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"value": "
1. GENERAL INFORMATION
Company
CTP N.V. (\u201cthe Company\u201d) is a Dutch-based real estate investor and developer that develops and leases a
portfolio of properties in Western Europe and Central and Eastern Europe (\u201cCEE\u201d).
Reporting entity
These consolidated financial statements comprise the financial results of the Company and its subsidiaries
(collectively referred to as the \u201cGroup\u201d or \u201cCTP Group\u201d or \u201cCTP\u201d and individually as \u201cGroup companies\u201d).
Refer to Notes 7 and 34 of these consolidated financial statements for a list of Group entities and changes
to the Group in 2024 and in 2023.
Principal activities
CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech
business parks mainly in CEE, the Netherlands, Austria and Germany.
Registered office
The visiting address of CTP N.V. is Apollolaan 151, 1077 AR Amsterdam, the Netherlands.
RSIN number: 860528091
Registration number: 76158233
CTP N.V. was incorporated on 21 October 2019 for an unlimited period. In March 2021, the Company\u2019s shares
were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V.
to N.V.
Owners of the Company at 31 December 2024
Share in Share in
Number registered voting
Shareholders of shares capital rights
CTP Holding B.V.
345,622,431
73.03%
73.03%
Individual shareholders
127,663,130
26.97%
26.97%
473,285,561
100.00%
100.00%
The ultimate controlling party of the Group is Mr. Remon Vos via the parent company Multivest B.V.
Board of Directors at 31 December 2024
Executive Directors: Remon L. Vos
Richard J. Wilkinson
Non-Executive Directors: Barbara A. Knoflach
Susanne Eickermann-Riepe
Rodolphe R. F. Schoettel
Kari E. Pitkin
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "CTP N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Dutch-based real estate investor and developer that develops and leases a portfolio of properties", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Western Europe and Central and Eastern Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Apollolaan 151, 1077 AR Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "CTP Holding B.V. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Multivest B.V. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Board of Directors at 31 December 2024 Executive Directors: Remon L. Vos Richard J. Wilkinson Non-Executive Directors: Barbara A. Knoflach Susanne Eickermann-Riepe Rodolphe R. F. Schoettel Kari E. Pitkin", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "2. GOING CONCERN CTP\u2019s properties are leased to a wide range of tenants and there is no significant focus on a group or com- pany. 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 2024, during the financial year 2025, as follows:
In EUR million
2024
Current liabilities as at 31 December 2024
1,010.8
Current assets excluding cash and cash equivalents as at 31 December 2024
296.4
Funds required in 2024 to cover the short-term liquidity need
714.4
Available cash as at 31 December 2024
855.4
Expected net rental income available for repayment current Interest-bearing loans 717.5
and borrowings to be received in 2025
Drawdowns of loans and issuance of new bonds in 2025
1,000.0
Revolving facility *
-
Expected funds to be received in 2025 to cover the short-term liquidity need
2,572.9
* The Company has a EUR 1,300.0 million revolving credit facility (2023: EUR 500.0 million) for a five- year period. The Company does not expect a partial or full drawdown under this facility in 2025. Based on cash-flow projections prepared for 2025, other development up to the date of approval of these consolidated financial statements, and the management assessment results (described above), the Direc- tors and management of the Group have not identified going concern risks. They believe it is appropriate to prepare the consolidated financial statements on a going concern basis as at 31 December 2024, and no material uncertainty exists with respect to the going concern of the Group as at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS Due to rounding, numbers presented throughout this document may not add up precisely to the totals pro- vided and percentages may not precisely reflect the absolute figures. a) Statement of compliance These consolidated financial statements were prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code. The consolidated financial statements were authorised for issue by the Board on 7 March 2025. b) Financial reporting and comparative period CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2024 and 31 De- cember 2023, respectively. c) Common control transactions There were no significant common control transactions in 2024 or in 2023. Please, refer to Note 7. d) CTP considered the following new and amended standards in 2024 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 2024. The nature and the effect of these changes are disclosed below, however the impact on Consolidated financial statements is immaterial: \u2022 Non-current liabilities with Covenants (Amendment to IAS 1): According the Amendment, a liability will be classified as non-current if the Company has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to complying with conditions (covenants) specified in a loan arrangement. Only covenants with which a Company must comply on or before the reporting date affect the classification of a liability as current or non-current. \u2022 Lease liability in a Sale and Leaseback (Amendments to IFRS 16): Amendments to IFRS 16 impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new disclosure objectives \u2013 in IAS 7 and in IFRS 7 \u2013 for a company to provide information about its supplier finance arrangements that would enable users (investors) to assess the effects of these arrangements on the company\u2019s liabilities and cash flows, and the company\u2019s exposure to liquidity risk. e) Standards issued but not yet effective A number of new standards took effect from the financial years beginning after 1 January 2025, although earlier application was permitted. The Group did not adopt the new or amended standards in preparing these consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: - to present \u2018operating profit\u2019 subtotal, - to classify all income and expenses into five distinct categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories, - to disclose management performance measures (MPMs), currently commonly known e.g. as key performance indicators (KPIs) in one single note in the financial statements, - enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the state- ment of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new standard. Other accounting standards The following new and amended standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 Lack of Exchangeability (Amendments to IAS 21) \u2022 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) \u2022 Annual Improvements to IFRS Accounting Standards (Volume 11) \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest 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 (\u201cdevelopment companies\u201d) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and ser- vices rendered to other companies operating in the same country; o that primarily influences labour, material and other costs of providing goods and services; o in which receipts from operating activities are usually retained; - other Group entities that operate industrial parks or dormant entities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no sig- nificant degree of autonomy
CTP Group\u2019s development companies are:
- CTP Invest, spol. s r.o. \u2013 functional currency Czech koruna (CZK)
- CTP Invest Poland Sp. z o.o. \u2013 functional currency Polish zloty (PLN)
- CTP Invest d.o.o. Beograd-Novi Beograd \u2013 functional currency Serbian dinar (RSD)
- CTP Management Hungary Kft. \u2013 functional currency Hungarian forint (HUF)
- CTP Invest Bucharest SRL \u2013 functional currency Romanian leu (RON)
- CTP Invest SK, spol. s r.o. \u2013 functional currency euro (EUR)
- CTP Invest EOOD \u2013 functional currency Bulgarian lev (BGN)
- CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR)
- CTP Invest B.V. \u2013 functional currency euro (EUR)
- CTP Invest Germany GmbH \u2013 functional currency euro (EUR)
All other Group companies have EUR as their functional currency.
g) Basis of measurement
The Group\u2019s consolidated financial statements are prepared on a historical cost basis, except for the follow-
ing items, which are measured on an alternative basis on each reporting date:
\u2022 derivative financial instruments are measured at fair value;
\u2022 investment property and investment property under development is measured at fair value;
\u2022 solar plants within property, plant and equipment are measured at fair value;
\u2022 hotels within property, plant and equipment are measured at fair value.
h) Use of estimates and judgments
The preparation of the consolidated financial statements requires management to make judgments, esti-
mates and assumptions that affect the application of policies and the reported amounts of assets and lia-
bilities, 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 sources. The actual results may differ from these estimates.
The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods, if the revision affects both current and future periods.
Information about significant areas of estimates, uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amount recognised in the financial statements, are
described in the following Notes:
- 5a) Business combination
- 5b) Investment property
- 5c) Investment property under development
- 5d) Property, plant and equipment
- 5g) Financial instruments
- 5h) Impairment
i) Measurement of fair values
Some of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities.
When measuring the fair value of an asset or a liability, the Group uses market data as far as possible. Fair
values are categorised into different levels in a fair value hierarchy based on the following valuation tech-
niques:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices);
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels
of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period
during which the change has occurred.
Further information about the assumption made in measuring fair values is included in the following Notes:
- Note 18. Investment property
- Note 19. Investment property under development
- Note 21. Property, plant and equipment
- Note 22. Goodwill and intangible assets
- Note 32. Derivative financial instruments
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "a) Statement of compliance These consolidated financial statements were prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "The consolidated financial statements were authorised for issue by the Board on 7 March 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "
d) CTP considered the following new and amended standards in 2024
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
2024. The nature and the effect of these changes are disclosed below, however the impact on Consolidated
financial statements is immaterial:
\u2022 Non-current liabilities with Covenants (Amendment to IAS 1): According the Amendment, a liability will
be classified as non-current if the Company has a right to defer settlement for at least 12 months after
the reporting date. This right may be subject to complying with conditions (covenants) specified in a
loan arrangement. Only covenants with which a Company must comply on or before the reporting date
affect the classification of a liability as current or non-current.
\u2022 Lease liability in a Sale and Leaseback (Amendments to IFRS 16): Amendments to IFRS 16 impact how a
seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The
amendments introduce a new accounting model for variable payments.
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new
disclosure objectives \u2013 in IAS 7 and in IFRS 7 \u2013 for a company to provide information about its supplier
finance arrangements that would enable users (investors) to assess the effects of these arrangements
on the company\u2019s liabilities and cash flows, and the company\u2019s exposure to liquidity risk.
e) Standards issued but not yet effective
A number of new standards took effect from the financial years beginning after 1 January 2025, although
earlier application was permitted. The Group did not adopt the new or amended standards in preparing
these consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 and applies for annual reporting periods beginning on or after 1 January 2027. The
new standard introduces the following key new requirements:
- to present \u2018operating profit\u2019 subtotal,
- to classify all income and expenses into five distinct categories in the statement of profit or loss,
namely the operating, investing, financing, discontinued operations and income tax categories,
- to disclose management performance measures (MPMs), currently commonly known e.g. as key
performance indicators (KPIs) in one single note in the financial statements,
- enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the state-
ment of cash flows when presenting operating cash flows under the indirect method.
The Group is still in the process of assessing the impact of the new standard.
Other accounting standards
The following new and amended standards are not expected to have a significant impact on the Group\u2019s
consolidated financial statements:
\u2022 Lack of Exchangeability (Amendments to IAS 21)
\u2022 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
\u2022 Annual Improvements to IFRS Accounting Standards (Volume 11)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
4. CHANGES IN THE FINANCIAL STATEMENT PRESENTATION
Separate presentation of result from renewable energy
In 2024, Group decided to separately present result from renewable energy in the statement of profit or
loss and other comprehensive income to enhance its significance for the Group and also due to increasing
importance of renewable energy to users of financial statements. Change will result in more reliable and
more relevant information about CTP performance.
The following table summarises the impacts on the Group\u2019s consolidated financial statements:
Consolidated statement of profit or loss and OCI
31 December
2023 31 December
as previously 2023 Note
In EUR million
reported
Adjustment
Restated* reference
Property operating expense
-89.4
0.2
-89.2
Note 10
Net rental income
543.2
0.2
543.4
Income from renewable energy
1
6.3
6.3
Note 9
Expenses from renewable energy
1
-2.8
-2.8
Note 9
Net income from renewable energy
1
3.5
3.5
Note 9
Total revenues
673.8
6.3
680.1
Total attributable external expenses
-119.8
-2.6
-122.4
Gross profit
554.0
3.7
557.7
Other income
14.1
-6.3
7.8
Note 11
Amortization, depreciation and
impairment
-12.7
1.4
-11.3
Other expenses
-58.5
1.2
-57.3
Note 13
Net other income/expenses
-108.9
-3.7
-112.6
Profit before finance costs
1,323.8
-
1,323.8
1) newly introduced captions in statement of profit or loss and OCI
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest 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 (\u201cdevelopment companies\u201d) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and ser- vices rendered to other companies operating in the same country; o that primarily influences labour, material and other costs of providing goods and services; o in which receipts from operating activities are usually retained; - other Group entities that operate industrial parks or dormant entities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no sig- nificant degree of autonomy . CTP Group\u2019s development companies are: - CTP Invest, spol. s r.o. \u2013 functional currency Czech koruna (CZK) - CTP Invest Poland Sp. z o.o. \u2013 functional currency Polish zloty (PLN) - CTP Invest d.o.o. Beograd-Novi Beograd \u2013 functional currency Serbian dinar (RSD) - CTP Management Hungary Kft. \u2013 functional currency Hungarian forint (HUF) - CTP Invest Bucharest SRL \u2013 functional currency Romanian leu (RON) - CTP Invest SK, spol. s r.o. \u2013 functional currency euro (EUR) - CTP Invest EOOD \u2013 functional currency Bulgarian lev (BGN) - CTP Invest Immobilien GmbH \u2013 functional currency euro (EUR) - CTP Invest B.V. \u2013 functional currency euro (EUR) - CTP Invest Germany GmbH \u2013 functional currency euro (EUR) All other Group companies have EUR as their functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "h) Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgments, esti- mates and assumptions that affect the application of policies and the reported amounts of assets and lia- bilities, 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 sources. The actual results may differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Information about significant areas of estimates, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognised in the financial statements, are described in the following Notes: - 5a) Business combination - 5b) Investment property - 5c) Investment property under development - 5d) Property, plant and equipment - 5g) Financial instruments - 5h) Impairment ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "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 32. Derivative financial instruments", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "4. CHANGES IN THE FINANCIAL STATEMENT PRESENTATION Separate presentation of result from renewable energy In 2024, Group decided to separately present result from renewable energy in the statement of profit or loss and other comprehensive income to enhance its significance for the Group and also due to increasing importance of renewable energy to users of financial statements. Change will result in more reliable and more relevant information about CTP performance. The following table summarises the impacts on the Group\u2019s consolidated financial statements: Consolidated statement of profit or loss and OCI
31 December
2023 31 December
as previously 2023 Note
In EUR million
reported
Adjustment
Restated* reference
Property operating expense
-89.4
0.2
-89.2
Note 10
Net rental income
543.2
0.2
543.4
Income from renewable energy
1
6.3
6.3
Note 9
Expenses from renewable energy
1
-2.8
-2.8
Note 9
Net income from renewable energy
1
3.5
3.5
Note 9
Total revenues
673.8
6.3
680.1
Total attributable external expenses
-119.8
-2.6
-122.4
Gross profit
554.0
3.7
557.7
Other income
14.1
-6.3
7.8
Note 11
Amortization, depreciation and
impairment
-12.7
1.4
-11.3
Other expenses
-58.5
1.2
-57.3
Note 13
Net other income/expenses
-108.9
-3.7
-112.6
Profit before finance costs
1,323.8
-
1,323.8
1) newly introduced captions in statement of profit or loss and OCI", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "4. CHANGES IN THE FINANCIAL STATEMENT PRESENTATION Separate presentation of result from renewable energy In 2024, Group decided to separately present result from renewable energy in the statement of profit or loss and other comprehensive income to enhance its significance for the Group and also due to increasing importance of renewable energy to users of financial statements. Change will result in more reliable and more relevant information about CTP performance. The following table summarises the impacts on the Group\u2019s consolidated financial statements: Consolidated statement of profit or loss and OCI
31 December
2023 31 December
as previously 2023 Note
In EUR million
reported
Adjustment
Restated* reference
Property operating expense
-89.4
0.2
-89.2
Note 10
Net rental income
543.2
0.2
543.4
Income from renewable energy
1
6.3
6.3
Note 9
Expenses from renewable energy
1
-2.8
-2.8
Note 9
Net income from renewable energy
1
3.5
3.5
Note 9
Total revenues
673.8
6.3
680.1
Total attributable external expenses
-119.8
-2.6
-122.4
Gross profit
554.0
3.7
557.7
Other income
14.1
-6.3
7.8
Note 11
Amortization, depreciation and
impairment
-12.7
1.4
-11.3
Other expenses
-58.5
1.2
-57.3
Note 13
Net other income/expenses
-108.9
-3.7
-112.6
Profit before finance costs
1,323.8
-
1,323.8
1) newly introduced captions in statement of profit or loss and OCI", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "
5. MATERIAL ACCOUNTING POLICIES
The Group has consistently applied the following accounting policies to all periods presented in these con-
solidated 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. The material accounting policy information is disclosed in the respective notes to the financial
statements where relevant.
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 con-
trol 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 considers
whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group
accounts for an acquisition as a business combination under IFRS 3, when an integrated set of activities is
acquired in addition to the property. More specifically, consideration is made to the extent to which signifi-
cant 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
combination, and that control is not transitory.
The assets and liabilities acquired under common control are recognized at the carrying amounts in the
financial 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 trans-
actions.
The assets and liabilities of the entities, and their income and expenses, for the period in which the com-
mon control transaction has occurred and for the comparative period disclosed, are included in the Group\u2019s
financial statements as if the common control transaction took place at the beginning of the comparative
period.
iii. Business combinations
The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers
whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group
accounts for an acquisition as a business combination where an integrated set of activities and assets,
including property, is acquired. More specifically, consideration is given to the extent to which substantive
processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., mainte-
nance, cleaning, security, bookkeeping, hotel services, etc.). When the acquisition of subsidiaries does not
represent a business combination, 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 or deferred tax is recognised.
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. As a result, a goodwill is recognised.
The Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the
acquiree; less
\u2022 the net amount of the identifiable assets acquired, and liabilities stated at fair value.
The Group\u2019s policy for goodwill is described below in Note 5e).
Acquisition-related costs incurred in process of business combinations are expensed in the periods in which
the costs are incurred and the services are received.
The Group applies recognition exemption of deferred tax that arises from the initial recognition of an asset
or liability in a transaction that is not a business combination.
Deferred tax from subsequent asset revaluation is recognised in the consolidated financial statements.
iv. Acquisition of assets via share-based payment
Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2
Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair
value of assets received. That fair value is measured at the date the entity obtains the assets.
v. Non-controlling interest
Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable
net assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a
loss of control are accounted for as equity transactions.
vi. Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary,
any non-controlling interests and the other components of equity related to the subsidiary. Any resulting
gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such
interest is measured at fair value at the date that control is lost.
vii. Changes in the ownership interests in existing subsidiaries
Changes in the Company\u2019s ownership interests in subsidiaries that do not result in the Company losing con-
trol over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company\u2019s
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiaries.
viii. Asset acquisition
Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not consti-
tute 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 transac-
tions, 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 prop-
erty 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 report was obtained as at 31 December 2024 and was incorporated into the Group\u2019s IFRS consol-
idated 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 agent fees are capitalized to the value of investment properties and affect the net valuation result.
The fair value measurement for all the Group\u2019s investment properties is categorised as
Level 3 fair value.
Investment properties comprise of buildings and related land and landbank for future development.
c) Investment property under development
Property being constructed or developed for future use as investment property
is classified as investment property under development. This is initially measured at cost and subsequently
at fair value, with any change recognised in profit or loss. When construction or development is completed,
property is reclassified and subsequently accounted for as investment property.
The independent valuation report was obtained as at 31 December 2024. The value of investment property
under development was determined by an external, independent professional property valuer. Fair value is
defined as the price that would be received to sell an asset in an orderly transaction between market par-
ticipants at the measurement date.
Borrowing costs are not capitalised to the value of investment property under development, as almost all
development projects are finished within 12-15 months.
The agent fees are capitalized to the value of investment properties under development and affect the net
valuation result.
The fair value measurement for all investment properties under development is categorised as Level 3 fair
value.
d) Property, plant and equipment
(i) Revaluation model
Solar plants, which are completed solar plants that are generating income, and hotels, which represent a
minority of the Group\u2019s property portfolio, are classified under property, plant and equipment at revalued
amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the
Group\u2019s solar plants and hotels is treated as a revaluation, with any gain recorded as part of other compre-
hensive 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 ex-
perience 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 (refer to Note 5h). Cost includes expenditure that is directly attributable to the acquisi-
tion of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other
costs directly attributable to bringing the assets to a working condition for their intended use, the initial
estimate, where relevant, of the costs of dismantling and removing building items and restoring the building
site at which they are located, and an appropriate proportion of production overheads.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as ap-
propriate, 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 statement of profit or loss 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 re-
placing 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 car-
rying amount of the replaced item is derecognised. All other costs are in the statement of comprehensive
income as incurred.
Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the
equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and
plant between 10 years and 20 years.
The Group recognises as part of Property, plant and equipment acquired forests. Forests are considered as
bearing plant and are initially measured at cost. Subsequently they are measured at cost less impairment
losses.
(iii) Reclassification to Investment property
When the use of a property changes from owner-occupied to investment property, the property is remeas-
ured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in
profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any
remaining gain recognised in Other Comprehensive Income (\u201cOCI\u201d) and presented in the revaluation reserve.
A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation
surplus.
e) Goodwill
Goodwill arising on the acquisition of subsidiaries is initially measured at cost (being the excess of the ag-
gregate of the consideration transferred and the amount recognised for non-controlling interests and any
previous interest held over the net identifiable assets acquired and liabilities assumed).
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units
expected to benefit from the synergies of the combination.
Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc-
es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good-
will cannot be reversed in future periods.
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.
On disposal of cash-generating unit, the attributable amount of goodwill is included in the determination of
the profit or loss on disposal.
Goodwill is not amortised.
The Group\u2019s policy for goodwill arising on the acquisition of subsidiary is described above in 5a) iii. Business
combinations.
f) Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a defined
period, in exchange for consideration.
\u2022 As a lessee
At the start of a contract, or when a contract change contains a lease component, the Group allocates the
consideration in the contract to each lease component based on its relative stand-alone prices. 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 commence-
ment 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 exer-
cise a purchase option. In such a case, the right-of-use asset will be depreciated over the useful life of the
underlying asset, which is determined on the same basis as those of property and equipment. In addition, the
right-of-use asset is periodically reduced by the impairment losses, if any.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group\u2019s incremental borrowing rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of an asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as
at the commencement date;
\u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise;
\u2022 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and
\u2022 penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is
remeasured when there is a change in any of above-mentioned lease liability components. In such case, the
corresponding adjustment is made to the carrying amount of the right-of-use asset or is posted in profit or
loss, if the carrying amount of the right-of-use asset is reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in the prop-
erty, 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 as-
sets and short-term leases. The Group recognises the lease payments associated with these leases as an
expense on a straight-line basis over the lease term.
\u2022 As a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the con-
sideration 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
property and stated at fair value (as described in Note 5b).
g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other compre- hensive 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 or loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments 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 otherwise meets the requirements to be classified and measured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. \u2022 Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are ac- quired 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 ex- pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are subsequently measured at amortised cost using the effective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable payments that are not quoted in an active market. Such assets are recognised initially at fair value, plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insig- nificant risk of changes in value. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equiv- alents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas- ured 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
other payables. Such financial liabilities are recognised initially at fair value less any directly attributable
transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using
the effective interest method.
Financial assets and liabilities are offset, and the net amount 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.
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, com-
modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other
variable, provided in the case of a non-financial variable that the variable is not specific to a party to
the contract;
b) it requires no initial net investment or an initial net investment that is smaller than would be required
for other types of contracts that would be expected to have a similar response to changes in market
factors; and
c) it is settled at a future date.
Derivative financial instruments are initially recognised at fair value; attributable transaction costs are
recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value,
and changes therein are generally recognised in profit or 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 agree-
ments 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 dif-
ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no-
tional amount.
(vi) Cash flow hedge
The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ-
ated 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
comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on
a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of
the derivative is recognised immediately in profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires,
is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for
cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve
remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is
included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi-
fied 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 accumu-
lated in the Cash flow hedge reserve are immediately reclassified to profit or loss.
h) Impairment
(i) Non-financial assets
The carrying amounts of the Group\u2019s assets, other than investment property, investment property under
development and deferred tax assets, are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In
respect of goodwill, the recoverable amount is estimated at each reporting date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex-
ceeds its recoverable amount. The recoverable amount of an asset or cash-generating unit is the greater of
its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in
profit or loss.
An impairment loss in respect of a property, plant and equipment measured at fair value is reversed through
profit or loss to the extent that it reverses an impairment loss on the same asset that was previously rec-
ognised in profit or loss.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying
amount of the other assets in the unit (group of units) on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(ii) Financial assets
A financial asset not carried at fair value through profit or loss, including an interest in an equity account-
ed 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; re-
structuring of an amount due to the Group on terms that the Group would not consider otherwise; in-
dications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and
observable data indicating that there is a measurable decrease in the expected cash flows from a group of
financial assets.
The Group considers evidence of impairment for financial assets at both the specific asset and collective
level. All individually significant 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
impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount of the asset that would have been determined, net of amorti-
sation, if no impairment loss was recognised. The write-off policy of the Group requires that the outstand-
ing amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However,
the loan shall remain in the Group\u2019s statement of financial position even after 730 days of non-payment if it
is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case,
the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are
expected.
The Group allocates each financial asset\u2019s exposure to a credit risk stage based on data that is determined
to be predictive of the risk of loss (including but not limited to external ratings, audited financial state-
ments, 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
combination, are shown as a deduction from the proceeds, net of tax, in equity.
Share premium
The share premium concerns income from the issuing of shares in so far as it exceeds the nominal value
of the shares (above par income). Share premium is presented net of IPO costs incurred in the process of
shares emission.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the fi-
nancial 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 consol-
idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of
derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive
income 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
recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited
to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to
Share capital. Any premium or discount to par value is shown as an adjustment to Share premium.
j) Earnings per share
Earnings per share (EPS) is an important financial indicator that measures the Group\u2019s profitability.
Basic EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group
by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group
by the weighted average number of ordinary shares outstanding during the period, plus the weighted av-
erage 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.
k) Share-based payment
The Group provides share-based benefits to Company employees in the form of conditional share awards
over the Company\u2019s ordinary shares.
The fair value of the awards granted under the scheme is recognised as an employee benefits expense, with
a corresponding increase in equity (retained earnings). The total amount to be expensed is determined by
reference to the fair value of the awards granted, including the impact of any market performance condi-
tions and non-vesting conditions. Service conditions and any non-market performance vesting conditions
are considered when estimating the number of awards expected to vest.
The total expense is recognised over the vesting period, which is the period over which all specified vesting
conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of
awards that are expected to vest, based on the service conditions and the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
l) 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 or loss over the life of a depreciable assets as a reduced depreciation expense.
m) 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 con-
tracts. The Group has identified that park management services are distinct from rentals and are therefore
accounted separately. The service charge is priced and contracted based on market prices relevant for the
region of operation. The service charge income is 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.
n) Income from development activities
Revenues from customer specific fit-outs of rented facilities (development extras) are presented separate-
ly in the Statement of profit or loss and other 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.
o) Hotel revenues
Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are
recognised in profit or loss at the moment, when the customer obtains control over the services provided.
p) Expenses
(i) Attributable external expenses
Attributable external expenses consist of property operating expenses (including service expenses), hotel
operating expenses and expenses from development activities.
(ii) Property operating expenses
Property operating expenses (including service expenses) are expensed as incurred.
(iii) Finance income / finance expenses
The Group\u2019s finance income and finance costs include:
\u2022 interest income;
\u2022 interest expense;
\u2022 dividend income;
\u2022 the net gain or loss on financial assets at fair value through profit or loss (other than investment prop-
erty and investment property under development);
\u2022 the foreign currency gain or loss on financial assets and financial liabilities;
\u2022 the fair value loss on contingent consideration classified as a financial liability;
\u2022 impairment losses recognised on financial assets (other than trade receivables);
\u2022 the net gain or loss on hedging instruments that are recognised in profit or loss; and
\u2022 the reclassification of net gains previously recognised in Other Comprehensive Income.
