200 locations
and a strategic landbank, the CTPark Network
provides seamless property solutions
for companies to grow, from the North Sea
to the Black Sea.
CTPARK NETWORK
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
55
Business
Environment
3.5 Group-level Insights
Annual Report 2023 CTP N.V.
KEY DATA: TOP 20 PARKS
Category Top 20
Total
portfolio
Top 20
as % of total
portfolio
GLA (‘000s sqm) 5,404 11,790 46%
Under construction (‘000s sqm) 179 1,970 9%
Landbank (‘000s sqm) 4,203 23,359 18%
Clients (#) 521 >1,000 n/a
Buildings (#) 310 836 37%
WAULT (years) 6.7 6.6 n/a
Occupancy (%) 95% 94% n/a
TOP 20 PARKS
The top 20 parks represent the
core of the CTPark Network.
They are thriving business
communities, with a dynamic mix
of clients from a broad range of
industries.
The top 20 parks make up 46% of
the GLA in CTP’s portfolio.
The top 20 parks are home to
roughly half of CTP’s 1,000+
clients; and have a development
opportunity of more than
2.1 million sqm GLA.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
56
Business
Environment
3.5 Group-level Insights
Annual Report 2023 CTP N.V.
TOP 20 PARKS
Rank Park Country
GLA
2022
GLA
2023
Share of
GLA
Total
land
Under
construction
Total
properties
Occu-
pancy WAULT Tenants
Year
start
1 CTPark Bucharest West Romania 767,000 833,000 7% 1,407,000 26,000 19 97% 5.8 27 2015
2 CTPark Bor Czech 640,000 642,000 5% 236,000 - 21 100% 6.2 23 2006
3 CTPark Bucharest Romania 547,000 571,000 5% 315,000 - 42 95% 4.0 107 2015
4 CTPark Brno Czech 504,000 540,000 5% 357,000 - 31 99% 7.6 44 2005
5 CTPark Ostrava Czech 390,000 390,000 3% 5,000 - 35 99% 9.5 75 2006
6 CTPark Budapest West Hungary 292,000 303,000 3% 559,000 11,000 17 93% 5.4 36 2016
7 CTPark Budapest East Hungary 191,000 212,000 2% 3,000 - 7 93% 4.9 16 2015
8 CTPark Bucharest North Romania 198,000 210,000 2% 60,000 - 9 73% 6.9 25 2020
9 CTPark Modřice Czech 205,000 205,000 2% 27,000 - 19 96% 4.8 24 2002
10 CTPark Trnava Slovakia 162,000 177,000 1% 411,000 9,000 17 100% 8.0 18 2015
11 CTPark Brno Líšeň Czech 121,000 175,000 1% 30,000 - 17 95% 11.9 23 2020
12 CTPark Hranice Czech 134,000 152,000 1% 89,000 - 17 97% 6.3 16 2002
13 CTPark Timisoara Romania 144,000 144,000 1% 393,000 - 10 92% 5.9 22 2015
14 CTPark Námestovo Slovakia 144,000 144,000 1% 16,000 10,000 10 100% 3.6 18 2021
15 CTPark Pohořelice Czech 119,000 131,000 1% - - 8 100% 7.4 10 2007
16 CTPark Bratislava Slovakia 130,000 130,000 1% 56,000 10,000 17 99% 5.7 11 2015
17 CTPark Amsterdam City Netherlands - 120,000 1% - - 1 30% 6.9 3 2023
18 CTPark Žatec Czech 92,000 120,000 1% - 63,000 7 96% 8.9 7 2007
19 CTPark Belgrade City Serbia - 104,000 1% - 31,000 2 100% 13.2 4 2023
20 CTPark Belgrade North Serbia 101,000 101,000 1% 239,000 19,000 4 93% 4.3 12 2020
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
57
Business
Environment
3.5 Group-level Insights
Annual Report 2023 CTP N.V.
TOP 20 PARKS
4.
BRNO, CZ
GLA 540,000 SQM
(2005)
5.
OSTRAVA, CZ
GLA 390,000 sqm
(2006)
10.
TRNAVA, SK
GLA 177,000 sqm
(2015)
11.
BRNOLÍŠEŇ,CZ
GLA 175,000 sqm
(2020)
8.
BUCHAREST NORTH, RO
GLA 210,000 sqm
(2020)
9.
MODŘICE,CZ
GLA 205,000 sqm
(2002)
7.
BUDAPEST EAST, HU
GLA 212,000 sqm
(2015)
6.
BUDAPEST WEST, HU
GLA 303,000 sqm
(2016)
1.
BUCHAREST WEST, RO
GLA 833,000 sqm
(Year Established: 2015)
2.
BOR, CZ
GLA 642,000 sqm
(2006)
3.
BUCHAREST, RO
GLA 571,000 SQM
(2015)
12.
HRANICE,CZ
GLA 152,000 sqm
(2002)
13.
TIMISOARA,RO
GLA 144,000sqm
(2015)
15.
POHOŘELICE,CZ
GLA 131,000 sqm
(2007)
16.
BRATISLAVA,SK
GLA 130,000sqm
(2015)
18.
ŽATEC,CZ
GLA 120,000 sqm
(2007)
17.
AMSTERDAMCITY,NL
GLA 120,000 sqm
(2023)
20.
BELGRADE NORTH, RS
GLA 101,000 sqm
(2020)
19.
BELGRADECITY,RS
GLA 104,000 sqm
(2023)
14.
NÁMESTOVO,SK
GLA 144,000sqm
(2021)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
58
Business
Environment
3.5 Group-level Insights
Annual Report 2023 CTP N.V.
Rank Tenant
Reported
period
Sqm
signed Park Country Industry
Existing
client?
1 Raben Q3'23 115,000 CTPark Warsaw West PL 3PL Y
2 Mercator Q2'23 67,000 CTPark Belgrade City RS Wholesale Trade N
3 TD Synnex Q2'23 54,000 CTPark Bor CZ Wholesale Trade Y
4 Inventec Q2'23 53,000 CTPark Blučina CZ Manufacturing Y
5 Meta System Q3'23 30,000 CTPark Trnava SK Automotive N
6 Jiangsu Xinquan Automotive Trim Q4'23 28,000 CTPark Košice SK Automotive Y
7 TitanX Engine Cooling Q1'23 27,000 CTPark Opole PL Automotive Y
8 Vitesco Technologies Q2'23 26,000 CTPark Ostrava Hrušov CZ Automotive Y
9 Baywa-r.e. Solar Systems Q2'23 25,000 CTPark Gdaňsk Port PL Other N
10 Trumpf Huettinger Q2'23 25,000 CTPark Warsaw East PL Manufacturing N
TOP10DEALSIN2023
CTPark Blučina for
Inventec consolidation.
Business
Environment
3.6 Clients
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
59
Annual Report 2023 CTP N.V.
3.6 Clients
CTP has a wide and diversified international
client base of blue-chip companies with
good credit ratings from a broad range of
industries. These include manufacturing
(high-tech/IT, automotive) and e-commerce,
retail, wholesale, and third-party logistics.
CTP’s client roster of over 1,000 companies
represents a solid balance between
diversification and concentration for
the Group, with no single client accounting
for more than 2.5% of its annual rent roll.
A diversity of clients and industries are
critical to build a resilient, future-proof
portfolio.
Warehousing & logistics is a key sector for CTP, and 3PLs,
who may serve one or more clients at a specific location.
They are in particular focused on strategic locations to
optimise their operations. Many clients in this category
are international players, which provide opportunities to
cross-sell across markets and countries.
Retail is a growing segment for CTP, as retailers have
started looking more to CEE markets, driven by an emerg-
ing middle class, higher growth of disposable income and
faster pace of e-commerce growth in the region.
Manufacturing is strongly represented in CTP’s portfo-
lio, particularly high-tech activities, with clients general-
ly signing longer leases as relocating is costly and capital
intensive. CTP expects strong demand as a result of the
ongoing nearshoring trend.
Automotive is also strongly represented in CTP’s portfo-
lio due to the large clusters of manufacturers moving to
the lower-cost but educated workforce that CEE offers.
The growing trend to develop new electric vehicle ("EV")
innovations is expected to generate more demand in mar-
kets offering significant available workforce and technical
education, government incentives, and proximity to sup-
pliers.
LESS THAN 10,000
15%
OVER 40,000
22%
(in %) (% of GLA)
FIG.3.48 CLIENTOCCUPIEDGLA
BYINDUSTRY
FIG.3.49 BUILDINGSBYTOTALSIZE
SHAREOFBUILDING'SGLA
SERVICES
3%
WHOSALE
TRADE
7%
RETAIL
TRADE
8%
OTHER
3%
10,000—40,000
63%
MANUFACTURING
31%
3PL
28%
AUTOMOTIVE
20%
Business
Environment
3.6 Clients
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
60
Annual Report 2023 CTP N.V.
13%
AUTOMOTIVE3PLS
E-COMMERCE, RETAIL,
WHOLESALE & DISTRIBUTION
6%
MANUFACTURING
HI-TECH
3%
TOP50CLIENTS
(RENTALINCOME,BYINDUSTRY,%)
6%
8%
Business
Environment
3.6 Clients
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
61
Annual Report 2023 CTP N.V.
Credit Ratings
Rank Clients SQM
Of Total
rented GLA Buildings Parks Countries Industry Moodys S&P Fitch
1 DHL 213,000 2.1% 22 15 5 3PL A2 - BBB+
2 Yanfeng 182,000 1.8% 8 3 3 Automotive Baa3 BBB- -
3 Quehenberger 173,000 1.7% 14 7 4 3PL - - -
4 DSV 136,000 1.3% 9 5 3 3PL A3 A- -
5 Raben 118,000 1.2% 11 11 5 3PL - - -
6 Loxxess 113,000 1.1% 3 1 1 3PL - - -
7 FM Logistics 106,000 1.0% 3 3 1 3PL - - -
8 Deli Home 104,000 1.0% 1 1 1 Manufacturing - - -
9 Lidl 103,000 1.0% 8 6 5 E-commerce, Retail, Wholesale and Distribution - - -
10 Maersk 101,000 1.0% 4 1 1 3PL Baa2 BBB+
11 Kühne Nagel 96,000 1.0% 7 4 3 3PL - - -
12 Primark 92,000 0.9% 1 1 1 E-commerce, Retail, Wholesale and Distribution - A -
13 Faurecia 91,000 0.9% 5 5 3 Automotive Ba2 BB BB+
14 DB Schenker 78,000 0.8% 12 8 4 3PL - - -
15 ZETOR Tractors 76,000 0.8% 4 1 1 Manufacturing - - -
16 Honeywell 74,000 0.7% 6 2 1 High Tech A2 A A
17 GXO 72,000 0.7% 3 1 1 3PL Ba1 BBB- BBB
18 Brembo 67,000 0.7% 3 1 1 Automotive - - -
19 Profi Rom Food 66,000 0.7% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - -
20 Wistron InfoComm 65,000 0.6% 2 1 1 High Tech - - -
21 Bosch 65,000 0.6% 5 4 4 High Tech - A A
22 LPP 65,000 0.6% 1 1 1 E-commerce, Retail, Whoeslae and Distribution - - -
23 Dr. Max 64,000 0.6% 5 5 2 E-commerce, Retail, Whoeslae and Distribution - - -
24 JV Europe 63,000 0.6% 4 3 1 Manufacturing - - -
25 Bridgestone 62,000 0.6% 1 1 1 Automotive A2 A
TOP50CLIENTS
1/2
Business
Environment
3.6 Clients
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
62
Annual Report 2023 CTP N.V.
Credit Ratings
Rank Clients SQM
Of Total
rented GLA Buildings Parks Countries Industry Moodys S&P Fitch
26 Thermo Fisher Scientific 60,000 0.6% 1 1 1 High Tech A3 A- A-
27 Kompan Czech Republic 59,000 0.6% 5 1 1 Manufacturing - - -
28 Network One Distribution 57,000 0.6% 2 1 1 E-commerce, Retail, Wholesale and Distribution - - -
29 International Automotive Components 57,000 0.6% 3 2 2 Automotive - - -
30 Grupo Segura 55,000 0.5% 1 1 1 Automotive - - -
31 Tech Data 54,000 0.5% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - -
32 Aenova 53,000 0.5% 1 1 1 Manufacturing - - -
33 Lenovo 50,000 0.5% 2 1 1 High Tech Baa2 BBB BBB
34 IMI 50,000 0.5% 7 3 1 Automotive - - -
35 Adient 49,000 0.5% 2 2 1 Automotive BB
36 Gebrüder Weiss 48,000 0.5% 8 5 4 3PL - - -
37 Rohlík 48,000 0.5% 5 4 3 E-commerce, Retail, Whoeslae and Distribution - - -
38 Linea Mexx (Mobexpert) 47,000 0.5% 2 2 1 Manufacturing - - -
39 BJS 47,000 0.5% 4 1 1 Manufacturing - - -
40 Orbico 47,000 0.5% 2 2 2 E-commerce, Retail, Wholesale and Distribution - - -
41 Grammer 47,000 0.5% 2 1 1 Automotive - - -
42 Versandhaus 46,000 0.5% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - -
43 Nidec 45,000 0.4% 2 1 1 Manufacturing A3 - -
44 DSL 44,000 0.4% 1 1 1 Manufacturing - - -
45 Fasana 43,000 0.4% 1 1 1 Manufacturing - - -
46 Gefco 43,000 0.4% 8 5 3 3PL - - -
47 Grupo Antolin 43,000 0.4% 3 3 3 Automotive B3 B- -
48 Autoneum 42,000 0.4% 3 2 2 Automotive - - -
49 Hermes Group 41,000 0.4% 1 1 1 3PL - - -
50 Aptiv 41,000 0.4% 2 2 2 Automotive Baa2 BBB BBB
TOP50CLIENTS
2/2
Business
Environment
3.7 Country Review
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
63
Annual Report 2023 CTP N.V.
3.7 Country Review
CTPARK OSTRAVA PORUBA
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
64
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
COUNTRY DATA
CZ
CORE
MARKETS
MACROECONOMICS INDICATORS
Population (in mil.)
1
10.8
Credit rating
2
Aa3
Avg. hourly wage (net labour costs) in manufacturing
3
€16.7 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
2.2% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
11.7
Annual growth rate of stock (y/y)
6
8.6%
CTP market share
7
27.3%
Net take-up (in mil. sqm)
8
0.9
CTP share net take-up
9
38.7%
Market vacancy rate
10
1.8%
Prime rent (€/sqm/yr)
11
90.6
Prime yield
12
5.0%
CTP INDICATORS
Locations with standing portolio
13
55
GLA (in thousand sqm)
4,182
Projects under construction (in thousand sqm)
370
Landbank (in thousand sqm)
7,600
GAV (in mil. EUR)
6,119
LFL rental growth
5.0%
Client retention rate
88%
Next 12 months’ revenue (in mil. EUR)
301
WAULT
7.4
E65
E50
E55
E55
D6
D6
D7
D8
D10
D11
D35
D5
D5
E48
E55
E67
E67
E50
E442
E461
E442
E442
E442
D3
D4
E49
E49
E49
E59
D52
D2
D1
D1
E50
E65
D48
E462
E75
E65
D1
Plzeň
Brno
Ostrava
Olomouc
Cheb
Teplice
Tábor
Zlín
Písek
Jihlava
Ústí
n.Lab
Liberec
Pardubice
Hradec
Králové
Karlovy
Vary
České
Budějovice
Opava
Prague
PL
DE
DE
AT
SK
Linz
Salzburg
Vienna
Bratislava
Budapest
Belgrade
Žilina
Katowice
Warsaw
Krak
ów
Wrocław
Warsaw
Dresden
Berlin
Nürnberg
Munich
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
65
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
CASE STUDY
Vitesco Technologies to launch
new plant for EV automotive
components
Vitesco Technologies—a leading producer
of drivetrains and powertrains for the au-
tomotive industry—is expanding its pres-
ence within the CTPark Network with the
launch in 2024 of its new €190 million elec-
tric vehicle (“EV”) parts factory at CTPark
Ostrava Hrušov. At completion, the new,
40,000 sqm facility will feature advanced
automated assembly lines and fully auto-
mated logistics. In line with the company’s
ESG goals, the new building will also be
equipped with rooftop solar panels and EV
charging stations. Vitesco Technologies
expects the new manufacturing site, which
also includes 1,500 sqm of office space, to
employ over 1,000 people by 2027.
CZ
CTPARK PRAGUE NORTH
CORE
MARKETS
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
66
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
COUNTRY DATA
RO
MACROECONOMICS INDICATORS
Population (in mil.)
1
19.1
Credit rating
2
Baa3
Avg. hourly wage (net labour costs) in manufacturing
3
€8.3 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
3.7% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
7.2
Annual growth rate of stock (y/y, %)
6
9.3%
CTP market share
7
37.0%
Net take-up (in mil. sqm)
8
0.8
CTP share net take-up
9
36.0%
Market vacancy rate
10
5.0%
Prime rent (€/sqm/yr)
11
54.0
Prime yield
12
7.8%
CTP INDICATORS
Locations with standing portolio
13
29
GLA (in thousand sqm)
2,620
Projects under construction (in thousand sqm)
203
Landbank (in thousand sqm)
3,465
GAV (in million EUR)
1,949
LFL rental growth
10.7%
Client retention rate
91%
Next 12 months’ revenue (in mil. EUR)
126
WAULT
5.3
CORE
MARKETS
E70
E70
E79
E79
E68
E60
E81
E58
E81
E81
E85
E85
E68 A1
A2
E79
E60
E87
E81
A1
A3
A3
A10
A6
E68
Arad
Deva
Sibiu
Târgu Mureș
Oradea
Cluj
Brașov
Consțanta
Bucharest
Ruse
Craiova
Timișoara
Black Sea
BG
UA
RS
HU MD
Lviv
Belgrade
Budapest
Vienna
Debrecen
Uzhorod
Odesa
Sofia
Bulgaria
Varna
Kyiv
R O M A N I A
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
67
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
RO
CTPARK BUCHAREST WEST
CORE
MARKETS
CASE STUDY
KSHG Auto Harness doubles its footprint at CTPark Deva II
Chinese automotive components maker KSHG Auto Harness has expanded its presence at
CTPark Deva II with the lease of an additional 13,000 sqm of space, bringing the company’s
total footprint at the park to 21,000 sqm. KSHG Auto Harness introduced the first high-
tech production line of its kind to Romania when it moved in to CTPark Deva II in 2022,
creating 400 new jobs. The company’s expansion is driven largely by the demand from mul-
tinationals looking to nearshore the production of goods destined for European markets.
CTPark Deva II offers strategic location near Bucharest and motorway connections to
Serbia and Romania.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
68
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
COUNTRY DATA
HU
COUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
9.6
Credit Rating
2
Baa2
Avg. hourly wage (net labour costs) in manufacturing
3
€11.1 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
2.8% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
5.1
Annual growth rate of stock (y/y, %)
6
11.1%
CTP market share
7
19.9%
Net take-up (in mil. sqm)
8
0.5
CTP share net take-up
9
15.4%
Market vacancy rate
10
7.7%
Prime rent (€/sqm/yr)
11
67.2
Prime yield
12
7.0%
CTP INDICATORS
Locations with standing portolio
13
15
GLA (in thousand sqm)
1,018
Projects under construction (in thousand sqm)
214
Landbank (in thousand sqm)
3,537
GAV (in million EUR)
1,115
LFL rental growth
10.7%
Client retention rate
86%
Next 12 months’ revenue (in mil. EUR)
71
WAULT
5.7
CORE
MARKETS
E75
E71
E60
M15
M1
E79
M3
M3
M30
E71
E71
M4
M5
E68
M43
E73
E77
M6
M7
E73
E661
E653
E65
E66
E60
E60
Győr
Szeged
Pécs
Debrecen
Szombathely
Komárom
Szekésfehérvár
Kecskemét
Budapest
Vienna
Maribor
Graz
Zagreb
Osijek
Belgrade
Bucharest
Oradea
Cluj
Bratislava
Brno
Prague
Košice
Prešov
Lviv
AT
HR
RS
SK
RO
UA
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
69
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
HU
CTPARK BUDAPEST SZIGET
CORE
MARKETS
FL Technics launches new custom-built
aerospace service centre at CTPark
Budapest Escer
In 2023, FL Technics—a Lithuanian-based
leader in aerospace services specialising in
the maintenance, repair and overhaul of
aircraft—launched its new custom-built,
5,500 sqm facility for its Wheels & Brakes
division at CTPark Budapest Escer, ex-
panding significantly its operations in Cen-
tral and Eastern Europe. The company was
attracted to CTPark Budapest Escer for
several reasons, including its close proxim-
ity to the Hungarian capital, Budapest, and
the ability to find local partners to support
innovative collaborations.
CASE STUDY
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
70
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
SK
COUNTRY DATA
E60
D1
R1
R1
E75
D1 E50
E50
D1
D2
E65
R7
D2
D4
E75
16
E77
E77
E77
E371
Trnava
Nitra
Komárno
Bratislava
Banská
Bystrica
Žilina
Trenčin
Poprad
Prešov
Košice
CZ
PL
AT
HU
UA
Graz
Vienna
Prague
Brno
Budapest
Belgrade
Bucharest
Budapest
Ostrava
Zlín
Katowice Kraków
Debrecen
Uzhhorod
MACROECONOMICS INDICATORS
Population (in mil.)
1
5.4
Credit Rating
2
A2
Avg. hourly wage (net labour costs) in manufacturing
3
€15.4 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
2.3% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
3.9
Annual growth rate of stock (y/y, %)
6
8.4%
CTP market share
7
19.6%
Net take-up (in mil. sqm)
8
0.5
CTP share net take-up (internal figure)
9
27.2%
Market vacancy rate
10
2.6%
Prime rent (€/sqm/yr)
11
69.0
Prime yield
12
6.3%
CTP INDICATORS
Locations with standing portolio
13
12
GLA (in thousand sqm)
881
Projects under construction (in thousand sqm)
109
Landbank (in thousand sqm)
1,525
GAV (in million EUR)
923
LFL rental growth
9.8%
Client retention rate
93%
Next 12 months’ revenue (in mil. EUR)
63
WAULT
6.3
CORE
MARKETS
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
71
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
SK
CTPARK TRNAVA
CORE
MARKETS
CASE STUDY
High-Technology Mouldings launches
new custom-built plant at CTPark Košice
In 2023, UK-based Hi-Technology Mould-
ings relocated its production operations in
Slovakia from a brownfield site to a new,
4,000 sqm custom-built facility at CTPark
Košice, awarded a BREEAM “Very Good”
certificate for energy efficiency. Special-
ising in injection-moulded plastic compo-
nents, the company serves diverse sectors
from CTPark Košice, including maritime
safety, medical devices, electrical engineer-
ing, transport, occupational health, safety,
and defence. The building accommodates
the integration of overhead cranes, pro-
cess water distribution, and compressed
air systems alongside efficient warehouse
management and social spaces for employ-
ees. CTPark Košice’s strategic location,
adjacent to an international airport and the
D1 motorway, offers ideal connectivity for
logistics, distribution, and light industry.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
72
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
RS
COUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
6.7
Credit Rating
2
Ba2
Avg. hourly wage (net labour costs) in manufacturing
3
€7.9 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
3.6% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
1.7
Annual growth rate of stock (y/y, %)
6
6.3%
CTP market share
7
25.0%
Net take-up (in mil. sqm)
8
0.2
CTP share net take-up (internal figure)
9
80.0%
Market vacancy rate
10
4.0%
Prime rent (€/sqm/yr)
11
57.0
Prime yield
12
8.5%
CTP INDICATORS
Locations with standing portolio
13
6
GLA (in thousand sqm)
426
Projects under construction (in thousand sqm)
171
Landbank (in thousand sqm)
1,340
GAV (in million EUR)
458
LFL rental growth
9.4%
Client retention rate
100%
Next 12 months’ revenue (in mil. EUR)
31
WAULT
11.4
GROWTH
MARKETS
E75
E75
E70
A1
A2
A1
A1
A3
E80
E80
E65
E851
E75
Pristina
Niš
Čačak
Novi Sad
Jagodina
Belgrade
Kragujevac
Kruševac
Šabac
BG
RO
MK
HR
B&H
ME
HU
Zagreb
Sarajevo
Podgorica
Budapest
Bratislava
Vienna
Timișoara
Tirana
Skopje
Thessaloniki
Athens
Sofia
Istanbul
Bucharest
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
73
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
RS
CTPARK JAGODINA
GROWTH
MARKETS
CASE STUDY
Lianbo Precision Technology
rides the “nearshoring wave”
from Shaghai to Serbia
Chinese automotive components maker
Lianbo Precision Technology’s decision
to launch a production plant in Serbia is
a prime example of nearshoring in action.
In 2023, the company, which specialises in
the production of rotors and stators for
vehicle engines, decided to open its first
European production facility to supply
Volkswagen assembly sites in Europe from
CTPark Novi Sad East instead of China.
CTP visited Lianbo’s main production
plant in Shanghai to tailor the company’s
new 14,000 sqm facility to meet its oper-
ational requirements. Seven months later,
Lianbo began operations in Serbia, creat-
ing 500 new jobs.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
74
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
COUNTRY DATA
PL
COUNTRY DATACOUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
36.8
Credit Rating
2
A2
Avg. hourly wage (net labour costs) in manufacturing
3
€11.4 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
2.7% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
31.0
Annual growth rate of stock (y/y, %)
6
10.7%
CTP market share
7
2.2%
Net take-up (in mil. sqm)
8
3.4
CTP share net take-up
9
7.7%
Market vacancy rate
10
7.4%
Prime rent (€/sqm/yr)
11
66.0
Prime yield
12
6.3%
CTP INDICATORS
Locations with standing portolio
13
10
GLA (in thousand sqm)
405
Projects under construction (in thousand sqm)
597
Landbank (in thousand sqm)
2,989
GAV (in million EUR)
908
LFL rental growth
0.1%
Client retention rate
100%
Next 12 months’ revenue (in mil. EUR)
25
WAULT
7.0
GROWTH
MARKETS
E67
E77
E75
E261
E30
E28
E30
E65
E28
E40
A4
E36
E67
E75
E65
E77
Warsaw
Łódź
Częstochowa
Szczecin
Gdańsk
Katowice
Poznan
Wrocław
Lublin
Olsztyn
Kraków
Bydgoszcz
Baltic Sea
CZ
DE
SK
UA
BY
LT
Ostrava
Olomouc
Brno
Prešov
Lviv
Minsk
Vilnius
Minsk
Berlin
Hamburg
Kaliningrad
Klaipéda
Kaunas
Dresden
Prague
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
75
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
CTPARK OPOLE
PL
GROWTH
MARKETS
CASE STUDY
TitanX expands operations
at CTPark Opole
TitanX Engine Cooling, a Swedish-based
global leader in truck cooling systems,
expanded operations at CTPark Opole
in 2023 with an additional 18,000 sqm
of space—growing to 27,000 sqm at end
2025. TitanX first launched its produc-
tion facility at CTPark Opole in 2018 as
one of the park’s first tenants with an
11,500 sqm facility and is expanding based
on strong customer demand. CTPark
Opole, CTP’s first industrial and logistics
development within its fast-growing Pol-
ish portfolio, is located in a tax-friendly
Special Economic Zone between Katowice
and Wrocław and thus offers tax incen-
tives to companies opting to locate in this
dynamic and expanding area—part of the
largest industrial region in Central and
Eastern Europe.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
76
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
BG
COUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
6.4
Credit Rating
2
Baa1
Avg. hourly wage (net labour costs) in manufacturing
3
€6.8 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
3.0% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
1.7
Annual growth rate of stock (y/y, %)
6
10.5%
CTP market share
7
15.2%
Net take-up (in mil. sqm)
8
0.1
CTP share net take-up (internal figure)
9
36.0%
Market vacancy rate
10
4.2%
Prime rent (€/sqm/yr)
11
69.0
Prime yield
12
8.3%
CTP INDICATORS
Locations with standing portolio
13
7
GLA (in thousand sqm)
209
Projects under construction (in thousand sqm)
127
Landbank (in thousand sqm)
351
GAV (in million EUR)
241
LFL rental growth
11.0%
Client retention rate
100%
Next 12 months’ revenue (in mil. EUR)
15
WAULT
8.0
GROWTH
MARKETS
A6
E80
E80
E80
E85
A1
A1
A2 E70
E772
E70
E83
A4
A2
A3
E79
E87
E871
Plovdiv
Edirne
Burgas
Varna
Sofia
Pleven
Ruse
Black Sea
Niš
Belgrade
Budapest
Bucharest
Thessaloniki
Athens
Skopje
Tirana
Istanbul
Ankara
Constanṭ
a
RS
RO
RO
TR
GR
MK
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Business
Environment
3.7 Country Review
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
77
Annual Report 2023 CTP N.V.
BG
CTPARK SOFIA EAST
GROWTH
MARKETS
CTP helps Quehenberger streamline
operations in Bulgaria
Austrian full-service logistics provider Quehenberger re-
cently streamlined its operations in Bulgaria by consolidat-
ing its warehousing activities at a single, spacious 4,000
sqm unit at CTPark Sofia East. This strategic move, facili-
tated by CTP, marks a significant development in Quehen-
berger’s operational efficiency and service quality. Initial-
ly operating across four different units at CTPark Sofia,
Quehenberger faced challenges in maintaining operational
cohesion. Recognising the need for more unified and effi-
cient operations, CTP proposed relocating Quehenberg-
er to a larger, consolidated space at nearby CTPark So-
fia East. The new facility not only meets Quehenberger’s
specific requirements but also offers potential for further
growth and collaboration.
CASE STUDY
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
78
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
DE
COUNTRY DATA WESTERN EUROPEAN
MARKETS
MACROECONOMICS INDICATORS
Population (in mil.)
1
84.4
Credit Rating
2
Aaa
Avg. hourly wage (net labour costs) in manufacturing
3
€44.0 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
1.2% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
102.0
Annual growth rate of stock (y/y, %)
6
4.5%
CTP market share
7
1.6%
Net take-up (in mil. sqm)
8
5.3
CTP share net take-up
(internal figure)
9
3.1%
Market vacancy rate
10
2.9%
Prime rent (€/sqm/yr)
11
114.0
Prime yield
12
4.3%
CTP INDICATORS
Locations with standing portolio
13
103
GLA (in thousand sqm)
1,655
Projects under construction (in thousand sqm)
76
Landbank (in thousand sqm)
546
GAV (in million EUR)
1,220
LFL rental growth
N/A
Client retention rate
97%
Next 12 months’ revenue (in mil. EUR)
70
WAULT
4.2
E45
E45
E22
E26
A24
E22
E28
E30
E55
E40
E40
A44
A40
E34
E30
A30
A31
A20
A1
A11
A12
A13
A2
A14
A14
A4
A4
A38
A4
E35
E40
A7
A2
E34
A7
E45
E43
E43
E45
E48
E50
E50
E45
A7
A5
A5
A5
E35
A81
E41
A6
A6
A7
A9
A9
A9
A8
A8
A8
A60
A1
A1
E52
A3
A3
A3
A3
A1
A1
E37
A7
Osnabrück
Würzburg
Saarbrücken
Stuttgart
Ulm
Mannheim
Mainz
Bonn
Cologne
Aachen
Frankfurt
Regensburg
Munich
Nürnburg
Düsseldorf
Dortmund
Münster
Kassel
Erfurt
Magdeburg
Dresden
Leipzig
Chemnitz
Hannover
Lübeck
Berlin
Rostock
Bremen
Emden
Wihelmshaven
Hamburg
Kiel
North Sea
Baltic Sea
PL
CZ
AT
CH
FR
BE
NL
DK
Mulhouse
Dijon
Strasbourg
Metz
Luxembourg
Liège
Brussels
Maastricht
Antwerp
Eindhoven
Arnhem
Rotterdam
Amsterdam
Basel
Milan
Vaduz Innsbruck
Salzburg
Vienna
Plzeň
Prague
Prague
Wrocław
Katowice
Poznań
Warsaw
Szczecin
Gdańsk
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
79
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
CTPARK EMDEN
DE
WESTERN EUROPEAN
MARKETS
CTPARK BREMEN
CASE STUDY
Heineken enhances its sustainable
distribution for Germany from
CTPark Weiden
CTPark Weiden in south-eastern Germany
is home to Heineken’s new central distribu-
tion warehouse for the German market. In
November 2023, CTP signed a lease agree-
ment with specialised beverage logistics
operator Sirl Interaktive Logistik, which
will operate the new, 26,000 sqm facility
for the Dutch-based beer major. Heinek-
en’s new state-of-the-art facility, togeth-
er with the company’s existing distribution
hub in Duisberg, will service the entire Ger-
man market, greatly enhancing efficiencies
and sustainability. CTP acquired the for-
mer ATU central warehouse in Weiden in
spring 2023, where it is currently delivering
a sustainable refurbishment and upgrade
of the park in the Oberpfalz region that will
increase the 44,000 sqm GLA to 60,000
sqm GLA.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
80
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
NL
COUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
17.8
Credit Rating
2
Aaa
Avg. hourly wage (net labour costs) in manufacturing
3
€40.2 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
1.0% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
43.8
Annual growth rate of stock (y/y, %)
6
5.2%
CTP market share
7
0.6%
Net take-up (in mil. sqm)
8
2.5
CTP share net take-up
9
0.9%
Market vacancy rate
10
2.5%
Prime rent (€/sqm/yr)
11
110.0
Prime yield
12
4.7%
CTP INDICATORS
Locations with standing portolio
13
3
GLA (in thousand sqm)
247
Projects under construction (in thousand sqm)
-
Landbank (in thousand sqm)
1,564
GAV (in million EUR)
448
LFL rental growth
0%
Client retention rate
100%
Next 12 months’ revenue (in mil. EUR)
9
WAULT
13.0
WESTERN EUROPEAN
MARKETS
A4
A4
A16
E19
E34
A59
A58
E31
A15
A27
A2
A2
A2
A12
A50
A28
A1
A6
E22
A7
A7
A32
E30
E35
A37
Rotterdam
Amsterdam
Den Haag
Middelburg
Utrecht
Arnhem
Zwolle
Groningen
Eindhoven
Maastricht
Enschede
North Sea
DE
BE
Antwerp
Brussels
Liège
Aachen
Köln
Duisburg
Düsseldorf
Osnabrück
Bremen
Hamburg
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
81
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
NL
CTPARK AMSTERDAM CITY
WESTERN EUROPEAN
MARKETS
CASE STUDY
Vertical farm innovator Growy launches
HQ at CTPark Amsterdam City
CTPark Amsterdam City is now home to
Dutch vertical farming innovator Growy.
The company’s 4,750 sqm of multifunc-
tional space at CTPark Amsterdam City in-
cludes a full-scale urban farm and Growy’s
international headquarters. The park’s
proximity to Schiphol Airport and dense-
ly populated areas aligns perfectly with
Growy’s vision of sustainable, high-qual-
ity food production. CTPark Amsterdam
City—a pioneering, multimodal 120,000
sqm distribution hub located in the Port
of Amsterdam—is CTP’s flagship devel-
opment for sustainable, energy self-suffi-
cient parks. Certified BREEAM Excellent,
the multi-story XXL facility supports ze-
ro-emission last-mile logistics and aligns
with Amsterdam’s future emission-free
zones.
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
82
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
AT
COUNTRY DATA
MACROECONOMICS INDICATORS
Population (in mil.)
1
9.1
Credit Rating
2
Aa1
Avg. hourly wage (net labour costs) in manufacturing
3
€43.0 €30.5
GDP per capita growth, 2023–2028 (CAGR)
4
0.8% 1.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
3.3
Annual growth rate of stock (y/y, %)
6
10.4%
CTP market share
7
2.3%
Net take-up (in mil. sqm)
8
0.2
CTP share net take-up (internal figure)
8
21.0%
Market vacancy rate
10
1.6%
Prime rent (€/sqm/yr)
11
83.4
Prime yield
12
5.0%
CTP INDICATORS
Locations with standing portolio
13
3
GLA (in thousand sqm)
77
Projects under construction (in thousand sqm)
104
Landbank (in thousand sqm)
441
GAV (in million EUR)
211
LFL rental growth
1.0%
Client retention rate
100%
Next 12 months’ revenue (in mil. EUR)
8
WAULT
9.2
WESTERN EUROPEAN
MARKETS
E57
E56
E55
E57
A2
A5
A9
A1
A8
A7
A2
A10
A12
A12
E60
E45
E60
E55
E61
E55
E59
E59
E60
E60
Linz
Innsbruck
Salzburg
Graz
Klagenfurt
Vienna
DE
CH
IT
SI
CZ
HU
SK
Budapest
Belgrade
Bucharest
Prague
Brno
Ostrava
Prague
Munich
Frankfurt
Bratislava
Maribor
Ljubljana
Zagreb
Udine
Venice
Nuremberg
Verona
Milan
Zürich
Frankfurt
NOTES
1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/
Colliers 13 Locations with at least one standing property.
Locations are indicative only, as they represent IP, IPuD
and selected landbank locations.
NOTES 3–4
CTP countries
EU-27 (average figures as comparison)
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
83
Business
Environment
3.7 Country Review
Annual Report 2023 CTP N.V.
Business
Environment
3.7 Country Review
Company
Introduction
Strategy &
Outlook
ESG Governance Financial
Statements
Appendices
83
CTPARK VIENNA EAST
AT
WESTERN EUROPEAN
MARKETS
CASE STUDY
Toyota launches its first European
carbon-neutral parts warehouse
at CTPark Vienna East
CTP’s first development in Austria—
ultra-modern, BREEAM-certified “Out-
standing” CTPark Vienna East—is home
to a new 12,000 sqm warehouse and of-
fice facility for Toyota Logistics Services
Austria GmbH—the spare parts distribu-
tion arm of the Japanese auto giant. At
full operation, the building’s rooftop so-
lar panels and other energy-saving tech-
nologies will make the facility Toyota’s
first carbon-neutral parts warehouse in
Europe. The park’s prime location 15 min-
utes from Vienna’s Schwechat Airport and
close to the A4 motorway makes it ideal
for the company to manage their logistics
and light industrial needs.
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
84
Annual Report 2023 CTP N.V.
ESG
ESG
4
ESG
4.1 Highlights 85
4.2 Scope and Basis for Preparation of 88
Non-financial Disclosure 88
4.2.1 Basis for preparation 88
4.2.2 Risk management and internal controls
over sustainability reporting 88
4.2.3 Specific circumstances 89
4.2.4 Assumptions and estimations 89
4.2.5 Changes compared to 2022 90
4.2.6 Restatement 90
4.2.7 Other applicable legislation 90
4.3 Stakeholder Engagement 91
4.4 Materiality 92
4.4.1 Material impacts, risks, and
opportunities and interaction 92
4.4.2 The process of identifying material impacts,
risks and opportunities 92
4.5 CTP Value Chain 94
4.5.1 Upstream 94
4.5.2 Downstream 94
4.6 ESG Oversight 95
4.7 ESG Strategy 96
4.7.1 Striving to Be Climate Positive 96
4.7.2 Embedding Parks in Communities 104
4.7.3 Stimulating Social Impact & Well-being 108
4.7.4 Conducting Business with Integrity 119
4.8 EU Taxonomy 125
4.8.1 KPIs (methodology of calculation) 125
4.8.2 Eligibility 126
4.8.3 Alignment 127
ESG
4.1 Highlights
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
85
Annual Report 2023 CTP N.V.
4.1 Highlights
Corporate Responsibility
SUSTAINABILITY COMMITTEE ACTIVITY IN 2023
CTP established the Sustainability Committee of the Board of
Directors in October 2022. The committee oversees the ESG agen-
da of the CTP Group. In 2023, five meetings of the Sustainability
Committee took place.
RATINGS
Sustainalytics
CTP further improved its ESG ratings
in 2023. In September, the Company
received an ESG Risk Rating of 9.5
from Morningstar Sustainalytics and was
assessed to be at “Negligible Risk” of
experiencing material financial impacts
from ESG factors.
1
GRESB
In 2023, CTP took part in the GRESB
assessment. The assessment covered
two aspects of CTP’s operations—Stand-
ing Portfolio and Development. In both
assessment categories, CTP scored 69
out of 110.
1 These results shall not be construed as in-
vestment advice or expert opinion as defined by the
applicable legislation.
Negligible
Risk
9.5
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
86
Annual Report 2023 CTP N.V.
ESG
4.1 Highlights
OPERATOR
ESG CAPEX plan
CTP analysed the sustainability perfor-
mance of its properties during 2023.
The analysis consisted of a physical
climate analysis, an actual building
performance analysis, a transition risk
analysis and an Energy Performance
Certificate. The results will be used to
develop the Group’s Transition Plan for
Climate Change Mitigation.
DEVELOPER
ESG new projects requirements
During 2023, CTP incorporated the EU
taxonomy into its newly written ESG
requirements for new buildings and
refurbishments. Alignment with the
EU taxonomy—a classification system
established as part of the European
Green Deal initiative to define economic
activities considered environmentally
sustainable—enables CTP to further
systemise sustainability requirements
for construction activities and to report
transparently on targets and achieve-
ments.
ENERGY
Renewable energy sources development
In 2023, CTP added 62 MWp to its
installed photovoltaic (“PV”) capacity.
Together with systems developed prior to
2023, the Company’s total installed PV
capacity reached 100 MWp at the end of
the year. Estimated energy production
can meet the household needs of more
than 22,000 households.
Sustainable Real Estate
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
87
Annual Report 2023 CTP N.V.
Sustainability Reporting
CLUBHAUS AND CLUBCO EXPANSIONS
In 2023, CTP opened its fifth Clubhaus
community centre at CTPark Ostrava and
began construction of its sixth at CTPark
Warsaw West to create public space for
client employees and the local community.
During the year, 30 events were organised
at existing Clubhaus facilities throughout
the CTPark Network. CTP also now oper-
ates three of its Clubco co-working spac-
es, having opened the third in 2023 at IQ
Ostrava in the Czech Republic.
FIRST STAND-ALONE
SUSTAINABILITY REPORT
In June 2023, CTP published its first
standalone Sustainability Report which
can be found on ctp.eu. The report was
developed in accordancewith the Global
Reporting Initiative (“GRI”) and presented
information in line with the recommenda-
tions of the Task Force on Climate-relat-
ed Disclosures (“TCFD”). It also presents
ESG targets, related data, and numerous
examples of CTPs ESG initiatives.
INTRODUCTION OF CSRD REQUIREMENTS
INTO THE 2023 ANNUAL REPORT
CTP has introduced requirements of the
EU’s Corporate Sustainability Reporting
Directive (“CSRD”) into its 2023 Annual
Report—a year before the EU’s new dis-
closure requirements come into force.
Innovation
URBAN DEVELOPMENT
CTP is working together with the
authorities in Brno—the Czech
Republic’s second-largest city—on
a master plan to develop an innovative,
mixed-use, high-tech campus that will
bring together different companies and
universities to encourage cooperation and
support innovation. Another example is
the redevelopment underway at CTPark
Krefeld in Germany. This transformation
includes renovating existing buildings and
adding new space. The buildings will be
equipped with rooftop solar panels for a
fossil-free energy supply and reduced CO
2
emissions during operation.
BREEAM OUTSTANDING CERTIFICATION
In 2023, CTP received 61 new BREEAM
certificates. 57% of these certificates are
Excellent or Outstanding. More informa-
tion can be found in Appendix 7.3.4
ESG
4.1 Highlights
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
88
Annual Report 2023 CTP N.V.
4.2 Scope and Basis for Preparation of
Non-financial Disclosure
4.2.1 Basis for preparation
ESRS 2 BP-1-5, ESRS E1-5-MDR-M, ESRS E1-6-MDR-M, GRI 2-5
CTP prepared the sustainability statements disclosed
within this Annual Report on a consolidated basis.
Where the European Sustainability Reporting Standards
(“ESRS”) and GRI require, the statements are presented
more granularly, for example, by country. No separation
has been prepared based on different entities within the
Group, in line with the Financial Statements. In doing so,
CTP fulfils most of the applicable requirements of the
CSRD a year before the new disclosure requirements be-
come obligatory for CTP.
CTP’s non-financial disclosure boundaries relate to
CTP N.V. and its value chain which are based on the finan-
cial control consolidation approach
1
. As the Company does
not own any properties in joint ventures, the financial con-
trol approach provides a comprehensive view of impacts
and is in line with the Financial Statements. In this Re-
port, CTP does not segment the reported data either by
country or property type.
Depending on the topic, this Report also covers CTP’s
value chain. For energy, water and waste, CTP reports on
consumption in its own operations, such as offices, parks,
and transportation and those of its clients, i.e., down-
stream leased assets. For greenhouse gas (“GHG”) emis-
sions, reporting also includes upstream purchased goods
and services for its construction activities and business
travel.
For the workforce, CTP discloses data on its own
workforce, which includes employees on the payroll and
workers who are self-employed. Other disclosures are
limited to CTP’s own workforce.
For topics related to governance, CTP reports on its
1 As per the Greenhouse Gas Protocol.
own activities and on the value chain where data is avail-
able. There are no exemptions from disclosure applicable
to CTP, nor is there any intellectual property-related in-
formation that the Company omits.
Environmental data, including energy, water, waste,
carbon emissions, photovoltaic (“PV”) capacity, and green
lease coverage have been assured by an independent third
party (Arcadis) in accordance with ISO 14064-3 (guid-
ance for the verification and validation of greenhouse gas
statements).
4.2.2 Risk management and internal controls over
sustainability reporting
ESRS 2 GOV-5-36
CTP deploys a multi-layered structure for the identifi-
cation and management of risks throughout the Group’s
activities, including ESG-related risks. See Section 4.6
for details of ESG oversight at CTP; see Section 5.5 for
a detailed description of CTP’s Group-wide approach to
risk management.
CTP’s ESG department supports the Risk Management
department to identify and manage ESG-related risks fac-
ing the Group, among others relating to the construction
of new buildings, acquisitions, and property management.
The ESG department interacts routinely with various
CTP departments as well as external stakeholders, han-
dles the collection and management of large quantities of
internal, property-level data (e.g., relating to emissions,
energy consumption, HR statistics, etc.), and prepares
reporting in accordance with numerous standards (e.g.,
CSRD, GRI standards, EPRA sBPR Guidelin, TCFD and EU
taxonomy), often using external partners for certification.
ESG
4.2 Scope and Basis for Preparation
of Non-financial Disclosure
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
89
Annual Report 2023 CTP N.V.
Within the taxonomy of risks established by CTP’s Risk
Management department, which can be found in Section
5.5 of this Report, 49 unique risks, actual and potential
(Level 3), have been identified and organised into 19 Risk
Groups (Level 2) based on their similarity and ownership
by different functions, and ultimately into four risk ar-
eas (Level 1). The following 15 of those risks are related
to ESG—some are directly related to sustainability, like
physical and transition risks, while others are indirectly
related:
• HR availability risks;
• customer behavioural changes;
• climate change risks (physical risk);
• M&A risk;
• environmental risks (transition risk);
• social responsibility risks;
• corporate governance;
• acquisition risks (properties or land);
• maintenance risk;
• health and safety;
• fraud, irregularities, misconduct;
• damage to property (fire, floods);
• reputational risk;
• non-compliance with regulation/legislation/internal
rules and procedures; and
• changes to the legal/regulatory environment.
During the year, the Head of the ESG department reports
periodically on the findings of ESG-related risk assess-
ments and internal controls to CTP’s Board of Directors
via the Board’s Sustainability Committee. Based on this
reporting, the Sustainability Committee sets the actions
and targets for various departments and functions within
the Company. See Section 5.2.2 for details on CTP’s Sus-
tainability Committee and its activities in 2023.
Additionally, the Risk Management department uses some
of the collected data (e.g., CO₂ emissions and intensities,
Asset Decarbonisation Pathways, and physical climate
change scenarios) for risk estimates such as physical risks
and transition climate risks. The ESG department also
collects various data during the year that is shared with
external partners for ratings.
From 2023, CTP publishes the findings of its risks
assessments and internal controls in an integrated year-
ly report, as in this Annual Report. For a description of
the ESG-related risks that CTP has identified via a double
materiality assessment and their management, see Sec-
tion 4.4.
The underlying data that CTP collects internally for
reporting is collected according to strict guidelines. As
the execution of this process is done manually, mistakes
caused by human error are possible. As part of the internal
controls on this data, data is compared against different
periods, and where needed, explanations and corrections
are requested from the involved staff. Internal process
descriptions are followed and include internal multi-level
control systems. Additionally, once a year, as part of re-
porting preparation, CTP invites an external party to re-
view the collected data as described in Section 4.2.1.
4.2.3 Specific circumstances
ESRS 2 BP-2-9
CTP deviates from the time horizons suggested within
the ESRS as the dynamics of its business horizon require
a different view. A one-year short-term horizon leads to
difficulties in verifications of consistency and compara-
bility of performance. Similarly, due to the sector in which
CTP operates, the execution of measures requires consid-
erations over a longer time period. Therefore, short-term
goals are set for 2026, medium-term goals for 2030, and
long-term goals for 2050.
4.2.4 Assumptions and estimations
ESRS 2 BP-2-10, ESRS 2 BP-2-11
The majority of the data and information disclosed in this
Annual Report is based on actual Company and value chain
data. The best possible estimates have been used where
no actual data is available. Estimates have been applied
in the calculation of the embodied carbon footprint from
building materials (GHG emissions, Scope 3 category 1);
where specific information on emission factors was not
available in the form of an Environmental Product Dec-
laration (“EPD”), industry- and country-specific averages
were used. The growing trend of providing EPDs for ma-
terials within the construction industry and among CTP’s
chain of suppliers is expected to improve the accuracy of
the Company’s calculation of its embodied carbon foot-
print, replacing estimates with actual data.
Within business travel, for which the Company reports
GHG emissions under GHG emissions Scope 3 category 6,
CTP created averages for hotel nights abroad. Each office
reported the number of nights abroad, and based on this
information, an average emission factor for hotel nights
abroad was created for the reporting office.
ESG
4.2 Scope and Basis for Preparation
of Non-financial Disclosure
Company
Introduction
Strategy &
Outlook
Business
Environment
Financial
Statements
Appendices
90
Annual Report 2023 CTP N.V.
For landlord-obtained utility consumption, CTP achieved
full coverage. Therefore, no assumptions and estimations
are required.
CTP was not able to collect all client-related data
in its portfolio which affects reporting on energy, GHG
emissions, water consumption and waste collection with-
in downstream leased assets. For the calculations of the
intensities, as required by the ESRS, CTP assumes that
the data that has been collected is representative for the
entire portfolio, and therefore intensities are based on the
available data. Ongoing actions to improve data coverage
include the roll-out of green leases, which encourage cli-
ents to share utility-related data with the Company. The
Company does not report on any estimated data related
to energy, GHG emissions related to Scope 3 category 13
or other types of consumption in its totals.
Two factors limit the completeness of data collection.
Firstly, there is no data for an entire building; and sec-
ondly, CTP only obtained partial data, for example, fuel
consumpion was received and electricity was not. To avoid
reducing the accuracy of its intensity calculations, CTP
excludes the buildings with incomplete data for energy
and water. Collected data is based on evidence and veri-
fied internally. This ensures the high accuracy of present-
ed data.
For some KPIs related to own workforce, e.g., absen-
tee rate and parental leave, CTP depends on the data de-
livered manually by HR representatives in the different
countries, where differences in interpretation can occur.
Therefore, data has been reviewed by the ESG team, in
consultation with HR. CTP’s recently implemented HR
system will include these metrics in the next years. Based
on the manner in which data is collected, uncertainty in
the Company’s own workforce data is negligible.
The underlying data for the physical climate risk-related
calculations that CTP discloses in this Report is based on
existing and prevailing climate scenarios created by the
International Panel on Climate Change (“IPCC”). Based on
these scenarios, climate-risk estimates are assessed for
each building that CTP owns and operates. For more in-
formation, please refer to Section 4.7.1.1.
CTP chose the IPCC scenarios that are considered the
most accurate. Uncertainty and inaccuracies in its own
data are explained in each chapter.
4.2.5 Changes compared to 2022
ESRS 2 BP-2-13
The environmental data in CTP’s 2022 Sustainability Re-
port included assets that CTP manages for third parties
(i.e., the DEKA portfolio). As stated in Section 4.2.1 (Basis
for preparation), only owned properties are included in the
disclosures in the present Report, so that the non-finan-
cial disclosures are in line with the Financial Statements.
Buildings that are managed by CTP but owned by third
parties are not included.
In its 2022 Sustainability Report, CTP reported its
transportation fuel consumption in litres. To comply with
the ESRS and increase comparability, the 2022 figures
have been changed from litres to MWh.
For the calculations of energy, operational carbon
footprint and water intensity, values were recalculated
to exclude buildings with incomplete data coverage. This
was done to increase the accuracy of intensity numbers
through the elimination of under-reported consumptions.
For revised figures please refer to sections 7.3.1.3 and
7.3.2.4.
4.2.6 Restatement
ESRS 2 BP-2-14, GRI 2-4
After the publication of its 2022 Sustainability Report,
CTP identified that the refrigerant loss figures reported
were not accurate. In some cases, the total capacity of
cooling systems was considered instead of actual losses.
In the 2022 Sustainability Report, CTP disclosed a to-
tal Scope 1 emission of 39,883.21 tCO₂e, with refrigerants
being responsible for 36,182 tCO₂e. The corrected figure,
which is also disclosed in Section 7.3.1.2 of this Report, is
a total Scope 1 emission of 6,088.74 tCO₂e, with refriger-
ants being responsible for 2,387.13 tCO₂e.
4.2.7 Other applicable legislation
ESRS 2 BP-2-15
Beyond the CSRD, on which this Report is mainly based,
other legal acts contain non-financial details that CTP is
obliged to disclose. They are based on the following:
• the relevant provisions of the Dutch Civil Code
(
Burgerlijk Wetboek
) and the Dutch Financial
Markets Supervision Act;
• the Dutch Corporate Governance Code;
• Implementation Decree on the Sustainability
Directive;
• EU Women on Boards Directive 2022/2381; and
• EU taxonomy.
GovernanceESG
4.2 Scope and Basis for Preparation
of Non-financial Disclosure
ESG
4.3 Stakeholder Engagement
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
91
Annual Report 2023 CTP N.V.
STAKEHOLDER GROUPS
Stakeholder group
Group interest and purpose of
engagement
Method of
engagement
Frequency of
engagement
Shareholders, Bondholders Interest in current performance and
outlook. Inform.
Reporting, (in-person)
meetings, asset visits
Quarterly/annually
Banks, Other Financing Institutions Interest in risk related to CTP’s
operations and performance. Inform.
Meetings, reporting On-demand.
Rating Agencies Interest in performance metrics.
Inform.
Reporting and (in-person)
meetings
Regular disclosure,
on-demand meetings
Tenants Leasing space, reliability of lesser.
Inform, offer, and manage cooperation.
Direct meetings. Continuous,
depending on needs.
Suppliers and Vendors Stable cooperation.
Manage cooperation.
Contractual agreements
and in-person meetings.
Continuous,
depending on needs.
Local Authorities Sustainable development and
economic growth of governed areas.
Manage cooperation.
In-person meetings. Continuous,
depending on needs.
Local Communities Development plans, impact on quality of
living, potential new workplaces.
Inform, engage.
In-person meetings. Continuous,
depending on needs.
Construction Site Neighbours Interest in potential impacts and
inconveniences related to construction
sites. Inform and address concerns.
Information boards
at sites, in-person.
Depending on needs
Employees Fair workplace practices, learning
and development, and performance.
Manage cooperation. Inform.
In-person group meetings,
country team meetings,
one-to-one meetings
Continuous,
depending on needs.
NGOs, Industry Bodies Best practice sharing, support cause.
Inform.
Membership, financial
support, in-kind support,
meetings, participation in
events
Continuous,
depending on needs.
4.3 Stakeholder Engagement
ESRS 2 SBM-2-45, GRI 2-29
CTP engages its stakeholders proactively.
During an internal workshop as part of
its 2022 double materiality assessment
(“DMA”), the Company identified its relevant
stakeholders and established different
methods of engagement for each type to
ensure efficient and appropriate management
of the engagement (see Section 4.4 for more
information about the DMA process). This
aligns with CTP’s business approach and
commitment to corporate responsibility. The
list of stakeholder groups and the means of
engagement are listed in the adjacent table.
In the subsequent engagement, CTP managers and key
decision makers at clients were interviewed and surveyed
as those most impactful on the business. Their views and
opinions shaped the results of CTP’s 2022 DMA, as they
are considered for the weight each material topic is given
in the results. These results shape the priorities and are
continuously used as an input on CTP’s strategy and busi-
ness model.
CTP is currently developing a stakeholder engagement
policy.
ESG
4.4 Materiality
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
92
Annual Report 2023 CTP N.V.
4.4 Materiality
GRI 3-1, 3-2
To obtain unbiased results, CTP’s DMA
process was led by an appointed third
party, Arcadis, which conducted a series of
interviews and surveys with selected CTP
stakeholders during 2022. The input was
gathered to evaluate the Company’s initial
ESG strategy and prioritise and validate the
list of potential material topics identified
through earlier desktop research, consisting
of GRI material topics screening and reviews
of peers.
A description of the stakeholder
engagement process and the complete list of
CTP’s stakeholders can be found in Section
4.3 of this Report.
4.4.1 Material impacts, risks, and opportunities
and interaction
ESRS 2 SBM-3-48
In 2022, CTP formalised its ESG strategy based on four
pillars, where the Company’s different ESG goals, tar-
gets, and measures are defined. As the business envi-
ronment constantly evolves, the Company reviews and
adjusts its ESG strategy and targets on a regular basis.
The topics identified as material to CTP during the 2022
DMA were used in 2023 to review the Company’s four-pil-
lar strategy, which led to the expansion of one pillar and
the narrowing down of others.
The pillar “Embedding Parks in Communities” con-
tains no material topics. While not directly material to its
business, the Company values establishing and maintain-
ing long-term positive relationships with the communities
where it operates as part of its overall business strategy
(see Section 4.7.2 for a detailed description of CTP’s ac-
tivities related to this pillar).
As a result of CTP’S 2022 DMA, the following topics
have been identified as material to the Company and its
own activities:
1. Energy efficiency and renewable energy; operation-
al GHG emissions and carbon neutrality; sustainable
design and certification; climate adaptation and resil-
ience; supply-chain management. A description of im-
pacts and CTP’s actions can be found in Section 4.7.1
– “Striving to Be Climate Positive”.
2. Health, safety and well-being; employee recruitment
and development; diversity, equity, and inclusion.
A description of impacts and CTP’s actions can be
found in Section 4.7.3 – “Stimulating Social Impact
& Well-being”.
3. Ethical business conduct; board oversight; and labour
and human rights. A description of impacts and CTP’s
actions can be found in Section 4.7.4 – “Conducting
Business with Integrity”.
The identified impacts are expected to be material. CTP
does not consider them to be time-bound and therefore
are to be verified with each revision of the DMA. Addition-
ally, as CTP has a similar business in each country where
it operates, all impacts, risks, and opportunities identified
are location agnostic.
In 2023, CTP used the results of its 2022 DMA to de-
velop and prioritise action plans for different sustainabil-
ity-related areas relating to its business. Since its 2022
DMA, CTP has not reviewed its material impacts, risks,
and opportunities. In 2024, the Company expects to re-
vise the DMA, with updated parameters and criteria in
line with the ESRS. This will improve CTPs insights into
the effects of material impacts, risks and opportunities
on its business model.
Beyond the above-mentioned material topics, there
are additional topics that CTP values, e.g., water, waste,
or community engagement. For these topics, the Compa-
ny only uses GRI disclosures, whereas for material topics
it uses ESRS and GRI.
4.4.2 The process of identifying material
impacts, risks and opportunities
ESRS 2 IRO-1-53, ESRS 2 IRO-2-56, ESRS 2 IRO-2-59
CTP carried out its DMA in line with the GRI guided by
Arcadis. The DMA covered the Group’s entire organisa-
tion, including all business activities, all countries of oper-
ation, and all stakeholder relationships.
ESG
4.4 Materiality
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
93
Annual Report 2023 CTP N.V.
Section 4.3 of this Report shows the complete list of
stakeholders that CTP interacts with throughout its value
chain. For the DMA process, the Company considered its
most important stakeholders to be:
• CTP managers; and
• clients’ key decision makers.
CTP carried out a multi-staged review process to identify
material topics for the Company.
Initial desktop research was done to create a long-
list of sustainability topics potentially material to CTP.
During this desktop research, the following aspects were
considered:
• CTP’s business activities;
• topics that are typically relevant to CTP’s industry
and the countries where it operates, with the follow-
ing sources:
• sustainability disclosures of peers;
• external databases that provide information rele-
vant to understand industry-specific outward and
inward impacts.
During the workshops, CTP representatives presented
and validated the long-list. This list was narrowed down
to a short-list of the most relevant topics to CTP and its
operations. Based on the short-list, Arcadis designed a
survey and interview scripts to enable the collection of in-
put from the selected stakeholders.