Interest income or expense is recognised using the effective interest method.
q) 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 comprehensive income. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is provided using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2024 and 2023 were as follows:
Country
2024
2023
Austria
23.00%
24.00%
Czech Republic
21.00%
19.00%
Germany
15.83%; 29.48%
15.83%; 29.48%
Hungary
9.00%
9.00%
Netherlands
25.80%
25.80%
Poland
9.00%; 19.00%
9.00%; 19.00%
Romania
16.00%
16.00%
Serbia
15.00%
15.00%
Slovakia
15.00%; 21.00%
15.00%; 21.00%
Bulgaria
10.00%
10.00%
In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax rate for these entities from 21% to 24%, effective from 2025. In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due to change in the corporate income tax rate from 19% to 21% starting in 2024. Deferred tax is not recognised from temporary differences on the initial recognition of assets and/or liabil- ities 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 cur- rent tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority . r) 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 curren-
cy at the exchange rate of local national banks at the reporting date. Non-monetary assets and liabilities
denominated in foreign currencies that are measured at fair value are translated into the functional cur-
rency at the exchange rate when the fair value was determined. Foreign currency differences are generally
recognised in profit or loss. Non-monetary items that are measured based on historical cost in a foreign
currency are not translated.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated into euro at exchange rates at the reporting date. The income and expenses of
foreign operations are translated into euros at the exchange rates at the dates of the transactions.
Foreign currency differences are recognised in Other Comprehensive Income and accumulated in the
translation reserve, except to the extent that the translation difference is allocated to non-controlling
interest (\u201cNCI\u201d).
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or
joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is 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.
s) Segment reporting
The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating seg-
ments. According to this standard, an operating segment is a component carrying out business operations
whose operating income is evaluated regularly by the Group\u2019s highest executive decision maker, and about
which separate financial information is available.
The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geo-
graphical segments where the Group operates.
The Group\u2019s operating segments were determined in connection with the nature of the business and how the
operations are managed by the Group\u2019s operating decision maker. The Group reports operating segments
based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands,
Germany, Poland and other areas. Segment results reported to the Board include items directly attributable
to a segment.
The operating segments are determined based on the Group\u2019s management and internal reporting struc-
ture. As required by IFRS 8, the Group provides information on the business activities in which it engages,
including revenue and investment property split.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "a) Basis of consolidation i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that con- trol 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 considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination under IFRS 3, when an integrated set of activities is acquired in addition to the property. More specifically, consideration is made to the extent to which signifi- cant 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 combination, and that control is not transitory. The assets and liabilities acquired under common control are recognized at the carrying amounts in the financial 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 trans- actions. The assets and liabilities of the entities, and their income and expenses, for the period in which the com- mon control transaction has occurred and for the comparative period disclosed, are included in the Group\u2019s financial statements as if the common control transaction took place at the beginning of the comparative period. iii. Business combinations The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., mainte- nance, cleaning, security, bookkeeping, hotel services, etc.). When the acquisition of subsidiaries does not represent a business combination, 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 or deferred tax is recognised. 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. As a result, a goodwill is recognised. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable assets acquired, and liabilities stated at fair value. The Group\u2019s policy for goodwill is described below in Note 5e). Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. The Group applies recognition exemption of deferred tax that arises from the initial recognition of an asset or liability in a transaction that is not a business combination. Deferred tax from subsequent asset revaluation is recognised in the consolidated financial statements. iv. Acquisition of assets via share-based payment Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2 Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair value of assets received. That fair value is measured at the date the entity obtains the assets. v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vi. Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any resulting gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s ownership interests in subsidiaries that do not result in the Company losing con- trol over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. viii. Asset acquisition Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not consti- tute 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 transac- tions, are eliminated in preparing the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that con- trol 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 considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination under IFRS 3, when an integrated set of activities is acquired in addition to the property. More specifically, consideration is made to the extent to which signifi- cant processes are acquired and the extent of services provided by the subsidiary. When the acquisition of subsidiaries does not represent a business, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill and deferred tax is recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "iii. Business combinations The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., mainte- nance, cleaning, security, bookkeeping, hotel services, etc.). When the acquisition of subsidiaries does not represent a business combination, 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 or deferred tax is recognised. 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. As a result, a goodwill is recognised. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable assets acquired, and liabilities stated at fair value. The Group\u2019s policy for goodwill is described below in Note 5e). Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. The Group applies recognition exemption of deferred tax that arises from the initial recognition of an asset or liability in a transaction that is not a business combination. Deferred tax from subsequent asset revaluation is recognised in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "iii. Business combinations The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., mainte- nance, cleaning, security, bookkeeping, hotel services, etc.). When the acquisition of subsidiaries does not represent a business combination, 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 or deferred tax is recognised. 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. As a result, a goodwill is recognised. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable assets acquired, and liabilities stated at fair value. The Group\u2019s policy for goodwill is described below in Note 5e). 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. e) Goodwill Goodwill arising on the acquisition of subsidiaries is initially measured at cost (being the excess of the ag- gregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc- es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good- will cannot be reversed in future periods. 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. On disposal of cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is not amortised. The Group\u2019s policy for goodwill arising on the acquisition of subsidiary is described above in 5a) iii. Business combinations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less \u2022 the net amount of the identifiable assets acquired, and liabilities stated at fair value. The Group\u2019s policy for goodwill is described below in Note 5e). 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. e) Goodwill Goodwill arising on the acquisition of subsidiaries is initially measured at cost (being the excess of the ag- gregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc- es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good- will cannot be reversed in future periods. 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. On disposal of cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is not amortised. The Group\u2019s policy for goodwill arising on the acquisition of subsidiary is described above in 5a) iii. Business combinations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company\u2019s ownership interests in subsidiaries that do not result in the Company losing con- trol over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "b) Investment property Investment properties are those held to earn rental income, capital appreciation, or both. Investment prop- erty 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 report was obtained as at 31 December 2024 and was incorporated into the Group\u2019s IFRS consol- idated 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 agent fees are capitalized to the value of investment properties and affect the net valuation result. The fair value measurement for all the Group\u2019s investment properties is categorised as Level 3 fair value. Investment properties comprise of buildings and related land and landbank for future development. c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2024. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market par- ticipants at the measurement date. Borrowing costs are not capitalised to the value of investment property under development, as almost all development projects are finished within 12-15 months. The agent fees are capitalized to the value of investment properties under development and affect the net valuation result. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "The fair value measurement for all the Group\u2019s investment properties is categorised as Level 3 fair value. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2024. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market par- ticipants at the measurement date. Borrowing costs are not capitalised to the value of investment property under development, as almost all development projects are finished within 12-15 months. The agent fees are capitalized to the value of investment properties under development and affect the net valuation result. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "Borrowing costs are not capitalised to the value of investment property under development, as almost all development projects are finished within 12-15 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "d) Property, plant and equipment (i) Revaluation model Solar plants, which are completed solar plants that are generating income, and hotels, which represent a minority of the Group\u2019s property portfolio, are classified under property, plant and equipment at revalued amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the Group\u2019s solar plants and hotels is treated as a revaluation, with any gain recorded as part of other compre- hensive 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 ex- perience 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 (refer to Note 5h). Cost includes expenditure that is directly attributable to the acquisi- tion of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the initial estimate, where relevant, of the costs of dismantling and removing building items and restoring the building site at which they are located, and an appropriate proportion of production overheads. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as ap- propriate, 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 statement of profit or loss 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 re- placing 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 car- rying amount of the replaced item is derecognised. All other costs are in the statement of comprehensive income as incurred. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The Group recognises as part of Property, plant and equipment acquired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less impairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to investment property, the property is remeas- ured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in Other Comprehensive Income (\u201cOCI\u201d) and presented in the revaluation reserve. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "Depreciation of the solar plants is recognised into profit or loss on a straight-line basis over the estimated useful life of 25-30 years. Depreciation of the hotels is recognised into profit or loss on a straight-line basis over the estimated useful life of 40 years. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The right-of-use asset is subsequently depreciated using the straight-line method from the commence- ment 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 exer- cise a purchase option. In such a case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by the impairment losses, if any. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as ap- propriate, 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 statement of profit or loss during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "Goodwill For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc- es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good- will cannot be reversed in future periods. h) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds its recoverable amount. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, plant and equipment measured at fair value is reversed through profit or loss to the extent that it reverses an impairment loss on the same asset that was previously rec- ognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (ii) Financial assets A financial asset not carried at fair value through profit or loss, including an interest in an equity account- ed 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; re- structuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data indicating that there is a measurable decrease in the expected cash flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant 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 impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amorti- sation, if no impairment loss was recognised. The write-off policy of the Group requires that the outstand- ing amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial position even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s exposure to a credit risk stage based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial state- ments, management accounts and cash flow projections and available press information about customers) and by applying experienced credit judgement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "Goodwill For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc- es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good- will cannot be reversed in future periods. h) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s assets, other than investment property, investment property under development and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds its recoverable amount. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, plant and equipment measured at fair value is reversed through profit or loss to the extent that it reverses an impairment loss on the same asset that was previously rec- ognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "f) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a defined period, in exchange for consideration. \u2022 As a lessee At the start of a contract, or when a contract change contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. 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 commence- ment 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 exer- cise a purchase option. In such a case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by the impairment losses, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of an asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise; \u2022 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and \u2022 penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is remeasured when there is a change in any of above-mentioned lease liability components. In such case, the corresponding adjustment is made to the carrying amount of the right-of-use asset or is posted in profit or loss, if the carrying amount of the right-of-use asset is reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in the prop- erty, 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 as- sets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. \u2022 As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the con- sideration 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 property and stated at fair value (as described in Note 5b).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other compre- hensive 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 or loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments 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 otherwise meets the requirements to be classified and measured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. \u2022 Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are ac- quired 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 ex- pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are subsequently measured at amortised cost using the effective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable payments that are not quoted in an active market. Such assets are recognised initially at fair value, plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insig- nificant risk of changes in value. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equiv- alents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas- ured 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 other payables. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset, and the net amount 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. 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, com- modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; b) it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and c) it is settled at a future date. Derivative financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or 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 agree- ments 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 dif- ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no- tional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated 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 comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied 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 accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "(i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other compre- hensive 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 or loss: \u2022 the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments 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 otherwise meets the requirements to be classified and measured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group\u2019s financial assets are classified in two categories: \u2022 Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. \u2022 Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are ac- quired 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 ex- pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are subsequently measured at amortised cost using the effective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable payments that are not quoted in an active market. Such assets are recognised initially at fair value, plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insig- nificant risk of changes in value. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equiv- alents for cash flow purposes. The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "
All financial assets not classified as measured at amortised cost as described above are measured at fair
value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset,
that otherwise 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
\u2022 Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are ac- quired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss A financial liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas- ured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "
(ii) Non-derivative financial assets
The Group initially recognises loans and receivables when they are originated. All other financial assets are
recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of
the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset ex-
pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in
which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest
in transferred financial assets that is created or retained by the Group is recognised as a separate asset.
Financial assets and liabilities are offset, and the net amount presented in the statement of financial position,
when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Loans provided
Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such
assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are
subsequently measured at amortised cost using the effective interest method, less any impairment losses.
The Group classifies as a current portion any part of long-term loans due within one year from the reporting
date.
Trade and other receivables
Trade and other receivables and receivables due from related parties are financial assets with fixed or deter-
minable payments that are not quoted in an active market. Such assets are recognised initially at fair value,
plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost
using the effective interest method, less any impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "The Group derecognises a financial asset when the contractual rights to the cash flows from the asset ex- pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises financial liability when its contractual obligations are discharged, cancelled, or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "Financial assets and liabilities are offset, and the net amount presented in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable payments that are not quoted in an active market. Such assets are recognised initially at fair value, plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash and which are subject to an insig-
nificant risk of changes in value. Bank accounts and call deposits that are repayable on demand and form an
integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for
the purpose of the cash-flow statement.
The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equiv-
alents for cash flow purposes.
The Group\u2019s cash flow statement is prepared based on the indirect method from the statement of financial
position and statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "
(iii) Financial liabilities
Financial liabilities are classified as measured at amortised cost or fair value through profit or loss. A financial
liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative,
or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas-
ured 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 other payables. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset, and the net amount 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. 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, com- modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; b) it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and c) it is settled at a future date. Derivative financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or 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 agree- ments 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 dif- ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no- tional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated 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 comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied 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 accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "(iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas- ured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "(v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial instrument price, com- modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; b) it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and c) it is settled at a future date. Derivative financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or 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 agree- ments 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 dif- ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no- tional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated 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 comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied 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 accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "(v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial instrument price, com- modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; b) it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and c) it is settled at a future date. Derivative financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or 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 agree- ments 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 dif- ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no- tional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated 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 comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied 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 accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "(vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated 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 comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied 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 accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "(ii) Financial assets A financial asset not carried at fair value through profit or loss, including an interest in an equity account- ed 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; re- structuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data indicating that there is a measurable decrease in the expected cash flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant 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 impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amorti- sation, if no impairment loss was recognised. The write-off policy of the Group requires that the outstand- ing amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group\u2019s statement of financial position even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset\u2019s exposure to a credit risk stage based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial state- ments, management accounts and cash flow projections and available press information about customers) and by applying experienced credit judgement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "i) Equity Issued capital Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity. External costs directly attributable to the issuance of share capital, other than upon a business combination, are shown as a deduction from the proceeds, net of tax, in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "Share premium The share premium concerns income from the issuing of shares in so far as it exceeds the nominal value of the shares (above par income). Share premium is presented net of IPO costs incurred in the process of shares emission. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the fi- nancial 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 consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income 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 recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. 25. EQUITY Issued capital and Share premium Current financial year As at 31 December 2024, the issued capital and share premium were comprised of the following:
Number Nominal value of Issued capital Share premium
Type of shares of shares share In EUR million In EUR million
Ordinary shares
473,285,561
EUR 0.16
75.7
3,180.2
Treasury shares
-6,562
EUR 0.16
-
-0.1
Total
473,278,999
EUR 0.16
75.7
3,180.1
Ordinary shares Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company\u2019s shares held by the Group are suspended until those shares are reissued. Treasury shares The Company acquired during the merger transaction in 2022 the 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. On 7 May 2024, treasury shares increased by 965 shares due to return of bonus shares of leaving employees. On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the LTIP to a Director MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2024
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
1 January 2024
448,154,482
71.7
3,037.9
15 April 2024
Share issuance
120,843
-
1.8
20 May 2024
Dividend paid
4,923,602
0.8
-42.2
19 September 2024
Share issuance
14,187,500
2.3
220.6
3 October 2024
Share issuance
4,562,500
0.7
71.7
3 October 2024
Dividend paid
1,308,658
0.2
-110.2
Change in treasury
21,414
-
0.4
shares
Total balance at
31 December 2024
473,278,999
75.7
3,180.1
On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed to employees. On 16 May 2024, CTP N.V. announced a final 2023 dividend of EUR 0.275 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2024. The number of dividend rights that entitles to one new ordinary share has been set at 60.48. Shareholders representing approximately 34% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 66% 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 4,923,602 to a total of 453,226,903 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 20 May 2024. Change in treasury shares represents mainly a conditional share award under the LTIP to a Director pro- vided in May 2024. On 17 September 2024, CTP N.V. launched capital raise of EUR 300.0 million through an equity issuance of new ordinary shares in the share capital at a price of EUR 16.00 per ordinary share. The first tranche of EUR 227.0 million was offered to institutional investors via an accelerated bookbuild offering and the second tranche of EUR 73.0 million to Mr. Remon Vos, CTP\u2019s Founder and CEO, who has committed to subscribe at the issue price. On 19 September 2024, CTP N.V. issued 14,187,500 new ordinary shares related to first tranche. On 1 October, an interim dividend of EUR 0.29 per ordinary share for the first half of 2024 was announced. Shareholders were given the choice to receive the dividend either in shares (default) or in cash, with the share fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 27 Septem- ber 2024 (including). The number of dividend rights that entitles to 1 new ordinary share has been set at 56.57. Shareholders representing 83.7% of the total number of outstanding ordinary shares have chosen to re- ceive the dividend in cash, while shareholders representing 16.3% of the total number of outstanding ordi- nary shares opted for payment in shares. 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 1,308,658 to a total of 468,723,061 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 3 October 2024. On 3 October 2024 CTP N.V. issued additional 4,562,500 new ordinary shares related to second tranche of capital raise described above. Prior financial year As at 31 December 2023, the issued capital and share premium were comprised of the following:
Number Nominal value of Issued capital Share premium
Type of shares of shares share In EUR million In EUR million
Ordinary shares
448,182,458
EUR 0.16
71.7
3,038.4
Treasury shares
-27,976
EUR 0.16
-
-0.5
Total
448,154,482
EUR 0.16
71.7
3,037.9
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2023
444,100,549
71.1
3,203.0
18 May 2023
Dividend paid
2,221,102
0.3
-76.2
4 September 2023
Dividend paid
1,860,807
0.3
-88.4
Balance at
31 December 2023
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2023
448,154,482
71.7
3,037.9
On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that entitles to one new ordinary share was set at 51.42. Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 18 May 2023. On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced. Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of dividend rights that entitles to one new ordinary share was set at 50.53. Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 21% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of 448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 4 September 2023. Translation reserve The translation reserve of EUR -3.1 million (2023 \u2013 EUR 2.1 million) comprises all foreign exchange dif- ferences arising from the translation of the financial statements from the functional to the presentation currency (refer to Note 3f). 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 -31.8 million net of tax as at 31 December 2024 (2023 \u2013 EUR 0.1 mil- lion). Revaluation reserve Changes in the fair value of Property, plant and equipment valued under the revaluation model recognised in the revaluation reserve in equity reached EUR 24.9 million (net of tax) as at 31 December 2024 (2023 \u2013 EUR 29.0 million). Dividends Current financial year In May 2024, the Group paid a final dividend for the year 2023 of EUR 123.3 million, out of which EUR 41.4 million was paid in cash, with the rest of dividends paid in the form of new shares. In October 2024, the Group paid an interim dividend for the year 2024 of EUR 131.4 million, out of which EUR 110.0 million was paid in cash, with the rest of dividends paid in the form of new shares. Prior financial year 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, with the rest of dividends 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, with the rest of dividends paid in the form of new shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "Treasury shares Treasury shares are deducted from Equity. Gains or losses from purchase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "j) Earnings per share Earnings per share (EPS) is an important financial indicator that measures the Group\u2019s profitability. Basic EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted av- erage number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. The denominator in the calculation of basic EPS for each period presented is the weighted average number of shares as at 31 December of the respective year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "value": "k) Share-based payment The Group provides share-based benefits to Company employees in the form of conditional share awards over the Company\u2019s ordinary shares. The fair value of the awards granted under the scheme is recognised as an employee benefits expense, with a corresponding increase in equity (retained earnings). The total amount to be expensed is determined by reference to the fair value of the awards granted, including the impact of any market performance condi- tions and non-vesting conditions. Service conditions and any non-market performance vesting conditions are considered when estimating the number of awards expected to vest. The total expense is recognised over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of awards that are expected to vest, based on the service conditions and the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "l) 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 or loss over the life of a depreciable assets as a reduced depreciation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "m) 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 con- tracts. The Group has identified that park management services are distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is 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. n) Income from development activities Revenues from customer specific fit-outs of rented facilities (development extras) are presented separate- ly in the Statement of profit or loss and other 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. o) Hotel revenues Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are recognised in profit or loss at the moment, when the customer obtains control over the services provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "p) Expenses (i) Attributable external expenses Attributable external expenses consist of property operating expenses (including service expenses), hotel operating expenses and expenses from development activities. (ii) Property operating expenses Property operating expenses (including service expenses) are expensed as incurred. (iii) Finance income / finance expenses The Group\u2019s finance income and finance costs include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 the net gain or loss on financial assets at fair value through profit or loss (other than investment prop- erty and investment property under development); \u2022 the foreign currency gain or loss on financial assets and financial liabilities; \u2022 the fair value loss on contingent consideration classified as a financial liability; \u2022 impairment losses recognised on financial assets (other than trade receivables); \u2022 the net gain or loss on hedging instruments that are recognised in profit or loss; and \u2022 the reclassification of net gains previously recognised in Other Comprehensive Income. Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "q) 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 comprehensive income. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is provided using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2024 and 2023 were as follows:
Country
2024
2023
Austria
23.00%
24.00%
Czech Republic
21.00%
19.00%
Germany
15.83%; 29.48%
15.83%; 29.48%
Hungary
9.00%
9.00%
Netherlands
25.80%
25.80%
Poland
9.00%; 19.00%
9.00%; 19.00%
Romania
16.00%
16.00%
Serbia
15.00%
15.00%
Slovakia
15.00%; 21.00%
15.00%; 21.00%
Bulgaria
10.00%
10.00%
In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax rate for these entities from 21% to 24%, effective from 2025. In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due to change in the corporate income tax rate from 19% to 21% starting in 2024. Deferred tax is not recognised from temporary differences on the initial recognition of assets and/or liabil- ities 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 cur- rent tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "Deferred tax Deferred tax is provided using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2024 and 2023 were as follows:
Country
2024
2023
Austria
23.00%
24.00%
Czech Republic
21.00%
19.00%
Germany
15.83%; 29.48%
15.83%; 29.48%
Hungary
9.00%
9.00%
Netherlands
25.80%
25.80%
Poland
9.00%; 19.00%
9.00%; 19.00%
Romania
16.00%
16.00%
Serbia
15.00%
15.00%
Slovakia
15.00%; 21.00%
15.00%; 21.00%
Bulgaria
10.00%
10.00%
In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax rate for these entities from 21% to 24%, effective from 2025. In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due to change in the corporate income tax rate from 19% to 21% starting in 2024. Deferred tax is not recognised from temporary differences on the initial recognition of assets and/or liabil- ities 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 cur- rent tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "
r) 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 curren- cy at the exchange rate of local national banks at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the functional cur- rency at the exchange rate when the fair value was determined. Foreign currency differences are generally recognised in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not translated. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in Other Comprehensive Income and accumulated in the translation reserve, except to the extent that the translation difference is allocated to non-controlling interest (\u201cNCI\u201d). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is re- classified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture, while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "s) Segment reporting The Group has applied IFRS 8, \u201cOperating Segments\u201d to determine the number and type of operating seg- ments. According to this standard, an operating segment is a component carrying out business operations whose operating income is evaluated regularly by the Group\u2019s highest executive decision maker, and about which separate financial information is available. The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geo- graphical segments where the Group operates. The Group\u2019s operating segments were determined in connection with the nature of the business and how the operations are managed by the Group\u2019s operating decision maker. The Group reports operating segments based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany, Poland and other areas. Segment results reported to the Board include items directly attributable to a segment. The operating segments are determined based on the Group\u2019s management and internal reporting struc- ture. As required by IFRS 8, the Group provides information on the business activities in which it engages, including revenue and investment property split.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "6. SEGMENT REPORTING The principal activity 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 seg- mentation, as business activities are the same in each region where the Group operates. The Group\u2019s principal activities are in the following operating segments: the Czech Republic, Romania, Hun- gary, Slovakia, the Netherlands, Germany, Poland 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, solar
Poland
Industrial property, solar
Other
Geographical segments which do not meet criteria for separate segment
reporting recognition
Segment results for the 12-month period ended 31 December 2024 are as follows:
Inter-
Czech Total segment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
eliminations
Total
Rental income
274.5
61.8
122.7
53.7
9.1
76.0
19.0
47.3
664.1
-
664.1
Service charge income
23.2
9.2
13.8
6.6
0.4
15.5
4.9
2.3
75.9
-
75.9
Property operating expenses
-24.5
-9.2
-14.8
-6.8
-1.7
-20.8
-12.2
-3.1
-93.2
-
-93.2
Net rental income
273.3
61.8
121.7
53.5
7.7
70.7
11.6
46.6
646.8
-
646.8
Income from renewable energy
3.8
0.3
1.8
0.9
0.9
-
-
-
7.6
-
7.6
Expenses from renewable energy
-2.3
-0.1
-0.5
-0.3
-1.0
-0.1
-
-
-4.2
-
-4.2
Net income/expenses(-) from renewable energy
1.5
0.2
1.3
0.6
-
-0.1
-
-
3.4
-
3.4
Hotel operating revenue
22.4
-
-
-
-
-
-
-
22.4
-
22.4
Hotel operating expenses
-16.3
-
-
-
-
-
-
-
-16.3
-
-16.3
Net operating income from hotel operations
6.1
-
-
-
-
-
-
-
6.1
-
6.1
Income from development activities
79.1
0.6
1.6
-
-
-
15.7
3.7
100.7
-
100.7
Expenses from development activities
-59.1
-0.4
-1.0
-
-
-
-11.5
-3.1
-75.2
-
-75.2
Net income from development activities
19.9
0.2
0.6
-
-
-
4.2
0.6
25.5
-
25.5
Total revenues
403.0
71.9
139.9
61.2
10.4
91.5
39.5
53.3
870.8
-
870.8
Total attributable external expenses
-102.3
-9.7
-16.3
-7.1
-2.7
-20.9
-23.8
-6.2
-189.0
-
-189.0
Gross profit/loss(-)
300.8
62.2
123.6
54.1
7.7
70.7
15.7
47.1
681.8
-
681.8
Net valuation result on investment property
340.7
69.9
207.8
116.8
-4.0
121.8
57.3
31.2
941.5
-
941.5
Other income
27.1
0.2
0.2
1.5
0.8
5.9
0.6
0.2
36.5
-25.9
10.7
Amortisation, depreciation and impairment
-8.0
-0.3
-0.6
-0.2
-0.2
-0.8
-0.6
-0.3
-11.0
-
-11.0
Employee benefits
-22.7
-3.6
-5.8
-3.6
1.1
-7.7
-6.5
-4.0
-52.8
-
-52.8
Impairment of financial assets
-0.5
-
-1.6
-
-
-1.4
-0.3
-
-3.7
-
-3.7
Other expenses
-25.9
-4.5
-7.1
-4.5
-16.5
-9.0
-7.9
-5.7
-81.1
25.9
-55.3
Net other income/expenses(-)
-29.9
-8.1
-14.9
-6.8
-14.8
-13.0
-14.7
-9.7
-112.1
-
-112.1
Net profit/loss(-) before finance costs
611.5
123.9
316.5
164.1
-11.1
179.4
58.3
68.6
1,511.2
-
1,511.2
Net finance costs
-181.1
Profit/loss(-) before income tax
1,330.1
Income tax expense
-248.7
Profit/loss(-) for the period
1,081.4
Profit/loss(-) attributable to:
Equity holders of the Company
1,081.4
Segment assets and liabilities as at 31 December 2024 are as follows: 1/2
Inter-
Czech Total segment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
eliminations
Total
Assets
Investment property
6,228.2
1,259.2
2,395.5
1,021.0
481.8
1,521.2
882.6
865.8
14,655.3
-
14,655.3
Investment property under development
374.8
29.2
30.0
147.1
0.1
84.9
247.2
163.5
1,076.8
-
1,076.8
Property, plant and equipment
156.0
12.7
23.4
4.5
5.3
9.3
4.7
32.7
248.4
-
248.4
Goodwill and intangible assets
8.1
-
-
0.1
0.2
171.2
-
-
179.6
-
179.6
Trade and other receivables
9.6
3.4
1.3
0.4
-
5.9
0.1
0.3
21.0
-
21.0
Derivative financial instruments
-
-
-
-
17.5
1.8
-
-
19.3
-
19.3
Financial investments
905.8
-
-
-
3,594.9
-
-
-
4,500.7
-4,500.3
0.3
Long-term receivables from related parties
-
-
-
-
3,631.0
-
-
-
3,631.0
-3,631.0
-
Deferred tax assets
1.1
1.0
0.2
1.3
16.5
2.7
1.5
4.6
28.7
-
28.7
Total non-current assets
7,683.5
1,305.5
2,450.2
1,174.3
7,747.4
1,796.8
1,136.2
1,066.8
24,360.8
-8,131.3
16,229.5
Trade and other receivables
109.9
25.5
23.6
9.7
17.1
20.4
31.2
31.8
269.1
-
269.1
Short-term receivables from related parties
53.9
-
-
18.4
44.0
-
-
-
116.3
-116.0
0.3
Derivative financial instruments
-
1.1
-
-
10.2
0.1
-
-
11.4
-
11.4
Contract assets
6.8
-
0.4
-
-
-
0.9
-
8.1
-
8.1
Current tax assets
1.7
1.0
0.3
0.4
1.5
0.1
0.2
2.3
7.5
-
7.5
Cash and cash equivalents
50.6
31.3
39.6
22.6
662.6
22.9
14.4
11.3
855.4
-
855.4
Total current assets
223.0
58.9
63.8
51.2
735.4
43.5
46.7
45.4
1,267.7
-116.0
1,151.7
Total assets
7,906.5
1,364.4
2,514.0
1,225.5
8,482.8
1,840.3
1,182.9
1,112.2
25,628.5
-8,247.3
17,381.2
Segment assets and liabilities as at 31 December 2024 are as follows: 2/2
Inter-
Czech Total segment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
eliminations
Total
Total equity
4,974.3
652.6
1,076.6
675.6
2,643.7
1,130.3
344.3
354.1
11,851.5
-4,500.3
7,351.2
Liabilities
Interest-bearing loans and borrowings from financial
1,476.7
94.8
186.9
352.5
1,705.6
131.2
-
-
3,947.7
-
3,947.7
institutions
Bond issued
-
-
-
-
3,516.5
19.8
-
-
3,536.3
-
3,536.3
Trade and other payables
57.1
13.6
10.7
7.0
16.4
32.4
8.3
5.0
150.3
-
150.3
Long-term payables to related parties
371.5
474.5
1,058.0
0.6
-
352.6
716.0
657.9
3,631.0
-3,631.0
-
Derivative financial instruments
-
-
3.7
-
32.4
-
-
-
36.0
-
36.0
Deferred tax liabilities
885.0
43.1
130.7
118.4
7.9
89.2
56.9
17.7
1,349.0
-
1,349.0
Total non-current liabilities
2,790.3
625.9
1,390.0
478.5
5,278.7
625.2
781.2
680.6
12,650.3
-3,631.0
9,019.3
Interest-bearing loans and borrowings from financial
18.6
45.9
6.2
15.6
3.4
18.9
-
-
108.7
-
108.7
institutions
Bonds issued
-
-
-
-
506.4
0.4
-
-
506.8
-
506.8
Trade and other payables
112.5
31.8
25.7
51.3
7.9
40.2
33.0
21.3
323.7
-
323.7
Short-term payables to related parties
-
7.9
13.9
-
17.6
7.2
24.3
45.1
116.0
-116.0
-
Derivative financial instruments
-
-
-
-
24.2
-
-
-
24.2
-
24.2
Current tax liabilities
10.7
0.3
1.6
4.4
0.7
18.1
0.1
11.2
47.3
-
47.3
Total current liabilities
141.9
85.9
47.5
71.4
560.4
84.8
57.3
77.6
1,126.8
-116.0
1,010.8
Total liabilities
2,932.2
711.8
1,437.4
549.8
5,839.1
710.0
838.6
758.1
13,777.1
-3,747.0
10,030.0
Total equity and liabilities
7,906.5
1,364.4
2,514.0
1,225.5
8,482.8
1,840.3
1,182.9
1,112.2
25,628.5
-8,247.3
17,381.2
Segment results for the 12-month period ended 31 December 2023 are as follows:
Inter-
Restated* Czech Total segment
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
eliminations
Total
Rental income
255.2
57.6
101.7
43.5
7.2
69.2
7.2
30.3
571.9
-
571.9
Service charge income
20.8
7.7
12.0
5.3
0.8
12.3
1.3
1.3
61.5
-0.8
60.7
Property operating expenses
-28.7
-8.6
-12.6
-6.2
-1.5
-23.6
-5.5
-2.5
-89.2
-
-89.2
Net rental income
247.3
56.7
101.1
42.6
6.5
57.9
3.0
29.1
544.2
-0.8
543.4
Income from renewable energy
4.6
0.2
1.1
-
0.4
-
-
-
6.3
-
6.3
Expenses from renewable energy
-2.1
-0.1
-0.2
-0.1
-0.3
-
-
-
-2.8
-
-2.8
Net income/expenses(-) from renewable energy
2.5
0.1
0.9
-0.1
0.1
-
-
-
3.5
-
3.5
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
-
-
-
3.3
2.7
20.1
-
20.1
Expenses from development activities
-8.7
-0.8
-1.0
-
-
-
-2.0
-2.2
-14.7
-
-14.7
Net income from development activities
3.0
0.3
0.3
-
-
-
1.3
0.5
5.4
-
5.4
Total revenues
313.4
66.6
116.1
48.8
8.4
81.5
11.8
34.3
680.9
-0.8
680.1
Total attributable external expenses
-55.2
-9.5
-13.8
-6.3
-1.8
-23.6
-7.5
-4.7
-122.4
-
-122.4
Gross profit/loss(-)
258.2
57.1
102.3
42.5
6.6
57.9
4.3
29.6
558.5
-0.8
557.7
Net valuation result on investment property
260.2
3.4
149.6
105.3
17.8
123.4
109.6
109.4
878.7
-
878.7
Other income
24.6
-
0.3
0.7
0.8
0.6
0.4
-
27.4
-19.6
7.8
Amortisation, depreciation and impairment
-8.8
-0.2
-0.6
-0.2
-0.1
-0.6
-0.5
-0.3
-11.3
-
-11.3
Employee benefits
-23.4
-4.1
-4.7
-3.2
-2.0
-4.8
-5.2
-3.0
-50.4
-
-50.4
Impairment of financial assets
0.9
-
-0.1
-0.1
-
-2.1
-
-
-1.4
-
-1.4
Other expenses
-27.9
-6.8
-7.0
-4.9
-11.0
-6.7
-7.9
-5.5
-77.7
20.4
-57.3
Net other income/expenses(-)
-34.6
-11.1
-12.1
-7.7
-12.3
-13.6
-13.2
-8.8
-113.4
0.8
-112.6
Net profit/loss(-) before finance costs
483.8
49.4
239.8
140.1
12.1
167.7
100.7
130.2
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:
Equity holders of the Company
922.6
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Segment assets and liabilities as at 31 December 2023 are as follows:: 1/2
Interseg-
Czech Total ment elimi-
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
nations
Total
Assets
Investment property
5,689.1
982.6
1,827.5
789.1
482.5
1,188.7
420.1
659.6
12,039.2
-
12,039.2
Investment property under development
279.5
123.6
98.6
130.5
0.1
26.8
483.0
217.5
1,359.6
-
1,359.6
Property, plant and equipment
150.8
9.0
22.6
3.8
5.2
4.3
4.5
33.6
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
-
1.3
1.2
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
0.6
0.9
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
909.5
912.8
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
47.6
40.6
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
7.3
26.5
690.6
-
690.6
Total current assets
287.6
63.7
87.7
18.9
596.6
28.8
54.9
68.7
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
964.4
981.5
22,095.7
-7,222.5
14,873.2
Segment assets and liabilities as at 31 December 2023 are as follows:: 2/2
Interseg-
Czech Total ment elimi-
In EUR million
Republic
Hungary
Romania
Slovakia
Netherlands
Germany
Poland
Other
Segments
nations
Total
Total equity
4,235.3
545.0
761.5
480.0
2,515.1
978.9
271.9
297.8
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
5.9
12.2
147.5
-
147.5
Long-term payables to related parties
431.8
504.6
898.1
136.0
-
103.0
482.9
554.7
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
49.1
29.0
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
638.7
595.9
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
40.1
42.0
366.9
-
366.9
Short-term payables to related parties
0.3
6.2
19.0
2.3
105.8
5.0
12.3
42.2
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
0.8
3.6
28.4
-
28.4
Total current liabilities
175.6
32.4
60.0
34.6
154.4
75.5
53.8
87.8
674.1
-192.8
481.3
Total liabilities
2,853.8
639.1
1,276.2
465.4
4,955.9
443.6
692.5
683.7
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
964.4
981.5
22,095.7
-7,222.5
14,873.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "7. CHANGES IN GROUP STRUCTURE Current financial year Acquisitions In 2024, the Group acquired the below-mentioned subsidiaries:
Acquisition
Subsidiary
Country
date
CTPark Konik sp. z o.o.