In the surveys and interviews, participants were request-
ed to score items on a 1-5 rating scale, with 5 represent-
ing topics with the highest material impact. Based on the
results of these surveys and interviews, average scores
for each topic were calculated and charted on a graph
to present both their impact on CTP’s stakeholders and
their financial impact on CTP’s business. Following an in-
ternal review of these results, CTP identified the topics
most material to the Group. The threshold to distinguish
between material and non-material topics was created
taking account CTP’s business model. The material topics
identified will be revised in 2024 to ensure the inclusion of
CSRD requirements.
The results of the 2022 process, including the topics
defined as material, were discussed with the Board in 2023.
Using Application Requirement 12 of Appendix B,
ESRS 1 General Requirements, the results of the materi-
ality assessment were mapped, in collaboration with Ar-
cadis, against the disclosure topics that the ESRS (under
the CSRD) provides. Based on this mapping, CTP decided
that the disclosure requirements that cover these topics
include their material topics:
• E1: Climate Change, to be found in Section 4.7.1 –
“Striving to Be Climate Positive”:
• energy efficiency and renewable energy;
• operational GHG emissions and carbon
neutrality;
• supply-chain management;
• sustainable design and certification;
• climate adaptation and resilience;
• S1: Own Workforce, to be found in Section 4.7.3 –
“Stimulating Social Impact & Well-being”:
• health, safety and well-being;
• labour and human rights;
• diversity, equity, and inclusion;
• employee Recruitment and Development.
• S2: Workers in the Value Chain, to be found in Section
4.7.4 – “ Conducting Business with Integrity”:
• health, safety and well-being;
• Labour and human rights;
• supply-chain management;
• G1: Business Conduct, to be found in Section 4.7.4 –
“Conducting Business with Integrity”:
• ethical business conduct;
• board oversight.
The results of the 2022 DMA have been analysed to-
gether with the Risk Management team and conclusions
have been implemented in the risk inventory. CTP’s risk
inventory is structured to avoid overlapping risks and is
complete. The 15 risks in the risk inventory that have been
identified to be directly or indirectly related to sustain-
ability cover all aspects of materiality—both the impact
on the Company and the Company’s impact. They address
the Company’s business model and activities, the real es-
tate and construction sectors, and the macroeconomic
environment. The impacts, risks and opportunities are
considered to have full coverage and are well managed
and mitigated. The likelihood of climate scenarios can be
found in Section 4.7.1.1.2.
Impacts, risks and opportunities including those iden-
tified in the DMA are analysed as a part of general busi-
ness processses to keep business strategy up to date.
ESG
4.5 CTP Value Chain
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
94
Annual Report 2023 CTP N.V.
4.5 CTP Value Chain
GRI 2-6, 204-1, 308-1, 308-2, 412-3, 414-1, 414-2, ESRS 2 SBM-1-40
The results of the DMA show that supply-
chain management is a material topic for
CTP. Additionally, CTP strives to positively
influence its value chain and when possible
leverages its size to create more sustainable
operations for itself while at the same time
promoting sustainability within the real estate
sector.
4.5.1 Upstream
CTP works with between 650–700 suppliers, provid-
ers, and contractors across its supply chain to create
and maintain long-term relationships. CTPs suppliers
must adhere to the Company’s Supplier Code of Conduct
(“SCOC”). Beyond the SCOC, there is a standard set of
Terms and Conditions applied to all orders, though for
some of its materials and products Environmental Prod-
uct Declarations (“EPDs”) are required as well.
CTP selects its suppliers and providers with care and
ensures compliance with its SCOC. For this purpose, CTP
screens current and new suppliers, with 878 screenings
taking place in 2023.
As a business practice, the Group applies the strat-
egy of “local, when possible, international where need-
ed”—where “local” is defined by the national borders of
the countries where it operates. This practice applies to
materials and labour. In 2023, CTP locally sourced ap-
proximately 70% of its materials and approximately 95%
of its labour.
The main focus of CTP’s procurement efforts in terms
of ESG is on materials used during the construction pro-
cess, as this is a significant part of the Company’s busi-
ness. Because of the scope of its ongoing construction ac-
tivities, CTP can procure building materials and products
commonly used in bulk. This also enables procurement of
materials that are made to fit, greatly reducing material
construction waste.
Based on life-cycle assessments (“LCAs”) conducted
in 2022 and 2023, CTP selected priority materials based
on their related CO₂ emissions, of which the embodied
carbon emissions (kgCO₂e/sqm) are to be reduced. In the
coming years, LCAs will be used to monitor this reduction
and to review the impact of materials at the project level.
CTP actively diversifies its supply chain and the materials
acquired. Though common practice within the Company,
it is a means to mitigate climate-related risks within its
supply chain.
4.5.2 Downstream
CTP offers high-quality, sustainable buildings to accom-
modate different types of operations, from logistics and
light manufacturing to R&D labs and offices. CTP creates
space that is used by large multinational companies as
well as mid- and small-sized local businesses. The Group
also has an impact on the operational performance of
the buildings that it owns and operates. Efficient design
and the selection of the appropriate building materials,
equipment and solutions ensure a sustainable environ-
ment for client operations, which enables them to focus
on their core business operations efficiently and sustaina-
bly. Moreover, CTP cooperates with clients through green
clauses in lease agreements. These clauses ensure com-
mon efforts to reduce utility consumption and long-term
building use.
CTP’s property management teams handle the main-
tenance and optimisation of building systems to ensure
that clients can use their premises in a sustainable way.
Additionally, CTP’s community managers organise onsite
social activities at the business parks owned and operated
by the Company to encourage engagement and coopera-
tion among clients and their employees.
ESG
4.6 ESG Oversight
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
95
Annual Report 2023 CTP N.V.
4.6 ESG Oversight
ESRS 2 GOV-1-23, ESRS 2 GOV-2-26, GRI 2-5, GRI 2-12,
GRI 2-13, GRI 2-14
CTP’s Board of Directors established
the Sustainability Committee in 2022.
The committee meets each quarter, and its
purpose is to prepare the decision-making
of the Board in sustainability-related issues,
including the required skills in the Company.
The resulting topics of the 2022 DMA
largely shape the agenda. The Sustainability
Committee is chaired by Susanne Eickermann-
Riepe. For her biography, please refer to
Section 5.1.1. The Group Head of ESG is
responsible for identifying, monitoring
progress, and reporting on all sustainability-
related material impacts and risks, as well
as the effectiveness of sustainability-related
policies and metrics, and presents to the
Sustainability Committee.
The Audit Committee meets as often as required, and its
main purpose is to prepare the decision-making of the
Board of Directors and supervise, monitor, and advise re-
garding the integrity and quality of the Company’s finan-
cial reporting and the effectiveness of the Company’s in-
ternal risk management and control. The Head of the Risk
Management department is responsible for identifying,
monitoring, and reporting all risks and material impacts
as well as the effectiveness of risk management and met-
rics and reports to the Audit Committee.
The Heads of the ESG and Risk Management depart-
ments work together with the Group CFO and COO on a
weekly basis and inform them of any sustainability risks
and concerns that may require their attention. They are
also regular guests of the Sustainability Committee and
Audit Committee to update them on specific issues, in-
cluding the physical and transition climate risks.
The environmental aspect of Sustainability is as-
sessed during CTP’s acqusition approval process. In their
decision-making, the Executive Directors consider, among
others, legal, technical, and environmental matters which
are included in sustainability-related due diligence pro-
cesses.
For new properties, there are clear ESG requirements for
development projects based on prevalent legislation and
criteria stemming from ESG ambitions.
The Risk Management department has identified the
Company’s ESG-related risks and quantified the poten-
tial impact and probability of occurrence based on its Risk
Management Policy and regularly updates the Audit Com-
mittee on the ESG-related risks, which addresses them
on behalf of the Board. ESG-related risks are presented
in Section 4.2.2.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
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Governance Financial
Statements
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4.7 ESG Strategy
CTP’s ESG strategy systemises
the Company’s approach towards
sustainability-related topics within
four conceptual pillars:
1. Striving to Be Climate Positive;
2. Embedding Parks in Communities;
3. Stimulating Social Impact & Well-being; and
4. Conducting Business with Integrity.
4.7.1 Striving to Be Climate Positive
CTP’s ambition is to become climate positive covering all
its activities, from corporate operations to development
and asset management activities. Through the actions
and decisions it takes, CTP seeks to have a positive long-
term effect on the environment, including the climate.
The results of CTP’s DMA in 2022 indicated that cli-
mate change is a material topic for the Company. This in-
cludes areas such as energy efficiency, renewable energy,
operational and embedded GHG emissions, and climate
adaptation and resilience. According to estimates from
the United Nations
1
,
the built-up environment is responsi-
ble for around 40% of total GHG emissions.
1 https://www.unepfi.org/themes/climate-change/40-of-emissions-
come-from-real-estate-heres-how-the-sector-can-decarbonize/
The ESG strategy pillar “Striving to be Climate Positive”
is set up to mitigate the longer-term negative GHG im-
pacts for the Company.
Over the last three years, CTP implemented ESG
data collection and reporting processes. The Company’s
approach is to cover four areas:
1. corporate operations (Scopes 1, 2, 3);
2. the Company’s parks and landlord-controlled
consumption (Scopes 1, 2);
3. client-controlled consumption within the portfolio
(Scope 3); and
4. construction activities, including purchased
construction materials (Scope 3).
CTP’S TARGETS FOR STRIVING TO BE CLIMATE POSITIVE
Category
Baseline
YE 2022
Performance
2023
Targets
YE 2026
% of renewable electric energy of CTP’s and tenants’ electric energy mix 24% 64% 80%
% of GLA covered by leases containing a green lease clause 19% 37% 50%
MWp of installed PV capacity 38 100 400
% of parks with biodiversity efforts introduced /installed Starting point 38% 80%
Average embodied carbon footprint reduction (kgCO₂e/m²)* ** Starting point 476kgCO2/sqm −10%
Operational carbon footprint (kgCO₂e/m²)* ** Market-based (Y/Y) 28.03 25.47 (-9.1%)
Water intensity (use, utilisation) reduced (m³/m²) ** 0.19 0.19 −15%
Taxonomy alignment of construction and ownership of properties (lowest of all KPIs) 5% 21% 60%
Selective waste collection development activities (share of projects) Starting point 45% 80%
% of car fleet EV Starting point 0% 25%
* Targets subject to adjustment to be in line with Transition plan for climate change mitigation requirements.
** Values have been recalculated to reflect buildings for which full coverage of data is available.
ESG
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4.7.1.1 Climate
4.7.1.1.1 Transition plan for climate change mitigation
ESRS E1-1-17, GRI 3-3, GRI 201-2
CTP is currently preparing its Transition Plan for Climate
Change Mitigation. The Transition Plan will incorporate
the Company’s existing goals, targets, and actions that
can be found further in this chapter.
4.7.1.1.2 Material impacts, and risks and opportunities
ESRS E1 SBM-3-19, GRI 3-3, GRI 201-2
Following the 2022 DMA, CTP identified five topics relat-
ed to climate change, which contain impacts, risks, and
opportunities.
Energy efficiency and renewable energy
The first of these topics is energy efficiency and renew-
able energy. As part of its business strategy and to meet
the growing demand among its clients for energy-ef-
ficient space, CTP makes ongoing efforts to reduce the
energy consumption of the buildings that it owns and op-
erates through upgrades to its standing portfolio and by
ensuring high efficiency standards for new developments.
In addition to energy efficiency, CTP has identified renew-
able energy as a significant opportunity, as the large roof-
top surface area of the Company’s buildings allows it to
install PV systems for the production and provision to its
clients of renewable solar energy.
CTP’s expanding energy business creates a new revenue
stream for the Company while simultaneously helping
CTP to mitigate risks associated with GHG emissions and
the related transition risk of increased energy costs for
fossil fuels, as their usage is slowly phased out in the EU.
See Section 3.2 for more information on CTP’s energy
business.
Operational GHG emissions
CTP considers climate risks related to operational GHG
emissions as a large risk. This risk is associated with,
among others, physical risks (e.g., changing weather pat-
terns) and transition risks (e.g., carbon taxes). CTP’s ac-
tivities related to this risk include the construction, op-
eration, and demolition of real estate. While CTP’s direct
emissions under its control (Scopes 1 and 2) are limited,
indirect (Scope 3) emissions related to the Company’s val-
ue chain constitute 98% of total emissions.
Physical climate risk assessment
In 2022, CTP conducted a physical climate risk assess-
ment as a part of overall risk management. In 2023, this
was expanded to include newly developed and acquired
properties. Analysed time horizons cover up to 2050. The
assessment shows that even under “RCP 8.5”—the most
severe and unlikely climate scenario—the identified (finan-
cial) risks to CTP are limited. Their characteristics are ex-
plained later in this section. CTP used the outcome of this
assessment to analyse the climate vulnerability of Group
properties and to assess physical and non-physical adap-
tation solutions in line with EU taxonomy requirements.
Currently, CTP only considers time horizons up to
2050. Within the Transition Plan for Climate Change Mit-
igation, other timelines will be taken into account.
Transition (regulatory) risks
To analyse transition (regulatory) risks related to envi-
ronmental matters, CTP conducted a portfolio resilience
analysis in 2023, during which the Company analysed the
impacts of environmental factors on its properties. CTP
accommodates a diversified portfolio of clients operating
in different sectors in different countries (see Section 3.6
for more details). CTP does not expect a direct, materi-
al impact of either physical or transition climate risks for
the majority of its clients.
Sustainable design
The 2022 DMA also showed sustainable design to be a ma-
terial topic. The impact of sustainable design is intercon-
nected with energy efficiency and GHG emissions: Design-
ing more sustainable buildings helps CTP to mitigate the
risks of climate change, as such buildings are more energy
efficient and require less resources during construction.
4.7.1.1.3 Identification and assessment of impacts,
risks, and opportunities
ESRS E1 IRO-1-20, ESRS E1-IRO-1-21
For the identification of material topics, CTP used its
2022 DMA, further information on which can be found in
Section 4.4.
GHG emissions have a significant impact within CTP’s
value chain. Category 13 is specifically impactful, as
“Downstream Leased Assets” are core for CTP’s business
model. Considering its construction activities, Category 1
“Purchased Goods and Services” also has a significant im-
pact. Beyond that, CTP controls the emissions in Scopes
1 and 2, and the Company has the goal to reduce its own
impact. CTP consistently examines other sources within
its operations and value chain of emissions to determine
the significance of its impact.
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For the identification of physical climate risks, the Com-
pany used a third-party platform to analyse its portfolio.
This platform uses different Representative Concentra-
tion Pathway (“RCP”) models made available by the Inter-
governmental Panel on Climate Change (“IPCC”), analys-
ing items such as but not limited to flooding, extreme heat,
wildfires, and water stress with a time span up to 2050.
In its analysis of the outcomes of this assessment,
CTP considered the results of the least and most extreme
scenarios (RCP 2.6 and RCP 8.5).
To analyse transition risk in its portfolio, CTP uses the
CRREM tool and assesses the required reductions to be in
line with the Science Based Targets initiative (“SBTi”) by
2050. To encourage cooperation with its clients to reduce
the overall GHG footprint of its parks, in 2022 CTP be-
gan implementing green lease clauses into its lease agree-
ments for its standing portfolio.
Beyond transition events included in the CRREM tool,
CTP has not identified or considered additional events.
For additional information related to CTPs value
chain, please refer to Sections 2.2 and 4.5.
4.7.1.1.4 Policies
ESRS E1-2-24, ESRS E1-2-25, ESRS E1-5 MDR-P, GRI 2-24, GRI 3-3
In 2022, CTP introduced an environmental policy for its
Czech business related to the ISO 14001 and ISO 50001
certifications as the first step toward developing a Group-
wide policy. The Board, collectively, is ultimately responsi-
ble for integrating and complying with this policy.
The existing policy for the Czech business encom-
passes items such as climate change mitigation through
the measurement of GHG emissions and energy manage-
ment. CTP will update the policy with the development of
a transition plan for climate-change mitigation.
CTP commits to reaching carbon neutrality by 2050 in
line with the Paris Agreement as part of its contribution
to climate change mitigation. In addition, the Company
aims to align its climate targets with the SBTi.
CTP’s Environmental Policy can be found on the Com-
pany’s website.
4.7.1.1.5 Actions being taken by CTP
ESRS E1-3-28, ESRS E1-3-29, ESRS E1-3 MDR-A, GRI 3-3
For the actions mentioned in this Section, CTP does not
distinguish CAPEX specifically for these actions, as they
are considered part of normal business operations. The
existing portfolio improvement CAPEX will be developed
as part of the Transition Plan for Climate Change Miti-
gation.
Solar energy
In 2023 CTP significantly expanded its existing rooftop
PV installations on its buildings to deliver renewable ener-
gy to its clients and the grid, with 62 MWp of new PV gen-
erating capacity installed during the year. CTP secured fi-
nancing of EUR 200 million for this development through
a 10-year unsecured loan from the European Investment
Bank, which the Company will dedicate specifically to the
installation of PV installations.
Renewable energy
Beyond the installation of new PV panels, CTP works to
increase the ratio of renewable electric energy where it
controls electricity contracts. The efforts taken in 2023
have enabled CTP to increase this ratio from 24% in 2022
to 64% in 2023. This has been done by increasing PV in-
stallations and actively seeking out contracts for renew-
able electricity.
With the implementation of solar and renewable ener-
gy—a critical decarbonisation lever—CTP expects to low-
er its carbon footprint. As actions are caried out mostly
within the portfolio, they will also assist in the reduction
of the carbon footprint of CTP’s clients.
Construction requirements
In 2023, CTP has set up internal requirements, incorporat-
ing requirements from the EU taxonomy and the Buildings
Research Establishment Environmental Assessment Meth-
od (“BREEAM”), for the development of new buildings and
improvements to existing buildings. These requirements,
which include, among others, energy efficiency, modern
technical solutions, and promoting sustainable materials,
will enable the Company to increase its alignment with the
EU taxonomy and work towards its goal of a net-zero port-
folio by 2050 in line with the Paris Agreement.
Green lease clauses
CTP is working to increase the green lease coverage of its
standing portfolio. All newly signed agreements contain
green lease clauses, and the Company amends existing
contracts to contain green lease clauses where possible
to speed up this process. CTP increased its green lease
coverage from 19% to 37% of its total gross leasable
area (“GLA”) in 2023. Among other goals, this will assist
the Company in increasing insight into Scope 3 emissions.
This will result in better calculations of reduction targets
to be set towards the future as well as giving a better ba-
sis for the Transition Plan for Climate Change Mitigation.
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Strategy &
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First calculations of embodied carbon emissions
To gain greater insight into the embodied emissions with-
in its portfolio, in 2022 and 2023, CTP commissioned 61
LCAs across seven of the countries where it operates.
Based on the data obtained from these LCAs, CTP was
able to calculate a baseline for its embodied carbon emis-
sions. This baseline can be found in Section 7.3.1.2 of this
Report.
In addition to calculating total CO₂ emissions, the
analysis allowed CTP to identify the most carbon-intense
building components, which allows the Company to engage
with suppliers to speed up the introduction of low-carbon
building materials and reduce its embodied carbon foot-
print. The Group plans in coming years to conduct more
life-cycle analyses and to introduce tools that will allow
the monitoring of its embodied carbon footprint during
the construction process.
Certification
CTP certifies its standing portfolio according to the Build-
ings Research Establishment Environmental Assessment
Method (“BREEAM”). As client expectations for the sus-
tainable design of newly built facilities are increasing,
CTP builds all newly developed projects to the BREEAM
New Construction level “Very Good” or higher (except in
Germany, where the DGNB rating system is used) to sat-
isfy these expectations and to ensure that its buildings
receive a high-level energy performance certificate, with
regular upgrades to ensure energy efficiency.
Other activities
To ensure CTP offers spaces that are modern and energy
efficient, the Company optimises and introduces improve-
ments to its existing portfolio, including adjustments to
heating, cooling and lighting operation schedules and
temperature set-up points for building systems as well as
equipment improvements. One major example is the Com-
pany’s ongoing portfolio-wide replacement of fluorescent
lighting with LED lighting.
4.7.1.1.6 CTP’s targets
ESRS E1-4-32, ESRS E1-4 MDR-T, GRI 3-3
CTP has set and communicated its short-term ESG-re-
lated targets for 2026. CTP’s long-term target is to
achieve carbon neutrality by 2050 in line with the Paris
Agreement. Mid-term goals will be developed together
with the Company’s climate transition plan. CTP aims to
align its climate targets with the SBTi as a framework
toward achieving its mid- and long-term climate targets.
The energy and emissions targets are intensity based.
Changes and growth in CTP’s portfolio would make abso-
lute targets unreliable and unattainable. Intensity targets
enable the Company to continue growing and drive the
development of buildings with lower intensities. This dy-
namic and the interconnectedness of CTP’s actions com-
plicate the calculation of their results.
The targets described in this section are also part of
the tables in Section 4.7.1 of this Report. Decarbonisation
levers are also described in this section.
CTP sees achieving the current targets is possible by
using existing technologies.
GHG emissions
ESRS E1-4-33, ESRS E1-4-34, GRI 305-1 GRI 305-2 GRI 305-3
Operational carbon footprint
Targets set by CTP relating to operational GHG emissions
are critical for the Company to achieve carbon neutrality
in 2050, as is mentioned in this Section of this Report.
The pathway to achieve carbon neutrality is intended to
be in line with the SBTi. The Company’s continuous de-
velopment and growth requires constant adaptation of its
targets. Currently, set targets are not yet in line with the
SBTi. As part of the development of the future Transition
Plan for Climate Change Mitigation, CTP will develop GHG
reduction targets divided into the three Scopes. Based on
the baseline described in Section 4.7.1 of this Report, by
2026 CTP’s operational carbon intensity should average a
market-based 22.42 kgCO₂e/sqm.
CTP has included its market-based emission inten-
sities in the table at the beginning of chapter 4.7.1 This
change has been made to reflect the effect of invest-
ments in purchasing renewable energy through specific
contracts. 2022 shows an intensity of 28.03 kgCO₂e/sqm
compared to 25.47 in 2023, a 9.1% reduction.
When looking at the location-based emissions, CTP
has seen an increase in intensity. Specifically, when com-
paring the Like-for-Like numbers of 2022 and 2023, there
is an 11.8% increase in location-based emissions from
33.12 kgCO₂e/sqm. This increase is driven by increased
client energy consumption and an increase in the emission
factors in most countries.
The increase of renewable energy, as explained in
Section 4.7.1.1.5, either purchased by CTP or produced by
the Company’s PV installations, are a critical decarbon-
isation lever for the reduction of the operational carbon
footprint.
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Embodied carbon footprint
Though not material following the 2022 DMA, by 2026
CTP targets to have reduced its embodied carbon foot-
print intensity by 10% compared to the baseline set in
2023, which was communicated in the 2022 Annual Re-
port and Sustainability Report. This is a necessary com-
ponent for the Company to achieve carbon neutrality by
2050, including its value chain. Based on the baseline de-
scribed in Section 7.3.1.2 of this Report, by 2026 CTP’s
embodied carbon for new buildings should average 428
kgCO₂e/sqm.
Renewable energy
By 2026, CTP targets to have an installed PV generating
capacity of 400MWp. PV systems will help the Company
achieve its goal of reaching carbon neutrality by increas-
ing the amount of renewable energy in its portfolio energy
mix. An installed PV capacity of 400MWp by 2026 could
lead to a reduction of up to 146 ktCO₂ per year for CTP
(based on the average emission factor for countries where
CTP operates).
Additionally, CTP targets to increase the share of
renewable electric energy in the electricity mix that it
controls to 80%. This target covers CTP’s corporate con-
sumption, the consumption at its parks, and the part of
the portfolio where the Group has control over the elec-
tricity contracts.
Both the actions related to the increase of PV instal-
lations as well as the increase of renewable energy within
the portfolio should lead to achieving these targets.
Green leases
By 2026, CTP targets to have 50% of its GLA covered
with green leases. The achievement of this target sup-
ports the achievement of other Company targets, includ-
ing reducing its operational carbon footprint and increas-
ing renewable energy consumption. See Section 4.7.1.1.5
for more details on CTP’s green leases.
This green lease target is also intended to improve
CTP’s carbon footprint and is therefore a critical lever for
the Company.
EU taxonomy alignment
Following the implementation of the EU taxonomy regu-
lation and its required disclosure, CTP decided to use the
EU taxonomy as one of the cornerstones to enhance its
sustainability efforts. By 2026, CTP targets to have 60%
of its activities aligned with the EU taxonomy (turnover,
CAPEX and OpEx).
Baseline values
CTP’s baseline values, which are indicated at the begin-
ning of Section 4.7.1, are based on the first year of large-
scale data collection within the Company. Therefore,
anomalies, such as the influence of weather, have not been
calculated into the base year. In addition, CTP’s portfolio
is in constant growth and client operations might change.
4.7.1.1.7 Energy
ESRS E1-5-MDR-M
To ensure comparability and to meet disclosure require-
ments, CTP reports all energy consumption in MWh. As
stated in Section 4.2.6, for this purpose, CTP has recalcu-
lated its car and airplane fuels consumed in 2022.
CTP collects data from four sources:
1. Portfolio buildings: These are the buildings owned by
CTP.
2. CTParks: This relates to the areas CTP has under
its control, such as public lighting or the irrigation of
green areas.
3. Corporate offices: Offices used for CTP activities.
4. Corporate cars and airplanes: Cars and airplanes
owned and used by CTP for business purposes.
As stated in Section 4.7.1.1.8, all CTP activities are consid-
ered High Climate Impact Sector.
For the first three categories, CTP uses meter read-
ings, provider invoices, information provided by clients,
or landlord reports as a source for its energy consump-
tion data. The onboard computers are used as a source
for Company vehicles, whereas for its airplanes, CTP uses
the logbook data.
Data is collected from the individual source level, i.e.,
the specific car or building. CTP then consolidates the
data for each category, after which it consolidates the
data to the corporate level. As there are no joint ventures
or similar structures, the data is only reported consoli-
dated to CTP N.V.
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As stated in Section 4.2.1, CTP includes all the buildings
in its portfolio as within the boundaries of coverage. The
data coverage is as follows:
• Corporate offices: 85% of corporate offices;
• Company cars: 100%;
• Company airplanes: 100%;
• CTParks: 100%;
• Portfolio buildings:
• Landlord-controlled: 100% of landlord-controlled
gross building floor area;
• Client-controlled: 75% of client-controlled gross
building floor area data was reported, and 65%
of the data was complete
These percentages also apply to the data coverage for
GHG emissions. CTP has seen an increase in the data re-
ported when comparing 2023 and 2022 due to increased
data availability and portfolio growth. Specifically, the
German portfolio has seen a substantial rise in data cov-
erage, which includes buildings with high energy consump-
tion.
For more information on the metrics, please refer to
Section 7.3.1.1 of this Report. As indicated in Section 4.2.1,
energy-related metrics have been assured by an inde-
pendant third party.
4.7.1.1.8 Greenhouse gasses
ESRS E1-6-MDR-M, ESRS E1-6-47
CTP operates in the real estate sector, which is not sub-
ject to the EU Emission Trading Scheme
1
(“ETS”).
CTP’s activities fall under construction and real estate
activities under the NACE Revision 2
2
. Both activities are
considered a High Climate Impact Sector. This requires
CTP to report all GHG emissions from all its activities.
CTP classifies GHG emissions following the GHG Pro-
tocol
3
, which are the emissions resulting from:
• corporate operations, Scopes 1 and 2;
• refrigerant losses, Scope 1; and
• Upstream and Downstream emissions, Scope 3.
In Scope 3, CTP reports on the following categories:
• Category 1: Purchased goods and services—these are
the emissions embodied in its buildings. CTP chose
Category 1 as it purchases goods and services re-
quired for the development of buildings;
• Category 6: Business travel—t
his is all travel not done
by Company car or airplane;
• Category 13: Downstream leased assets—these are
the leased buildings or areas in leased buildings.
CTP considers the remaining categories as not relevant
due to the expected size of emissions. For some catego-
ries, CTP has no activities that are connected. For the re-
maining categories, the Company considers its impact to
be limited compared to the reported categories.
1 Directive 2003/87/EC, annex I
2 Commission Delegated Regulation (EU) 2022/1288
3 Link to GHG https://ghgprotocol.org/
Energy data, as mentioned in Section 7.3.1.1, in combi-
nation with relevant emission factors, form the basis of
GHG emissions calculations. For emission factors, CTP
uses the following sources:
• for fuels, CTP uses the UK Government GHG Con-
version Factors for Company Reporting by the UK’s
Department for Environment, Food, and Rural Affairs
(DEFRA);
• for electricity, it uses “2023_02_emissions_factors_
sources_for_2022_electricity_v10” published by car-
bonfootprint.com;
• for district heating, local sources are used.
For more information on the metrics, please refer to Sec-
tion 7.3.1.2 of this Report where the Company reports in
CO₂ equivalents. As indicated in Section 4.2.1, the emis-
sions-related metrics have been assured by an independ-
ant third party. For data coverage, please refer to Section
4.7.1.1.7.
4.7.1.1.9 Emissions removals & internal carbon pricing
ESRS E1-7, ESRS E1-8
CTP is focused on actively reducing GHG emissions and
has therefore decided not to engage in GHG emission
removal. Similarly, CTP has not adopted internal carbon
pricing.
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4.7.1.1.10 Financial effects
GRI 201-2
In 2022, as a part of overall risk management, CTP con-
ducted its first physical climate risk assessment to evalu-
ate the exposure of its properties to acute and chronic cli-
mate-related risks using a third-party climate modelling
tool. Assessment was expanded in 2023 covering proper-
ties acquired and developed in 2023.
In this assessment, the Company used different RCP
models made available by the IPCC, considering items
such as but not limited to coastal flooding, extreme heat,
and water stress.
ESRS E1-9-66, GRI 201-2
The climate-related risks identified as potentially the
most impactful to CTP are coastal flooding and rising sea
levels. These risks have been analysed as short-, mid-, and
long-term. Even the least severe models (SSP2 (medium
challenges to mitigation and adaptation)) show sea levels
will increase to such an extent that, in the long term, the
Company’s Dutch portfolio could be below sea level. This
is also the case for a limited number of assets on the Ger-
man Wadden Sea coast. However, as the Dutch and Ger-
man governments are taking measures to mitigate these
risks, CTP considers these risks as policy risks, thereby
making this a transition climate risk. As a result of its
analysis, CTP concludes that five of its properties
1
are at
risk of climate-related physical risks; at most, this repre-
sents0.9%of the value of the portfolio.
1 Properties located in NUTS Code areas NL3, DE8, and DE9
ESRS E1-9-67, GRI 201-2
As part of the above-mentioned climate risk assessment,
transition climate risks were also studied. The Company
used the CRREM tool to assess which buildings might re-
quire additional investment to raise energy efficiency to
meet expected regulatory requirements.
However, as CTP buildings support a wide variety of uses,
even within a CRREM category, the Company considers
there are limits to the applicability on its portfolio. Client
energy consumption is included in the analysis, and con-
sumption can vary widely depending on the client’s indus-
try. As an example, the size of the cold storage area within
a warehouse is not considered as an input although it has
great influence on the building’s energy consumption and
therefore on the outcome of the assessment. With the
EU’s Energy Performance Buildings Directive (“EPBD”)
upcoming, CTP considers other aspects, such as the En-
ergy Performance Certificate (“EPC”) to be better indica-
tors of the energy efficiency of its buildings.
CRREM was used as a testing and indication tool, with
the deeper investigation for transition climate risks relat-
ing to EPCs. Over time, as local building codes introduce
stricter requirements to achieve specific levels of EPCs,
CTP continuously upgrades its portfolio to ensure that
it retains its high energy classifications. Construction of
new buildings follows up-to-date requirements and CTP’s
internal ESG requirements, which in many cases go be-
yond code requirements.
CTP carried out an analysis of its clients, which con-
firms that none of its clients operate in the coal, oil, or
gas-related sectors.
ESRS E1-9-68, GRI 201-2
CTP will calculate expected costs related to material
physical and transition climate risks. This will include cu-
mulative upgrade costs for transition risk and amortisa-
tion of the loss in property value for physical risks.
ESRS E1-9-69, GRI 201-2
In recent years, Europe has experienced volatility in en-
ergy prices. As a result, CTP’s clients have become more
aware of the cost of energy in the short and long term.
Although energy prices stabilised toward the end of 2023,
there is a visible increase in client demand for energy from
renewable sources, which creates a business opportunity
for CTP. CTP expects its energy business, which provides
renewable energy generated onsite at its parks to clients,
as well as other energy-efficiency measures that the
Company takes, to attract more companies that consider
total cost of occupancy as a main driver.
ESRS E1-9 MDR-M
CTP is a dynamic company with continuous growth
through construction and acquisitions. The consistent
arrival of new clients and ongoing changes to their oper-
ations affect the consumption of utilities within the port-
folio. This makes the creation of metrics difficult and re-
quires more detailed analysis.
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4.7.1.2 Water
GRI 303-1, 303-2
Although the results of CTP’s DMA show that its interac-
tion with water is limited and not material, the Company
prioritises a responsible approach toward water manage-
ment as part of its broader business strategy, taking into
consideration, among others, the alignment criteria being
introduced by the EU taxonomy in this area and the po-
tential negative impact of climate change on the availabil-
ity of potable water in Europe.
The Group considers its interaction with water from
two perspectives:
1. consumption of drinking water; and
2. support for the natural water cycle.
The consumption of drinking water that CTP is responsi-
ble for mostly applies to the Group’s corporate activities
and its amount is limited.
In its portfolio CTP makes efforts to influence the
reduction of water consumption by clients. For operating
buildings, new developments and refurbishments, CTP
uses the most water-efficient fixtures as standard in line
with the EU taxonomy and installs state-of-the-art grey
water and rainwater systems where feasible. In addition
to providing efficient technical solutions, CTP encourages
clients to reduce water consumption through green lease
clauses.
In the collection of water-related figures for the port-
folio, CTP does not distinguish between the usage. This
results in the potential inclusion of water used by clients,
i.e., water used for production activities, in the figures.
CTP’s support for the natural water cycle includes biodi-
verse landscaping at its parks that limit paving and help to
retain groundwater, as well as the installation of rainwa-
ter and grey water systems where feasible. As CTP’s as-
sets are land-intensive, these measures help to mitigate
the Company’s negative impact on climate-related water
risks, such as water stress.
CTP reviews its portfolio for buildings in high water
stress areas. This review indicates that around 17% of the
buildings are located in such areas as defined by the Aque-
duct Water Risk Atlas.
More detailed information can be found in Section
7.3.1.2 of this Report.
4.7.1.3 Resource use, circular economy, and waste
management
GRI 306-1, 306-2
Although the results of CTP’s DMA show waste is not ma-
terial, the Company prioritises a responsible approach to-
ward waste management as part of its broader business
strategy, taking into consideration, among others, the
alignment criteria being introduced by the EU taxonomy
in this area.
Waste management is a significant part of the circular
economy, and CTP takes steps to manage waste properly,
as described below.
Waste management
CTP, in its business activities, approaches the topic of
waste management in three dimensions:
• construction waste;
• corporate; and
• clients.
To ensure proper management of waste at the construc-
tion stage, CTP introduced requirements for new devel-
opments and refurbishments, which cover both BREEAM
New Construction and EU taxonomy criteria.
Corporate offices generate a small amount of munici-
pal waste. To ensure that waste leaving CTP’s offices can
be recycled, the Company uses selective waste collection
in line with local waste management systems.
At the Company’s buildings, clients are usually respon-
sible for and control their own waste management. CTP
designs its parks in such a way that clients have sufficient
space to introduce and maintain a system that allows sep-
arate waste collection. For more information, please refer
to Section 7.3.3 of this Report. Energy-related metrics
have been assured by an independant third party.
ESG
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4.7.2 Embedding Parks in Communities
Despite the results of the 2022 DMA, where no material
topics that would fall under this pillar were identified, as
part of its business strategy CTP values positive engage-
ment with the communities where it operates. Among its
benefits, cooperation with local municipalities helps facil-
itate long-term sustainable growth possibilities for CTP
and its clients. As a part of its owner-operator business
strategy since its inception, CTP strives to be a good cor-
porate neighbour through various ongoing initiatives, in-
cluding investments in public infrastructure, collaboration
with local universities and schools, and support for local
charities. In recent years, the Company has made sig-
nificant investments to develop and operate community
space at its parks, most notably its multi-use Clubhaus
community centres at select park locations. see Section
4.7.2.1.
EMBEDDING PARKS TARGETS
Category
Baseline
YE 2022
Performance
2023
Targets
YE 2026
Community-engaging activities Starting point 30 20 annually
Top 50 CTParks verified whether feasible for access by public transport Starting point 71% 100%
City locations are connected via bike lanes Starting point 30% 80%
Parks offering EV charging facilities (above 100,000 sqm GLA) Starting point 50% 100%
CLUBHAUS CONCEPT
CTP developed the Clubhaus
concept at its first park,
CTPark Humpolec, in 1999
as part of the Company’s HQ
at the time, setting the ground-
work for later roll-out. In 2018,
CTP built its first stand-alone
service centre—renamed Club-
haus in 2020—at CTPark Bor
to provide a central hub for this
large park on the Czech-German
border. The Clubhaus at CTPark
Bor includes meeting spaces,
a restaurant, cafe, doctor’s
office, and shared offices. It is
nicely landscaped and adjacent
to an exercise area and sports
fields. CTP holds events at the
Clubhaus and meets both clients
and the surrounding community
for discussions and training
sessions.
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4.7.2.1 Providing community space
GRI 413-1, EPRA COMTY-ENG
The most significant way to embed parks in communities
is by creating space for the community and to organise
activities. In 2023, CTP organised activities at its parks in
7 out of the 10 countries in which it operated.
One of CTP’s main efforts in this area is its commu-
nity Clubhaus concept, which functions as the focal point
of a CTPark, fostering deeper community relations. Each
Clubhaus is a distinct, modern multi-functional centre
that offers space to the park community for meetings,
educational activities, and social gatherings. Depending
on location, they include restaurants, cafés, minimar-
kets, and medical facilities. The buildings are surround-
ed by natural landscaping and are adjacent to outdoor
sports facilities, making them a focal point for the park
and for the surrounding community. First developed as a
stand-alone facility at CTPark Bor in the Czech Repub-
lic, CTP formalised the Clubhaus brand in 2020. In Q4
2023 CTP opened a Clubhaus location at CTPark Ostra-
va in the Czech Republic and launched construction of its
sixth Clubhaus at CTPark Warsaw West, its first in Po-
land, scheduled to open by end-2024. As at end-2023, the
CTPark Network includes five Clubhaus locations, includ-
ing at CTPark Budapest West and at CTPark Bucharest
West, which received BREEAM “Outstanding” certifica-
tion in 2022. CTP plans to open more Clubhaus locations
throughout the CTPark network based on park size and
client interest.
CTP conducts Environmental Impact Assessments
(“EIAs”) where they are required. Similarly, these EIAs are
public where required by local law.
AFFORDABLE HOUSING
At Ponāvka, CTP’s mixed-use development in Brno, the Company has developed
three residential “Domeq” buildings with a total of 311 rooms for students and young
professionals. At CTPark Bor, CTP has developed affordable housing totalling 800
beds for seasonal workers and is currently working on a similar project near CTPark
Bucharest West.
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4.7.2.2 Accessibility and clean mobility
GRI 203-1
The accessibility of CTP’s parks is paramount to its busi-
ness, particularly as its main asset class is logistics hubs
that support longer-distance transportation. The Compa-
ny develops its parks in strategic locations with an availa-
ble local workforce that positively impact transportation
flows—both longer-distance transport and short-dis-
tance commuting, thereby indirectly reducing emissions
related to this transportation.
CTP works actively with local and regional govern-
mental agencies to create bus lines with access to its
parks and other related infrastructure where feasible.
One example is Brno, in the Czech Republic, where CTP
operates bus lines to enable client employees to access its
parks without using personal cars.
CTP has also started installing electric vehicle (“EV”)
chargers at different parks. By 2026, all the Company’s
parks above 100,000 sqm of GLA would have access to EV
charging facilities. As of 2023, 50% of the Group’s parks
have charging facilities installed.
CTP values the bicycle as a mode of transport and in-
vests in two areas to promote bicycling to work: parking
facilities for bikes and bike lines. At at the end of 2023,
30% of CTP’s parks are connected to nearby cities and
town by public bike lanes. By 2026, CTP’s goal is to in-
crease this to 80% .
BIKE INFRASTRUCTURE
CTP develops parks so that they are accessible and safe for bikers
and pedestrians, developing bike paths off the main roads to provide
employees and surrounding communities with both safe passage
to work and an exercise track. In addition, CTP installs bike racks
and electric charging stations for bikes (and cars) to support clean
transportation options for workers.
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4.7.2.3 Green spaces and biodiversity
As part of its long-term business strategy, CTP considers
green spaces and nature-based solutions to be a comple-
mentary component of its parks. CTP’s biodiversity pro-
jects focus on local solutions (e.g., native trees and shrub-
bery, insect hotels, apiaries), as the Company considers
that needs are best understood and addressed at the park
level. At around 40% of its parks, CTP has taken actions
to promote biodiversity.
Beyond these ongoing actions, in 2019 CTP invested
into around 560 hectares of partially degraded forests
near Zlín and Mladá Boleslav in the Czech Republic. Over
the last few years, CTP has been working to restore these
forests and to expand biodiversity, in part through the
planting of different kinds of native saplings.
GREEN ENVIRONMENTS
All CTParks are designed with relaxing landscaping to create a pleasant
work environment, improving both health and efficiency. Outside our parks,
CTP owns 560 hectares of forest in the Czech Republic, where its employees
planted a variety of 130,000 trees, improving the biodiversity of the area in
addition to cleaning out garbage in both CTP’s forest and areas surrounding
our parks. CTP maintains the health of its green areas by ensuring a wide ar-
ray of biodiversity, including insect hotels and beehives at its parks.
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4.7.3 Stimulating Social Impact & Well-being
As confirmed by the 2022 DMA, CTP’s impact goes far
beyond the parks and buildings that it creates. For more
information on the results of the DMA, please refer to
Section 4.7.3.2.
CTP is a people-focussed business, with over 730 of
its own employees, over 1,000 clients, and over 75,000
people working at the Company’s properties. Both within
the Company and in the communities where it operates,
CTP, in collaboration with clients, local municipalities and
NGOs, introduces and/or supports activities that promote
well-being. The Company has a long and significant track
record of social engagement and giving back to local com-
munities with a wide range of support, including charity
donations targeting disadvantaged youth and other vul-
nerable members of society and support for education,
and job retraining programs.
CTP’S TARGETS FOR STIMULATING SOCIAL IMPACT & WELL-BEING
Category Outcome 2023 Targets 2026
Framework for employee satisfaction monitoring in place Not in place In place
Framework for client satisfaction monitoring in place Partially in
place *
In place
* satisfaction monitoring in place in selected parks
COMMUNITY COLLABORATION
To encourage young en-
trepreneurs and educate
them about various pro-
fessions, CTP collabo-
rates with local schools
and universities, for ex-
ample the Brno University
of Technology, and hosts
field trips for students to
our clients’ facilities.
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COMMUNITY EVENTS
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4.7.3.1 Interests and views of own employees
ESRS S1 SBM-2-12
CTP’s employees are fundamental to the Company’s op-
erations and are a vital stakeholder group.
CTP employees are encouraged to share their ideas
to improve the Company as a whole. To ensure that their
input and ideas reach the people at the highest levels of
the Company, CTP introduced the “CTInnovations “ initia-
tive. This initiative is backed by a dedicated email address,
which functions as a modern version of a suggestion box.
The philosophy behind the idea is: There is always room
for improvement across each facet of the Company’s op-
erations.
CTP reviews and evaluates the input received on a
monthly basis. The ideas with a tangible benefit for the
Group are implemented and the proponent awarded for
their input.
CTP recognises the importance of respecting and
upholding human rights within its operations, particu-
larly as they pertain to its own workforce. Commitments
are rooted in words and in actions that align with global
standards, such as the UN Global Compact principles and
the OECD Guidelines for Multinational Enterprises.
CTP also has its grievance channels in place, which
are mentioned in Section 4.7.3.4 of this Report. The pur-
pose for these channels is to give stakeholders a chance to
share grievances with the Company.
4.7.3.2 Material impact, risks and opportunities, and
their interaction with strategy and business
model
ESRS S1 SBM-3-13
Following the 2022 DMA, three material topics related to
CTP’s own workforce have been identified: 1) health and
safety; 2) employee recruitment and development; and 3)
diversity, equity, and inclusion.
ESRS S1 SBM-3-14, ESRS S1 SBM-3-15
CTP has identified risks related to health and safety
across its own business, including those from third par-
ties who directly report to CTP employees. These risks are
especially important during construction, as mismanaged
safety aspects could result in an increased risk of injuries
on construction sites. This risk is commonly addressed
across the construction industry and therefore applies to
CTP’s supply chain. Although management of the down-
stream value chain (clients’ operations) is beyond CTP’s
control and responsibility, many of CTP’s clients address
health and safety as a material topic and is therefore typ-
ically well managed by them.
CTP considers employee recruitment and develop-
ment as a risk and an opportunity. Proper career devel-
opment schemes, engagement, and employee satisfaction
management create opportunities to attract and retain
talent. Lack of proper management of these topics can
create a risk of filling vacancies.
As mentioned in Section Sections 3.2 and 4.7.1.1.5,
CTP is developing activities related to renewable energy.
The growth of this business line within the Company cre-
ates employment opportunities for new candidates and
offers a development path for existing staff.
CTP adheres to all applicable health, safety, and labour
laws. CTP has not identified any parts of its own opera-
tions or geographies in which it operates that could be at
risk of child, forced, or compulsory labour.
ESRS S1 SBM-3-16
Energy business-related opportunities as well as employ-
ee recruitment and development risks and opportunities
apply to all CTP employees, independent of position, age,
or gender. More details about employee demographics can
be found in Appendix 7.4. Health and safety aspects apply
mostly to employees working in construction sites.
4.7.3.3 Policies related to CTP’s workforce
ESRS S1-1-19, ESRS S1-1 MDR-P, GRI 3-3, 403-1
Currently, CTP policies partially cover the material topics
“health and safety” and “diversity, equity, and inclusion”.
Health and safety is covered by CTP’s Code of Con-
duct. This code sets out the expected behaviour of CTP’s
Executive Directors and Company staff. Working rela-
tionships and workplace safety are among the specific
topics mentioned in the Code of Conduct. CTP’s Executive
Directors are accountable for implementation of the code.
CTP’s Code of Conduct has been established in accord-
ance with the Dutch Corporate Governance Code and ref-
erences multiple conventions as applicable.
CTP’s Code of Conduct is available on the Company’s
website.
CTP’s Diversity and Inclusion Policy, which can be
found on the Company’s website, covers diversity and in-
clusion within the Company. This policy sets out the rules
for diversity and inclusion regarding the composition of
the Board and Senior Management, policy implementa-
tion, and annual reporting on its implementation during
the year. CTP’s Non-Executive Directors are accountable
for the implementation of the policy.
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CTP also has an Anti-Discrimination and Harassment Pol-
icy, information on which can be found below. The Non-Ex-
ecutive Directors are accountable for the implementation
of the policy.
ESRS S1-1-20, ESRS S1-1-21, ESRS S1-1-22
CTP’s Group Code of Conduct is related to conventions
such as OECD Guidelines for Multinational Enterprises,
UN Guiding Principles on Business and Human Rights,
ILO core conventions, and the International Bill of Human
Rights. The Code of Conduct explicitly prohibits human
trafficking, forced labour and child labour. CTP’s Code of
Conduct describes the process in detail and is available on
the Company’s website.
ESRS S1-1-23
CTP has no Group policy or management system on work-
place accidents. Employees are trained based on local
regulations.
ESRS S1-1-24
CTP has an Anti-Discrimination and Harassment Policy.
This policy defines discrimination as “such behaviour (ac-
tion) including negligence when one person is treated less
favourably than another person is treated, was treated,
or would be treated in a comparable situation.” This may
be for various reasons, including but not limited to race,
nationality, age, gender, and sexual orientation. CTP has
a grievance mechanism described in Section 4.7.3.4. The
policy explains the procedures to prevent, mitigate, and
address discrimination, as well as the actions taken once
instances of discrimination are detected.
CTP’s Anti-Discrimination and Harassment Policy is
available on the Company’s website.
4.7.3.4 Employee engagement
ESRS S1-2-27, ESRS S1-2-28, ESRS S1-2-29
As of the publication of this Report, CTP does not have a
formal, Group-wide process or Global Framework Agree-
ment in place to engage with its workforce about negative
impacts. Engagement takes place on an ad hoc basis as
part of manager-employee meetings. Due to CTP’s flat
organisational structure, information flows faster and
more freely based on the needs and requirements up and
down the organisation.
By 2026, CTP aims to have a systemised approach
towards measuring engagement in place. This target can
also be found Section 4.7.3. As of this Report, CTP has
not identified a group of people in its workforce that is
particularly vulnerable.
As CTP has no plans to discontinue any of its business
activities that would impact its employees, engagement
with employees on this topic is not required.
In Section 4.7.3.1 of this Report, reference is made to
the “CTInnovations “ initiative which is managed by mem-
bers of the Czech management team. Though the initia-
tive is more directed towards business operations, CTP is
proud of engaging with its employees in this manner.
4.7.3.5 Remediation of negative impacts and
channels to raise concerns
ESRS S1-3-32, GRI-2-26
CTP offers its employees multiple, layered channels that
enable them to raise their concerns about negative im-
pacts. These include:
• the appropriate supervisor;
• a designated company contact;
• the Group AML & Compliance Officer
(compliance@ctp.eu); or
• an anonymous grievance channel.
Both the reporter and the receiver of the report must fol-
low the procedures set out in the Group Grievance Investi-
gation Procedure and the Group Anti-Discrimination and
Harassment Policy.
At CTP, the tracking and monitoring of issues raised
through the Company’s grievance channels are metic-
ulously managed using the FaceUp website application,
which provides real-time oversight and detailed report-
ing capabilities. This system, overseen by the Group
AML & Compliance Officer, ensures that all concerns are
promptly addressed and allows for the active involvement
of stakeholders in verifying the effectiveness of the griev-
ance mechanisms. Furthermore, to ensure continuous
improvement and accountability, a comprehensive report
on the handling and resolution of these issues is regularly
presented to the Audit Committee/Board, demonstrating
the Company’s commitment to transparency and effec-
tive issue resolution.
The grievance channel can be used for all non-compli-
ance concerns, including ESG matters.
Currently, CTP assess the effectiveness of remedia-
tion of negative impacts on case-by-case basis.
ESRS S1-3-33
The grievance channel is managed by an external provider
to ensure anonymity. Non-retaliation is ensured in CTP’s
Whistleblower Policy. The mechanisms CTP uses to en-
sure familiarity with these channels are described in Sec-
tion 4.7.4 on policies and corporate culture.
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4.7.3.6 Actions and resources
ESRS S1-4-37, ESRS S1-4 MDR-A, ESRS S1-4-38, ESRS S1-4-39,
ESRS S1-4-40, ESRS S1-4-41, ESRS S1-4-43,
GRI 2-30, 401-1, 404-1, 404-2, GRI 3-3, GRI 403-1
All of CTP employees are covered in health and safety as
required by local law. Workplace safety is secured through
risk identification and staff training where needed. As
part of its allocated resources, CTP provides training in-
ternally and externally to its employees to create aware-
ness and mitigate the risks involved.
Depending on location, Company-supported employ-
ee benefits include health-club membership cards, pri-
vate medical services, sports classes, group participation
events, and Company gatherings. These are decided local-
ly, and their specifics may change over time.
Metrics used for tracking this topic can be found in
Section 4.7.3.18.
CTP makes ongoing investments in its professionals
to provide them with opportunities to develop profession-
al and personal skills. The Group provides support for its
people to pursue MBAs and other professional qualifica-
tions (e.g., RICS, CFA) and also provides in-house train-
ings and external seminars and conferences.
CTP evaluates employee performance quarterly or
annually, and KPIs are reviewed with managers during
feedback sessions.
To train the next generation of managers and educate
its talent pool, CTP holds regular management events,
where Senior Management gather to exchange views on
the markets and best practices and to learn from both
internal and external guests. Other opportunities for
knowledge-sharing within the Company include regular
CFO meetings and Construction Directors’ meetings,
among others.
Metrics for tracking this topic can be found in Section
4.7.3.17.
Labour and human rights are addressed through mul-
tiple activities, starting with developing and maintaining
Company practices. These range from regular open con-
versations with employees to the management of griev-
ance channels to ensure that potential breaches are ana-
lysed and resolved.
Potential impacts on CTPs own workforce have be-
come part of the risk management, described in Section
4.2.2 of this report. The results shows that risks to its
own workforce are negligible.
Financial resources allocated to employee training
and development are considered business as usual both in
2023 and in the future.
To ensure CTPs operations do not contribute to mate-
rial negative impacts, the Company sets goals addressing
the opinions of its employees. Moreover, CTP has taken
no actions to counterbalance potential negative impacts
due to its pathway towards a greener, climate-neutral
economy as it sees that there will be more job creation
within the Company than loss of jobs. Current actions are
planned and executed on a case-by-case basis.
4.7.3.7 Targets
ESRS S1-5-44, ESRS S1-5-46, ESRS S1-5 MDR-T,
ESRS S1-5-47, GRI 3-3, 403-1
CTP considers gender equality to have a positive impact
on the Company and has set continuous targets to achieve
this.
Below Board level, CTP aims to have each gender rep-
resented by at least 45% of the total number of employ-
ees, i.e., at least 45% women and at least 45% men.
For the Board, the Group has enhanced its Diversity
and Inclusion Policy dated 8 November 2022, available on
CTP’s website.
These above-mentioned targets are recurrent on an
annual basis.
By the end of 2024, CTP will enhance the performance
management of all its employees through the introduction
of a Group-wide system.
By 2026, CTP will implement a framework to monitor
employee satisfaction and engagement, which will be used
to establish more specific workforce-related targets.
Stakeholders’ views and opinions shaped the results
of the 2022 DMA. They are considered for the weight each
material topic has in the results. These results shape the
priorities and therefore indirectly the targets. These pri-
orities are explained to the relevant teams and were used
to develop the targets. These targets are verified at the
Group level.
CTPs targets are monitored through the reporting
process once a year to be reported in the Annual Report
and adjustments are made accordingly.
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4.7.3.8 Our People
ESRS S1-6-48, ESRS S1-6 MDR-M
The Company employs permanent and temporary em-
ployees (full-time as well as part-time workers). CTP
also cooperates with contractors to support its business
operations. CTP employees consist mostly of business
development/sales professionals, construction project
managers, construction engineers, property management
experts, lawyers, and accountants.
Over the last years, CTP has experienced significant
growth in the number of buildings it operates and in its
revenue. With this growth, CTP has experienced a signif-
icant increase in the number or people it employs. From
553 FTE (full-time equivalent) employees in 2021 to 667
FTEs in 2022 and 732 FTEs at year-end 2023. At year-
end 2023, the headcount stood at 746. In 2023 CTP hired
313 new colleagues, a year-on-year increase of 8.1%. CTP
continues to work hard on the roll-out of many different
HR-related services. CTPs turnover rate in 2023 was 33%.
The reported data was collected through the CTP’s
newly introduced HR system.
For more information on employee metrics, including
diversity, please refer to Section 7.4.1 of this Report. For
a representative number in the Financial Statements,
please refer to Note 12 in the Financial Statements.
The metric related to CTP employees are principal-
ly related to gender diversity, i.e., the percentage of men
and women represented within the Company. As the data
reported is based on year-end data, and CTP implement-
ed dedicated software, CTP assumes data entry was done
accurately. Diversity figures are not externally validated.
4.7.3.9 CTP’s culture
CTP has a unique entrepreneurial culture. Its flat manage-
ment structure allows the Group to make decisions quick-
ly, take calculated risks, and be at the vanguard among its
peers in bringing in new innovations. This gives the Com-
pany a clear edge over many industry players. Company
culture is also reflected in CTP’s “Full Speed” motto.
The Group employs ambitious professionals who are
continuously looking for new opportunities, new loca-
tions, new innovations, and new markets to better serve
the Company’s clients. Their responsiveness—to market
trends, new technologies, and the needs of the Group’s
clients, which often change during the tenancy—has made
CTP the market leader it is today.
CTP’s employees have a real “can-do” mentality and
a “hands-on” approach. They are competitive and crea-
tive and have a clear sense of commitment to delivering
the best possible product for clients. It is their nature to
operate from a long-term partner perspective for CTP’s
clients and the communities that the Company serves and
where it operates. This is also reflected in the Group’s
commitment to sustainability, with sustainability being an
integral part of all Company processes. CTP’s construc-
tion teams build energy-efficient buildings to minimise
resource usage and reduce the size of the Company’s en-
vironmental footprint. They go the extra mile to ensure
that the Group’s properties are not only business-smart
but also people-friendly.
CTP empowers its local teams, with local manage-
ment having a great level of independence. The Group’s
international corporate team is there to support the
country teams, share best practices and implement com-
mon processes. This allows CTP to provide a true interna-
tional work environment. In total, the Group’s employees
represent 24 different nationalities.
4.7.3.10 CTP’s values
CTP’s values drive its success, as the implementation of
the Company’s business model demands excellence at
each step of the process, allowing the Group to deliver on
its promises.
Recruitment is focused on selecting professionals
who fit CTP’s culture and whose values align with the
Company’s to ensure that teams are working towards
common goals.
The Group has five deeply rooted values, which inspire
its teams to do what they do best: develop sustainable,
innovative, and high-quality industrial and logistics build-
ings. As a long-term owner, CTP’s responsibility towards
its partners, clients, communities, employees, and other
stakeholders is preserved by its values.
COMMITMENT
We are committed to building buildings that are fu-
ture-proof and serve the needs of our clients. This is
at the heart of what we do and what we are passionate
about. We go the extra mile and beyond what is expected,
as we are long-term owners and develop to hold. We use
high-quality materials that last, reducing maintenance,
operational and energy costs to lower the overall cost of
occupancy for our clients. We have a unique product range
to provide our clients with sustainable solutions.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
114
Annual Report 2023 CTP N.V.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
115
Annual Report 2023 CTP N.V.
ENTREPRENEURIAL
We are an entrepreneurial company. We react quickly to
both market changes and clients’ needs, take calculated
risks and grab opportunities to enhance our leading market
position. It is our nature to be competitive, innovative, and
agile, while we always strive to do things better than they
have done before, which has brought us this far. We take
a hands-on and boots-on-the-ground approach with local
teams that have a high level of responsibility – allowing
them to make decisions quickly and adapt to local market
circumstances.
ACCOUNTABILITY
We are accountable towards our clients, investors, em-
ployees, and communities. We set ourselves clear goals,
communicate effectively, come up with solutions and pay
attention to details. As a long-term partner, we take own-
ership, keep all points of contact in-house and understand
the strategies and needs of our stakeholders to deliver on
our promises and remain their partner of choice.
SUSTAINABILITY
Sustainability underscores our long-term commitment to
growth and informs all that we do today. That’s why we
build highly efficient buildings to reduce energy and water
consumption, always to BREEAM standards, and with our
entire built portfolio BREEAM In-Use certified, a first for
any leading industrial developer. All our sustainability ef-
forts are part of our larger goal to become carbon neutral.
COMMUNITY
Our parks are full of people: our people, our clients, their
employees, and their families. We encourage healthy net-
works between all stakeholders and local communities,
with the goal of improving the quality of life for all involved.
We do this by investing in the surrounding communities,
providing public relaxation/exercise facilities, developing
relationships with local schools and universities, and cre-
ating community centres in our parks and office buildings.
4.7.3.11 Non-employee workers
ESRS S1-7-55, ESRS S1-7 MDR-M, GRI 2-8
CTP contracts non-employee workers with different
skills, depending on Company needs, mostly in support
roles. They work in a variety of activities within the Com-
pany, from receptionists to legal support. CTP defines
non-employee workers as individual freelancers, i.e., peo-
ple who send their own invoices for work done.
At the end of 2023, a total of 46 people were active as
non-employee workers at CTP. Numbers are not available
for previous years. There are no specific metrics related
to non-employee workers that CTP measures its perfor-
mance against.
4.7.3.12 Collective bargaining and social dialogue
ESRS S1-8-60, ESRS S1-8-63, ESRS S1-8 MDR-M
CTP enables the appointment of employees’ represent-
atives and their participation in social dialogue between
the Company and employees in accordance with local
legislation. However, CTP does not have employee repre-
sentatives operating withing the Company. No collective
bargaining process or collective agreement has been im-
plemented. Therefore, no employees are covered by this
process or agreement.
There are no specific metrics related to collective bar-
gaining and social dialogue that CTP measures its perfor-
mance against.
4.7.3.13 Diversity and inclusion
ESRS S1-9 MDR-M
The metric CTP measures is the percentage of men and
women among the Board, Senior Management, and staff.
For information on diversity across the Company, please
refer to Section 7.4.1 of this Report.
4.7.3.14 Adequate wages
ESRS S1-10-69, ESRS S1-10 MDR-M
As CTP operates in a highly competitive environment,
an attractive compensation package is provided to cur-
rent and new employees. Wages as a part of this pack-
age are competitive and adequate to market standards.
To keep wages competitive, employee compensation is
reviewed annually. CTP ensures equal pay across all coun-
tries. There are circumstances when it is appropriate to
pay employees differently, even if they are doing similar
jobs, for example because of differences in skills or differ-
ences in performance. Where any unjustified differences
are found, we make the necessary adjustments to ensure
equal treatment
There are no specific metrics related to adequate
wages that CTP measures its performance against.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
116
Annual Report 2023 CTP N.V.
4.7.3.15 Social protection
ESRS S1-11-74, ESRS S1-11 MDR-M
All CTP employees’ social protections are covered by local
regulations, including but not limited to sickness, unem-
ployment, parental leave, and retirement. The Company
offers no additional protections beyond the local legal re-
quirements.
There are no specific metrics related to social protec-
tion that CTP measures its performance against.
4.7.3.16 Disabilities
ESRS S1-12-79, ESRS S1-12 MDR-M
CTP employs 7 people with disabilities, which represents
0.9% of all employees. These figures are based on internal
data based on definitions used locally and have not been
externally verified.
There are no specific metrics related to employees
with disabilities that CTP measures its performance
against.
4.7.3.17 Training and development
ESRS S1-13-83,GRI 3-3, 404-1, 404-2, 404-3,
EPRA EMP-TRAINING, EMP-DEV, ESRS S1-13 MDR-M
CTP enabled employees to participate in a total of 12,098
hours of training, which leads to the following averages:
AVERAGE HOURS OF TRAINING RECEIVED
Male Female
Under 30 9.1 7.5
30-50 21.2 19.2
Over 50 10.7 6.2
Total 18.2 15.6
CTP does not have a formalised system in place for per-
formance and career development reviews. Therefore, it
is not aware of the percentage of employees who have re-
ceived or participated in these reviews.
The metric CTP follows is the average hours of train-
ing received annually by its employees. No targets have
been set; however, training and developing staff improve
the Company’sa structure and performance in the long-
term.
4.7.3.18 Keeping our people healthy and safe
ESRS S1-14-88, EPRA H&S-EMP, H&S-COMP, ESRS S1-14 MDR-M,
GRI 403-3, GRI 403-6, GRI 403-7, GRI 403-8, GRI 403-9, GRI 403-10
The action CTP takes to improve health and safety can be
found in Section 4.7.3.6– Actions and recourses.
No Group health and safety management systems are
in place. Health and safety is managed based on local reg-
ulations, which covers all employees.
In 2023, CTP had no fatalities within its operations.
1 case of a work-related accident was recorded, leading
to 23 days lost, and 0 cases of recordable work-related ill
health. CTP’s absentee rate is 8%
¹, with the total number
of lost days being 12,022. These numbers cover only cur-
rent CTP employees. No additional metrics were prepared.
These figures are based on internal data based
on definitions used locally and have not been externally
verified.
4.7.3.19 Work-life balance
ESRS S1-15-93; GRI 401-3, ESRS S1-15 MDR-M
By law, all CTP employees have the right to take fami-
ly-related leave when needed. The table below shows the
percentage of employees entitled to family-related leave
as defined in the ESRS disclosure requirements, and the
percentage that have taken it.
WORK-LIFE BALANCE
Male Female
Percentage of entitled employees
that took family-related leave (male
& female)
28.0% 90.0%
Percentage of employees entitled to
family-related leave (all)
6.4%
There are no specific metrics related to work-life balance
that CTP measures. These figures are based on internal
data based on definitions used locally and have not been
externally verified.
4.7.3.20 Remuneration (pay gap and total
remuneration)
ESRS S1-16-97, GRI 2-21, 405-2, EPRA DIVERSITY-PAY,
ESRS S1-16 MDR-M
CTP provides appropriate compensation without discrimi-
nation. For jobs at the lower end of the pay scale, the Com-
pany uses fixed salary structures. More senior positions
consist of fixed and variable compensation components.
This ensures people are paid fairly and equally.
Despite differences, CTP ensures that men and wom-
en are compensated equally for the same job. The pay gap
calculation has been made using the equation provided by
the ESRS. CTP has identified seven employee categories,
considering seniority and job position. The gap is calcu-
lated for each category, after which the number of em-
ployees in each category weighs the difference. Addition-
ally, as CTP operates in 10 countries with widely different
purchase power levels, adjustments for Purchase Power
Parity (“PPP”) have also been made. Based on these fac-
tors, the pay gap at CTP is 4.2%
².
1 Absentee rate includes any legal reason for absenteeism, including
maternity leave”
2 The pay gap, unadjusted for PPP is 6.3%.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
117
Annual Report 2023 CTP N.V.
The table below shows the compensation ratio for the
highest paid individual at CTP. The compensation calcula-
tions include base salaries, cash benefits, and LTIPs.
PAY RATIO HIGHEST PAID
Position
Times the median
compensation
Highest Paid Individual 16.48
To report on the above-mentioned metric, CTP collects
data from its payroll systems. This is not a metric CTP
measures its performance against and is not externally
verified.
4.7.3.21 Incidents, complaints, and impacts
ESRS S1-17-102, ESRS S1-17-103
Twelve work-related or non-work-related incidents of
discrimination, including harassment, were reported in
2023. Thirty-three complaints in total were filed through
CTP channels to raise concerns, none through the Nation-
al Contact Points for OECD Multinational Enterprises.
CTP incurred no fines or penalties and was not required
to compensate for damages as a result of incidents or
complaints.
CTPs first line of defence in remediation was the im-
plementation of the Anti-discrimination and Harassment
Policy in 2022.
Remedial actions taken in 2023 include several dismiss-
als at CTP. Furthermore, a CTP supplier dismissed an
employee based on grievences filed. The remaining griev-
ances have been addressed through guidance provided to
employees, delivering responses, or discussions with the
respective employee or person in question, facilitated by
the Compliance Officer.
ESRS S1-17-104
No incidents with respect to severe or other human rights
breaches were identified in 2023.
ESRS S1-17 MDR-M
The metrics CTP tracks are those mentioned above.
These are tracked in relation to existing legislation, and
to the material topic of ethical business conduct. Unethi-
cal business conduct will lead to reputational damage and
legal issues. Metrics are not externally validated.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
118
Annual Report 2023 CTP N.V.
4.7.3.22 CTP as a corporate citizen
GRI 415-1
CTP has a long-standing tradition of caring for communi-
ties. The Company supports the UN Sustainable Develop-
ment Goals and promotes socially responsible behaviour
in the countries where it operates, where it supports a
wide range of community-based organisations and in-
stitutions including children’s homes, universities, sport
clubs, and NGOs focused mainly on children’s and adoles-
cents’ development (e.g., training for professional skills,
study grants and equipment support), social well-being,
and local infrastructure development. Most support is for
ongoing or long-running initiatives in areas where parks
are located, as these are considered more impactful.
CTP aims to be a good neighbour in each location
where it conducts business.
All activities of CTP as a corporate citizen (e.g., char-
itable donations, educational and infrastructure support)
must follow CTP’s Code of Conduct and Group Anti-Brib-
ery and Corruption Policy. CTP staff are prohibited from
making any political contributions on behalf of a CTP
Group entity.
COMMUNITY EVENTS
(CORPORATE CITIZEN)
During 2023, CTP organ-
ised or sponsored more
than 30 events focusing
on deepening community
relationships, educating,
promoting a healthy life-
style, or improving the
local environment.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
119
Annual Report 2023 CTP N.V.
4.7.4 Conducting Business with Integrity
4.7.4.1 General disclosures
ESRS 2 GOV-4-32
CTP takes a comprehensive approach to due diligence.
This process is integral to the Company’s operations and
is designed to support the alignment of all aspects of the
Company’s business with its commitment to sustainabili-
ty. One part of due diligence involves a meticulous vendor
selection process. Potential suppliers are evaluated based
on a set of sustainability-related criteria, including their
market reputation, past collaborations, and contractual
reliability. Suppliers are expected to have a robust opera-
tional history and the capability to manage projects sus-
tainably. The selection process facilitates an understand-
ing of how well-aligned potential suppliers are with CTP’s
sustainability objectives.
After supplier selection, CTP’s commitment to sus-
tainability extends to routine monitoring of its partners.
This involves ensuring adherence to occupational health
and safety standards and other ESG requirements. The
Compliance department’s role in assessing various fac-
tors, from media perception to human rights, is pivotal to
ensure that CTP’s partners remain in alignment with the
Company’s sustainability goals.
The Group AML Compliance Officer is central to the
due diligence process. This officer ensures that suppliers
are in compliance with Anti-Money Laundering (“AML”)
standards and that they adhere to the Company’s core
values of sustainability and ethics. The involvement of
suppliers is essential to maintain integrity throughout the
Company’s value chain.
1. Utilisation of external tools: To support sustainability
due diligence, CTP employs external tools and data-
bases for solvency checks and customer identity val-
idation, which are part of ensuring that partners are
compliant with legal frameworks against money laun-
dering or terrorist financing.
2. Voluntary compliance checks and innovations: CTP’s
proactive stance includes voluntary compliance checks
and the introduction of innovations such as fraud de-
tection analytics. These measures exemplify the Com-
pany’s ongoing commitment to refine its sustainability
due diligence processes.
3. Automated tools for thorough screening: The Com-
pany leverages the relevant technologies to facilitate
thorough screening processes that assess vendor risk
factors and analyse counterparty indicators. This
technological integration contributes to the efficiency
and comprehensiveness of the due diligence process.
Overall, CTP’s sustainability due diligence processes aim
to provide transparency and facilitate an understanding
among all stakeholders of the Company’s commitment to
and practices in sustainable business operations. These
processes are integral to maintaining the integrity and
ethical standards that CTP upholds in its industry.
CTP Group’s sustainability due diligence is a system-
atic process designed to ensure responsible corporate be-
haviour and adherence to ESG standards.
1. Integration of sustainability in corporate policies:
The Company’s commitment to sustainability is em-
bedded within its Code of Conduct, Supplier Code
of Conduct, and Anti-Bribery and Corruption Policy,
ensuring a foundational adherence to sustainable
practices.
2. Vendor selection and risk assessment: CTP employs a
detailed vendor selection process that evaluates sup-
pliers against sustainability criteria, addressing the
ESRS requirement for risk identification and mitiga-
tion in the supply chain.
3. Compliance monitoring and enforcement: Continuous
oversight of ESG requirements and partner alignment
with all requirements reflects CTP’s commitment to
monitor and enforce sustainability practices.
4. Transparency and whistleblowing mechanisms: The
establishment of an anonymous whistleblowing chan-
nel meets the ESRS’s emphasis on transparency and
provides a means for stakeholders to report non-com-
pliance.
5. Role of compliance officers: The Group AML Compli-
ance Officer’s role in maintaining ethical standards
and conducting due diligence aligns with the ESRS’s
focus on accountability and governance.
6. Use of external resources: Leveraging external tools
for supplier vetting corresponds to the ESRS’s re-
quirement for due diligence in external validation and
compliance checks.
7. Continuous improvement and innovation: The imple-
mentation of fraud detection analytics and the com-
mitment to continual process refinement align with
the ESRS’s principle of continuous improvement in due
diligence practices.
8. Technological integration: Utilising automated tools
for comprehensive screening processes reflects the
efficient and systematic approach to due diligence ad-
vocated by the ESRS.
9. ESG requirements: Environmental due diligence is a
part of the new acquisition process.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
120
Annual Report 2023 CTP N.V.
4.7.4.2 Business conduct
The role of the administrative, management
and supervisory bodies
ESRS G1 GOV-1-5
CTP’s Board and Senior Management play a pivotal role
in ensuring responsible business conduct, as they oversee
the implementation of and adherence to all protocols and
guidelines related to business ethics, compliance, and oth-
er matters. These bodies establish the strategic frame-
work for business conduct, ensuring that it aligns with the
Company’s vision, mission, and long-term objectives.
Board and Senior Management member expertise
stems from academic qualifications and from years of
experience in overseeing ethical and compliant business
operations. Regular training sessions, workshops, and
seminars are organised to keep them updated on the
latest trends, challenges, and best practices in business
conduct. This continuous learning approach ensures that
they remain equipped to guide the Company effectively.
Material impacts, and risks and opportunities
ESRS G1 IRO-1-6
Material impacts, risks, and opportunities were identified
during the 2022 DMA, which is further explained in Sec-
tion 4.4. This process includes all areas of operation and
all business activities.
During the 2022 DMA, CTP identified ethical business
conduct, board oversight, and human rights as areas of
impact, risk, and opportunity.
Policies and corporate culture
ESRS G1-1-9, GRI 2-24
CTP’s Group Code of Conduct provides clear guidelines
for the Company’s Senior Management and staff. It de-
tails the values and principles that should guide all pro-
fessional interactions and decisions. CTP also boasts an
Anti-Corruption and Bribery Policy and Whistleblower
Policy. All policies are available on CTP’s website.
At the heart of CTP’s identity lies an embedded cor-
porate culture based on five core values, which encom-
pass sustainability, environmental protection, and ethical
practices. The Board oversees the formulation of strate-
gies and policies, such as the Group Code of Conduct, and
ensures their implementation. This includes regular moni-
toring and assessment of results through periodic reviews
and evaluations.
Open communication, continuous learning, team-build-
ing activities, and celebrating employee achievements
form the bedrock of CTP’s strategy to promote its cor-
porate culture. Through these initiatives, the Company
helps to ensure that its workforce is unified in its values
and goals.
ESRS G1-1-10
CTP has comprehensive mechanisms in place for identi-
fying, reporting, and investigating concerns about unlaw-
ful behaviour or behaviour contradictory to the Compa-
ny’s Code of Conduct. These are available to both internal
and external stakeholders. Concerns can be reported
anonymously through a secure reporting system, ensur-
ing confidentiality and protection. CTP’s dedicated team
promptly investigates all reported concerns to ensure
compliance and integrity.
The Company’s policies on anti-corruption and anti-brib-
ery are consistent with the United Nations Convention
against Corruption. CTP has a zero-tolerance policy to-
wards any form of corruption or bribery. These policies
are regularly reviewed and updated to align with interna-
tional standards and best practices.
CTP maintains solid safeguards to protect those who
report irregularities, including whistleblowing protection.
This policy ensures 1) protection of Company employees
who refuse to act unethically, even if such refusal may re-
sult in a loss of business; and 2) non-retaliation against
workers who have been granted whistleblower status in
accordance with applicable law, and those who report any
non-ethical behaviour incidents.
CTP promptly, independently, and objectively investi-
gates any incidents related to business conduct, includ-
ing corruption or bribery. Investigative processes are de-
signed to ensure a thorough and unbiased examination of
all cases.
Training on business conduct is comprehensive and
targets all employees. Training is conducted annually and
covers various aspects of business conduct, including eth-
ical decision-making, compliance with laws, and reporting
mechanisms. CTP continually assesses the effectiveness
of training programs to ensure they meet the high stand-
ards for integrity and compliance.
The Company is firmly committed to upholding and
continually improving its policies on business conduct
matters. CTP strives to foster a culture of integrity,
transparency, and ethical behaviour throughout the Com-
pany.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
121
Annual Report 2023 CTP N.V.
Relationships with suppliers
ESRS G1-2-14
As a general business practice, CTP has weekly payment
runs for each country. Booked and approved invoices with
a payment date after the week of the payment run are in-
cluded. CTP does not distinguish between SMEs and other
companies.
ESRS G1-2-15
CTP’s approach to supplier relationships and procure-
ment is founded on a dual focus: mitigating supply chain
risks and promoting sustainability. Our comprehensive
vetting process for potential suppliers extends beyond fi-
nancial metrics to assess ethical practices, environmen-
tal impacts, labour rights adherence, and overall business
conduct. This approach ensures alignment with our values
of transparency, fairness, and ethical behaviour.
To streamline procurement and enhance communica-
tion, CTP is working on the introduction of an innovative
two-way platform. This platform will facilitate open dia-
logue and feedback with suppliers, promoting transparen-
cy, understanding and cooperation. The Company’s com-
mitment extends to ensuring clear, equitable contracts
and timely payments to suppliers, emphasising mutual
benefit and trust.
The rigorous standards, especially for high-risk areas
like solar panel components or engagement in the arms in-
dustry, reflect CTPs dedication to responsible and ethical
procurement. The Company mandates suppliers to adhere
to guidelines ensuring ethical sourcing, sustainable pro-
duction processes, and fair labour practices.
Prevention and detection of corruption and bribery
ESRS G1-3-18, ESRS E1-9-67, GRI 205-1, GRI 205-3
In order to prevent and detect allegations or incidents
or corruption and bribery, CTP has implemented specif-
ic grievance procedures to address problems and issues
encountered in the workplace. Investigations into allega-
tions are conducted by the Group AML Compliance Of-
ficer to ensure they are handled by a designated, neutral
entity, separate from the management chain, ensuring
impartiality in addressing these issues. Outcomes are
systematically reported. This structured approach en-
sures that CTP’s Senior Management and Non-Executive
Directors are kept informed and can act decisively based
on the findings.
ESRS G1-3-20
Policies are communicated by e-mail, through the Compa-
ny’s intranet, and on CTP’s website. The Suppliers’ Code
of Conduct is also included in all Purchase Orders and in
agreements where applicable.
ESRS G1-3-21, GRI 205-2
CTP’s Ethics and Compliance Training is an annual one-
hour training session designed to explain the ethical
corporate environment, key values and internal rules
and procedures of the Group covering the following CTP
Group policies:
• Code of Conduct;
• Anti-Bribery and Corruption policy;
• Information Protection policy;
• Petty Cash Policy; and
• Whistleblower Policy.
All CTP employees are required to attend the annual train-
ing courses. The Non-Executive Directors receive addi-
tional and specific training by the Group AML Compliance
Officer.
Incidents of corruption and bribery
ESRS G1-4-24
During the 2023 reporting period, there were no con-
firmed cases of corruption and/or bribery at CTP. There-
fore, there were no convictions of CTP employees, nor
were any fines imposed on the Company. As a result, no
actions were needed to be taken.
ESRS G1-4-26
In 2023, CTP did not find any incidents involving a member
of its value chain where its own employees were involved.
Political influence and lobbying activities
ESRS G1-5-29, GRI 415-1
CTP maintains a neutral stance on political contributions,
which is addressed in the Anti-Bribery and Corruption
Policy. Any political contribution made on the Group’s be-
half must be pre-approved by both the CEO or Group CFO
and the AML and Compliance Officer. This ensures that
the Group’s engagements remain non-partisan and main-
tain integrity. Due to this policy, CTP has not participated
in any political influence or lobbying activities.
ESRS G1-5-30
No member of the Board or Senior Management held a
comparable position in public administration in the three
years preceding their appointment to these bodies at CTP.
Payment practices
ESRS G1-6-33
CTP strives to pay its suppliers on time. In AR 2024, CTP
will disclose average days to pay received invoices as a
system adjustment is required to obtain the calculations
for the entire year.
Currently, there are no proceedings outstanding for
late payments.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
122
Annual Report 2023 CTP N.V.
Standard payment terms for suppliers are 30 days. This
enables the Company to process and approve these in-
voices, place them on the payment proposal list for final
approval, and ensure their timely payment.
Payments for the Group are made centrally by the
Company’s Finance department in Prague on a weekly
basis for each country. To have an invoice paid, it should
be fully processed in the ERP system (Axapta three-way
match). The Company’s treasury specialists prepare the
payment proposal list based on Axapta and invoice due
dates, per supplier. Multiple invoices can be included per
supplier. The payment list is based on five pillars: OpEx,
CAPEX, overhead, financing, and acquisition. At the busi-
ness-unit level, the CFO, country head and head of con-
struction review and approve the payment proposal list.
Payments are made based upon the fully approved pay-
ment list.
4.7.4.3 Workers in the value chain, Interests
and views of value-chain workers
ESRS S2 SBM-2-9
Due to its extensive construction activities, CTP indirect-
ly hires many workers in the construction industry. Due
to the nature of this activity, the health and safety of
these workers can be greatly influenced. However, as CTP
does not have direct control over the health and safety of
working conditions at many of its construction sites, the
Company’s impact in this area is limited.
Material impacts, risks and opportunities and their
interaction with strategy and business model
ESRS S2 SBM-3-10
CTP considers the availability of labour in its value chain
when deciding on locations for new developments, as this
is an important component of the decision-making pro-
cess for many of the Company’s clients.
Risk relating to workers in CTP’s supply chain is lim-
ited to potential shortages in the construction workforce
in some locations.
ESRS S2 SBM-3-11, ESRS S2 SBM-3-12, ESRS S2 SBM-3-13
The number of workers in CTP’s value chain that could
be materially impacted by the Company is limited. Among
these, the most significant are upstream workers who
are involved in the construction phase of the Company’s
buildings, considering the inherent health and safety risks
involved at construction sites.
With regards to downstream workers, the people
working at the buildings owned and operated by CTP (i.e.,
client employees) are the largest group. Protection of
their health and safety is a key material impact.
Most upstream value-chain workers involved in the
production of construction materials procured by CTP are
located in the EU. Due to stringent laws, regulations, and
government oversight, CTP does not identify any risk of
child labour, or forced or compulsory labour.
CTP’s targets for Conducting Business with Integrity
CONDUCTING BUSINESS WITH INTEGRITY TARGETS
Category
Baseline
2022
Performance
2023
Targets
YE 2026
Employees trained in Code of Conduct, anti-harassment policy each year 100% 100% Recurring annually
Gender split no larger than 45-55% On target On target Recurring annually
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
123
Annual Report 2023 CTP N.V.
Policies related to workers in the value chain
ESRS S2-1-16, ESRS S2-1 MDR-P, ESRS S2-1-17, GRI 2-24
CTP policies cover the human rights and health and safe-
ty of the workers in the value chain via its Supplier Code
of Conduct (“SCOC”). The SCOC addresses in particu-
lar “Human Rights and Labour Conditions” and “Health,
Well-being, and Work Safety” and covers all suppliers
within the supply chain of the Company. The Executive
Directors are ultimately responsible for ensuring compli-
ance with the SCOC by all CTP suppliers.
The SCOC is available on CTP’s website.
ESRS S2-1-18
CTP’s SCOC specifically addresses human trafficking, child
labour, and forced labour and prohibits these practices.
ESRS S2-1-19
CTP is committed to upholding the highest standards for
workers within its value chain. The Company’s policies
and practices are aligned with the United Nations (UN)
Guiding Principles on Business and Human Rights. This
commitment is reflected in CTP’s adherence to principles
that ensure the protection of human rights, prevention
of forced and child labour, and promotion of fair working
conditions and inclusiveness. The Company’s approach is
in line with the core principles of the International Bill of
Human Rights and ILO core conventions, emphasising the
importance of respecting freedom of association, collec-
tive bargaining, and non-discrimination in employment
and occupation.
Engagement with value-chain workers
ESRS S2-2-24
CTP is working on setting up a systemised approach to its
value chain stakeholders.
Impact remediation and raising concerns
ESRS S2-3-27, ESRS S2-3-28
CTP Group acknowledges its responsibility towards the
welfare of workers in its value chain. CTP is committed
to identifying, preventing, and remediating any negative
impacts its operations may cause or contribute to. The
Company’s approach is built on effective communication,
transparent processes, and a strong emphasis on correc-
tive actions.
CTP has established multiple channels for workers in
its value chain to raise concerns. These mechanisms are
designed to be accessible, confidential, and effective, en-
suring that each concern is heard and addressed appro-
priately:
1. whistleblowing and grievance mechanisms;
2. dedicated email and hotline; and
3. external independent web application.
Upon receiving a concern, CTP ensures a thorough inves-
tigation and follow-up. The Company maintains trans-
parency in its processes while respecting the confiden-
tiality of the individuals involved. Regular updates are
provided to the concerned stakeholders, and outcomes of
the investigations are shared to the extent possible while
maintaining confidentiality.
Actions and recourses
ESRS S2-4-31, ESRS S2-4 MDR-A
The main initiative through which CTP prevents and re-
mediates negative impacts on value-chain workers is
through the SCOC, which includes an explanation of the
Company’s grievance channels.
ESRS S2-4-32
While CTP did not take any formal action in 2023,
the Company plans to adopt a Stakeholder Engagement
Policy in the coming years. The results of future engage-
ments will be the basis for additional policies in this do-
main.
ESRS S2-4-33
In its SCOC, CTP’s process for the identification of the
required or appropriate responses to negative impacts is
explained. For more information, please refer to the par-
agraph on impact remediation.
ESRS S2-4-34
With regards to material risks and opportunities, no for-
mal action was taken in 2023.
ESRS S2-4-35
Beyond what is stated in the SCOC, CTP has not taken
formal actions to avoid causing or contributing to mate-
rial negative impacts.
ESRS S2-4-36
No severe human rights issues or incidents were reported
in 2023.
ESRS S2-4-38
The allocated resources are currently limited to managing
the grievance channels and the SCOC.
ESG
4.7 ESG Strategy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
124
Annual Report 2023 CTP N.V.
Targets
ESRS S2-5-41, ESRS S2-5 MDR-T, ESRS S2-5-42
In the coming years, CTP will develop a Stakeholder
Engagement Policy to describe the way the Company
engages with stakeholders mentioned in Section 4.3.
4.7.4.4 Green building Certifications
CTP considers green building certification as a useful tool
to increase the sustainability of its buildings and attract
new clients. Therefore, CTP certifies all new buildings to
the BREEAM New Construction “Very Good” level or high-
er, incorporating industry-leading technological and en-
vironmental specifications to ensure that they minimise
their impact on the environment.
As at end-2023, CTP has received a total 10 BREEAM
“Outstanding” certifications in the “In Use” and “New
Construction” categories for nine of its buildings—with
the Clubhaus at CTPark Bucharest West receiving an
“Oustanding” rating for both categories.
See Appendix 7.3.4 for more detail on the number of
new BREEAM certifications recieved in 2023.
A portion of the buildings with no BREEAM or certifi-
cates are either recently completed and thus do not have
a ceritificate awarded yet or are earmarked for redevel-
opment or major upgrade. Buildings in Germany will be
certified using the DGNB certification scheme.
BREEAM CERTIFICATIONS ¹
BREEAM Certificate Type & Level
[EPRA Cert-Tot] Number Sqm
In Use
Outstanding 7 270,287
Excellent 62 1,193,818
Very Good 325 5,606,681
Good 18 199,071
Pass 1 8,535
Total In use 413 7,278,391
New Construction
Outstanding 3 39,413
Excellent 17 914,981
Very Good 18 646,711
Total New Construction 38 1,601,106
Uncertified 174 3,024,253
EPC CERTIFICATIONS
EPC Level Number Sqm
EU EPC - A+ (or higher) 7 334,400
EU EPC - A 108 2,498,485
EU EPC - B 176 3,002,366
EU EPC - C 149 2,665,403
EU EPC - D 25 411,627
EU EPC - E 5 73,812
EU EPC - F 7 70,465
EU EPC - G 5 32,322
EU EPC - Poland 16 530,997
EU EPC - Germany (Non-residential) 44 1,074,053
Total Certified 542 10,693,930
Uncertified Buildings 70 1,106,070
1 Buildings “BUW18” and “BUW20-21” are double certified under
both the “In-Use” and “New Construction” schemes, therefore
those building are included two times in Total GLA.
4.7.4.5 Taxes
GRI 207-1, GRI 207-2, GRI 207-3, GRI 207-4
CTP ensures compliance with all applicable tax regu-
lations. Due to the way in which CTP is structured, the
Company does not qualify for Real Estate Investment
Trust (REIT) regimes. CTP has a Tax Policy that can be
found on the Company’s website.
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
125
Annual Report 2023 CTP N.V.
4.8 EU Taxonomy
EU Taxonomy is intended to reorient capital
flows towards a more sustainable economy.
Article 8(2) of the Taxonomy Regulation re-
quires non-financial undertakings to disclose
information on the proportion of the turnover,
capital expenditure and operating expenditure
of their activities related to assets or pro-
cesses associated with environmentally
sustainable economic activities. CTP discloses
its eligibility and alignment in line with re-
quirements. In 2023 disclosure eligibility
was additionally assessed taking into account
the Environmental Delegated Act.
Category Turnover CAPEX OpEx
Taxonomy eligible and aligned activities 53.8% 51.3% 20.7%
4.8.1 KPIs (methodology of calculation)
Turnover
Turnover KPI is calculated based on the Group’s 2023
consolidated Financial Statements and on the notes to
the Financial Statements.
• Eligible turnover (numerator) = Rental Income (Note
8) + Service Charge income (Note 8) + Income from
Development Activities (Note 9) + Hotel operating
revenues (Note 9)
• Total turnover (denominator) = Total Revenues (Con-
solidated profit and loss statement).
• Aligned turnover (numerator) = Eligible turnover from
economic activities attributed to assets (properties)
that meet technical screening criteria including Sub-
stantial Contribution Criteria, Do Not Significantly
Harm Criteria and Minimum Social Safeguards
To avoid double counting in the numerator, economic ac-
tivities are attributed to the Company’s business activities
that are presented separately in the Financial Statements.
Eligible turnover from economic activities that contribute
to specific environmental objectives is presented sepa-
rately. Economic activities are verified against their con-
tribution to Climate Change Adaptation (CCA), Climate
Change Mitigation (CCM) and Circular Economy (CE).
Capital expenditure (CAPEX)
CAPEX KPI is calculated based on the notes to the Finan-
cial Statements.
• Eligible CAPEX (numerator) = Land acquisition (Note
18 Acquisition – Landbank) + Costs related to design
and project preparation and construction (Note 19
Additions IPUD, Rights of use assets) + Restructur-
ing and major renovations of standing buildings (Note
18 Additions – Buildings and related land, Right of use
assets-building related land, Right of use assets land-
bank) + Investment in all renewable energy sources
including photovoltaic systems on facades and roofs
(Note 21 Solar plants + solar plants under construc-
tion) + Acquisition of existing buildings (Note 18 Ac-
quisitions – Buildings and related land, Note 19 Acqui-
sitions – IPUD)
• Total CAPEX ((denominator) = Total of additions and
acquisitions in Note 18, 19, 21 (Consolidated Financial
Statement)
• Aligned CAPEX (numerator) = Eligible CAPEX from
economic activities attributed to assets (proper-
ties and photovoltaic systems) that meet technical
screening criteria including Substantial Contribution
Criteria, Do Not Significantly Harm Criteria and Mini-
mum Social Safeguards
To avoid double counting in the numerator, economic
activities are attributed to the Company’s business ac-
tivities that are presented separately in the Financial
Statements. Eligible CAPEX from economic activities
that contribute to specific environmental objectives are
presented separately. Economic activities are verified
against their contribution to climate adaptation.
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
126
Annual Report 2023 CTP N.V.
Operational expenditure (OpEx)
The EU Delegated Act list items to be considered as OpEx
as: research and development, building renovation meas-
ures, short-term lease, maintenance and repair, and any
other direct expenditures relating to the day-to-day ser-
vicing of assets of property, plant and equipment by the
undertaking or a third party to whom activities are out-
sourced that are necessary to ensure the continued and
effective functioning of such assets. Due to this, the cal-
culation is not based on the consolidated Financial State-
ments. Instead, a bottom-up approach has been used.
OpEx has been extracted from the breakdown of annual
internal spendings.
• Eligible OpEx = Maintenance, repair and management
of parks
• Total OpEx = Total property operating expenses +
short term rent
• Aligned OpEx = Eligible OpEx from economic activities
attributed to assets (properties) that meet technical
screening criteria including Substantial Contribution
Criteria, Do Not Significantly Harm Criteria and Min-
imum Social Safeguards
To avoid double counting in the numerator, econom-
ic activities are attributed to the Company’s business
activities that are presented separately in the Finan-
cial Statements. Eligible OpEx from economic activities
that contribute to specific environmental objectives is
presented separately. Economic activities are verified
against their contribution to climate adaptation.
4.8.2 Eligibility
CTP’s business activities were screened based on EU Tax-
onomy definitions, and four eligible economic activities
have been identified: Climate Change Adaptation („CCA“)
7.1 Construction of new buildings; Climate Change Mitiga-
tion („CCM“) 7.1 Construction of new buildings; Circular
Economy („CE“) 3.1 Construction of new buildings; CCA 7.2
Renovation of existing buildings; CCM 7.2 Renovation of
existing buildings; Circular Economy („CE“) 3.2 Renovation
of existing buildings; CCA 7.6 Installation, maintenance,
and repair of renewable energy technologies; CCM 7.6 In-
stallation, maintenance, and repair of renewable energy
technologies; CCA 7.7 Acquisition and ownership of build-
ingsand CCM 7.7 Acquisition and ownership of buildings
The EU Delegated Regulation defines CCA 7.1 Con-
struction of new buildings as:
Development of building projects for residential and
non-residential buildings by bringing together financial,
technical and physical means to realise the building pro-
jects for later sale as well as the construction of complete
residential or non-residential buildings, on own account for
sale or on a fee or contract basis.
As CTP’s development activities are directly related to
the above definitions, the following tasks are considered
relevant:
1. Land acquisition (CAPEX);
2. Costs related to design and project preparation
(CAPEX);
3. Construction of new buildings (CAPEX);
4. Extension of existing buildings (CAPEX);
5. Income from development activity (Revenue).
The EU Delegated Regulation defines CCA 7.2 Renovation
of existing buildings as:
Construction and civil engineering works or preparation
thereof.
As CTP’s renovation activities are directly related to EU
Taxonomy definitions, the following tasks are considered
relevant:
1. Restructuring and major renovations of standing
buildings (CAPEX).
The EU Delegated Regulation defines CCA 7.6 Installa-
tion, maintenance, and repair of renewable energy tech-
nologies as:
Installation, maintenance, and repair of renewable energy
technologies, on-site.
As CTP invests in the development of photovoltaic capac-
ity, the following tasks are considered relevant:
1. Investment in all renewable energy sources including
photovoltaic systems on facades and roofs (CAPEX);
2. Maintenance of existing renewable energy systems
(OpEx).
The EU Delegated Regulation defines CCA 7.7 Acquisition
and ownership of buildings as:
Buying real estate and exercising ownership of that real
estate.
As CTP’s acquisition activities directly relate to the above
definition, the following tasks are considered relevant:
1. Acquisition of existing buildings (CAPEX);
2. Costs related to buildings maintenance and opera-
tions (OpEx);
3. Rental income (Turnover);
4. Service Charge Income (Turnover);
5. Hotel Rental Income (Turnover).
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
127
Annual Report 2023 CTP N.V.
4.8.3 Alignment
EU Taxonomy disclosure also requires reporting on the
alignment of eligible activities with the Technical Screen-
ing criteria set out in Commission Delegated Regulation
(EU) 2021/2139 and amended by Commission Delegated
Regulation (EU) 2023/2485.
Determination of taxonomy alignment requires that
the eligible economic activity concerned makes a signif-
icant contribution to the attainment of one or more en-
vironmental objectives, does not significantly harm any
other environmental objective, and the company complies
with the minimum social safeguards in relation to among
others, occupational health and safety, corruption, tax,
fair competition and human rights. With respect to the
verification of contributions to environmental objectives
and Do Not Significantly Harm Criteria, the technical
screening criteria for the individual climate objectives are
defined in the relevant annexes to the Delegated Acts.
The six Taxonomy environmental objectives are:
1. climate change mitigation;
2. climate change adaptation;
3. the sustainable use and protection of water and
marine resources;
4. the transition to a circular economy;
5. pollution prevention and control; and
6. the protection and restoration of biodiversity and
ecosystems.
Climate change mitigation and Climate change adapta-
tion—are verified on an economic activity basis and doc-
umented in checklists. Circular Economy requirements
have been screened and found out not to be met by CTP.
Verification of the Minimum Social Safeguard require-
ment has been done on a company level. It consists of
embracing international conventions and regulations on
health and safety, corruption, tax, fair competition and
human rights, such as OECD Guidelines for Multinational
Enterprises, UN Guiding Principles on Business and Hu-
man Rights (UNGPs), ILO core conventions and the In-
ternational Bill of Human Rights. CTP embraced relevant
guidelines and processes to extent that allows to consider
CTP compliant although there are areas for further de-
velopment. Additionally verification of CTP’s liability in
respect of breach of any of these aspects has been carried
out. The gender pay gap is presented in Section 4.7.3.20,
Board gender diversity in Section 5.1.1. CTP is moreover
not exposed to controversial weapons.
All Group assets that are under management and un-
der construction are screened based on technical screen-
ing criteria for specific activities (including Substantial
Contribution Criteria, Do Not Significantly Harm Criteria
and Minimum Social Safeguards). Each asset is tested
using appropriate checklists. A set of aligned and non-
aligned assets is developed and used to report KPIs on
alignment. All properties considered aligned have climate
adaptation solutions that substantially reduce most im-
portant physical climate risks from list in Appendix A of
the Climate Delegated Act introduced.
Eligible Turnover, CAPEX and OpEx attributed to Ac-
tivities related to assets that are aligned are recognised
as aligned. Attribution to activities secure avoidance of
double counting.
CTP conducted an analysis of its eligibility and align-
ment with EU Taxonomy for the first time in 2022 and it
was internally reviewed in 2023.
CTP’s core business operations are focused on the con-
struction of buildings and management of existing prop-
erties. Core operations are focused on economic activities
that are considered eligible (CCA 7.1, CCA 7.2, CCA 7.6 and
CCA 7.7). These consolidated eligibility results are for all
KPIs (turnover: 100%, CAPEX 99.7%, OpEx 78.0%). High
values of eligibility are typical for real estate management
and development companies.
Alignment with EU Taxonomy means meeting multiple
requirements that apply to company governance, process-
es, specific project requirements and detailed reporting.
CTP adapted the requirements stated in the Minimum
Social Safeguard requirements, adjusting its policies and
processes. Meeting these requirements is a prerequisite to
consider any activity aligned. In 2022, CTP analysed eco-
nomic activities against respective technical screening cri-
teria. In 2023 analysis was conducted again as there were
updates in relevant criteria. Alignment levels of 53.8% for
Turnover, 51.3% for CAPEX and 20.7% for OpEx have been
achieved.
CTP’s turnover comes mostly from managed proper-
ties. The share of properties that can ensure aligned turn-
over is a result of the quality of managed properties and
the age and share of acquired buildings vs. self-developed.
CTP-developed buildings are of high quality and ensure
high energy efficiency. To increase the share of aligned
properties, among others the further development of en-
ergy performance certificates, further renovation activ-
ities are required. CTP is improving energy efficiency in
its portfolio. Increase of aligned Turnover from 46.4% to
53.8% is result of improvement in reporting and quality of
standing, revenue generating portfolio.
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
128
Annual Report 2023 CTP N.V.
CTP CAPEX is mostly spent on the construction of new
buildings and the acquisition of existing properties. To
increase the share of aligned CAPEX, detailed require-
ments for the construction of new buildings (Activity CCA
7.1) required some adjustments to CTP’s building and
construction process specification. Implementation of
adjusted specification is currently happening. As CTP al-
ready certifies buildings in the BREEAM scheme, required
adjustments are small. For building acquisitions, technical
due diligence will be developed to cover Taxonomy aspects
to make sure conscious decisions in this field are made.
CAPEX plan to improve environmental performance of
CTP buildings is currently under development and will be
the part of Transition plan for climate change mitigation.
Increase of aligned CAPEX from 4.9% to 51.3% is result
of introduction of EU Taxonomy specific requirements
into development process as well as improved quality
of reporting. Increase is much more significant than for
Turnover as introduction of requirements have immediate
effect on meeting alignment requirements by construc-
tion activities.
Aligned OpEx relates to aligned properties under man-
agement. These aligned properties however have a rela-
tively low share of operation and maintenance cost and
therefore the reported aligned OpEx deviates from the
aligned Turnover. Aligned OpEx has increased from 13.7%
to 20.7%.
CTP issued green bonds that are not directly related
to the EU Taxonomy. Presented KPIs are not adjusted. Ad-
justed KPIs based on the assumption that share of CTP
assets is financed with proceeds from green bonds can be
found below.
KPIS ADJUSTMENT
Note
Green Bonds €3.6 billion Note 30,
excluding €20 million
non-green bonds
Investment Property €12.0 billion Note 18
Investment Property funded by Green Bonds 29.7%
Aligned Turnover, non-adjusted 53.8% KPI table in
Appendix 7.8
Estimated to be funded with green bonds based on 29.7%) 15.9%
Aligned Turnover, adjusted 37.8%
Aligned CAPEX, non-adjusted 51.3% KPI table in
Appendix 7.8
Estimated to be funded with green bonds based on 29.7%) 15.2%
Aligned CAPEX, adjusted 36.1%
Adjustment has been calculated based on the assumption
that Fair value of portfolio equals to €12.0 billion (Note 18)
is financed by green bonds (Note 30 – €3.6 billion exclud-
ed €20.0 million of non-green bonds). Non adjusted KPIs
have been multiplied by the share of the portfolio that is
not financed by green bonds (that equals to 70.3%). Ad-
justed KPIs are 37.8% for Turnover, 36.1% for CAPEX.
The breakdown of Taxonomy eligibility and alignment
by activities can be found in Appendix 7.8.
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
Business
Environment
Governance Financial
Statements
Appendices
129
Annual Report 2023 CTP N.V.
QUANTITATIVE BREAKDOWN OF ALIGNED CAPEX
Activity Category € million
Activity CCA 7.1 Construction
activities
600.0
Activity CCA 7.6 Installation of
photovoltaics
54.0
Total aligned CAPEX 654.0
QUANTITATIVE BREAKDOWN OF ALIGNED OPEX
Activity Category € million
Activity CCA 7.7 Maintenance and
operations of
existing building
18.9
Total aligned OpEx 18.9
PROPORTION OF TURNOVER/TOTAL TURNOVER
Aligned
per objective
Eligible
per objective
CCM 0% 0%
CCA 53.8% 100%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF CAPEX/TOTAL CAPEX
Aligned
per objective
Eligible
per objective
CCM 0% 0%
CCA 51.3% 99.7%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF OPEX/TOTAL OPEX
Aligned
per objective
Eligible
per objective
CCM 0% 0%
CCA 20.7% 78.0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
ESG
4.8 EU Taxonomy
Company
Introduction
Strategy &
Outlook
AppendicesBusiness
Environment
Governance Financial
Statements
130
Annual Report 2023 CTP N.V.
NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Row Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, develop-
ment, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste
from the fuel cycle.
NO
2 The undertaking carries out, funds or has exposures to construction and safe
operation of new nuclear installations to produce electricity or process heat,
including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available
technologies.
NO
3 The undertaking carries out, funds or has exposures to safe operation of ex-
isting nuclear installations that produce electricity or process heat, including
for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4 The undertaking carries out, funds or has exposures to construction or oper-
ation of electricity generation facilities that produce electricity using fossil
gaseous fuels.
NO
5 The undertaking carries out, funds or has exposures to construction, refur-
bishment, and operation of combined heat/cool and power generation facilities
using fossil gaseous fuels.
NO
6 The undertaking carries out, funds or has exposures to construction, refur-
bishment and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
NO
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
131
Annual Report 2023 CTP N.V.
Governance
Governance
Governance
5.1 Governance Structure 132
5.1.1 Board of Directors 133
5.1.2 Appointment and composition of
the Board of Directors 137
5.1.3 General Meetings of shareholders 139
5.2 CTP Board and Committees 140
5.2.1 The Board and its meetings in 2023 140
5.2.2 Board committees and their meetings in 2023 141
5.2.3 2023 Remuneration Report 143
5.2.4 Post-2023 events 154
5.3 Diversity, Code of Conduct and Compliance 155
5.3.1 Diversity and inclusion 155
5.3.2 Compliance function 156
5.3.3 Code of Conduct 156
5.4 Governance Declarations 158
5.4.1 Compliance with the Dutch Corporate
Governance Code 2022 158
5.4.2 Decree on the Directive on Takeover Bids 159
5.4.3 Corporate governance statement 161
5.4.4 Responsibility statement 162
5.5 Risk Management 163
5.5.1 CTP group approach to risk management 163
5.5.2 Risk Management Policy 163
5.5.3 ERM framework 163
5.5.4 Implementation of the risk
management process 167
5.5.5 Risk management system 167
5.5.6 Internal controls 167
5.5.7 Responsibilities 167
5.5.8 Risk appetite 167
5.5.9 Risk control framework 168
5.5.10 Update on CTP’s principal risks
in 2023 and 2024 168
5.6 Principal Risks 170
This chapter describes CTP’s corporate
governance and legal structure.
5
Governance
5.1 Governance Structure
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
132
Annual Report 2023 CTP N.V.
5.1 Governance Structure
CTP is a public limited liability company listed
on Euronext Amsterdam and governed by
Dutch law. CTP has designed its corporate
governance structure to best support its
business, to meet the needs of its (Non-)
Executive Directors and stakeholders, and to
comply with applicable laws and regulations.
CTP has a one-tier board structure consisting of one or
more executive directors (“the Executive Directors”) and
independent non-executive directors (“the Non-Executive
Directors”), who together constitute the Board of Direc-
tors (“the Board”).
The Board currently consists of six Directors, of
whom two are Executive Directors and four are Non-Ex-
ecutive Directors. The Board serves both as the execu-
tive and supervisory body of the Company. Under CTP’s
articles of association (“the Articles”) and Dutch law, the
Board is collectively responsible for the Company’s man-
agement, general and financial affairs, policies, and for
its operations, taking into consideration the interests of
the Group’s stakeholders. The Board determines how sus-
tainable long-term value creation is relevant for the Com-
pany and its business, maintains awareness of the impact
that the actions of the Company and the business have on
the value chain, and considers relevant stakeholder inter-
ests in this context.
Within the Board, the Non-Executive Directors super-
vise and provide advice on the performance of the duties
of the Executive Directors, the Company and its business.
Furthermore, the Non-Executive Directors supervise the
Executive Directors’ implementation of the Company’s
strategy. The Non-Executive Directors also determine
the targets and remuneration of the Executive Directors
in accordance with the Group’s Remuneration Policy and
any arrangements for remuneration in the form of Com-
pany shares or rights to subscribe for shares (as approved
by the General Meeting). CTP’s CEO is primarily respon-
sible for strategic, risk and control issues, among others.
The CFO is primarily responsible for, among others, treas-
ury, funding and tax matters, the financial strategy, and
management accounting.
The Board has adopted written rules of procedure
governing the internal proceedings of the Board (“the
Board Rules”) applicable to its performance, decision
making, composition, the tasks and working procedures of
the committees established by the Board and other mat-
ters relating to the Board, the CEO, CFO and the Non-Ex-
ecutive Directors of the Company. In accordance with the
Board Rules, resolutions of the Board are adopted by a
simple majority of the votes cast at a meeting at which
at least the majority of its members are present or rep-
resented. Each Director has the right to cast one vote. In
case of a tied vote, the proposal will be rejected unless the
CEO uses his right to exercise a casting vote. The Board
Rules are available on CTP’s website.
In addition to the Board Rules, the Board has adopt-
ed charters for its committees, to which committees the
Board, while retaining overall responsibility, has assigned
certain tasks: the audit committee (“the Audit Commit-
tee”), the nomination and remuneration committee (“the
Nomination and Remuneration Committee”), and the sus-
tainability committee (“the Sustainability Committee”).
Each committee reports to the Board. More on govern-
ance processes, controls and procedures put in place to
monitor and manage sustainability matters can be found
in Section 5.2.2.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
133
Annual Report 2023 CTP N.V.
Governance
5.1 Governance Structure
Remon L. Vos
Executive Director & CEO
Born in the Netherlands in 1970, Remon Vos founded
CTP in 1998 with two investors to develop A-class indus-
trial properties in the Czech Republic. Over the next 20
years, Remon grew the CTPark Network to become the
largest integrated system of full-service business parks
in Central and Eastern Europe (“CEE”). In July 2019, Re-
mon took over 100% control of the CTP Group and con-
tinues to lead the Company. He is personally involved at
both the executive and operational levels in all markets,
growing the portfolio and strengthening relationships
with long-term business partners.
Richard Wilkinson
Executive Director & CFO
Richard Wilkinson joined CTP in 2018 as CFO and is re-
sponsible for the financing of the entire Group portfolio
throughout CEE. With several others, Richard oversaw
the first sale of a portion of CTP’s portfolio to a third
party, organised the largest industrial real estate refi-
nancing in CEE history, and led CTP’s debut green bond
and the Company’s IPO—the largest inaugural offering in
CEE real estate. After studying law at the London School
of Economics, Richard moved to a career in finance. For
nearly 30 years he has held various Senior Management
positions in treasury, balance-sheet management, corpo-
rate banking and real estate.
5.1.1 Board of Directors
ESRS 2 GOV-1-21, GRI 2-9, EPRA GOV-BOARD
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
134
Annual Report 2023 CTP N.V.
Governance
5.1 Governance Structure
Barbara Knoflach’s career has taken her through bank-
ing and finance, real estate, and most recently to inno-
vation and sustainability. Barbara’s career highlights
include her positions as CEO of SEB Asset Management
and Managing Director of SEB Investment from 2005
to 2015, and Deputy Chief Executive and Global Head of
Investment Management of BNP Paribas Real Estate
from 2015 to 2019. Barbara hones her ability to look at
the bigger picture and shares her dynamic experience
sitting on several committees and boards throughout her
career, such as AFIRE, BVI, ULI, ZIA, and the Real Estate
Academic Initiative at Harvard University. Most recent-
ly, she created LifeWorkSpace, a consulting and private
investment company focused on spurring innovation and
sustainability strategies in the real estate sector. She is a
co-founder of TinyBE, a non-profit organisation engaged
in innovative art projects.
In her role as Senior Executive Director and tempo-
rary Chair of the Nomination and Remuneration Com-
mittee, Barbara brings both deep executive experience
and relevant sector insight to CTP. She has skills in core
segments of investment, development and construction.
Her interest in the HR area complements the skills of the
other Board members.
Susanne Eickermann-Riepe joined the Board following
the end of her tenure as an active partner at PwC Ger-
many, where she served as Head of Real Estate. With 30
years of experience in strategic and operational consulting
in financial services, real estate services, funds and com-
panies, Susanne knows that the future of the industry will
not happen without sustainability. Due to her professional
background and leadership in innovation, Susanne was ap-
pointed as the chair of the board of the Royal Institution
of Chartered Surveyors (RICS) Germany, where she drives
several working groups on the implementation of the EU
Green Deal. Susanne’s professional expertise paired with
her future-leaning environmental concerns have placed
her in several real estate advisory positions. Her activities
are spurred by her belief that the real estate sector must
take more responsibility and action for an equitable fu-
ture.
With her different roles, Susanne has a world of
sustainability expertise, which she brings to CTP in her
capacity as chair of the Sustainability Committee and
member of the Board. She also has access to the knowl-
edge needed within CTP to advance the business and
the processes and controls needed to align with ESG de-
mands. Finally, by her membership of the Audit Commit-
tee, she ensures that the connection between reporting
requirements and business is being made.
Susanne Eickermann-Riepe
Non-Executive Director
Barbara Knoflach
Non-Executive Director & Chairwoman of the Board
Governance
5.1 Governance Structure
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
135
Annual Report 2023 CTP N.V.
Gerard van Kesteren is a financial specialist in the glob-
al logistics sector and is a non-executive director of a
number of companies, as well as a senior advisor with
McKinsey & Company, and has extensive internation-
al experience and financial management capabilities.
Gerard worked with Kuehne + Nagel for 25 years; from
1999 until 2014 as the Group Chief Financial Officer and
as a member of the Management Board, being highly in-
fluential in the development of the K+N Group. During his
career, he also held leading positions in finance at Sara
Lee Corporation; six years as Financial Director in the
UK, two years in Spain, and two years as Director of Fi-
nancial Planning and Analysis in the Netherlands. In addi-
tion, Gerard was named CFO of the Year in 2010 by CFO
Forum Switzerland and served as Chairman of the CFO
Circle (Switzerland) from 2014–2019. He is the found-
er and board member of the Van Kesteren Foundation,
which extends aid to youth programs across developing
countries.
Gerard brings accountancy knowledge to the Board
and is a relentless advocate for quality in the areas of
planning and control, (internal) auditing and a systemised
way of (financial) reporting.
Pavel Trenka brings a wealth of international experience
to the table. For over a decade at HB Reavis, Pavel led
their international expansion beyond the Czech Republic
and Slovakia, both in Western Europe and CEE. He start-
ed out on the Board, then became the Group CEO for five
years and thereafter continued in a leadership position
as a non-executive director. Pavel previously was an as-
sociate partner at McKinsey & Company working in CEE,
Russia and the USA. During his tenure there, he worked
extensively with large international clients, primarily on
revenue growth strategies and organisation transforma-
tions. He started his career within the investment bank-
ing team of Bank Austria during the privatisations of the
early 1990s. Pavel holds an MBA in Finance and Econom-
ics from the University of Rochester (USA) and an un-
dergraduate degree from the University of Economics in
Bratislava. In Slovakia, he founded two non-profit organ-
isations, both geared to support youth skill development,
where he is actively engaged.
Pavel Trenka
Non-Executive Director
Gerard van Kesteren
Non-Executive Director
Governance
5.1 Governance Structure
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
136
Annual Report 2023 CTP N.V.
BIOGRAPHIES OF DIRECTORS OF CTP’S BOARD
ESRS 2 GOV-1-21
Remon Vos Richard Wilkinson Barbara Knoflach Gerard van Kesteren Susanne Eickermann-Riepe Pavel Trenka
Position CEO CFO Chairwoman,
Non-Executive Director
Non-Executive Director Non-Executive Director Non-Executive Director
Nationality, year of birth Dutch, 1970 British, 1964 Austrian, 1965 Dutch, 1949 German, 1960 Slovak, 1973
First appointed on 1 July 2020 28 December 2020 29 March 2021 29 March 2021 29 March 2021 29 March 2021
End of current term of appointment Indefinite 2025 2024 2024 2024 2024
Previous significant positions CEO of CTP Erste Group BNP Paribas Real Estate
• Deputy CEO and Global
Head of Investment
Management
SEB Asset Management
• CEO
Kuehne + Nagel
International AG
• CFO
PwC
• Partner, Head of German
Real Estate Business
HB Reavis Group
• CEO
Additional positions • None • None Swiss Prime Site
(Switzerland)
• Board Member
Aareal Bank AG
• Supervisory Board Member
Lendlease Corporation
(Australia)
• Non-Executive Board
Member
Deufol SE (Germany)
Packaging services and
associated services
• Member of the Board
De Well (Hong Kong)
Global logistics and
forwarding enterprise
founded in Shanghai
• Member of the Board
Raben Group (Netherlands)
Logistics company
• Member of the Board
Planzer Holding AG
(Switzerland)
Logistics/transportation
company
• Member of the Supervisory
Board
Janel Corporation (USA)
Logistics company
• Chair of the Audit
Committee and Member of
the Nomination and
Compensation Committee
ARE Austrian
Real Estate GmbH
Real Estate company
• Member of the Supervisory
Board
Engel & Völkers Venture
Management AG
Service company specialised
in the brokerage of
premium real estate,
yachts and aircrafts
• Deputy Chairperson of
the Supervisory Board
RICS
Royal Institute of Chartered
Surveyors
• Chair of the European
World Regional Board ,
• Chair of the Advisory Board
of RICS Germany
ICG Institute
Association representing
the general interests of the
German real estate industry
• Chair of the Board
Leaf Academy
Non-profit organisation
• Board Member
Duke of Edinburgh
International Award
Non-profit organisation
• Board Member
Independence Not applicable (ED) • Not applicable (ED) Yes Yes Yes Yes
Shareholding 337,286,991
(held by CTP Holding B.V.)
6,666
(not including LTIP
conditional shares)
8,921 34,000 14,400 136,315
Governance
5.1 Governance Structure
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
137
Annual Report 2023 CTP N.V.
ESRS G1-5-30
None of the members of the Board held (or hold) positions
in public administration or lobby organisations (including
regulators) in the two years preceding their appointment
in March 2021 to their current position.
5.1.2 Appointment and composition of
the Board of Directors
GRI 2-10, GRI 2-16, GRI 2-17,EPRA GOV-SELECT
The Board is authorised to determine the number of Exec-
utive Directors and Non-Executive Directors. A Director is
appointed by the General Meeting on a binding nomination
of the Non-Executive Directors on behalf of the Board.
The General Meeting may overrule a binding nomination
for the appointment of a Director with an absolute major-
ity of votes cast in a meeting where more than one-third
of the issued share capital is represented. The majority of
the Directors must be Non-Executive Directors, and one-
third of the Non-Executive Directors must be female. The
Board may grant titles to Directors as the Board deems
appropriate, including the title of Chief Executive Officer
(“CEO”), Chief Financial Officer (“CFO”) and Senior Inde-
pendent Director.
GRI 2-11
The CEO acts as the Board’s spokesperson and is primar-
ily responsible for the Group’s strategic, risk and control
issues. He is also responsible for convening General Meet-
ings and calling Board meetings. The responsibilities of
the Senior Independent Director include ensuring that the
Board and its committees are composed in a balanced way
and function properly. The Senior Independent Director
chairs General Meetings of shareholders and Board meet-
ings, ensures that Board decisions are made in accordance
with the Articles and the Board Rules, and supervises the
implementation of adopted resolutions by the Board. The
Senior Independent Director also acts on behalf of the
Board as the main contact for shareholders and for Gen-
eral Meetings.
A Director is appointed for a term lapsing ultimately
at the end of the AGM held in the fourth year after the
year of his/her appointment or reappointment, unless
specified otherwise in the nomination for appointment or
re-appointment. The General Meeting may at any time
suspend or dismiss a Director.
CTP’s majority shareholder, Mr. Remon Vos, was ap-
pointed CEO and Executive Director after the Company’s
IPO in March 2021 and is unlimitedly re-appointed as a Di-
rector. The reason for this is that Mr. Vos has been instru-
mental to the building of the Group since its foundation in
1998 and has been its Chief Executive Officer since 1999.
He is personally involved in many aspects of the Group’s
business, including formulation and implementation of its
business strategy and relationships with key clients.
In addition to Remon Vos, Mr. Richard Wilkinson is an
Executive Director and CFO. Mr. Wilkinson is appointed for
a term ending at the end of the AGM to be held in 2025.
The Non-Executive Directors are Ms. Barbara Kno-
flach (Senior Independent Director and Chairwoman of
the Board), Mr. Gerard van Kesteren (Vice-Chairman of
the Board), Ms. Susanne Eickermann-Riepe and Mr. Pavel
Trenka. The Non-Executive Directors were appointed on
16 March 2021 for a term ending at the end of the AGM
to be held on 23 April 2024. All members are independent
in conformity with the provisions of the Dutch Corporate
Governance Code (“the Code”). The retirement schedule of
the Non-Executive Directors provides for them to retire
simultaneously. Upon appointing a new Non-Executive Di-
rector or re-appointing a Non-Executive Director in func-
tion, CTP’s retirement schedule will be amended to reflect
the option to (re-)appoint for terms ranging from one to
four years.
While there is no written succession plan in place,
with the availability of dedicated Senior Management
placed below the Executive Directors, the Group’s short-
and medium-term succession is assured. In addition to
the Executive Directors, Senior Management consists of
a Group Chief Operating Officer (“COO”) and—in the 10
countries where the Company is active —a local Managing
Director and Country Chief Financial Officer.
Independence of Non-Executive Directors
GRI 2-15, EPRA GOV-COL
How to deal with conflict of interest situations is de-
scribed in the Board Rules. The provisions are such that
the Non-Executive Directors decide whether a Director
has a conflict of interest without this Director being pres-
ent. Upon this being the case, a decision can only be made
if the proposed transaction is customary in the market
and in compliance with the laws of the relevant jurisdic-
tion and requires the consent of at least the majority of
the Non-Executive Directors if the conflict of interest is
of material significance to CTP or to the relevant Direc-
tor. No loans or guarantees are given to a Director unless
in the normal course of business and on terms applicable
to CTP’s personnel.
ESRS 2 GOV-1-21
In the opinion of the Non-Executive Directors, in 2023 the
independence requirements referred to in the Code were
fulfilled. Dutch law independence requirements do not re-
quire Executive Directors of a (one-tier) board to be inde-
pendent, but only Non-Executive Directors. Considering
Dutch legal requirements, all CTP’s Non-Executive Direc-
tors are independent.
All four Non-Executive Directors own CTP shares.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
138
Annual Report 2023 CTP N.V.
Governance
5.1 Governance Structure
Introduction program for Non-Executive Directors
There have been no Non-Executive Directors appointed
after March 2021. Therefore, no introduction program
was organised in 2023. Onboarding was provided to Sen-
ior Management joining in 2023.
Permanent education and evaluation
Education sessions are offered to the Non-Executive Di-
rectors throughout the year. In March 2023, CTP’s Group
Head of ICT together with an external expert updated
the Non-Executive Directors on the IT systems within
CTP and on cybersecurity. In December, external experts
held a general seminar for the Board relating to ESG re-
quirements. Throughout the year, various members of
the Board attended several Senior Management offsite
meetings in CTP countries.
Evaluation of the functioning of the Executive Directors
and the Non-Executive Directors and of the committees
of the Board of Directors takes place once a year, either
with or without an external expert. Evaluation of the in-
dividual members of the Board of Directors takes place
throughout the year on an informal basis.