Poland
3 April 2024
(formerly White Star Logistics Park Konik sp. z o.o.)
CTPark Natolin sp. z o.o.
Poland
3 April 2024
(formerly White Star Logistics Park Lodz sp. z o.o.)
CTPark Raszyn sp. z o.o.
Poland
3 April 2024
(formerly White Star Logistics Park Raszyn sp. z o.o.)
CTPark Toru\u0144 sp. z o.o.
Poland
3 April 2024
(formerly White Star Logistics Park Torun sp. z o.o.)
CTPark Trnava III, spol. s r.o.
Slovakia
9 May 2024
(formerly Logistick\u00e9 centrum Trnava s.r.o.)
RTC Real a.s.
Czech Republic
16 May 2024
Logistics Hub Chitila SRL
Romania
27 May 2024
North Logistics Hub SRL
Romania
27 May 2024
Elgan Automotive SRL
Romania
27 May 2024
Industrial Park West SRL
Romania
27 May 2024
See Exclusive Development SRL
Romania
27 May 2024
CTPark Ostrava Radvanice, spol. s r.o.
Czech Republic
26 June 2024
(formerly RK2 Real, s.r.o.)*
* CTPark Ostrava Radvanice, spol. s r.o. ceased to exist, all its assets and liabilities were transferred to CTPark Ostrava Radvanice, spol. s r.o. (formerly named CTPark Ostrava Radvanice II, spol. s r.o). These acquisitions impacted the Group\u2019s financial statements as at date of acquisition, as follows:
Czech
In EUR million
Republic
Poland
Romania
Slovakia
Total
Investment property
37.2
26.0
165.2
27.0
255.4
Investment property under develop-
ment
-
5.9
-
-
6.0
Cash and cash equivalents
-
2.9
19.4
0.1
22.4
Trade and other receivables
1.6
0.6
6.7
0.1
9.0
Total assets
38.8
35.5
191.3
27.1
292.8
Interest-bearing loans and borrowings
-
-
-92.7
-
-92.7
from financial institutions
Trade and other liabilities
-0.3
-0.8
-1.1
-0.1
-2.2
Total liabilities
-0.3
-0.8
-93.8
-0.1
-94.9
Net assets acquired
38.6
34.7
97.5
27.1
197.9
Consideration paid in cash*
-38.6
-34.7
-96.0
-27.1
-196.4
Consideration not settled till period end
-
-
-1.5
-
-1.5
Net cash inflow/outflow
-38.6
-31.7
-76.6
-27.0
-174.0
* Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 26.6 million. Total impact on consolidated cash flow is EUR 147.4 million. All acquisitions above were assessed based on the requirements of IFRS 3. No critical processes were iden- tified, and acquisitions were considered as asset acquisitions. Changes within the Group in 2024 As at 31 December 2024, there were no significant changes within the Group. Prior financial year Acquisitions In 2023, the Group acquired the following subsidiaries:
Acquisition
Subsidiary
Country
date
CTPark Ostrava Hru\u0161ov, spol. s r.o. (formerly H-Zone, s.r.o.)
Czech Republic
31 January 2023
BIMS PROPERTIES 2018 DOO DE\u010c
Serbia
21 February 2023
CTPark Pitesti East SRL (formerly Seebuca Immo SRL)
Romania
29 March 2023
CTPark Timisoara North SRL (formerly Seetimi SRL)
Romania
29 March 2023
CTPark Dragomiresti SRL (formerly Bati Carpath SRL)
Romania
29 March 2023
CTP Germany X GmbH
Germany
30 March 2023
(formerly Projektgesellschaft Rauentaler Strasse mbH)
CTPark N\u00fd\u0159any II, spol. s r.o. (formerly Limmo beta s.r.o.)
Czech Republic
30 November 2023
CTP Nov\u00e1 Zvona\u0159ka, spol. s r.o. (formerly Nov\u00e1 Zvona\u0159ka s.r.o.)
Czech Republic
30 November 2023
CTPark To\u0161anovice a.s. (formerly Tosan Park a.s.)
Czech Republic
6 December 2023
These acquisitions impacted the Group\u2019s financial statements as at 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
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. All acquisitions above were assessed based on the requirements of IFRS 3. No critical processes were iden- tified, and acquisitions were considered as asset acquisitions. In 2023, the Group disposed subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group, with an impact on consolidated cash flow of EUR 3.7 million. Changes within the Group in 2023 As at 31 December 2023, there were no significant changes within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "8. RENTAL INCOME AND SERVICE CHARGE INCOME
In EUR million
2024
2023
Industrial
590.3
504.6
Office and Retail
30.3
31.9
Other rental income
43.5
35.4
Total rental income
664.1
571.9
Service charge income
75.9
60.7
Total rental income including service charge
740.0
632.6
CTP leases 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. Service charge income represents fixed contractual income receivable from tenants for maintenance, cleaning, security, garbage management and usage of infrastructure. The following revenues were generated in the countries where CTP operates:
In EUR million
2024
2023
Czech Republic
297.8
276.0
Romania
136.5
113.7
Germany
91.5
81.5
Hungary
71.0
65.3
Slovakia
60.3
48.8
Serbia
31.6
18.5
Poland
23.8
8.4
Bulgaria
15.4
12.2
Netherlands
9.4
7.2
Austria
2.7
1.0
Total rental income including service charge
740.0
632.6
9. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows:
In EUR million
2024
2023
Restated*
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Income from renewable energy
7.6
6.3
Expenses from renewable energy
-4.2
-2.8
Net income from renewable energy
3.4
3.5
Hotel operating revenue
22.4
21.1
Hotel operating expenses
-16.3
-15.7
Net operating income from hotel operations
6.1
5.4
Income from development activities
100.7
20.1
Expenses from development activities
-75.2
-14.7
Net income from development activities
25.5
5.4
Total revenues from contracts with customers
130.8
47.5
Total external expenses related to contracts with customers
-95.8
-33.2
Net income from contracts with customers
35.0
14.3
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Net income from renewable energy The renewable energy income comes from sells electricity generated from renewable sources to end cus- tomer. Income is primarily consisting of sales to the GRID, followed by tenants, and via a trader, listed in order of significance. Related expenses include depreciation of solar panels, purchase of electricity, repair and maintenance and insurance. Net operating income from hotel operations Net operating income from hotel operations is represented by revenues and expenses from the operation of three hotels in the Czech Republic. All hotels are operated under the \u201cCourtyard by Marriott\u201d brand. Revenues from hotel operations are represented by very short-term contacts 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. The Group completed in 2024 several high value projects in the Czech Republic.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "
9. REVENUES FROM CONTRACTS WITH CUSTOMERS
According to IFRS 15 requirements, revenues related to contracts with customers are as follows:
In EUR million
2024
2023
Restated*
Attributable Attributable
external external
Revenues
expenses
Revenues
expenses
Income from renewable energy
7.6
6.3
Expenses from renewable energy
-4.2
-2.8
Net income from renewable energy
3.4
3.5
Hotel operating revenue
22.4
21.1
Hotel operating expenses
-16.3
-15.7
Net operating income from hotel operations
6.1
5.4
Income from development activities
100.7
20.1
Expenses from development activities
-75.2
-14.7
Net income from development activities
25.5
5.4
Total revenues from contracts with customers
130.8
47.5
Total external expenses related to contracts with customers
-95.8
-33.2
Net income from contracts with customers
35.0
14.3
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4.
Net income from renewable energy
The renewable energy income comes from sells electricity generated from renewable sources to end cus-
tomer. Income is primarily consisting of sales to the GRID, followed by tenants, and via a trader, listed in
order of significance.
Related expenses include depreciation of solar panels, purchase of electricity, repair and maintenance and
insurance.
Net operating income from hotel operations
Net operating income from hotel operations is represented by revenues and expenses from the operation of
three hotels in the Czech Republic. All hotels are operated under the \u201cCourtyard by Marriott\u201d brand.
Revenues from hotel operations are represented by very short-term contacts 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. The Group
completed in 2024 several high value projects in the Czech Republic.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "
10. PROPERTY OPERATING EXPENSES
In EUR million
2024
2023
Restated*
Park Management expenses
-33.9
-29.7
Maintenance and repairs
-32.4
-39.6
Real estate tax
-21.6
-12.8
Insurance
-4.9
-6.7
Other
-0.3
-0.4
Total property operating expenses
-93.2
-89.2
* The comparative information has been restated as a result of the changes in presentation as
disclosed in Note 4.
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.
Increase in real estate tax in 2024 is due to changes in tax rates and increasing number of buildings
in investment property .
12. EMPLOYEE BENEFITS
In EUR million
2024
2023
Wages and salaries
-43.2
-40.5
Social security contributions
-8.0
-8.0
Other personnel expenses
-1.6
-1.9
Total employee benefits
-52.8
-50.4
The average full-time equivalent of employees in 2024 was 806 (2023: 711); all except 10 (2023: 9) are work- ing outside the Netherlands.
Weighted average number of employees per segments
2024
2023
Czech Republic
335
318
Romania
95
94
Poland
89
72
Slovakia
75
62
Hungary
73
67
Germany
70
39
Netherlands
10
9
Other
60
50
Total employee number
806
711
The number of full-time equivalent employees as at 31 December 2024 was 874 (2023: 732). 13. OTHER EXPENSES
In EUR million
2024
2023
Restated*
Legal, tax and audit
-11.7
-9.7
Travel expenses
-7.5
-7.4
Advertising and promotion expenses
-5.5
-5.4
IT and telecommunication expenses
-5.3
-4.7
Energy and material consumption
-3.1
-3.5
Donations
-2.6
-5.7
Loss from sale of Investment Property
-2.6
-
Rent
-2.4
-1.8
Taxes and other charges
-2.2
-3.4
Fee for real estate consultants and brokers
-1.9
-5.7
Recruitment and related fees
-1.8
-1.9
Receivables written off
-1.6
-2.8
Penalties
-1.5
-0.3
Other
-5.6
-5.0
Total other expenses
-55.3
-57.3
* 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2024
2023
Restated*
Park Management expenses
-33.9
-29.7
Maintenance and repairs
-32.4
-39.6
Real estate tax
-21.6
-12.8
Insurance
-4.9
-6.7
Other
-0.3
-0.4
Total property operating expenses
-93.2
-89.2
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. 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. Increase in real estate tax in 2024 is due to changes in tax rates and increasing number of buildings in investment property . 13. OTHER EXPENSES
In EUR million
2024
2023
Restated*
Legal, tax and audit
-11.7
-9.7
Travel expenses
-7.5
-7.4
Advertising and promotion expenses
-5.5
-5.4
IT and telecommunication expenses
-5.3
-4.7
Energy and material consumption
-3.1
-3.5
Donations
-2.6
-5.7
Loss from sale of Investment Property
-2.6
-
Rent
-2.4
-1.8
Taxes and other charges
-2.2
-3.4
Fee for real estate consultants and brokers
-1.9
-5.7
Recruitment and related fees
-1.8
-1.9
Receivables written off
-1.6
-2.8
Penalties
-1.5
-0.3
Other
-5.6
-5.0
Total other expenses
-55.3
-57.3
* 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2024
2023
Restated*
Park Management expenses
-33.9
-29.7
Maintenance and repairs
-32.4
-39.6
Real estate tax
-21.6
-12.8
Insurance
-4.9
-6.7
Other
-0.3
-0.4
Total property operating expenses
-93.2
-89.2
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. 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. Increase in real estate tax in 2024 is due to changes in tax rates and increasing number of buildings in investment property . 11. OTHER INCOME
In EUR million
2024
2023
Restated*
Gains from sale of assets
0.3
3.7
Release of accrual related to transfer tax
5.0
-
Other income
5.3
4.1
Total other income
10.7
7.8
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Other income consists primarily of reverse charge from property insurance, accrual reversals and income from assigned receivables. During the year 2023, gain from sale of assets of EUR 3.1 million, represents the sale of subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group. 13. OTHER EXPENSES
In EUR million
2024
2023
Restated*
Legal, tax and audit
-11.7
-9.7
Travel expenses
-7.5
-7.4
Advertising and promotion expenses
-5.5
-5.4
IT and telecommunication expenses
-5.3
-4.7
Energy and material consumption
-3.1
-3.5
Donations
-2.6
-5.7
Loss from sale of Investment Property
-2.6
-
Rent
-2.4
-1.8
Taxes and other charges
-2.2
-3.4
Fee for real estate consultants and brokers
-1.9
-5.7
Recruitment and related fees
-1.8
-1.9
Receivables written off
-1.6
-2.8
Penalties
-1.5
-0.3
Other
-5.6
-5.0
Total other expenses
-55.3
-57.3
* 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "10. PROPERTY OPERATING EXPENSES
In EUR million
2024
2023
Restated*
Park Management expenses
-33.9
-29.7
Maintenance and repairs
-32.4
-39.6
Real estate tax
-21.6
-12.8
Insurance
-4.9
-6.7
Other
-0.3
-0.4
Total property operating expenses
-93.2
-89.2
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. 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. Increase in real estate tax in 2024 is due to changes in tax rates and increasing number of buildings in investment property 12. EMPLOYEE BENEFITS
In EUR million
2024
2023
Wages and salaries
-43.2
-40.5
Social security contributions
-8.0
-8.0
Other personnel expenses
-1.6
-1.9
Total employee benefits
-52.8
-50.4
The average full-time equivalent of employees in 2024 was 806 (2023: 711); all except 10 (2023: 9) are work- ing outside the Netherlands.
Weighted average number of employees per segments
2024
2023
Czech Republic
335
318
Romania
95
94
Poland
89
72
Slovakia
75
62
Hungary
73
67
Germany
70
39
Netherlands
10
9
Other
60
50
Total employee number
806
711
The number of full-time equivalent employees as at 31 December 2024 was 874 (2023: 732). 13. OTHER EXPENSES
In EUR million
2024
2023
Restated*
Legal, tax and audit
-11.7
-9.7
Travel expenses
-7.5
-7.4
Advertising and promotion expenses
-5.5
-5.4
IT and telecommunication expenses
-5.3
-4.7
Energy and material consumption
-3.1
-3.5
Donations
-2.6
-5.7
Loss from sale of Investment Property
-2.6
-
Rent
-2.4
-1.8
Taxes and other charges
-2.2
-3.4
Fee for real estate consultants and brokers
-1.9
-5.7
Recruitment and related fees
-1.8
-1.9
Receivables written off
-1.6
-2.8
Penalties
-1.5
-0.3
Other
-5.6
-5.0
Total other expenses
-55.3
-57.3
* 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "
11. OTHER INCOME
In EUR million
2024
2023
Restated*
Gains from sale of assets
0.3
3.7
Release of accrual related to transfer tax
5.0
-
Other income
5.3
4.1
Total other income
10.7
7.8
* The comparative information has been restated as a result of the changes in presentation as
disclosed in Note 4.
Other income consists primarily of reverse charge from property insurance, accrual reversals and income
from assigned receivables.
During the year 2023, gain from sale of assets of EUR 3.1 million, represents the sale of subsidiary CTPark
Alpha, d.o.o. in Slovenia outside of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "
12. EMPLOYEE BENEFITS
In EUR million
2024
2023
Wages and salaries
-43.2
-40.5
Social security contributions
-8.0
-8.0
Other personnel expenses
-1.6
-1.9
Total employee benefits
-52.8
-50.4
The average full-time equivalent of employees in 2024 was 806 (2023: 711); all except 10 (2023: 9) are work-
ing outside the Netherlands.
Weighted average number of employees per segments
2024
2023
Czech Republic
335
318
Romania
95
94
Poland
89
72
Slovakia
75
62
Hungary
73
67
Germany
70
39
Netherlands
10
9
Other
60
50
Total employee number
806
711
The number of full-time equivalent employees as at 31 December 2024 was 874 (2023: 732).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "
Weighted average number of employees per segments
2024
2023
Czech Republic
335
318
Romania
95
94
Poland
89
72
Slovakia
75
62
Hungary
73
67
Germany
70
39
Netherlands
10
9
Other
60
50
Total employee number
806
711
The number of full-time equivalent employees as at 31 December 2024 was 874 (2023: 732). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "
13. OTHER EXPENSES
In EUR million
2024
2023
Restated*
Legal, tax and audit
-11.7
-9.7
Travel expenses
-7.5
-7.4
Advertising and promotion expenses
-5.5
-5.4
IT and telecommunication expenses
-5.3
-4.7
Energy and material consumption
-3.1
-3.5
Donations
-2.6
-5.7
Loss from sale of Investment Property
-2.6
-
Rent
-2.4
-1.8
Taxes and other charges
-2.2
-3.4
Fee for real estate consultants and brokers
-1.9
-5.7
Recruitment and related fees
-1.8
-1.9
Receivables written off
-1.6
-2.8
Penalties
-1.5
-0.3
Other
-5.6
-5.0
Total other expenses
-55.3
-57.3
* 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "
14. NET INTEREST EXPENSES
In EUR million
2024
2023
Financial liabilities not measured at FVTPL \u2013 interest expense
-170.3
-81.9
Impact of financial derivative instruments
12.1
5.7
Arrangement fees
-6.4
-4.0
Interest expense from bonds issued
-77.1
-48.8
Interest expense
-241.7
-129.0
Interest income
36.7
17.2
Net interest expenses
-205.0
-111.8
The increase of interest expense in 2024 relates to the increase in financing of the Group and higher inter-
est rates. Please, refer to Note 28 and 29.
In 2024, arrangement fees include one off release of arrangement fee related to early repayment of bank
loan facility of EUR 1.2 million.
In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolv-
ing credit facility of EUR 0.9 million.