The self-evaluation for the year 2023 was carried out
by completing a questionnaire on an anonymous basis by
all the Board members. The outcome of the questionnaire
was discussed in two subsequent Board meetings. The
main findings and conclusions were that CTP’s Board has
fully matured into its position since the IPO in March 2021.
The Board of Directors is small and diverse with the abili-
ty to act quickly in case of important opportunities for the
Company. Areas of improvement are, among others, to
ensure more time for discussion between Executive Direc-
tors and Non-Executive Directors. For this purpose, din-
ner meetings in advance of Board meetings are planned.
The Nomination and Remuneration Committee has
expressed the wish to expand its span of control relating
to remuneration conditions, which currently amounts to
the CFO position within the Board only. Going forward and
upon approval by the AGM of the new Remuneration Poli-
cy, the CEO will be included in target setting and pay out.
The Senior Management conditions of employment will be
aligned with those of the Executive Directors.
Years
in board
Year of
birth Gender
General
business
management
strategy
Finance
(balance &
reporting
Financial
markets/
disclosure,
communi-
cation
Audit, risk,
compliance,
legal &
governance
Real
estate M&A
IT/Digital &
Innovation
Social
employment ESG
Remon Vos 4 1970 M x x x x x x x x
Richard Wilkinson 4 1964 M x x x x x x x x x
Barbara Knoflach 3 1965 F x x x x x x x x x
Susanne Eickermann-Riepe 3 1960 F x x x x x x x x x
Gerard Van Kesteren 3 1949 M x x x x x
Pavel Trenka 3 1973 M x x x x x x
DIRECTOR’S COMPETENCY TABLE
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
139
Annual Report 2023 CTP N.V.
Governance
5.1 Governance Structure
5.1.3 General Meetings of shareholders
The Annual General Meeting (“AGM”) is held at least once
a year, no later than 30 June. The agenda for the AGM
includes, among others, the adoption of the Group’s annu-
al accounts, the appointment of the external auditor, the
allocation of profits insofar as this is at the disposal of
the AGM, and any other matters proposed by the Board
or by the shareholders in accordance with the Company’s
Articles and Dutch law. The Articles outline the proce-
dures for convening and holding the AGM and the deci-
sion-making process. The draft minutes of the AGM must
be published on CTP’s website no later than three months
following the AGM. Shareholders are given three months
to respond to the draft minutes. The minutes of the AGM
are subsequently adopted and signed by the chair of the
AGM and the Company Secretary.
Contacts with shareholders are conducted in line with
the bilateral contacts policy, published on CTP’s website.
Annual General Meeting held in 2023
CTP’s 2023 AGM was held in Amsterdam on 25 April
2023. Meeting topics included, among others, the 2022
Annual Report, the authorisation to issue shares, amend-
ments to the Articles to enable virtual meetings of share-
holders to take place, the presentation of the Remunera-
tion Report and the 2022 final dividend. No responses to
the draft minutes were received. The minutes of the 2023
AGM were adopted and signed on 25 October 2023.
Dividend
An interim dividend of €0.25 per share was made available
in shares or in cash and paid out on 4 September 2023. A
final dividend for the 2023 financial year of €0.275 per
ordinary share will be paid subject to AGM’s adoption of
the 2023 annual accounts and approval of the payment
of the dividend, bringing the total dividend over the 2023
financial year to €0.525 per ordinary share.
No Extraordinary General Meeting took place in 2023.
The next AGM will be held on 23 April 2024.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
140
Annual Report 2023 CTP N.V.
5.2 CTP Board and Committees
5.2.1 The Board and its meetings in 2023
ESRS GOV-2-26, GRI 2-18
The Board meets at least once every quarter, principally at
CTP’s headquarters in Amsterdam, the Netherlands. The
Board met six times in 2023; all Board members attended
all meetings. Recurring topics of discussion were, among
others, acquisition projects and the development pipeline,
leasing activities and financial performance. Management
reporting and financial reporting versus the budget were
discussed, cash-flow forecasts and investor relations up-
dates were provided, and risk management reports con-
taining information about material impacts, risks and
opportunities and compliance reports were discussed (in-
cluding sustainability-related concerns that may arise and
would require attention). These reports reach the Board
via the Group Head of Internal Audit, Group Head of Risk
Management, Group AML Compliance Officer and the
CFO. The results and effectiveness of policies, actions,
metrics and targets to address these material impacts,
risks and opportunities are addressed in the Audit Com-
mittee and at Board meetings.
Oversight of CTP’s strategy and decisions to enter
major transactions is done at meetings of the Board upon
the initiative of the Executive Directors. In its decision the
Board considers sensitivity to uncertainty also by legal,
technical and environmental due diligence reporting that
has taken place in the early stages of a potential trans-
action. CTP’s strategy is discussed in the Board at least
once a year, whereby the CEO and CFO present an update
on the five-year strategy and indicate risks on the imple-
mentation of the then-current strategy plan.
At each meeting of the Board a list of opportunities is
tabled including an update on the risks that go with the
opportunity. A list of risks is mentioned in Section 5.2.2 –
Audit Committee.
The Board at present is not informed regularly on the
implementation of sustainability due diligence in CTP’s
processes. When deemed necessary, the Board consulted
outside experts for advice and training purposes.
The Executive Directors meet each week, whereby
they discuss strategic, operational and financial topics,
including assessing and managing impacts, risks and op-
portunities. Oversight over this position is exercised by
frequent contact every other week, contact with the Chair
of the Board of Directors, monthly Board update calls (in-
cluding relevant documentation on the day-to-day busi-
ness, update on the status of key performance indicators)
and other ad hoc contact moments. Dedicated controls
and procedures are applied to the extent that approval
for transactions above a certain (deal or monetary) size,
services from the external auditor that have not been
pre-approved, and other business matters need to be ap-
proved by the Non-Executive Directors before they take
place. Discussions on deficiencies (both signalled by CTP’s
internal auditor as well as its external auditor) take place
on a regular basis, and the annual audit leading to the ap-
proval of the annual accounts ensures that the risks and
impacts are properly managed.
At its 2 March meeting, the Board discussed operator,
developer and energy business topics. The 2022 Annual
Report was approved, as was the 2022 dividend distri-
bution, the AGM agenda, remuneration for 2023, and the
fulfilment of the 2022 targets.
At the 25 April meeting, Pavel Trenka renounced his func-
tion as Chair of the Nomination and Remuneration Com-
mittee. He stayed on as a member. Barbara Knoflach was
appointed as Chair of the Nomination and Remuneration
Committee; an update on HR was given.
At the 10 May meeting, the first-quarter Financial
Statements were approved, and the 2023 short-term in-
centives of the CFO for 2023 and the draft ESG Report
were discussed.
The Board evaluated its own functioning and that of
its committees in April and May by completing a question-
naire on an anonymous basis. The outcome of the ques-
tionnaire was discussed in two subsequent Board meet-
ings in August and in November. The areas for further
improvement relate to transformation of the organisation
and of IT systems, succession planning and retirement of
the Non-Executive Directors. Action for improvement
was taken on all these points.
At the 9 August meeting, the first half-year Financial
Statements were discussed, as were the interim dividend,
the audit plan and engagement letter of the external audi-
tor, and diversity within CTP. The status of the best-prac-
tice provisions of the Code and the questionnaire regard-
ing self-assessment of the Non-Executive Directors were
discussed.
At the 8 November meeting, the Board discussed
third-quarter results, business updates were given, sev-
eral compliance policies were discussed, a status update
of deviations from the Code was provided and the annual
evaluation of the Board Rules was discussed. The retire-
ment schedule of the Non-Executive Directors and bench-
marking 2022 and remuneration trends were discussed.
An enterprise resource planning (“ERP”) update was given.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
141
Annual Report 2023 CTP N.V.
At the 21 December meeting, the Board discussed the
effectiveness of the design and operation of the internal
risk management and control systems. CTP’s 2024–2030
strategy was discussed, as was the 2024 budget, remu-
neration, various policies and the Code of Conduct. The
assessment of the fulfilment of the responsibilities of the
internal and external auditor and the additional positions
of the Non-Executive Directors were discussed. The list
of reference companies for the remuneration peer group
was updated to include an industry peer group.
The CFO and the Non-Executive Directors had ten
Board update calls, the purpose of which was to inform
the Non-Executive Directors of the business (including
acquisitions), status of the key performance indicators
and financial position of the Group. CTP’s CFO reports on
the impact, risks and opportunities. The main risks (being
interest rate risk, liquidity risk, funding and credit risk,
capital risk, property market risks, credit risk clients) are
discussed.
The Non-Executive Directors had three meetings only
among themselves, whereby one was in the presence of
the external auditor.
5.2.2 Board committees and their meetings in 2023
AUDIT COMMITTEE
The duties of the Audit Committee include supervising and
monitoring as well as advising the Board and each Direc-
tor regarding the integrity and quality of the Company’s
financial and sustainability reporting and the effective-
ness of the Company’s internal risk management and con-
trol systems. The Audit Committee advises the Board on
the exercise of certain of its duties. It also supervises the
submission of financial information by the Company, com-
pliance with the recommendations of internal and external
auditors on, amongst others, integral reporting, the Com-
pany’s policy on tax planning, and the Company’s financing
arrangements. It assists the Board with the Company’s
information and communications technology and main-
tains regular contact with and supervises the external
accountant, and it prepares the nomination of an exter-
nal accountant for appointment by the General Meeting.
The Audit Committee also issues preliminary advice to the
Board regarding the approval of the Financial Statements
and the annual accounts, the annual budget and major
capital expenditures.
The charter of the Audit Committee is published on
CTP’s website. The Audit Committee members are Mr.
Gerard van Kesteren (Chair) and Ms. Susanne Eicker-
mann-Riepe. The information referred to in the Code is in-
cluded in Section 5.4.3.
The Audit Committee is responsible for oversight of
the process to manage material impacts, risks and oppor-
tunities, including the role of the Executive Directors in the
process to assess and manage impacts, risks and oppor-
tunities. These responsibilities are reflected in the Board
Rules and in the charter of the Audit Committee.
ESRS 2 GOV-1-22
The Executive Directors, together with some of the Senior
Managers, have meetings in which impacts, risks and op-
portunities relating to the business are assessed. No del-
egation of these activities has taken place within CTP. The
reporting line to the supervisory bodies—the Audit Com-
mittee and the Board—is directly from the Executive Di-
rectors to the Board. Dedicated controls and procedures
are applied to the management of impacts, risks and op-
portunities to the extent that the internal audit function
together with the internal risk management function
monitor and report on impacts and risks at each meeting
of the Audit Committee. Targets for Senior Management
relating to material impacts, risks and opportunities on
CTP’s business are set by the Executive Directors. Tar-
gets for Executive Directors are set by the Non-Executive
Directors. Progress relating to the targets of the former
group is monitored throughout the year by the CEO and
by the Group COO and discussed with the Senior Manage-
ment of each separate country. Progress relating to the
Executive Directors is monitored twice per year by the
Non-Executive Directors.
Meetings in 2023
The Audit Committee met five times in 2023; both mem-
bers attended all meetings. Standard on the agenda of
the Committee are the financial accounts of the period,
the outlook and liquidity forecast (including funding and
cash-flow forecast) and a review of the Company’s key
performance indicators. The internal auditor updates the
Committee on his observations and on the status of con-
trol issues based on deficiencies identified by the external
auditor in the relevant yearly audit, presents the internal
plan, and gives regular updates on the status thereof.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
142
Annual Report 2023 CTP N.V.
Heads of the Compliance department and Risk Manage-
ment department provide updates (including a whistle-
blower analysis). In the event that there are services per-
formed by the external auditor that are outside of the
scope of the statutory audit, the Audit Committee ap-
proves these services on a separate note. The external
auditor attended (part of) the meetings, among others, to
present its 2023 audit plan and findings.
In addition to the above recurring items, other items
discussed during the meetings are mentioned below.
On 2 March, the 2022 Annual Report was discussed
(including annual accounts), as well as the draft letter of
representation, the management letter and audit report
by the external auditor. ESG reporting and EU taxonomy,
an update on the ERP conversion, and reports from the
Compliance and Risk Management departments and the
internal auditor were also discussed. The Audit Commit-
tee evaluated the functioning of the internal auditor and
of KPMG as external auditor and advised the Board of the
outcome thereof at the Board meeting on 2 March 2023.
On 10 May, the first-quarter results were discussed,
and the application of ERP as the new ICT system, risks
related to cybersecurity, and, at the request of the Chair-
man of the Audit Committee, regular legal claim reporting
were introduced.
On 9 August, the first half year results and the applica-
tion of ERP as new the ICT system were discussed. The ex-
ternal auditor presented its 2023 audit plan, and the 2023
interim dividend was discussed. A tax update—including
the annual evaluation of the tax policy—was also discussed.
On 8 November, the third-quarter results were dis-
cussed, amendments to compliance policies were dis-
cussed, and an ERP update was provided. Several changes
were proposed to the Audit Committee charter, taking into
account the recently updated Code.
On 21 December, the 2024 budget and the status of the
audit performed by the external auditor were discussed,
the Code of Conduct and Risk Management Policy were
evaluated. The findings relating to the assessment of the
effectiveness of the design and operation of the internal
risk management and control systems, covering strategic,
operational, reporting and compliance risks, as well as an
assessment of the effectiveness of the internal and ex-
ternal audit processes were discussed.
The Audit Committee met with the internal audit
function and the CFO separately seven times during the
year. At these meetings, inter alia, the progress of the
internal audit plan was discussed, internal audit reports
were shared, and deficiency reporting was tabled. The Au-
dit Committee (and the other Non-Executive Directors)
met with KPMG outside of the presence of the Executive
Directors on 2 March 2023.
NOMINATION AND REMUNERATION COMMITTEE
The duties of the Nomination and Remuneration Commit-
tee include proposing appointments and re-appointments
of Directors, preparing selection criteria and appointment
procedures for Directors, and proposing and updating the
composition profile for the Non-Executive Directors. The
Nomination and Remuneration Committee also periodi-
cally assesses the scope and composition of the Board and
the functioning of the individual Directors. It supervises
the Board’s policy on selection criteria and appointment
procedures for Directors and Senior Management.
Furthermore, the duties of the Nomination and Remuner-
ation Committee include the preparation of proposals by
the Board on the Remuneration Policy for the Executive
Directors to be adopted by the AGM and on the remuner-
ation of the individual Executive Directors to be deter-
mined by the Non-Executive Directors. The Nomination
and Remuneration Committee prepares a Remuneration
Report on the execution of the Remuneration Policy for
the Board during the respective year. The AGM has an
advisory vote on the Remuneration Report. The charter
for the Nomination and Remuneration Committee is pub-
lished on CTP’s website.
The Nomination and Remuneration Committee mem-
bers are Pavel Trenka and Barbara Knoflach. Pavel Trenka
was chair until 26 April 2023, after which date Barbara
Knoflach took over the position of chair. While CTP is look-
ing for a suitable new Non-Executive Director, Barbara
Knoflach took over the position of Chair of the Nomination
and Remuneration temporarily.
Meetings in 2023
The Nomination and Remuneration Committee met six
times during 2023. All meetings were attended by both
members.
On 22 February, the 2023 short-term incentives for
the CFO were discussed.
On 2 March, the 2023 base salaries of the Executive
Directors, the 2023 long-term incentives for the CFO,
and the draft Remuneration Report were discussed.
ESRS 2 GOV-3-29, ESRS E1-GOV-3-13
On 10 May, evaluation of the Remuneration Policy, the
skills of the Non-Executive Directors, and the method for
self-evaluation of the Board of Directors were discussed.
Succession planning in general as well as the short-term
and long-term incentives for the CFO were discussed.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
143
Annual Report 2023 CTP N.V.
Out of the sustainability-related performance targets of
the Executive Directors there is no target that specifical-
ly relates to green house gas emissions.
On 9 August, the Remuneration Policy was evaluat-
ed. Succession planning and the composition and profile
of the Non-Executive Directors were discussed. The di-
versity and inclusion questionnaire and the definition of
Senior Management were discussed. A mid-year update
on the fulfilment of the 2023 short-term incentives was
provided.
On 8 November, a draft for a new Remuneration Poli-
cy and benchmark, including reference companies for the
peer groups, were discussed. Market trends relating to
remuneration were discussed, and the retirement sched-
ule for the Non-Executive Directors was discussed. An in-
ventory of training sessions for 2024 was made and the
gender diversity status within CTP was discussed. The
charter of the Nominations and Remuneration Commit-
tee was evaluated.
When deemed necessary, the committee consulted out-
side experts for advice.
On 21 December, CTP’s standing diversity policy was
evaluated. A proposal to the Board for the 2024 incen-
tives of the Executive Directors and their base salary and
the possible outcome of the 2023 incentives based on pre-
liminary numbers and data were discussed.
SUSTAINABILITY COMMITTEE
The duties of the Sustainability Committee include,
amongst others, advising the Board on a sustainable
long-term vision, strategy and targets, monitoring of the
sustainability initiatives and targets, overseeing of the
overall climate risks and their consideration in the inter-
nal risk management and control systems, and all matters
of corporate responsibility. The Sustainability Committee
ensures that sustainability matters that are important
for CTP in general are tabled in the Board. In this process
the Group Head of ESG Management is important, as he
provides bottom-up information on the topics to be ta-
bled and that the appropriate risk assessments are made.
The accessibility of sustainability-related expertise and
know-how is ensured by the presence of Susanne Eicker-
mann-Riepe.
The Sustainability Committee advises the Audit Com-
mittee on sustainability reporting. The members are Su-
sanne Eickermann-Riepe (Chair) and Barbara Knoflach
(member).
CTP is in the process of gathering more knowledge on
ESG-related risks and opportunities. In weighing business
risks, the ESG component is valued and the expectation is
that this process will mature over time.
Meetings in 2023
The Sustainability Committee was established on 8 No-
vember 2022 and met five times in 2023, in which both
members attended all meetings. At its meeting on 19
January, the committee discussed the draft Sustaina-
bility Report; at its meeting on 2 March, the committee
discussed the ESG strategy, mid-term ESG KPI’s, ratings
and policies, ESG reporting and innovation. At its meet-
ing on 10 May, the committee discussed ESG ratings and
the draft Sustainability Report. At its meeting on 9 Au-
gust, the committee discussed the ESG strategy, update
on ratings and policy, data gathering and innovation. At
its meeting on 8 November, the committee discussed an
amendment to its standing charter to better reflect its
role as advisor to the Audit Committee, ESG reporting
and an update on ratings and policies.
The Sustainability Committee forms an opinion on the
topics it wants to address in its meetings or outside of
its meetings—through discussion between the Chair of
the Sustainability Committee and the Group Head of ESG
Management—to enhance an ESG mindset within CTP.
As evidenced from the above, the focus is on GRESB and
SBTi benchmarks and on formulating a pathway to estab-
lish CTP within these benchmarks as an ESG leader.
5.2.3 2023 Remuneration Report
GRI 2-19, GRI 2-20
In compliance with Article 2:135b of the Dutch Civil Code,
the European Shareholder Rights Directive (SRD II) and
the Code, this 2023 Remuneration Report is split into two
separate sections, containing:
• the Remuneration Policy section describing the over-
all approach to remuneration, and in particular, set-
ting out the fixed and variable pay components of the
Executive Directors and the fixed pay components
of the Non-Executive Directors, including the back-
ground reflecting on the internal and external context
surrounding remuneration outcomes for the report-
ing year; and
• a section on the implementation of the Remuneration
Policy during the reporting year.
A copy of the separate Remuneration Report is e pub-
lished on CTP’s corporate website.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
144
Annual Report 2023 CTP N.V.
Overview of CTP’s Remuneration Policy
The Remuneration Policy for the Executive Directors and
the Non-Executive Directors of CTP N.V. was adopted
by the AGM on 25 March 2021 (the “Remuneration Poli-
cy”). Remuneration Reports are drafted annually since 29
March 2021, when CTP became a listed company. Conse-
quently, this report provides for comparable figures avail-
able as from 29 March 2021.
The design and implementation of CTP’s Remunera-
tion Policy have been drafted to follow all applicable laws
and corporate governance requirements. Decisions relat-
ed to remuneration are made in the context of CTP’s val-
ues, purpose and strategy.
Remuneration Policy changes are subject to sharehold-
er approval. During 2023, the current Remuneration Policy
was evaluated and the proposed changes have been includ-
ed in an updated Remuneration Policy, which will be put to
a shareholder vote in the AGM on 23 April 2024.
Furthermore, for voting rights exercised on remuner-
ation-related items, CTP undertakes to actively engage
with dissenting shareholders to address all legitimate
and reasonable objections and/or concerns. CTP invites
its shareholders to engage with it regarding the Remu-
neration Policy and reporting. During the AGM on 25 April
2023, there were no questions regarding the Remunera-
tion Report for 2022, and 92.6% of the shareholders vot-
ed in favour of the report.
Philosophy and principles
CTP’s remuneration philosophy aligns with the way the
Company operates and helps CTP to grow its business and
to grow the businesses of its clients. CTP is outcome-fo-
cused, performance-driven and rewards fairly and com-
petitively with a focus on long-term value creation while
supporting the ownership mentality and spirit of entre-
preneurship in its teams in all its operating locations. CTP
places an emphasis on variable remuneration to reflect its
highly performance-orientated and entrepreneurial cul-
ture, its growth ambitions, and to ensure alignment with
the expectations of shareholders.
The six principles that guide CTP’s approach to remu-
neration are:
1. remuneration should focus on long-term value crea-
tion for and be clearly linked to the delivery of superior
and sustainable corporate results in line with CTP’s
strategy;
2. remuneration outcomes should mirror the shareholder
and wider stakeholder experience over the long term
and be aligned with CTP’s long-term strategy and es-
tablished risk appetite;
3. remuneration should be fair and competitive against
companies of a similar size, scope and complexity, with
a strong emphasis on variable pay to reflect CTP’s
high-performance culture but at the same time not
paying more than necessary;
4. remuneration should be simple and transparent in
terms of design and communication to internal and
external stakeholders;
5. remuneration should adhere to the principles of good
corporate governance practice in line with the Code
and Dutch law; and
6. remuneration frameworks should be sufficiently flex-
ible to take into account changing business priorities
over time.
In line with CTP’s remuneration philosophy and principles,
its Remuneration Policy is to target base salary levels
around the lower quartile of the peer group and total di-
rect compensation levels (the sum of base salary, annual
bonus and long-term incentive) around the upper quartile
of the peer group. Again, this positioning policy reflects
CTP’s performance-based culture with highly competitive
levels of reward only being earned if outstanding perfor-
mance is delivered.
Benchmarking and peer group
CTP’s remuneration should be fair and competitive
against companies of a similar size, scope, and complexity.
The reference points used to define market peers in terms
of remuneration are Dutch-listed companies that are of a
similar size and complexity to CTP and where appropriate,
sector comparisons, i.e., European real estate and logis-
tics businesses. To ensure a balanced approach to bench-
marking, remuneration levels of Dutch-listed companies
within a reasonable range of CTP’s market capitalisation
will be considered. This may comprise both Euronext AEX
and AMX companies. CTP continuously reviews the mar-
ket reference points used for benchmarking purposes as
the Company grows.
Looking back
2023 was marked by central banks, both in G-10 coun-
tries and in emerging markets, raising rates to levels
not seen in over 20 years in order to bring the elevated
inflation under control. This had a material impact on the
real estate sector, which is by nature capital intensive,
leading to material higher financing cost, lower valua-
tions and a more limited number of transactions. Central
banks are expected to have reached their terminal rates
during the 2
nd
half of 2023, and the market prices in sig-
nificant rates cuts for 2024, as inflation has moderated.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
145
Annual Report 2023 CTP N.V.
Looking ahead
Starting in September 2023 the Nomination and Remu-
neration Committee carried out a review of the Remu-
neration Policy. Dutch law required the renewal of CTP’s
policy at least every four years, but to be more in tune
with the market and with developments and trends, CTP
has decided to renew three years after the policy was
adopted, which was at the time of CTP’s IPO on Euron-
ext Amsterdam. CTP considers this a good opportunity to
review how the policy compares to market practice and
to ensure compliance with updated regulatory and corpo-
rate governance requirements. The Group engaged with
stakeholders through a dedicated number of sounding
meetings, to solicit their feedback on, and support for, its
proposals. This process resulted in the proposal to adopt
an amended Remuneration Policy for the Executive Direc-
tors and Non-Executive Directors, respectively, that will
be submitted for adoption at the upcoming AGM on 23
April 2024. Upon convocation of the AGM, the proposal
will be published on CTP’s website and the main changes
following from these proposals, compared to the current
Remuneration Policy, as well as other relevant informa-
tion, will be explained in the explanatory notes to the rel-
evant agenda items.
Engaging with stakeholders
CTP engages openly with its shareholders and institution-
al investors on their input regarding CTP’s Remuneration
Policy and the implementation thereof. Taking this input
into account alongside the input from CTP’s other stake-
holders allows the Company to make informed decisions
going forward and to remain impactful on all fronts.
Remuneration of the Executive Directors – total direct
remuneration
The total direct remuneration of the Executive Directors
consists of four components:
• fixed annual base salary;
• benefits;
• an annual cash incentive; and
• long-term share-based incentives.
The total direct remuneration mix at target and maximum
performance for the CEO and CFO is as follows:
Fig. 5.1 Fig. 5.2 Fig. 5.3.
CTP’s CEO, Mr. Vos, has a substantial shareholding in
the Company, meaning there is already a clear alignment
between his interests and the Company’s performance and
long-term value creation. Therefore, there are elements of
the Remuneration Policy in which Mr. Vos currently does
FIXED
REMUNERATION
100%
VARIABLE
REMUNERATION
71%
FIXED
REMUNERATION
29%
FIXED
REMUNERATION
18%
VARIABLE
REMUNERATION
82%
FIG. 5.1 CEO: AT TARGET AND MAXIMUM PERFORMANCE (in
%)
FIG. 5.2 CFO: AT TARGET PERFORMANCE (in
%)
FIG. 5.3 CFO: MAXIMUM PERFORMANCE (in
%)
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
146
Annual Report 2023 CTP N.V.
not participate, namely variable remuneration. While not
receiving variable remuneration, the short- and long-term
target setting of the Company based on CTP’s strategy is
applicable to the Executive Board, and this target setting
is therefore also applicable to CTP’s CEO.
Scenario analyses under different performance out-
comes are carried out annually.
Fixed annual base salary
The fixed annual base salary is based on seniority and ex-
perience, reflecting the nature of the role and responsibili-
ties, while considering relevant benchmarks. The base sal-
ary of the Executive Directors is currently set around the
lower quartile of the peer group. Salaries are reviewed and
approved by the Board on an annual basis, or when there is
a change in role and responsibility.
Benefits
Executive Directors do not participate in a pension plan;
however, they are entitled to receive market-standard
benefits that could include: health insurance, life insur-
ance, housing/car allowance, use of a company car, travel
allowance, and workers’ compensation for illness. Addi-
tional benefits may be considered as required, subject to
business needs.
Annual cash incentive
The purpose of the annual cash incentive is to drive the
achievement of annual performance targets support-
ing CTP’s shorter-term strategic goals. The Executive
Directors are eligible for an “at target” annual bonus of
150% of the base salary and the maximum bonus for out-
standing performance is capped at two times the target
amount, equal to 300% of base salary.
Performance measures are based on key performance in-
dicators that relate to CTP’s strategy and business prior-
ities for the year ahead:
• Financial measures could include cashflow, EBITDA,
profit, gross lettable area, gross rental income, occu-
pancy rate, rental collection, weighted average unex-
pired lease term (WAULT) and other similar financial
measures; and
• Non-financial measures could relate to environmen-
tal, social and governance targets, sustainability tar-
gets, corporate social responsibility targets and spe-
cific strategic milestones as considered appropriate
by the Non-Executive Directors.
For the annual cash incentive, 70% of the performance
measures are financial in nature and 30% are non-finan-
cial. The chosen performance measures have challenging
yet realistic targets to encourage achievement in a sus-
tainable manner. At the Non-Executive Directors’ dis-
cretion, a portion of the annual cash incentive could be
deferred into shares using the deferred incentive plan.
Further information is contained beneath the heading
“Deferred Incentive Plan”.
Long-term incentive plan
The purpose of the long-term incentive plan (“LTIP”) is
to incentivise the achievement of long-term sustainable
shareholder returns and the delivery of CTP’s long-term
strategy.
Under the LTIP, the Executive Directors may receive
an annual award for shares, which shall normally vest
after a three-year performance period, subject to the
achievement of certain pre-determined corporate per-
formance conditions, including financial and shareholder
return-based measures set by the Non-Executive Direc-
tors and remaining in service. LTIP awards may be grant-
ed as nil-cost awards and may take the form of options
to acquire shares, conditional rights to acquire shares or
an immediate award of shares subject to restrictions. No
payment is required for the grant of an LTIP award (unless
the Non-Executive Directors determine otherwise).
LTIP awards in the form of options that have vested
will normally remain exercisable for a period determined at
granting, which shall not exceed ten years from granting.
The LTIP award opportunity is set at 100% of the
base salary for delivering “at target” performance. The
maximum number of shares that can be delivered under
the LTIP award for delivering outstanding performance
is 1.5 times the number of shares granted (i.e., 150% of
the LTIP award shares granted). Therefore, the maximum
LTIP award opportunity is equal to 150% of base salary
at granting and no vesting will occur for below-thresh-
old performance. The LTIP award level reflects CTP’s
high-performance culture and is in line with the princi-
ple that a greater portion of total remuneration should
be based on variable remuneration. In line with the Code
and unless the Non-Executive Directors determine other-
wise, LTIP awards granted to Executive Directors will be
subject to a holding period of at least two years following
vesting. During this period, sale of the shares is restrict-
ed, although shares may be sold to cover taxes due be-
cause of vesting.
Each financial year the Non-Executive Directors will
determine the most appropriate performance conditions
for the LTIP award. Performance measures will be select-
ed considering CTP’s long-term business strategy and will
relate to pre-determined corporate performance condi-
tions, including financial and shareholder return-based
measures.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
147
Annual Report 2023 CTP N.V.
The performance measures and targets for the LTIP
award were approved by the Non-Executive Directors. The
core performance measure that was assessed under the
LTIP is total shareholder return (“TSR”). TSR reflects the
return received by a shareholder and captures both the
change in the share price and the value of dividend income,
assuming dividends are reinvested. TSR is an appropri-
ate measure, as it objectively measures CTP’s financial
performance and assesses long-term value creation for
shareholders. LTIP awards will be subject to relative TSR
and absolute TSR measures (both equally weighted at
50% each):
• a relative measure allows an assessment of the out-
performance delivered by CTP compared to other
companies. For this purpose, relative performance is
measured against an appropriate European real es-
tate index; and
• absolute TSR will ensure that Executive Directors re-
main focused on CTP’s own performance by requiring
growth in TSR over the measurement period, irre-
spective of market performance.
During the period of the Remuneration Policy and in
the context of CTP’s long-term business strategy, the
Non-Executive Directors will review performance condi-
tions for each grant under the LTIP, in terms of the meas-
ures themselves, the ranges of targets, and weightings
applied to each element of the LTIP.
Deferred incentive plan
The deferred incentive plan (“DIP”) is a discretionary plan
that may operate with one or more incentive plans oper-
ated by CTP and provides a mechanism for the deferral of
part of a participant’s incentive into a deferred award of
cash and/or a deferred award of shares (“DIP award”). The
Non-Executive Directors, in circumstances they consider
appropriate, may determine that Executive Directors are
eligible for selection to participate in the DIP. The Non-Ex-
ecutive Directors reserve the right to defer a part of the
annual cash bonus into shares in circumstances they con-
sider appropriate. Deferral of shares would be under the
terms of the DIP and therefore Executive Directors may
receive DIP awards which are granted over shares. DIP
awards that are granted over shares may be granted as nil-
cost awards and may take the form of options to acquire
shares, conditional rights to acquire shares or an immedi-
ate award of shares subject to restrictions. In line with the
Code and unless the Non-Executive Directors determine
otherwise, DIP awards over shares will be subject to a five-
year holding period following the award date. During this
period, the sale of the shares is restricted, although shares
may be sold to cover taxes due because of vesting.
DIP awards are forfeited by Executive Directors who
leave CTP unless and to the extent the Non-Executive Di-
rectors otherwise determine. DIP awards may vest early
on certain corporate events and may be varied on varia-
tions of the Company’s share capital and certain corpo-
rate events. DIP awards may also entitle participants to
dividend equivalents paid in cash or shares.
The total number of shares that may be newly issued or
transferred from treasury in satisfaction of awards under
the LTIP and the DIP may in aggregate not exceed 5% of
the Company’s issued and outstanding share capital from
time to time. To mitigate dilution, the Company may re-
purchase shares to cover DIP Awards granted in the form
of shares.
Minimum shareholding requirements
Executive Directors are encouraged to build or maintain
(as appropriate) a minimum shareholding equivalent to
250% of their base salary over five years. Shares included
in this calculation are any shares beneficially owned and
any vested shares under the LTIP. Given Mr. Vos’ substan-
tial shareholding in the Company, he already meets this
requirement. The Non-Executive Directors may use their
discretionary judgement to allow for a temporary devia-
tion of this guideline in circumstances they consider to be
appropriate, for example, in the case of new joiners. For
the avoidance of doubt, in case of any shortfall under the
share ownership requirement, Executive Directors will not
be required to purchase shares from their own funds to
satisfy the requirement.
Risk mitigation
Based on predefined trigger events, malus and claw back
provisions may be applied to paid-out annual cash incen-
tives as well as long-term share-based incentives.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
148
Annual Report 2023 CTP N.V.
Malus
The Non-Executive Directors, acting fairly and responsi-
bly, may determine that the value of variable remuneration
as granted would produce an unfair result due to extraor-
dinary circumstances during the period in which the pre-
determined performance criteria have been or should have
been applied. In such circumstances and prior to vesting,
variable remuneration can be cancelled or reduced.
Claw back
Upon discovery that variable remuneration has been
awarded based on incorrect financial or other data (“trig-
ger event”), the Non-Executive Directors, acting fairly
and responsibly, may recover such variable remuneration
in part or in full. The claw back period is three years fol-
lowing the discovery of such a trigger event and applies
during the holding period.
Executive service agreements
Executive service agreements are either for a permanent
and indefinite period or a fixed-term period. Either way,
a three-month notice period applies to executive service
agreements.
Severance provisions
In the event of termination of employment, compensa-
tion is provided for the loss of income of up to six months
of gross base salary in addition to a three-month notice
period.
Loans
At the end of 2023, no loans, advances, or guarantees
were outstanding to the Executive Directors.
REMUNERATION OF THE NON-EXECUTIVE
DIRECTORS
Fee structure of the Non-Executive Directors
Non-Executive Directors receive an annual fixed base
fee independent of the share price and performance of
the Company and it is delivered in cash. The base fee is
based on the ongoing nature of the responsibilities of the
Non-Executive Directors as an independent body for ef-
fective control of the Company.
In addition to a base fee, the Non-Executive Direc-
tors also receive committee fees and reimbursement of
reasonable expenses contingent upon their activities and
responsibilities (see Table 6). All remuneration is denomi-
nated and delivered in euros. Currency conversion risks are
not covered by the Company.
Non-Executive Directors do not qualify for or receive
any equity in terms of the Company’s variable pay incen-
tive schemes, and they do not qualify to participate in any
benefit program, e.g., pension benefits or arrangements,
loan programs, etc.
Reimbursements
Non-Executive Directors are eligible to receive reimburse-
ment of reasonable expenses incurred undertaking their
duties. Non-Executive Directors are not entitled to any
other compensation in relation to their duties. In particu-
lar, Non-Executive Directors do not accrue any pension
benefits or receive any pension compensation. The Com-
pany does not operate a stock-option scheme.
Tenure
All Non-Executive Directors are subject to retirement
and re-election by shareholders every three years, and
the re-appointment of Non-Executive Directors is not au-
tomatic. During the tenure, annual self-evaluations are
done by the Non-Executive Directors and their sub-com-
mittees.
Loans
At the end of 2023, no loans, advances, or guarantees
were outstanding to the Non-Executive Directors.
Table 6 shows the remuneration of the Non-Executive
Directors in 2023. Mr. Pavel Trenka stepped down as Chair
of the Nomination and Remuneration Committee on 26
April 2023 and stayed on as a member. While CTP is look-
ing for a new suitable non-executive member of the Board
of Directors, Ms. Barbara Knoflach takes over the position
of Chair of the Nomination and Remuneration Committee.
Mr. Pavel Trenka has waived his fees as of 1 July 2023.
He does receive reimbursement of expenses incurred.
TABLE 1 COMPENSATION OF NON-EXECUTIVE DIRECTORS
Role Fee (€)
Annual fixed base fees
Senior Independent Director 150,000
Member of the non-excecutive directors 75,000
Committee fees
Chair of the Audit Committee 20,000
Member of the Audit Committee 15,000
Chair of the Nomination and
Remuneration Committee
15,000
Member of the Nomination and
Remuneration Committee
10,000
Chair of the Chair Sustainability Committee 15,000
Member of the Sustainability Committee 10,000
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
149
Annual Report 2023 CTP N.V.
2023 REMUNERATION OUTCOMES
Remuneration at a glance
The remuneration of the Executive Directors is deter-
mined by the Board, following a recommendation from
the Nomination and Remuneration Committee with due
observance of the Remuneration Policy. It comprises the
following elements:
• fixed annual base salary (see Table 2);
• benefits;
• an annual cash incentive; and
• long-term share-based incentives.
The implementation of the Remuneration Policy provides
for a structure that aligns the compensation of the Ex-
ecutive Directors with the successful delivery of CTP’s
long-term strategy and shareholder value growth. When
designing the Remuneration Policy, the Board considered,
among others, the pay ratio between the Executive Direc-
tors pay and average employee pay. When implementing
the Remuneration Policy, and, in particular, when assess-
ing the outcomes of variable remuneration components,
scenario analyses have been taken into consideration by
the Non-Executive Directors.
Given the Company’s performance, the Non-Exec-
utive Directors considered that the underlying perfor-
mance targets set for the 2023 short-term incentive and
the underlying absolute TSR performance target set for
the 2021–2023 long-term shared-based incentive relat-
ing to the 2023 outcome had to be normalised (see also
“Annual Cash Incentive” below). When approving these
payments, which are partly in Company shares and partly
in cash, the Non-Executive Directors considered whether
they represented a fair reflection of the underlying per-
formance of the business and were satisfied that they did.
Base salary
In 2023, the annual base salary of Mr. Vos and Mr. Wilkin-
son was as shown in Table 2.
TABLE 2 BASE SALARY
Name Board Role
Annual
Fixed Fees
Remon Vos Chief Executive Officer 500,000
Richard Wilkinson Chief Financial Officer 380,000
Benefits
Executive Directors receive market-standard benefits
that can include: health insurance, life insurance, a hous-
ing/car allowance, use of a company car, travel allowance,
laptop, iPad and mobile phone devices, and workers’ com-
pensation for illness. Additional benefits may be consid-
ered as required, subject to business needs. Mr. Wilkinson
receives a housing allowance of (the local currency equiv-
alent of) €1,500 per month. The details of the Executive
Directors’ emoluments accrued for or paid in the 2023 re-
porting year are set out in Table 8 below.
For the avoidance of doubt, no sign-on bonuses or al-
lowances for pension were paid to the Executive Directors.
Mr. Vos holds a substantial shareholding in the Com-
pany, meaning there is already a clear alignment between
his interests and the Company’s performance. Therefore,
Mr. Vos currently does not participate in the variable re-
muneration components described below. While not re-
ceiving variable remuneration, please note that the short-
and long-term target setting of the Company based on
CTP’s strategy is applicable to the Executive Directors
and is therefore also applicable to Mr. Vos.
Annual cash incentive
In 2023, the annual cash incentive pay-out for the Execu-
tive Directors was dependent on the performance against
the following pre-determined performance measures:
• Growth in completed new GLA;
• Company Specific Adjusted EPRA EPS;
• Loan-to-value; and
• ESG environmental index.
The Non-Executive Directors have reviewed the actual
performance of the Executive Directors against the set
of performance targets to determine the extent to which
the targets have been achieved. The annual cash incentive
pay-out is 150% of the base salary based on an “at tar-
get” achievement of the performance conditions, and the
maximum bonus for outstanding performance is capped
at two times the target amount, equal to 300% of the
base salary. The loan-to-value and ESG environmental
index performance measures have a downside impact on
the cash bonus calculation in the form of a percentage re-
duction, which is 10% for each key performance indicator.
The actual STI performance was assessed by the
Nomination and Remuneration Committee in good faith
in a reasonable manner. In this assessment, the underly-
ing performance of the Company that was achieved over
the year 2023 was satisfactory, also compared to its
peers. As such, the Non-Executive Directors considered
the overall performance attained and resolved to apply a
test of reasonableness and normalization in determining
the 2023 STI performance achieved for the GLA growth
target. This was done considering the extraordinary and
volatile financial year completed which was impacted by
the interest rate developments in the market. The total
annual cash incentive determined based on the actual
performance assessment may be adjusted downwards
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
150
Annual Report 2023 CTP N.V.
TABLE 3 PERFORMANCE MEASURE 2023
Weight
Vesting
levels
(% of base
salary)
Actual
performance
Vested
(% of
base
salary)
Payout
amounts
Remon Vos,
CEO
Richard Wilkinson,
CFO
Company Specific Adjusted EPRA EPS 35% 21% - 105% Between minimum
and target
22% - 85,120
Growth in completed new GLA
1
65% 39% - 195% Below minimum 34% - 130,416
Total 100% 60% - 300%
57%
3
- 215,536
Deferred 2021 bonus
2
- 447,150
Bonus Payable - 662,686
1 The performance is below minimum based on the original target or between minimum and target if compared to adjusted target. Vested (% of
base salary)” is still below the minimum vesting level of 39% due to the downward adjustment of 20% (full malus of 20%). See Section 5.2.3for
further explanation.
2 50% of the annual cash incentive for Mr. Wilkinson related to 2021 was deferred and subject to CTP Group achieving 10 million sqm growth in com-
pleted new GLA (owned properties) no later than 31 December 2023. Based on the actual growth in completed new GLA, the total deferred amount
of EUR 447,150 will be paid to Mr. Wilkinson in the first quarter of 2024.
3 Numbers may not add up due to rounding.
based on the actual performance on the Loan-to-value
ad the ESG environmental index performance measures.
The Non-Executive DIrectors have reviewed and consid-
ered the actual performance on these targets and deter-
mined that a malus will be imposed on the calculated an-
nual inentive for 2023. Considering that the GLA growth
performance was achieved for 72% compared to the at
target GLA growth (owned properties) level, this would
result in a just above trheshold pay-out level. When ap-
plying the malus, this would result in just below threshold
performance level. The Non-Executive Directors, howev-
er, resolved allowing a pay-out below the threshold pay-
out level. This was resolved considereing the actual GLA
growth performance achieved within the context of the
extraordinary market developments while correcting the
malus, resulting in a 52.8% pay-out f this element of the
STI with a corresponding payment of EUR 130,416. The
EPRA EPS performance target adjusted the malus, was
achieved just above threshold levels resulting in a 64%
pay-out of this element with a corresponding payment of
EUR 85,120. this results in an overall 2023 STI payment of
EUR 215,536 (see Table 3).
The total annual cash incentive determined based
on the actual performance assessment may be adjusted
downwards based on the actual performance on the loan-
to-value and the ESG environmental index performance
measures. The Non-Executive Directors have reviewed
and considered the actual performance on these targets
and determined that a downward adjustment will be im-
posed on the calculated annual incentive for 2023 (see
Table 3).
Long-term incentive plan
The 2023 conditional share award made under the LTIP
to Mr. Wilkinson with an award date of 11 May 2023 may
vest on 11 May 2026 and is subject to continuous servic-
es and meeting the predetermined performance targets.
Outstanding conditional share awards will automatically
lapse upon termination of services before the end of the
vesting period. The shares must be held for a minimum of
two years after vesting. Mr. Vos was not entitled to re-
ceive an LTIP award during 2023.
The performance target for the LTIP award is divided into
two elements:
• 50% of the award may vest depending on the Compa-
ny’s absolute TSR performance; and
• 50% of the award may vest depending on the Com-
pany’s relative TSR performance versus the FTSE
EPRA/NAREIT Developed Europe Index (see Table 4).
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
151
Annual Report 2023 CTP N.V.
TABLE 4 SHARE AWARDS
The main conditions of share award plans
2023 based on at target award levels (100%)
Opening
balance
During
the year
Closing
balance
Name of Director, position
Performance
period Award date Vesting Date
End of
holding period
Shares
outstanding
1 January 2023
Number of
shares awarded Shares vested
Shares subject
to a performance
condition
Shares awarded
and unvested
at year end
Remon Vos, CEO N/A - - - - - - - -
Richard Wilkinson, CFO 2021 -2023 30April2021 30April2024 30April2026 27,142 - - 27,142 27,142
Richard Wilkinson, CFO 2022 -2024 29April2022 29April2025 29April2027 27,130 - - 27,130 27,130
Richard Wilkinson, CFO 2023 -2025 11 May 2023 11 May 2026 11 May 2028 32,442 - 32,442 32,442
54,272 32,442 86,714 86,714
TABLE 5 REMUNERATION
1
AND COMPANY PERFORMANCE
2023 % change 2022 % change 2021
Name of Executive Director, position
Remon Vos, CEO 595,405 -1% 599,041 1% 591,132
Richard Wilkinson, CFO 1,051,701 −11% 1,187,427 5% 1,134,708
Annual remuneration of all full-time employees (excluding CEO and CFO) 45,758,894 22% 37,529,532 36% 27,617,160
Average FTE's of employees (excluding CEO and CFO) 709 23% 577 32% 438
Average total annual remuneration 64,504 −1% 65,043 3% 63,053
Pay ratio CEO 9.2 - 9.2 −2% 9.4
Pay ratio CFO 16.3 −11% 18.3 1% 18.0
Company Specific Adjusted EPRA EPS (€) 0.73 19% 0.61 26% 0.49
Gross lettable area in million SQM
2
11.8 12% 10.5 38% 7.6
1 In 2023, the calculation method for the pay ratio has been adjusted in order to comply with the guidance in the revised Code. As a result,
the remuneration amounts and pay ratios for previous years have also been adjusted in accordance with the new calculation method.
For 2021, the fixed remuneration for the CEO and the CFO has been annualized.
2 The calculated % change in GLA from 2021 to 2022 has been updated since it was not correctly calculated in the table for 2022.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
152
Annual Report 2023 CTP N.V.
Adjustments to remuneration
In 2023, no application of the right to reclaim variable re-
muneration by means of either a claw back or malus with-
in the meaning of Article 2:135 (8) of the Dutch Civil Code
was applied on any kind of variable payments for any Ex-
ecutive Director.
Minimum shareholding requirements
The minimum shareholding requirements amounts to
250% of the base salary, built up over five years. Given
Mr. Vos’ substantial shareholding in the Company, he al-
ready exceeds the minimum shareholding requirement.
Mr. Wilkinson did not meet the minimum shareholding re-
quirement in 2023.
Pay ratio
Pay differentials and the Executive Directors’ position
within the Company have also been considered. In this re-
spect, the internal pay ratio was also considered and dis-
cussed. Since the CEO only receives a fixed annual base
salary, the pay ratio includes the CEO and the CFO. The
average total annual remuneration for the reference group
does not include the total annual remuneration of either
the CEO or the CFO. Based on the above, in 2023 the in-
ternal pay ratio was 9.2 (9.2 for 2022 and 9.4 for 2021)
for the CEO and 16.3 (18.3 for 2022 and 18.0 for 2021) for
the CFO as articulated in Table 5. The decrease of the in-
ternal pay ratio for the CFO in 2023 compared to 2022 is
mainly explained by higher expenses recognized in 2022
for the CFO’s annual bonus plan. Due to recalculation of
the numbers in the 2022 Annual Report and the 2021 An-
nual Report in accordance with the guidance in the current
Code, the pay ratios for 2021 and 2022 are different than
reported in previous years.
Non-Executive Directors’ remuneration
The Non-Executive Directors’ remuneration for the fi-
nancial years ending after 29 March 2021, when CTP be-
came a listed company, is presented in Table 6.
Compliance
CTP did not deviate from the Remuneration Policy for ei-
ther the Executive or Non-Executive Directors.
The Company has not granted any loans, advance
payments or guarantees to the Executive Directors or
Non-Executive Directors.
Total remuneration
The actual cash remuneration paid and the value of the
vested equity remuneration of the Executive Directors by
the Company for the financial year ending 31 December
2023, is presented in Table 7.
Table 8 presents the Remuneration of the Executive
Directors as recognised under IFRS by the Company for
the financial year ending on 31 December 2023.
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
153
Annual Report 2023 CTP N.V.
TABLE 6 REMUNERATION OF NON-EXECUTIVE DIRECTORS
Name of Non-Executive Director
Annual fixed fees received (€) Annual fixed fees received (€) Total
2023 2022 Committee role 2023 2022 2023 2022 2021
1
Barbara Knoflach, Senior Independent
Director
150,000 150,000 Chair Nomination and Remuneration
Committee
2
, member Sustainability
Committee
23,333 10,000 173,333 160,000 121,863
Gerard van Kesteren 75,000 75,000 Chair Audit Committee 20,000 20,000 95,000 95,000 72,356
Pavel Trenka
3
37,500 75,000 Chair Nomination and Remuneration
Committee until 25 April 2023,
thereafter member of same Committee
6,667 15,000 44,167 90,000 68,548
Susanne Eickermann-Riepe 75,000 75,000 Chair Sustainability Committee,
member Audit Committee
30,000 15,000 105,000 90,000 68,548
Total 337,500 375,000 80,000 60,000 417,500 435,000 331,315
1 Recognized by the Company for remuneration to Non-Executive Directors as from 29 March 2021.
2 Ms. Knoflach became chair of the Nomination and Remuneration Committee 1 May 2023.
3 Mr. Trenka waived his remuneration as of 1 July 2023.
TABLE 7 REMUNERATION EXECUTIVE DIRECTORS
Name of Executive Director, position
Fixed
remuneration
Variable
remuneration
Extraordinary
items
Total
remuneration
Proportion of fixed
and variable
remuneration
Base
salary
Other
benefits STI
1
LTIP Fixed Variable
Remon Vos, CEO 500,000 10,074 - - - 510,074 100% 0%
Richard Wilkinson, CFO 380,000 26,703 662,686 - 1,069,389 38% 62%
1 The STI amount for Mr. Wilkinson includes the amount payable related to the annual cash incentive for 2023 (€215,536)
and the deferred part of the STI 2021 (€447,150) paid in 2024 (see also Footnote under Table 3).
Governance
5.2 CTP Board and Committees
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
154
Annual Report 2023 CTP N.V.
TABLE 8 REMUNERATION OF EXECUTIVE DIRECTORS – IFRS
Name of Executive Director, position
Base
salary
Social
security
contributions STI
1
LTIP
Other
benefits Total
Remon Vos, CEO 500,000 85,331 - - 10,074 595,405
Richard Wilkinson, CFO 380,000 76,411 364,586 204,000 26,703 1,051,730
Total 2023 880,000 161,773 364,586 204,000 36,777 1,647,135
Remon Vos, CEO 500,000 83,930 - - 15,111 599,041
Richard Wilkinson, CFO 380,000 75,674 529,050 176,000 26,703 1,187,427
Total 2022 880,000 159,604 529,050 176,000 41,814 1,786,468
1 The STI amounts recognised for Mr. Wilkinson in 2022 and 2023 include expenses recognised
for the deferred part of the STI for 2021 (see also the footnote under Table 3).
5.2.4 Post-2023 events
The Executive Directors submitted the 2023 annual ac-
counts, the Letter of the CEO and the Letter of the CFO
and the responsibility statement to the Non-Executive Di-
rectors with the recommendation to CTP’s shareholders
to adopt the 2023 annual accounts on 23 April 2024. The
annual accounts were audited by KPMG, which issued an
unqualified auditor’s opinion. The Board approved the ac-
counts and signed the 2023 annual accounts on 11 March
2024.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
155
Annual Report 2023 CTP N.V.
Governance
5.3 Diversity, Code of Conduct
and Compliance
5.3 Diversity, Code of Conduct
and Compliance
5.3.1 Diversity and inclusion
CTP is committed to an inclusive culture and aims for
an increase of diversity in nationality and age as well as
creating and maintaining a variation in education and ex-
perience. CTP continues to strive for an adequate and
balanced composition of the Board in its future appoint-
ments by considering relevant selection criteria such as
executive and industry experience, skills and knowledge,
personal capabilities, age, gender identity, nationality,
cultural and other background qualities.
As of 1 January 2022, Dutch companies listed at Eu-
ronext Amsterdam must comply with quotas for supervi-
sory boards, and “large” companies (in accordance with
Section 2:166 of the Dutch Civil Code) must formulate
targets to achieve gender-balanced boards and senior
management. A company’s gender-balance targets must
be reported to the Dutch Social and Economic Council an-
nually and will be included in the management report for
transparency purposes.
CTP is a company listed at Euronext Amsterdam and
qualifies as a large company in accordance with the Dutch
Civil Code. In its Diversity and Inclusion policy CTP has
included gender-balance targets for the Executive Di-
rectors that are ambitious but also realistic—given the
environment that CTP operates in. The targets are for-
mulated as follows: at least 25% of the Executive Direc-
tors jointly consist of men and at least 25% of the Exec-
utive Directors jointly consist of women. This percentage
is 30% of each gender for the Non-Executive Directors.
With respect to nationality, cultural and other back-
ground, the target is that a maximum of 50% of one na-
tionality and/or cultural background will be represented
on the Board.
Targets were also set for CTP’s Senior Management:
at least 30% of the Senior Management jointly consist of
men and at least 30% jointly consist of women.
For the organisation in its entirety, CTP aspires to
have a gender mix of at least 45% of either gender.
ESRS 2 GOV-1-21
The current composition of the Executive Director seats
is not evenly distributed among males and females, as the
current two Executive Directors are male.
Of the current four Non-Executive Directors, two are
female and two are male. This is a balanced distribution of
seats, and CTP remains focused on keeping this balanced
distribution. The average ratio of female to male Board
members is 1:2, and the percentage of independent board
members is 1:2.
Of the total number of 17 Senior Management em-
ployees at year-end 2023, five are female.
1
Reasons for
not achieving the target of 30% female employees within
this group are that for the top positions more male than
female candidates meet Company expectations. Also,
the Senior Management group is small so each joiner or
leaver can change the gender composition of the Senior
Management group. Measures are being taken to address
the divergence from CTP’s objectives relating to the Sen-
ior Management. CTP as a whole had a ratio of female to
male employees of roughly 46:54 at year end.
CTP’s employees come, among others, from the
Czech Republic, Greece, Germany, Hungary, the UK, Ro-
1 The employees of CTP in a managerial position as defined in Arti-
cle 2:166 of the Dutch Civil Code.
mania, Slovakia, Poland, Serbia, Bulgaria, Austria, the US
and the Netherlands. The total workforce consists of 732
FTE’s. More extensive information on the number of fe-
male and male employees throughout the year and within
all functions in the Company, the age differences and oth-
er relevant information on gender can be found in Section
4.7.3.8.
There was no written plan to achieve the diversity
targets for financial year 2023. Insight into the inflow,
progression and retention of employees and the gender
composition of the various target groups at year-end is
given in Section 4.7.3.7.
ESRS 2 GOV-1-21
Within the Company there is no representation of employ-
ees or other workers.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
156
Annual Report 2023 CTP N.V.
5.3.2 Compliance function
In 2023, CTP reinforced its dedication to safeguarding
against risks such as financial sanctions, legal liabilities,
and reputational damage. The compliance function, a
pivotal aspect of CTP’s business integrity, continued to
evolve, reflecting the Group’s commitment to ethical con-
duct and operational excellence.
The compliance function encompassed the develop-
ment and management of comprehensive compliance and
AML programs, ensuring their effective implementation
across the Group. This involved training initiatives, due
diligence processes, managing the Group whistleblowing
and grievance mechanisms, maintaining a gifts register,
and adapting to new legislative requirements. The func-
tion’s reach was broad, extending its influence across all
departments and countries, ensuring a cohesive and uni-
fied compliance culture.
Emphasising the importance of a continuing learning
environment, the compliance function focused on enhanc-
ing awareness and understanding of compliance practic-
es at all organisational levels. This proactive educational
approach is central to embedding a compliance culture
throughout CTP.
CTP is committed to further advancing its compliance
capabilities, aligning with stakeholder expectations, and
cementing its reputation as a leader in ethical business
practices.
The Group AML Compliance Officer, with direct ac-
cess to the Board of Directors and permanent access to
the CFO, plays a crucial role in maintaining this standard
of integrity.
The CTP Compliance Program in 2023 encompasses:
1. Guidance framework: CTP’s Code of Conduct and
compliance policies, accessible via CTP’s intranet and
website, serve as navigational tools for ethical busi-
ness conduct. They are dynamic, adapting to business
and legal landscapes and are fundamental in deci-
sion-making at all operational levels.
2. Proactive monitoring & controls: CTP introduced
conflict-of-interest checks and a quarterly vendor
risk assessment system, ensuring thorough vetting
and evaluation of business relationships.
3. Whistleblower & grievance mechanisms: The Com-
pany maintains open communication channels for
reporting and addressing compliance concerns, in-
cluding ESG matters, ensuring a transparent and ac-
countable environment.
4. Gifts & hospitality: CTP implemented a robust ap-
proval mechanism and a web-based tracking system
for gifts and hospitality, underpinned by the Compa-
ny’s anti-bribery and corruption policy, to maintain
ethical standards.
5. Insider trading regulations: CTP’s Insider Trading
Policy, enforced by the Group AML Compliance Of-
ficer, includes stringent regulations and educational
initiatives to mitigate insider trading risks and ensure
compliance with the Market Abuse Regulation.
6. Data protection: CTP extended its compliance pro-
gram to include data protection policies, emphasising
the safeguarding of personal information and IT se-
curity.
5.3.3 Code of Conduct
CTP is committed to ethical business practices, firmly op-
posing fraudulent behaviour. CTP enhanced its approach
to compliance, not only by introducing a dedicated compli-
ance role but also by regularly updating its Code of Con-
duct. CTP’s goal is to operate with integrity, applying best
practices across all its global operations. CTP believes
in fair, honest, and transparent dealings with everyone it
works with and strives to positively contribute to the com-
munities and societies where it operates. CTP’s Code of
Conduct is reviewed and updated annually to ensure it re-
mains effective and relevant.
Responsibility for upholding integrity lies with every-
one at CTP. CTP has established thorough controls and
procedures to ensure adherence to CTP’s Code of Con-
duct. All staff members annually affirm their understand-
ing and commitment to these guidelines.
The Board plays a critical role in guiding CTP’s respon-
sible business practices. They oversee the implementation
of ethical, compliance, and related protocols, ensuring
these align with the Group’s vision and long-term goals.
The Group AML Compliance Officer is key in maintain-
ing CTP’s business conduct standards. She provides re-
ports to the Audit Committee and Board, covering recent
activities, compliance updates, and risk assessments. This
facilitates informed decision-making and helps keep CTP’s
operations compliant and ethically sound.
Decisions, particularly those with significant impact,
are made through a collaborative process involving Sen-
ior Management and the Board. This approach ensures
that diverse perspectives are considered, leading to
well-rounded decisions that serve the best interests of the
organisation and its stakeholders.
Governance
5.3 Diversity, Code of Conduct
and Compliance
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
157
Annual Report 2023 CTP N.V.
Board members are expected to have a thorough un-
derstanding of business conduct issues. Their expertise
comes from both academic knowledge and practical ex-
perience in managing ethical business operations. CTP
organises regular training and workshops to keep them
abreast of the latest developments in business conduct.
An accountability system is in place to maintain strong
governance. If deviations from established guidelines are
identified, those responsible are held accountable. This
reinforces our commitment to responsible business con-
duct and the maintenance of high standards set by the
Board and its sub-committees across the organisation.
Commitment to integrity
CTP is dedicated to upholding the highest standards of
integrity and professionalism. The Group strictly prohibit
any form of corruption or bribery. CTP is committed to
abiding by the Group’s anti-bribery and corruption policy,
ensuring that all operations are in line with relevant laws
and are conducted with fairness and ethical practices. In
response to the evolving landscape of our construction
and procurement activities, the Group is proactively en-
hancing its control and monitoring systems. This enables
robust oversight and the prevention of any form of mis-
conduct, demonstrating CTP´s commitment to ethical
business practices.
The roles of the Board and its sub-committees in forming,
monitoring, promoting, and assessing the corporate cul-
ture at CTP Group, as well as their capacity to mitigate
negative impacts, maximise positive impacts, and manage
related risks, are as follows:
1. Forming corporate culture: The Board and its
sub-committees establish the strategic framework
for business conduct that aligns with the Company’s
vision, mission, and long-term objectives. This stra-
tegic framework is fundamental in shaping the cor-
porate culture.