Interest income includes interest from deposits and current bank accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "14. NET INTEREST EXPENSES
In EUR million
2024
2023
Financial liabilities not measured at FVTPL \u2013 interest expense
-170.3
-81.9
Impact of financial derivative instruments
12.1
5.7
Arrangement fees
-6.4
-4.0
Interest expense from bonds issued
-77.1
-48.8
Interest expense
-241.7
-129.0
Interest income
36.7
17.2
Net interest expenses
-205.0
-111.8
The increase of interest expense in 2024 relates to the increase in financing of the Group and higher inter- est rates. Please, refer to Note 28 and 29. In 2024, arrangement fees include one off release of arrangement fee related to early repayment of bank loan facility of EUR 1.2 million. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolv- ing credit facility of EUR 0.9 million. Interest income includes interest from deposits and current bank accounts. 15. OTHER FINANCIAL EXPENSES
In EUR million
2024
2023
Bank fees
-0.7
-0.7
Financing fees
-16.5
-7.4
Other financial expenses
-0.1
-0.4
Other financial expenses
-17.3
-8.5
In 2024, financing fees include fees related to early repayment of bank loan facility of EUR 15.6 million. Please, refer to Note 28. 16. OTHER FINANCIAL GAINS/LOSSES (-)
In EUR million
2024
2023
Change in FMV of derivatives and hedge
-1.9
-1.7
Foreign exchange gains/losses(-)
5.9
9.2
Other financial gains/losses(-)
37.2
1.1
Other financial gains/losses(-)
41.2
8.6
Other financial gains/losses for the year 2024 comprise gain of EUR 37.1 million, realised due to early repay- ment of bonds in nominal value of EUR 950 million. For details refer to Note 29 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "14. NET INTEREST EXPENSES
In EUR million
2024
2023
Financial liabilities not measured at FVTPL \u2013 interest expense
-170.3
-81.9
Impact of financial derivative instruments
12.1
5.7
Arrangement fees
-6.4
-4.0
Interest expense from bonds issued
-77.1
-48.8
Interest expense
-241.7
-129.0
Interest income
36.7
17.2
Net interest expenses
-205.0
-111.8
The increase of interest expense in 2024 relates to the increase in financing of the Group and higher inter- est rates. Please, refer to Note 28 and 29. In 2024, arrangement fees include one off release of arrangement fee related to early repayment of bank loan facility of EUR 1.2 million. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolv- ing credit facility of EUR 0.9 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "14. NET INTEREST EXPENSES
In EUR million
2024
2023
Financial liabilities not measured at FVTPL \u2013 interest expense
-170.3
-81.9
Impact of financial derivative instruments
12.1
5.7
Arrangement fees
-6.4
-4.0
Interest expense from bonds issued
-77.1
-48.8
Interest expense
-241.7
-129.0
Interest income
36.7
17.2
Net interest expenses
-205.0
-111.8
The increase of interest expense in 2024 relates to the increase in financing of the Group and higher inter- est rates. Please, refer to Note 28 and 29. In 2024, arrangement fees include one off release of arrangement fee related to early repayment of bank loan facility of EUR 1.2 million. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolv- ing credit facility of EUR 0.9 million. Interest income includes interest from deposits and current bank accounts. 15. OTHER FINANCIAL EXPENSES
In EUR million
2024
2023
Bank fees
-0.7
-0.7
Financing fees
-16.5
-7.4
Other financial expenses
-0.1
-0.4
Other financial expenses
-17.3
-8.5
In 2024, financing fees include fees related to early repayment of bank loan facility of EUR 15.6 million. Please, refer to Note 28. 16. OTHER FINANCIAL GAINS/LOSSES (-)
In EUR million
2024
2023
Change in FMV of derivatives and hedge
-1.9
-1.7
Foreign exchange gains/losses(-)
5.9
9.2
Other financial gains/losses(-)
37.2
1.1
Other financial gains/losses(-)
41.2
8.6
Other financial gains/losses for the year 2024 comprise gain of EUR 37.1 million, realised due to early repay- ment of bonds in nominal value of EUR 950 million. For details refer to Note 29 .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "
16. OTHER FINANCIAL GAINS/LOSSES (-)
In EUR million
2024
2023
Change in FMV of derivatives and hedge
-1.9
-1.7
Foreign exchange gains/losses(-)
5.9
9.2
Other financial gains/losses(-)
37.2
1.1
Other financial gains/losses(-)
41.2
8.6
Other financial gains/losses for the year 2024 comprise gain of EUR 37.1 million, realised due to early repay-
ment of bonds in nominal value of EUR 950 million. For details refer to Note 29 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "
In EUR million
2024
2023
Change in FMV of derivatives and hedge
-1.9
-1.7
Foreign exchange gains/losses(-)
5.9
9.2
Other financial gains/losses(-)
37.2
1.1
Other financial gains/losses(-)
41.2
8.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "
17. INCOME TAX EXPENSES
Amounts recognized in profit or loss
In EUR million
2024
2023
Current tax income/expense(-) related to
Current year
-68.4
-48.0
Prior period
2.8
-6.2
Total
-65.6
-54.2
Deferred tax expense
Deferred tax expense
-183.1
-235.3
Total
-183.1
-235.3
Total income tax expense in statement of profit or loss and
other comprehensive income
-248.7
-289.5
Applied income tax rates are valid for 2024 and for future periods when the Group expects to utilise the tax
impacts from previous years.
In 2023, current tax expenses from prior periods include additional tax of EUR 3.6 million related to pre-ac-
quisition period of CTP Deutschland B.V.
Reconciliation of effective tax rate
In EUR million
2024
2023
Tax Tax
base
Tax
base
Tax
Profit before income tax
1,330.1
343.2
1,212.1
312.7
Company's domestic tax rate
25.8%
25.8%
Tax non-deductible expenses
12.1
3.1
21.2
5.5
Tax exempt income
-1.8
-0.5
-6.7
-1.7
Income tax adjustment for prior years
9.5
2.4
24.1
6.2
Effect of unrecognised deferred tax asset related to
tax losses (including current year losses)
12.1
3.1
-4.6
-1.2
Effect of tax rates in foreign jurisdictions
-
-93.6
-
-81.6
Effect of change of tax rate
-
7.6
-
54.0
Other items
-64.8
-16.7
-17.0
-4.4
Tax base
1,297.2
248.7
1,229.1
289.5
Effective income tax rate
18.7%
23.9%
Tax non-deductible expenses represent mainly financial expenses, reversal of items which were treated
permanently non-taxable in previous periods, non-deductible representation expenses and gifts.
In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with
an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax
rate for these entities from 21% to 24%, effective from 2025.
In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due
to change in the corporate income tax rate from 19% to 21% starting in 2024.
Other items result mainly from the translation of transactions in foreign currencies to the functional cur-
rency of the Group\u2019s entities.
33. 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:
In EUR million
2024
2023
Asset
Liability
Net
Asset
Liability
Net
Investment property
7.8
-1,373.6
-1,365.9
7.6
-1,169.9
-1,162.3
Tax losses
35.8
-
35.8
19.4
-
19.4
Property, plant and equipment
-
-3.2
-3.2
-
-2.3
-2.3
Other (receivables, hedge accounting etc.)
21.1
-8.1
13.0
14.6
-22.5
-7.9
Tax assets/liabilities(-)
64.7
-1,384.9
-1,320.2
41.6
-1,194.7
-1,153.1
Set-off of tax
-35.9
35.9
-
-27.3
27.3
-
Net tax assets/liabilities(-)
28.7
-1,349.0
-1,320.2
14.3
-1,167.4
-1,153.1
Movement in Deferred tax during the year recognised in profit or loss, in equity and in OCI
Change in Balance as at
Balance as at temporary Deferred tax Effect of changes 31 December
In EUR million 1 January 2024 differences recognised in OCI in FX rates 2024
Investment property
-1,162.3
-208.2
-
4.7
-1,365.9
Tax losses
19.4
16.4
-
-0.1
35.8
Property, plant and equipment
-2.3
-1.7
0.8
-
-3.2
Other (receivables, hedge accounting etc.)
-7.9
10.4
10.6
-
13.0
Total
-1,153.1
-183.1
11.3
4.6
-1,320.2
Change in Balance as at
Balance as at temporary Deferred tax Effect of changes 31 December
In EUR million 1 January 2023 differences recognised in OCI in 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
Unrecognised deferred tax assets
Deferred tax assets were not recognised in respect of the following items, as it is improbable that future
taxable profit will be available against which the Group can use the benefits.
In EUR million
2024
2023
Gross Tax Gross Tax
amount effect amount effect
Tax losses
31.8
6.0
19.7
3.8
Total
31.8
6.0
19.7
3.8
Tax losses carried forward
Tax losses for which no deferred tax asset was recognised expire as follows.
In EUR million
2024
Expiry date
2023
Expiry date
Expire
31.8
2025-2030
19.7
2024-2029
Never expire
-
-
Total
31.8
19.7
Amounts recognised in OCI
In EUR million
2024
2023
Items that will not be reclassified to profit Gross Tax Net of Gross Tax Net of
or loss amount effect tax amount effect tax
Revaluation of PPE
-4.8
0.8
-4.1
12.1
-1.5
10.6
Items that are or may be reclassified to
profit or loss
Change in Cash flow hedge reserve
-42.3
10.6
-31.8
-31.8
8.2
-23.6
Change in Translation reserve
-6.4
1.2
-5.2
-3.0
0.6
-2.4
Current income tax assets and payables
The current income tax asset of EUR 7.5 million (2023 \u2013 EUR 9.4 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 47.3 million (2023 \u2013 EUR 28.4 million) represent payables in re-
spect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance pay-
ments made).
The Group believes that accrued current income tax liabilities are adequate for all open tax years based on
its assessment of many factors, including interpretations of tax law and prior experience.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "
18. INVESTMENT PROPERTY
Fair value hierarchy
The fair value measurement for investment property has been categorised as Level 3 recurring fair value
based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers
between Levels during the period.
Management\u2019s adjustments made in respect of valuations appraisals
CTP management did not make any adjustments to valuation prepared by an independent external valuer as
at 31 December 2024 and 31 December 2023.
The table below presents the portion of the investment property portfolio as at 31 December 2024 and
2023, valued by an independent external valuer:
In EUR million
2024
2023
Investment property portfolio valued by external valuer
14,402.2
11,836.6
Investment property portfolio at acquisition value
253.2
202.6
Total
14,655.3
12,039.2
Valuation
Building valuation
To value investment property, with the exception of the German market, external valuers have adopted a
traditional capitalization approach. The capitalisation rates applied within this method are implicit in terms
of rental growth and most other risks, although external valuers are explicit in their calculations in terms of
voids and costs. For German investment properties, according to local practice, the external valuers have
adopted an explicit discounted cashflow approach.
Valuations reflect, where appropriate: the tenants in current occupation; the rental potential after letting
vacant accommodation, and the remaining economic life of the property. It is assumed that whenever rent
reviews or lease renewals are pending with anticipated reversionary increases, all notices and, where appro-
priate, counter notices, have been served validly and within the appropriate time.
Assumptions by the independent valuer for the year ended 31 December 2024 and 31 December 2023 were
as follows:
Core yield
2024
2023
Country
Average
Lower
Upper
Average
Lower
Upper
Czech Republic
5.71%
4.50%
9.30%
5.84%
4.60%
9.00%
Hungary
6.89%
6.05%
9.00%
6.92%
6.15%
8.80%
Romania
7.56%
7.35%
8.40%
7.53%
7.35%
8.40%
Slovakia
6.60%
6.00%
9.50%
6.77%
6.25%
9.50%
Germany
5.91%
4.38%
8.88%
6.23%
3.11%
15.61%
Poland
5.89%
5.50%
6.50%
6.17%
5.90%
6.50%
Netherlands
4.77%
3.60%
6.30%
4.70%
3.65%
7.75%
Other
7.86%
5.40%
9.25%
7.83%
5.50%
9.50%
All
6.31%
3.60%
9.50%
6.36%
3.11%
15.61%
Core yield
2024
2023
Sector
Average
Lower
Upper
Average
Lower
Upper
Offices
7.03%
4.50%
8.75%
7.13%
5.79%
8.60%
Industrial/other
6.28%
3.60%
9.50%
6.32%
3.11%
15.61%
Average ERV
per sqm and month (EUR)
Country
2024
2023
Netherlands
7.9
7.9
Czech Republic
7.4
7.2
Slovakia
5.8
5.5
Hungary
5.7
5.4
Poland
5.0
5.0
Romania
4.9
4.4
Germany
4.7
4.3
Other
5.8
5.6
All
5.9
5.7
Average ERV
per
sqm and month (EUR)
Sector
2024
2023
Offices
14.6
13.7
Industrial/other
5.8
5.5
Structural vacancy was applied in few cases, mainly to office and ancillary areas.
Landbank valuation
The landbank comprises the plots of land in CTP\u2019s ownership, on which development projects are to be
carried out. The landbank was valued by a registered independent valuer with an appropriately recognised
professional qualification and with up\u2013to\u2013date knowledge and understanding of the location and category
of the property.
For land assets, the valuer applied the residual or the market comparison method or both, as appropriate.
The residual method assumes the property\u2019s value equates to the end value of the property once devel-
oped, less the costs of realisation, demolition, build costs, professional fees, planning, finance and market-
ing costs and developer\u2019s profit. The land value shall be the residual amount. The market comparison uses
sales information from sites of a similar type, size and in a similar location, where a similar development is
possible.
Sale prices of the properties that are judged to be most comparable tend to indicate a range in which the
value indication for the subject property will fall. The valuer estimated the degree of similarity or difference
between the subject property and the comparable sales by considering various elements of comparison.
Independent valuer assumptions for the year ended 31 December were based on analysis of comparable
evidence and adopted the following average market values per square meter:
In EUR
2024
2023
Czech Republic
65
64
Slovakia
62
60
Hungary
42
48
Serbia
28
26
Romania
34
33
Poland
63
63
Bulgaria
57
55
Germany
131
123
Netherlands
36
32
Austria
136
102
Total average for the Group
54
50
Investment property is in the following countries where CTP operates:
In EUR million
2024
2023
Czech Republic
6,228.2
5,689.1
Romania
2,395.5
1,827.5
Germany
1,521.2
1,188.7
Hungary
1,259.2
982.6
Slovakia
1,021.0
789.1
Poland
882.6
420.1
Netherlands
481.8
482.5
Serbia
530.2
368.7
Bulgaria
209.6
177.7
Austria
126.0
113.2
Total
14,655.3
12,039.2
Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property valuation
CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in-
vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit
or loss before tax as at 31 December 2024 and 31 December 2023 due to changes in assumptions:
Completed investment properties as at 31 December 2024 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
6.64%
13,311.9
6.89%
12,828.6
-483.3
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
6.64%
13,311.9
6.39%
13,833.1
521.2
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
883.4
927.5
13,977.5
665.6
Decrease of 500bp in estimated rental income
883.4
839.2
12,646.3
-665.6
Completed investment properties as at 31 December 2023 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
6.66%
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
19. INVESTMENT PROPERTY UNDER DEVELOPMENT
Fair value hierarchy
The fair value measurement for investment property under development is categorised as Level 3 recurring
fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no
transfers between Levels during the period.
Valuation
Development assets are valued through a combination of traditional and residual methods. The tradition-
al method is applied to determine a gross development value (GDV), which is a component of the residu-
al method that is ultimately applied to determine fair value. This approach assumes the property\u2019s value
equates to the end value of the property once developed, less the costs of realisation, demolition, build
costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall
be the residual amount.
In assessing the GDV, the independent valuer adopted a market approach by estimating the market rental
values for the accommodation to be developed and the appropriate capitalisation rate which a potential
investor would require to arrive at the fair value of the completed and leased building. For those assets
nearing completion, the valuer has explicitly considered the likely leasing status of the property as at prac-
tical completion.
The assumptions used by the independent valuer for the year ended 31 December were as follows:
2024
2023
Average
Lower
Upper
Average
Lower
Upper
Capitalisation rates
6.06%
4.60%
8.75%
6.39%
4.40%
9.00%
Monthly ERV per vacant sqm (EUR)
Industrial premises
5.87
3.75
8.67
5.22
2.67
9.11
Office properties
15.21
13.00
18.50
15.65
14.68
17.17
Soft costs
0.61%
0.00%
6.00%
5.69%
0.00%
15.00%
Finance costs
5.46%
5.00%
6.00%
5.50%
0.00%
6.00%
Profit allowance
15.82%
5.00%
25.00%
10.73%
0.00%
18.50%
Structural vacancy was applied in a very few cases, mainly to office and ancillary areas.
Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property under development valuation
CTP performed a sensitivity analysis on changes in investment property under development valuation.
The table below presents the sensitivity of profit or loss before tax as at 31 December 2024 and 31 December 2023:
Investment properties under development as at 31 December 2024 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
6.42%
1,889.7
6.67%
1,818.9
-70.9
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
6.42%
1,889.7
6.17%
1,966.3
76.6
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
121.2
127.3
1,984.2
94.5
Decrease of 500bp in estimated rental income
121.2
115.2
1,795.2
-94.5
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 Effect of change
from vacant space rental income rental 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
An increase of developers\u2019 profit mark-up by 2% in valuers\u2019 assumptions will increase the developers\u2019 profit and as a consequence will decrease the valuation as at 31 December 2024 by EUR 13.1 million
(2023 \u2013 EUR 13.7 million) provided all other variables remain constant.
20. NET VALUATION RESULT
Reconciliation of valuation gains/losses recognised in statement of comprehensive income:
In EUR million
2024
2023
Valuation gains
1,121.3
1,102.0
out of which:
Investment Property
688.1
505.8
Investment Property under development
433.1
596.2
Valuation losses
-179.8
-223.3
out of which:
Investment Property
-127.1
-188.5
Investment Property under development
-52.7
-34.8
Net valuation gains/losses(-) on investment property
941.5
878.7
21. PROPERTY, PLANT AND EQUIPMENT
Solar plants Owner-occupied
under buildings and
In EUR million
Hotels
Leased Property
Solar 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
Balance at 1 January 2024
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Additions/disposals(-)
5.7
2.6
0.6
24.0
-
2.2
35.1
Transfers
-
-
14.8
-14.8
-
-
-
Transfer from/to IP and IPuD
-1.0
-
-
-
-
-0.6
-1.6
Valuation gain/loss(-) on solar plants and hotels
1.1
-
-1.6
-4.5
-
-
-5.0
Depreciation
-1.8*
-1.4
-2.5**
-
-
-8.6
-14.3
Reversal of impairment loss
0.5
-
-
-
-
-
0.5
Balance at 31 December 2024
59.4
9.0
52.7
70.3
4.3
52.7
248.4
* amount recognized as part of Hotel operating expenses in the consolidated statement of profit or loss ** amount recognized as part of Expenses from renewable energy in the consolidated statement of profit or loss The value of Solar plants of EUR 52.7 million (2023 \u2013 EUR 41.5 million) represents revalued amount in ac- cordance with IAS 16 based upon the independent valuation report. The value of Solar plant under construction of EUR 70.3 million (2023 \u2013 EUR 65.6 million) represents the fair value of the solar panels based upon the independent valuation report. In 2024, the Group recognised government grants related to acquisition of solar plants of EUR 7.1 million (2023 \u2013 EUR 4.2 million). The value of hotels EUR 59.4 million (2023 \u2013 EUR 54.9 million) represents revalued amount in accordance with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair val- ue in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well as an income capitalisation approach, and comparable recent market transactions on arm\u2019s length terms. Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4.3 million (2023 \u2013 EUR 4.3 million). Owner-occupied buildings and equipment of EUR 52.7 million (2023 \u2013 EUR 59.7 million) consists primarily of real estate infrastructure (such as roads, greenery and energy transformers) including related equipment, means of transport and two owner-occupied buildings in the Czech Republic. Property, plant and equipment include also right-of-use assets of EUR 9.0 million (2023 \u2013 EUR 7.8 million) relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 31). Valuation Considering the nature of the solar plants and the basis of valuation, the valuer used the income approach under the Discounted Cash Flow (\u201cDCF\u201d) method, in a DCF Entity modification, as a valuation method. The cash flows are based on business plans that account for the general and specific characteristics of individu- al 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 6.6% to 8.5% as the discount rate, which was calculated with reference to the locations of the solar plants. Key assumptions used in solar valuation: \u2022 Business plans and financial models covering estimated useful life of solars. \u2022 Annual production of electricity in MWh based on installed capacity and corresponding production co- efficient. This production coefficient depends on the geographical location. \u2022 Electricity price forecast for periods without fixed contractual agreements, with the following as- sumptions: \u2013 Covered period from 2024 to 2040. \u2013 Forecast based on modelling inputs: fuel, CO2 allowance prices, installed capacities, required ca- pacity 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% (2023 \u2013 from 8.0% to 9.25%). Sensitivity analysis on changes in assumptions of solars CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang- es in WACC. The table below presents the sensitivity of fair value as at 31 December 2024, due to changes in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
in price in price
10% Change in price
123.0
-2.2
2.2
Effect of increase Effect of decrease
In EUR million
Current FV
in WACC in WACC
0.5% Change in WACC
123.0
-5.8
6.4
CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang- es in WACC. The table below presents the sensitivity of fair value as at 31 December 2023, due to changes in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
in price in price
10% Change in price
107.1
-1.2
1.2
Effect of increase Effect of decrease
In EUR million
Current FV
in WACC in WACC
0.5% Change in WACC
107.1
-4.1
4.4
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 2024, due to changes in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
 in RevPAR in RevPAR
5% Change in RevPAR
59.4
-9.1
9.1
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 Effect of increase
In EUR million
Current FV
in RevPAR in RevPAR
5% Change in RevPAR
54.9
-7.7
7.7
32. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
2024
2023
Fair value of derivatives - non-current asset
19.3
10.6
Fair value of derivatives - current asset
11.4
38.1
Fair value of derivatives - assets
30.6
48.7
Fair value of derivatives - non-current liability
-36.0
-10.6
Fair value of derivatives - current liability
-24.2
-17.0
Fair value of derivatives - liabilities
-60.3
-27.6
Total
-29.6
21.1
All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are obtained, as appropriate, from quoted market prices, discounted cash-flow projections and other valuation models. To estimate the fair value of individual classes of financial instruments, the following methods and assump- tions are used: Cash and cash equivalents, short-term investments The book value of cash and other short-term investments approximates their fair value, as these financial instruments have a relatively short maturity. Receivables and payables The book value of short-term receivables and payables approximates their fair value, as these financial instruments have a short maturity. Short-term loans The book value approximates their fair value, as these instruments have a floating interest rate and a short maturity. Long-term loans The fair value of long-term loans as at 31 December 2024 is EUR 4,000.0 million (2023 \u2013 EUR 3,112.3 mil- lion). For details refer to Note 28. Bonds The fair value of bonds issued as at 31 December 2024 is EUR 3,949.6 million (2023 \u2013 EUR 3,194.1 million). For details refer to Note 29. Derivatives The fair value of derivatives is based on fair value quotes from counterparties which are compared to the results of the internal valuation model using market data from an independent recognized market data agency. Investment property and investment property under development Investment property and investment property under development are stated at fair value (refer to Note 18 and Note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-37": { "value": "18. INVESTMENT PROPERTY
In EUR million
2024
2023
Buildings and related land and Right-of-use assets
13,362.9
11,119.4
Industrial
12,531.0
10,434.1
Office
760.4
620.8
Retail and other
71.5
64.5
Landbank and related Right-of-use assets
1,292.4
919.8
Total
14,655.3
12,039.2
Buildings Right-of-use
and assets - Right-of-use Total
related buildings and assets - Investment
In EUR million
land
Landbank
related land landbank
Property
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
Balance at 1 January 2024
11,072.1
914.8
47.3
5.0
12,039.2
Transfer from/to investment property under development
1,271.4
-59.6
4.5
-5.0
1,211.3
Transfer from/to buildings and related land
7.4
-7.4
-
-
-
Transfer from/to PPE
1.6
-
-
-
1.6
Acquisitions
196.2
386.1
-
-
582.3
Additions/disposals
261.9
-2.8
0.7
-
259.8
Net valuation result
499.9
61.2
-
-
561.1
Balance at 31 December 2024
13,310.5
1,292.4
52.5
-
14,655.3
Buildings and related land represent assets in CTP\u2019s legal ownership. The landbank comprises the plots of land in CTP\u2019s ownership available for development of new projects. Right-of-use assets comprise leased land in Germany of EUR 28.5 million (2023 \u2013 EUR 27.8 million), land in the Netherlands of EUR 17.0 million (2023 \u2013 EUR 17.0 million) and land in the Czech Republic of EUR 7.0 million (2023 \u2013 EUR 2.0 million). Right-of-use assets \u2013 buildings and related land in Romania of EUR 0.5 million was transferred to buildings and related land through the exercise of the purchase option. Right-of-use assets \u2013 landbank in the Czech Republic of EUR 5.0 million was transferred to right-of-use assets \u2013 buildings and related land. Investment property comprises mainly commercial properties that are leased to third parties. A portion of owned buildings and land are subject to bank collateral (refer to Note 28). Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 7) and acquisitions of properties under asset deal agreements. Current financial year The most significant completed construction of industrial properties in 2024 were in Warsaw, Zabrze and Katowice in Poland; in Brno, Blatnice, Prague and Cheb in the Czech Republic; in Novi Sad and Belgrade in Serbia; in Budapest and Tatabanya in Hungary and in Bucharest, Arad and Ploiesti in Romania. In 2024, the Group made landbank acquisitions, primarily in Germany, Poland, the Czech Republic, Slovakia, Serbia and Austria. Prior financial year The most significant completed construction of industrial properties in 2023 were in Mszczon\u00f3w and in Opole in Poland; in Sofia in Bulgaria; in Belgrade and in Kragujevac in Serbia; in Budapest in Hungary; in Vienna and in Getzersdorf in Austria; in Amsterdam in the Netherlands; in Brno, in Kozom\u00edn, in Cerhovice, in Hru\u0161ov, in Blu\u010dina, in \u017datec and in Ostrava in the Czech Republic; in Pre\u0161ov and in Trnava in Slovakia; and in Bucharest in Romania. In 2023, the Group also made landbank acquisitions, mainly in Hungary, Romania, Germany, Serbia, Poland, Bulgaria, Austria, Czech Republic and Slovakia. During the year 2023, disposals in landbank of EUR 6.2 million, represents the sale of subsidiary CTPark Alpha in Slovenia outside of the Group. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. 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 between Levels during the period. Management\u2019s adjustments made in respect of valuations appraisals CTP management did not make any adjustments to valuation prepared by an independent external valuer as at 31 December 2024 and 31 December 2023. The table below presents the portion of the investment property portfolio as at 31 December 2024 and 2023, valued by an independent external valuer:
In EUR million
2024
2023
Investment property portfolio valued by external valuer
14,402.2
11,836.6
Investment property portfolio at acquisition value
253.2
202.6
Total
14,655.3
12,039.2
Valuation Building valuation To value investment property, with the exception of the German market, external valuers have adopted a traditional capitalization approach. The capitalisation rates applied within this method are implicit in terms of rental growth and most other risks, although external valuers are explicit in their calculations in terms of voids and costs. For German investment properties, according to local practice, the external valuers have adopted an explicit discounted cashflow approach. Valuations reflect, where appropriate: the tenants in current occupation; the rental potential after letting vacant accommodation, and the remaining economic life of the property. It is assumed that whenever rent reviews or lease renewals are pending with anticipated reversionary increases, all notices and, where appro- priate, counter notices, have been served validly and within the appropriate time. Assumptions by the independent valuer for the year ended 31 December 2024 and 31 December 2023 were as follows:
Core yield
2024
2023
Country
Average
Lower
Upper
Average
Lower
Upper
Czech Republic
5.71%
4.50%
9.30%
5.84%
4.60%
9.00%
Hungary
6.89%
6.05%
9.00%
6.92%
6.15%
8.80%
Romania
7.56%
7.35%
8.40%
7.53%
7.35%
8.40%
Slovakia
6.60%
6.00%
9.50%
6.77%
6.25%
9.50%
Germany
5.91%
4.38%
8.88%
6.23%
3.11%
15.61%
Poland
5.89%
5.50%
6.50%
6.17%
5.90%
6.50%
Netherlands
4.77%
3.60%
6.30%
4.70%
3.65%
7.75%
Other
7.86%
5.40%
9.25%
7.83%
5.50%
9.50%
All
6.31%
3.60%
9.50%
6.36%
3.11%
15.61%
Core yield
2024
2023
Sector
Average
Lower
Upper
Average
Lower
Upper
Offices
7.03%
4.50%
8.75%
7.13%
5.79%
8.60%
Industrial/other
6.28%
3.60%
9.50%
6.32%
3.11%
15.61%
Average ERV
per sqm and month (EUR)
Country
2024
2023
Netherlands
7.9
7.9
Czech Republic
7.4
7.2
Slovakia
5.8
5.5
Hungary
5.7
5.4
Poland
5.0
5.0
Romania
4.9
4.4
Germany
4.7
4.3
Other
5.8
5.6
All
5.9
5.7
Average ERV
per
sqm and month (EUR)
Sector
2024
2023
Offices
14.6
13.7
Industrial/other
5.8
5.5
Structural vacancy was applied in few cases, mainly to office and ancillary areas. Landbank valuation The landbank comprises the plots of land in CTP\u2019s ownership, on which development projects are to be carried out. The landbank was valued by a registered independent valuer with an appropriately recognised professional qualification and with up\u2013to\u2013date knowledge and understanding of the location and category of the property. For land assets, the valuer applied the residual or the market comparison method or both, as appropriate. The residual method assumes the property\u2019s value equates to the end value of the property once devel- oped, less the costs of realisation, demolition, build costs, professional fees, planning, finance and market- ing costs and developer\u2019s profit. The land value shall be the residual amount. The market comparison uses sales information from sites of a similar type, size and in a similar location, where a similar development is possible. Sale prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall. The valuer estimated the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison. Independent valuer assumptions for the year ended 31 December were based on analysis of comparable evidence and adopted the following average market values per square meter:
In EUR
2024
2023
Czech Republic
65
64
Slovakia
62
60
Hungary
42
48
Serbia
28
26
Romania
34
33
Poland
63
63
Bulgaria
57
55
Germany
131
123
Netherlands
36
32
Austria
136
102
Total average for the Group
54
50
Investment property is in the following countries where CTP operates:
In EUR million
2024
2023
Czech Republic
6,228.2
5,689.1
Romania
2,395.5
1,827.5
Germany
1,521.2
1,188.7
Hungary
1,259.2
982.6
Slovakia
1,021.0
789.1
Poland
882.6
420.1
Netherlands
481.8
482.5
Serbia
530.2
368.7
Bulgaria
209.6
177.7
Austria
126.0
113.2
Total
14,655.3
12,039.2
Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property valuation CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in- vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit or loss before tax as at 31 December 2024 and 31 December 2023 due to changes in assumptions:
Completed investment properties as at 31 December 2024 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
6.64%
13,311.9
6.89%
12,828.6
-483.3
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
6.64%
13,311.9
6.39%
13,833.1
521.2
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
883.4
927.5
13,977.5
665.6
Decrease of 500bp in estimated rental income
883.4
839.2
12,646.3
-665.6
Completed investment properties as at 31 December 2023 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
6.66%
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
19. INVESTMENT PROPERTY UNDER DEVELOPMENT
Right-of-use
In EUR million
IPUD
assets
Total
Balance at 1 January 2023
1,175.6
17.7
1,193.3
Transfer from/to Investment property
-1,057.2
-17.0
-1,074.2
Transfer from/to PPE
-4.2
-
-4.2
Acquisitions
16.5
-
16.5
Additions/disposals
666.7
0.1
666.8
Net valuation result
561.4
-
561.4
Balance at 31 December 2023
1,358.8
0.8
1,359.6
Balance at 1 January 2024
1,358.8
0.8
1,359.6
Transfer from/to Investment property
-1,210.5
-0.8
-1,211.3
Acquisitions
14.9
-
14.9
Additions/disposals
533.2
-
533.2
Net valuation result
380.4
-
380.4
Balance at 31 December 2024
1,076.8
-
1,076.8
Investment property under development (\u201cIPUD\u201d) comprises pipeline projects in several stages of comple- tion and of land with planning permits in place that are still to be developed but where pre-agreements with future tenants are available. CTP management estimates that a significant majority of the pipeline projects will be completed within 12-15 months. In 2023, right-of-use assets in investment property under development comprised leased land in Romania of EUR 0.8 million to CTPARK IOTA SRL. In 2024, the land was transferred to buildings and related land through the exercise of the purchase option. Investment property under development is located in the following countries where CTP operates:
In EUR million
2024
2023
Czech Republic
374.8
279.5
Poland
247.2
483.0
Slovakia
147.1
130.5
Germany
84.9
26.8
Austria
73.0
95.1
Bulgaria
64.2
63.4
Romania
30.0
98.6
Hungary
29.2
123.6
Serbia
26.3
59.0
Netherlands
0.1
0.1
Total
1,076.8
1,359.6
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 tradition- al method is applied to determine a gross development value (GDV), which is a component of the residu- al method that is ultimately applied to determine fair value. This approach assumes the property\u2019s value equates to the end value of the property once developed, less the costs of realisation, demolition, build costs, professional fees, planning, finance and marketing costs and developer\u2019s profit. The land value shall be the residual amount. In assessing the GDV, the independent valuer adopted a market approach by estimating the market rental values for the accommodation to be developed and the appropriate capitalisation rate which a potential investor would require to arrive at the fair value of the completed and leased building. For those assets nearing completion, the valuer has explicitly considered the likely leasing status of the property as at prac- tical completion. The assumptions used by the independent valuer for the year ended 31 December were as follows:
2024
2023
Average
Lower
Upper
Average
Lower
Upper
Capitalisation rates
6.06%
4.60%
8.75%
6.39%
4.40%
9.00%
Monthly ERV per vacant sqm (EUR)
Industrial premises
5.87
3.75
8.67
5.22
2.67
9.11
Office properties
15.21
13.00
18.50
15.65
14.68
17.17
Soft costs
0.61%
0.00%
6.00%
5.69%
0.00%
15.00%
Finance costs
5.46%
5.00%
6.00%
5.50%
0.00%
6.00%
Profit allowance
15.82%
5.00%
25.00%
10.73%
0.00%
18.50%
Structural vacancy was applied in a very few cases, mainly to office and ancillary areas. Sensitivity analysis on changes in external valuer\u2019s assumptions of investment property under development valuation CTP performed a sensitivity analysis on changes in investment property under development valuation. The table below presents the sensitivity of profit or loss before tax as at 31 December 2024 and 31 December 2023:
Investment properties under development as at 31 December 2024 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
6.42%
1,889.7
6.67%
1,818.9
-70.9
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
6.42%
1,889.7
6.17%
1,966.3
76.6
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
121.2
127.3
1,984.2
94.5
Decrease of 500bp in estimated rental income
121.2
115.2
1,795.2
-94.5
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 Effect of change
from vacant space rental income rental 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
An increase of developers\u2019 profit mark-up by 2% in valuers\u2019 assumptions will increase the developers\u2019 profit and as a consequence will decrease the valuation as at 31 December 2024 by EUR 13.1 million (2023 \u2013 EUR 13.7 million) provided all other variables remain constant. 20. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income:
In EUR million
2024
2023
Valuation gains
1,121.3
1,102.0
out of which:
Investment Property
688.1
505.8
Investment Property under development
433.1
596.2
Valuation losses
-179.8
-223.3
out of which:
Investment Property
-127.1
-188.5
Investment Property under development
-52.7
-34.8
Net valuation gains/losses(-) on investment property
941.5
878.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "21. PROPERTY, PLANT AND EQUIPMENT
Solar plants Owner-occupied
under buildings and
In EUR million
Hotels
Leased Property
Solar 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
Balance at 1 January 2024
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Additions/disposals(-)
5.7
2.6
0.6
24.0
-
2.2
35.1
Transfers
-
-
14.8
-14.8
-
-
-
Transfer from/to IP and IPuD
-1.0
-
-
-
-
-0.6
-1.6
Valuation gain/loss(-) on solar plants and hotels
1.1
-
-1.6
-4.5
-
-
-5.0
Depreciation
-1.8*
-1.4
-2.5**
-
-
-8.6
-14.3
Reversal of impairment loss
0.5
-
-
-
-
-
0.5
Balance at 31 December 2024
59.4
9.0
52.7
70.3
4.3
52.7
248.4
* amount recognized as part of Hotel operating expenses in the consolidated statement of profit or loss ** amount recognized as part of Expenses from renewable energy in the consolidated statement of profit or loss
The value of Solar plants of EUR 52.7 million (2023 \u2013 EUR 41.5 million) represents revalued amount in ac-
cordance with IAS 16 based upon the independent valuation report.
The value of Solar plant under construction of EUR 70.3 million (2023 \u2013 EUR 65.6 million) represents the
fair value of the solar panels based upon the independent valuation report.
In 2024, the Group recognised government grants related to acquisition of solar plants of EUR 7.1 million
(2023 \u2013 EUR 4.2 million).
The value of hotels EUR 59.4 million (2023 \u2013 EUR 54.9 million) represents revalued amount in accordance
with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair val-
ue in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well
as an income capitalisation approach, and comparable recent market transactions on arm\u2019s length terms.
Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4.3 million
(2023 \u2013 EUR 4.3 million).
Owner-occupied buildings and equipment of EUR 52.7 million (2023 \u2013 EUR 59.7 million) consists primarily of
real estate infrastructure (such as roads, greenery and energy transformers) including related equipment,
means of transport and two owner-occupied buildings in the Czech Republic.
Property, plant and equipment include also right-of-use assets of EUR 9.0 million (2023 \u2013 EUR 7.8 million)
relating to leased properties that do not meet CTP\u2019s definition of investment property (refer to Note 31).
Valuation
Considering the nature of the solar plants and the basis of valuation, the valuer used the income approach
under the Discounted Cash Flow (\u201cDCF\u201d) method, in a DCF Entity modification, as a valuation method. The
cash flows are based on business plans that account for the general and specific characteristics of individu-
al 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 6.6% to
8.5% as the discount rate, which was calculated with reference to the locations of the solar plants.
Key assumptions used in solar valuation:
\u2022 Business plans and financial models covering estimated useful life of solars.
\u2022 Annual production of electricity in MWh based on installed capacity and corresponding production co-
efficient. This production coefficient depends on the geographical location.
\u2022 Electricity price forecast for periods without fixed contractual agreements, with the following as-
sumptions:
\u2013 Covered period from 2024 to 2040.
\u2013 Forecast based on modelling inputs: fuel, CO2 allowance prices, installed capacities, required ca-
pacity 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% (2023
\u2013 from 8.0% to 9.25%).
Sensitivity analysis on changes in assumptions of solars
CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang-
es in WACC. The table below presents the sensitivity of fair value as at 31 December 2024, due to changes
in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
in price in price
10% Change in price
123.0
-2.2
2.2
Effect of increase Effect of decrease
In EUR million
Current FV
in WACC in WACC
0.5% Change in WACC
123.0
-5.8
6.4
CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang-
es in WACC. The table below presents the sensitivity of fair value as at 31 December 2023, due to changes
in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
in price in price
10% Change in price
107.1
-1.2
1.2
Effect of increase Effect of decrease
In EUR million
Current FV
in WACC in WACC
0.5% Change in WACC
107.1
-4.1
4.4
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 2024, due to changes in assumptions:
Effect of decrease Effect of increase
In EUR million
Current FV
 in RevPAR in RevPAR
5% Change in RevPAR
59.4
-9.1
9.1
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 Effect of increase
In EUR million
Current FV
in RevPAR in RevPAR
5% Change in RevPAR
54.9
-7.7
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "
Solar plants Owner-occupied
under buildings and
In EUR million
Hotels
Leased Property
Solar 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
Balance at 1 January 2024
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Additions/disposals(-)
5.7
2.6
0.6
24.0
-
2.2
35.1
Transfers
-
-
14.8
-14.8
-
-
-
Transfer from/to IP and IPuD
-1.0
-
-
-
-
-0.6
-1.6
Valuation gain/loss(-) on solar plants and hotels
1.1
-
-1.6
-4.5
-
-
-5.0
Depreciation
-1.8*
-1.4
-2.5**
-
-
-8.6
-14.3
Reversal of impairment loss
0.5
-
-
-
-
-
0.5
Balance at 31 December 2024
59.4
9.0
52.7
70.3
4.3
52.7
248.4
* amount recognized as part of Hotel operating expenses in the consolidated statement of profit or loss
** amount recognized as part of Expenses from renewable energy in the consolidated statement of profit or loss
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
Balance at 1 January 2024
171.1
5.4
176.5
Additions/disposals
-
4.1
4.1
Amortisation
-
-1.0
-1.0
Balance at 31 December 2024
171.1
8.5
179.6
Investment
Property, plant Buildings and property under
In EUR million and equipment
related land
Landbank
development
Total
Balance at 1 January 2023
8.8
28.1
4.7
17.7
59.3
Transfer from/to RoU investment property under development
-
17.0
-
-17.0
-
Additions/disposals
0.2
2.2
0.3
0.1
2.8
Depreciation
-1.2
-
-
-
-1.2
Balance at 31 December 2023
7.8
47.3
5.0
0.8
60.9
Balance at 1 January 2024
7.8
47.3
5.0
0.8
60.9
Transfer from/to RoU investment property
-
5.0
-5.0
-
-
Transfer from/to buildings and related land
-
-0.5
-
-0.8
-1.3
Additions/disposals
2.6
0.7
-
-
3.2
Depreciation
-1.4
-
-
-
-1.4
Balance at 31 December 2024
9.0
52.5
-
-
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "
Solar plants Owner-occupied
under buildings and
In EUR million
Hotels
Leased Property
Solar 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
Balance at 1 January 2024
54.9
7.8
41.5
65.6
4.3
59.7
233.8
Additions/disposals(-)
5.7
2.6
0.6
24.0
-
2.2
35.1
Transfers
-
-
14.8
-14.8
-
-
-
Transfer from/to IP and IPuD
-1.0
-
-
-
-
-0.6
-1.6
Valuation gain/loss(-) on solar plants and hotels
1.1
-
-1.6
-4.5
-
-
-5.0
Depreciation
-1.8*
-1.4
-2.5**
-
-
-8.6
-14.3
Reversal of impairment loss
0.5
-
-
-
-
-
0.5
Balance at 31 December 2024
59.4
9.0
52.7
70.3
4.3
52.7
248.4
* amount recognized as part of Hotel operating expenses in the consolidated statement of profit or loss ** amount recognized as part of Expenses from renewable energy in the consolidated statement of profit or loss
Impairment testing for cash generating unit containing Goodwill
The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German
geographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the
business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in
the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR
136.5 million).
The recoverable amount of CGU was based on a value in use calculation, determined by discounting the
future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount
of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2024,
nor in 2023.
The key assumptions used in the estimation of the recoverable amount are discount rate and terminal value growth rate. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources.
In percent
2024
2023
Discount rate
5.30
5.89
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 relative increase in discount rate by 5% would result in decreased headroom by EUR 118 million (relative decrease by 5% would result in increased headroom by EUR 138 million). The terminal growth rate was determined based on management\u2019s estimates of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. The rel- ative increase in growth rate by 5% would result in increased headroom by EUR 43 million (relative decrease by 5% would result in decreased headroom by EUR 40 million). Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2025\u20132030 (2024 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value calculation via the Gordon formula. CTP budgets for period used in the impairment tests are based on the assumption that the management is able to assess the budgets reasonably for this period.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "22. GOODWILL AND INTANGIBLE ASSETS
Other
intangible
In EUR million
Goodwill
assets
Total
Balance at 1 January 2023
171.1
3.5
174.6
Additions/disposals
-
3.4
3.4
Amortisation
-
-1.5
-1.5
Balance at 31 December 2023
171.1
5.4
176.5
Balance at 1 January 2024
171.1
5.4
176.5
Additions/disposals
-
4.1
4.1
Amortisation
-
-1.0
-1.0
Balance at 31 December 2024
171.1
8.5
179.6
The Group acquired under Business Combination the subsidiary CTP Deutschland B.V. in Germany in 2022. As at date of acquisition, goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German geographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2024, nor in 2023. The key assumptions used in the estimation of the recoverable amount are discount rate and terminal value growth rate. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources.
In percent
2024
2023
Discount rate
5.30
5.89
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 relative increase in discount rate by 5% would result in decreased headroom by EUR 118 million (relative decrease by 5% would result in increased headroom by EUR 138 million). The terminal growth rate was determined based on management\u2019s estimates of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. The rel- ative increase in growth rate by 5% would result in increased headroom by EUR 43 million (relative decrease by 5% would result in decreased headroom by EUR 40 million). Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2025\u20132030 (2024 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value calculation via the Gordon formula. CTP budgets for period used in the impairment tests are based on the assumption that the management is able to assess the budgets reasonably for this period.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "22. GOODWILL AND INTANGIBLE ASSETS
Other
intangible
In EUR million
Goodwill
assets
Total
Balance at 1 January 2023
171.1
3.5
174.6
Additions/disposals
-
3.4
3.4
Amortisation
-
-1.5
-1.5
Balance at 31 December 2023
171.1
5.4
176.5
Balance at 1 January 2024
171.1
5.4
176.5
Additions/disposals
-
4.1
4.1
Amortisation
-
-1.0
-1.0
Balance at 31 December 2024
171.1
8.5
179.6
The Group acquired under Business Combination the subsidiary CTP Deutschland B.V. in Germany in 2022. As at date of acquisition, goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German geographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2024, nor in 2023.
The key assumptions used in the estimation of the recoverable amount are discount rate and terminal value
growth rate. The values assigned to the key assumption represent management\u2019s assessment of future
trends in real estate and have been based on historical data from both external and internal sources.
In percent
2024
2023
Discount rate
5.30
5.89
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 relative increase in discount rate by 5% would result in decreased headroom by EUR 118 million
(relative decrease by 5% would result in increased headroom by EUR 138 million).
The terminal growth rate was determined based on management\u2019s estimates of the long-term compound
annual EBITDA growth rate, consistent with the assumption that a market participant would make. The rel-
ative increase in growth rate by 5% would result in increased headroom by EUR 43 million (relative decrease
by 5% would result in decreased headroom by EUR 40 million).
Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board
of Directors, adjusted by:
\u2022 changes in working capital including cash;
\u2022 rental income and CAPEX related to future development projects.
To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the
years 2025\u20132030 (2024 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal
value calculation via the Gordon formula.
CTP budgets for period used in the impairment tests are based on the assumption that the management is
able to assess the budgets reasonably for this period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-38": { "value": "22. GOODWILL AND INTANGIBLE ASSETS
Other
intangible
In EUR million
Goodwill
assets
Total
Balance at 1 January 2023
171.1
3.5
174.6
Additions/disposals
-
3.4
3.4
Amortisation
-
-1.5
-1.5
Balance at 31 December 2023
171.1
5.4
176.5
Balance at 1 January 2024
171.1
5.4
176.5
Additions/disposals
-
4.1
4.1
Amortisation
-
-1.0
-1.0
Balance at 31 December 2024
171.1
8.5
179.6
The Group acquired under Business Combination the subsidiary CTP Deutschland B.V. in Germany in 2022. As at date of acquisition, goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (\u201cCGU\u201d) that comprised a German geographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks\u2014Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (\u201cDCF\u201d) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2024, nor in 2023. The key assumptions used in the estimation of the recoverable amount are discount rate and terminal value growth rate. The values assigned to the key assumption represent management\u2019s assessment of future trends in real estate and have been based on historical data from both external and internal sources.
In percent
2024
2023
Discount rate
5.30
5.89
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 relative increase in discount rate by 5% would result in decreased headroom by EUR 118 million (relative decrease by 5% would result in increased headroom by EUR 138 million). The terminal growth rate was determined based on management\u2019s estimates of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. The rel- ative increase in growth rate by 5% would result in increased headroom by EUR 43 million (relative decrease by 5% would result in decreased headroom by EUR 40 million). Free cash flows used in the DCF calculation are based on the Group segment\u2019s KPIs approved by the Board of Directors, adjusted by: \u2022 changes in working capital including cash; \u2022 rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2025\u20132030 (2024 impairment test) and 2024\u20132030 (2023 impairment test) followed by a terminal value calculation via the Gordon formula. CTP budgets for period used in the impairment tests are based on the assumption that the management is able to assess the budgets reasonably for this period.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "23. TRADE AND OTHER RECEIVABLES Non-current
In EUR million
2024
2023
Long term advances paid
14.9
21.4
Restricted cash
5.7
1.3
Other assets
0.3
1.4
Total trade and other receivables
21.0
24.1
Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible assets. Current
In EUR million
2024
2023
Trade receivables
131.4
64.7
Other assets
88.9
126.7
Other tax receivables
48.9
75.2
Total trade and other receivables
269.1
266.6
Trade receivables consist primarily of receivables from rent and from development projects ordered by tenants. Increase since 2023 is caused by larger value of development projects in 2024. Other assets consist primarily of deferrals of EUR 19.4 million (2023 \u2013 EUR 14.4 million), advance payments and accrued income of EUR 48.3 million (2023 \u2013 EUR 68.7 million) and prepayments of EUR 21.2 million (2023 \u2013 EUR 43.6 million). Short-term receivables overdue more than six months total EUR 6.7 million (2023 \u2013EUR 4.4 million). Total expected credit losses are EUR 9.9 million (2023 \u2013 EUR 5.2 million). Other tax receivables consist primarily of value added tax receivables of EUR 45.4 million (2023 \u2013 EUR 74.1 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years.
as at 31 December 2024
Weighted Gross Net
average carrying Loss carrying Credit-
In EUR million loss rate amount allowance amount impaired
Current (not past due)
0.93%
106.7
-1.0
105.7
No
1 - 30 days past due
1.29%
16.6
-0.2
16.4
No
31 - 60 days past due
5.65%
3.7
-0.2
3.5
No
61 - 90 days past due
19.45%
2.2
-0.4
1.8
No
91 - 183 days past due
31.96%
5.3
-1.7
3.6
No
184 - 365 days past due
86.58%
2.6
-2.3
0.4
Yes
Paid in more than 365 days
100.00%
4.1
-4.1
-
Yes
past due
Balance at 31 December 2024
141.3
-9.9
131.4
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 - 183 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
24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 855.4 million (2023 \u2013 EUR 690.6 million) consist of short-term deposits of EUR 511.7 million (2023 \u2013 EUR 467.2 million) and cash at bank accounts of EUR 343.7 million (2023 \u2013 EUR 223.4 million). Restricted cash amounts to EUR 5.7 million (2023 \u2013 EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. 28. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS
In EUR million
2024
2023
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions
3,969.4
3,343.1
Accrued arrangement fees
-21.7
-14.9
Balance at 31 December
3,947.7
3,328.2
Current liabilities
Interest-bearing loans and borrowings from financial institutions
105.5
45.7
Accrued interest
3.8
4.8
Accrued arrangement fees
-0.6
-0.5
Balance at 31 December
108.7
50.0
Total balance at 31 December
4,056.5
3,378.2
Nominal values
In EUR million
2024
2023
Non-current interest-bearing loans and borrowings from financial
3,969.4
3,343.1
institutions
Current interest-bearing loans and borrowings from financial institutions
105.5
45.7
Total balance at 31 December
4,075.0
3,388.8
In EUR million
2024
2023
Nominal Fair Nominal Fair
value value value value
Interest-bearing loans and borrowings from
financial institutions
4,075.0
4,000.0
3,388.8
3,112.3
The valuation model of fair value of bank loans considers the present value of expected payments, discount- ed using risk adjusted discount rate. The Group has determined that all of its interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. The Group\u2019s interest-bearing loans and borrowings from financial institutions typically have financial cov- enants like loan-to-value and debt service coverage ratio. As at 31 December 2024, there was no breach of covenant conditions. Bank loans are secured over investment property with a carrying amount of EUR 6,860.5 million (2023 \u2013 EUR 6,361.5 million). Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the Group\u2019s subsidiaries. Share pledges related to interest-bearing loans are described in Note 38. The residual maturity of loans and borrowings from financial institutions as at 31 December 2024 and 31 December 2023 was as follows:
Balance as at 31 December 2024
Due Due in
within follow.
In EUR million
1 year
2 years
Total
3-5 years
years
Interest-bearing loans and borrowings
105.5
73.2
4,075.0
1,676.3
2,219.9
from financial institutions
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
Current financial year In the first half of 2024, the Group drew down bank loans with a total nominal value of EUR 821.8 million, which comprises of EUR 500.0 million of unsecured loans and EUR 321.8 million of secured loans. The drawn bank loans have an average fixed all-in interest rate costs of 4.8% and an average maturity of 5.2 years. In addition, in May 2024, as part of the Romanian portfolio acquisition, the Group took over bank loans with a total nominal value of EUR 91.9 million. The bank loans were repaid in October 2024. In the third quarter of 2024, the Group drew down bank loans with a total nominal value of EUR 211.7 million. The drawn bank loans have an average fixed all-in interest rate costs of 4.37% and an average maturity of 5.5 years. In the fourth quarter of 2024, the Group repaid bank loans in a total amount of EUR 378.8 million. The repaid bank loans had an average fixed all-in interest costs of 5.10% and an average maturity of 4.8 years. Prior financial year 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 interest rate costs in the range from 4.45% to 5.47% due in 2028, 2029, 2030 and 2033, respectively. Fixed all-in cost includes effect of hedging. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities
Derivative Cash flow
Related Lease financial Issued Share Retained hedge
In EUR million
Bank loans
party loans
Bonds
liabilities instruments capital premium earnings
reserve
Total
Balance as at 1 January 2024
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
Changes from financing cash flows
Proceeds from bonds
-
-
1,369.3
-
-
-
-
-
-
1,369.3
Proceeds from loans and borrowings
1,035.4
-
-
-
-
-
-
-
-
1,035.4
Transaction costs related to loans and borrowings, bonds and issue of
share capital
-29.5
-
-10.1
-
-
-
-
-
-
-39.6
Repayment of the loans and borrowings and bonds
-439.9
-
-910.4
-
-
-
-
-
-
-1,350.3
Proceeds from the issue of share capital
-
-
-
-
-
3.0
294.1
-2.5
-
294.6
Dividend in cash
-
-
-
-
-
1.0
-152.4
-
-
-151.4
Payment of lease liabilities
-
-
-
-4.2
-
-
-
-
-
-4.2
Total changes in financing cash flows
566.0
-
448.8
-4.2
-
4.0
141.7
-2.5
-
1,153.8
Change in fair value
-
-
-
-
50.0
-
-
-
-42.4
7.6
Other adjustment
12.9
-0.3
1.3
4.5
-1.3
-
0.5
0.2
10.6
28.4
Gain from bond repayment
-
-
-37.1
-
-
-
-
-
-
-37.1
Acquisition of subsidiaries
92.7
-
-
-
-
-
-
-
-
92.7
Profit for the period
-
-
-
-
-
-
-
1,081.4
-
1,081.4
Interest expense incl. arrangement fee
176.7
-
77.1
-
-15.5
-
-
-
-
238.3
Interest received/paid(-)
-170.1
-
-36.9
-
17.4
-
-
-
-
-189.6
Other liability related changes
112.2
-0.3
4.3
4.5
0.6
-
0.5
1,081.6
10.6
1,214.0
Balance at 31 December 2024
4,056.4
-
4,043.1
50.0
29.5
75.7
3,180.1
4,105.2
-31.7
15,508.3
Derivative Cash flow
Related Lease financial Issued Share Retained hedge
In EUR million
Bank loans
party loans
Bonds
liabilities instruments capital premium earnings
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 and issue of
shar capital
-11.2
-
-
-
-
-
-
-
-
-11.2
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 received/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
29. BONDS ISSUED
In EUR million
2024
2023
Non-current bonds
3,536.3
3,571.3
Current bonds
506.8
18.7
Total Bonds
4,043.1
3,590.0
Reconciliation of movements
In EUR million
31 December 2024
31 December 2023
Bonds issued - nominal value
5,674.3
4,299.5
Repayment of bonds - nominal value
-1,668.2
-718.2
Bonds acquired
140.0
140.0
Repayment of bonds acquired
-120.0
-120.0
Nominal value of bonds
4,026.1
3,601.3
Interest liability
50.5
18.7
Discount applied
-41.0
-43.1
Amortisation of applied discount
18.5
17.2
Bond issuance costs
-16.9
-8.9
Amortisation of bond issuance costs
5.9
4.8
Total carrying value of bonds
4,043.1
3,590.0
Financial covenants related to bonds consist of leverage ratio tests, secured debt tests, interest cover ratio and unencumbered assets tests. During the current financial year, the Group did not breach any of its cov- enants, nor did it default on any of its obligations under its agreements. Current financial year BONDS ISSUED BY CTP N.V.