2. Monitoring and promoting corporate culture: Reg-
ular meetings and detailed reports from the Group
AML Compliance Officer to the Audit Committee and
Board ensure ongoing monitoring of business con-
duct. This includes updates on compliance, potential
risks, and recommendations for improvement.
The active role of the Audit Committee and Board in
evaluating these reports and making informed de-
cisions promotes a culture of transparency and ac-
countability throughout the organisation.
3. Assessing corporate culture: The consultative deci-
sion-making process involving Senior Management,
the CEO, and key executives, in collaboration with the
Board, ensures that various perspectives are consid-
ered. This comprehensive approach aids in assessing
the effectiveness and alignment of the corporate
culture with the Company’s values and objectives.
By assessing, monitoring and managing the values
regulary they get embedded in our culture and thus
benefit our long term value creation. Once a year an
evaluation of effectiveness of the Code of Conduct
is done in compliance with the Dutch Corporate Gov-
ernance Code.
4. Monitoring and managing related risks: The exper-
tise of the members of the Board and its sub-com-
mittees stemming from academic qualifications and
experience in overseeing ethical and compliant oper-
ations, is crucial in identifying and managing risks.
5. Accountability mechanism: The accountability mech-
anism in place for any discrepancies or deviations
from established protocols and guidelines ensures
robust governance. This mechanism reinforces re-
sponsible business conduct and risk management
across the organisation.
In summary, the Board and its sub-committees are deep-
ly involved in each aspect of cultivating and maintaining
a corporate culture centred around ethical business con-
duct. Their involvement is critical in both shaping and up-
holding this culture and in ensuring the organisation’s ca-
pacity to manage associated risks and impacts effectively.
Governance
5.3 Diversity, Code of Conduct
and Compliance
Governance
5.4 Governance Declarations
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
158
Annual Report 2023 CTP N.V.
5.4 Governance Declarations
5.4.1 Compliance with the Dutch Corporate
Governance Code 2022
CTP is subject to the Code. In 2023, improvements were
made in implementing the provisions of the new Code that
entered into force on 1 January 2023. Among others, a ro-
tation schedule for the Non-Executive Directors was ap-
proved by the Board, which includes a staggered approach
to re-appointments. Subject to shareholder approval of
re-appointments of Non-Executive Directors at the AGM
on 23 April 2024, this leads to the successful implementa-
tion a rotation schedule.
Considering the Company’s specific shareholder
structure, the Board remains committed to and continues
to endeavour to comply with more best practice provisions
than it complies with today, but it also acknowledges that
some best practice provisions will not be complied with
within the current shareholder structure. Deviations from
the best-practice provisions are explained hereinafter.
The headings refer to the Code; the explanation relates to
the CTP-specific situation.
Best-practice provision 1.1.5 – Dialogue
with stakeholders
CTP has currently no stakeholder dialogue policy in place
as market practice is still developing. CTP envisages to
remedy this deviation in the first half year of 2024 as the
market standard is expected to have crystallised by then.
Dialogue with stakeholders take place on a regular basis
notwithstanding, thus ensuring information from stake-
holders is taken into account by the management of CTP.
Best-practice provision 2.2.1 – Appointment and re-ap-
pointment periods–management board members
This provision prescribes that a managing director is ap-
pointed for a maximum period of four years. The CEO has
been appointed as Executive Director and may be unlim-
itedly re-appointed considering his desire to continue an
active role on the Board as long as possible in order to
safeguard CTP’s long-term value creation strategy. The
CFO has been appointed for a period of three years.
Best practice provision 2.2.2 – Appointment and re-ap-
pointment periods - supervisory board members
Non-Executive Directors have been appointed for three
years, which is formally not in conformity with the four
years stipulated by this provision. The Board feels it is
important to relate the period for re-appointment to in-
ternational standards and to be able to get new views
and ideas on a more regular basis. On the other hand, the
Board realises that staggered terms are helpful to safe-
guard specific knowledge, skills, and expertise within CTP.
Subject to shareholder approval at the AGM on 23 April
2024, the Board has decided to appoint Non-Executive Di-
rectors for either one, two, three or four years (including
different second terms of office for possible re-appoint-
ment of Non-Executive Directors currently in office).
Best-practice provision 2.2.4 – Succession
The Non-Executive Directors discussed the succession of
Executive Directors and Non-Executive Directors exten-
sively in 2023, thereby taking into account the profile of
the Non-Executive Directors. There is, however, no writ-
ten plan for succession of members of the Board.
CTP currently has a retirement schedule where all
four members retire simultaneously. For the period after
the AGM in 2024 and subject to approval of the share-
holders, the (re-)appointments will be such that they do
not retire simultaneously.
Best-practice provision 2.2.5 – Duties of the selection
and appointment committee
The Nomination and Remuneration Committee has not
drawn up a written plan for the succession of members
of the Board. However, the succession of Executive Direc-
tors and Non-Executive Directors was discussed numer-
ous times by the Committee as well as by the Board during
the year, whereby staggering and diversity requirements,
expertise and expansion of resources due to the increas-
ing complexity of the business, were tabled. The policy of
the Executive Directors on the selection criteria and ap-
pointment procedures for Senior Management was not
discussed by the Non-Executive Directors. Such a policy
has yet to be formulated in writing within CTP.
Governance
5.4 Governance Declarations
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
159
Annual Report 2023 CTP N.V.
Best-practice provision 2.3.4 – Composition of
the committees
Pavel Trenka stepped down as Chair of the Nomina-
tion and Remuneration Committee on 26 April 2023 and
stayed on as a member. While CTP is looking for a suitable
new non-executive member of the Board, Barbara Kno-
flach took over the position of Chair of the Nomination
and Remuneration Committee temporarily.
Best-practice provision 4.3.3 – Cancelling the binding
nature of a nomination or dismissal
The general meeting of a company not having the large
company regime (in Dutch:
structuurregime
) may pass a
resolution to nominate or dismiss a member of its manag-
ing board or its supervisory board by an absolute majority
of the votes cast. It may be provided that this majority
should represent a given proportion of the issued capital,
the proportion of which may not exceed one-third.
CTP deviates from this provision to the extent that in
the Articles and Board Rules it is stated that if a dismiss-
al was not proposed by the Non-Executive Directors, the
General Meeting can only dismiss a Director with a two-
thirds majority of the votes cast, representing more than
half of the issued share capital.
Best-practice provision 5.1.4 – Composition of
committees
Neither the Audit Committee nor the Remuneration Com-
mittee can be chaired by the Chairman of the Board of Di-
rectors. Pavel Trenka stepped down as Chair of the Nomi-
nation and Remuneration Committee on 26 April 2023 and
stayed on as a member. While CTP is looking for a suitable
new non-executive member of the Board, Barbara Kno-
flach took over the position of Chair of the Nomination and
Remuneration Committee temporarily.
5.4.2 Decree on the Directive on Takeover Bids
Further to the Decree on the Directive on Takeover Bids
(in Dutch:
Besluit artikel 10 overnamerichtlijn
), CTP is re-
quired to report on, among other things: the Company’s
capital structure; restrictions on voting rights and the
transfer of securities; significant shareholding in CTP;
the rules governing the appointment and dismissal of Di-
rectors and amendments to the Company’s Articles; the
powers of the Executive Directors (in particular the pow-
er to issue shares or to repurchase shares, together with
the Non-Executive Directors); significant agreements
to which CTP is a party and which are put into effect,
changed or dissolved upon a change of control of CTP fol-
lowing a takeover bid; and any agreements between CTP
and the Executive Directors or associates providing for
compensation if their employment agreement ceases be-
cause of a takeover bid. The information required by the
Decree on the Directive on Takeover Bids is included in
this section of the Annual Report as well as well as in the
notes to the consolidated 2023 Financial Statements.
Capital structure
CTP has one class of shares: ordinary shares with a nom-
inal value of €0.16 each. The shares are listed on Euron-
ext Amsterdam and the issued share capital consists of
448,182,458 shares on 31 December 2023. The rights at-
tached to the shares into which CTP’s capital is divided
follow from the Articles and the Dutch Civil Code.
Limits on the transfer of shares
There are no limits on the transfer of CTP shares.
Substantial interests
Pursuant to the Dutch Financial Markets Supervision Act
(“FMSA”) and the Decree on Disclosure of Holdings in Is-
suing Institutions (in Dutch:
Besluit melding zeggenschap
en kapitaalbelang in uitgevende instellingen Wft
), the
Dutch Authority for the Financial Markets (“AFM”) must
be notified of substantial shareholdings (i.e., a threshold
of 3% or more). On 31 December 2023, CTP Holding BV
held 75.58% of the shares in CTP, Multivest BV held 100%
of the shares in CTP Holding BV and Stichting Adminis-
tratiekantoor Multivest held 100% of the shares in Mul-
tivest BV. In Stichting Administratiekantoor Multivest the
person with controlling interest is Mr. Vos.
Based on the information in the AFM register on 31
December 2023, Capital Research and Management
Company has a shareholding of at least 3% of the shares
in CTP.
Special control rights
The shares into which CTP’s equity is divided are not sub-
ject to any special control rights.
Share plans
CTP has a long-term incentive plan and a deferred incen-
tive plan for Executive Directors.
Voting limitations
There are no voting limitations on CTP’s shares.
Agreements with shareholders that can limit
the transfer of shares or voting rights
There are no agreements with shareholders that can limit
the transfer of shares or voting rights.
Governance
5.4 Governance Declarations
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
160
Annual Report 2023 CTP N.V.
Appointment and dismissal of directors, amendments
to the Articles
The provisions regarding the appointment and dismissal
of Directors are available on CTP’s website. The General
Meeting may resolve to amend the Articles with an ab-
solute majority of the votes cast, further to a proposal
of the Board approved by a majority of the Non-Execu-
tive Directors. A proposal to amend the Articles must be
stated in the notice of the AGM. A copy of the proposal
containing the verbatim text of the proposed amendment
must be made available to all shareholders.
Acquisition of own shares
The General Meeting may authorise the Board (i) to pur-
chase shares in CTP’s own capital, and (ii) to issue and
grant rights to subscribe for shares and to limit or exclude
pre-emptive rights of shareholders in the event of issuing
and granting rights to subscribe for shares. Further infor-
mation can be found in the Articles.
Issue of shares
At the AGM on 25 April 2023, the General Meeting au-
thorised the Board, until 25 October 2024, (i) to issue
shares or to grant rights to acquire those shares up to
a maximum of 15% of the Company’s share capital as
per 25 April 2023, (ii) to issue shares up to the amount
of shares reflected on by shareholders pursuant to an in-
terim scrip dividend regarding the 2023 financial year, (iii)
to exclude pre-emptive rights accruing to shareholders in
connection with the aforementioned issuances, and (iv) to
cause the Company to acquire shares in its share capital
at a price of up to 110% of the opening price of the shares
on the Euronext Amsterdam stock exchange during five
trading days prior to the date of the acquisition, provided
that the Company and its subsidiaries will not at any time
hold more than 10% of the issued capital of the Company
as per 25 April 2023.
Change of control arrangements
The Company is not a party to material agreements that
are in any way subject to or affected by a change of con-
trol over the Company following a public offer as referred
to in section 5:70 of the FMSA. There are no agreements
under which CTP is liable to make any payment to direc-
tors on resignation following a public offer as referred to
in Section 5:70 of the FMSA.
Special rights of control
CTP does not have any potential or existing takeover
measures.
Agreements with Executive Directors or employees
A three-month notice period applies to executive service
agreements. In the event of termination of employment,
compensation is provided for the loss of income of up to
six months’ of gross base salary in addition to a three-
month notice period.
Conflict of interest and related party transactions
Under the Board Rules and the Related Party Transactions
Policy, conflicts of interest must be reported to the Sen-
ior Independent Director. The Senior Independent Director
must report any (potential) related-party transaction re-
lated to him/her to the vice-chair. In addition, a Director
must report any related-party transaction to the (other)
Directors and the Company Secretary. In 2023, no such re-
lated-party transactions were reported to the Board.
The Non-Executive Directors shall determine the
consequences of a (potential) conflict of interest, if any. In
case of a conflict of interest, the Director concerned is not
allowed to participate in discussions or vote on such mat-
ter. If one or more Directors have a conflict of interest,
the resolution concerned will be voted on if (i) the trans-
action is entered into on terms that are customary in the
market and in compliance with the laws of the relevant ju-
risdiction, and (ii) the resolution is taken with the consent
of at least the majority of the Non-Executive Directors, if
the conflict of interest is of material significance to the
Company or the relevant Director.
Mr. Vos serves as CEO and Executive Director, while
he is also an (indirect) majority shareholder. Accordingly,
Mr. Vos may through his (indirect) vote at General Meet-
ings of shareholders support strategies and directions
that are in his best interests, which may conflict with the
interests of the Company and the other shareholders.
Governance
5.4 Governance Declarations
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
161
Annual Report 2023 CTP N.V.
Mr. Vos uses means of transportation provided by the
Company for private purposes for which he pays a user
fee.
The Group is carefully monitoring and assessing re-
lated-party transactions that are disclosed in detail in
note 36 of the notes to the 2023 annual accounts.
Personal loans
Personal loans, guarantees or the like may not be grant-
ed to the Executive Directors or to the Non-Executive Di-
rectors unless they are provided (i) as part of the normal
course of the Company’s business (i.e., if CTP would qual-
ify as a financial institution), (ii) on terms applicable to all
Company personnel as a whole, and (iii) after approval of
the Non-Executive Directors. No personal loans, guaran-
tees or the like were granted by the Company in 2023.
5.4.3 Corporate governance statement
The Code requires Dutch companies to publish a state-
ment concerning their approach to corporate governance
and compliance with the Code. CTP adheres to the Code.
The information required to be included in this corporate
governance statement as described in Section 3 of the
Decree on the Management Report, which is incorporated
and repeated here by reference, can be found in the fol-
lowing sections of CTP’s Annual Report:
• The information on how CTP deviates from some
of the principles and best practice provisions of the
Code, the reasons for the deviations, whether the
deviations are of a temporary nature and when CTP
intends to comply with these principles and best prac-
tice provisions, can be found in Section 5.4.1.
• The information regarding CTP’s risk management
and control framework relating to the financial and
sustainability reporting process, as required by Sec-
tion 3a sub a of the Decree on the Management Re-
port, is in Section 5.5.
• The information regarding the functioning of CTP’s
General Meeting and the authority and rights of its
shareholders, as required by Section 3a sub b of the
Decree on the Management Report, can be found in
Section 5.1.2.
• The information regarding the composition and func-
tioning of a (two-tier) management board, superviso-
ry board and its committees, as required by Section 3a
sub c of the Decree on the Management Report, has
been rephrased to fit a one-tier governance structure
and can be found in Section 5.1.2.
• The information regarding CTP’s diversity & inclusion
policy, as required by Section 3a sub d of the Decree
on the Management Report and best-practice provi-
sion 2.1.6 of the Code, can be found in Section 5.3.1.
• The information regarding the number of men and
women on the Board and in the management posi-
tions below the Board, goals and plan to achieve these
goals, as required by Section 3d of the Decree on the
Management Report and best-practice provision 2.1.6
of the Code, can be found in Section 5.3.1.
• The information concerning the inclusion of the in-
formation required by the Decree on the Directive on
Takeover Bids, as required by Section 3b of the De-
cree on the Management Report, can be found in Sec-
tion 5.4.2.
The Board discusses annually with the Audit Committee
the effectiveness of the design and operation of the inter-
nal risk management and control systems, the effective-
ness of internal and external audit processes and the way
material risks and uncertainties referred to in best-prac-
tice provision 1.4.3 of the Code are analysed.
The Head of Risk Management in co-operation with
the Head of Internal Audit carried out an assessment of
the design and effectiveness of the internal risk manage-
ment and control systems covering strategic, operation-
al, financial and sustainability reporting and compliance
risks. The result was presented to the Audit Committee
and to the Board, and the outcome of this assessment
was that no major failings were observed in the internal
risk management and control systems in the year under
review, that ongoing improvements are needed, and that
these will be implemented going forward.
Governance
5.4 Governance Declarations
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
162
Annual Report 2023 CTP N.V.
5.4.4 Responsibility statement
In line with the Code and the FMSA, CTP has identified
the main risks it faces, including financial and sustaina-
bility reporting risks. These risks can be found in Section
5.6. CTP has documented these risks and put in place a
system to identify new risks as they emerge. CTP has
not provided an exhaustive list of all possible risks. Fur-
thermore, developments that are currently unknown to
the Executive Directors or considered to be unlikely may
change the future risk profile of CTP.
The design of CTP’s internal risk management and
control systems is described in Section 5.5. The objec-
tive of these systems is to manage, rather than eliminate,
the risk of failure to achieve business objectives and the
risk of material errors to the financial- and sustainabili-
ty reporting. Accordingly, these systems can only provide
reasonable, but not absolute, assurance against material
losses or material errors.
CTP’s Executive Directors reviewed and analysed the
main strategic, operational, financial and sustainability
reporting and compliance risks to which CTP is exposed
and assessed the design and operating effectiveness of
CTP’s risk management and internal control systems in
2023. The outcome of this review and analysis was that
no major failings in the internal risk management and con-
trol systems were observed during the reporting year. The
outcome of this assessment was shared with the Audit
Committee and the Non-Executive Directors and was dis-
cussed with CTP’s internal and external auditors.
As required by best-practice provision 1.4.3 of the Code
and Section 5:25c(2)(c) of the FMSA and based on the
foregoing and explanations contained in Section 5.5, the
Executive Directors confirm that to the best of their
knowledge:
• The Annual Report provides sufficient insights into
any failings in the effectiveness of the internal risk
management and control systems with regard to the
risks as referred to in Section 5.6, second paragraph;
• These systems provide reasonable assurance that the
financial and sustainability reporting does not contain
any material inaccuracies;
• Based on the current situation, it is justified that the
financial and sustainability reporting is prepared on a
going-concern basis;
• The Annual Report states those material risks and
uncertainties that are relevant to the expectation of
CTP’s continuity for the period of twelve months af-
ter the preparation of the Annual Report;
• The 2023 annual accounts provide, in accordance with
IFRS as adopted by the European Union, a true and
fair view of the consolidated assets, liabilities, the
financial position and the profit or loss of the Com-
pany and its consolidated assets/companies as at 31
December 2023, and of the 2023 consolidated income
statement and cash flows of CTP;
• The Annual Report presents a true and fair view of
the situation as at 31 December 2023, the state of
affairs during the 2023 financial year and the relat-
ed entities included in its consolidated 2023 Financial
Statements, together with a description of the main
risks faced by the Group.
Remon L. Vos (CEO)
Richard J. Wilkinson (CFO)
Amsterdam, 11 March 2024
Governance
5.5 Risk Management
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
163
Annual Report 2023 CTP N.V.
5.5 Risk Management
5.5.1 CTP group approach to risk management
Exposure to risk arises in the normal course of the Com-
pany’s business. The CTP Group approach to risk man-
agement focuses on the principles of identification, un-
derstanding, quantification and control of the relevant
sources of risk and on supporting Senior Management in
the steering of the business and the investment portfolio.
The Group’s Enterprise Risk Management (“ERM”) frame-
work was designed to reflect these principles.
For CTP’s exposure to credit risk, market risk, capi-
tal risk and liquidity risk, along with the possible impact
on the Group’s result and/or financial position in case of
changes in assumptions, please refer to the sensitivity
analysis in note 37 of the Financial Statements. Address-
ing climate risks is an important part of CTP’s ESG strat-
egy. It concerns physical and transitional climate risks. A
description can be found in Chapter 4.
5.5.2 Risk Management Policy
CTP Group’s ERM framework is documented in the Group’s
Risk Management Policy. This document evolves continu-
ously and is reviewed annually by CTP’s Audit Committee,
in line with the Dutch Corporate Governance Code. The
policy is mandatory and applies to all CTP Group entities.
The approach and principles described must be followed
with respect to all approvals and controls by the Executive
Directors and their delegated risk owners.
5.5.3 ERM framework
CTP Group’s ERM framework is an integrated, risk-
based system of functions, processes and methodolo-
gies and is constructed based on three pillars:
PILLAR 1
THREE LINES
OF DEFENCE
PILLAR 2
LIFECYCLE OF
RISK FUNCTIONS
PILLAR 3
TAXONOMY
OF RISKS
Governance
5.5 Risk Management
Company
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Strategy &
Outlook
Business
Environment
ESG Financial
Statements
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164
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PILLAR 1
THREE LINES OF DEFENCE
To achieve clarity of responsibilities and accountabili-
ties, the Group has adopted the “three lines of defence”
model, considered regulatory best practice. The three
lines are business, risk management, and internal audit
(with the supervisory functions of the Audit Committee
and the Board of Directors). They work independently
and sequentially to provide assurance that activities
take place in line with business objectives and proce-
dures.
Business and operating units are accountable for all
risk-taking decisions within the Group. They manage and
mitigate risks in compliance with CTP’s risk policy require-
ments while operating within the risk appetite boundaries
set and approved by CTP’s Board of Directors.
The Risk Management department (together with Com-
pliance) provides oversight of the risk management pro-
cess and supports the Board of Directors to implement
and operate the risk management process. Its role is not
to manage risk, but to act as an enabler to the first line so
that they can effectively manage risk.
The Internal Audit department supports the Board of Di-
rectors in providing independent, objective assurance and
advice about the quality, completeness, and effectiveness
of the Group’s risk management framework.
Board
Executive
Directors
Board
Audit
Committee
SECOND LINE
OF DEFENCE
RISK
MANAGEMENT
THIRD LINE
OF DEFENCE
INTERNAL
AUDIT
THE “THREE LINES OF DEFENCE” MODEL
FIRST LINE
OF DEFENCE
BUSINESS AND
OPERATING UNITS
Governance
5.5 Risk Management
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Strategy &
Outlook
Business
Environment
ESG Financial
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PILLAR 2
LIFECYCLE OF RISK FUNCTIONS
The Group has formulated a seven-step process
that defines what actions need to be performed
and when to ensure effectiveness and completeness
in managing risks.
• Risk identification – a systematic process to identify
and document the Group’s principal risks.
• Risk analysis – identified risks are analysed, and an
assessment is formed regarding their nature, impact
and frequency of occurrence.
• Risk appetite – the amount of risk the Group is willing
to accept in pursuit of its strategic objectives.
• Risk mitigation – the Group may choose to avoid, lim-
it, transfer, hedge or insure its risk.
• Risk control – the design, implementation and main-
tenance of a Risk Control framework.
• Risk reporting and monitoring – the Board of Direc-
tors monitors the Group’s exposures as part of the
reporting process.
• Assessment of effectiveness – the lifecycle that is
formed will be repeated as new risks emerge and the
effectiveness of the existing controls may require im-
provement.
6. RISK REPORTING
AND MONITORING
3. RISK
APPETITE
5. RISK
CONTROL
2. RISK
ANALYSIS
7. ASSESSMENT OF
EFFECTIVENESS
4. RISK
MITIGATION
1. RISK
IDENTIFICATION
LIFECYCLE OF RISK FUNCTIONS
Governance
5.5 Risk Management
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Strategy &
Outlook
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PILLAR 3
TAXONOMY OF RISKS
The risk universe was scanned to identify the unique
risks that could materially impact the Group’s business
strategy and objectives. The various risks that the
Group has identified and analysed have been organised
in three layers: risk areas, risk groups, and unique risks.
The 49 unique risks (Level 3) have been organised into
19 risk groups (Level 2) based on their similarity
and ownership by different functions, and ultimately
into four risk areas (Level 1).
• Strategic risks are often risks that the Group may
have to take to expand and thrive in the long term.
• Investment risks are the Group’s main business risks,
which are related to the management of the portfolio
of the Group’s assets.
• Financial risks capture the risk of having inadequate
access to capital, funding and liquidity along with
market, credit and tax risks.
• Operational risks are the risks that actual losses,
incurred for inadequate or failed internal processes,
people and systems, or from external events, differ
from expected losses.
Each risk area has been allocated to a different Executive
Director (or to both Executive Directors) who is (are) the
owner(s) of that risk and responsible for managing it. The
responsibility for the management of each risk group has
been allocated downstream to a different head of depart-
ment. The reason for overlaying the risk taxonomy across
the Company management structure is to ensure that in-
tegration and control happens naturally.
INVESTMENT
RISKS
Risk Areas
Level 1
Risk Groups
Level 2
Property
Sector
Portfolio
Single
Properties
STRATEGIC
RISKS
Business Model
Organisation
Macroeconomic
Geopolitical
ESG
FINANCIAL
RISKS
Capital, Funding,
Liquidity
Market
Credit
Tax
OPERATIONAL
RISKS
HR
IT
Legal
Compliance
Insurance
Climate Change
Model
TAXONOMY OF RISKS
Governance
5.5 Risk Management
Company
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Strategy &
Outlook
Business
Environment
ESG Financial
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5.5.4 Implementation of the risk
management process
CTP has established its Group-wide risk management
system, following on from the identification, quantifica-
tion, monitoring and reporting of Group risks based on the
Group’s Risk Policy and Inventory.
CTP’s risk management system combines data from
various sources on a single platform that enables mon-
itoring and reporting of risks and identification of early
warning signals.
During 2023, CTP’s Risk Management department
was further integrated within the Company, with partici-
pation in CFO meetings, country visits and regular meet-
ings with the Executive Directors and Non-Executive Di-
rectors creating opportunities to discuss risks in depth.
For 2024, monthly contributions to the Audit Committee
and more country visits are planned.
5.5.5 Risk management system
CTP’s risk management system is a single platform that
enables monitoring of the Group’s risk exposure and pro-
vides early warning signals through online dashboards.
The use of the same financial data that is used for report-
ing provides an additional layer of control.
The main components of CTP’s risk management system
are:
• financial and non-financial data;
• risk sensitivities;
• expected losses; and
• comprehensive stress testing.
5.5.6 Internal controls
The Company has created a controlled environment with:
• centralised approvals by the Executive Directors of
investments, budgets and payments, which then flow
into systems with controlled access rights;
• a risk management system that is integrated into the
Company’s reporting ecosystem and uses the same
financial data;
• consolidated Financial Statements that go through
three levels of review;
• integration of the Risk Management department
within the Company, with active participation in hedg-
ing, modelling, funding and liquidity management, and
climate risk;
• regular risk monitoring meetings with various risk
owners; and
• major ongoing digitisation and automation projects.
5.5.7 Responsibilities
• The Executive Directors, as a general principle, de-
termine the Company’s risk appetite. They approve
and verify the design of the controls, approve and re-
view the implementation of the controls as well as the
maintenance thereof, and manage and mitigate the
risks.
• The Risk Management department identifies the
risks, assesses the risk analysis and quantification,
advises on the risk appetite, implements the controls,
and monitors and reports on the risks.
• Country Heads, the business and operating unit lead-
ers and all other risk owners manage, mitigate and in-
form about the relevant risks.
• Internal Audit reviews each step of the process to
provide independent assurance. They report to the
chair of the Audit Committee and the CFO.
• The Audit Committee reviews the risk identification,
provides input about the design of the control mecha-
nisms and supervision of their maintenance, and judg-
es and advises the Board of Directors thereon.
• The Board of Directors reviews the risk identification,
approves the risk appetite, supervises the implemen-
tation and maintenance of the controls, and approves
the management and mitigation of the risks as well as
risk reporting.
5.5.8 Risk appetite
Risk appetite is the amount of risk that the Group is will-
ing to accept in pursuit of its strategic objectives. The
three levels of risk appetite currently used are:
• Manage – these are risks that the Group is taking to
meet its investment objectives. They are mainly stra-
tegic and investment/property risks as appropriate
for a real estate investment company. In this catego-
ry, valuation risk, capital risk and funding risk are also
included as being integral to the investment process
and the property market itself. The Group has the ex-
pertise to manage these risks to maximise its profit
potential.
• Avoid – these are risks that the Group tries to avoid.
• Minimise – The Group’s tolerance for these risks is
zero, but some minimal risk is unavoidable. All opera-
tional risks are included in this category.
Governance
5.5 Risk Management
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
168
Annual Report 2023 CTP N.V.
5.5.9 Risk control framework
The Group’s risk control function is based on a centralised
framework of approvals, systems and data. It starts with
central approvals of investments and budgets by the Ex-
ecutive Directors, which then flow into systems, and then
again with the central approval of payments by the Exec-
utive Directors, creating a closed “sandbox” environment
outside of which no investment or payment can be ap-
proved. The control workflow has two components: ex-an-
te controls are incorporated in periodic reporting and ap-
proval documentation for the risk owners to inform the
Risk Management department and the Audit Committee/
Board of Directors about the risks that are perceived to
be most significant and the mitigation strategies that are
used against them; and ex-post control, Risk Management
independently aggregates all data to calculate risk meas-
ures from internal systems. This data is sourced from the
same internal controlling and accounting systems that
are used for financial reporting.
The Risk Management department is responsible for
periodic risk reporting to the Audit Committee and the
Board of Directors, thereby incorporating information
from the risk owners. An online dashboard is delivered
monthly for all the risks, with ad hoc updates in cases of
bigger perceived macroeconomic risks.
5.5.10 Update on CTP’s principal risks
in 2023 and 2024
ESRS 2 GOV-5-36
Wars in Ukraine and Gaza
CTP was largely unaffected by the war in Ukraine in 2023,
as it has no assets with direct exposure in Ukraine or in
Russia.
CTP was also unaffected by the war in Gaza. The
probability of escalation outside the region is considered
to be low, and the most likely scenario is for the war to be
protracted but confined.
Inflation
As energy costs have retreated in 2023 and supply disrup-
tions have eased, inflation across Europe has been falling
sharply and is now nearing central bank targets in most
markets, with the largest part of the surge having subsid-
ed, although the situation could prove stickier than cur-
rent market expectations.
CTP acts as a general contractor, with in-house teams
taking full responsibility and control over the construction
process. This, in combination with the central procurement
of construction materials directly from multiple sourc-
es, often by-passing distributors, is a major mitigation
factor against construction cost increases. The price of
construction materials has decreased from around €550
per sqm in 2022 to €500 per sqm in 2023, increasing the
Group’s estimated Yield on Cost (“YoC”) of projects under
construction to 10.3%.
CTP also mitigates risk associated with high inflation
via the use of double indexation clauses for 66% of the
portfolio, which calculates annual rental increases as the
higher of:
• a fixed increase of 1.5%–2.5% a year; or
• the Consumer Price Index.
In 2023, the Group achieved a like-for-like rental growth
of 7.4% driven by indexation and strong rent reversion.
In 2024, like-for-like rental growth is forecasted to be
around 5%.
Interest rates
All debt is fixed or hedged until maturity, so financing cost
increases are to a certain extent limited to the Company’s
debt maturities, as well as the new debt that the Group
brings online for new developments.
In 2023, both G10 and emerging market central banks
raised rates to levels not seen in over 20 years in order to
control inflation. In expectation of these rate increases,
CTP had pre-hedged in 2022 the vast majority of 2023
funding. As financial conditions have tightened signifi-
cantly while inflation receded, both economic indicators
and the narrative of the European Central Bank (“ECB”)
and the US Federal Reserve Bank have softened, with the
market expecting significant rate cuts in the second half
of 2024. As the hiking cycle appears to have concluded,
credit spread compressed and eased interest costs.
CTP’s average cost of debt stood at 1.95% at end-
2023, and this is expected to continue to tick up going
forward, as new funding is brought on to finance the Com-
pany’s development-led growth.
Governance
5.5 Risk Management
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
169
Annual Report 2023 CTP N.V.
Macroeconomic slowdown
2023 has been a mixed year for the Euro Area. Initially,
the economy showed surprising resilience to the energy
crisis, but growth has disappointed since the spring, re-
flecting ongoing headwinds from high energy prices, mon-
etary tightening and weak global industrial activity. Infla-
tion has fallen and is now close to the ECB’s target with a
soft landing (no major slowdown in growth or increase in
unemployment). For 2024, a more supportive ECB and a
stabilisation and improvement in EU growth is expected,
with the possibility of a mild recession. In 2024, CEE coun-
tries are expected to continue to outperform the growth
rate of the Euro Area.
Valuations
The yield expansion in 2023 in Europe is expected to be
close to the end as the interest rate cycle that caused it
seems to have turned. The I&L sector stands out as it is
seen as one of the more supportive operational backdrops,
allowing owners of I&L assets to absorb most of the yield
shift without significant asset valuation write downs.
There might also be support coming from the existence of
large pools of capital sitting on the sidelines waiting to be
deployed as price discovery advances.
CTP has a conservative reversionary valuation yield of
7.2% as at FY-2023, which increased by 80 basis points in
the last 18 months. As CTP completes new developments,
the revaluation related to those is booked accordingly. If
CBRE’s projections materialise, any further yield widen-
ing will be small and would be absorbed by further posi-
tive ERV growth on the back of continued client demand,
which is positively impacted by the secular drivers in the
CEE region.
1
Rental levels remain affordable despite the
strong growth seen, as they started from significantly
lower absolute levels than in Western European markets.
Furthermore, with the larger yield movements in Western
European markets, the yield differential between Central
and Eastern European logistics and Western European
logistics is now back to the long-term average.
Funding
During 2022 and 2023, following developments on capital
markets, CTP’s Board decided that bank financing was
significantly more attractive than bond financing, and the
Company was able to leverage its strong relationship with
its banking partners to access multiple pools of capital to
build a material cash position to secure funding for the de-
velopment pipeline. This, in combination with the Group’s
robust balance sheet, ensured that in Q3 2023 both S&P
and Moody’s confirmed CTP’s investment grade ratings
with a stable outlook.
CTP’s pro forma cash position including the loan facil-
ities that were signed in January 2024 and the bond issu-
ance is €1.4 billion, which is sufficient to meet the Group’s
cash needs for the next 12 months. Including the €500
million revolving credit facility, CTP’s pro forma liquidi-
ty position amounts to €1.9 billion. The Group’s average
debt maturity stands at 5.3 years. A €400 million bond
matured in November 2023 and was repaid from availa-
ble cash reserves. In addition, CTP has a strong pipeline
for further financing, and the Group has no material debt
maturity until June 2025.
1 Europe Quarterly Forecast Webinar, 7 September 2023
Governance
5.6 Principal Risks
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Financial
Statements
Appendices
170
Annual Report 2023 CTP N.V.
5.6 Principal Risks
#1 #2 #3 #4 #5
Level 3 Valuation Risks Level 3 Macroeconomic
Environment Risks
Level 3 Environmental Risks
(Transition Risk)
Level 3 Interest Rate Risks Level 3 Inflation Risks
Level 2 Market Risks Level 2 Macroeconomic
Environment Risks
Level 2 ESG Level 2 Market Risks Level 2 Market Risks
Level 1 Financial Risks Level 1 Strategic Risks Level 1 Strategic Risks Level 1 Financial Risks Level 1 Financial Risks
Description: The Group’s Financial State-
ments may be affected by fluctuation in the
fair market value of its property portfolio
as a result of revaluations, or the Group
may be unable to dispose of its properties
profitably. The Group may hold excess land
for future development, which may not
ultimately be beneficial to the Group.
Description: The Group is exposed to
macroeconomic conditions and business-
cycle risks that affect the markets in
which the Group operates.
Description: Transition Risk (Policy and
legal risk, Carbon market risk, reputation
Risk).
Description: The Group is exposed to
interest rate fluctuations.
Description: The Group’s business could be
negatively affected by rising inflation, as
some of the lease agreements the Group
has entered into with its clients still contain
a fixed adjustment of rent clause.
Risk Owner: CFO Risk Owner: CFO Risk Owner: Executive Directors Risk Owner: CFO Risk Owner: CFO
Estimated Impact: Material Estimated Impact: Material Estimated Impact: Moderate Estimated Impact: Significant Estimated Impact: Significant
Estimated Probability: Likely Estimated Probability: Possible Estimated Probability: Likely Estimated Probability: Possible Estimated Probability: Possible
Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Avoid Risk Appetite: Minimise
Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies:
• Appointment of leading international
valuation experts (Cushman & Wakefield)
using standardised valuation methods
(RICS Red Book);
• Use of market studies, analyses and fore-
casts;
• Geographical diversification of the portfolio
across all major CEE markets, with close ties
to Western European markets;
• Significant landbank at strategic locations in
proximity to the Group's investment
properties complementing the existing
network and supporting client demand;
• Investment strategy oriented to high-quality
properties that generate stable, long-term
income located at strategic locations with
growth potential;
• Continuous maintenance and improvement of
properties;
• Quality of the client portfolio, compromising
mainly large national and international com-
panies with low annual credit provisions.
• The Group negotiates long lease terms;
• Portfolio diversification across industries
and single names;
• Contracts with parent company guarantees;
• Portfolio consists of high credit quality cli-
ents, mainly large national and international
companies;
• Excellent location of properties, near major
cities and transport arteries;
• Constant monitoring of macro-economic
trends and developments in major industries
across the Group’s countries of operation;
• Implemented financial hedging program;
• Experienced in-house research department
supported by independent research;
• The Group receives market intelligence from
investment banks;
• Experienced local presence and an extensive
network of market contacts, advisors and
consultants;
• New projects start as a response to demand
from existing clients with whom CTP does
almost two-thirds of new projects;
• If demand drops because of a slowdown, the
Company can balance or adjust the comple-
tion schedule.
• Frequently updated building specification:
o increased energy efficiency;
o renewable energy production;
o nature-based solutions for drought
and flooding;
• In-house property management of standing
assets;
• Systemised awareness training among
employees;
• Physical climate risk analysis on existing
portfolio and at acquisition stage;
• External disclosure;
• BREEAM certification.
• All interest rate debt is fixed or hedged till
maturity;
• High degree of pre-hedging future funding
requirements;
• Constant monitoring of interest rate market
movements.
• The Group's largest cost is financing,
which is fixed;
• Operational costs constitute less than 20%
of cash income and are thus considered
manageable even in times of prolonged
high inflation;
• Increased construction costs are covered
by the double indexation clauses (inflation
adjustment with a minimum 1.5% in 66% of
contracts by year-end 2023) as well as the
higher rents of the new properties.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
171
Annual Report 2023 CTP N.V.
Financial
Statements
6
CTP N.V.
Consolidated financial statements
for the year ended 31 December 2023
CTP N.V.
Apollolaan 151
1077 AR Amsterdam
The Netherlands
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
172
Annual Report 2023 CTP N.V.
CONTENTS
Financial Statements 171
Consolidated Financial Statements 173
Consolidated statement of profit or loss
and other comprehensive income 174
Consolidated statement of financial position 176
Consolidated statement of changes in equity 177
Consolidated statement of cash flows 179
Notes to the consolidated financial statements 181
1. General information 181
2. Going concern 181
3. Basis of preparation of consolidated
financial statements 182
4. Correction of errors 184
5. Material accounting policies 185
6. Segment reporting 193
7. Changes in Group structure 200
8. Rental income and service charge income 203
9. Revenues from contracts with customers 204
10. Property operating expenses 205
11. Other income 205
12. Employee benefits 205
13. Other expenses 206
14. Interest expenses 206
15. Other financial expenses 206
16. Other financial gains/losses 206
17. Income tax expenses 207
18. Investment property 207
19. Investment property under development 213
20. Net valuation result 216
21. Property, plant and equipment 217
22. Goodwill and intangible assets 219
23. Trade and other receivables 220
24. Cash and cash equivalents 221
25. Equity 221
26. Share-based payments 223
27. Earnings per share 223
28. Non-controlling interest 225
29. Interest-bearing loans and borrowings
from financial institutions 226
30. Bonds 229
31. Trade and other payables 232
32. Leases 232
34. Income taxes 236
35. Subsidiaries 238
36. Related parties 243
37. Financial instruments risk management
objectives and policies 244
38. Contingent liabilities 252
39. Pledges 253
40. Subsequent events 254
Company Financial Statements 255
Company income statement 256
Company balance sheet 257
Notes to the Company financial statements 258
1. General information 258
2. Principles for measurement of assets
and liabilities 258
and determination of result 258
3. Correction of error 259
4. Investments in Group companies 259
5. Shareholders’ equity 261
6. Interest-bearing loans and borrowings
from financial institutions 264
7. Bonds issued 265
8. Financial instruments 266
9. Off-balance sheet assets and liabilities 268
10. Trade and other payables 269
11. Cash and cash equivalents 269
12. Other income 269
13. Operational expenses 269
14. Net finance income/expense 269
15. Income taxes 270
16. Related parties 270
17. Personnel 275
18. Emoluments of Directors 275
19. Subsequent events 275
20. Subsidiaries 275
Other Information 276
Independent Auditor’s Report 277
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Financial
Statements
Appendices
173
Annual Report 2023 CTP N.V.
Consolidated Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
174
Annual Report 2023 CTP N.V.
1.1.2023 - 31.12.2023
1.1.2022 - 31.12.2022
In EUR million
Note
Restated*
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Rental income
8
571. 9
485.0
Service charge income
8
60.7
51 .9
Property operating expenses
10
-89 .4
-84.8
Net rental income
543.2
452. 1
Hotel operating revenue
9
21. 1
16.0
Hotel operating expenses
9
-15.7
-12.3
Net operating income from hotel operations
5.4
3.7
Income from development activities
9
20. 1
36.2
Expenses from development activities
9
-14. 7
-27 . 1
Net income from development activities
5.4
9.1
Total revenues
673.8
5 8 9.1
Total attributable external expenses
-119 .8
-124.2
Gross profit
554.0
464. 9
Net valuation result on investment property
20
878.7
6 9 7. 3
Other income
11
14. 1
8.2
Amortisation, depreciation and impairment
21
-12.7
-10.7
Employee benefits
12
-50.4
-43.7
Impairment of financial assets
-1.4
1.2
Other expenses
13
-58.5
-69.7
Net other income/expenses
-108. 9
-114.7
Profit/loss before finance costs
1,323.8
1,047 .5
Interest income
17 .2
4.2
Interest expense
14
-129 .0
-84.9
Other financial expenses
15
-8.5
-18.0
Other financial gains/losses
16
8.6
2.0
Net finance costs
-111.7
-96.7
Profit/loss before income tax
1,212. 1
950.8
Financial
Statements
Consolidated statement of profit or loss
and other comprehensive income
1/2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
175
Annual Report 2023 CTP N.V.
1.1.2023 - 31.12.2023
1.1.2022 - 31.12.2022
In EUR million
Note
Restated*
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Income tax expense
17
-289 .5
-186.6
Profit for the period
922.6
7 64.2
Other comprehensive income
Items that will never be reclassified to profit and loss
Revaluation of PPE net of tax
10.6
-0.8
Items that are or may be reclassified to profit and loss
Cash flow hedge - effective portion of changes in fair value net
25
-23.6
23.7
of tax
Foreign currency translation differences net of tax
-2.4
-6.2
Total other comprehensive income net of tax
-15.4
16.7
Total comprehensive income for the year
907 .2
780. 9
Profit attributable to:
Non-controlling interests
28
-
-2.4
Equity holders of the Company
922.6
7 66.6
Total comprehensive income attributable to:
Non-controlling interests
28
-
-2.4
Equity holders of the Company
907 .2
783.3
Earnings per share (EUR)
Basic earnings per share
27
2.07
1.77
Diluted earnings per share
27
2.07
1.77
* The comparative information is restated on account of correction of errors, refer to Note 4.
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Financial
Statements
Consolidated statement of profit or loss
and other comprehensive income
2/2
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
176
Annual Report 2023 CTP N.V.
Financial
Statements
Consolidated statement of
financial position
31 December 2023
31 December 2022
31 December 2023
31 December 2022
In EUR million
Note
Restated*
In EUR million
Note
Restated*
Assets
Issued capital
25
71.7
71. 1
Investment property
18
12,039 .2
10, 124.2
Translation reserve
25
2 .1
4.5
Investment property under development
19
1,359 .6
1, 193.3
Share premium
25
3,037 . 9
3,202.5
Property, plant and equipment
21
233.8
168. 9
Cash flow hedge reserve
25
0 .1
23.7
Goodwill and intangible assets
22
17 6.5
17 4.6
Retained earnings
3,026. 1
2, 100.8
Trade and other receivables
23
2 4 .1
18.0
Revaluation reserve
25
29.0
18.4
Derivative financial instruments
33
10.6
9. 2
Total equity attributable to
6, 166. 9
5,421.0
Financial investments
0.4
0.5
owners of the Company
Long-term receivables from related parties
36
0.6
45.2
Non-controlling interest
28
-
-
Deferred tax assets
34
14.3
1 7.9
Total equity
6, 166. 9
5,421.0
Total non-current assets
13,859 . 1
11,75 1.8
Liabilities
Trade and other receivables
23
266.6
235.6
Interest-bearing loans and borrowings
29
3,328.2
1,868. 1
Short-term receivables from related parties
36
0 .9
0.3
from financial institutions
Derivative financial instruments
33
38. 1
41 .9
Bonds issued
30
3,571.3
3,563.8
Contract assets
8.5
3.4
Trade and other payables
31
147 .5
104.0
Current tax assets
34
9. 4
6.2
Derivative financial instruments
33
10.6
2.0
Cash and cash equivalents
24
690.6
6 60.6
Deferred tax liabilities
34
1, 167 .4
948.5
Total current assets
1,014. 1
948.0
Total non-current liabilities
8,225.0
6,486.4
Interest-bearing loans and borrowings
29
50.0
24 .7
Total assets
14,873.2
12,699 .8
from financial institutions
Bonds issued
30
18.7
417 .6
Trade and other payables
31
366. 9
320. 9
Short-term payables to related parties
36
0.3
-
Derivative financial instruments
33
17 .0
12.7
Current tax liabilities
34
28.4
16.5
Total current liabilities
481.3
792.4
Total liabilities
8,706.3
7 ,278.8
Total equity and liabilities
14,873.2
12,699 .8
* The comparative information is restated on account of correction of errors, refer to Note 4.
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
177
Annual Report 2023 CTP N.V.
In EUR million
Cash flow Total equity Non-
Issued Translation Share hedge Revaluation Retained attributable controlling Total
1.1.2023 - 31.12.2023
Note
capitalreservepremiumreservereserveearningsto parentinterestequity
Balance at 1 January 2023 Restated*
71. 1
4.5
3,202.5
23.7
18.4
2, 100.8
5,421.0
-
5,421.0
Comprehensive income for the period
Profit for the period
-
-
-
-
-
922.6
922.6
-
922.6
Other comprehensive income
Revaluation of property, plant and equipment
-
-
-
-
10.6
-
10.6
-
10.6
Cash-flow hedge
25
-
-
-
-23.6
-
-
-23.6
-
-23.6
Foreign currency translation differences
-
-2.4
-
-
-
-
-2.4
-
-2.4
Comprehensive income for the period
-
-2.4
-
-23.6
10.6
922.6
907 .2
-
907 .2
Other movements
Dividends
25
0.6
-
-164.6
-
-
-
-164.0
-
-164.0
Share based payment
26
-
-
-
-
-
2.7
2 .7
-
2.7
Total other movements
0.6
-
-164.6
-
-
2.7
-16 1.3
-
-16 1.3
Balance at 31 December 2023
71.7
2 .1
3,037 . 9
0 .1
29.0
3,026. 1
6, 166.9
-
6, 166. 9
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR
Financial
Statements
Consolidated statement of
changes in equity
1/2
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
178
Annual Report 2023 CTP N.V.
Total equity Non-
1.1.2022 - 31.12.2022Translation Share Cash flow hedge Revaluation Retained attributable controlling
Restated*
Note
Issued capital
reservepremiumreservereserveearningsto parent
interest
Total equity
Balance at 1 January 2022
64. 1
10.7
2,662.0
-
19 .2
1,350. 9
4, 106.9
-
4, 106.9
Comprehensive income for the period
Profit for the period
-
-
-
-
-
794.6
794.6
1 .9
796.5
Impact of correction of errors
-
-
-
-
-
-28.0
-28.0
-4.3
-32.3
Other comprehensive income
Revaluation of Property, plant and equipment
-
-
-
-
-0.8
-
-0.8
-
-0.8
Cash-flow hedge
25
-
-
-
23.7
-
-
23. 7
-
23.7
Foreign currency translation differences
-
-6.2
-
-
-
-
-6.2
-
-6.2
Comprehensive income for the period
-
-6.2
-
23.7
-0.8
766.6
783.3
-2.4
780. 9
Other movements
Issuance of shares related to acquisition of subsidiary
25
5.2
-
391.0
-
-
-
396.2
-
396.2
with NCI
Acquisition of NCI without change in control
28
-
-
-
-
-
-
-
9 5 .9
9 5 .9
Issue of shares related to merger
25
1.2
-
96.6
-
-
-
9 7. 8
-97 .8
-
Impact of correction of errors
-
-
178.0
-
-
-13.4
164.6
4.3
168. 9
Treasury shares
25
-
-
-0.5
-
-
-
-0.5
-
-0.5
Dividends
25
0.6
-
-124.6
-
-
-
-124.0
-
-124.0
Change of share without change of control
28
-
-
-
-
-
-2.3
-2.3
-
-2.3
Common control transactions
7
-
-
-
-
-
-1 .1
-1 .1
-
-1 .1
Share based payment
-
-
-
-
-
0 .1
0 .1
-
0 .1
Total other movements
7. 0
-
540.5
-
-
-16.7
530.8
2.4
533.2
Balance at 31 December 2022
71. 1
4.5
3,202.5
23.7
18.4
2, 100.8
5,4 21.0
-
5,421.0
* The comparative information is restated on account of correction of errors, refer to Note 4.
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR
Financial
Statements
Consolidated statement of
changes in equity
2/2
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
179
Annual Report 2023 CTP N.V.
1.1.2023 - 31.12.2023
1.1.2022-31.12.2022
In EUR million
Note
Restated*
Operating activities
Profit for the period
922.6
7 64.2
Adjustments for:
Net valuation result on investment property
20
-878.7
-69 7 .3
Amortisation and depreciation
21
14.4
12.4
Net interest expense
14
111.8
80.7
Change in FMV of derivatives and hedge
33
1.7
-4. 1
Other changes
12.5
-12.4
Change in foreign currency rates
-24.7
17 .6
Income tax expense
17
289 .5
186.6
4 4 9.1
3 4 7. 7
Decrease/(increase) in trade and other receivables and other items
-34. 9
-47 .8
Increase/(decrease) in trade and other payables and other items
50.4
78.4
Decrease/(increase) in contract assets
-5. 1
3.6
Cash generated from operations
10.4
34.2
Interest paid
29
-116.5
-64.7
Interest received
20.4
3.8
Income taxes paid
-45.0
-30.8
Cash flows from operating activities
318.4
290.2
CONSOLIDATED STATEMENT OF CASH FLOWS
OVER THE YEAR
Financial
Statements
Consolidated statement of cash flows
1/2
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
180
Annual Report 2023 CTP N.V.
1.1.2023 - 31.12.2023
1.1.2022-31.12.2022
In EUR million
Note
Restated*
Investing activities
Acquisition of investment property
-246.8
-228.3
Acquisition of PPE and intangible assets
-61. 9
-43.9
Advances paid for investment property and PPE
-8.8
-6.4
Proceeds from disposal of investment property and PPE
-
11. 1
Acquisition of subsidiaries, net of cash acquired
7
-58.5
-102.5
Pre-acquisition loans and borrowings provided to acquired subsidiaries
7
-39 .5
-194.8
Loans and borrowings provided to related parties
-0.2
-1.8
Proceeds from loans and borrowings provided to related parties
44.0
2.4
Proceeds from loans and borrowings provided to third parties
4 .1
80.2
Proceeds from disposal of subsidiaries, net of cash disposed
7
3.7
-
Development of investment property
-812.8
-87 0.7
Cash flows used in investing activities
-1, 176. 7
-1,354.7
Financing activities
Bonds issued
29
-
733.4
Repayment of interest-bearing loans and borrowings/bonds
29
-427 . 9
-391.2
Proceeds from interest-bearing loans and borrowings
29
1,492.8
629 . 1
Repayment of loans/liabilities to related companies
29
-
-
Transaction costs related to loans and borrowings/bonds
29
-11.2
-4.8
Acquisition of NCI
28
-
-2.3
Dividends paid
29
-164.0
-124.0
Payment of lease liabilities
29
-3.6
-3.0
Cash flows from/(used in) financing activities
886. 1
837 .2
Cash and cash equivalents at 1 January
660.6
892.8
Net increase in cash and cash equivalents
27 .8
-227 .3
Change in foreign currency rates
2.2
-4.9
Cash and cash equivalents at 31 December
24
690.6
660.6
* The comparative information is restated on account of correction of errors, refer to Note 4.
The notes herein are an integral part of these consolidated financial statements.
Financial
Statements
Consolidated statement of cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS
OVER THE YEAR
2/2
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
181
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
Notes to the consolidated financial statements
GRI 2-1
1. GENERAL INFORMATION
Company
CTP N.V. (the Company) is a Dutch-based real estate investor and developer, which develops and leases a 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 “Group”, “CTP Group”, “CTP” and individually as “Group companies”).
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’s shares
were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V.
to N.V.
Owners of the Company at 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
2. GOING CONCERN
CTP’s 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.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
182
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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:
• 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.
• 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.
• 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.
• IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts: IFRS 17 introduces a new
measurement model for insurance contracts .
• International Tax Reform – 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’s consolidated financial statements:
• 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.
• 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.
• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new dis-
closure objectives – in IAS 7 and in IFRS 7 – 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’s liabilities and cash flows, and the company’s exposure to liquidity risk.
• 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:
• Group entities focused on investing and development activities in specific countries (“development com-
panies”) have a functional currency in the local currency:
• where competitive forces and regulations mainly determine the sales prices of its goods and services
rendered to other companies operating in the same country;
• that primarily influences labour, material and other costs of providing goods and services;
• in which receipts from operating activities are usually retained;
• other Group entities that operate industrial parks or dormant entities with future industrial parks devel-
opment potential have EUR functional currency, as:
• sales prices of services rendered to the tenants are in EUR;
• funds from financing activities are generated in EUR;
• activities of these companies are conducted as an extension of the reporting entity, with no signifi-
cant degree of autonomy.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
183
Annual Report 2023 CTP N.V.
CTP Group’s development companies are:
• CTP Invest, spol. s r.o. — functional currency Czech koruna (CZK)
• CTP Invest Poland Sp. z o.o. — functional currency Polish zloty (PLN)
• CTP Invest d.o.o. Beograd-Novi Beograd — functional currency Serbian dinar (RSD)
• CTP Management Hungary Kft. — functional currency Hungarian forint (HUF)
• CTP Invest Bucharest SRL — functional currency Romanian leu (RON)
• CTP Invest SK, spol. s r.o. — functional currency euro (EUR)
• CTP Invest EOOD — functional currency Bulgarian lev (BGN)
• CTP Invest Immobilien GmbH – functional currency euro (EUR)
• CTP Invest B.V. – functional currency euro (EUR)
• CTP Invest Germany GmbH – functional currency euro (EUR)
All other Group companies have EUR as their functional currency.
g) Basis of measurement
The Group’s 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:
• derivative financial instruments are measured at fair value;
• investment property and investment property under development is measured at fair value;
• solar plants within property, plant and equipment are measured at fair value;
• hotels within property, plant and equipment are measured at fair value.
h) Use of estimates and judgments
The preparation of the consolidated financial statements requires management to make judgments, estimates
and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income
and expenses. The estimates and associated 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:
• 5a)iii Business combination
• 5b) Investment property
• 5c) Investment property under development
• 5d) Property, plant and equipment
• 5f) Financial instruments
• 5g) Impairment
i) Measurement of fair values
Some of the Group’s 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:
• Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices);
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be 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:
• Note 18. Investment property
• Note 19. Investment property under development
• Note 21. Property, plant and equipment
• Note 22. Goodwill and intangible assets
• Note 33. Derivative financial instruments
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
184
Annual Report 2023 CTP N.V.
4. CORRECTION OF ERRORS
In 2023, based on the recommendation of the Dutch Authority for the Financial Markets (“AFM”), the Group
reconsidered the acquisition of Deutsche Industrie REIT-AG (“DIR”) 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’s strongest economies. CTP become able to offer existing and new customers access via CTP’s
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’s consolidated financial statements.
a) Consolidated statement of financial position
31 December
2022 31 December
as previously 2022
In EUR million
reported
Adjustments
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
reported
Adjustments
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.
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
185
Annual Report 2023 CTP N.V.
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’s 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:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the
acquiree; less
• the net amount of the 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’s identifiable net
assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of
control are accounted for as equity transactions.
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’s 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’s
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
186
Annual Report 2023 CTP N.V.
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’s 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’s 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’s 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’s
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’s 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.
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
187
Annual Report 2023 CTP N.V.
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 (“OCI”) 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.
• 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’s 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:
• fixed payments, including in-substance fixed payments;
• variable lease payments that depend on an index or a rate, initially measured using the index or rate as
at the commencement date;
• the exercise price under a purchase option that the Group is reasonably certain to exercise;
• lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and
• penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
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.
• 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).
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
188
Annual Report 2023 CTP N.V.
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:
• the financial asset is held within a business model with the objective to hold it to collect contractual cash
flows; and
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely 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’s financial assets are classified in two categories:
• Financial assets at amortised cost (debt instruments)
This category is most relevant to the Group and includes trade receivables and loans provided that are
subsequently measured at amortised cost using the effective interest method, less any credit losses.
• Financial assets at fair value through profit and loss
This category includes derivatives. Financial assets are classified as held for trading if they are acquired
for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or
loss are carried in the statement of financial position at fair value with net changes in fair value being
recognised in the statement of profit or loss.
(ii) Non-derivative financial assets
The Group initially recognises loans and receivables when they are originated. All other financial assets are
recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of
the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire,
or it transfers the rights to receive the contractual cash flows on the financial asset in a 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’s 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’s 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
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
189
Annual Report 2023 CTP N.V.
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’s 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’s 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’s 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’s 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.
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
190
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
(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’s 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’s 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’s 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’s 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.
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Strategy &
Outlook
Business
Environment
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Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
j) Share-based payment
Under the CTP N.V. Long Term Incentive Plan (“LTIP”), CTP N.V. provides share-based benefits to Company
Directors in the form of conditional share awards over the Company’s 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’s finance income and finance costs include:
• interest income;
• interest expense;
• dividend income;
• the net gain or loss on financial assets at fair value through profit or loss (other than investment property
and investment property under development);
• the foreign currency gain or loss on financial assets and financial liabilities;
• the fair value loss on contingent consideration classified as a financial liability;
• impairment losses recognised on financial assets (other than trade receivables);
• the net gain or loss on hedging instruments that are recognised in profit or loss; and
• 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.
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Strategy &
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Business
Environment
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Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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
(“NCI”).
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, “Operating Segments” 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’s 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’s operating segments were determined in connection with the nature of the business and how the
operations are managed by the Group’s 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’s 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.
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Financial
Statements
Notes to the consolidated
financial statements
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’s 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
Company
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Financial
Statements
Notes to the consolidated
financial statements
Segment results for the 12-month period ended 31 December 2023 are as follows:
Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Segments
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
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Financial
Statements
Notes to the consolidated
financial statements
Segment assets and liabilities as at 31 December 2023 are as follows:
1/2
Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Segments
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
1,822.3
20,888.8
-7,029.7
13,859.1
Trade and other receivables
63.3
18.0
59.1
13.7
7.0
17.3
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
1,945.9
22,095.7
-7,222.5
14,873.2
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Financial
Statements
Notes to the consolidated
financial statements
Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Segments
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
1,945.9
22,095.7
-7,222.5
14,873.2
Segment assets and liabilities as at 31 December 2023 are as follows:
2/2
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Financial
Statements
Notes to the consolidated
financial statements
Segment results for the 12-month period ended 31 December 2022 are as follows:
Restated* Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Other
Segments
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.
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Financial
Statements
Notes to the consolidated
financial statements
Segment assets and liabilities as at 31 December 2022 are as follows:
1/2
Restated* Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands*
Germany*
Other
Segments
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
1,282.5
20,854.7
-8,154.9
12,699.8
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Financial
Statements
Notes to the consolidated
financial statements
Restated* Czech Total Intersegment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands*
Germany*
Other
Segments
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
1,282.5
20,854.7
-8,154.9
12,699.8
* 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:
2/2
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Financial
Statements
Notes to the consolidated
financial statements
7. CHANGES IN GROUP STRUCTURE
Current financial year
Acquisitions
In 2023, the Group acquired the following subsidiaries:
Subsidiary
Country
Acquisition date
CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o.)
Czech Republic
31 January 2023
BIMS PROPERTIES 2018 DOO DEČ
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 Nýřany II, spol. s r.o. (formerly Limmo beta s.r.o.)
Czech Republic
30 November 2023
CTP Nová Zvonařka, spol. s r.o. (formerly Nová Zvonařka s.r.o.)
Czech Republic
30 November 2023
CTPark Tošanovice a.s. (formerly Tosan Park a.s.)
Czech Republic
6 December 2023
These acquisitions impacted the Group’s financial statements as 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.
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Financial
Statements
Notes to the consolidated
financial statements
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
KONČINY 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 DRUŠTVO SA OGRANIČENOM
Serbia
31 August 2022
ODGOVORNŠĆU BEOGRAD
KRMELÍNSKÁ 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—the 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)—is 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.
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Financial
Statements
Notes to the consolidated
financial statements
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’s 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 “Offer”) for and contemplated merger with Deutsche Industrie
REIT-AG (“DIR”).
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 “CTP Shares”) for each tendered DIR Share (the
“Share Consideration”), 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’s 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.
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Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 DRUŠTVO SA OGRANIČENOM ODGOVOR-
NŠĆU 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.
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
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Financial
Statements
Notes to the consolidated
financial statements
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
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Financial
Statements
Notes to the consolidated
financial statements
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 “Courtyard by Marriott” 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.
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.
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 – 579); all except 9 (2022 – 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).
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Financial
Statements
Notes to the consolidated
financial statements
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.
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. 0
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Financial
Statements
Notes to the consolidated
financial statements
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
312.7
950.8
245.3
Company’s 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
289.5
1,036.0
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’s entities.
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
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Financial
Statements
Notes to the consolidated
financial statements
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.
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Financial
Statements
Notes to the consolidated
financial statements
Buildings and related land represent assets in CTP’s legal ownership.
The landbank comprises the plots of land in CTP’s ownership available for development of new projects.
Right-of-use assets comprise leased land in Germany of EUR 27.8 million (2022 – EUR 25.6 million), land in
the Netherlands of EUR 17.0 million (2022 – EUR 0 million), landbank in the Czech Republic of EUR 5.0 million
(2022 – EUR 4.7 million), land in the Czech Republic of EUR 2.0 million (2022 – EUR 2.0 million) and land in
Romania of EUR 0.5 million (2022 – 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 Mszczonów and in Opole
in Poland; in Sofia in Bulgaria; in Belgrade and in Kragujevac in Serbia; in Budapest in Hungary; in Vienna and
in Getzersdorf in Austria; in Amsterdam in the Netherlands; in Brno, in Kozomín, in Cerhovice, in Hrušov, in
Blučina, in Žatec and in Ostrava in the Czech Republic; in Prešov and in Trnava in Slovakia; and in Bucharest
in Romania.
In 2023, the Group also made landbank acquisitions, mainly in Hungary, Romania, Germany, Serbia, Poland,
Bulgaria, Austria, Czech Republic and Slovakia.
During the year 2023, 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’s 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.
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Financial
Statements
Notes to the consolidated
financial statements
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’s 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–to–date 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’s 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’s 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
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Financial
Statements
Notes to the consolidated
financial statements
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’s 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:
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Financial
Statements
Notes to the consolidated
financial statements
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
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Financial
Statements
Notes to the consolidated
financial statements
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 (“IPUD”) 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 – 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 – 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’s 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’s 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.
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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’s 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:
Financial
Statements
Notes to the consolidated
financial statements
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Financial
Statements
Notes to the consolidated
financial statements
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’ profit mark-up by 2% in valuers’ assumptions will increase the developers’ profit
and as a consequence will decrease the valuation as at 31 December 2023 by EUR 13.7 million (31 December
2022 – EUR 12.2 million) provided all other variables remain constant.
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Financial
Statements
Notes to the consolidated
financial statements
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.
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Financial
Statements
Notes to the consolidated
financial statements
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
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Financial
Statements
Notes to the consolidated
financial statements
The value of Solar plants of EUR 41.5 million (2022 – 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 – 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 – EUR 0 million).
The value of hotels EUR 54.9 million (2022 – 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’s length terms.
Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4.3 million
(2022 – 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 (“DCF”) 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:
• Business plans and financial models covering estimated useful life of solars.
• Annual production of electricity in MWh based on installed capacity and corresponding production coef-
ficient. This production coefficient depends on the geographical location.
• Electricity price forecast for periods without fixed contractual agreements, with the following assump-
tions:
• Covered period from 2024 to 2040.
• 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 – EUR 61.6 million) is presented under Equipment.
Property, plant and equipment include also right-of-use assets of EUR 7.8 million (2022 – EUR 8.8 million)
relating to leased properties that do not meet CTP’s definition of investment property (refer to Note 32).
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Financial
Statements
Notes to the consolidated
financial statements
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 (“CGU”) 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—Deferred 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 (“DCF”) 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’s 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’s 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’s KPIs approved by the Board of
Directors, adjusted by:
• changes in working capital including cash;
• 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
2023–2026 (2022 impairment test) and 2024–2030 (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 – 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
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
220
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 – EUR 10.1 million), advance payments
and accrued income of EUR 68.7 million (2022 – EUR 69.2 million) and prepayments of EUR 43.6 million (2022
– EUR 34.0 million).
Short-term receivables overdue more than six months total EUR 4.4 million (2022 – EUR 5.3 million). Total
expected credit losses are EUR 5.2 million (2022 – EUR 5.6 million).
Other tax receivables consist primarily of value added tax receivables of EUR 74.1 million (2022 – 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
Company
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Strategy &
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Business
Environment
ESG Governance Appendices
221
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
24. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of EUR 690.6 million (2022 – EUR 660.6 million) consist primarily of short-term
deposits of EUR 467.2 million (2022– EUR 221.2 million) and cash at bank accounts of EUR 223.4 million (2022
– EUR 439.3 million).
Restricted cash amounts to EUR 1.3 million (2022 – EUR 1.3 million) and is presented under non-current trade
and other receivables. Restricted cash represents balances on debt service reserve accounts.
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’s 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’s shares on Euronext Amsterdam on
the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that
entitles to one new ordinary share was set at 51.42.
Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to
receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary
shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651
ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was
18 May 2023.
Company
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Business
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ESG Governance Appendices
222
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced.
Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction
for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of
dividend rights that entitles to one new ordinary share was set at 50.53.
Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to
receive the interim dividend in cash, while shareholders representing 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 “CTP
Shares”) for each tendered DIR Share (the “Share Consideration”). 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’s
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
Company
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Strategy &
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Business
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ESG Governance Appendices
223
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
of 1.25 shares in the share capital of CTP (the “CTP Shares”) 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’s 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 – 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 – 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 – 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.
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’s total shareholder return (“TSR”). Vesting of 50% of the number of
awards granted is subject to an Absolute TSR condition, and 50% is subject 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
– EUR 0.1 million).
In 2023, expected bonus for employees of EUR 2.5 million (2022 – EUR 0 million) was recognised in equity of
the Group. Bonus will be paid in form of CTP shares in 2024.
27. EARNINGS PER SHARE
Basic earnings per share (“EPS”)
Basic EPS calculations are based on the following profit attributable to ordinary shareholders and weight-
ed-average number of ordinary shares outstanding.
Company
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ESG Governance Appendices
224
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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.
Company
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Strategy &
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Business
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ESG Governance Appendices
225
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
28. NON-CONTROLLING INTEREST
Current financial year
As at 31 December 2023, non-controlling interest is EUR 0.0 million (2022 – 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.
Company
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ESG Governance Appendices
226
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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’s 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 – EUR
4,332.4 million) and investment property under development with a carrying amount of EUR 0.0 million (2022
– 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.
Company
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ESG Governance Appendices
227
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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
Bonds
liabilities 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
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Financial
Statements
Notes to the consolidated
financial statements
Related Derivative Non-con- Cash
Bank party Lease financial Issued Share Retained trolling flow hedge Total
In EUR million loans
loans
Bonds
liabilities 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
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Financial
Statements
Notes to the consolidated
financial statements
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 – 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
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Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 (“p.a”) 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.
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Financial
Statements
Notes to the consolidated
financial statements
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
(“p.a”) 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
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Annual Report 2023 CTP N.V.
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
(“p.a”) 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 (“p.a.”), 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 – 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.
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).
Financial
Statements
Notes to the consolidated
financial statements
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Financial
Statements
Notes to the consolidated
financial statements
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
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Financial
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Notes to the consolidated
financial statements
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 – 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
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).
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Financial
Statements
Notes to the consolidated
financial statements
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 – cash flow hedge*
2028 –2053
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 –2030
-
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 – 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 – cash flow hedge
2028 –2053
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 – cash flow hedge
2028 –2053
3M Euribor – 6M Euribor
From 2.1265% to 2.5975%
EUR
725.0 EUR
44.1
Interest rate swaps
2025 –2030
-
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 – cash flow hedge
2030 – 2053
2023
6M Euribor
from 2.609% to 2.652%
EUR
375.0 EUR
-12.1
Interest rate swaps
2025 – 2028
-
3M Euribor
from 0.04% to 0.2%
EUR
23.5 EUR
-2.6
Total liabilities from derivatives
-14.7
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Financial
Statements
Notes to the consolidated
financial statements
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
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:
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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 – 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 – 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).
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Financial
Statements
Notes to the consolidated
financial statements
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 Vlněna, 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 Borská 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 Nová Zvonařka, spol. s r.o. (formerly Nová Zvonařka
s.r.o.)
Czech Republic 100% 0% 1/
CTP Pilsen Region, spol. s r.o. Czech Republic 100% 100%
CTP Ponávka Business Park, spol. s r.o. Czech Republic 100% 100%
CTP Portfolio Finance CZ, spol. s r.o. Czech Republic 0% 100% 5/
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
239
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 Lysá nad Labem, spol. s r.o.
Czech Republic
100%
100%
CTP Solar II, a. s.
Czech Republic
100%
100%
CTPark Mladá Boleslav, spol. s r.o.
Czech Republic
100%
100%
CTP Solar III, spol. s r.o.
Czech Republic
100%
100%
CTPark Modřice, spol. s r.o.
Czech Republic
100%
100%
CTP V, spol. s r.o.
Czech Republic
100%
100%
CTPark Nýřany 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 Nýřany, spol. s r.o.
Czech Republic
100%
0%
2/
CTP VIII, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o. )
Czech Republic
100%
0%
1/
CTP Vlněna Business Park, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Poruba, spol. s r.o.
Czech Republic
100%
100%
CTP Vysočina, 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 Plzeň, 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 Stříbro, spol. s r. o.
Czech Republic
100%
100%
CTP XVIII, spol. s r.o.
Czech Republic
100%
100%
CTPark Tošanovice 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%
KRMELÍNSKÁ 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 Aš II, spol. s r.o.
Czech Republic
100%
100%
Spielberk Business Park, spol. s r.o.
Czech Republic
100%
100%
CTPark Blučina, 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 OÜ
Estonia
100%
100%
CTPark Brno II, spol. s r.o.
Czech Republic
0%
100%
5/
Vojtova OÜ
Estonia
100%
100%
CTPark Brno III, spol. s r.o.
Czech Republic
100%
100%
Zemankova OÜ
Estonia
100%
100%
CTPark Brno Líšeň East, spol. s r.o.
Czech Republic
100%
100%
CTP Alpha France
France
100%
100%
CTPark Brno Líšeň II, spol. s r.o.
Czech Republic
100%
100%
CTP Beta France
France
100%
100%
CTPark Brno Líšeň 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 České 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%
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
240
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 Biatorbágy 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%
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
241
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 Iłowa 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%
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
242
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 Banská 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 Čierny 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 Košice, spol. s r.o.
Slovakia
100%
100%
FOREST PROPERTY INVEST SRL
Romania
100%
100%
CTPark Krásno 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 DEČ
Serbia
0%
0%
4/
CTPark Námestovo, 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 Prešov North, spol. s r.o.
Slovakia
100%
100%
CTP Energy doo Beograd-Novi Beograd
Serbia
100%
100%
CTPark Prešov 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 Žilina Airport II, spol. s r.o.
Slovakia
100%
100%
CTP Invest d.o.o. Beograd-Novi Beograd
Serbia
100%
100%
CTPark Žilina 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 GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ
Turkey
100%
100%
CTP Phi d.o.o. Beograd-Novi Beograd
Serbia
100%
100%
CTP BETA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ
Turkey
100%
100%
CTP Property Alpha d.o.o. Beograd-Novi Beograd
Serbia
100%
100%
CTP GAMMA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİR-
Turkey
100%
100%
CTP Property Beta d.o.o. Beograd-Novi Beograd
Serbia
100%
100%
KETİ
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%
Company
Introduction
Strategy &
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Business
Environment
ESG Governance Appendices
243
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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
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’s 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 – 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.
Company
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Strategy &
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Business
Environment
ESG Governance Appendices
244
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
37. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES
Exposure to various risks arises in the normal course of CTP’s business. These risks include credit risk, capital
risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk.
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a
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’s 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.
Company
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Strategy &
Outlook
Business
Environment
ESG Governance Appendices
245
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
Capital risk
CTP’s 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’s 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’s 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’s 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’s 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’s operating subsidiaries.
Company
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Strategy &
Outlook
Business
Environment
ESG Governance Appendices
246
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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
Company
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Outlook
Business
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ESG Governance Appendices
247
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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’s 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
-
Company
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Strategy &
Outlook
Business
Environment
ESG Governance Appendices
248
Annual Report 2023 CTP N.V.
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
Financial
Statements
Notes to the consolidated
financial statements
Company
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ESG Governance Appendices
249
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 – 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
-
Company
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Business
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ESG Governance Appendices
250
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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
-
-
-
-
Prior year
At 31 December 2022, the Group held the following instruments to hedge exposures to changes in interest
rates.
Company
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Strategy &
Outlook
Business
Environment
ESG Governance Appendices
251
Annual Report 2023 CTP N.V.
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 – 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’s 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’s fair value is zero at the hedge inception, the hypothetical
derivative is a mirror to the hedging instrument.
At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first
expected issuance date and maturity date 5-30 years later.
This hypothetical derivative will be adjusted at any time the hedged cash flows change.
Potential sources of ineffectiveness
• Difference in timing of hedged cash flows compared to timing of payments on the swaps’ floating leg.
• The hedged interest expenses are no more highly probable.
Liquidity risk
Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With 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
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
252
Annual Report 2023 CTP N.V.
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 – 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 – 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).
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 – 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 für 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 Coöperatieve Rabobank U.A. connected with financing of devel-
opment activities of CTP ALC B.V. Guaranteed obligations represents:
• any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a maximum
amount of the Commitment minus the Reserve Amount,
• any interest, fees (including for the avoidance of doubt any default interest) and any amount payable 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., Coöperatieve Rabobank U.A.
and CTP ALC B.V.
Financial
Statements
Notes to the consolidated
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
253
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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.
Komerční banka, a.s. (as agent) + others
CTP Bohemia South, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTP Bohemia West, spol. s r.o.
Komerční banka, a.s. (as agent) + others
CTP Borská 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 Düren
CTP Deutschland B.V.
Sparkasse Esslingen-Nürtingen
CTP Deutschland B.V.
Sparkasse Hildesheim Goslar Peine
CTP Deutschland B.V.
Sparkasse Ingolstadt Eichstätt
CTP Deutschland B.V.
Sparkasse UnnaKamen
CTP Deutschland B.V.
Stadtsparkasse Düsseldorf
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 Thüringen 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.
Komerční banka, a.s. (as agent) + others
CTP Ponávka Business Park, spol. s r.o.
Aareal Bank AG
CTP Portfolio Finance Czech B.V.
Aareal Bank AG
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
254
Annual Report 2023 CTP N.V.
Financial
Statements
Notes to the consolidated
financial statements
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 Vysočina, spol. s r.o.
Komerční 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.
Komerční banka, a.s. (as agent) + others
CTPark Brno, spol. s r.o.
Komerční 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 Iłowa Sp. z o.o.
Aareal Bank AG
CTPark Kappa S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Košice, spol. s r.o.
Erste Group Bank AG
CTPark Mladá Boleslav, spol. s r.o.
Československa obchodní banka, a.s.
CTPark Námestovo, 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.
Komerční banka, a.s. (as agent) + others
CTPark Pitesti East SRL
BRD-Groupe Société Générale S.A.
CTPark Plzeň, 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.
Komerční 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 Société Générale S.A.
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.
Amsterdam, 11 March 2024
Remon L. Vos Richard J. Wilkinson
Barbara Knoflach Gerard van Kesteren
Susanne Eickermann-Riepe Pavel Trenka
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
255
Annual Report 2023 CTP N.V.
Financial
Statements
Company Financial Statements
Company Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
256
Annual Report 2023 CTP N.V.
COMPANY INCOME STATEMENT
In EUR million Note 2023
2022
Restated*
Other income 12 1.5 22.6
Administration costs 13 -10.1 -34.8
Net other income/expenses -8.6 -12.2
Net loss before financing costs -8.6 -12.2
Interest income 133.8 91.5
Interest expense -91.4 -55.4
Other financial income 15.8 -
Other financial expense -9.0 -51.3
Net finance income/expenses 14 49.2 -15.2
Result from participating interest 4 892.1 789.8
Result before income tax 932.7 762.4
Income tax expense 15 -10.1 4.2
Result for the year 922.6 766.6
* The comparative information is restated on account of correction of errors, refer to Note 3.
Financial
Statements
Company income statement
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
257
Annual Report 2023 CTP N.V.
In EUR million Note 31 December 2023
31 December 2022
Restated*
Assets
Investments in group companies 4 6,443.8 5,256.0
Derivative financial instruments 8 7.2 -
Long-term receivables from related parties 16 3,966.9 3,949.1
Deferred tax assets 15 4.2 9.3
Total non-current assets 10,422.1 9,214.4
Trade and other receivables 4.9 4.8
Derivative financial instruments 8 35.8 39.0
Trade and other receivables from related parties 16 74.8 17.9
Cash and cash equivalents 11 480.9 466.4
Current tax assets 3.4 -
Total current assets 599.8 528.1
Total assets 11,021.9 9,742.5
In EUR million Note 31 December 2023
31 December 2022
Restated*
Issued capital 5 71.7 71.1
Share premium reserve 5 3,037.9 3,202.5
Cash flow hedge reserve 5 3.2 20.0
Legal reserve on participating interest 5 3,775.8 3,166.4
Translation reserve 5 2.1 4.5
Retained earnings 5 -1,646.4 -1,810.1
Result for the year 5 922.6 766.6
Total Equity 5 6,166.9 5,421.0
Liabilities
Interest-bearing loans and borrowings from financial
institutions
6 611.9 -
Long-term payable due from related parties 16 607.4 228.1
Long-term payables 15.0 2.0
Bonds issued 7 3,551.5 3,544.3
Derivative financial instruments 8 7.1 -
Deferred tax liabilities 15 - 7.0
Total non-current liabilities 4,792.9 3,781.4
Interest-bearing loans and borrowings
from financial institutions
6 3.2 -
Bonds issued 7 18.4 417.0
Derivative financial instruments 8 16.2 12.1
Trade and other payables to related parties 16 21.5 109.6
Trade and other payables 10 2.8 1.4
Total current liabilities 62.1 540.1
Total liabilities 4,855.0 4,321.5
Total equity and liabilities 11,021.9 9,742.5
* The comparative information is restated on account of correction of errors, refer to Note 3.
Financial
Statements
Company balance sheet
COMPANY BALANCE SHEET
(Before profit appropriation)
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
258
Annual Report 2023 CTP N.V.
1. GENERAL INFORMATION
The Company financial statements are part of the 2023 financial statements of CTP N.V. (the Company).
CTP N.V. (the Company) is a Dutch-based real estate developer, which develops and leases a portfolio of prop-
erties in Western, Central and Eastern Europe (CEE).
CTP N.V. was incorporated on 21 October 2019 for an unlimited 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.
2. PRINCIPLES FOR MEASUREMENT OF ASSETS AND LIABILITIES
AND DETERMINATION OF RESULT
The Company financial statements are prepared in accordance with Title 9, Book 2 of the Dutch Civil Code.
For setting the principles for the recognition and measurement of assets and liabilities and determination
of results for the Company financial statements, the Company makes use of the option provided in section
2:362(8) of the Dutch Civil Code. This means that the principles for the recognition and measurement of
assets and liabilities and determination of the result (hereinafter referred to as principles for recognition
and measurement) of the Company financial statements are the same as those applied for the consolidated
EU-IFRS financial statements. These principles also include the classification and presentation of financial
instruments, being equity instruments or financial liabilities. In case no other principles are mentioned, refer
to the accounting principles as described in the consolidated financial statements. For an appropriate inter-
pretation of these financial statements, the separate financial statements should be read in conjunction with
the consolidated financial statements.
All amounts in the Company financial statements are presented in EUR million, unless stated otherwise.
Participating interests in Group companies
Participating interests in Group companies are accounted for in the Company financial statements according
to the equity method. Refer to the basis of consolidation accounting policy in the consolidated financial state-
ments.
Share of result of participating interests
The share of the result of participating interests consists of the share of the Company in the result of these
participating interests. Results on transactions, where the transfer of assets and liabilities between the Com-
pany and its participating interests and mutually between participating interests themselves, are not incorpo-
rated insofar as they can be deemed to be unrealised.
Notes to the Company financial statements
Financial
Statements
Notes to the Company
financial statements
Impairment
The Company applies an ECL (expected credit loss) model. Under this approach, all financial assets in the
scope of the impairment model of the Company generally carry a loss allowance – even those that are newly
originated or acquired. Under the general approach, the measurement basis of Company’s assets, other than
investment property, investment property under development and deferred tax assets, depends on whether is
a significant increase in credit risk since initial recognition.
The Company bases the impairment calculation on its historical, observed default rates, and considers adjust-
ments of forward-looking estimates that include the probability of a worsening economic environment within
the next years. At each reporting date, the Company updates the observed default history and forward-looking
estimates.
Loans provided
Loans are 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 Company classifies as a current portion any part of long-term loans that is due within one year from the
reporting date.
Derivate financial instruments
The Company designates certain derivatives as hedging instrument to hedge variability in cash flows associ-
ated with highly probable forecast transaction arising from changes interest rates.
At inception of designated hedging relationships, the Company 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, then 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’s 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 hedge 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.
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
259
Annual Report 2023 CTP N.V.
3. CORRECTION OF ERROR
Adjustment 1
In 2023, the Group discovered that 2 intercompany transactions connected with merger of DIR to CTP N.V.
and subsequent hive-down to CTP Deutschland B.V. were not presented properly in standalone financial state-
ments of CTP N.V. As a consequence, Investment in group companies and Long-term payable due from related
parties have been understated, Long-term receivables due from related parties has been overstated. The
error has been corrected by restating each of the affected financial statement line items for prior period. The
following tables summarize the impacts on the Company’s financial statements.
Adjustment 2
Due to reconsidering acquisition of DIR as Business combination, corrections were made in Company’s fi-
nancial statements in Investment in Group Companies, Share premium, Retained earnings and Profit for the
period.
The value of financial investment increased as at date of acquisition with an increase in share premium. Sub-
sequently, due to change in revaluation of financial investments connected with update in consolidated equity,
impact on retained earnings and profit for the period was recognized. Please refer to Note 4 of Consolidated
Financial Statements for more details.
COMPANY BALANCE SHEET
In EUR million
31 December
2022 as
previously
reported
Adjust-
ment 1
Adjust-
ment 2
31 December
2022
Restated*
Investments in group companies 5,011.5 107.9 136.6 5,256.0
Long-term receivables due from related parties 4,036.9 -87.8 - 3,949.1
Others 537.4 - - 537.4
Total assets 9,585.8 20.1 136.6 9,742.5
Long-term payable due from related parties 207.9 20.2 - 228.1
Others 4,093.4 - - 4,093.4
Total liabilities 4,301.3 20.2 - 4,321.5
Result for the year 794.6 -0.1 -27.9 766.6
Share premium 3,024.5 - 178.0 3,202.5
Retained earnings -1,796.6 - -13.5 -1,810.1
Others 3,262.0 - - 3,262.0
Total Equity 5,284.5 -0.1 136.6 5,421.0
COMPANY INCOME STATEMENT
In EUR million
31 December
2022
as previously
reported
Adjust-
ment 1
Adjust-
ment 2
31 December
2022
Restated*
Result in participating interest 817.7 - -27.9 789.8
Other -23.1 -0.1 - -23.2
Result for the year 794.6 -0.1 -27.9 766.6
4. INVESTMENTS IN GROUP COMPANIES
As at 31 December, the Company has the following financial interests in Group companies:
Share in issued
capital in % Amount
In EUR million
31 December
2023
31 December
2022
31 December
2023
31 December
2022
Restated*
Participating interests 100.0% 100.0% 6,443.8 5,256.0
The company holds 100% ownership interests in the following subsidiaries: CTP Invest spol. sr.o., with stat-
utory seat in the Czech Republic, CTP Property B.V. and CTP Deutschland B.V. (formerly CTP Germany B.V.),
with their statutory seats in the Netherlands.
Acquisition of Deutsche Industrie REIT-AG (subsequently renamed to Deutsche Industrie Grundbesitz AG)
On 3 February 2022, the Group has received 98.17% shareholder support for its voluntary public takeover and
delisting offer (the “Offer”) for and contemplated merger with Deutsche Industrie REIT-AG (currently CTP
Deutschland B.V.) (“DIR”).
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 “CTP Shares”) for each tendered DIR Share (the
“Share Consideration”), has taken place on 3 February 2022.
During the acceptance period, a total of 25,937,060 tendered DIR Shares opted for the Share Consideration.
Accordingly, a total of 32,421,325 CTP Shares were issued.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
260
Annual Report 2023 CTP N.V.
Acquisition of DIR is considered to be a business combination, in exchange for shares of CTP N.V and there-
fore, this transaction is in scope of IFRS 3.
On 23 August 2022, CTP N.V. and DIR entered transaction of cross-border merger. 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 agreed exchange ratio, CTP allotted for each issued and outstanding DIR share, 1.25 shares
in CTP’s 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.
On 1 November 2022, all assets and liabilities of former 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.
Transaction of the merger and the demerger have been intended to perform simultaneously from initial start
of the acquisition of DIR.
In accordance with legal requirements of Dutch Law on the processing of a (legal) merger and demerger and
Company’s intentions we prepared these standalone financial statements under the assumption that merger
and hive down of DIR is processed in one moment on 23 August 2022.
The movements of the investment in Group companies are as follows:
In EUR million
Participating interests
in Group companies
2023
Participating interests
in Group companies
2022
Restated*
Balance at 1 January 5,256.0 3,424.4
Acquisitions - 858.7
Increase in investment - capital contribution 294.5 203.1
Share in result of participating interest - OCI 1.2 -20.0
Share in result of participating interest 892.1 789.8
Balance at 31 December 6,443.8 5,256.0
* The comparative information is restated on account of correction of errors, refer to Note 3.
The most significant impact of merger and hive down of DIR on the Company’s financial statements is the
following:
Investment property
In EUR million Investment property
Balance at 1 January 2022 -
Impact of merger of DIR 892.1
Impact of demerger of DIR -892.1
Balance at 31 December 2022 -
Interest bearing loans and borrowings
MOVEMENT IN INTEREST BEARING LOANS AND BORROWINGS
In EUR million Bank loan
Balance at 1 January 2022 -
Impact of merger of DIR 188.7
Impact of demerger of DIR -188.7
Balance at 31 December 2022 -
No such transactions occurred in 2023.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
261
Annual Report 2023 CTP N.V.
5. SHAREHOLDERS’ EQUITY
In EUR million
Issued
capital
Share
premium
reserve
Cash flow
hedge reserve
Legal
reserve for
participating
interest
Translation
reserve
Retained
earnings
Net profit
for the period
Total
equity
Balance at 1 January 2023
Restated*
71.1 3,202.5 20.0 3,166.4 4.5 -1,810.1 766.6 5,421.0
Issue of shares / acquisition - - - - - - - -
Issue of shares / merger - - - - - - - -
Dividends 0.6 -164.6 - - - - - -164.0
Increase of other legal reserve - - - 609.4 - -598.8 - 10.6
Cash-flow hedge - - -16.8 - - - - -16.8
Other - - - - - -4.1 - -4.1
Treasury shares - - - - - - - -
Translation reserve - - - - -2.4 - - -2.4
Appropriation of profit - - - - - 766.6 -766.6 -
Net result for the year - - - - - - 922.6 922.6
Balance at 31 December 2023 71.7 3,037.9 3.2 3,775.8 2.1 -1,646.4 922.6 6,166.9
* The comparative information is restated on account of correction of errors, refer to Note 3.
In EUR million
Restated*
Issued
capital
Share
premium
reserve
Cash flow
hedge reserve
Legal
reserve for
participating
interest
Translation
reserve
Retained
earnings
Net profit
for the period
Total
equity
Balance at 1 January 2022 64.1 2,662.0 - 2,488.1 10.7 -2,144.0 1,025.9 4,106.8
Issue of shares / acquisition 5.2 562.2 - - - - - 567.4
Issue of shares / merger 1.2 103.4 - - - -13.4 - 91.2
Dividends 0.6 -124.6 - - - - - -124.0
Increase of other legal reserve - - - 678.3 - -679.1 - -0.8
Cash-flow hedge - - 20.0 - - - - 20.0
Other - - - - - 0.5 - 0.5
Treasury shares - -0.5 - - - - - -0.5
Translation reserve - - - - -6.2 - - -6.2
Appropriation of profit - - - - - 1,025.9 -1,025.9 -
Net result for the year - - - - - - 766.6 766.6
Balance at 31 December 2022 71.1 3,202.5 20.0 3,166.4 4.5 -1,810.1 766.6 5,421.0
* The comparative information is restated on account of correction of errors, refer to Note 3.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
262
Annual Report 2023 CTP N.V.
Issued capital
ISSUED CAPITAL AND SHARE PREMIUM
Current financial year
As at 31 December 2023, the Issued capital comprised of the following:
Type of shares
No. of
shares
Nominal
value
of share
Issued
capital
In EUR million
Ordinary shares 448,182,458 EUR 0.16 71.7
Treasury shares -27,976 EUR 0.16 -
Total 448,154,482 EUR 0.16 71.7
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Nr. of
shares
Issued
capital
In EUR million
Share
premium
In EUR million
Balance at 1 January 2023 444,100,549 71.1 3,203.0
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 at 1 January 2023/
31 December 2023
-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’s shares on Euronext Amsterdam on
the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that
entitles to one new ordinary share was set at 51.42.
Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to
receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary
shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights,
the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651
ordinary shares. The payment date for the dividend payment in cash and delivery of the ordinary shares was
18 May 2023.
On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced.
Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction
for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of
dividend rights that entitles to one new ordinary share was set at 50.53.
Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to
receive the interim dividend in cash, while shareholders representing 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 and Share premium comprised of the following:
Type of shares
No. of
shares
Nominal value
of share
Issued capital
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
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
263
Annual Report 2023 CTP N.V.
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Nr. of
shares
Issued
capital
In millions
of EUR
Share
premium
Restated*
In millions
of EUR
Balance at 1 January 2022 400,392,810 64.1 2,662.0
3 February 2022 Share issuance
connected with DIR
acquisition
32,421,325 5.2 562.2
9 June 2022 Dividends paid 763,581 0.1 -68.0
23 August 2022 Share issuance con-
nected with merger
of DIR and CTP N.V.
7,659,590 1.2 103.4
5 September 2022 Dividends 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 3.
On 3 February 2022, the Group acquired DIR (currently CTP Deutschland B.V.). CTP offered either a cash con-
sideration of EUR 17.12 or a share consideration of 1.25 shares in the share capital of CTP (the “CTP Shares”)
for each tendered DIR Share (the “Share Consideration”). The transaction resulted in issuance of 32,421,325
new shares of CTP N.V. For details refer to Note 4.
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’s
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 “CTP Shares”) 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’s shares on Euronext
Amsterdam of the last three trading days of the election period, ending on 29 August 2022. The number of
dividend rights that entitles to one new ordinary share was set at 62.5.
Shareholders 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.
Legal reserves for participating interests
Other legal reserves for participating interests of EUR 3,775.8 million (2022 – EUR 3,166.4 million) existed at
31 December 2023, accounted for according to the equity accounting method. The reserves represented the
difference between the participating interests’ retained profit and direct changes in equity, as determined
on the basis of the Company’s accounting policies, and the share thereof that the Company may distribute.
The shares the Company may distribute take into account any profits that may not be distributable by partic-
ipating interests of Dutch limited companies based on the distribution tests to be performed by the manage-
ment of those companies. The legal reserves are determined on an individual basis.
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.
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 3.2 million net of tax as at 31 December 2023 (2022 – EUR 20.0 million).
Decrease of EUR 16.8 million was caused mainly due to a decrease in market rates.
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
hedging instruments related to hedged transactions that have not yet occurred.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
264
Annual Report 2023 CTP N.V.
Net result for the year
The net result for the year consists of share as a result of participating interest, administration cost and net
finance expense.
Proposal for profit appropriation 2022
At the 2023 Annual General Meeting, the following appropriation of the 2022 result will be proposed: EUR
766.6 million addition to retained earnings.
6. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS
In EUR million 2023 2022
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions 621.0 -
Accrued arrangement fees -9.1 -
Balance at 31 December 611.9 -
Current liabilities
Interest-bearing loans and borrowings from financial institutions - -
Accrued interest 3.2 -
Accrued arrangement fees - -
Balance at 31 December 3.2 -
Total balance at 31 December 615.1 -
In EUR million 2023 2022
Nominal
value
Fair
value
Nominal
value
Fair
value
Interest-bearing loans and
borrowings from financial
institutions
621.0 623.1 - -
The valuation model of fair value of bank loans considers the present value of expected payments, discounted
using risk adjusted discount rate.
The Company 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.
Company’s interest-bearing loans and borrowings from financial institutions typically have financial cove-
nants like loan-to-value and debt service coverage ratio. As at 31 December 2023, there was no breach of
covenant conditions.
The residual maturity of loans and borrowings from financial institutions as at 31 December 2023 was as
follows:
In EUR million Balance as at 31 December 2023
Due within Due in
Total 1 year 2 years
3-5
years
follow.
years
Interest-bearing loans and borrowings
from financial institutions
- - 215.9 405.1 621.0
In 2023, the Company received bank loans with a total nominal value of EUR 621.0 million. Bank loans have
fixed all-in costs interest rates in range from 4.68% to 5.26% due in 2028, 2029, 2030 and 2033, respectively.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
265
Annual Report 2023 CTP N.V.
7. BONDS ISSUED
Current period
Bond Issuance Date ISIN
Nominal
value of total
bonds issued
In EUR million
Nominal
value
of each bond
In EUR Currency Type
Fix
interest rate
per annum
(“p.a”)
Maturity
date
Fair
value of
bonds
in EUR million
1 Jul 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
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
Bond Issuance Date ISIN
Nominal
value of total
bonds issued
In EUR million
Nominal
value
of each bond
In EUR Currency Type
Fix
interest rate
per annum
(“p.a”)
Maturity
date
Fair
value of
bonds
in EUR million
1 Jul 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
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
266
Annual Report 2023 CTP N.V.
On 20 January 2022, the Group has issued new bond with the emission ISIN XS2434791690 in the nominal
value of EUR 700.0 million.
On 24 January 2022, the Group has repaid bonds from the emission with ISIN XS2238342484 in the nominal
value of EUR 168.2 million.
On 1 July 2022, the Company CTP N.V. issued EUR 49.5 million unsecured bonds with a nominal value of EUR
100,000 each under emission from 27 September 2021 with ISIN number XS2390546849. The bonds are issued
as subordinated, with fix interest rate 1.5% per annum (“p.a.”), and bonds are due on 27 September 2031. There
are no covenants related to the bonds.
In EUR million 31 December 2023 31 December 2022
Non-current and current liabilities
Bonds issued - nominal value 4,299.5 4,299.5
Repayment of bonds - nominal value -718.2 -318.2
Nominal value after payment 3,581.3 3,981.3
Impact of merger of DIR 19.9 19.9
Impact of demerger of DIR -19.9 -19.9
Interest expense 18.4 18.6
Discount applied -42.8 -42.8
Amortisation of applied discount 17.1 10.0
Bond issuance costs -8.9 -8.8
Amortisation of bond issuance costs 4.8 3.0
Balance at 31 December 3,569.9 3,961.3
In 2023, the Company replaced a revolving credit facility from the year 2021, with a new revolving credit facility
of EUR 500 million for a three-year period. The Company does not expect a drawdown either partial or for the
full amount under this facility in 2024.
8. FINANCIAL INSTRUMENTS
Derivative financial instruments
In EUR million 2023 2022
Fair value of derivatives - non-current asset 7.2 -
Fair value of derivatives - current asset 35.8 39.0
Fair value of derivatives – assets 43.0 39.0
Fair value of derivatives - non-current liability -7.1 -
Fair value of derivatives - current liability -16.2 -12.1
Fair value of derivatives - liabilities -23.3 -12.1
Total 19.7 27.0
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.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
267
Annual Report 2023 CTP N.V.
As at 31 December 2023, the Company held the following derivative financial instruments:
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
(In million EUR)
Fair
Value
(In million EUR)
Interest rate swaps – cash flow hedge 2028 –2053 2025 6M Euribor,
Fixed 2.918%
From 2.1265%
to 3.293%,
6M Euribor
EUR 1,258.0 EUR 43.0
Total assets from derivates 43.0
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
(In million EUR)
Fair
Value
(In million EUR)
Interest rate swaps – cash flow hedge 2028 –2053 2024 6M Euribor From 2.6555%
to 3.508%
EUR 495.0 EUR -23.3
Total liabilities from derivates -23.3
As at 31 December 2022, the Company held the following derivative financial instruments:
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
(In million EUR)
Fair
Value
(In million EUR)
Interest rate swaps – cash flow hedge 2028 –2053 2023 6M Euribor From 2.1265%
to 2.4385%
EUR 550.0 39.0
Total assets from derivates 39.0
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
(In million EUR)
Fair
Value
(In million EUR)
Interest rate swaps – cash flow hedge 2030 – 2053 2023 6M Euribor from 2.609%
to 2.652%
EUR 375.0 -12.1
Total liabilities from derivates -12.1
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
268
Annual Report 2023 CTP N.V.
General
The Group has exposure to the following risks from its use of financial instruments:
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations, resulting in a
financial loss to CTP.
Credit risk concentration:
In EUR million 2023 2022
Amounts due from banks 480.9 466.4
Amounts due from related parties 4,041.7 3,967.0
Amounts due from third parties 4.9 4.8
Total 4,527.5 4,438.2
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. With
respect to the nature of its business and its assets, the Company is naturally exposed to a certain amount of
liquidity risk.
2023 Contractual cash flows
In EUR million
Until
3 months
3 - 12
Months
Between
1 -5 years
Over
5 years Total
Bonds issued 9.9 27.2 2,615.5 1,072.6 3,725.2
Bank loan 8.4 25.3 321.6 706.8 1,062.1
Derivative financial
instruments
15.1 1.7 6.4 1.2 24.4
Trade and other payables
incl. corporate income tax
liability
1.1 - 16.7 - 17.8
Total 34.5 54.2 2,960.2 1,780.6 4,829.5
2022 Contractual cash flows
In EUR million
Until
3 months
3 - 12
Months
Between
1 -5 years
Over
5 years Total
Bonds issued 9.9 429.7 2,612.9 1,102.4 4,154.9
Derivative financial
instruments
- 12.4 - - 12.4
Trade and other payables
incl. corporate income tax
liability
111.1 - 251.6 - 362.7
Total 121.0 442.1 2,864.5 1,102.4 4,530.0
Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will
affect CTP’s income or the value of its holding of financial instruments. Market risk management aims to
manage and control market risk exposure within acceptable parameters, while optimising the return. CTP N.V.
is not subject to interest rate risk, nor foreign currency risks, as all loans provided are with fixed interest rate
and in functional currency of the Group – EUR.
In the Notes to the consolidated financial statements information is included about the Group’s exposure
to the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the
Group’s management of capital.
9. OFF-BALANCE SHEET ASSETS AND LIABILITIES
In 2022, CTP N.V. issued guarantee in favor of Coöperatieve Rabobank U.A. connected with financing of devel-
opment activities of CTP ALC B.V. Guaranteed obligations represents:
• any amount due by the CTP ALC B.V. under and in connection with the Finance Documents for a maximum
amount of the Commitment minus the Reserve Amount,
• any interest, fees (including for the avoidance of doubt any default interest) and any amount payable 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 million between ABN AMRO Bank N.V., Coöperatieve Rabobank U.A.
and CTP ALC B.V.
In 2023, the Company had no off-balance sheet assets, nor liabilities to be presented in these financial state-
ments.
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
269
Annual Report 2023 CTP N.V.
10. TRADE AND OTHER PAYABLES
Trade and other payables consist of accruals for legal, tax and audit services.
11. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of EUR 480.9 million (2022 – EUR 466.4 million) consist of petty cash, cash at bank
balances, including cash acquired from bond issuance, and cash on deposit account.
12. OTHER INCOME
Other income of EUR 1.5 million (2022 – EUR 22.6 million) represents the management fee and license fee
invoiced to the companies in the Group. In 2023, the Company changed the process of recognition of the
management fee.
13. OPERATIONAL EXPENSES
In EUR million 31 December 2023 31 December 2022
Management fee 5.0 18.1
Donations - 10.0
Consultancy fee 2.2 2.1
Wages 1.3 2.7
Other 1.6 1.9
Total 10.1 34.8
For details related to audit fees, refer to the audit fee table below. Only audit services were provided to the
Group.
In 2022, the Company donated EUR 10.0 million to the UN refugee agency UNHCR (United Nations High Com-
missioner for Refugees) to provide humanitarian support for the more than one million people, who have fled
the war in Ukraine into neighboring countries.
Audit fees
The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consol-
idated companies, as referred to in Section 2:382a of (1) and (2) of the Dutch Civil Code:
In EUR million for 2023 KPMG Accountants N.V. Other KPMG Network Total KPMG
Audit fees 0.4 0.8 1.2
Total 0.4 0.8 1.2
In EUR million for 2022 KPMG Accountants N.V. Other KPMG Network Total KPMG
Audit fees 0.6 1.0 1.6
Other services 0.1 - 0.1
Total 0.7 1.0 1.7
14. NET FINANCE INCOME/EXPENSE
In EUR million 31 December 2023 31 December 2022
Interest income from related parties 121.2 91.5
Interest income from financial institutions 12.6 -
Other financial income 15.8 -
Finance income 149.6 91.5
Bond interest expenses -39.3 -39.1
Bond issuance costs amortization -8.9 -8.3
Interest expense from related parties -31.8 -5.8
Interest expense from derivatives 4.5 -
Interest expense from financial institutions -13.1 -
Arrangement fee -2.8 -2.2
Other financial expenses -9.0 -51.3
Finance costs -100.4 -106.7
Net finance income/expense 49.2 -15.2
Other financial income consists of exchange rate differences of EUR 15.8 million (2022 – EUR 0 million).
Other financial expenses consist of bank fees of EUR 4.7 million (2022 – EUR 1.9 million), financing fees of EUR
1.6 million (2022 – EUR 13.6 million), change in FV of derivative instruments of EUR 2.7 million (2022 – EUR 0
million) and exchange rate differences of EUR 0 million (2022 – EUR 35.8 million).
Financial
Statements
Notes to the Company
financial statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance Appendices
270
Annual Report 2023 CTP N.V.
15. INCOME TAXES
Income tax
In EUR million 2023 2022
Current tax income/expense(-) related to
Current year -1.1 -
Prior period -5.0 -
Total -6.1 -
Deferred tax expense
Deferred tax expense -4.0 4.2
Total -4.0 4.2
Total income tax expense in statement of profit and loss
and other comprehensive income
-10.1 4.2
In 2023, the Company recognized income tax expense from prior periods of EUR 5.0 million, arisen from DIR
acquisition in 2022.
Withholding tax
The Company paid withholding dividend tax of EUR 2.4 million (2022 – EUR 2.8 million) paid in respect of final
dividend 2022 and interim dividend 2023. Impact is reflected in Share premium, please refer to Note 5.
16. RELATED PARTIES
As of 31 December 2023 and 31 December 2022, the Company had the following interest income and interest
expense with related parties:
2023 2022
In EUR million Revenues Expenses Revenues Expenses
CTP Property B.V. 11.9 - 0.8 -
CTP Invest, spol. s r.o. 7.5 -0.8 6.4 -
CTPARK ETA SRL 4.3 - 2.6 -
CTPARK MIU SRL 4.0 - 1.7 -
CTP Vlněna Business Park, spol. s r.o. 4.0 - 1.7 -
CTPARK ZETA SRL 3.1 - 2.2 -
Spielberk Business Park, spol. s r.o. 2.6 - 2.6 -
CTPARK GAMMA SRL 2.4 - 2.3 -
CTPark Eighteen Kft. 2.3 -0.1 3.8 -
CTPARK PSI SRL 2.2 - 1.4 -
CTPark Twelve Kft. 2.1 - 1.7 -
CTPARK BUCHAREST WEST I SRL 1.9 - 2.1 -
CTPARK BETA SRL 1.9 - 1.3 -
CTPark Bucharest A1 SRL 1.7 - 1.7 -
CTP Property Beta Poland Sp. z o.o. 1.7 - - -
CTPark Bor, spol. s r.o. 1.7 - - -
CTPark Eleven Kft. 1.6 - 1.6 -
CTP Lambda Poland Sp. z o.o. 1.6 - 0.5 -
CTPark Iłowa Sp. z o.o. 1.6 - - -
CTP Invest Poland Sp. z o.o. 1.5 - 1.0 -
CTP Property Alpha d.o.o. Beograd-Novi Beograd 1.3 - - -
CTPARK BUCHAREST SRL 1.3 - 1.9 -
CTPARK THETA SRL 1.3 - 1.0 -
CTPARK IOTA SRL 1.3 - 0.5 -
CTP CONTRACTORS SRL 1.2 - 1.2 -
CTPark Nineteen Kft. 1.2 - 0.7 -
CTPark Sixteen Kft. 1.2 - 0.6 -
CTP Holding B.V. 1.1 - 1.6 -
CTPARK BUCHAREST WEST II SRL 1.1 - 0.9 -
CTPARK TAU SRL 1.1 - 0.8 -
CTP IQ Ostrava, spol. s r.o. 1.1 - 0.5 -
CTP Property Delta Poland Sp. z o.o. 1.1 - - -
CTPARK PHI SRL 1.0 - 1.5 -
CTPARK OMEGA SRL 1.0 - 0.8 -
CTPARK KM23 NORTH SRL 1.0 - - -
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Annual Report 2023 CTP N.V.
2023 2022
In EUR million Revenues Expenses Revenues Expenses
CTPark Bratislava, spol. s r.o. 0.9 - 1.4 -
CTPARK ALPHA SRL 0.9 - 1.0 -
Spielberk Business Park II, spol. s r.o. 0.9 - 0.9 -
CTPark Nine Kft. 0.9 - 0.9 -
CTPark Brno Líšeň East, spol. s r.o. 0.9 - 0.9 -
CTP Tau Poland Sp. z o.o. 0.9 - - -
CTP Alpha SK, spol. s r.o. 0.8 - 0.8 -
CTP Alpha B.V. 0.8 - 0.5 -
CTP Alpha GmbH 0.8 - - -
CTPark Ostrava Hrušov, spol. s r.o. 0.8 - - -
CTP Moravia North, spol. s r.o. 0.8 - - -
CTP Pilsen Region, spol. s r.o. 0.8 - - -
CTPark Biatorbágy Kft. 0.7 - 0.6 -
CTPark Delta EOOD 0.7 - 0.5 -
CTPark Gamma EOOD 0.7 - - -
CTPark Twenty Four Kft. 0.7 - - -
CTPARK BUCHAREST SOUTH II SRL 0.7 - - -
CTP Sigma d.o.o. Beograd-Novi Beograd 0.7 - - -
CTP Rho d.o.o. Beograd-Novi Beograd 0.7 - - -
CTPark Košice, spol. s r. o. 0.6 - 0.9 -
CTPARK BUCHAREST UPSILON SRL 0.6 - 0.7 -
CTPark Delta Kft. 0.6 - 0.6 -
CTP Zeta d.o.o. Beograd-Novi Beograd 0.6 - 0.6 -
CTP Slovakia, s. r. o. 0.6 - 0.5 -
CTPARK KAPPA SRL 0.6 - 0.5 -
CTPark Seventeen Kft. 0.6 - - -
CTP Ponávka Business Park, spol. s r.o. 0.6 - - -
CTP Mu Poland Sp. z o.o. 0.6 - - -
CTPARK CRAIOVA EAST SRL 0.6 - - -
CTP Property Beta d.o.o. Beograd-Novi Beograd 0.6 - - -
CTPARK RHO SRL 0.6 - - -
CTP Beta B.V. 0.5 - 1.1 -
CTPark Fourteen Kft. 0.5 - 0.8 -
CTP Zeta GmbH 0.5 - - -
CTP Germany VII GmbH 0.5 - - -
2023 2022
In EUR million Revenues Expenses Revenues Expenses
CTP Management Hungary Kft. 0.5 - - -
CTPark Zabrze Sp. z o.o. 0.5 - - -
CTP Gamma Poland Sp. z o.o. 0.5 - - -
CTP RHO Poland Sp. z o.o. 0.5 - - -
CTPARK SIBIU EAST SRL 0.5 - - -
CTPark Prešov s.r.o. 0.5 - - -
CTPARK EPSILON SRL 0.5 - - -
CTPark Eta EOOD 0.2 - 0.6 -
CTPark Prague North III, spol. s r.o. 0.2 - 0.5 -
CTPark Hranice, spol. s r.o. 0.1 -2.2 - -
CTPark Mladá Boleslav, spol. s r.o. 0.1 -2.2 - -
CTPark Prague Airport, spol. s r.o. 0.1 -1.7 - -
CTPark Žilina Airport, spol. s r. o. 0.1 - 0.7 -
CTPark Opole Sp. z o.o. 0.1 - 0.5 -
CTP Bohemia North, spol. s r.o. - -4.3 - -1.2
CTP Vysočina, spol. s r.o. - -4.2 - -1.2
CTP ALC B.V. - -3.4 1.0 -
CTPark Ostrava, spol. s r.o. - -3.2 - -0.7
CTPark Brno, spol. s r.o. (formerly CTP Industrial
Property CZ, spol. s r.o.)
- -3.0 8.7 -
CTP Moravia South, spol. s r.o. - -2.0 - -0.5
CTPark Prague East, spol. s r.o. - -1.4 - -0.4
CTP Bohemia West, spol. s r.o. - -1.0 - -0.2
CTP Deutschland B.V. (formerly CTP Germany B.V.) - -0.8 2.3 -0.2
CTPark Námestovo, spol. s r.o. - -0.8 - -0.4
CTP Mu B.V. - -0.1 - -
CTPark Brno I, spol. s r.o. - - - -0.5
CTPark Brno II, spol. s r.o. - - - -0.5
Other 13.6 -0.6 16.6 -
Total 121.2 -31.8 91.5 -5.8
The revenues comprise interest on loan and borrowings provided to the subsidiaries.
As at 31 December 2023 and 31 December 2022, the Company had the following long-term receivables due
from related parties:
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In EUR million 2023 2022
CTP Property B.V. 636.1 299.1
CTP Invest, spol. s r.o. 294.0 158.9
CTPARK ETA SRL 86.7 87.7
CTP Vlněna Business Park, spol. s r.o. 85.4 83.5
Spielberk Business Park, spol. s r.o. 78.8 79.7
CTPARK KM23 NORTH SRL 73.9 25.9
CTPARK MIU SRL 71.2 64.6
CTPark Twelve Kft. 64.7 55.1
CTP Moravia North, spol. s r.o. 64.3 60.0
CTP Property Alpha d.o.o. Beograd-Novi Beograd 64.1 27.8
CTPARK BUCHAREST WEST I SRL 62.9 67.1
CTPARK THETA SRL 62.5 64.1
CTPARK ZETA SRL 54.1 54.9
CTP Property Delta Poland Sp. z o.o. 53.2 22.7
CTPark Nineteen Kft. 52.0 27.2
CTPark Eleven Kft. 51.8 56.8
CTP Lambda Poland Sp. z o.o. 51.6 39.6
CTP Alpha GmbH 50.9 32.7
CTP Alpha SK, spol. s r.o. 49.8 38.1
CTPark Gamma EOOD 49.8 24.3
CTP Pilsen Region, spol. s r.o. 49.5 67.7
CTP CONTRACTORS SRL 48.3 52.1
CTP Invest Poland Sp. z o.o. 47.7 93.2
CTP Alpha B.V. 45.5 36.4
CTP Mu Poland Sp. z o.o. 44.1 9.9
CTPark Sixteen Kft. 43.0 37.0
CTPARK PSI SRL 41.7 38.5
CTPARK PHI SRL 40.3 42.4
CTP Eta B.V. 39.7 -
CTPark Brno Líšeň East, spol. s r.o. 39.5 36.2
CTP Zeta GmbH 38.8 12.6
CTPARK BETA SRL 36.9 33.2
CTPark Bor, spol. s r.o. 36.3 -
CTPARK ALPHA SRL 35.3 38.4
CTP Tau Poland Sp. z o.o. 31.6 27.0
CTP Property Beta d.o.o. Beograd-Novi Beograd 31.4 14.4
In EUR million 2023 2022
CTP Sigma d.o.o. Beograd-Novi Beograd 31.4 19.7
CTPARK IOTA SRL 31.1 27.3
CTP Kappa B.V. 31.0 -
CTPark Prešov s.r.o. 29.7 21.0
CTPark Nine Kft. 29.6 30.4
CTPark Zabrze Sp. z o.o. 29.4 15.8
CTPark Bremen B.V. 26.9 17.3
CTPARK CRAIOVA EAST SRL 26.6 24.9
CTP Omega Poland Sp. z o.o. 26.6 12.9
Spielberk Business Park II, spol. s r.o. 26.3 27.0
CTPARK BUCHAREST SOUTH II SRL 26.0 28.2
CTPark Twenty Four Kft. 24.9 21.0
CTPark Biatorbágy Kft. 24.8 22.9
CTP Slovakia, s. r. o. 24.7 18.5
CTPark Beta EOOD 24.0 13.6
CTPark Delta Kft. 23.2 21.3
CTP Rho d.o.o. Beograd-Novi Beograd 22.8 16.9
CTPARK BUCHAREST WEST II SRL 22.6 21.8
CTPark Seventeen Kft. 22.1 23.3
CTP Phi d.o.o. Beograd-Novi Beograd 21.8 5.6
CTP Zeta doo Beograd-Novi Beograd 21.7 21.1
CTPARK SIBIU EAST SRL 21.1 22.2
CTP Management Hungary Kft. 21.1 15.9
CTP IQ Ostrava, spol. s r.o. 20.3 22.8
CTPARK OMEGA SRL 19.8 20.5
CTP Delta Poland Sp. z o.o. 19.3 15.7
CTP Germany VII GmbH 18.6 -
CTP Solar SRL 18.3 3.8
CTPARK TAU SRL 17.9 21.0
CTPARK DELTA SRL 16.9 18.9
CTP Rho Poland Sp. z o.o. 16.9 -
CTPark Delta EOOD 16.6 17.0
CTP Beta Poland Sp. z o.o. 16.1 1.4
CTP Gamma GmbH 15.8 1.6
CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o.) 15.7 -
CTPark Thirteen Kft. 15.5 15.1
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In EUR million 2023 2022
CTPark Brno Líšeň West, spol. s r.o. 15.2 10.9
CTPark Brno III, spol. s r.o. 15.2 15.3
CTPark Bratislava East, spol. s r.o. 15.0 -
CTP Epsilon B.V. 14.2 -
CTPark Eight Kft. 13.1 11.0
CTP Invest SK, spol. s r.o. 12.8 6.6
CTP Property Alpha Poland Sp. z o.o. 12.7 12.5
CTPARK SIGMA SRL 12.0 12.5
CTPARK TIMISOARA EAST SRL 11.7 13.1
CTP Invest Immobilien GmbH 11.0 4.2
CTP Delta d.o.o. Beograd-Novi Beograd 10.6 11.8
CTPark Žilina Airport, spol. s r.o. 10.4 17.3
CTP Invest d.o.o. Beograd-Novi Beograd 10.4 10.0
CTPARK BRASOV SRL 10.2 10.2
CTPARK RHO SRL 9.9 10.4
CTPark Hlohovec, spol. s r.o. 9.7 11.6
CTPark Čierny Les, spol. s r.o. 7.6 20.6
CTPark Prague North III, spol. s r.o. 0.2 11.1
CTP Deutchland B.V. (formerly CTP Germany GmbH B.V.) - -
CTPark Eighteen Kft. - 136.1
CTPark Brno, spol. s r.o. (formerly CTP Industrial Property CZ, spol. s r.o.) - 94.0
CTPark Bratislava, spol. s r.o. - 74.4
CTPARK GAMMA SRL - 55.4
CTPARK BUCHAREST SRL - 55.1
CTP Beta B.V. - 50.8
CTPark Košice, spol. s r.o. - 49.2
CTP Ponávka Business Park, spol. s r.o. - 49.1
CTPark Bucharest A1 SRL - 46.8
CTPark Mladá Boleslav, spol. s r.o. - 42.2
CTP Property Beta Poland Sp. z o.o. - 41.0
CTP Holding B.V. - 40.8
CTPark Hranice, spol. s r.o. - 35.9
CTPark Iłowa Sp. z o.o. - 28.7
CTPark Eta EOOD - 28.6
CTPark Fourteen Kft. - 28.5
CTPark Opole Sp. z o.o. - 27.3
In EUR million 2023 2022
CTP Gamma Poland Sp. z o.o. - 23.5
CTPark Prague Airport, spol. s r.o. - 22.1
CTPARK KAPPA SRL - 18.6
CTPARK BUCHAREST UPSILON SRL - 18.0
CTP Bohemia South, spol. s r.o. - 11.9
CTPark Blučina, spol. s r.o. - 11.5
CTP Eta Poland Sp. z o.o. - 10.3
Other 240.5 265.0
Total 3,966.9 3,949.1
Interest rate on long-term receivables due from related parties is 1.25% - 8% p.a., depending on purpose and
country-specific conditions.
In EUR million 2023 2022
Balance of the loans provided as at 1 January 3,949.1 3,281.7
Loans granted to the related parties 1,925.2 2,232.8
Repayment of loans -1,908.8 -1,456.1
Settlement of loans with the Increase in Equity of subsidiaries - -136.9
Impact of merger DIR AG - 4.1
Impact of demerger of DIR AG - -4.1
Interest accrued 121.2 93.9
Interest received -119.2 -65.9
Other -0.6 -0.4
Balance at 31 December 3,966.9 3,949.1
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Movement schedule of the loans provided to related parties:
As at 31 December 2023 and 31 December 2022, the Company had the following long-term payables due to
related parties:
In EUR million 2023 2022
CTPark Ostrava, spol. s r.o. -118.1 -37.0
CTP Deutchland B.V. (formerly CTP Germany GmbH B.V.) -65.9 -20.1
CTPark Brno, spol. s r.o.
(formerly CTP Industrial Property CZ, spol. s r.o.)
-64.3 -
CTP Moravia South, spol. s r.o. -63.8 -26.6
CTPark Mladá Boleslav, spol. s r.o. -50.8 -
CTPark Námestovo, spol. s r.o. -40.3 -35.5
CTPark Hranice, spol. s r.o. -26.2 -
CTPark Prague East, spol. s r.o. -25.3 -24.2
CTPark Prague Airport, spol. s r.o. -24.1 -
CTP Vysočina, spol. s r.o. -20.7 -18.8
CTPark Bor, spol. s r.o. -16.9 -
CTP Bohemia South, spol. s r.o. -13.3 -
CTPark Cerhovice, spol. s r.o. (formerly CTP XIII, spol. s r.o.) -11.6 -
CTPark Modřice, spol. s r.o. -11.2 -
CTPark Chrastava a.s. -10.9 -
CTPark Brno I, spol. s r.o. - -30.2
CTPark Brno II, spol. s r.o. - -28.7
Other -44.0 -7.0
Total -607.4 -228.1
Interest rate on long-term payables due to related parties is 2% - 5.2% p.a., depending on purpose and coun-
try-specific conditions.
Movement schedule of the loans received from related parties:
In EUR million 2023 2022
Balance of the loans provided as at 1 January -228.1 -
Loans granted to the related parties -382.8 -225.7
Repayment of loans 20.2 0.3
Interest accrued -17.6 -2.7
Interest paid 1.3 -
Other -0.4 -
Balance at 31 December -607.4 -228.1
As at 31 December 2023 and 31 December 2022, the Company had the following trade and other receivables
due from related parties, and trade and other payables to related parties:
2023 2022
In EUR million Receivables Payables Receivables Payables
CTP Property B.V. 33.6 - - -
CTP Invest, spol. s r.o. 26.1 -6.9 3.9 -10.1
CTP INVEST BUCHAREST SRL 8.0 - 7.9 -
CTP Property Czech, spol. s r.o. 2.6 - - -
CTP CEE Sub Holding, spol. s r.o. 1.6 - - -
CTP Invest d.o.o. Beograd-Novi Beograd 1.5 - 1.5 -
CTP Management Hungary Kft. - - 2.2 -
CTP Moravia South, spol. s r.o. - - - -26.5
CTPark Ostrava, spol. s r.o. - - - -67.7
CTP Forest, spol. s r.o. - -1.0 - -
CTPark Prague Airport, spol. s r.o. - -1.1 - -
CTPark Hranice, spol. s r.o. - -1.7 - -
CTP Bohemia North, spol. s r.o - -4.3 - -1.2
CTP Vysočina, spol. s r.o. - -4.6 - -1.4
Other 1.4 -1.9 2.4 -2.7
Total 74.8 -21.5 17.9 -109.6
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17. PERSONNEL
The Company employed 8 employees in 2023 (2022 – 12 employees).