Nominal value Nominal Fair
of total bonds value of Fix interest value of
issued each bond rate per Maturity bonds
Bond Issuance Date
ISIN
in EUR million
in EUR
Currency
Type
annum (\u201cp.a\u201d) date in EUR million
3 Dec 2024
XS2948774109
50.0
100,000
EUR
senior unsecured
3.427%
3 Dec 2029
49.5
21 Nov 2024
XS2919892179
500.0
100,000
EUR
senior unsecured
3.875%
21 Nov 2032
494.8
4 June 2024
XS2759989234
74.8
100,000
EUR
senior unsecured
4.750%
5 Feb 2030
78.2
5 Feb 2024
XS2759989234
750.0
100,000
EUR
senior unsecured
4.750%
5 Feb 2030
783.9
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
43.0
20 Jan 2022
XS2434791690
350.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
343.3
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
434.3
27 Sept 2021
XS2390530330
275.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
265.3
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
456.4
21 June 2021
XS2356029541
272.3
100,000
EUR
senior unsecured
0.500%
21 June 2025
269.0
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
476.3
1 Oct 2020
XS2238342484
184.5
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
183.4
Total
4,006.1
3,877.3
BONDS ACQUIRED
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
19.8
Total bonds
4,026.1
3,897.2
In EUR million
31 December 2024
31 December 2023
Nominal value
Fair value
Nominal value
Fair value
Bonds
4,026.1
3,897.2
3,601.3
3,194.1
In February 2024, the Group issued EUR 750.0 million of Green bonds with a six-year maturity and 4.75% fixed coupon. In June 2024, the Group issued a second tranche of the same bonds with a nominal value of EUR 74.8 million. In February 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 50.0 million, ISIN XS2356029541 with a nominal value of EUR 75.0 million and ISIN XS2434791690 with a nominal value of EUR 125.0 million. In June 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 97.3 million, ISIN XS2356029541 with a nominal value of EUR 152.7 million, ISIN XS2390530330 with a nominal value of EUR 150.0 million, ISIN XS2434791690 with a nominal value of EUR 100.0 million. In November 2024, the Group issued EUR 500.0 million of Green bonds with an eight-year maturity and 3.88% fixed coupon. In addition, the Group repaid bonds, namely ISIN XS2434791690 with a nominal value of EUR 125.0 million and ISIN XS2390530330 with a nominal value of EUR 75.0 million. In December 2024, the Group issued EUR 50.0 million of Green bonds with a five-year maturity and 3.43% fixed coupon. For related financial gain refer to Note 16. Prior financial year BONDS ISSUED BY CTP N.V.
Nominal value Nominal Fair
of total bonds value of Fix interest value of
issued each bond rate per Maturity bonds
Bond Issuance Date
ISIN
in EUR million
in EUR
Currency
Type
annum (\u201cp.a\u201d) date in EUR million
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
38.5
20 Jan 2022
XS2434791690
700.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
650.0
27 Sept 2021
XS2390530330
500.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
449.8
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
389.0
21 June 2021
XS2356029541
500.0
100,000
EUR
senior unsecured
0.500%
21 June 2025
470.8
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
412.9
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
446.6
1 Oct 2020
XS2238342484
331.8
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
318.7
Total
3,581.3
3,176.3
BONDS ACQUIRED
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
17.8
Total Bonds
3,601.3
3,194.1
On 27 November 2023, the Group repaid bonds namely ISIN XS2264194205 with a nominal value of EUR 400.0 million. 30. TRADE AND OTHER PAYABLES Non-current
In EUR million
2024
2023
Non-current trade payables and other liabilities
102.2
100.4
Lease liability
48.1
47.1
Balance at 31 December
150.3
147.5
Non-current trade and other payables consist primarily of construction retention and tenant deposits. Current
In EUR million
2024
2023
Trade payables and other liabilities
291.8
344.9
Tax liabilities
29.9
19.4
Liabilities from operating leases
1.9
2.6
Balance at 31 December
323.7
366.9
In 2024 and 2023, trade payables and other liabilities consist primarily of liabilities for constructions works. 32. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
2024
2023
Fair value of derivatives - non-current asset
19.3
10.6
Fair value of derivatives - current asset
11.4
38.1
Fair value of derivatives - assets
30.6
48.7
Fair value of derivatives - non-current liability
-36.0
-10.6
Fair value of derivatives - current liability
-24.2
-17.0
Fair value of derivatives - liabilities
-60.3
-27.6
Total
-29.6
21.1
All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec- tively, 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 consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 25). As at 31 December 2024 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps - cash flow hedge*
2028 - 2053
2025-2026
6M Euribor
From 2.1265% to 3.293%
EUR
788.0
27.6
Interest rate swaps
2025-2030
-
3M Euribor
From -0.295% to 0.21%
EUR
83.6
3.0
Total receivables from derivatives
30.6
* Cash flow hedge derivatives of EUR 24.5 million (2023 \u2013 EUR 35.8 million) are presented as short-term.
Due within maturity Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028-2053
2025-2026
3M Euribor, 6M Euribor
From 2.049% to 3.508%
EUR
1,867.6
-60.3
Total liabilities from derivatives
-60.3
As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million are presented as short-term.
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5
-27.6
Total liabilities from derivatives
-27.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-39": { "value": "23. TRADE AND OTHER RECEIVABLES Non-current
In EUR million
2024
2023
Long term advances paid
14.9
21.4
Restricted cash
5.7
1.3
Other assets
0.3
1.4
Total trade and other receivables
21.0
24.1
Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible assets. Current
In EUR million
2024
2023
Trade receivables
131.4
64.7
Other assets
88.9
126.7
Other tax receivables
48.9
75.2
Total trade and other receivables
269.1
266.6
Trade receivables consist primarily of receivables from rent and from development projects ordered by tenants. Increase since 2023 is caused by larger value of development projects in 2024. Other assets consist primarily of deferrals of EUR 19.4 million (2023 \u2013 EUR 14.4 million), advance payments and accrued income of EUR 48.3 million (2023 \u2013 EUR 68.7 million) and prepayments of EUR 21.2 million (2023 \u2013 EUR 43.6 million). Short-term receivables overdue more than six months total EUR 6.7 million (2023 \u2013EUR 4.4 million). Total expected credit losses are EUR 9.9 million (2023 \u2013 EUR 5.2 million). Other tax receivables consist primarily of value added tax receivables of EUR 45.4 million (2023 \u2013 EUR 74.1 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years.
as at 31 December 2024
Weighted Gross Net
average carrying Loss carrying Credit-
In EUR million loss rate amount allowance amount impaired
Current (not past due)
0.93%
106.7
-1.0
105.7
No
1 - 30 days past due
1.29%
16.6
-0.2
16.4
No
31 - 60 days past due
5.65%
3.7
-0.2
3.5
No
61 - 90 days past due
19.45%
2.2
-0.4
1.8
No
91 - 183 days past due
31.96%
5.3
-1.7
3.6
No
184 - 365 days past due
86.58%
2.6
-2.3
0.4
Yes
Paid in more than 365 days
100.00%
4.1
-4.1
-
Yes
past due
Balance at 31 December 2024
141.3
-9.9
131.4
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 - 183 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "
Non-current
In EUR million
2024
2023
Long term advances paid
14.9
21.4
Restricted cash
5.7
1.3
Other assets
0.3
1.4
Total trade and other receivables
21.0
24.1
24. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of EUR 855.4 million (2023 \u2013 EUR 690.6 million) consist of short-term deposits
of EUR 511.7 million (2023 \u2013 EUR 467.2 million) and cash at bank accounts of EUR 343.7 million (2023 \u2013 EUR
223.4 million).
Restricted cash amounts to EUR 5.7 million (2023 \u2013 EUR 1.3 million) and is presented under non-current
trade and other receivables. Restricted cash represents balances on debt service reserve accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "
Other assets consist primarily of deferrals of EUR 19.4 million (2023 \u2013 EUR 14.4 million), advance payments
and accrued income of EUR 48.3 million (2023 \u2013 EUR 68.7 million) and prepayments of EUR 21.2 million
(2023 \u2013 EUR 43.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "
Short-term receivables overdue more than six months total EUR 6.7 million (2023 \u2013EUR 4.4 million). Total
expected credit losses are EUR 9.9 million (2023 \u2013 EUR 5.2 million).
Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac-
tual credit losses over the past two years.
as at 31 December 2024
Weighted Gross Net
average carrying Loss carrying Credit-
In EUR million loss rate amount allowance amount impaired
Current (not past due)
0.93%
106.7
-1.0
105.7
No
1 - 30 days past due
1.29%
16.6
-0.2
16.4
No
31 - 60 days past due
5.65%
3.7
-0.2
3.5
No
61 - 90 days past due
19.45%
2.2
-0.4
1.8
No
91 - 183 days past due
31.96%
5.3
-1.7
3.6
No
184 - 365 days past due
86.58%
2.6
-2.3
0.4
Yes
Paid in more than 365 days
100.00%
4.1
-4.1
-
Yes
past due
Balance at 31 December 2024
141.3
-9.9
131.4
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 - 183 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
Impairment losses on financial assets recognised in profit or loss were as follows:
In EUR million
2024
2023
Impairment to trade receivables
9.9
5.2
Total
9.9
5.2
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
In EUR million
2024
2023
Balance as at 1 January
5.2
5.6
Net remeasurement of loss allowance
4.7
-0.4
Balance at 31 December
9.9
5.2
The following table provides information about the exposure to credit risk and ECLs for financial assets as
at 31 December 2024 and 2023 respectively:
Weighted Impairment
In EUR million average Gross loss
for the year 2024
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
855.4
0.0
855.4
Restricted cash
Low risk
0%
5.7
0.0
5.7
Receivables due from related
Low risk
0%
0.3
0.0
0.3
parties
Trade receivables*
Low to Fair
7%
141.3
-9.9
131.4
risk
Total
1,002.7
-9.9
992.8
Weighted Impairment
In EUR million average Gross loss
for the year 2023
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
690.6
-
690.6
Restricted cash
Low risk
0%
1.3
-
1.3
Receivables due from related
Low risk
0%
1.5
-
1.5
parties
Trade receivables*
Low to Fair
7%
69.9
-5.2
64.7
risk
Total
763.3
-5.2
758.1
* Weighted average loss rate related to Trade receivables is calculated in Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-40": { "value": "24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 855.4 million (2023 \u2013 EUR 690.6 million) consist of short-term deposits of EUR 511.7 million (2023 \u2013 EUR 467.2 million) and cash at bank accounts of EUR 343.7 million (2023 \u2013 EUR 223.4 million). Restricted cash amounts to EUR 5.7 million (2023 \u2013 EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "
25. EQUITY
Issued capital and Share premium
Current financial year
As at 31 December 2024, the issued capital and share premium were comprised of the following:
Number Nominal value of Issued capital Share premium
Type of shares of shares share In EUR million In EUR million
Ordinary shares
473,285,561
EUR 0.16
75.7
3,180.2
Treasury shares
-6,562
EUR 0.16
-
-0.1
Total
473,278,999
EUR 0.16
75.7
3,180.1
Ordinary shares
Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote
per share at general meetings of the Company. All rights attached to the Company\u2019s shares held by the
Group are suspended until those shares are reissued.
Treasury shares
The Company acquired during the merger transaction in 2022 the 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.
On 7 May 2024, treasury shares increased by 965 shares due to return of bonus shares of leaving employees.
On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the
LTIP to a Director .
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2024
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
1 January 2024
448,154,482
71.7
3,037.9
15 April 2024
Share issuance
120,843
-
1.8
20 May 2024
Dividend paid
4,923,602
0.8
-42.2
19 September 2024
Share issuance
14,187,500
2.3
220.6
3 October 2024
Share issuance
4,562,500
0.7
71.7
3 October 2024
Dividend paid
1,308,658
0.2
-110.2
Change in treasury
21,414
-
0.4
shares
Total balance at
31 December 2024
473,278,999
75.7
3,180.1
On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment
to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the
Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed
to employees.
On 16 May 2024, CTP N.V. announced a final 2023 dividend of EUR 0.275 per ordinary share. Shareholders
were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for
the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 15 May 2024. The number of
dividend rights that entitles to one new ordinary share has been set at 60.48.
Shareholders representing approximately 34% of the total number of outstanding ordinary shares chose
to receive the dividend in cash, while shareholders representing 66% 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 4,923,602 to a total of
453,226,903 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi-
nary shares was 20 May 2024.
Change in treasury shares represents mainly a conditional share award under the LTIP to a Director pro-
vided in May 2024.
On 17 September 2024, CTP N.V. launched capital raise of EUR 300.0 million through an equity issuance of
new ordinary shares in the share capital at a price of EUR 16.00 per ordinary share. The first tranche of EUR
227.0 million was offered to institutional investors via an accelerated bookbuild offering and the second
tranche of EUR 73.0 million to Mr. Remon Vos, CTP\u2019s Founder and CEO, who has committed to subscribe
at the issue price.
On 19 September 2024, CTP N.V. issued 14,187,500 new ordinary shares related to first tranche.
On 1 October, an interim dividend of EUR 0.29 per ordinary share for the first half of 2024 was announced.
Shareholders were given the choice to receive the dividend either in shares (default) or in cash, with the
share fraction for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s
shares on Euronext Amsterdam of the last three trading days of the election period, ending on 27 Septem-
ber 2024 (including). The number of dividend rights that entitles to 1 new ordinary share has been set at
56.57.
Shareholders representing 83.7% of the total number of outstanding ordinary shares have chosen to re-
ceive the dividend in cash, while shareholders representing 16.3% of the total number of outstanding ordi-
nary shares opted for payment in shares.
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 1,308,658 to a total of
468,723,061 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi-
nary shares was 3 October 2024.
On 3 October 2024 CTP N.V. issued additional 4,562,500 new ordinary shares related to second tranche of
capital raise described above.
Prior financial year
As at 31 December 2023, the issued capital and share premium were comprised of the following:
Number Nominal value of Issued capital Share premium
Type of shares of shares share In EUR million In EUR million
Ordinary shares
448,182,458
EUR 0.16
71.7
3,038.4
Treasury shares
-27,976
EUR 0.16
-
-0.5
Total
448,154,482
EUR 0.16
71.7
3,037.9
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2023
444,100,549
71.1
3,203.0
18 May 2023
Dividend paid
2,221,102
0.3
-76.2
4 September 2023
Dividend paid
1,860,807
0.3
-88.4
Balance at
31 December 2023
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2023
448,154,482
71.7
3,037.9
On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders
were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for
the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of
dividend rights that entitles to one new ordinary share was set at 51.42.
Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose
to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding
ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend
rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of
446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi-
nary shares was 18 May 2023.
On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced.
Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction
for the dividend based on the volume-weighted average price (VWAP) of the Company\u2019s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of
dividend rights that entitles to one new ordinary share was set at 50.53.
Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to
receive the interim dividend in cash, while shareholders representing approximately 21% of the total number
of outstanding ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend
rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of
448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi-
nary shares was 4 September 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "Treasury shares The Company acquired during the merger transaction in 2022 the 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. On 7 May 2024, treasury shares increased by 965 shares due to return of bonus shares of leaving employees. On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the LTIP to a Director . MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2024
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
1 January 2024
448,154,482
71.7
3,037.9
15 April 2024
Share issuance
120,843
-
1.8
20 May 2024
Dividend paid
4,923,602
0.8
-42.2
19 September 2024
Share issuance
14,187,500
2.3
220.6
3 October 2024
Share issuance
4,562,500
0.7
71.7
3 October 2024
Dividend paid
1,308,658
0.2
-110.2
Change in treasury
21,414
-
0.4
shares
Total balance at
31 December 2024
473,278,999
75.7
3,180.1
Change in treasury shares represents mainly a conditional share award under the LTIP to a Director pro- vided in May 2024. Prior financial year As at 31 December 2023, the issued capital and share premium were comprised of the following:
Number Nominal value of Issued capital Share premium
Type of shares of shares share In EUR million In EUR million
Ordinary shares
448,182,458
EUR 0.16
71.7
3,038.4
Treasury shares
-27,976
EUR 0.16
-
-0.5
Total
448,154,482
EUR 0.16
71.7
3,037.9
MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM
Number Issued capital Share premium
of shares In EUR million In EUR million
Balance at
1 January 2023
444,100,549
71.1
3,203.0
18 May 2023
Dividend paid
2,221,102
0.3
-76.2
4 September 2023
Dividend paid
1,860,807
0.3
-88.4
Balance at
31 December 2023
448,182,458
71.7
3,038.4
Treasury shares
-27,976
-
-0.5
Total balance at
31 December 2023
448,154,482
71.7
3,037.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed to employees.
26. SHARE-BASED PAYMENTS
LTIP to eligible employees
Since 2024, the Company implemented a Long-Term Incentive Program (\u201cLTIP\u201d). Under this LTIP, selected
and eligible employees are entitled to a performance bonus that is awarded annually based on CTP Group
performance. The LTIP is accounted for as an equity-settled share-based payment plan since the perfor-
mance bonuses will be settled in CTP shares.
Key performance indicators (KPIs\u201d) for the LTIP are set only on Group performance level (Group KPIs). To
achieve a balanced assessment of measures important to CTP business objectives, the selected KPIs and
weights for each year are defined, such as: Yield on Cost, Occupancy, Development (sqm completed), Rental
Income, Solar Capacity (MWp) - addition in the year, Like for Like Rental Growth, Value Added/sqm, and
Overhead Costs.
The total fair value for the LTIP is recognised as an expense with a corresponding entry in equity over the
three-year vesting period, which starts on 1 January of the performance year and ends when the share
awards vest two years after completion of the performance year. The total share-based payment expense
recognised in 2024 related to the equity-settled awards made under this LTIP amounts to EUR 0.5 million
(2023: EUR 0).
LTIP to a Director
In 2021,2022, 2023 and 2024, 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 mainly on the Company\u2019s total shareholder return (\u201cTSR\u201d). Vesting is subject to an Absolute TSR
condition and 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
2024, the total share-based payment expense recognised for the equity-settled awards was EUR 0.3 million
(2023: EUR 0.2 million).
Bonus paid in shares
In 2023, expected bonus for employees of EUR 2.5 million was recognised in equity of the Group. Bonus was
paid in form of CTP shares in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "0.275", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-525": { "value": "0.29", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-07-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-526": { "value": "0.23", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-01-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-527": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2023-07-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-490": { "value": "
Translation reserve
The translation reserve of EUR -3.1 million (2023 \u2013 EUR 2.1 million) comprises all foreign exchange dif-
ferences arising from the translation of the financial statements from the functional to the presentation
currency (refer to Note 3f).
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 -31.8 million net of tax as at 31 December 2024 (2023 \u2013 EUR 0.1 mil-
lion).
Revaluation reserve
Changes in the fair value of Property, plant and equipment valued under the revaluation model recognised in
the revaluation reserve in equity reached EUR 24.9 million (net of tax) as at 31 December 2024 (2023 \u2013 EUR
29.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "
Dividends
Current financial year
In May 2024, the Group paid a final dividend for the year 2023 of EUR 123.3 million, out of which EUR 41.4
million was paid in cash, with the rest of dividends paid in the form of new shares.
In October 2024, the Group paid an interim dividend for the year 2024 of EUR 131.4 million, out of which
EUR 110.0 million was paid in cash, with the rest of dividends paid in the form of new shares.
Prior financial year
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, with the rest of dividends 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, with the rest of dividends paid in the form of new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-41": { "value": "27. EARNINGS PER SHARE Basic earnings per share (\u201cEPS\u201d) Basic EPS calculations are based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.
In EUR million
1.1.2024 - 31.12.2024
1.1.2023 - 31.12.2023
Profit attributable to Equity holders of the Company
1,081.4
922.6
Profit attributable to ordinary shareholders
1,081.4
922.6
1.1.2024 - 31.12.2024
1.1.2023 - 31.12.2023
Issued ordinary shares at 1 January
448,182,458
444,072,573
Treasury shares held at 1 January
-27,976
-27,976
Effects of shares issued in 2024/2023
8,613,828
2,022,078
Weighted-average number of ordinary shares at 31 December
456,768,310
446,066,675
Earnings per share (basic)
2.37
2.07
The denominator in the calculation of basic EPS for the years 2024 and 2023 is the weighted average num- ber of ordinary shares less treasury shares as at 31 December 2024 and 31 December 2023, respectively. Diluted earnings per share The calculation of diluted EPS is based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
In EUR million
1.1.2024 - 31.12.2024
1.1.2023 - 31.12.2023
Profit attributable to Equity holders of the Company (basic)
1,081.4
922.6
Profit attributable to ordinary shareholders
1,081.4
922.6
1.1.2024 - 31.12.2024
1.1.2023 - 31.12.2023
Weighted-average number of ordinary shares (basic)
456,768,310
446,066,675
Long-term incentive plans
46,179
42,841
Weighted-average number of ordinary shares (diluted) at 31 December
456,814,489
446,109,516
Earnings per share (diluted)
2.37
2.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "
28. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS
In EUR million
2024
2023
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions
3,969.4
3,343.1
Accrued arrangement fees
-21.7
-14.9
Balance at 31 December
3,947.7
3,328.2
Current liabilities
Interest-bearing loans and borrowings from financial institutions
105.5
45.7
Accrued interest
3.8
4.8
Accrued arrangement fees
-0.6
-0.5
Balance at 31 December
108.7
50.0
Total balance at 31 December
4,056.5
3,378.2
Nominal values
In EUR million
2024
2023
Non-current interest-bearing loans and borrowings from financial
3,969.4
3,343.1
institutions
Current interest-bearing loans and borrowings from financial institutions
105.5
45.7
Total balance at 31 December
4,075.0
3,388.8
In EUR million
2024
2023
Nominal Fair Nominal Fair
value value value value
Interest-bearing loans and borrowings from
financial institutions
4,075.0
4,000.0
3,388.8
3,112.3
The valuation model of fair value of bank loans considers the present value of expected payments, discount-
ed using risk adjusted discount rate.
The Group has determined that all of its interest-bearing loans and borrowings from financial institutions
are classified within Level 2 of the fair value hierarchy.
To determine the fair value of such instruments, management used a valuation technique in which all signif-
icant inputs were based on observable market data.
The Group\u2019s interest-bearing loans and borrowings from financial institutions typically have financial cov-
enants like loan-to-value and debt service coverage ratio. As at 31 December 2024, there was no breach of
covenant conditions.
Bank loans are secured over investment property with a carrying amount of EUR 6,860.5 million (2023 \u2013
EUR 6,361.5 million).
Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of
the Group\u2019s subsidiaries. Share pledges related to interest-bearing loans are described in Note 38.
The residual maturity of loans and borrowings from financial institutions as at 31 December 2024 and
31 December 2023 was as follows:
Balance as at 31 December 2024
Due Due in
within follow.
In EUR million
1 year
2 years
Total
3-5 years
years
Interest-bearing loans and borrowings
105.5
73.2
4,075.0
1,676.3
2,219.9
from financial institutions
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
Current financial year
In the first half of 2024, the Group drew down bank loans with a total nominal value of EUR 821.8 million,
which comprises of EUR 500.0 million of unsecured loans and EUR 321.8 million of secured loans. The drawn
bank loans have an average fixed all-in interest rate costs of 4.8% and an average maturity of 5.2 years.
In addition, in May 2024, as part of the Romanian portfolio acquisition, the Group took over bank loans with
a total nominal value of EUR 91.9 million. The bank loans were repaid in October 2024.
In the third quarter of 2024, the Group drew down bank loans with a total nominal value of EUR 211.7 million.
The drawn bank loans have an average fixed all-in interest rate costs of 4.37% and an average maturity of
5.5 years.
In the fourth quarter of 2024, the Group repaid bank loans in a total amount of EUR 378.8 million. The
repaid bank loans had an average fixed all-in interest costs of 5.10% and an average maturity of 4.8 years.
Prior financial year
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 interest rate costs in the range from 4.45% to
5.47% due in 2028, 2029, 2030 and 2033, respectively.
Fixed all-in cost includes effect of hedging.
Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities
Derivative Cash flow
Related Lease financial Issued Share Retained hedge
In EUR million
Bank loans
party loans
Bonds
liabilities instruments capital premium earnings
reserve
Total
Balance as at 1 January 2024
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
Changes from financing cash flows
Proceeds from bonds
-
-
1,369.3
-
-
-
-
-
-
1,369.3
Proceeds from loans and borrowings
1,035.4
-
-
-
-
-
-
-
-
1,035.4
Transaction costs related to loans and borrowings, bonds and issue of
share capital
-29.5
-
-10.1
-
-
-
-
-
-
-39.6
Repayment of the loans and borrowings and bonds
-439.9
-
-910.4
-
-
-
-
-
-
-1,350.3
Proceeds from the issue of share capital
-
-
-
-
-
3.0
294.1
-2.5
-
294.6
Dividend in cash
-
-
-
-
-
1.0
-152.4
-
-
-151.4
Payment of lease liabilities
-
-
-
-4.2
-
-
-
-
-
-4.2
Total changes in financing cash flows
566.0
-
448.8
-4.2
-
4.0
141.7
-2.5
-
1,153.8
Change in fair value
-
-
-
-
50.0
-
-
-
-42.4
7.6
Other adjustment
12.9
-0.3
1.3
4.5
-1.3
-
0.5
0.2
10.6
28.4
Gain from bond repayment
-
-
-37.1
-
-
-
-
-
-
-37.1
Acquisition of subsidiaries
92.7
-
-
-
-
-
-
-
-
92.7
Profit for the period
-
-
-
-
-
-
-
1,081.4
-
1,081.4
Interest expense incl. arrangement fee
176.7
-
77.1
-
-15.5
-
-
-
-
238.3
Interest received/paid(-)
-170.1
-
-36.9
-
17.4
-
-
-
-
-189.6
Other liability related changes
112.2
-0.3
4.3
4.5
0.6
-
0.5
1,081.6
10.6
1,214.0
Balance at 31 December 2024
4,056.4
-
4,043.1
50.0
29.5
75.7
3,180.1
4,105.2
-31.7
15,508.3
Derivative Cash flow
Related Lease financial Issued Share Retained hedge
In EUR million
Bank loans
party loans
Bonds
liabilities instruments capital premium earnings
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 and issue of
shar capital
-11.2
-
-
-
-
-
-
-
-
-11.2
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 received/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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "
29. BONDS ISSUED
In EUR million
2024
2023
Non-current bonds
3,536.3
3,571.3
Current bonds
506.8
18.7
Total Bonds
4,043.1
3,590.0
Reconciliation of movements
In EUR million
31 December 2024
31 December 2023
Bonds issued - nominal value
5,674.3
4,299.5
Repayment of bonds - nominal value
-1,668.2
-718.2
Bonds acquired
140.0
140.0
Repayment of bonds acquired
-120.0
-120.0
Nominal value of bonds
4,026.1
3,601.3
Interest liability
50.5
18.7
Discount applied
-41.0
-43.1
Amortisation of applied discount
18.5
17.2
Bond issuance costs
-16.9
-8.9
Amortisation of bond issuance costs
5.9
4.8
Total carrying value of bonds
4,043.1
3,590.0
Financial covenants related to bonds consist of leverage ratio tests, secured debt tests, interest cover ratio
and unencumbered assets tests. During the current financial year, the Group did not breach any of its cov-
enants, nor did it default on any of its obligations under its agreements.
Current financial year
BONDS ISSUED BY CTP N.V.
Nominal value Nominal Fair
of total bonds value of Fix interest value of
issued each bond rate per Maturity bonds
Bond Issuance Date
ISIN
in EUR million
in EUR
Currency
Type
annum (\u201cp.a\u201d) date in EUR million
3 Dec 2024
XS2948774109
50.0
100,000
EUR
senior unsecured
3.427%
3 Dec 2029
49.5
21 Nov 2024
XS2919892179
500.0
100,000
EUR
senior unsecured
3.875%
21 Nov 2032
494.8
4 June 2024
XS2759989234
74.8
100,000
EUR
senior unsecured
4.750%
5 Feb 2030
78.2
5 Feb 2024
XS2759989234
750.0
100,000
EUR
senior unsecured
4.750%
5 Feb 2030
783.9
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
43.0
20 Jan 2022
XS2434791690
350.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
343.3
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
434.3
27 Sept 2021
XS2390530330
275.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
265.3
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
456.4
21 June 2021
XS2356029541
272.3
100,000
EUR
senior unsecured
0.500%
21 June 2025
269.0
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
476.3
1 Oct 2020
XS2238342484
184.5
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
183.4
Total
4,006.1
3,877.3
BONDS ACQUIRED
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
19.8
Total bonds
4,026.1
3,897.2
In EUR million
31 December 2024
31 December 2023
Nominal value
Fair value
Nominal value
Fair value
Bonds
4,026.1
3,897.2
3,601.3
3,194.1
In February 2024, the Group issued EUR 750.0 million of Green bonds with a six-year maturity and 4.75%
fixed coupon. In June 2024, the Group issued a second tranche of the same bonds with a nominal value of
EUR 74.8 million.
In February 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value
of EUR 50.0 million, ISIN XS2356029541 with a nominal value of EUR 75.0 million and ISIN XS2434791690
with a nominal value of EUR 125.0 million.
In June 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of
EUR 97.3 million, ISIN XS2356029541 with a nominal value of EUR 152.7 million, ISIN XS2390530330 with
a nominal value of EUR 150.0 million, ISIN XS2434791690 with a nominal value of EUR 100.0 million.
In November 2024, the Group issued EUR 500.0 million of Green bonds with an eight-year maturity and
3.88% fixed coupon. In addition, the Group repaid bonds, namely ISIN XS2434791690 with a nominal value
of EUR 125.0 million and ISIN XS2390530330 with a nominal value of EUR 75.0 million.
In December 2024, the Group issued EUR 50.0 million of Green bonds with a five-year maturity and 3.43%
fixed coupon.
For related financial gain refer to Note 16.
Prior financial year
BONDS ISSUED BY CTP N.V.
Nominal value Nominal Fair
of total bonds value of Fix interest value of
issued each bond rate per Maturity bonds
Bond Issuance Date
ISIN
in EUR million
in EUR
Currency
Type
annum (\u201cp.a\u201d) date in EUR million
1 July 2022
XS2390546849
49.5
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
38.5
20 Jan 2022
XS2434791690
700.0
100,000
EUR
senior unsecured
0.875%
20 Jan 2026
650.0
27 Sept 2021
XS2390530330
500.0
100,000
EUR
senior unsecured
0.625%
27 Sept 2026
449.8
27 Sept 2021
XS2390546849
500.0
100,000
EUR
senior unsecured
1.500%
27 Sept 2031
389.0
21 June 2021
XS2356029541
500.0
100,000
EUR
senior unsecured
0.500%
21 June 2025
470.8
21 June 2021
XS2356030556
500.0
100,000
EUR
senior unsecured
1.250%
21 June 2029
412.9
18 Feb 2021
XS2303052695
500.0
100,000
EUR
senior unsecured
0.750%
18 Feb 2027
446.6
1 Oct 2020
XS2238342484
331.8
100,000
EUR
senior unsecured
2.125%
1 Oct 2025
318.7
Total
3,581.3
3,176.3
BONDS ACQUIRED
9 June 2021
DE000A3E5L07
20.0
100,000
EUR
senior unsecured
3.300%
9 June 2031
17.8
Total Bonds
3,601.3
3,194.1
On 27 November 2023, the Group repaid bonds namely ISIN XS2264194205 with a nominal value of EUR 400.0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "
30. TRADE AND OTHER PAYABLES
Non-current
In EUR million
2024
2023
Non-current trade payables and other liabilities
102.2
100.4
Lease liability
48.1
47.1
Balance at 31 December
150.3
147.5
Non-current trade and other payables consist primarily of construction retention and tenant deposits.
Current
In EUR million
2024
2023
Trade payables and other liabilities
291.8
344.9
Tax liabilities
29.9
19.4
Liabilities from operating leases
1.9
2.6
Balance at 31 December
323.7
366.9
In 2024 and 2023, trade payables and other liabilities consist primarily of liabilities for constructions works.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-42": { "value": "31. 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 addition- al rent payments that are based on changes in local price indices, with an option to terminate the contract within less than twelve months. Parking places are leased for a period of several months up to an indefinite period, with an option to termi- nate the leasing within several days up to three months. Plots of land to operate Group premises are leased from a nineteen-year period to indefinitely. Information about leases for which the Group is a lessee is presented below. Right-of-use assets related to leased assets that do not meet the definition of investment property are presented as property, plant and equipment (refer to Note 21).
Investment
Property, plant Buildings and property under
In EUR million and equipment
related land
Landbank
development
Total
Balance at 1 January 2023
8.8
28.1
4.7
17.7
59.3
Transfer from/to RoU investment property under development
-
17.0
-
-17.0
-
Additions/disposals
0.2
2.2
0.3
0.1
2.8
Depreciation
-1.2
-
-
-
-1.2
Balance at 31 December 2023
7.8
47.3
5.0
0.8
60.9
Balance at 1 January 2024
7.8
47.3
5.0
0.8
60.9
Transfer from/to RoU investment property
-
5.0
-5.0
-
-
Transfer from/to buildings and related land
-
-0.5
-
-0.8
-1.3
Additions/disposals
2.6
0.7
-
-
3.2
Depreciation
-1.4
-
-
-
-1.4
Balance at 31 December 2024
9.0
52.5
-
-
61.4
AMOUNTS RECOGNISED IN PROFIT OR LOSS
In EUR million
2024
2023
Interest on lease liabilities
2.4
2.3
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
2.6
AMOUNTS RECOGNISED IN STATEMENT OF CASH FLOWS
In EUR million
2024
2023
Total cash outflows for leases
4.2
3.6
The remaining performance obligations as at 31 December 2024 are as follows:
< 1 1-2 2-3 3-4 4-5 > 5
In EUR million year years years years years
years
Total
Lease payments
2.0
1.9
1.9
1.1
0.5
42.7
50.0
The remaining performance obligations as at 31 December 2023 are as follows:
< 1 1-2 2-3 3-4 4-5 > 5
In EUR million year years years years years
years
Total
Lease payments
2.6
1.4
1.3
1.2
1.0
42.2
49.7
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 2024 was EUR 664.1 million (2023 \u2013 EUR 571.9 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay- ments to be received after the reporting period 2024.
In EUR million
< 1 year
2-5 years
> 5 years
Total
Lease payments
789.5
2,778.9
2,845.6
6,414.0
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay- ments to be received after the reporting period 2023.
In EUR million
< 1 year
2-5 years
> 5 years
Total
Lease payments
718.8
2,406.1
2,603.8
5,728.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "
32. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
2024
2023
Fair value of derivatives - non-current asset
19.3
10.6
Fair value of derivatives - current asset
11.4
38.1
Fair value of derivatives - assets
30.6
48.7
Fair value of derivatives - non-current liability
-36.0
-10.6
Fair value of derivatives - current liability
-24.2
-17.0
Fair value of derivatives - liabilities
-60.3
-27.6
Total
-29.6
21.1
All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec-
tively, 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 consol-
idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of
derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive
income and included within the cash flow hedge reserve in equity (refer to Note 25).
As at 31 December 2024 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps - cash flow hedge*
2028 - 2053
2025-2026
6M Euribor
From 2.1265% to 3.293%
EUR
788.0
27.6
Interest rate swaps
2025-2030
-
3M Euribor
From -0.295% to 0.21%
EUR
83.6
3.0
Total receivables from derivatives
30.6
* Cash flow hedge derivatives of EUR 24.5 million (2023 \u2013 EUR 35.8 million) are presented as short-term.
Due within maturity Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028-2053
2025-2026
3M Euribor, 6M Euribor
From 2.049% to 3.508%
EUR
1,867.6
-60.3
Total liabilities from derivatives
-60.3
As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million are presented as short-term.
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5
-27.6
Total liabilities from derivatives
-27.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "32. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
2024
2023
Fair value of derivatives - non-current asset
19.3
10.6
Fair value of derivatives - current asset
11.4
38.1
Fair value of derivatives - assets
30.6
48.7
Fair value of derivatives - non-current liability
-36.0
-10.6
Fair value of derivatives - current liability
-24.2
-17.0
Fair value of derivatives - liabilities
-60.3
-27.6
Total
-29.6
21.1
All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec- tively, 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 consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 25). As at 31 December 2024 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps - cash flow hedge*
2028 - 2053
2025-2026
6M Euribor
From 2.1265% to 3.293%
EUR
788.0
27.6
Interest rate swaps
2025-2030
-
3M Euribor
From -0.295% to 0.21%
EUR
83.6
3.0
Total receivables from derivatives
30.6
* Cash flow hedge derivatives of EUR 24.5 million (2023 \u2013 EUR 35.8 million) are presented as short-term.
Due within maturity Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028-2053
2025-2026
3M Euribor, 6M Euribor
From 2.049% to 3.508%
EUR
1,867.6
-60.3
Total liabilities from derivatives
-60.3
As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million are presented as short-term.
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5
-27.6
Total liabilities from derivatives
-27.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-43": { "value": "32. DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
2024
2023
Fair value of derivatives - non-current asset
19.3
10.6
Fair value of derivatives - current asset
11.4
38.1
Fair value of derivatives - assets
30.6
48.7
Fair value of derivatives - non-current liability
-36.0
-10.6
Fair value of derivatives - current liability
-24.2
-17.0
Fair value of derivatives - liabilities
-60.3
-27.6
Total
-29.6
21.1
All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec- tively, 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 consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 25). As at 31 December 2024 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps - cash flow hedge*
2028 - 2053
2025-2026
6M Euribor
From 2.1265% to 3.293%
EUR
788.0
27.6
Interest rate swaps
2025-2030
-
3M Euribor
From -0.295% to 0.21%
EUR
83.6
3.0
Total receivables from derivatives
30.6
* Cash flow hedge derivatives of EUR 24.5 million (2023 \u2013 EUR 35.8 million) are presented as short-term.
Due within maturity Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028-2053
2025-2026
3M Euribor, 6M Euribor
From 2.049% to 3.508%
EUR
1,867.6
-60.3
Total liabilities from derivatives
-60.3
As at 31 December 2023 CTP held the following derivative financial instruments:
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - assets maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge*
2028 \u20132053
2025
6M Euribor, Fixed 2.918%
From 2.1265% to 3.293%,
EUR
1,258.0
43.0
6M Euribor
Interest rate swaps
2025 \u20132030
-
3M Euribor
From -0.295% to 0.21%
EUR
88.8
5.7
Total receivables from derivatives
48.7
* Cash flow hedge derivatives of EUR 35.8 million are presented as short-term.
Due within Mandatory Nominal amount Fair value
Derivative financial instruments - liabilities maturity date
break
Receiving leg
Paying leg
Currency
(in EUR million) (in EUR million)
Interest rate swaps \u2013 cash flow hedge
2028 \u20132053
2024
3M Euribor, 6M Euribor
From 2.5975% to 3.508%
EUR
703.5
-27.6
Total liabilities from derivatives
-27.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-44": { "value": "33. 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:
In EUR million
2024
2023
Asset
Liability
Net
Asset
Liability
Net
Investment property
7.8
-1,373.6
-1,365.9
7.6
-1,169.9
-1,162.3
Tax losses
35.8
-
35.8
19.4
-
19.4
Property, plant and equipment
-
-3.2
-3.2
-
-2.3
-2.3
Other (receivables, hedge accounting etc.)
21.1
-8.1
13.0
14.6
-22.5
-7.9
Tax assets/liabilities(-)
64.7
-1,384.9
-1,320.2
41.6
-1,194.7
-1,153.1
Set-off of tax
-35.9
35.9
-
-27.3
27.3
-
Net tax assets/liabilities(-)
28.7
-1,349.0
-1,320.2
14.3
-1,167.4
-1,153.1
Movement in Deferred tax during the year recognised in profit or loss, in equity and in OCI
Change in Balance as at
Balance as at temporary Deferred tax Effect of changes 31 December
In EUR million 1 January 2024 differences recognised in OCI in FX rates 2024
Investment property
-1,162.3
-208.2
-
4.7
-1,365.9
Tax losses
19.4
16.4
-
-0.1
35.8
Property, plant and equipment
-2.3
-1.7
0.8
-
-3.2
Other (receivables, hedge accounting etc.)
-7.9
10.4
10.6
-
13.0
Total
-1,153.1
-183.1
11.3
4.6
-1,320.2
Change in Balance as at
Balance as at temporary Deferred tax Effect of changes 31 December
In EUR million 1 January 2023 differences recognised in OCI in 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
Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future taxable profit will be available against which the Group can use the benefits.
In EUR million
2024
2023
Gross Tax Gross Tax
amount effect amount effect
Tax losses
31.8
6.0
19.7
3.8
Total
31.8
6.0
19.7
3.8
Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows.
In EUR million
2024
Expiry date
2023
Expiry date
Expire
31.8
2025-2030
19.7
2024-2029
Never expire
-
-
Total
31.8
19.7
Amounts recognised in OCI
In EUR million
2024
2023
Items that will not be reclassified to profit Gross Tax Net of Gross Tax Net of
or loss amount effect tax amount effect tax
Revaluation of PPE
-4.8
0.8
-4.1
12.1
-1.5
10.6
Items that are or may be reclassified to
profit or loss
Change in Cash flow hedge reserve
-42.3
10.6
-31.8
-31.8
8.2
-23.6
Change in Translation reserve
-6.4
1.2
-5.2
-3.0
0.6
-2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-45": { "value": "Current income tax assets and payables The current income tax asset of EUR 7.5 million (2023 \u2013 EUR 9.4 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 47.3 million (2023 \u2013 EUR 28.4 million) represent payables in re- spect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance pay- ments made). The Group believes that accrued current income tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "
34. SUBSIDIARIES
The Company had the following investments in subsidiaries as at 31 December 2024 and 31 December 2023
respectively:
Subsidiaries
Country
2024
2023
Note
CTP Alpha GmbH
Austria
100%
100%
CTP Beta GmbH
Austria
100%
100%
CTP Delta GmbH
Austria
100%
100%
CTP Energy GmbH
Austria
100%
100%
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%
100%
CTP Lambda GmbH
Austria
100%
100%
CTP Mu GmbH
Austria
100%
100%
CTP Nu GmbH
Austria
100%
100%
CTP Omicron GmbH
Austria
100%
100%
CTP Pi GmbH
Austria
100%
100%
CTP Theta GmbH
Austria
100%
100%
CTP Xi GmbH
Austria
100%
100%
CTP Zeta GmbH
Austria
100%
100%
CTP Energy Bulgaria EOOD
Bulgaria
100%
100%
CTP Invest EOOD
Bulgaria
100%
100%
CTPark Beta EOOD
Bulgaria
100%
100%
CTPark Delta EOOD
Bulgaria
100%
100%
CTPark Epsilon EOOD
Bulgaria
100%
100%
CTPark Eta EOOD
Bulgaria
100%
100%
CTPark Gamma EOOD
Bulgaria
100%
100%
CTPark Iota EOOD
Bulgaria
100%
100%
CTPark Kappa EOOD
Bulgaria
100%
100%
CTPark Lambda EOOD
Bulgaria
100%
100%
CTPark Mu EOOD
Bulgaria
100%
100%
CTPark Sofia EOOD
Bulgaria
100%
100%
CTPark Sofia Ring Road EOOD
Bulgaria
100%
100%
Subsidiaries
Country
2024
2023
Note
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%
100%
Clubco Ostrava,spol. s r.o.
Czech Republic
100%
100%
Clubco Vln\u011bna, spol. s r.o.
Czech Republic
100%
100%
CTP Alpha, spol. s r.o.
Czech Republic
100%
100%
CTP Barrandov, spol. s r.o.
Czech Republic
100%
100%
CTP Bohemia North, spol. s r.o
Czech Republic
100%
100%
CTP Bohemia South, spol. s r.o.
Czech Republic
100%
100%
CTP Bohemia West, spol. s r.o.
Czech Republic
100%
100%
CTP Borsk\u00e1 Pole, spol. s r.o.
Czech Republic
100%
100%
CTP CEE Properties, spol. s r.o.
Czech Republic
100%
100%
CTP CEE Sub Holding II, spol. s r.o.
Czech Republic
100%
100%
(former CTP XVIII, spol. s r.o.)
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 Equestrian Club, spol. s r.o.
Czech Republic
100%
100%
(former CTPark Prague North II, spol. s r.o.)
CTP Forest, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Brno, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Pilsen, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Prague spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Pilsen, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Prague, spol. s r.o.
Czech Republic
100%
100%
CTP II, spol. s r.o.
Czech Republic
100%
100%
CTP III, spol. s r.o.
Czech Republic
100%
100%
CTP Invest, spol. s r.o.
Czech Republic
100%
100%
CTP IQ Ostrava, spol. s r.o.
Czech Republic
100%
100%
CTP IV, spol. s r.o.
Czech Republic
100%
100%
CTP Moravia North, spol. s r.o.
Czech Republic
100%
100%
CTP Moravia South, spol. s r.o.
Czech Republic
100%
100%
CTP Nov\u00e1 Zvona\u0159ka, spol. s r.o.
Czech Republic
100%
100%
CTP Pilsen Region, spol. s r.o.
Czech Republic
100%
100%
CTP Pon\u00e1vka Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Property Czech, spol. s r.o
Czech Republic
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Solar I, a. s.
Czech Republic
100%
100%
CTP Solar II, a. s.
Czech Republic
100%
100%
CTP Solar III, spol. s r.o.
Czech Republic
100%
100%
CTP V, spol. s r.o.
Czech Republic
100%
100%
CTP VI, spol. s r.o.
Czech Republic
100%
100%
CTP VIII, spol. s r.o.
Czech Republic
100%
100%
CTP Vln\u011bna Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Vyso\u010dina, spol. s r.o.
Czech Republic
100%
100%
CTP X, spol. s r.o.
Czech Republic
100%
100%
CTP XI, spol. s r.o.
Czech Republic
100%
100%
CTP XII, spol. s r.o.
Czech Republic
100%
100%
CTP XIV, spol. s r.o.
Czech Republic
100%
100%
CTP XV, spol. s r.o.
Czech Republic
100%
100%
CTP XVI, spol. s r.o.
Czech Republic
100%
100%
CTP XVII, spol. s r.o.
Czech Republic
100%
100%
CTP XXII, spol. s r.o.
Czech Republic
100%
100%
CTP XXIII, spol. s r.o.
Czech Republic
100%
100%
CTP XXIV, spol. s r.o.
Czech Republic
100%
100%
CTP XXV, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVI, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVII, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVIII, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXX spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXXI spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXXII spol. s r.o.
Czech Republic
100%
0%
2/
CTPark A\u0161 II, spol. s r.o.
Czech Republic
100%
100%
CTPark Blu\u010dina, spol. s r.o.
Czech Republic
100%
100%
CTPark Bor, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno III, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno Retail, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno, spol. s r.o.
Czech Republic
100%
100%
CTPark Cerhovice, spol. s r.o.
Czech Republic
100%
100%
CTPark \u010cesk\u00e9 Velenice, spol. s r.o.
Czech Republic
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Hranice, spol. s r.o.
Czech Republic
100%
100%
CTPark Chrastava a.s.
Czech Republic
100%
100%
CTPark Lys\u00e1 nad Labem, spol. s r.o.
Czech Republic
100%
100%
CTPark Mlad\u00e1 Boleslav, spol. s r.o.
Czech Republic
100%
100%
CTPark Mod\u0159ice, spol. s r.o.
Czech Republic
100%
100%
CTPark N\u00fd\u0159any II, spol. s r.o.
Czech Republic
0%
100%
5/
CTPark N\u00fd\u0159any, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Hru\u0161ov, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Poruba, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Radvanice, spol. s r.o.
Czech Republic
100%
0%
2/
(former CTPark Ostrava Radvanice II, spol. s r.o.)
CTPark Ostrava Radvanice, spol. s r.o.
Czech Republic
0%
0%
4/
(former RK2 Real, s.r.o.)
CTPark Ostrava, spol. s r.o.
Czech Republic
100%
100%
CTPark Plze\u0148, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague Airport, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague East, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague North III, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague West, spol. s r.o.
Czech Republic
100%
100%
CTPark St\u0159\u00edbro, spol. s r. o.
Czech Republic
100%
100%
CTPark To\u0161anovice a.s.
Czech Republic
100%
100%
CTZone Ostrava, spol. s r.o.
Czech Republic
100%
100%
RTC Real a.s.
Czech Republic
100%
0%
1/
Spielberk Business Park II, spol. s r.o.
Czech Republic
100%
100%
Spielberk Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Alpha Denmark ApS
Denmark
100%
0%
2/
CTP Beta Denmark ApS
Denmark
100%
0%
2/
CTP Invest Denmark ApS
Denmark
100%
0%
2/
CTP Invest
Egypt
100%
100%
CTP Real Estate
Egypt
100%
100%
CTP Real Estate Development
Egypt
100%
100%
Samesova O\u00dc
Estonia
100%
100%
Vojtova O\u00dc
Estonia
100%
100%
Zemankova O\u00dc
Estonia
100%
100%
CTP Alpha France
France
100%
100%
CTP Beta France
France
100%
100%
CTP France
France
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Energy Germany GmbH
Germany
100%
100%
CTP Germany GmbH
Germany
100%
100%
CTP Germany II GmbH
Germany
100%
100%
CTP Germany III GmbH
Germany
100%
0%
2/
CTP Germany IV GmbH
Germany
100%
0%
2/
CTP Germany IX GmbH
Germany
100%
100%
CTP Germany V GmbH
Germany
100%
100%
CTP Germany VI GmbH
Germany
100%
100%
CTP Germany VII GmbH
Germany
100%
100%
CTP Germany VIII GmbH
Germany
100%
100%
CTP Germany X GmbH
Germany
100%
100%
CTP Germany XI GmbH
Germany
100%
0%
2/
CTP Germany XII GmbH
Germany
100%
0%
2/
CTP Germany XIII GmbH
Germany
100%
0%
2/
CTP Invest Germany GmbH
Germany
100%
100%
CTP Invest Hong Kong Limited
Hong Kong
100%
100%
CTP Energy Hungary Kft
Hungary
100%
100%
CTP Management Hungary Kft.
Hungary
100%
100%
CTPark Alpha Kft.
Hungary
100%
100%
CTPark Arrabona Kft.
Hungary
100%
100%
CTPark Beta Kft.
Hungary
100%
100%
CTPark Biatorb\u00e1gy Kft.
Hungary
100%
100%
CTPark Delta Kft.
Hungary
100%
100%
CTPark Eight Kft.
Hungary
100%
100%
CTPark Eighteen Kft.
Hungary
100%
100%
CTPark Eleven Kft.
Hungary
100%
100%
CTPark Fifteen Kft.
Hungary
100%
100%
CTPark Fourteen Kft
Hungary
100%
100%
CTPark Gamma Kft.
Hungary
100%
100%
CTPark Nine Kft.
Hungary
100%
100%
CTPark Nineteen Kft.
Hungary
100%
100%
CTPark Seven Kft.
Hungary
100%
100%
CTPark Seventeen kft.
Hungary
100%
100%
CTPark Sixteen Kft.
Hungary
100%
100%
CTPark Ten Kft.
Hungary
100%
100%
CTPark Thirteen Kft
Hungary
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Thirty Kft.
Hungary
100%
100%
CTPark Thirty One Kft.
Hungary
100%
100%
CTPark Twelve Kft.
Hungary
100%
100%
CTPark Twenty Eight Kft.
Hungary
100%
100%
CTPark Twenty Five Kft.
Hungary
100%
100%
CTPark Twenty Four Kft.
Hungary
100%
100%
CTPark Twenty Kft.
Hungary
100%
100%
CTPark Twenty Nine Kft.
Hungary
100%
100%
CTPark Twenty One Kft.
Hungary
100%
100%
CTPark Twenty Seven Kft.
Hungary
100%
100%
CTPark Twenty Six Kft.
Hungary
100%
100%
CTPark Twenty Three Kft.
Hungary
100%
100%
CTPark Twenty Two Kft.
Hungary
100%
100%
Office Campus Real Estate Kft.
Hungary
100%
100%
CTP Consulting (Shenzhen) Co., Ltd.
China
100%
0%
2/
CTP Alpha S.r.l.
Italy
100%
100%
CTP Beta S.r.l.
Italy
100%
100%
CTP Italy S.r.l.
Italy
100%
100%
Samesova SIA
Latvia
100%
100%
Vojtova SIA
Latvia
100%
100%
Zemankova SIA
Latvia
100%
100%
UAB Samesova
Lithuania
100%
100%
UAB Vojtova
Lithuania
100%
100%
UAB Zemankova
Lithuania
100%
100%
CTP ALC B.V.
Netherlands
100%
100%
CTP Alpha B.V.
Netherlands
100%
100%
CTP Baltic Holding B.V.
Netherlands
100%
100%
CTP Beta B.V.
Netherlands
100%
100%
CTP Deutschland B.V.
Netherlands
100%
100%
CTP Energy B.V.
Netherlands
100%
100%
CTP Epsilon B.V.
Netherlands
100%
100%
CTP Eta B.V.
Netherlands
100%
100%
CTP Gamma B.V.
Netherlands
100%
100%
CTP Invest B.V.
Netherlands
100%
100%
CTP Kappa B.V.
Netherlands
100%
100%
CTP Lambda B.V.
Netherlands
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Mediterranean Holding B.V.
Netherlands
100%
100%
CTP Mu B.V.
Netherlands
100%
100%
CTP Nu B.V.
Netherlands
100%
100%
CTP Omicron B.V.
Netherlands
100%
100%
CTP Pi B.V.
Netherlands
100%
100%
CTP Portfolio Finance Czech B.V.
Netherlands
100%
100%
CTP Property B.V.
Netherlands
100%
100%
CTP Rho B.V.
Netherlands
100%
100%
CTP Theta B.V.
Netherlands
100%
100%
CTP Turkish Holding B.V.
Netherlands
100%
100%
CTP Xi B.V.
Netherlands
100%
100%
CTP Zeta B.V.
Netherlands
100%
100%
CTPark Bremen B.V.
Netherlands
100%
100%
Multifin B.V.
Netherlands
100%
100%
CTP Beta Poland sp. z o.o.
Poland
100%
100%
CTP Delta Poland sp. z o.o.
Poland
100%
100%
CTP Dystrybucja sp. z o.o.
Poland
100%
100%
CTP Energy Poland sp. z o.o.
Poland
100%
100%
CTP Epsilon Poland sp. z o.o.
Poland
100%
100%
CTP Eta Poland sp. z o.o.
Poland
100%
100%
CTP Gamma Poland sp. z o.o.
Poland
100%
100%
CTP Chi Poland sp. z o.o.
Poland
100%
100%
CTP Invest Poland sp. z o.o.
Poland
100%
100%
CTP Iota Poland sp. z o.o.
Poland
100%
100%
CTP Lambda Poland sp. z o.o.
Poland
100%
100%
CTP Mu Poland sp. z o.o.
Poland
100%
100%
CTP Nu Poland sp. z o.o.
Poland
100%
100%
CTP Omega Poland sp. z o.o.
Poland
100%
100%
CTP Pi Poland sp. z o.o.
Poland
100%
100%
CTP Property Alpha Poland sp. z o.o.
Poland
100%
100%
CTP Property Beta Poland sp. z o.o.
Poland
100%
100%
CTP Property Delta Poland sp. z o.o.
Poland
100%
100%
CTP Property Epsilon Poland sp. z o.o.
Poland
100%
100%
CTP Property Eta Poland sp. z o.o.
Poland
100%
100%
CTP Property Gamma Poland sp. z o.o.
Poland
100%
100%
CTP Property Iota Poland sp. z o.o.
Poland
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Property Kappa Poland sp. z o.o.
Poland
100%
100%
CTP Property Lambda Poland sp. z o.o.
Poland
100%
100%
CTP Property Mu Poland sp. z o.o.