18. EMOLUMENTS OF DIRECTORS
In 2023, the emoluments, incl. the LTIP disclosed below, as defined in Section 2:383(1) of the Dutch Civil Code,
charged in the financial year to the Company, its subsidiaries and consolidated other companies amounted
to EUR 2.2 million (2022 – EUR 3.0 million), out of which EUR 1.7 million (2022 – EUR 2.5 million) relates to
emolument of Executive Directors and EUR 0.4 million (2022 – EUR 0.5 million) to Non-Executive Directors.
Share based payment
In 2023 and 2022, the Company granted a conditional share award under the LTIP to a Director. This award
has a vesting period of three years, subject to continued services up to vesting, and depends on the Company’s
total shareholder return (TSR). Vesting of 50% of the number of awards granted is subject to an absolute TSR
condition and 50% is subject 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 recognized for the equity-settled awards amounted to EUR 0.2 million
(2022 – EUR 0.2 million).
In 2023, expected bonus for employees of EUR 2.5 million (2022: EUR 0 million) was recognised in equity of the
Group. Bonus will be paid in form of shares in 2024.
19. SUBSEQUENT EVENTS
In February 2024, the Company 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.
The Company had as of 31 December 2023 various receivables against various intragroup debtors as listed in
Note 16, resulting from the various loan agreements. In February 2024, the Company agreed to in-kind con-
tribute such receivables, in the aggregate amount of EUR 2,984.9 million, as share premium of CTP Property
B.V., hereby transferring these intercompany financing activities from the listed parent to this intermediate
holding company.
CTP is not aware of any other events that have occurred since the balance sheet date that would have a mate-
rial impact on these financial statements as at 31 December 2023.
20. SUBSIDIARIES
The Company has 100% ownership interest in CTP Property B.V., CTP Invest, spol. s r.o. and CTP Deutschland
B.V., which owns subsidiaries with operational activities in the Czech Republic, Hungary, Romania, Poland,
Slovakia, Austria, Germany, Serbia, the Netherlands and Bulgaria.
For the structure of the Group as at 31 December 2023, refer to Appendix 1 – Group Structure.
Amsterdam, 11 March 2024
The Board of Directors
Remon L. Vos Richard J. Wilkinson
Barbara Knoflach Gerard van Kesteren
Susanne Eickermann-Riepe Pavel Trenka
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Financial
Statements
Other Information
Other Information
Provisions in the Articles of Association governing the appropriation of profit:
According to Article 22 of the Company’s Articles of Association, the profit is at the disposal of the General
Meeting of Shareholders, which can allocate the profit wholly or partly to the general or specific reserve funds.
The Board must approve the appropriation of profit before the decision of the General Meeting takes effect.
The Company can only make payments to shareholders and other parties entitled to the distributable profit
if the amount the shareholders’ equity is greater than the paid-up and called-up part of the capital plus the
legally required reserves.
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Independent
Auditor’s Report
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KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee.
Independent auditor's report
To: the General Meeting of Shareholders of CTP N.V.
Report on the audit of the financial statements 2023 included in the annual report
Our opinion
In our opinion:
• the accompanying consolidated financial statements give a true and fair view of the financial position of CTP N.V. as at
31 December 2023 and of its result and its cash flows for the year then ended, in accordance with IFRS Accounting Standards as
endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.
• the accompanying company financial statements give a true and fair view of the financial position of CTP N.V. as at
31 December 2023 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
What we have audited
We have audited the financial statements 2023 of CTP N.V. (‘the company’) based in Amsterdam. The financial statements include the
consolidated financial statements and the company financial statements.
The consolidated financial statements comprise:
1 the consolidated statement of financial position as at 31 December 2023;
2 the following consolidated statements for the year 2023: the statements of profit or loss and comprehensive income, changes in equity
and cash flows; and
3 the notes comprising material accounting policy information and other explanatory information.
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2
The company financial statements comprise:
1 the company income statement for the year 2023;
2 the company balance sheet as at 31 December 2023; and
3 the notes comprising a summary of the accounting policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those
standards are further described in the ‘Our responsibilities for the audit of the financial statements’ section of our report.
We are independent of CTP N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-
opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant
independence regulations in the Netherlands. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels
accountants’ (VGBA, Dutch Code of Ethics).
We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon.
The information in respect of going concern, fraud and non-compliance with laws and regulations, climate and the key audit matters was
addressed in this context, and we do not provide a separate opinion or conclusion on these matters.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Statements
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Financial
Statements
Independent Auditor’s Report
3
Information in support of our opinion
Summary
Materiality
• Materiality of EUR 100 million
• 0.77% of total assets
Group audit
• Audit coverage of 99% of investment property and investment property under development
• Audit coverage of 96% of total assets
• Audit coverage of 68% of rental income
Fraud/Noclar, Going concern and climate related risks
• Fraud & Non-compliance with laws and regulations (Noclar) related risks: presumed fraud risk on management override of
controls and a fraud risk related to possible conflict of interest in real estate transactions
• Going concern related risks: no significant going concern risks identified
• Climate related risks: the response of the Board of Directors to possible future effects of climate change and their anticipated
outcomes have been disclosed in chapter 4.7.1 of the annual report. We have considered the impact of climate related risks on
the financial statements and described our approach and observations in the section ‘Audit response to climate related risks’
Key audit matters
• Valuation of investment property and investment property under development
• Real estate transactions
• Goodwill
• Correction of errors
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Financial
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Independent Auditor’s Report
4
Materiality
Based on our professional judgement we determined the materiality for the financial statements as a whole at EUR 100 million (2022:
EUR 90 million). The materiality is determined with reference to total assets 0.77% (2022: 0.72%). We consider total assets as the most
appropriate benchmark because of the nature of the business, the level of activities and asset value is likely the primary focus of the users
of the financial statements evaluating CTP N.V.’s financial performance. Materiality has significantly changed compared to last year due to
increase of total assets. We have also taken into account misstatements and/or possible misstatements that, in our opinion, are material for
the users of the financial statements for qualitative reasons.
We agreed with the Board of Directors that misstatements identified during our audit in excess of EUR 5 million would be reported to them,
as well as smaller misstatements that in our view must be reported on qualitative grounds.
Scope of the group audit
CTP N.V. is at the head of a group of components. The financial information of this group is included in the financial statements of
CTP N.V.
Because we are ultimately responsible for the audit opinion, we are also responsible for directing, supervising and performing the group
audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for operating companies and
issued audit instructions to local auditors. As group auditor we were involved in the full-scope audits performed by local auditors.
Our group audit scoping was mainly based on the accounts investment property and investment property under development. These
components are either individually financially significant due to their relative size in the group or because we identified a significant risk of
material misstatement for one or more account balances of these entities. In addition, we included certain components in the scope of our
group audit where specified audit procedures are performed on the valuation of investment property and investment property under
development in order to obtain sufficient audit coverage. All components in scope for group reporting are audited by KPMG member firms.
Our involvement included, amongst others the following:
• issuing audit instructions to component auditors prescribing the scope of the audit procedures to be performed, our risk assessment,
materiality to be applied and reporting requirements;
• participation in planning discussions with component auditors;
• attending meetings with the local auditors to discuss the results of local audits and discussions on the valuation of investment property
with independent appraisers engaged by the company;
• follow-up on reported audit findings;
• review of the component audit files and verification that the audit work had been carried out in accordance with our instructions.
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For the residual population not in scope we performed analytical procedures in order to corroborate that our scoping remained appropriate
throughout the audit.
By performing the procedures mentioned above together with additional procedures at group level, we have been able to obtain sufficient
and appropriate audit evidence about the group’s financial information to provide an opinion about the financial statements.
The audit coverage as stated in the section summary can be further specified as follows:
Total assets
Investment property and investment
property under development
Rental income
60%
36%
60%
39%
68%
Audit of complete
reporting package
Specified audit
procedures
Audit of complete
reporting package
Specified audit
procedures
Audit of complete
reporting package
Audit response to the risk of fraud and non-compliance with laws and regulations
In chapter ‘Risk management, internal controls and compliance’ of the annual report, the Board of Directors describes its procedures in
respect of the risk of fraud and non-compliance with laws and regulations.
As part of our audit, we have gained insights into the company and its business environment, and assessed the design and implementation
of the company’s risk management in relation to fraud and non-compliance.
Our procedures included, among other things, assessing the company’s code of conduct, whistleblowing policy, KYC & AML screening
policy, anti-bribery policy, anti-fraud policy, incidents register and its procedures to investigate indications of possible fraud and non-
compliance. Furthermore, we performed relevant inquiries with the Board of Directors and other relevant functions, such as Internal Audit
and Compliance.
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As part of our audit procedures, we:
• assessed other positions held by the Board of Directors and other employees and paid special attention to procedures and compliance
in view of possible conflicts of interest;
• evaluated correspondence with regulators (e.g. the AFM) as well as legal confirmation letters.
In addition, we performed procedures to obtain an understanding of the legal and regulatory frameworks that are applicable to the company
and identified the following areas as those most likely to have a material effect on the financial statements:
• anti-money laundering laws and regulations; and
• anti-bribery and corruption laws and regulations.
We evaluated the fraud and non-compliance risk factors to consider whether those factors indicate a risk of material misstatement in the
financial statements.
Further, we assessed the presumed fraud risk on revenue recognition as irrelevant, because the company’s main form of revenue relates
to rental income which involves limited judgement as the revenue related to rental income is contractually agreed and with various
individual tenants.
Based on the above and on the auditing standards, we identified the following two fraud risks that are relevant to our audit, including the
relevant presumed risk laid down in the auditing standards, and responded as follows:
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Management override of controls (a presumed risk)
Management is in a unique position to manipulate accounting records and prepare fraudulent financial statements by overriding controls
that otherwise appear to be operating effectively.
We evaluated the design and the implementation of internal controls that mitigate fraud and non-compliance risks, such as processes
related to journal entries and estimates.
We performed a data analysis of high-risk journal entries (adjustments to initially recorded changes in fair value of investment property and
investment property under development above a threshold) which were subject of the examination and evaluated the key estimates
valuation of investment property and investment property under development and judgments for bias by the Board of Directors, including
retrospective reviews of prior years’ estimates. Where we identified instances of unexpected journal entries or other risks through our data
analytics, we performed additional audit procedures to address each identified risk, including testing of transactions back to source
information.
We incorporated elements of unpredictability in our audit:
• performing procedures on an early-stage development project and review the tender process related to selection of a construction
company (e.g., multiple quotes obtained, documentation around selection of the party) and selection of advisory fees paid in the period
just before a construction permit is obtained and to perform procedures on whether the services are in accordance with the fees paid.
• performing procedures on cost declarations of executive directors.
• determine via inquiry whether accounting staff feels pressure to book journal entries without proper support.
Fraud risk related to conflict of interest in real estate transactions
With respect to the risk of fraud in relation conflict of interest in the real estate transactions, we refer to the Key audit matter ‘Real estate
transactions’.
We communicated our risk assessment, audit responses and results to the Board of Directors. Our evaluation of procedures performed
related to fraud and non-compliance with laws and regulations did not result in an additional key audit matter.
Our audit procedures did not reveal indications or reasonable suspicion of fraud and non-compliance that are considered material for our
audit.
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Audit response to going concern
As explained in note 2 to the financial statements, the Board of Directors has performed its going concern assessment and has not
identified any going concern risks. To assess the Board of Directors’ assessment, we have performed, inter alia, the following procedures:
• We considered whether the assessment of the going concern risks performed by the Board of Directors included all relevant information
of which we are aware of as a result of our audit;
• We considered whether the developments in share prices indicate a significant going concern risk;
• We analyzed the financial position of the Group as at year end and compared it to the previous financial year in terms of indicators that
could identify significant going concern risks.
The outcome of our risk assessment procedures did not give reason to perform additional audit procedures on management’s going
concern assessment.
Audit response to climate related risks
The company has set out its ambitions relating to climate change in chapter 4.7.1. “Striving to be Climate Positive” of the annual report
2023. The company’s ambition is in line with the Paris Agreement to become carbon neutral by 2050 in all scopes as defined by the
Greenhouse Gas Protocol Corporate Standard through the reduction of the Group’s GHG emissions and water consumption, the
production of renewable energy and support for biodiversity.
The Board of Directors has assessed, against the background of the company’s business and operations, how climate related risks and the
company’s own ambitions could have a significant impact on its business or could impose the need to adapt its strategy and operations.
The Board of Directors has considered the impact of physical risks extensively and transition risks high-level on the financial statements
under the requirements of EU-IFRS.
The Board of Directors prepared the financial statements, including considering whether the implications from climate related risks and
ambitions have been appropriately accounted for and disclosed. As part of our audit, we performed a risk assessment of the impact of
climate related risk on the financial statements and our audit approach. We performed the following procedures:
• Understanding the company’s processes: we held inquiries with the Board of Directors, the Group Head of ESG and other relevant
employees for Environmental, Social, and Governance who are responsible for climate risk assessment within the company. The
purpose is to understand the client’s risk assessment and the climate roadmap to become carbon neutral in all scopes by 2050. The
company has performed a physical climate risk assessment including scenario analysis, but a climate roadmap is still in progress.
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Further, we inquired how this ambition was translated into investment decisions and the related potential impact of climate related risks
and ambitions on the company’s annual report and financial statements.
• We evaluated climate risk related fraud risk factors such as pressure from remuneration and expectations from external stakeholders to
meet ESG/climate risk related targets. We concluded that the factors do not result in an event or condition that would indicate a risk of
material misstatement in the financial statements.
• We have inquired with the external appraiser on how climate risk factors are considered in the external appraisal process and inspected
the external valuation reports on potential climate related impact on fair value of investment property.
• We involved KPMG climate change subject matter experts, to assist in understanding how climate related risks and ambitions may
affect the entity and its accounting in the current year’s financial statements.
Based on the procedures performed above, we found that climate related risks have no material impact on the 2023 financial statements
under the requirements of EU-IFRS and no material impact on our key audit matters.
Furthermore, we have read the ‘Other information’ with respect to climate related risks as included in the annual report and considered
whether such information contains material inconsistencies with the financial statements or our knowledge obtained through the audit, in
particular as described above and our knowledge obtained otherwise.
Our key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements.
We have communicated the key audit matters to the Board of Directors. The key audit matters are not a comprehensive reflection of all
matters discussed.
Compared to last year the key audit matter with respect to application of hedge accounting has been removed and those in respect of
corrections of errors and goodwill have been added.
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Valuation of investment property and investment property under development
Description
Investment property and investment property under development (hereafter ‘investment property’) amounts to EUR
13.4 billion and
represent
90% of the Group’s total assets as at 31 December 2023. Investment property is valued at fair value; therefore, the Group has to
make estimates and use assumptions to determine those fair values. The fair value is, as explained in notes 18 and 19 to the financial
statements, determined by the Board of Directors based on appraisal reports by an independent appraiser (98%) or on the acquisition
price of investment property as a proxy for the fair value when acquired close to the reporting date (2%).
Because the valuation of investment property and investment properties under development is complex and highly dependent on
estimates and significant assumptions (such as estimated rental value and yield/discount rate, and specifically for investment property
under development the development margin) and the availability of comparable transactions, we consider the valuation of investment
property as a key audit matter in our audit.
Our response
With involvement of KPMG auditors in the Netherlands, Czech Republic, Slovakia, Hungary and Germany, our procedures for the
valuation of investment property included:
— assessment of the valuation process with respect to the investment property as at 31 December 2023, including an evaluation of the
design and implementation of related internal controls and test of details;
— verification whether lease data provided to the appraisers is consistent with the property management systems, and whether any
significant changes have occurred since providing the data to the appraisers;
— evaluation of the competence, capabilities and objectivity of the external appraisal firms;
— involvement of property valuation experts to verify the appropriateness of the valuation methodology, determine the mathematical
accuracy of the valuation model and verification of the appropriateness of key assumptions in the valuation process, which consists of
estimated rental values and yields/discount rates. This included assessing the historical accuracy of the assumptions in prior periods,
our understanding of the market and market developments and a comparison of assumptions and movements therein with publicly
available data;
— discussion of the results of the valuation process and our findings and observations with management and the appraisal firms; and
— evaluation of the adequacy of the disclosures in notes 18 and 19 in respect of investment property in conformity with EU-IFRS
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Our observation
Overall, we assess that the assumptions and methodologies used, and related estimates resulted in a valuation of investment property
which is deemed reasonable and concur with the related disclosures in the financial statements.
Real estate transactions
Description
As part of the normal course of business, real estate transactions take place.
Acquisitions of investment property and investment property under development are significant transactions which are prone to fraud due
to the nature of these transactions.
Transactions often involve a variable consideration (earnouts, rental guarantees, etc.) and are structured as asset deals or share deals
(depending on tax considerations).
We have identified fraud risk in relation to corruption in the context of the use of agents and/or business partners as part of the
acquisition of investment property and investment property under development and related potential conflicts of interest.
The fraud risk has been allocated to specific transactions/properties (i.e. entities within the group that are involved in acquisition of real
estate) mainly to screen whether fraud risk factors in transactions are present.
Our response
In respect of fraud risks related to transactions with investment property and investment property under development, we obtained an
understanding of management’s anti-fraud controls (for example, counterparty due diligence, four-eyes principle, procurement
procedures for development/construction contracts). Further, we selected specific transactions to verify whether any fraud risk factors
are present especially in the view of a possible of conflict of interest.
At group level, we also inspected minutes of Board meetings in which these transactions are discussed to verify that the governance
around the transactions is appropriate, and the required approvals are obtained.
Our observation
Based on our procedures on specific real estate transactions, we have not found any fraud risk factors that would lead to a potential
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Corrections of errors
Description
In 2023 management reconsidered the accounting treatment of the acquisition of Deutsche Industrie REIT-AG(DIR) and concluded that
in 2022 the transaction should have been accounted for as a business combination in accordance with IFRS 3, rather than an acquisition
of assets and liabilities. As the adjustment is material it is treated as a correction of error in accordance with IAS 8. The errors have been
corrected by restating the individual line items for prior periods.
In the consolidated financial statements the correction of error lead to the recognition of EUR 171.1 million of goodwill a deferred tax
liability of EUR 34.6 million and a resulting increase in equity of EUR 136.5 million. Adjustment of the net valuation result (negative) in
2022 with EU 26.3 million and a number of smaller adjustments lead to a total negative adjustment of total comprehensive income of
EUR 28.0 million.
In addition in 2023 management noted that in the accounting for the acquisition of DIR intercompany loans from CTP N.V. to DIR had not
been treated correctly. In the transaction these loans were converted to equity. As the adjustment is material it is treated as a correction
of error in accordance with IAS 8. The errors have been corrected in the company financial statements by restating the individual line
items for prior periods. There is no restatement of the consolidated financial statements. The correction lead to an increase of the
investment in group companies of EUR 107.9 million; corresponding adjustments are in long term receivables from group companies and
long term payables to group companies. Result for the year 2022 is adjusted with EUR 0.1 million.
Our response
In respect of the correction of error we obtained an understanding of management’s analysis and resulting adjustments to the financial
statements. Our procedures included:
- Assessing the appropriateness of the accounting treatment in accordance with IFRS 3.
- Reconciling the adjustment relating to the intercompany loans to the transaction documentation.
- Assessing the restatement at the prior period.
- Assessing the treatment and disclosure in accordance with IAS 8.
Our observation
We consider the correction of errors to be determined appropriately and we consider the disclosure in note 4 to the consolidated
financial statements and note 3 to the company financial statements appropriate.
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Goodwill
Description
At 31 December 2023 CTP N.V. has goodwill of EUR 171 million (2022: EUR 171 million) on the balance sheet. The goodwill arose from
the DIR acquisition. Refer to KAM ‘Correction of errors’ for details. Goodwill is allocated to Cash Generating Units (CGU’s) for which
management is required to test the carrying value of goodwill for impairment annually or more frequently if there is a triggering event for
testing. As described in note 22 goodwill and intangible assets to the consolidated financial statements in 2023 CTP N.V. no goodwill
impairment is recognized in 2022 and in 2023. Performing audit procedures related to the goodwill impairment test and in particular the
calculation of the recoverable amount is complex and judgmental and subject to significant estimation uncertainty. The most significant
judgements were the determination of the WACC and CGU and the assessment of the terminal value growth rate and the future cash
flows. Given the financial significance and the level of judgement required and significant estimation uncertainty, we considered this a
key audit matter.
Our response
Our procedures cover the methodology, the design of the model used for the goodwill impairment test, the reliability of assumptions for
cash flow projections and the reliability of other input data. With the assistance of our valuation specialists we performed the following
procedures:
— assessment of the appropriateness of the methodology and mathematical accuracy of the calculations in the model;
— assessment of the appropriateness of the WACC;
— assessment of the assumptions used by comparing them to external data such as expected inflation rates, discount rates and implied
growth rates;
— assessment of the consistency of cash flow projections used in the valuation with information approved by management such as
business plans (including expected growth rates);
— reconciliation of the carrying values of the CGU to the EU-IFRS balance sheet of these entities;
— assessment of the adequacy of the disclosure around goodwill and goodwill impairment;
— performing sensitivity analysis on the derived value in use.
Our observation
We consider management’s methods, assumptions and data used to calculate the recoverable amount of goodwill to be reasonable and
the impairment charge recorded to be appropriate. We also found the goodwill and goodwill impairment notes in the financial statements
to be adequate.
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We refer to the disclosure on goodwill and intangible assets in note 22.
Report on the other information included in the annual report
In addition to the financial statements and our auditor’s report thereon, the annual report contains other information.
Based on the following procedures performed, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report and other information.
We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or
otherwise, we have considered whether the other information contains material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720.
The scope of the procedures performed is less than the scope of those performed in our audit of the financial statements.
The Board of Directors is responsible for the preparation of the other information, including the information as required by Part 9 of Book 2
of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the General Meeting of Shareholders as auditor of CTP N.V. on 16 March 2021, as of the audit for the year 2021,
and have operated as statutory auditor ever since that financial year.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding
statutory audits of public-interest entities.
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European Single Electronic Format (ESEF)
CTP N.V. has prepared its annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with
regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion, the annual report prepared in XHTML format, including the (partly) marked-up consolidated financial statements as included
in the reporting package by CTP N.V., complies in all material respects with the RTS on ESEF.
The Board of Directors is responsible for preparing the annual report including the financial statements in accordance with the RTS on
ESEF, whereby the Board of Directors combines the various components into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the
RTS on ESEF. We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten
inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance engagements relating to
compliance with criteria for digital reporting). Our examination included among others:
• Obtaining an understanding of the entity's financial reporting process, including the preparation of the reporting package;
• Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing
and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including:
• Obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL
instance document and the XBRL extension taxonomy files have been prepared in accordance with the technical specifications as
included in the RTS on ESEF;
• Examining the information related to the consolidated financial statements in the reporting package to determine whether all required
mark-ups have been applied and whether these are in accordance with the RTS on ESEF.
Description of responsibilities regarding the financial statements
Responsibilities of the Board of Directors for the financial statements
The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with EU-IFRS and
Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Board of Directors is responsible for such internal control as management
determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to
fraud or error. In that respect the Board of Directors is responsible for the prevention and detection of fraud and non-compliance with laws
and regulations, including determining measures to resolve the consequences of it and to prevent recurrence.
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As part of the preparation of the financial statements, the Board of Directors is responsible for assessing the company’s ability to continue
as a going concern. Based on the financial reporting frameworks mentioned, the Board of Directors should prepare the financial statements
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations,
or has no realistic alternative but to do so. The Board of Directors should disclose events and circumstances that may cast significant doubt
on the company’s ability to continue as a going concern in the financial statements.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for
our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and
fraud during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature,
timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.
A further description of our responsibilities for the audit of the financial statements is included in the appendix of this auditor's report. This
description forms part of our auditor’s report.
Amstelveen, 11 March 2024
KPMG Accountants N.V.
H.D. Grönloh RA
Appendix:
Description of our responsibilities for the audit of the financial statements
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Appendix
Description of our responsibilities for the audit of the financial statements
We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch
Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:
• identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and
performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control;
• evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the Board of Directors;
• concluding on the appropriateness of the Board of Directors’ use of the going concern basis of accounting, and based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause a company to cease to continue as a going concern;
• evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
• evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We are solely responsible for the opinion and therefore responsible to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the group to express an opinion on the financial statements. In this respect we are
also responsible for directing, supervising and performing the group audit.
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We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant findings in internal control that we identify during our audit. In this respect we also submit an
additional report to the audit committee in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory
audits of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report.
We provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine the key audit matters: those matters that were of most
significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest.
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Appendices
Appendices
7.1 Group Structure 297
7.2 EPRA Financial Performance Metrics 303
7.2.1 EPRA Earnings 304
7.2.2 EPRA Net Asset Value Metrics 305
7.2.3 EPRA NIY and ‘topped-up’ NIY 306
7.3 Environmental Indicators 307
7.3.1 Climate 307
7.3.2 Water & Effluents 310
7.3.3 Waste 312
7.3.4 New BREEAM Certifications 2023 313
7.3.5 New EPC Certifications 313
7.4 Social Indicators 313
7.4.1 Key characteristics of CTP workers 313
7.4.2 New hires and new hire rate 316
7.4.3 Turnover rate 317
7.5 ESRS Index 318
7.6 GRI Index 322
7.7 EPRA sBPR 325
7.8 EU Taxonomy 326
7.9 Property List 329
7.9 Glossary 333
7.10 Disclaimer 337
7
Appendices
7.1 Group Structure
Financial
Statements
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Company
Introduction
7.1 Group Structure
GRI 2-2
CTP GROUP STRUCTURE CHART
AS AT 31 DECEMBER 2023
CONTINUES ON THE PAGES 301-302
CONTINUES ON THE PAGES 298-300
Remon Leonard Vos
Person with significant control
100%
100%
>75%
100%
100%100%
Stichting Administratiekantoor Multivest
Multivest B.V.
CTP Holding B.V.
CTP N.V.
CTP Invest, spol. s r.o.
CTP Property B.V.CTP Deutschland B.V.
Appendices
7.1 Group Structure
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Czech Republic
CTP Property Czech, spol. s r.o. 100%
CTP X, spol. s r.o. 100%
CTPark Brno Retail, spol. s r.o. 100%
CTPark Brno III, spol. s r.o. 100%
CTPark Prague North II, spol. s r.o. 100%
CTP XIV, spol. s r.o. 100%
CTP II, spol. s r.o. 100%
CTPark Prague North III, spol. s r.o. 100%
CTP III, spol. s r.o. 100%
CTP V, spol. s r.o. 100%
CTPark Stříbro, spol. s r.o. 100%
CTP XV, spol. s r.o. 100%
CTP XVI, spol. s r.o. 100%
CTP XVIII, spol. s r.o. 100%
CTP Forest, spol. s r.o. 100%
Clubco Vlněna, spol. s r.o. 100%
CTPark Blučina, spol. s r.o. 100%
CTP Barrandov, spol. s r.o. 100%
CTP XXII, spol. s r.o. 100%
CTPark Lysá nad Labem, spol. s r.o. 100%
CTP IQ Ostrava, spol. s r.o. 100%
CTP XII, spol. s r.o. 100%
CTP XI, spol. s r.o. 100%
CTP IV, spol. s r.o. 100%
CTP VI, spol. s r.o. 100%
Spielberk Business Park, spol. s r.o. 100%
CTZone Ostrava, spol. s r.o. 100%
CTP Energy CZ, spol. s r.o. 100%
CTP VIII, spol. s r.o. 100%
CTP XXIV, spol. s r.o. 100%
CTPark Ostrava Hrušov, spol. s r.o. 100%
CTPark Nýřany, spol. s r.o. 100%
CTP Nová Zvonařka, spol. s r.o. 100%
CTPark Nýřany II, spol. s r.o. 100%
Clubco Nupaky, spol. s r.o. 100%
Clubco Ostrava, spol. s r.o. 100%
CTPark Tošanovice a.s. 100%
CTP Hotel Pilsen, spol. s r.o. 100%
L
CTP Hotel Operations Pilsen, spol. s r.o. 90%
10% CTP Invest, spol. s r.o.
CTP Hotel Prague, spol. s r.o. 100%
L
CTP Hotel Operations Prague, spol. s r.o. 90%
10% CTP Invest spol. s.r.o.
Spielberk Business Park II, spol. s r.o. 100%
L
CTP Hotel Operations Brno, spol. s r.o. 100%
CTP CEE Properties, spol. s r.o. 100%
Romania
CTP INVEST BUCHAREST SRL 100%
L
Universal Management SRL 100%
L
CTPARK MANAGEMENT TURDA SRL 100%
L
CTPARK MANAGEMENT AFUMATI SRL 100%
CTPARK THETA SRL 100%
CTPARK PSI SRL 100%
CTPARK ZETA SRL 100%
CTPARK EPSILON SRL 100%
CTPARK IOTA SRL 100%
CTPARK MIU SRL 100%
CTPARK OMICRON SRL 100%
CTPARK RHO SRL 100%
CTPARK KM23 NORTH SRL 100%
FOREST PROPERTY INVEST SRL 100%
CTP Solar SRL 100%
CTPARK ARAD NORTH SRL 100%
CTPARK SIBIU EAST SRL 100%
CTPARK CRAIOVA EAST SRL 100%
CTPARK ORADEA NORTH SRL 100%
CTPARK TIMISOARA EAST SRL 100%
CTPARK BRASOV SRL 100%
CTPARK BRASOV WEST SRL 100%
CTPARK BUCHAREST SOUTH II SRL 100%
CTPARK CHITILA SRL 100%
CTPARK PITESTI SRL 100%
CTPark Pitesti East SRL 100%
CTPark Timisoara North SRL 100%
CTPark Dragomiresti SRL 100%
Hungary
CTP Management Hungary Kft. 100%
CTPark Twelve Kft. 100%
CTPark Thirteen Kft. 100%
CTPark Fourteen Kft. 100%
CTPark Fifteen Kft. 100%
CTPark Sixteen Kft. 100%
CTPark Seventeen Kft. 100%
Office Campus Real Estate Kft. 100%
CTP Energy Hungary Kft. 100%
CTPark Eighteen Kft. 100%
CTPark Nineteen Kft. 100%
CTPark Twenty Kft. 100%
CTPark Twenty One Kft. 100%
CTPark Twenty Two Kft. 100%
CTPark Twenty Three Kft. 100%
CTPark Twenty Four Kft. 100%
CTPark Twenty Five Kft. 100%
CTPark Twenty Six Kft. 100%
CTPark Twenty Seven Kft. 100%
CTPark Twenty Eight Kft. 100%
CTPark Twenty Nine Kft. 100%
CTPark Thirty Kft. 100%
CTPark Thirty One Kft. 100%
CTP Invest, spol. s r.o.
Appendices
7.1 Group Structure
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
299
Annual Report 2023 CTP N.V.
Poland
CTP Invest Poland Sp. z o.o. 100%
CTPark Zabrze Sp. z o.o. 100%
CTP Beta Poland Sp. z o.o. 100%
CTP Delta Poland Sp. z o.o. 100%
CTP Zeta Poland Sp. z o.o. 100%
CTP Epsilon Poland Sp. z o.o. 100%
CTP Iota Poland Sp. z o.o. 100%
CTP Dystrybucja Sp. z o.o. 100%
CTP Lambda Poland Sp. z o.o. 100%
CTP Mu Poland Sp. z o.o. 100%
CTP Xi Poland Sp. z o.o. 100%
CTP Tau Poland Sp. z o.o. 100%
CTP Energy Poland Sp. z o.o. 100%
CTP Pi Poland Sp. z o.o. 100%
CTP Rho Poland Sp. z o.o. 100%
CTP Chi Poland Sp. z o.o. 100%
CTP Omega Poland Sp. z o.o. 100%
CTP Property Alpha Poland Sp. z o.o. 100%
CTP Property Gamma Poland Sp. z o.o. 100%
CTP Property Delta Poland Sp. z o.o. 100%
CTP Property Epsilon Poland Sp. z o.o. 100%
CTP Property Eta Poland sp. z o.o. 100%
CTP Property Zeta Poland sp. z o.o. 100%
CTP Property Theta Poland sp. z o.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Property Iota Poland sp. z o.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Property Kappa Poland sp. z o.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Property Lambda Poland sp. z o.o. 100%
CTP Property Mu Poland sp. z o.o. 100%
CTP Property Nu Poland sp. z o.o. 100%
Wiskitki Project sp. z o.o. 100%
Slovakia
CTP Invest SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Čierny Les, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Prešov North, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Trnava II, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Dunaj s.r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Žilina Airport II, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Bratislava East, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Solar SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Banská Bystrica, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Land SK 1, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Energy SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
Netherlands
CTP Invest B.V. 100%
CTP Alpha B.V. 100%
CTP Beta B.V. 100%
CTP Gamma B.V. 100%
CTPark Bremen B.V. 100%
CTP Zeta B.V. 100%
CTP Energy B.V. 100%
CTP Lambda B.V. 100%
CTP ALC B.V. 100%
CTP Mu B.V. 100%
L Multifin B.V. 100%
Germany
L
CTP Germany II GmbH 100%
CTP Baltic Holding B.V. 100%
Latvia
L
Samesova SIA 100%
L
Vojtova SIA 100%
L
Zemankova SIA 100%
Lithuania
L
UAB Samesova 100%
L
UAB Vojtova 100%
L
UAB Zemankova 100%
Estonia
L
Samesova OÜ 100%
L
Vojtova OÜ 100%
L
Zemankova OÜ 100%
Turkey
CTP Turkish Holding B.V. 100%
L
CTP ALPHA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
L
CTP BETA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
L
CTP GAMMA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
CTP Mediterranean Holding B.V. 100%
Egypt
L
CTP Real Estate 90%
10% CTP Baltic Holding B.V.
L
CTP Real Estate Development 90%
10% CTP Baltic Holding B.V.
L
CTP Invest 90%
10% CTP Baltic Holding B.V.
CTP Invest, spol. s r.o.
Appendices
7.1 Group Structure
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
300
Annual Report 2023 CTP N.V.
CTP Invest d.o.o. Beograd-Novi Beograd 100%
CTP Energy d.o.o. Beograd-Novi Beograd 100%
CTP Sigma d.o.o. Beograd-Novi Beograd 100%
CTP Omicron d.o.o. Beograd-Novi Beograd 100%
CTP Phi d.o.o. Beograd-Novi Beograd 100%
CTP Rho d.o.o. Beograd-Novi Beograd 100%
CTP Tau d.o.o. Beograd-Novi Beograd 100%
CTP Property Alpha d.o.o. Beograd-Novi Beograd 100%
CTP Property Beta d.o.o. Beograd-Novi Beograd 100%
CTP Property Gamma d.o.o. Beograd-Novi Beograd 100%
CTP Property Delta d.o.o. Beograd-Novi Beograd 100%
Serbia
Bulgaria
CTP Invest EOOD 100%
CTPark Beta EOOD 100%
CTPark Gamma EOOD 100%
CTPark Delta EOOD 100%
CTPark Epsilon EOOD 100%
L
Project Vrajdebna EOOD 100%
CTPark Zeta EOOD 100%
L
CTPark Kappa EOOD 100%
CTPark Eta EOOD 100%
L
CTPark Lambda EOOD 100%
CTPark Theta EOOD 100%
CTPark Iota EOOD 100%
CTPark Sofia Ring Road EOOD 100%
CTPark Sofia EOOD 100%
CTP Energy Bulgaria EOOD 100%
CTPark Mu EOOD 100%
Austria
CTP Beta GmbH 100%
CTP Invest Immobilien GmbH 100%
CTP Alpha GmbH 100%
CTP Gamma GmbH 100%
CTP Delta GmbH 100%
CTP Epsilon GmbH 100%
CTP Zeta GmbH 100%
CTP Eta GmbH 100%
CTP Theta GmbH 100%
CTP Iota GmbH 100%
CTP Kappa GmbH 100%
CTP Energy GmbH 100%
CTP Lambda GmbH 100%
CTP Mu GmbH 100%
CTP Nu GmbH 100%
CTP Xi GmbH 100%
CTP Omicron GmbH 100%
CTP Pi GmbH 100%
Germany
CTP Invest Germany GmbH 100%
CTP Germany GmbH 100%
L
CTP Germany V GmbH 90%
10% CTP Invest, spol. s r.o.
L
CTP Germany VI GmbH 90%
10% CTP Invest, spol. s r.o.
CTP Energy Germany GmbH 100%
Slovenia
CTPark Alpha, d.o.o. 100%
Spain
Global Guanaco, S.L.U. 100%
France
CTP France 100%
CTP Alpha France 100%
CTP Beta France 100%
Italy
CTP Italy S.r.l. 100%
CTP Alpha S.r.l. 100%
CTP Beta S.r.l. 100%
United Kingdom
CTP Invest Ltd 100%
CTP Alpha Ltd 100%
CTP Beta Ltd 100%
CTP Invest, spol. s r.o.
Appendices
7.1 Group Structure
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
301
Annual Report 2023 CTP N.V.
Czech Republic
CTP Borská Pole, spol. s r.o. 100%
CTP Vysočina, spol. s r.o. 100%
CTPark Ostrava, spol. s r.o. 100%
CTP Moravia South, spol. s r.o. 100%
CTPark Mladá Boleslav, spol. s r.o. 100%
CTP Bohemia North, spol. s r.o. 100%
CTPark Brno Líšeň West, spol. s r.o. 100%
CTP Moravia North, spol. s r.o. 100%
CTP Pilsen Region, spol. s r.o. 100%
CTP Bohemia West, spol. s r.o. 100%
CTPark Ostrava Poruba, spol. s r.o. 100%
CTPark České Velenice, spol. s r.o. 100%
CTPark Hranice, spol. s r.o. 100%
CTP XXIII, spol. s r.o. 100%
CTPark Prague Airport, spol. s r.o. 100%
CTPark Prague East, spol. s r.o. 100%
CTP Domeq Brno, spol. s r.o. 100%
CTP Ponávka Business Park, spol. s r.o., 100%
CTP Solar I, a.s. 100%
CTP Bohemia South, spol. s r.o. 100%
CTP Alpha, spol. s r.o. 100%
CTPark Chrastava a.s. 100%
CTP Solar II, a.s. 100%
CTP Solar III, spol. s r.o. 100%
CTPark Brno, spol. s r.o. 100%
CTPark Prague West, spol. s r.o. 100%
CTPark Cerhovice, spol. s r.o. 100%
CTP Vlněna Business Park, spol. s r.o. 100%
CTPark Plzeň, spol. s r.o. 100%
CTPark Brno Líšeň East, spol. s r.o. 100%
CTP XVII, spol. s r.o. 100%
CTPark Brno Líšeň II, spol. s r.o. 100%
CTPark Aš II, spol. s r.o. 100%
CTP CEE Sub Holding, spol. s r.o. 100%
Poland
L
CTPark Iłowa Sp. z o.o. 100%
L
CTP Gamma Poland Sp. z o.o. 100%
L
CTP Property Beta Poland Sp. z o.o. 100%
Romania
CTP CONTRACTORS SRL 100%
CTPARK ALPHA SRL 100%
CTPARK BETA SRL 100%
CTPARK GAMMA SRL 100%
CTPARK DELTA SRL 100%
CTPARK BUCHAREST SRL 100%
CTPARK BUCHAREST WEST I SRL 100%
CTPARK DEVA II SRL 100%
CTPARK BUCHAREST WEST II SRL 100%
CTPARK KAPPA SRL 100%
CTPARK BUCHAREST II SRL 100%
CTPARK LAMBDA SRL 100%
CTPARK OMEGA SRL 100%
CTPARK PHI SRL 100%
CTPARK SIGMA SRL 100%
CTPARK TAU SRL 100%
CTPARK ETA SRL 100%
CTPark Bucharest A1 SRL 100%
CTPARK BUCHAREST UPSILON SRL 100%
Hungary
CTPark Alpha Kft. 100%
CTPark Beta Kft. 100%
CTPark Gamma Kft. 100%
CTPark Delta Kft. 100%
CTPark Biatorbágy Kft. 100%
CTPark Arrabona Kft. 100%
CTPark Seven Kft. 100%
CTPark Eight Kft. 100%
CTPark Ten Kft. 100%
CTPark Nine Kft. 100%
CTPark Eleven Kft. 100%
Germany
CTP Germany VII GmbH 100%
CTP Germany VIII GmbH 100%
CTP Germany IX GmbH 100%
CTP Germany X GmbH 100%
CTP Property B.V.
Appendices
7.1 Group Structure
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
302
Annual Report 2023 CTP N.V.
Slovakia
CTP Alpha SK, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Krásno nad Kysucou, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTP Slovakia, s. r. o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Bratislava, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Hlohovec, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nitra, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nove Mesto, spol. s.r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Košice, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Prešov s.r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Žilina Airport, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Námestovo, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
Serbia
CTP Alpha d.o.o. Beograd-Novi Beograd 100%
CTP Beta d.o.o. Beograd-Novi Beograd 100%
CTP Gamma d.o.o. Beograd-Novi Beograd 100%
CTP Delta d.o.o. Beograd-Novi Beograd 100%
CTP Epsilon d.o.o. Beograd-Novi Beograd 100%
CTP Kappa d.o.o. Beograd-Novi Beograd 100%
CTP Lambda doo Beograd 100%
Poland
CTPark Opole Sp. z o.o. 100%
CTP Eta Poland Sp. z o.o. 100%
CTP Nu Poland Sp. z o.o. 100%
CTP Sigma Poland Sp. z o.o. 100%
Netherlands
CTP Epsilon B.V. 100%
CTP Theta B.V. 100%
CTP Eta B.V. 100%
CTP Kappa B.V. 100%
CTP Nu B.V. 100%
CTP Xi B.V. 100%
CTP Omicron B.V. 100%
CTP Pi B.V. 100%
CTP Rho B.V. 100%
CTP Portfolio Finance Czech B.V. 100%
Czech Republic
L
CTPark Modřice, spol. s r.o. 100%
L
CTPark Bor, spol. s r.o. 100%
Hong Kong
CTP Invest Hong Kong Limited 100%
CTP Property B.V.
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
303
Annual Report 2023 CTP N.V.
Indicator 2023
2022
restated
1. EPRA EARNINGS
a. EPRA EPS €0.69 €0.51
b. Company Specific Adjusted EPRA EPS €0.73 €0.61
2. EPRA NAV METRICS
a. EPRA Net Tangible Assets €15.92 €13.81
b. EPRA Net Reinstatement Value €16.36 €14.23
c. EPRA Net Disposal Value €14.90 €14.52
3. EPRA YIELD METRICS
a. EPRA NET INITIAL YIELD (NIY) 5.6% 5.5%
b. EPRA ‘TOPPED-UP’ NIY 5.8% 5.6%
7.2 EPRA Financial Performance Metrics
Appendices
7.2 EPRA Financial
Performance Metrics
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
304
Annual Report 2023 CTP N.V.
(€million) 2023
2022
restated
Earnings per IFRS income statement 922.6 766.6
Adjustments to calculate EPRA Earnings, exclude: -
(i) Changes in value of investment properties, development properties held for investment and other interests 878.7 697.3
(ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests 3.7 0.9
(iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties. -
(iv) Tax on profits or losses on disposals -0.1 -0.2
(v) Negative goodwill / goodwill impairment -
(vi) Changes in fair value of financial instruments and associated close-out costs -1.7 4.1
(vii) Acquisition costs on share deals and non-controlling joint venture interests -
(viii) Deferred tax in respect of EPRA adjustments -265.6 -158.8
(ix) Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation) -
(x) Non-controlling interests in respect of the above - 3.0
EPRA Earnings 307.7 220.4
Average number of shares (in million) 446.1 434.0
EPRA Earnings per Share (EPS) 0.69 0.51
Company specific adjustments:
(a) FX related to company restructuring, intra-group transfer of SPV's 9.2 −2.2
(b) Non-recurring financing cost (i.e., arrangement fees, etc.) −6.6 −16.1
(c) Non-recurring items unrelated to operational performance (i.e., donations, transaction advisory, write-offs, etc.) −22.9 −34.7
(d) Tax in respect of Company specific adjustments 4.5 7.9
Company specific adjusted EPRA Earnings 323.5 265.5
Company specific adjusted EPRA EPS 0.73 0.61
Appendices
7.2 EPRA Financial
Performance Metrics
7.2.1 EPRA EARNINGS
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
305
Annual Report 2023 CTP N.V.
Appendices
7.2 EPRA Financial
Performance Metrics
(€million) 31 December 2023
31 December 2022
Restated
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS Equity attributable to shareholders 6,166.9 6,166.9 6,166.9 5,421.0 5,421.0 5,421.0
Include / Exclude: - - -
i) Hybrid instruments - - -
Diluted NAV 6,166.9 6,166.9 6,166.9 5,421.0 5,421.0 5,421.0
Include: - - -
ii.a) Revaluation of IP (if IAS 40 cost option is used) - - -
ii.b) Revaluation of IPUC (if IAS 40 cost option is used) - - -
ii.c) Revaluation of other non-current investments - - -
iii) Revaluation of tenant leases held as finance leases - - -
iv) Revaluation of trading properties - - -
Diluted NAV at Fair Value 6,166.9 6,166.9 6,166.9 5,421.0 5,421.0 5,421.0
Exclude: - - -
v) Deferred tax in relation to fair value gains of IP -1,162.3 -1,162.3 - -915.6 -915.6
vi) Fair value of financial instruments 16.1 16.1 - 27.5 27.5
vii) Goodwill as a result of deferred tax 38.8 38.8 38.8 38.8 38.8 38.8
viii.a) Goodwill as per the IFRS balance sheet (net of vii)) - 132.3 132.3 132.3 132.3
viii.b) Intangibles as per the IFRS balance sheet - 5.4 - 3.5
Include: - - -
ix) Fair value of fixed interest rate debt - - 683.7 1,199.6
x) Revaluation of intangibles to fair value - - -
xi) Real estate transfer tax 59.4 - - 50.9
NAV 7,333.7 7,136.6 6,679.5 6,321.1 6,134.4 6,449.5
Fully diluted number of shares (in million) 448.4 448.4 448.4 444.1 444.1 444.1
NAV per share 16.36 15.92 14.90 14.23 13.81 14.52
7.2.2 EPRA NET ASSET VALUE METRICS
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
306
Annual Report 2023 CTP N.V.
(€million) 31 December 2023 31 December 2022
Investment property – wholly owned 12,478.9 10,554.6
Investment property – share of JVs/Funds -
Trading property (including share of JVs) -
Less: developments 1,359.6 1,193.3
Completed property portfolio 11,119.4 9,361.3
Allowance for estimated purchasers’ costs -
Gross up completed property portfolio valuation 11,119.4 9,361.3
Annualised cash passing rental income 637.7 527.4
Property outgoings 20.0 16.4
Annualised net rents 617.7 511.0
Add: notional rent expiration of rent free periods or other
lease incentives
25.1 15.8
Topped-up net annualised rent 642.8 526.8
EPRA NIY 5.6% 5.5%
EPRA “topped-up” NIY 5.8% 5.6%
7.2.3 EPRA NIY AND ‘TOPPED-UP’ NIY
Appendices
7.2 EPRA Financial
Performance Metrics
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
307
Annual Report 2023 CTP N.V.
To truly assess the impact of CTP’s operations on the environment, it is crucial to a develop a detailed
measurement system that thoroughly captures the Company’s energy use and its impact. To this end,
CTP developed a system to collect energy-related data based on supplier invoicing and meter readings.
The ESG team compiled and consolidated the data at the annual and Group levels. Disaggregation does
not apply to the Company in these reports.
7.3.1 CLIMATE
The figures reported are based on the data CTP has available. For data coverage, please refer to Sec-
tion 4.7.1.1.7 Energy of this report. Data has not been extrapolated for the calculation of the intensities
reported.
Any split between data, as indicated in these tables, is based on the submetering available at cor-
porate offices, parks, and buildings.
7.3 Environmental Indicators
7.3.1.1 ENERGY
ENERGY USE WITHIN OWN OPERATIONS
ESRS E1-5-37, ESRS E1-5-38, GRI 302-1
Category Units Baseline 2022 2023
Fuel Consumption (Scope 1)
1
Total MWh 15,100 16,856
Corporate Offices (Natural
gas)
MWh 498 610
Corporate Offices (Other
fossil energies)
MWh 0 0
Corporate Vehicles (Pet-
rol/Diesel)
MWh 3,692 5,117
Jet Fuels MWh 8,959 10,702
CTParks (Natural Gas) MWh 195 309
Portfolio (Natural Gas) MWh 928 117
District Heating (Scope 2) Total MWh 2,928 2,330
Corporate Offices MWh 76 163
Portfolio MWh 2,852 2,168
Electricity (Scope 2) Total MWh 10,892 8,650
Corporate offices MWh 684 855
Of which renewables MWh 21 375
CTParks MWh 3,804 3,264
Of which renewables MWh 550 1,595
Portfolio MWh 6,404 4,531
Of which renewables MWh 165 1,000
1 CTP does not consume self-generated non-fuel renewable energies.
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
308
Annual Report 2023 CTP N.V.
ENERGY OUTSIDE THE ORGANISATION
GRI 302-2
Category Units Baseline 2022 2023
Category 13 Downstream Leased Assets
Energy Consumption MWh 615,302 1,195,326
Purchased renewables MWh 91,298 259,769
Renewables provided by CTP Energy MWh 3,106 5,716
1
¹
EPRA ENERGY PORTFOLIO ²
Category Units Baseline 2022 (LfL) 2023 (LfL)
Fuel Consumption [Fuel-Abs/Fuel-LfL] MWh 208,587 (207,149) 512,665 (184,470)
District Heating [DH&C-Abs/DH&C-LfL] MWh 43,090 (39,778) 50,796 (35,966)
Electricity [Elec-Abs/Elec-LfL] MWh 394,322 (380,757) 638,681 (415,896)
CTP ENERGY
ESRS E1-5-39
Category Units Baseline 2022 2023 Targets 2026
Installed capacity MWp 38 100 400
Solar energy produced MWh 5,229 22,898 -
Of which exported to the grid MWh 2,015 17,043 -
Of which used by CTP or tenants MWh 3,106 5,776 ¹ -
FIG. 7.3.1.1 ENERGY ³
7.3.1.2 GREENHOUSE GAS EMISSIONS
CARBON FOOTPRINT
ESRS E1-6-48, ESRS E1-6-49, ESRS E1-6-51, ESRS E1-6-52, GRI 305-1, GRI 305-2, GRI 305-3
Category Units Baseline 2022 2023
Scope 1 tCO2e 6,089 6,782
Scope 2 (Location-based) tCO2e 5,540 4,218
Scope 2 (Market-based) tCO2e 5,815 3,461
Scope 3 tCO2e 211,938 581,460
Scope 1 + 2 (Location-based) tCO2e 11,629 11,000
Scope 1 + 2 (Market-based) tCO2e 11,904 10,243
Total location based tCO2e 223,567 592,460
Total market based tCO2e 223,842 591,703
1 A minor fraction of the renewables produced by CTPs PV installations was used at one of its buildings,
namely Amsterdam City.
2 The LfL comparison only includes buildings for which energy was recorded in 2022 and 2023.
3 This includes all energy consumed within the portfolio, including landlord and client consumption.
(% of MWh)
R0
12%
SK
7%
RS
3%
PL
2%
BG
1%
HU
3%
CZ
36%
DE
36%
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
309
Annual Report 2023 CTP N.V.
GHG EMISSIONS BY CATEGORY
Category Units Baseline 2022 2023
Scope 1
Corporate offices (all fuels) tCO
2
e 91 112
Corporate vehicles (diesel/ petrol) tCO
2
e 908 1,280
Jet Fuel tCO
2
e 2,345 2,802
CTParks tCO
2
e 36 57
Portfolio tCO
2
e 170 22
Refrigerants in portfolio tCO
2
e 2,387 2,509
Scope 2 – Location-based
Corporate offices tCO2e 289 395
CTParks tCO
2
e 1,763 1,186
Portfolio tCO
2
e 3,586 2,638
Scope 2 – Market Based
Corporate offices tCO
2
e 300 277
CTParks tCO2e 1,763 1,306
Portfolio tCO
2
e 3,751 1,878
Scope 3
Category 1: Goods and Services tCO
2
e - 213,308
Category 6: Business Travel tCO2e 76 184
Category 13: Downstream Leased Assets tCO
2
e 211,860 367,968
EPRA GHG PORTFOLIO
Category Units Baseline 2022 2023
Scope 1 [GHG-Dir-Abs] tCO2e 2,593 2,588
Scope 2 Location-Based [GHG-indir-Abs] tCO2e 5,349 3,823
Scope 2 Market-Based [GHG-indir-Abs] tCO2e 5,514 3,184
Scope 3: Category 13: Downstream Leased Assets tCO2e 211,860 367,968
1 This includes all GHG emissions within the portfolio, including landlord and client emissions.
(% of kgCO2e)
FIG. 7.3.1.2 EMISSIONS
1
CZ
46%
DE
27%
RO
10%
RS
6%
SK
4%
PL
3%
HU
3%
BG
1%
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
310
Annual Report 2023 CTP N.V.
7.3.1.3 INTENSITIES
ESRS E1-5-40, ESRS E1-5-41, ESRS E1-5-42, ESRS E1-5-43, ESRS E1-6-54, ESRS E1-6-55, GRI 302-3, GRI 305-4
Company intensities
For the calculation of the intensities CTP has used:
• Numerators
• Energy consumption within the organisation
• Total GHG emissions (Scopes 1, 2, and 3)
• Denominators
• Net Revenue: €673.8 million ¹
COMPANY INTENSITIES
Category Units 2022 2023
Total energy consumption MWh/€ Revenue Not calculated 0.000041
Total GHG emissions (Location-based) tCO2e/€ Revenue Not calculated 0.000016
Total GHG Emissions (Market-based) tCO2e/€ Revenue Not calculated 0.000015
PORTFOLIO INTENSITIES
Category Units 2022 2023
2
Energy Consumption [Energy-Int] kWh/m2 82.00 138.34
GHG Emissions [GHG-Int] CO2e/m2 34.81 42.17
1 Net Revenue as defined in Notes 8 – 9 in Chapter 6.
2 In 2023, CTP expanded the scope of reporting adding multiple properties, including some industrial
buildings of high energy intensity in Germany.
7.3.2 WATER & EFFLUENTS
GRI 303-3, EPRA WATER-ABS, EPRA WATER-LFL
Water-related data was collected through an internally created system based on supplier invoicing and
meter readings. The ESG team compiled and consolidated the data at the annual and Group levels. All
water withdrawn is freshwater.
As stated in Section 4.2.1 Basis for Preparation, CTP includes all the buildings in its portfolio as within
the boundaries of coverage. The data coverage is as follows:
• Corporate offices: 85% of corporate offices
• CTParks: 100%
• Portfolio buildings:
• Landlord-controlled: 100% of landlord-controlled gross building floor area
• Tenant-controlled: 65% of tenant controlled gross building floor area
• Splits presented are based on submetering where available.
Splits presented are based on submetering where available.
CTP uses the Aqueduct Water Risk Atlas, a GRI recommended tool, to define which of its operations
are located in areas where there is high water stress, 40% and upward. For the 2022 report, CTP used
the annual overview of the water stress level. For the 2023 calculation, CTP uses Aqueduct 4.0 and
looks towards the future, 2030, with the business-as-usual scenario. The numbers for 2022 have not
been recalculated as CTP understands that time plays a factor in the description of water stress levels.
At CTParks, most water is used for irrigation; therefore, water goes into the groundwater without
metering, making discharge negligible.
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
311
Annual Report 2023 CTP N.V.
7.3.2.1 WATER WITHDRAWAL CORPORATE OPERATIONS
WATER WITHDRAWAL
CORPORATE OPERATIONS
Category Units
All
areas
Areas with
water stress
2022 2023 2022 2023
Surface Water m³ - 0 Unknown 0
Groundwater m³ - 0 Unknown 0
Municipal Water m³ 2,723 10,923 Unknown 4,353
Unknown m³ 2,100 0 Unknown 0
WATER WITHDRAWAL CTPARKS
Category Units
All
areas
Areas with
water stress
2022 2023 2022 2023
Surface Water m³ - 0 - 0
Groundwater m³ 6,576 16,293 6,576 5,000
Municipal Water m³ 8,652 24,266 - 0
Unknown m³ 18,282 11,088 0 3,855
WATER WITHDRAWAL¹ IN PORTFOLIO
Category Units
All
areas
Areas with
water stress
2022 (LfL) 2023(LfL) 2022 2023
Surface Water Landlord-con-
trolled
m³ - 0 - 0
Surface Water Client-controlled m³ - 6,280 - 0
Groundwater Landlord-controlled m³ 5,190 7,244 193,642 7,230
Groundwater Client-controlled m³ 191,037 282,221 92,905 122,550
Municipal Water Landlord-con-
trolled
m³ 50,440 38,296 379,190 8,489
Municipal Water Client-controlled m³ 938,613 1,440,287 112,233 88,185
Unknown Landlord-controlled m³ 2,360 0 0 0
Unknown Client-controlled m³ 55,431 0 3,385 0
Totals [Water-Abs/Water-LfL] m³ 1,243,072
(1,206,389)
1,774,328
(990,066)
781,355 226,453
7.3.2.2 INTENSITIES
CTP acknowledges limitations in its ability to obtain data. Intensities are based on the data CTP has
available. For data coverage, please refer to Section 7.3.2 of this report.
WATER INTENSITIES PORTFOLIO
Category Units
Base Year
2022
Performance
2023
Targets
2026
Total Water Consumption
[Water-Int]
m³/m²
Water-Int
0.19 0.19 0.16
1 In the LfL comparison, CTP only includes buildings with data for both 2022 and 2023.
Appendices
7.3 Environmental Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
312
Annual Report 2023 CTP N.V.
7.3.3 WASTE
GRI 306-3, GRI 306-4, GRI 306-5, EPRA WASTE-ABS, WASTE-LFL
As stated in Section 4.2.1 Basis for Preparation, CTP includes all the buildings in its portfolio as within
the boundaries of coverage. The data coverage is as follows:
• Corporate offices: 85% of corporate offices
• CTParks: 100%
• Portfolio buildings: 45% of gross building floor area
With regards to waste collection, CTP assumes that the figures presented for corporate oprations
and CTParks fall under the Company’s responsibility. The figures presented for the portfolio fall under
tenant’s responsibilities.
7.3.3.1 WASTE GENERATED AND DISPOSAL ROUTE IN CORPORATE OPERATIONS (METRIC TONS)
WASTE GENERATED AND DISPOSAL ROUTE IN CORPORATE OPERATIONS
Disposal Route Units 2022 2023
Landfill kg 77,000 37,951
Incineration kg 2,000 1,788
Reuse kg - -
Waste to energy kg 3,000 -
Recycling kg 11,000 4,799
Other/Unknown kg - 15,759
Totals kg 92,000 60,298
7.3.3.2 WASTE GENERATED AND DISPOSAL ROUTE AT CTPARKS (METRIC TONS)
The figure below are all waste collected from the Landlord.
WASTE GENERATED AND DISPOSAL ROUTE AT CTPARKS
Disposal Route Units 2022 2023
Landfill kg - 206,599
Incineration kg - 1,165
Reuse kg - 0
Waste to energy kg - 2,428
Recycling kg - 1,604
Other/Unknown kg - 371,083
Totals kg - 582,879
7.3.3.3 WASTE GENERATED AND DISPOSAL ROUTE IN PORTFOLIO (METRIC TONS)
The figures below are all waste collected from clients.
WASTE GENERATED AND DISPOSAL ROUTE IN PORTFOLIO
Disposal route Units 2022 (LfL) 2023 (LfL)
Landfill kg 5,965,000 2,347,466
Incineration kg 208,000 1,699,170
Reuse kg 1,174,000 176,703
Waste to energy kg 1,841,000 145,771
Recycling kg 3,900,000 1,664,484
Other/Unknown kg 2,665,000 5,131,423
Totals [Waste-Abs/Waste-LfL] kg 15,753,000
(13,568,000)
11,165,018
(2,421,860)
Appendices
7.4 Social Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
313
Annual Report 2023 CTP N.V.
7.4.1 KEY CHARACTERISTICS OF CTP WORKERS
ESRS S1-6-50, S1-9-66, GRI 2-7, GRI 405-1, EPRA DIVERSITY-EMP
As CTP introduced new HR software in 2023, it has changed its approach to report the numbers for
2023 compared to 2022. Most importantly, in the Tables below the company reports its end of year
numbers as the creation of an average is difficult due to implementation of the software throughout
2023. Similarly, in 2023, finalised the definition for “Senior Management” as:
• Executive Directors in the Board (CEO, Group CFO);
• Other Group Senior Management members (Group COO); and
• Country Managing Directors and CFOs of the 10 countries in which CTP operates.
CTP Staff
CTP EMPLOYEES BY HEADCOUNT
Country
1
Male Female
CZ 161 191
DE 36 17
HU 39 26
PL 39 45
RO 50 38
SK 45 26
1 Only countries with more than 50 employees by headcount, in line with the ESRS requirements.
7.4 Social Indicators
7.3.4 NEW BREEAM CERTIFICATIONS 2023
BREEAM Certificate Type & Level [EPRA Cert-Tot] Number
At Least
8 Points ENE1
In Use
Outstanding 1 N/A
Excellent 24 N/A
Very Good 21 N/A
Good 2 N/A
Total In use 48 -
New Construction
Outstanding 1 1
Excellent 9 9
Very Good 3 2
Total New Construction 13 12
Total New Certificates 61 12
Share of BREEAM New Construction with at least 8 points in ENE1 20% -
7.3.5 NEW EPC CERTIFICATIONS
CTP EPCs obtained in 2023
Class Certificates Share
EPC A (including better than A) 19 49%
EPC B 10 26%
EPC C 1 3%
EPC D - 0%
EPC non rated (Poland) 9 23%
Total 39 100%
Share of B or better (excluding Poland top 15%) - 97%
Appendices
7.4 Social Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
314
Annual Report 2023 CTP N.V.
CTP EMPLOYEES BY FTE
FTE snapshot on 31 December 2023
Age group Female Male Other Not disclosed Total
Employees
Under 30 64.3 32.8 - - 97.1
30-50 244.8 286.3 - - 531.1
Over 50 30.0 74.3 - - 104.2
Permanent employees
Under 30 47.5 22.8 - - 70.3
30-50 194.2 236.8 - - 431.0
Over 50 26.0 59.3 - - 85.2
Temporary employees
Under 30 16.8 10.0 - - 26.8
30-50 50.6 49.5 - - 100.1
Over 50 4.0 15.0 - - 19.0
Number of non-guaranteed hours employees (Headcount)
Under 30 9.0 10.0 - - 19.0
30-50 1.0 1.0 - - 2.0
Over 50 5.0 3.0 - - 8.0
Full-time employees
Under 30 63.0 32.0 - - 95.0
30-50 229.0 285.0 - - 514.0
Over 50 27.0 74.0 - - 101.0
Part-time employees
Under 30 1.3 0.8 - - 2.1
30-50 15.8 1.3 - - 17.1
Over 50 3.0 0.3 - - 3.2
Appendices
7.4 Social Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
315
Annual Report 2023 CTP N.V.
CTP EMPLOYEES PER COUNTRY
FTE snapshot on 31 December 2023
Age group AT BG CZ DE HU NL PL RO RS SK UK Total
Employees
Under 30 1.0 2.0 45.6 1.5 6.0 2.0 15.0 13.0 2.0 9.0 - 97.1
30-50 8.0 12.0 225.6 30.3 54.8 3.0 68.0 63.0 23.0 43.5 - 531.1
Over 50 1.0 3.0 45.8 18.5 4.0 2.9 1.0 12.0 1.0 14.0 1.0 104.2
Permanent employees
Under 30 1.0 2.0 28.8 1.5 5.0 2.0 15.0 8.0 1.0 6.0 - 70.3
30-50 8.0 12.0 184.0 30.3 44.8 3.0 62.0 44.0 15.0 28.0 - 431.0
Over 50 1.0 3.0 34.8 17.5 3.0 1.9 1.0 8.0 - 14.0 1.0 85.2
Temporary employees
Under 30 - - 16.8 - 1.0 - - 5.0 1.0 3.0 - 26.8
30-50 - - 41.6 - 10.0 - 6.0 19.0 8.0 15.5 - 100.1
Over 50 - - 11.0 1.0 1.0 1.0 - 4.0 1.0 - - 19.0
Non-guaranteed hours employees (Head-
count)
Under 30 - - 15.0 - - - - - - 4.0 - 19.0
30-50 - - 2.0 - - - - - - - - 2.0
Over 50 - - 8.0 - - - - - - - - 8.0
Full-time employees
Under 30 1.0 2.0 44.0 1.0 6.0 2.0 15.0 13.0 2.0 9.0 - 95.0
30-50 8.0 12.0 213.0 28.0 53.0 3.0 68.0 62.0 23.0 43.0 - 513.0
Over 50 1.0 3.0 44.0 18.0 4.0 2.0 1.0 12.0 1.0 14.0 1.0 101.0
Part-time employees
Under 30 - - 1.6 0.5 - - - - - - - 2.1
30-50 - - 12.6 2.3 1.8 - - 1.0 - 0.5 - 18.1
Over 50 - - 1.8 0.5 - 0.9 - - - - - 3.2
Appendices
7.4 Social Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
316
Annual Report 2023 CTP N.V.
CTP SENIOR MANAGEMENT
Absolute Numbers Percentages
Age category Male Female Male Female
Under 30 0 0 0% 0%
30-50 10 4 71% 29%
Over 50 2 1 67% 33%
Totals 12 5 71% 29%
7.4.2 NEW HIRES AND NEW HIRE RATE
ESRS S1-6-50, GRI 401-1
NEW HIRES AND NEW HIRE RATE
2023 2022
Absolute numbers Rate Absolute numbers Rate
External new
hires
Internal new hires External new
hires
Internal new hires External new
hires
Internal new hires External new
hires
Internal new hires
Gender
Male 159.0 20.8 41.5 5.4 135.5 28.0 42.5 0.1
Female 125.7 21.8 38.1 6.6 113.3 20.0 40.1 0.1
Age category
Under 30 51.3 13.4 48.8 12.7 51.6 3.0 52.9 0.0
30-50 202.5 25.1 39.8 4.9 174.4 33.0 42.1 0.1
Over 50 32.8 4.0 33.5 4.1 22.8 12.0 25.3 0.1
Total 284.6 42.5 40.0 6.0 248.8 48.0 41.3 0.1
External hire rate formula: External hires/Average FTE*100
Internal Hire Rate formula: Internal hires/Average FTE*100
(Internal Hire Rate formula: Internal hires/Average FTE)
Appendices
7.4 Social Indicators
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
317
Annual Report 2023 CTP N.V.
7.4.3 TURNOVER RATE
ESRS S1-6-50, GRI 401-1, EPRA Emp-Turnover
TURNOVER RATE
2023 2022
Absolute numbers Rate Absolute numbers Rate
Dismissals Voluntary leavers Dismissals Voluntary leavers
Gender
Male 15.0 115.0 34.0% 8.2 30.5 12.1%
Female 10.0 94.9 31.8% 39.3 31.0 24.9%
Age category
Under 30 7.0 42.8 47.4% 0.0 20.8 21.4%
30-50 14.0 147.1 31.6% 27.0 38.1 15.7%
Over 50 4.0 20.0 24.5% 20.5 2.5 25.5%
Total 25.0 209.9 33.0% 47.5 61.5 18.1%
Appendices
7.5 ESRS Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
318
Annual Report 2023 CTP N.V.
Disclosure Paragraph Page Comments
ESRS 2 General disclosures
1. Basis for preparation
BP-1 General basis for the preparation of
the sustainability statements
5 88
BP-2 Disclosures in relation to specific
circumstances
9 89
10 89
11 89
13 90
14 90
15 90
16 318
2. Governance
GOV-1 The role of the administrative, management
and supervisory bodies
21 133, 136, 137, 155
22 141
23 95
GOV-2 Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
26 95
GOV-3 Integration of sustainability-related
performance in incentive schemes
29 142
GOV-4 Statement on sustainability due diligence 32 119
GOV-5 Risk management and internal controls
over sustainability reporting
36 88, 168
3. Strategy
SBM-1 Market position, strategy, business
model(s) and value chain
40 26, 94
41 26
42 22, 26
SBM-2 Interests and views of stakeholders 45 26, 91
SBM-3 Material impacts, risks and opportunities
and their interaction with strategy and business
model(s)
48 92
7.5 ESRS Index
ESRS 2 BP-2-16
Disclosure Paragraph Page Comments
4. Impact, risks and opportunity management
IRO-1 Description of the processes to identify and
assess material impacts, risks and opportunities
53 92
IRO-2 Disclosure Requirements in ESRS covered by
the undertaking’s sustainability statements
56 92
57 - N/A Climate
change is
material.
58 - N/A Climate
change is
material.
59 92
ESRS E1 Climate Change
ESRS E1-GOV-3 13 142
E1-1 Transition plan for climate change mitigation 16 - N/A Plan to be
created.
17 97
Impacts, risks, and opportunity management
ESRS 2 SBM-3 – Material impacts, risks and
opportunities and their interaction with strategy
and business model
19 97
ESRS 2 IRO-1 – Description of the processes to
identify and assess material climate-related
impacts, risks and opportunities
20 97
21 97
E1-2 Policies related to climate change
mitigation and adaptation
24 98
25 98
E1-3 Actions plans and recourses in relation to
climate change policies and targets
28 98
29 98
MDR-A 98
Metric and targets
E1-4 Targets related to climate change
mitigation and adaptation
32 99
33 100
34 100
MDR-T 99
ESRS INDEX
1/4
Appendices
7.5 ESRS Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
319
Annual Report 2023 CTP N.V.
Disclosure Paragraph Page Comments
E1-5 Energy consumption and mix 37 307
38 307
39 308
40 310
41 310
42 310
43 310
MDR-M 88, 101
MDR-P 98
E1-6 Gross scopes 1, 2, 3 and total GHG emissions 46 - N/A
47 101
48 308
49 308
50 - N/A: CTP reports
consolidated data
51 308
52 308
54 308
55 310
MDR-M 88, 101
E1-7 GHG removals and GHG mitigation
projects financed through carbon credits
- N/A, mentioned
on page 102
E1-8 Internal carbon pricing - N/A, mentioned
on page 102
E1-9 Potential financial effects from material
physical risks, material transition risks
and climate-related opportunities.
66 102
67 102, 121
68 102
69 103
MDR-M 103
Disclosure Paragraph Page Comments
ESRS S1 Own workforce
ESRS 2 SBM-2 – Interests and views of
stakeholders
12 110
ESRS 2 SBM-3 – Material impacts, risks
and opportunities and their interaction
with strategy and business model
13 110
14 110
15 110
16 110
S1-1 Policies related to own workforce 19 110
20 111
21 111
22 111
23 111
24 111
MDR-P 110
S1-2 Processes for engaging with own workers
and workers’
27 111
28 111
29 111
S1-3 Processes to remediate negative impacts
and channels for own worders to raise concerns
32 111
33 111
34 - N/A
CTP Discloses
S1-4 Taking action on material impacts on own
workforce, and approaches to mitigating material
risks and pursuing material opportunities related to
own workforce, and effectiveness of those actions
37 112
38 112
39 112
40 112
41 112
43 112
MDR-A 112
ESRS INDEX
2/4
Appendices
7.5 ESRS Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
320
Annual Report 2023 CTP N.V.
Disclosure Paragraph Page Comments
Metrics and targets
S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
44 112
46 112
47 112
MDR-M 112
S1-6 Characteristics of the undertaking’s
employees
48 113
50 313, 316, 317
MDR-M 113
S1-7 Characteristics of non-employee
workers in the undertaking’s own workforce
55 115
57 - N/A
CTP Discloses
MDR-M 115
S1-8 Collective bargaining coverage
and social dialogue
60 115
63 115
MDR-M 115
S1-9 Diversity indicators 66 313
MDR-M 115
S1-10 Adequate wages 69 115
70 - N/A
CTP Discloses
MDR-M 115
S1-11 Social protection 74 116
75 - N/A All employees
covered legally
MDR-M 116
S1-12 Persons with disabilities 79 116
MDR-M 116
S1-13 Training and skills development indicators 83 116
MDR-M 116
S1-14 Health and safety indicators 88 116
MDR-M 116
S1-15 Work-life balance indicators 93 116
MDR-M 116
Disclosure Paragraph Page Comments
S1-16 Compensation indicators
(pay gap and total compensation)
97 116
MDR-M 116
S1-17 Incidents, complaints, and severe
human rights impacts and incidents
102 117
103 117
104 117
MDR-M 117
ESRS S2 Workers in the value chain
ESRS 2 SBM-2 Interests and views of stakeholders 9 122
ESRS 2 SBM-3 Material impacts, risks and
opportunities and their interaction with strategy
and business model
10 122
11 122
12 122
13 122
S2-1 Policies related to value chain workers 16 123
17 123
18 123
19 123
MDR-P 123
S2-2 Processes of engaging with value chain
workers about impacts
22 - N/A
To be developed.
23 - N/A
To be developed.
24 123
S2-3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
27 123
28 123
29 - N/A
ESRS INDEX
3/4
Appendices
7.5 ESRS Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
321
Annual Report 2023 CTP N.V.
Disclosure Paragraph Page Comments
S2-4 Taking action on material impacts on value
chain workers, approaches to mitigating material
risks and pursuing material opportunities related to
value chain workers, and the effectiveness of those
actions
31 123
32 123
33 123
34 123
35 123
36 123
38 123
MDR-A 123
Metrics and targets
S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
41 124
42 124 Targets to be
developed
MDR-T 124
ESRS G1 Business Conduct
Impacts, risks, and opportunity management
ESRS 2 GOV-1 – The role of the administrative,
management and supervisory bodies
5 120
ESRS 2 IRO-1 – Description of the processes to
identify and assess material impacts, risks and
opportunities
6 120
G1-1 Corporate culture and business conduct
policies
9 120
10 120
G1-2 Management of relationships with suppliers 14 121
15 121
G1-3 Prevention and detection of corruption/bribery 18 121
19 - N/A. Procedures
are in place
20 121
21 121
Disclosure Paragraph Page Comments
Metrics and targets
G1-4 Confirmed incidents of corruption or bribery 24 121
26 121
G1-5 Political influence and lobbying activities 29 121
30 121, 137
G1-6 Payment practices 33 121
ESRS INDEX
4/4
Appendices
7.6 GRI Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
322
Annual Report 2023 CTP N.V.
GRI Standard Page
Comments/
Other references
General disclosures
1. The organisation and its reporting practices
2-1 Organisational details 181
2-2 Entities included in the organisation’s
sustainability reporting
297-301
2-3 Reporting period, frequency, and
contact point
1-1-2023 until 31-12-2023
Annual
esg@ctp.eu
2-4 Restatement of information 90
2-5 External assurance 88, 95
2. Activities and workers
2-6 Activities, value chain, and other business
relationships
94
2-7 Employees 313
2-8 Workers who are not employees 115
3. Governance
2-9 Governance structure and composition 133
2-10 Nomination and selection of the highest governance
body
137
2-11 Chair of the highest governance body 137
2-12 Role of the highest governance body in overseeing
the management of impacts
95
2-13 Delegation of responsibility for managing impacts 95
2-14 Role of the highest governance body in sustainability
reporting
95
2-15 Conflicts of interest 137
2-16 Communication of critical concerns 137
2-17 Collective knowledge of the highest
governance body
137
2-18 Evaluation of the performance of
the highest governance body
140
7.6 GRI Index
GRI Standard Page
Comments/
Other references
2-19 Remuneration policies 143
2-20 Process to determine remuneration 143
2-21 Annual total compensation ratio 116
4. Strategy, policies, and practices
2-22 Statement on sustainable development strategy 15
2-23 Policy commitments CTP’s governance policies
can be found on its website,
ctp.eu.
2-24 Embedding policy commitments 98, 110, 120, 123
2-25 Processes to remediate negative impacts 22
2-26 Mechanisms for seeking advice and raising concerns 111
2-27 Compliance with laws and regulations - In 2023, there were no in-
stances of non-compliance
with law
and regulations
2-28 Membership associations - No changes have taken
place
in Association membership
5. Stakeholder engagement
2-29 Approach to stakeholder engagement 91
2-30 Collective bargaining agreements 112
Material topics
3-1 Process to determine material topics 92
3-2 List of material topics 92
GRI material topic standards
201: Economic performance 2016
201-1 Direct economic value generated
and distributed
26
201-2 Financial implication and other risks
and opportunities due to climate change
102
202: Market presence 2016
202-1 Ratios and standard entry level wage by gender
compared to local minimum wage
26
GRI INDEX
1/3
Appendices
7.6 GRI Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
323
Annual Report 2023 CTP N.V.
GRI Standard Page
Comments/
Other references
202-2 Proportion of senior management
hired from local community
97, 102, 103
203: Indirect economic impact 2016
203-1 Infrastructure investments and services supported 106
204: Procurement practices - 2016
204-1 Proportion of spending on local providers 94
205: Anti-corruption - 2016
205-1 Operations assessed for risks related to corruption 121
205-2 Communication and training about anticorruption
policies and procedures
121
205-3 Confirmed incidents of corruption and actions
taken
121
206: Anti-competitive behaviour - 2016
206-1 Legal actions for anticompetitive behaviour,
anti-trust, and monopoly practices
- No legal actions were
taken against CTP
207: Tax - 2019
207-1 Approach to tax 124
207-2 Tax governance, control, and risk management 124
207-3 Stakeholder engagement and management of
concerns related to tax
124
207-4 Country-by-country reporting 124
302: Energy - 2016
3-3 Management of material topics 98, 99
302-1 Energy consumption within the organisation 307
302-2 Energy consumption outside of the organisation 308
302-3 Energy intensity 310
303: Water and effluents - 2018
303-1 Interactions with water as a shared resource 103
303-2 Management of water discharge-related impact 103
303-3 Water withdrawal 310
305: Emissions – 2016
3-3 Management of material topics 98, 99
GRI Standard Page
Comments/
Other references
305-1 Direct (Scope 1) GHG emissions 100, 308
305-2 Energy indirect (Scope 2) GHG emissions 100, 308
305-3 Other indirect (Scope 3) GHG emissions 100, 308
305-4 GHG emissions intensity 308
306: Waste - 2020
306-1 Waste generation and significant waste-related
impacts
103
306-2 Management of significant waste-related impacts 103
306-3 Waste generated 31
306-4 Waste diverted from disposal 312
306-5 Waste directed to disposal 312
308: Supplier environmental assessment – 2016
308-1 New suppliers/providers that were screened using
environmental criteria
94
308-2 Negative environmental impacts in the supply chain
and actions taken
94
401: Employment - 2016
3-3 Management of Material Topics 110, 112
401-1 New employee hires and employee turnover 112, 312
401-2 Benefits provided to full-time employees
that are not provided to temporary or part-time
employees
- Full-time and part-time
employees receive
the same benifits
401-3 Parental leave 116
403: Occupational health and safety - 2018
3-3 Management of material topics 110, 112
403-1 Occupational health and safety system 110, 112
403-2 Hazard Identification, risk assessment,
and incident investigation
-
403-3 Occupational health services 116
403-4 Worker participation, consultation, and
communication on occupational health and safety
-
403-5 Worker training on occupational health and safety -
403-6 Promotion of worker health 116
GRI INDEX
2/3
Appendices
7.6 GRI Index
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
324
Annual Report 2023 CTP N.V.
GRI Standard Page
Comments/
Other references
403-7 Prevention and mitigation of occupational
health and safety impacts directly linked by business
relationships
116
403-8 Worker covered by an occupational health and safe-
ty management system
116
403-9 Work-related injuries 116
403-10 Work-related ill health 116
404: Training and education - 2016
404-1 Average hours of training per year per employee 112, 116
404-2 Programs for upgrading employee skills
and transition assistance programs
112, 116
404-3 Percentage of employees receiving regular
performance and career development reviews
116
405: Diversity and equal opportunity 2016
405-1 Diversity of governance bodies and employees 312
405-2 Ratio of basic salary and remuneration of women
to men
116
406: Non-discrimination – 2016
406-1 Incidents of discrimination and corrective
actions taken
412: Human rights assessment - 2016
412-1 Operations that have been subject to
human rights reviews or impact assessments
-
412-2 Employee training on human rights policies or
procedures
-
412-3 Significant investment agreements and contracts
that include human rights clauses or that underwent
human rights screening
94
413: Local communities - 2016
413-1 Operations with local community engagement, im-
pact assessments, and development programs
105
414: Supplier social assessment - 2016
414-1 New suppliers that were screened using social
criteria
94
GRI Standard Page
Comments/
Other references
414-2 Negative social impacts in the supply chain and
actions taken
94
415: Public policy - 2016
415-1 Political contributions 118, 121
GRI INDEX
3/3
Appendices
7.7 EPRA sBPR
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
325
Annual Report 2023 CTP N.V.
EPRA code Indicator
GRI Standard
Disclosure Page
Environmental
Sustainability
Performance Measures
Elec-Abs Total electricity consumption 302-1 304
Elec-LfL Like-for-like total electricity consumption 302-1 304
DH&C-Abs Total district heating & cooling consump-
tion
302-1 304
DH&C LfL Like-for-like total district heating & cooling
consumption
302-1 304
Fuel-Abs Total fuel consumption 302-1 304
Fuel-LfL Like-for-like total fuel consumption 302-1 304
Energy-Int Building energy intensity 302-3 306
GHG-Dir-Abs Total direct greenhouse gas (GHG) emis-
sions
305-1 305
GHG Indir-Abs Total indirect greenhouse gas (GHG) emis-
sions
305-2 305
GHG-Int Greenhouse gas emissions intensity from
building energy consumption
305-4 306
Water-Abs Total water consumption 303-1 310
Water-LfL Like-for-like total water consumption 303-1 310
Water-Int Building water intensity 307
Waste-Abs Total weight of waste by disposal route 306-4, 306-5 312
Waste-LfL Like-for-like total weight of waste by dis-
posal route
306-4, 306-5 312
Cert-total Type and number of sustainably certified
assets
124
Social Performance
Measures
Indicator GRI Standard
Disclosure
Reference
Diversity-Emp Employee gender diversity 405-1 116, 313
Diversity-Pay Gender pay ratio 405-2 116
Emp-Training Training and development 404-1 116
Emp-Dev Employee performance appraisals 404-3 116
Emp-Turnover New hires and turnover 401-1 317
H&S-Emp Employee health and safety 403-2 116
H&S-Asset Asset health and safety measures 416-1 -
H&S-Comp Asset health and safety compliance 416-2 116
Compty-Eng Community engagement, impact
assessments and development programs
413-1 105
Governance
Performance Measures
Indicator GRI Standard
Disclosure
Reference
Gov-Board Composition of the highest governance
body
2-9 133
Gov-Select Process for nominating and selecting
the highest governance body
2-10 137
Gov-Col Process for managing conflicts of interest 2-15 137
Overarching Recommendations Reference (Chapter)
7.1 Organisational boundaries 88
7.2 Coverage 101, 306
7.3 Estimation of landlord-obtained utility consumption 89
7.4 Third Party Assurance 88
7.5 Boundaries – reporting on landlord and tenant utility consumption 101, 306
7.6 Normalisation 310
7.7 Segmental analysis (by property type, geography etc.) 88
7.8 Disclosure on own offices 303-308
7.9 Narrative on performance 101, 306
7.10 Location of EPRA Sustainability Performance Measures
in companies’ reports
All items have been tagged appro-
priatly
7.11 Reporting period 1-1-2023 to 31-12-2023
7.12 Materiality 92
7.7 EPRA sBPR
Appendices
7.8 EU Taxonomy
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
326
Annual Report 2023 CTP N.V.
Financial year 2023 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic
activities
(1)
Code(s)
(2)
Turnover
(3)
Propor-
tion of
turnover
2023
(4)
Climate
change
mitiga-
tion
(5)
Climate
change
adapta-
tion
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiver-
sity
(10)
Climate
change
mitiga-
tion
(11)
Climate
change
adapta-
tion
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiver-
sity
(16)
Minimum
safe-
guards
(17)
Propor-
tion of
Taxonomy
aligned
(A.1.) or
-eligible
(A.2.)
turnover,
2022
(18)
Category
(enabling
activity)
(19)
Category
(tran-
sitional
activity
(20)
kEUR % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1Environmentally sustainable activities (Taxonomy-aligned)
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
362,241 53.8% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 46.4%
Turnover of environmentally sustainable
activities (Taxonomy aligned) (A.1)
362,241 53.8% 0% 53.8% 0% 0% 0% 0% Y Y Y Y Y Y Y 46.4%
Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2

Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Construction of new buildings CCM 7.1 /
CCA 7.1 /
CE 3.1
20,100 3.0% EL EL N/EL N/EL EL N/EL
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
291,459 43.3% EL EL N/EL N/EL N/EL N/EL
Turnover of Taxonomy eligible but not
environmentally sustainable activities
(not Taxonomy aligned activities (A.2)
311,559 46.2% 0.0% 46.2% 0% 0% 0% 0%
A. Turnover of Taxonomy-eligible activities
(A.1 + A.2)
673,800 100.0% 0.0% 100.0% 0% 0% 0% 0%
B.TAXONOMY-NON ELIGIBLE ACTIVITIES (B)
Turnover of Taxonomy
non-eligible activities (B)
- 0.0%
Total (A+B) 673,800 100%
7.8 EU Taxonomy
EU TAXONOMY ELIGIBILITY AND ALIGNMENT – PROPORTION OF TURNOVER
Appendices
7.8 EU Taxonomy
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
327
Annual Report 2023 CTP N.V.
Financial year 2023 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic
activities
(1)
Code(s)
(2)
CapEx
(3)
Propor-
tion of
CapEx
2023
(4)
Climate
change
mitigation
(5)
Climate
change
adapta-
tion
(6)
Water and
marine
resources
(7)
Pollution
(8)
Circular
economy
(9)
Biodiver-
sity
(10)
Climate
change
mitigation
(11)
Climate
change
adapta-
tion
(12)
Water and
marine
resources
(13)
Pollution
(14)
Circular
economy
(15)
Biodiver-
sity
(16)
Minimum
safe-
guards
(17)
Propor-
tion of
Tax-
onomy
aligned
(A.1.) or
-eligible
(A.2.)
CapEx,
2022
(18)
Category
(enabling
activity)
(19)
Category
(tran-
sitional
activity
(20)
kEUR % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1Environmentally sustainable activities (Taxonomy-aligned)
Construction of new
buildings
CCM 7.1 /
CCA 7.1 /
CE 3.1
599,980 47.1% N Y N/EL N/EL N N/EL Y Y Y Y Y Y Y 3.6%
Installation, maintenance,
and repair of renewable
energy technologies
CCM 7.6 /
CCA 7.6
54,000 4.2% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.1%
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
- 0.0% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.2%
CapEx of environmentally sustainable
activities (Taxonomy aligned) (A.1)
653,980 51.3% 0% 51.3% 0% 0% 0% 0% Y Y Y Y Y Y Y 4.9%
Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Construction of new
buildings
CCM 7.1 /
CCA 7.1 /
CE 3.1
291,120 22.8% EL EL N/EL N/EL EL N/EL
Renovation of existing
buildings
CCM 7.2 /
CCA 7.2 /
CE 3.2
147,400 11.6% EL EL N/EL N/EL EL N/EL
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
178,200 14.0% EL EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy eligible but not
environmentally sustainable activities
(not Taxonomy aligned activities (A.2)
616,720 48.4% 0.0% 48.4% 0.0% 0.0% 0.0% 0.0%
A. CapEx of Taxonomy-eligible
activities (A.1 + A.2)
1,270,700 99.7% 0.0% 99.7% 0.0% 0.0% 0.0% 0.0%
B. TAXONOMY-NON ELIGIBLE ACTIVITIES (B)
CapEx of Taxonomy non-eligible
activities (B)
4,400 0.3%
Total (A+B) 1,275,100 100%
ELIGIBILITY AND ALIGNMENT – PROPORTION OF CAPEX
Appendices
7.8 EU Taxonomy
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
328
Annual Report 2023 CTP N.V.
Financial year 2023 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic
activities
(1)
Code(s)
(2)
OpEx
(3)
Propor-
tion of
OpEx
2023
(4)
Climate
change
mitigation
(5)
Climate
change
adapta-
tion
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiver-
sity
(10)
Climate
change
mitigation
(11)
Climate
change
adapta-
tion
(12)
Water and
marine
resources
(13)
Pollution
(14)
Circular
economy
(15)
Biodiver-
sity
(16)
Minimum
safe-
guards
(17)
Propor-
tion of
Taxonomy
aligned
(A.1.) or
-eligible
(A.2.)
OpEx,
2022
(18)
Category
(enabling
activity)
(19)
Category
(tran-
sitional
activity
(20)
kEUR % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1Environmentally sustainable activities (Taxonomy-aligned)
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
18,893 20.7% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 13.7%
OpEx of environmentally sustainable
activities (Taxonomy aligned) (A.1)
18,893 20.7% 0% 20.7% 0% 0% 0% 0% Y Y Y Y Y Y Y 13.7%
Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Acquisition and ownership of
buildings
CCM 7.7 /
CCA 7.7
52,207 57.2% EL EL N/EL N/EL N/EL N/EL
OpEx of Taxonomy eligible but not
environmentally sustainable activities
(not Taxonomy aligned activities (A.2)
52,207 57.2% 0.0% 57.2% 0.0% 0.0% 0.0% 0.0%
A. OpEx of Taxonomy-eligible activities
(A.1 + A.2)
71,100 78.0% 0.0% 78.0% 0.0% 0.0% 0.0% 0.0%
B.TAXONOMY-NON ELIGIBLE ACTIVITIES (B)
OpEx of Taxonomy non-eligible
activities (B)
20,100 22.0%
Total (A+B) 91,200 100%
EU TAXONOMY ELIGIBILITY AND ALIGNMENT PROPORTION OF OPEX
Appendices
7.9 Property List
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
329
Annual Report 2023 CTP N.V.
Rank Country Park
GLA
(‘000 sqm) Type Ownership
1 Romania CTPark Bucharest West 833 Industrial Owned
2 Czech Republic CTPark Bor 642 Industrial Owned
3 Romania CTPark Bucharest 571 Industrial Owned
4 Czech Republic CTPark Brno 540 Industrial Owned
5 Czech Republic CTPark Ostrava 390 Industrial Owned
6 Hungary CTPark Budapest West 303 Industrial Owned
7 Czech Republic CTPark Plzeň 254 Industrial AuM/Owned
8 Hungary CTPark Budapest East 212 Industrial Owned
9 Romania CTPark Bucharest North 210 Industrial Owned
10 Czech Republic CTPark Modřice 205 Industrial/Office Owned
11 Slovakia CTPark Trnava 177 Industrial Owned
12 Czech Republic CTPark Brno Líšeň 175 Industrial Owned
13 Czech Republic CTPark Hranice 152 Industrial Owned
14 Romania CTPark Timisoara 144 Industrial Owned
15 Slovakia CTPark Námestovo 144 Industrial Owned
16 Czech Republic CTPark Prague North 135 Industrial AuM/Owned
17 Czech Republic CTPark Pohořelice 131 Industrial Owned
18 Slovakia CTPark Bratislava 130 Industrial Owned
19 Netherlands CTPark Amsterdam City 120 Industrial Owned
20 Czech Republic CTPark Žatec 120 Industrial Owned
21 Germany Wilhelmshaven West 110 Industrial Owned
22 Serbia CTPark Belgrade City 104 Industrial Owned
23 Netherlands CTPark Gorinchem 104 Industrial Owned
24 Serbia CTPark Belgrade North 101 Industrial Owned
25 Poland CTPark Iłowa 97 Industrial Owned
26 Czech Republic CTPark Teplice 96 Industrial AuM
27 Czech Republic Spielberg 92 Office/Hotel Owned
28 Czech Republic CTPark Prague East 90 Industrial Owned
29 Hungary CTPark Budapest Vecsés 88 Industrial Owned
30 Czech Republic Ponávka 85 Industrial/Office Owned
31 Serbia CTPark Kragujevac 85 Industrial Owned
32 Czech Republic CTPark Cerhovice 80 Industrial Owned
Rank Country Park
GLA
(‘000 sqm) Type Ownership
33 Slovakia CTPark Košice 80 Industrial Owned
34 Poland CTPark Opole 79 Industrial Owned
35 Poland CTPark Warsaw South 79 Industrial Owned
36 Czech Republic CTPark Kadaň 77 Industrial Owned
37 Romania CTPark Pitesti 76 Industrial Owned
38 Hungary CTPark Komárom 76 Industrial Owned
39 Czech Republic CTPark Nový Jičín 76 Industrial Owned
40 Czech Republic CTPark Humpolec 75 Industrial Owned
41 Czech Republic CTPark Mladá Boleslav 74 Industrial Owned
42 Slovakia CTPark Voderady 73 Industrial Owned
43 Czech Republic CTPark Ostrava Poruba 72 Industrial Owned
44 Czech Republic CTPark Blučina 72 Industrial Owned
45 Serbia CTPark Novi Sad 69 Industrial Owned
46 Slovakia CTPark Prešov South 67 Industrial Owned
47 Czech Republic Vlněna 66 Office Owned
48 Bulgaria CTPark Sofia 65 Industrial Owned
49 Hungary CTPark Budapest South 65 Industrial Owned
50 Germany Stuttgart Mahle 64 Industrial Owned
51 Slovakia CTPark Žilina Airport 63 Industrial Owned
52 Serbia CTPark Belgrade West 60 Industrial Owned
53 Romania CTPark Bucharest Chitila 60 Industrial Owned
54 Slovakia CTPark Žilina 59 Industrial Owned
55 Czech Republic CTPark Prague Airport 59 Industrial Owned
56 Czech Republic CTPark Ostrava Hrušov 58 Industrial Owned
57 Romania CTPark Brasov West 57 Industrial Owned
58 Poland CTPark Gdańsk Port 56 Industrial Owned
59 Czech Republic CTPark Aš 55 Industrial Owned
60 Romania CTPark Craiova East 54 Industrial Owned
61 Czech Republic CTPark Brno South 53 Industrial Owned
62 Romania CTPark Bucharest South II 53 Industrial Owned
63 Romania CTPark Timisoara West 52 Industrial Owned
64 Hungary CTPark Tatabánya 52 Industrial Owned
7.9 Property List
Appendices
7.9 Property List
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
330
Annual Report 2023 CTP N.V.
Rank Country Park
GLA
(‘000 sqm) Type Ownership
65 Austria CTPark Vienna East 51 Industrial Owned
66 Hungary CTPark Arrabona 50 Industrial Owned
67 Hungary CTPark Budapest North 48 Industrial Owned
68 Germany Bad Waldsee 46 Industrial Owned
69 Romania CTPark Arad 46 Industrial Owned
70 Czech Republic CTPark Mladá Boleslav II 46 Industrial Owned
71 Germany Emden 44 Industrial Owned
72 Romania CTPark Oradea Cargo Terminal 44 Industrial Owned
73 Germany Freisen 44 Industrial Owned
74 Bulgaria CTPark Sofia East 43 Industrial Owned
75 Germany Euskirchen 43 Industrial Owned
76 Romania CTPark Sibiu East 43 Industrial Owned
77 Czech Republic CTPark Divišov 42 Industrial Owned
78 Czech Republic CTPark Hlubočky 42 Industrial Owned
79 Czech Republic CTPark Karviná 42 Industrial Owned
80 Bulgaria CTPark Sofia West 41 Industrial Owned
81 Germany Duren 41 Industrial Owned
82 Germany Munchen North 41 Industrial Owned
83 Germany Lohne 40 Industrial Owned
84 Romania CTPark Sibiu 39 Industrial Owned
85 Germany Bad Salzdetfurth 39 Industrial Owned
86 Germany Rostock 38 Industrial Owned
87 Czech Republic CTPark Přeštice 38 Industrial Owned
88 Czech Republic CTPark Pardubice 37 Industrial Owned
89 Czech Republic Europort Airport Center 36 Hotel Owned
90 Germany Neubrandenburg 35 Industrial Owned
91 Slovakia CTPark Nitra 35 Industrial Owned
92 Germany Wuppertal 34 Industrial Owned
93 Czech Republic CTPark Kvasiny 34 Industrial Owned
94 Czech Republic CTPark Cheb 34 Industrial Owned
95 Romania CTPark Bucharest Mogosoia 34 Industrial Owned
Rank Country Park
GLA
(‘000 sqm) Type Ownership
96 Romania CTPark Bucharest South 33 Industrial Owned
97 Germany Gevelsberg South 32 Industrial Owned
98 Czech Republic CTPark Planá 32 Industrial Owned
99 Poland CTPark Warsaw East 31 Industrial Owned
100 Czech Republic CTPark Jihlava 31 Industrial Owned
101 Germany Treuenbrietzen 30 Industrial Owned
102 Germany MunchenSouth 30 Industrial Owned
103 Bulgaria CTPark Sofia Airport 30 Industrial Owned
104 Romania CTPark Pitesti East 30 Industrial Owned
105 Slovakia CTPark Hlohovec 29 Industrial Owned
106 Romania CTPark Cluj 29 Industrial Owned
107 Czech Republic CTPark Blatnice 28 Industrial Owned
108 Czech Republic CTPark Česká Lípa 28 Industrial Owned
109 Hungary CTPark Szombathely East 26 Industrial Owned
110 Romania CTPark Deva II 26 Industrial Owned
111 Hungary CTPark Székesfehérvár 26 Industrial Owned
112 Germany Solingen 26 Industrial Owned
113 Romania CTPark Timisoara South 25 Industrial Owned
114 Romania CTPark Targu Mures 25 Industrial Owned
115 Germany Monchweiler 25 Industrial Owned
116 Germany Eisenach 25 Industrial Owned
117 Austria CTPark St. Poelten North 25 Industrial Owned
118 Germany Hannover West 25 Industrial Owned
119 Germany Drei Gleichen 24 Industrial Owned
120 Germany Remscheid Centre South 24 Industrial Owned
121 Romania CTPark Salonta 23 Industrial Owned
122 Netherlands CTPark Rotterdam 23 Industrial Owned
123 Czech Republic IQ Ostrava 23 Office Owned
124 Germany Gevelsberg East 23 Industrial Owned
125 Romania CTPark Turda 23 Industrial Owned
126 Poland CTPark Zabrze 22 Industrial Owned
PROPERTY LIST
2/4
Appendices
7.9 Property List
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
331
Annual Report 2023 CTP N.V.
Rank Country Park
GLA
(‘000 sqm) Type Ownership
127 Romania CTPark Ineu 22 Industrial Owned
128 Romania CTPark Oradea North 22 Industrial Owned
129 Germany IngolstadtNorth 21 Industrial Owned
130 Romania CTPark Deva 21 Industrial Owned
131 Czech Republic CTPark Okříšky 21 Industrial Owned
132 Germany Wittingen 21 Industrial Owned
133 Germany Simmern/Hunsruck 21 Industrial Owned
134 Poland CTPark Sulechów 21 Industrial Owned
135 Germany Schwabisch Hall South 20 Industrial Owned
136 Czech Republic CTPark Prague West 20 Industrial Owned
137 Hungary CTPark Szombathely 20 Industrial Owned
138 Germany Regensburg 20 Industrial Owned
139 Czech Republic CTPark Chrastava 20 Industrial Owned
140 Czech Republic CTPark Lipník nad Bečvou 20 Industrial Owned
141 Germany Aalen West 19 Industrial Owned
142 Germany Schwerin South 19 Industrial Owned
143 Czech Republic CTPark Zákupy 19 Industrial Owned
144 Czech Republic CTPark Nošovice 19 Industrial Owned
145 Germany Zella-Mehlis Süd 19 Industrial Owned
146 Germany Hannover North 19 Industrial Owned
147 Germany Dortmund Centre-East 19 Industrial Owned
148 Hungary CTPark Mosonmagyaróvár 18 Industrial Owned
149 Czech Republic Hotel Plzeň 18 Hotel Owned
150 Germany Krefeld 18 Industrial Owned
151 Germany Hannover Centre-North 18 Industrial Owned
152 Germany Lichtenfels 16 Industrial Owned
153 Germany Remscheid North 16 Industrial Owned
154 Germany Duisburg West 16 Industrial Owned
155 Germany Lauda-Konigshofen 16 Industrial Owned
156 Germany Wesel 16 Industrial Owned
157 Germany Aalen East 16 Industrial Owned
158 Czech Republic CTPark Most 15 Industrial Owned
Rank Country Park
GLA
(‘000 sqm) Type Ownership
159 Germany Numbrecht 15 Industrial Owned
160 Germany Magdeburg West 15 Industrial Owned
161 Germany Berlin South 14 Industrial Owned
162 Czech Republic CTPark Hradec Králové 14 Industrial Owned
163 Slovakia CTPark Nové Mesto 14 Industrial Owned
164 Hungary CTPark Budapest Office Campus 13 Industrial Owned
165 Germany Kloster Lehnin 13 Industrial Owned
166 Germany Dusseldorf West 13 Industrial Owned
167 Germany Reutlingen North 13 Industrial Owned
168 Germany Bad Oeynhausen 13 Industrial Owned
169 Germany Bocholt 13 Industrial Owned
170 Czech Republic CTPark Chomutov 13 Industrial Owned
171 Germany Wolfsburg East 13 Industrial Owned
172 Germany Bielefeld South 12 Industrial Owned
173 Germany Magdeburg East 12 Industrial Owned
174 Germany Sonneberg 12 Industrial Owned
175 Romania CTPark Arad North 12 Industrial Owned
176 Germany Remscheid Centre West 12 Industrial Owned
177 Czech Republic CTPark Louny 12 Industrial Owned
178 Germany Zella-Mehlis-II 12 Industrial Owned
179 Bulgaria CTPark Plovdiv Airport 12 Industrial Owned
180 Hungary CTPark Kecskemét 12 Industrial Owned
181 Germany Bremen West 11 Industrial Owned
182 Germany Neustadt-Glewe 11 Industrial Owned
183 Slovakia CTPark Krásno nad Kysucou 11 Industrial Owned
184 Germany Siegen South 11 Industrial Owned
185 Germany Magdeburg North 10 Industrial Owned
186 Germany Kaiserslautern North 10 Industrial Owned
187 Germany Nurtingen South 10 Industrial Owned
188 Czech Republic CTPark Kutná Hora 10 Industrial Owned
189 Germany Wittenberg 10 Industrial Owned
190 Germany Aalen South 10 Industrial Owned
PROPERTY LIST
3/4
Appendices
7.9 Property List
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
332
Annual Report 2023 CTP N.V.
Rank Country Park
GLA
(‘000 sqm) Type Ownership
191 Czech Republic CTPark Ústí nad Labem 10 Industrial Owned
192 Germany Linthe 10 Industrial Owned
193 Germany Bremen North 10 Industrial Owned
194 Bulgaria CTPark Plovdiv North 10 Industrial Owned
195 Germany Bonn North 9 Industrial Owned
196 Hungary CTPark Budapest Ecser 9 Industrial Owned
197 Germany Wismar 9 Industrial Owned
198 Poland CTPark Katowice 9 Industrial Owned
199 Bulgaria CTPark Sofia Ring Road 9 Industrial Owned
200 Romania CTPark Caransebes 9 Industrial Owned
201 Czech Republic CTPark Liberec 8 Industrial Owned
202 Poland CTPark Warsaw West 8 Industrial Owned
203 Germany Berlin East 8 Industrial Owned
204 Germany Schleiz 8 Industrial Owned
205 Germany Gera East 7 Industrial Owned
206 Germany Gustrow 7 Industrial Owned
207 Germany Bremen North-West 7 Industrial Owned
208 Germany Rosenheim 7 Industrial Owned
209 Germany Goslar East 7 Industrial Owned
210 Germany Bochum South 7 Industrial Owned
211 Germany Dortmund East 7 Industrial Owned
212 Germany Eschenbachinder Oberpfalz 7 Industrial Owned
213 Romania CTPark Arad West 6 Industrial Owned
214 Germany Wilhelmshaven 6 Industrial Owned
215 Germany Meschede 6 Industrial Owned
216 Serbia CTPark Novi Sad East 6 Industrial Owned
217 Czech Republic CTPark Kolín 6 Industrial Owned
218 Czech Republic CTPark Lysá nad Labem 5 Industrial Owned
219 Germany Wiesmoor 4 Industrial Owned
220 Germany Bielefeld East 4 Industrial Owned
Rank Country Park
GLA
(‘000 sqm) Type Ownership
221 Germany Dortmund West 4 Industrial Owned
222 Germany Bochum West 3 Industrial Owned
223 Czech Republic CTPark České Velenice 3 Industrial Owned
224 Germany UlmEast 3 Industrial Owned
225 Germany Wurzburg South 3 Industrial Owned
226 Germany Duisburg North-West 3 Industrial Owned
227 Czech Republic CTPark Žatec II 3 Industrial Owned
228 Germany Duisburg North-East 3 Industrial Owned
229 Germany Munster 3 Industrial Owned
230 Poland CTPark Warsaw North 3 Industrial Owned
231 Germany Schwerin North 3 Industrial Owned
232 Germany Hattingen 3 Industrial Owned
233 Germany Müllrose 3 Industrial Owned
234 Germany Bremen 2 Industrial Owned
235 Germany Hannover North-West 2 Industrial Owned
236 Germany Erfurt-Nord 2 Industrial Owned
237 Germany Kulmbach 2 Industrial Owned
238 Germany Halberstadt 2 Industrial Owned
239 Germany Fehrbellin 1 Industrial Owned
240 Germany Weimar 1 Industrial Owned
241 Germany Untermaßfeld 1 Industrial Owned
242 Germany Karith 1 Industrial Owned
Total 12,190
Owned 11,790
Third party AUM 400
PROPERTY LIST
4/4
Appendices
7.10 Glossary
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
333
Annual Report 2023 CTP N.V.
Adjusted EBITDA
EBITDA adjusted for items that are not indicative
of the Group’s ongoing operating performance,
such as net valuation result on investment property,
other financial expenses, other financial gains and
losses, and profit (loss) on disposal of investment
properties.
Administrative and operating costs
Employee benefits and other expenses.
AFM
The Dutch Authority for the Financial Markets (in
Dutch:
Autoriteit Financiële Markten
).
AMX Index
A stock market index composed of Dutch mid-cap
companies that trade on Euronext Amsterdam.
Annual General Meeting or AGM
The meeting at which CTP’s shareholders and all
other persons with meeting rights assemble annu-
ally, no later than 30 June of each year.
Annualised rental income
Rent roll as per the end of period of the standing
portfolio, including other rental income and minus
rent-free period.
Articles
Articles of association of CTP N.V.
Audit Committee
The audit committee of the Company.
Average cost of debt
The total of bank interest expense, the interest
expense from financial derivatives, and the inter-
est expense from bonds issued for the reporting
period divided by the average total balance of in-
terest-bearing loans and borrowings from financial
institutions and bonds issued for that same period.
Board
The board of directors of the Company.
Board Rules
The rules governing the internal proceedings of the
Board.
BREEAM
The Building Research Establishment Environmen-
tal Assessment Method—a leading validation and
certification system for sustainable built environ-
ments owned by the UK-based Building Research
Establishment (BRE).
CAGR
Compound annual growth rate.
CEE
Central and Eastern Europe.
CITA
The Dutch Corporate Income Tax Act 1969
(
Wet op de vennootschapsbelasting 1969
).
Code
The Dutch Corporate Governance Code
(20 December 2022).
Code of Conduct
The code of conduct of the Company.
Collection rate
Last 12 months’ billings including rent, service
charges and other rental income, net of bad debt
written off in the period.
Company specific adjusted EPRA earnings
EPRA earnings adjusted for the after-tax effect
from the adjustment for rental income for impair-
ment/depreciation on property, plant and equip-
ment, and foreign exchange gains/losses related to
company restructuring and non-recurring financing
costs and non-recurring items unrelated to the
Group’s operational performance.
Company specific adjusted EPRA EPS
Company specific adjusted EPRA earnings based on
the average number of shares outstanding during
the reporting period.
Core Markets
CTP’s core CEE markets in the Czech
Republic, Hungary, Romania, and Slovakia.
CPI
Consumer Price Index
CSA
The S&P Global Corporate Sustainability
Assessment.
CTP, the Company, or the Group
CTP N.V.
CTP staff
All CTP employees, including executives and exter-
nal staff (contractors).
C&W
Cushman & Wakefield
DCC
The Dutch Civil Code (in Dutch:
Burgerlijk Wetboek
)
Decree on the Disclosure of Holdings in Issuing
Institutions
Dutch decree on the notifcation of control and
capital interest in issuing institutions (in Dutch:
Besluit melding zeggenschap en kapitaalbelang in
uitgevende instellingen Wft
) under the Dutch Finan-
cial Supervision Act (in Dutch:
Wet op het financieel
toezicht (“Wft”)
).
Decree on the Management Report
Dutch decree on the content of the management
report (in Dutch:
Besluit inhoud bestuursverslag
).
Decree on the Directive on Takeover Bids
Dutch decree implementing Section 10 of the Di-
rective on takeover bids (in Dutch:
Besluit artikel 10
overnamerichtlijn
).
7.10 Glossary
Appendices
7.10 Glossary
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
334
Annual Report 2023 CTP N.V.
DIP
Deferred incentive plan—a discretionary plan that
may operate with one or more incentive plans op-
erated by CTP and providing a mechanism for the
deferral of part of a participant’s incentive to a
deferred award of cash and/or a deferred amount
of shares.
DIP award
A deferred award of cash and/or a deferred award
of shares in the Company.
DIR or DIG
Deutsche Industrie REIT AG.
Director
An Executive Director or a Non-Executive Director.
EBITDA
Earnings before interest, taxes, depreciation, and
amortisation.
EEA
The European Economic Area.
EGM
Extraordinary General Meeting—a meeting at which
the Shareholders in the Company and all other per-
sons with meeting rights assemble for a specific
agenda item.
EMTN Programme
Euro Medium Term Note Programme.
EPRA
The European Public Real Estate Association.
EPRA BPR
EPRA best practice reporting.
EPRA Earnings
The profit for the period adjusted for the after
(deferred) tax effect from the exclusion of the net
valuation result, the change in the fair value of fi-
nancial instruments and associated close-out costs,
result from disposals of investment properties, and
other interests and foreign currency translation
results.
EPRA Earnings per Share
EPRA Earnings based on the weighted average
number of shares in the period.
EPRA Net Initial Yield
Annualised rental income based on the cash passing
rent at the balance sheet date less non-recoverable
property operating expenses divided by the market
value of income-generating investment property.
EPRA NDV
The EPRA Net Disposal Value, which reflects the
full extent of liabilities and resulting shareholder
value if a company’s assets are sold and/or if liabili-
ties are not held until maturity.
EPRA NTA
EPRA Net Tangible Assets, which reflect the fair
value of a company’s properties and other invest-
ments and excludes items that are not expected to
crystallise when the company buys or sells assets.
EPRA NRV
The EPRA Net Reinstatement Value reflects what
would be needed to recreate the company through
the investment markets based on its current capi-
tal and financing structure, including related costs
such as real estate transfer taxes.
EPRA “topped-up” Net Initial Yield
Annualised rental income based on the cash passing
rent at the balance sheet date less non-recoverable
property operating expenses, adjusted for notion-
al rent expiration for rent-free periods and other
lease incentives, divided by the market value of in-
come-generating investment property.
ERM
Enterprise Risk Management—an integrated risk-
based system of functions, processes and meth-
odologies to identify and address methodically
the potential events that represent risks to the
achievement of strategic objectives or to opportu-
nities to gain competitive advantage.
ERP
Enterprise Resource Planning—business process
management software that manages and inte-
grates a company’s financials, supply-chain, oper-
ations, commerce, reporting, manufacturing, and
human resource activities.
ERV
Estimated rental value.
ESG
Environmental, Social, and Corporate Governance—
an evaluation of a firm’s collective conscientious-
ness for social and environmental factors.
ESMA
European Securities and Market Authority.
EU
European Union.
EU taxonomy
A classification system established as part of the
European Green Deal initiative to define economic
activities considered environmentally sustainable.
EUR / euro / €
The lawful currency of the European Economic and
Monetary Union.
Executive Director
A director of the Company appointed as executive
director.
Growth Markets
Poland, Serbia, Bulgaria—the markets in CEE that
CTP has targeted for further growth over the me-
dium term.
Financial Statements
Audited consolidated financial statements of the
Company for the period from 1 January 2023 to
31 December 2023, which comprise the consolidated
statements of financial position as of 31 December
2023 and 2022 and the related consolidated state-
ments of profit and loss and comprehensive income,
changes in equity, and cash flows for the period
1 January 2023 to 31 December 2023 and the year
ended 31 December 2022, and the related notes to
the consolidated financial statements. These finan-
cial statements are a reproduction of the statutory
financial statements of the Company and have been
provided with an audit opinion by the external auditor.
Appendices
7.10 Glossary
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
335
Annual Report 2023 CTP N.V.
FMSA
The Dutch Financial Markets Supervision Act (in
Dutch:
Wet op het financieel toezicht
).
Founder
Mr. Remon Vos
FTEs
Full-time equivalent personnel.
GAV
The gross asset value calculated as the aggregate
of investment property, investment property under
development and property, plant and equipment as
presented in the Financial Statements in accord-
ance with IFRS.
GDP
Gross domestic product.
General Meeting
The corporate body that consists of shareholders
and all other persons with voting rights, or the
meeting in which the shareholders and all other
persons with meeting rights assemble.
GHG
Greenhouse gasses—gasses that contribute to the
greenhouse effect, as defined by the Greenhouse
Gas Protocol [https://ghgprotocol.org].
GLA
Gross leasable area.
Green Asset Pool
The selected pool of new and existing assets that
promote the transition to low-carbon and climate
resilient growth and which meet the criteria of the
Green Bond Framework.
Green Bond Framework
The Group’s framework developed according to the
Green Bond Principles 2018, administrated by the
International Capital Market Association.
GRI
The Global Reporting Initiative—a framework for
the transparent disclosure of non-financial data
[https://www.globalreporting.org].
Gross rental income / GRI
Gross rental income for the relevant period
Group, Group Companies
The Company and all entities included in the group
(in Dutch
groep
, within the meaning of Article 2:24
b of the Dutch Civil Code).
I&L
The industrial & logistics sector.
IAS
International Accounting Standards.
Interest Cover Ratio or ICR
The ratio of the Group’s total interest expense to
Adjusted EBITDA
IFRS
The International Financial Reporting Standards as
adopted by the European Union.
Indebtedness
Interest-bearing loans and borrowings from finan-
cial institutions.
ISIN
International securities identification number.
KPI
Key performance indicator.
KPMG
KPMG Accountants N.V.
Leasing activity
Sum of new contracts or amendments for either
newly leased area or prolonged leases in a given
period.
LEI
Legal Entity Identifier.
Like-for-like rental growth
Like-for-like gross rental growth compares the
growth of the gross rental income of the portfolio
that has been consistently in operation (not under
development) during the two preceding 12-month
periods that are described.
LTIP
CTP’s long-term incentive plan for Executive Direc-
tors.
Market Abuse Regulation
Regulation (EU) No 596/2014 on market abuse, as
amended.
Multivest
Multivest B.V., the parent company of the Group.
MWp
Megawatt peak—a unit of measurement indicating
the peak power output capacity of renewable ener-
gy power plants such as solar or wind, where output
may vary due to strength of sunlight or wind speed.
Net Debt
The aggregate amount of interest-bearing loans
and borrowings from financial institutions plus
bonds issued after the deduction of cash and cash
equivalents.
Net LTV
Net loan-to-value ratio, which is the aggregate
amount of interest-bearing loans and borrowings
from financial institutions plus bonds issued after
deduction of cash and cash equivalents as a per-
centage of GAV.
Next 12 months’ revenue
Revenue from all contracts in place as at the end of
the period including rent, other rental income, ser-
vice charge income and development income from
building/tenant improvements minus rent-free
periods.
NOI
Net operating income.
Nomination and Remuneration Committee
The nomination and remuneration committee of the
Company.
Non-Executive Directors
The Company’s non-executive directors.
Appendices
7.10 Glossary
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
336
Annual Report 2023 CTP N.V.
Occupancy rate
Proportion of the aggregate GLA of the properties
that are under a lease agreement at that point in
time. For the avoidance of doubt, the aggregate
GLA includes areas designated as structurally va-
cant. Any development to create new leasable area
at any property shall only be included when the rel-
evant space or development is complete and availa-
ble to generate income.
Operating profit (excl. valuation results)
Profit for the period less net valuation result on in-
vestment property.
PV
Photovoltaic.
RCF
Revolving credit facility.
Red Book
The Royal Institute of Chartered Surveyors Val-
uation (incorporating the International Valuation
Standards) – January 2020.
Related Party Transactions Policy
The related-party transactions policy of the Group.
Remuneration Policy
The remuneration policy for CTP adopted by the
AGM on 25 March 2021 applying to the Executive
Directors and the Non-Executive Directors.
Retention rate
The part of total rental income that expires in one
year and is prolonged with existing clients, as part
of the total rental income of leases that expire in
the same year.
Senior Independent Director
The Non-Executive Director with the title Senior
Independent Director, in accordance with the Board
Rules.
Senior Management
The employees of CTP in a managerial position as
defined in Article 2:166 of the Dutch Civil Code.
Shareholder(s)
A holder of shares in CTP B.V.
Sustainability Committee
The sustainability committee of the Company
TCFD
Task Force on Climate related Financial Disclo-
sures—a non-public initiative that developed dis-
closure guidance for the impact of climate change
on the financial performance of companies [www.
fsb-tcfd.org].
TSR
Total shareholder return.
UNHCR
United Nations High Commissioner for Refugees.
WAULT
Weighted average unexpired lease term.
Western European markets
Austria, Netherlands, Germany—CTP’s expansion
markets in Western Europe.
Yield on Cost (YoC)
The expected rental value divided by development
cost, including land and agency fees, excluding
financing, rent-free periods and internal project
management costs.
Appendices
7.10 Disclaimer
Financial
Statements
Company
Introduction
Strategy &
Outlook
Business
Environment
ESG Governance
337
Annual Report 2023 CTP N.V.
Forward-looking statements and
other information
To the extent that this document contains for-
ward-looking statements, such statements do not
represent facts and are identified generally by the
words such as “aims”, “anticipates”, “assumes”,
“believes”, “estimates”, “expects”, “intends”,
“should”, “will”, “will likely result”, “forecasts”, “out-
look”, “projects”, “may” or similar expressions. The
forward-looking statements contained herein speak
only as of the date they are made and CTP does not
assume any obligation to update such statements,
except as required by law. Forward-looking state-
ments express the intentions, opinions or current
expectations and assumptions of CTP and the per-
sons acting in conjunction with CTP, for example
with regard to the Outlook section of the “CEO and
CFO letter”, or the “Growth plan and 20 Million sqm
GLA Target” and “Outlook for 2024” sections in
Chapter 2. Such forward-looking statements are
based on current plans, estimates and forecasts
which CTP and the persons acting in conjunction
with CTP have made to the best of their knowledge,
but which may not be correct in the future. For-
ward-looking statements are subject to risks and
uncertainties because they relate to future events
that are difficult to predict and usually cannot be
influenced by CTP or the persons acting in conjunc-
tion with CTP. Please see in this respect chapter
Risk Management. It should be kept in mind that
the actual events or consequences may differ mate-
rially from those contained in or expressed by such
forward-looking statements.
Third-party market share data
Statements regarding market share, market
data, industry statistics and industry forecasts,
contained in this document are based on publicly
available sources such as research institutes and
analyst coverage in combination with CTP’s own
management estimates.
Use of non-IFRS information
In presenting and discussing CTP’s financial posi-
tion, operating results and cash flows, management
uses certain non-IFRS financial measures. These
non-IFRS financial measures should not be viewed
in isolation as alternatives to the equivalent IFRS
measure and should be used in conjunction with the
most directly comparable IFRS measures. Non-IF-
RS financial measures do not have standardized
meaning under IFRS and therefore may not be
comparable to similar measures presented by other
issuers.
7.10 Disclaimer
338
Annual Report 2023 CTP N.V.
Contacts
CTP
CTPark Humpolec 1571
396 01 Humpolec
Czech Republic
+420 565 535 565
Czech Republic
CTP Invest spol. s r.o.
Národní 135/14
110 00 Prague 1
Czech Republic
+420 220 511 444
Romania
CTP Invest Bucharest SRL
5A Ion Rațiu Street
Bolintin Deal Commune Giurgiu County
087015 Romania
+40 21 9149
Hungary
CTP Management Hungary Kft
Verebély László utca 2
2051 Biatorbágy
Hungary
+36 30 164 3414
Slovakia
CTP Invest SK, spol. s r.o.
Laurinská 18
811 01 Bratislava
Slovakia
+421 904 174 157
Serbia
CTP Invest doo
Zorana Djindjica 64a
11070 Beograd
Serbia
+381 66 8772 860
Poland
CTP Invest Poland Sp. z o.o.
Rondo ONZ 1
00-124 Warsaw
Poland
+48 600 037 740
Bulgaria
CTP Invest EOOD
247, Botevgradsko shosse Blvd.
Administrative building, floor 7
1517 Sofia
Bulgaria
+359 884 65 22 38
Netherlands
CTP Invest BV
Apollolaan 151
1077 AR Amsterdam
The Netherlands
+31 85 27 31 294
Germany
CTP Deutschland B.V.
Lietzenburger Strasse 75
107 19 Berlin
Germany
+49 (0) 331 74 00 76 -529
Austria
CTP Invest Immobilien GmbH
Himmelpfortgasse 2/5
1010 Vienna
Austria
+43 664 3483608
Asia Office
Mainland China: +86-17072175553
Hong Kong: +852-93594004
CTP Regional Offices
Follow Us
linkedin.com/company/CTP-invest
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facebook.com/CTPparkmakers
instagram.com/CTPparkmakers
youtube.com/CTPeu
#byctp
ctp.eu
CTP N.V.
CTP N.V.
Apollolaan 151
1077 AR Amsterdam
The Netherlands
+31 85 27 31 294
ctp.eu