Poland
100%
100%
CTP Property Nu Poland sp. z o.o.
Poland
100%
100%
CTP Property Theta sp. z o.o.
Poland
100%
100%
CTP Property Zeta Poland sp. z o.o.
Poland
100%
100%
CTP Rho Poland sp. z o.o.
Poland
100%
100%
CTP Sigma Poland sp. z o.o.
Poland
100%
100%
CTP Tau Poland sp. z o.o.
Poland
100%
100%
CTP Xi Poland sp. z o.o.
Poland
100%
100%
CTP Zeta Poland sp. z o.o.
Poland
100%
100%
CTPark I\u0142owa sp. z o.o.
Poland
100%
100%
CTPark Konik sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Konik sp. z o.o.)
CTPark Natolin sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Lodz sp. z o.o.)
CTPark Opole sp. z o.o.
Poland
100%
100%
CTPark Raszyn sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Raszyn sp.z o.o.)
CTPark Toru\u0144 sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Torun sp. z o.o.)
CTPark Zabrze sp. z o.o.
Poland
100%
100%
Wiskitki Project sp. z o.o.
Poland
100%
100%
CTP Contractors SRL
Romania
100%
100%
CTP Invest Bucharest SRL
Romania
100%
100%
CTP Solar SRL
Romania
100%
100%
CTPark Alpha SRL
Romania
100%
100%
CTPark Arad North SRL
Romania
100%
100%
CTPark Beta SRL
Romania
100%
100%
CTPark Brasov SRL
Romania
100%
100%
CTPark Brasov West SRL
Romania
100%
100%
CTPark Bucharest A1 SRL
Romania
100%
100%
CTPark Bucharest II SRL
Romania
100%
100%
CTPark Bucharest South II SRL
Romania
100%
100%
CTPark Bucharest SRL
Romania
100%
100%
CTPark Bucharest Upsilon SRL
Romania
100%
100%
CTPark Bucharest West I SRL
Romania
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Bucharest West II SRL
Romania
100%
100%
CTPark Craiova East SRL
Romania
100%
100%
CTPark Delta SRL
Romania
100%
100%
CTPark Deva II SRL
Romania
100%
100%
CTPark Dragomiresti SRL
Romania
100%
100%
CTPark Epsilon SRL
Romania
100%
100%
CTPark Eta SRL
Romania
100%
100%
CTPark Gamma SRL
Romania
100%
100%
CTPark Chitila SRL
Romania
100%
100%
CTPark Iota SRL
Romania
100%
100%
CTPark Kappa SRL
Romania
100%
100%
CTPark KM23 North SRL
Romania
100%
100%
CTPark Lambda SRL
Romania
100%
100%
CTPark Management Afumati SRL
Romania
100%
100%
CTPark Management Turda SRL
Romania
100%
100%
CTPark Miu SRL
Romania
100%
100%
CTPark Omega SRL
Romania
100%
100%
CTPark Omicron SRL
Romania
100%
100%
CTPark Oradea North SRL
Romania
100%
100%
CTPark Oradea South SRL
Romania
100%
0%
2/
CTPark Phi SRL
Romania
100%
100%
CTPark Pitesti East SRL
Romania
100%
100%
CTPark Pitesti SRL
Romania
100%
100%
CTPark Psi SRL
Romania
100%
100%
CTPark Rho SRL
Romania
100%
100%
CTPark Sibiu East SRL
Romania
100%
100%
CTPark Sigma SRL
Romania
100%
100%
CTPark Tau SRL
Romania
100%
100%
CTPark Theta SRL
Romania
100%
100%
CTPark Timisoara East SRL
Romania
100%
100%
CTPark Timisoara North SRL
Romania
100%
100%
CTPark Zeta SRL
Romania
100%
100%
Elgan Automotive SRL
Romania
100%
0%
1/
Forest Property Invest SRL
Romania
100%
100%
Industrial Park West SRL
Romania
100%
0%
1/
Logistics Hub Chitila SRL
Romania
100%
0%
1/
Subsidiaries
Country
2024
2023
Note
North Logistics Hub SRL
Romania
100%
0%
1/
See Exclusive Development SRL
Romania
100%
0%
1/
Universal Management SRL
Romania
100%
100%
CTP Alpha doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Beta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Delta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Energy doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Epsilon doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Gamma doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Invest doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Kappa doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Lambda doo Beograd
Serbia
100%
100%
CTP Omicron doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Phi doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Property Alpha doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Beta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Delta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Gamma doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Kappa doo Beograd \u2013 Novi Beograd
Serbia
100%
0%
2/
CTP Property Lambda doo Beograd \u2013 Novi Beograd
Serbia
100%
0%
2/
CTP Rho doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Sigma doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Tau doo Beograd- Novi Beograd
Serbia
100%
100%
CTPark Trnava III, spol. s r.o.
Slovakia
100%
0%
1/
(former Logistick\u00e9 centrum Trnava s.r.o.)
CTP Alpha SK, spol. s r.o.
Slovakia
100%
100%
CTP Dunaj, spol. s r.o.
Slovakia
100%
100%
(former CTPark Bratislava East, spol. s r.o.)
CTP Energy SK, spol. s r.o.
Slovakia
100%
100%
CTP Invest SK, spol. s r.o.
Slovakia
100%
100%
CTP Omega SK, spol. s r.o (former CTP Dunaj s.r.o.)
Slovakia
100%
100%
CTP Slovakia, s.r.o.
Slovakia
100%
100%
CTP Solar SK, spol. s r.o.
Slovakia
100%
100%
CTPark Bansk\u00e1 Bystrica, spol. s r.o.
Slovakia
100%
100%
CTPark Bratislava, spol. s r.o.
Slovakia
100%
100%
CTPark \u010cierny Les, spol. s r.o.
Slovakia
100%
100%
CTPark Hlohovec, spol. s r.o.
Slovakia
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Ko\u0161ice II, spol. s r.o.
Slovakia
100%
100%
(former CTPark \u017dilina Airport II, spol. s r.o.)
CTPark Ko\u0161ice, spol. s r. o.
Slovakia
100%
100%
CTPark Kr\u00e1sno nad Kysucou, spol. s r.o.
Slovakia
100%
100%
CTPark Land SK 1, spol. s r.o.
Slovakia
100%
100%
CTPark N\u00e1mestovo, spol. s r.o.
Slovakia
100%
100%
CTPark Nitra, spol. s r. o.
Slovakia
100%
100%
CTPark Nove Mesto, spol. s.r.o.
Slovakia
100%
100%
CTPark Pre\u0161ov North, spol. s r.o.
Slovakia
100%
100%
CTPark Pre\u0161ov s. r. o.
Slovakia
100%
100%
CTPark Trnava II, spol. s r.o.
Slovakia
100%
100%
CTPark \u017dilina Airport, spol. s r. o.
Slovakia
100%
100%
CTPark Alpha, d.o.o.
Slovenia
0%
100%
3/
Global Guanaco, S.L.U.
Spain
100%
100%
CTP ALPHA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP BETA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP GAMMA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP Alpha Ltd
United Kingdom
0%
100%
3/
CTP Beta Ltd
United Kingdom
0%
100%
3/
CTP Invest Ltd
United Kingdom
100%
100%
1/ Newly acquired subsidiaries in 2024
2/ Newly established subsidiaries in 2024
3/ Disposed subsidiaries in 2024
4/ Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2024
5/ Subsidiaries merged with existing subsidiary in 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-46": { "value": "34. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2024 and 31 December 2023 respectively:
Subsidiaries
Country
2024
2023
Note
CTP Alpha GmbH
Austria
100%
100%
CTP Beta GmbH
Austria
100%
100%
CTP Delta GmbH
Austria
100%
100%
CTP Energy GmbH
Austria
100%
100%
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%
100%
CTP Lambda GmbH
Austria
100%
100%
CTP Mu GmbH
Austria
100%
100%
CTP Nu GmbH
Austria
100%
100%
CTP Omicron GmbH
Austria
100%
100%
CTP Pi GmbH
Austria
100%
100%
CTP Theta GmbH
Austria
100%
100%
CTP Xi GmbH
Austria
100%
100%
CTP Zeta GmbH
Austria
100%
100%
CTP Energy Bulgaria EOOD
Bulgaria
100%
100%
CTP Invest EOOD
Bulgaria
100%
100%
CTPark Beta EOOD
Bulgaria
100%
100%
CTPark Delta EOOD
Bulgaria
100%
100%
CTPark Epsilon EOOD
Bulgaria
100%
100%
CTPark Eta EOOD
Bulgaria
100%
100%
CTPark Gamma EOOD
Bulgaria
100%
100%
CTPark Iota EOOD
Bulgaria
100%
100%
CTPark Kappa EOOD
Bulgaria
100%
100%
CTPark Lambda EOOD
Bulgaria
100%
100%
CTPark Mu EOOD
Bulgaria
100%
100%
CTPark Sofia EOOD
Bulgaria
100%
100%
CTPark Sofia Ring Road EOOD
Bulgaria
100%
100%
Subsidiaries
Country
2024
2023
Note
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%
100%
Clubco Ostrava,spol. s r.o.
Czech Republic
100%
100%
Clubco Vln\u011bna, spol. s r.o.
Czech Republic
100%
100%
CTP Alpha, spol. s r.o.
Czech Republic
100%
100%
CTP Barrandov, spol. s r.o.
Czech Republic
100%
100%
CTP Bohemia North, spol. s r.o
Czech Republic
100%
100%
CTP Bohemia South, spol. s r.o.
Czech Republic
100%
100%
CTP Bohemia West, spol. s r.o.
Czech Republic
100%
100%
CTP Borsk\u00e1 Pole, spol. s r.o.
Czech Republic
100%
100%
CTP CEE Properties, spol. s r.o.
Czech Republic
100%
100%
CTP CEE Sub Holding II, spol. s r.o.
Czech Republic
100%
100%
(former CTP XVIII, spol. s r.o.)
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 Equestrian Club, spol. s r.o.
Czech Republic
100%
100%
(former CTPark Prague North II, spol. s r.o.)
CTP Forest, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Brno, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Pilsen, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Operations Prague spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Pilsen, spol. s r.o.
Czech Republic
100%
100%
CTP Hotel Prague, spol. s r.o.
Czech Republic
100%
100%
CTP II, spol. s r.o.
Czech Republic
100%
100%
CTP III, spol. s r.o.
Czech Republic
100%
100%
CTP Invest, spol. s r.o.
Czech Republic
100%
100%
CTP IQ Ostrava, spol. s r.o.
Czech Republic
100%
100%
CTP IV, spol. s r.o.
Czech Republic
100%
100%
CTP Moravia North, spol. s r.o.
Czech Republic
100%
100%
CTP Moravia South, spol. s r.o.
Czech Republic
100%
100%
CTP Nov\u00e1 Zvona\u0159ka, spol. s r.o.
Czech Republic
100%
100%
CTP Pilsen Region, spol. s r.o.
Czech Republic
100%
100%
CTP Pon\u00e1vka Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Property Czech, spol. s r.o
Czech Republic
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Solar I, a. s.
Czech Republic
100%
100%
CTP Solar II, a. s.
Czech Republic
100%
100%
CTP Solar III, spol. s r.o.
Czech Republic
100%
100%
CTP V, spol. s r.o.
Czech Republic
100%
100%
CTP VI, spol. s r.o.
Czech Republic
100%
100%
CTP VIII, spol. s r.o.
Czech Republic
100%
100%
CTP Vln\u011bna Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Vyso\u010dina, spol. s r.o.
Czech Republic
100%
100%
CTP X, spol. s r.o.
Czech Republic
100%
100%
CTP XI, spol. s r.o.
Czech Republic
100%
100%
CTP XII, spol. s r.o.
Czech Republic
100%
100%
CTP XIV, spol. s r.o.
Czech Republic
100%
100%
CTP XV, spol. s r.o.
Czech Republic
100%
100%
CTP XVI, spol. s r.o.
Czech Republic
100%
100%
CTP XVII, spol. s r.o.
Czech Republic
100%
100%
CTP XXII, spol. s r.o.
Czech Republic
100%
100%
CTP XXIII, spol. s r.o.
Czech Republic
100%
100%
CTP XXIV, spol. s r.o.
Czech Republic
100%
100%
CTP XXV, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVI, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVII, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXVIII, spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXX spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXXI spol. s r.o.
Czech Republic
100%
0%
2/
CTP XXXII spol. s r.o.
Czech Republic
100%
0%
2/
CTPark A\u0161 II, spol. s r.o.
Czech Republic
100%
100%
CTPark Blu\u010dina, spol. s r.o.
Czech Republic
100%
100%
CTPark Bor, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno III, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 East, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 II, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno L\u00ed\u0161e\u0148 West, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno Retail, spol. s r.o.
Czech Republic
100%
100%
CTPark Brno, spol. s r.o.
Czech Republic
100%
100%
CTPark Cerhovice, spol. s r.o.
Czech Republic
100%
100%
CTPark \u010cesk\u00e9 Velenice, spol. s r.o.
Czech Republic
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Hranice, spol. s r.o.
Czech Republic
100%
100%
CTPark Chrastava a.s.
Czech Republic
100%
100%
CTPark Lys\u00e1 nad Labem, spol. s r.o.
Czech Republic
100%
100%
CTPark Mlad\u00e1 Boleslav, spol. s r.o.
Czech Republic
100%
100%
CTPark Mod\u0159ice, spol. s r.o.
Czech Republic
100%
100%
CTPark N\u00fd\u0159any II, spol. s r.o.
Czech Republic
0%
100%
5/
CTPark N\u00fd\u0159any, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Hru\u0161ov, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Poruba, spol. s r.o.
Czech Republic
100%
100%
CTPark Ostrava Radvanice, spol. s r.o.
Czech Republic
100%
0%
2/
(former CTPark Ostrava Radvanice II, spol. s r.o.)
CTPark Ostrava Radvanice, spol. s r.o.
Czech Republic
0%
0%
4/
(former RK2 Real, s.r.o.)
CTPark Ostrava, spol. s r.o.
Czech Republic
100%
100%
CTPark Plze\u0148, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague Airport, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague East, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague North III, spol. s r.o.
Czech Republic
100%
100%
CTPark Prague West, spol. s r.o.
Czech Republic
100%
100%
CTPark St\u0159\u00edbro, spol. s r. o.
Czech Republic
100%
100%
CTPark To\u0161anovice a.s.
Czech Republic
100%
100%
CTZone Ostrava, spol. s r.o.
Czech Republic
100%
100%
RTC Real a.s.
Czech Republic
100%
0%
1/
Spielberk Business Park II, spol. s r.o.
Czech Republic
100%
100%
Spielberk Business Park, spol. s r.o.
Czech Republic
100%
100%
CTP Alpha Denmark ApS
Denmark
100%
0%
2/
CTP Beta Denmark ApS
Denmark
100%
0%
2/
CTP Invest Denmark ApS
Denmark
100%
0%
2/
CTP Invest
Egypt
100%
100%
CTP Real Estate
Egypt
100%
100%
CTP Real Estate Development
Egypt
100%
100%
Samesova O\u00dc
Estonia
100%
100%
Vojtova O\u00dc
Estonia
100%
100%
Zemankova O\u00dc
Estonia
100%
100%
CTP Alpha France
France
100%
100%
CTP Beta France
France
100%
100%
CTP France
France
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Energy Germany GmbH
Germany
100%
100%
CTP Germany GmbH
Germany
100%
100%
CTP Germany II GmbH
Germany
100%
100%
CTP Germany III GmbH
Germany
100%
0%
2/
CTP Germany IV GmbH
Germany
100%
0%
2/
CTP Germany IX GmbH
Germany
100%
100%
CTP Germany V GmbH
Germany
100%
100%
CTP Germany VI GmbH
Germany
100%
100%
CTP Germany VII GmbH
Germany
100%
100%
CTP Germany VIII GmbH
Germany
100%
100%
CTP Germany X GmbH
Germany
100%
100%
CTP Germany XI GmbH
Germany
100%
0%
2/
CTP Germany XII GmbH
Germany
100%
0%
2/
CTP Germany XIII GmbH
Germany
100%
0%
2/
CTP Invest Germany GmbH
Germany
100%
100%
CTP Invest Hong Kong Limited
Hong Kong
100%
100%
CTP Energy Hungary Kft
Hungary
100%
100%
CTP Management Hungary Kft.
Hungary
100%
100%
CTPark Alpha Kft.
Hungary
100%
100%
CTPark Arrabona Kft.
Hungary
100%
100%
CTPark Beta Kft.
Hungary
100%
100%
CTPark Biatorb\u00e1gy Kft.
Hungary
100%
100%
CTPark Delta Kft.
Hungary
100%
100%
CTPark Eight Kft.
Hungary
100%
100%
CTPark Eighteen Kft.
Hungary
100%
100%
CTPark Eleven Kft.
Hungary
100%
100%
CTPark Fifteen Kft.
Hungary
100%
100%
CTPark Fourteen Kft
Hungary
100%
100%
CTPark Gamma Kft.
Hungary
100%
100%
CTPark Nine Kft.
Hungary
100%
100%
CTPark Nineteen Kft.
Hungary
100%
100%
CTPark Seven Kft.
Hungary
100%
100%
CTPark Seventeen kft.
Hungary
100%
100%
CTPark Sixteen Kft.
Hungary
100%
100%
CTPark Ten Kft.
Hungary
100%
100%
CTPark Thirteen Kft
Hungary
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Thirty Kft.
Hungary
100%
100%
CTPark Thirty One Kft.
Hungary
100%
100%
CTPark Twelve Kft.
Hungary
100%
100%
CTPark Twenty Eight Kft.
Hungary
100%
100%
CTPark Twenty Five Kft.
Hungary
100%
100%
CTPark Twenty Four Kft.
Hungary
100%
100%
CTPark Twenty Kft.
Hungary
100%
100%
CTPark Twenty Nine Kft.
Hungary
100%
100%
CTPark Twenty One Kft.
Hungary
100%
100%
CTPark Twenty Seven Kft.
Hungary
100%
100%
CTPark Twenty Six Kft.
Hungary
100%
100%
CTPark Twenty Three Kft.
Hungary
100%
100%
CTPark Twenty Two Kft.
Hungary
100%
100%
Office Campus Real Estate Kft.
Hungary
100%
100%
CTP Consulting (Shenzhen) Co., Ltd.
China
100%
0%
2/
CTP Alpha S.r.l.
Italy
100%
100%
CTP Beta S.r.l.
Italy
100%
100%
CTP Italy S.r.l.
Italy
100%
100%
Samesova SIA
Latvia
100%
100%
Vojtova SIA
Latvia
100%
100%
Zemankova SIA
Latvia
100%
100%
UAB Samesova
Lithuania
100%
100%
UAB Vojtova
Lithuania
100%
100%
UAB Zemankova
Lithuania
100%
100%
CTP ALC B.V.
Netherlands
100%
100%
CTP Alpha B.V.
Netherlands
100%
100%
CTP Baltic Holding B.V.
Netherlands
100%
100%
CTP Beta B.V.
Netherlands
100%
100%
CTP Deutschland B.V.
Netherlands
100%
100%
CTP Energy B.V.
Netherlands
100%
100%
CTP Epsilon B.V.
Netherlands
100%
100%
CTP Eta B.V.
Netherlands
100%
100%
CTP Gamma B.V.
Netherlands
100%
100%
CTP Invest B.V.
Netherlands
100%
100%
CTP Kappa B.V.
Netherlands
100%
100%
CTP Lambda B.V.
Netherlands
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Mediterranean Holding B.V.
Netherlands
100%
100%
CTP Mu B.V.
Netherlands
100%
100%
CTP Nu B.V.
Netherlands
100%
100%
CTP Omicron B.V.
Netherlands
100%
100%
CTP Pi B.V.
Netherlands
100%
100%
CTP Portfolio Finance Czech B.V.
Netherlands
100%
100%
CTP Property B.V.
Netherlands
100%
100%
CTP Rho B.V.
Netherlands
100%
100%
CTP Theta B.V.
Netherlands
100%
100%
CTP Turkish Holding B.V.
Netherlands
100%
100%
CTP Xi B.V.
Netherlands
100%
100%
CTP Zeta B.V.
Netherlands
100%
100%
CTPark Bremen B.V.
Netherlands
100%
100%
Multifin B.V.
Netherlands
100%
100%
CTP Beta Poland sp. z o.o.
Poland
100%
100%
CTP Delta Poland sp. z o.o.
Poland
100%
100%
CTP Dystrybucja sp. z o.o.
Poland
100%
100%
CTP Energy Poland sp. z o.o.
Poland
100%
100%
CTP Epsilon Poland sp. z o.o.
Poland
100%
100%
CTP Eta Poland sp. z o.o.
Poland
100%
100%
CTP Gamma Poland sp. z o.o.
Poland
100%
100%
CTP Chi Poland sp. z o.o.
Poland
100%
100%
CTP Invest Poland sp. z o.o.
Poland
100%
100%
CTP Iota Poland sp. z o.o.
Poland
100%
100%
CTP Lambda Poland sp. z o.o.
Poland
100%
100%
CTP Mu Poland sp. z o.o.
Poland
100%
100%
CTP Nu Poland sp. z o.o.
Poland
100%
100%
CTP Omega Poland sp. z o.o.
Poland
100%
100%
CTP Pi Poland sp. z o.o.
Poland
100%
100%
CTP Property Alpha Poland sp. z o.o.
Poland
100%
100%
CTP Property Beta Poland sp. z o.o.
Poland
100%
100%
CTP Property Delta Poland sp. z o.o.
Poland
100%
100%
CTP Property Epsilon Poland sp. z o.o.
Poland
100%
100%
CTP Property Eta Poland sp. z o.o.
Poland
100%
100%
CTP Property Gamma Poland sp. z o.o.
Poland
100%
100%
CTP Property Iota Poland sp. z o.o.
Poland
100%
100%
Subsidiaries
Country
2024
2023
Note
CTP Property Kappa Poland sp. z o.o.
Poland
100%
100%
CTP Property Lambda Poland sp. z o.o.
Poland
100%
100%
CTP Property Mu Poland sp. z o.o.
Poland
100%
100%
CTP Property Nu Poland sp. z o.o.
Poland
100%
100%
CTP Property Theta sp. z o.o.
Poland
100%
100%
CTP Property Zeta Poland sp. z o.o.
Poland
100%
100%
CTP Rho Poland sp. z o.o.
Poland
100%
100%
CTP Sigma Poland sp. z o.o.
Poland
100%
100%
CTP Tau Poland sp. z o.o.
Poland
100%
100%
CTP Xi Poland sp. z o.o.
Poland
100%
100%
CTP Zeta Poland sp. z o.o.
Poland
100%
100%
CTPark I\u0142owa sp. z o.o.
Poland
100%
100%
CTPark Konik sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Konik sp. z o.o.)
CTPark Natolin sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Lodz sp. z o.o.)
CTPark Opole sp. z o.o.
Poland
100%
100%
CTPark Raszyn sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Raszyn sp.z o.o.)
CTPark Toru\u0144 sp. z o.o.
Poland
100%
0%
1/
(former White Star Logistics Park Torun sp. z o.o.)
CTPark Zabrze sp. z o.o.
Poland
100%
100%
Wiskitki Project sp. z o.o.
Poland
100%
100%
CTP Contractors SRL
Romania
100%
100%
CTP Invest Bucharest SRL
Romania
100%
100%
CTP Solar SRL
Romania
100%
100%
CTPark Alpha SRL
Romania
100%
100%
CTPark Arad North SRL
Romania
100%
100%
CTPark Beta SRL
Romania
100%
100%
CTPark Brasov SRL
Romania
100%
100%
CTPark Brasov West SRL
Romania
100%
100%
CTPark Bucharest A1 SRL
Romania
100%
100%
CTPark Bucharest II SRL
Romania
100%
100%
CTPark Bucharest South II SRL
Romania
100%
100%
CTPark Bucharest SRL
Romania
100%
100%
CTPark Bucharest Upsilon SRL
Romania
100%
100%
CTPark Bucharest West I SRL
Romania
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Bucharest West II SRL
Romania
100%
100%
CTPark Craiova East SRL
Romania
100%
100%
CTPark Delta SRL
Romania
100%
100%
CTPark Deva II SRL
Romania
100%
100%
CTPark Dragomiresti SRL
Romania
100%
100%
CTPark Epsilon SRL
Romania
100%
100%
CTPark Eta SRL
Romania
100%
100%
CTPark Gamma SRL
Romania
100%
100%
CTPark Chitila SRL
Romania
100%
100%
CTPark Iota SRL
Romania
100%
100%
CTPark Kappa SRL
Romania
100%
100%
CTPark KM23 North SRL
Romania
100%
100%
CTPark Lambda SRL
Romania
100%
100%
CTPark Management Afumati SRL
Romania
100%
100%
CTPark Management Turda SRL
Romania
100%
100%
CTPark Miu SRL
Romania
100%
100%
CTPark Omega SRL
Romania
100%
100%
CTPark Omicron SRL
Romania
100%
100%
CTPark Oradea North SRL
Romania
100%
100%
CTPark Oradea South SRL
Romania
100%
0%
2/
CTPark Phi SRL
Romania
100%
100%
CTPark Pitesti East SRL
Romania
100%
100%
CTPark Pitesti SRL
Romania
100%
100%
CTPark Psi SRL
Romania
100%
100%
CTPark Rho SRL
Romania
100%
100%
CTPark Sibiu East SRL
Romania
100%
100%
CTPark Sigma SRL
Romania
100%
100%
CTPark Tau SRL
Romania
100%
100%
CTPark Theta SRL
Romania
100%
100%
CTPark Timisoara East SRL
Romania
100%
100%
CTPark Timisoara North SRL
Romania
100%
100%
CTPark Zeta SRL
Romania
100%
100%
Elgan Automotive SRL
Romania
100%
0%
1/
Forest Property Invest SRL
Romania
100%
100%
Industrial Park West SRL
Romania
100%
0%
1/
Logistics Hub Chitila SRL
Romania
100%
0%
1/
Subsidiaries
Country
2024
2023
Note
North Logistics Hub SRL
Romania
100%
0%
1/
See Exclusive Development SRL
Romania
100%
0%
1/
Universal Management SRL
Romania
100%
100%
CTP Alpha doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Beta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Delta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Energy doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Epsilon doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Gamma doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Invest doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Kappa doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Lambda doo Beograd
Serbia
100%
100%
CTP Omicron doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Phi doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Property Alpha doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Beta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Delta doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Gamma doo Beograd-Novi Beograd
Serbia
100%
100%
CTP Property Kappa doo Beograd \u2013 Novi Beograd
Serbia
100%
0%
2/
CTP Property Lambda doo Beograd \u2013 Novi Beograd
Serbia
100%
0%
2/
CTP Rho doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Sigma doo Beograd- Novi Beograd
Serbia
100%
100%
CTP Tau doo Beograd- Novi Beograd
Serbia
100%
100%
CTPark Trnava III, spol. s r.o.
Slovakia
100%
0%
1/
(former Logistick\u00e9 centrum Trnava s.r.o.)
CTP Alpha SK, spol. s r.o.
Slovakia
100%
100%
CTP Dunaj, spol. s r.o.
Slovakia
100%
100%
(former CTPark Bratislava East, spol. s r.o.)
CTP Energy SK, spol. s r.o.
Slovakia
100%
100%
CTP Invest SK, spol. s r.o.
Slovakia
100%
100%
CTP Omega SK, spol. s r.o (former CTP Dunaj s.r.o.)
Slovakia
100%
100%
CTP Slovakia, s.r.o.
Slovakia
100%
100%
CTP Solar SK, spol. s r.o.
Slovakia
100%
100%
CTPark Bansk\u00e1 Bystrica, spol. s r.o.
Slovakia
100%
100%
CTPark Bratislava, spol. s r.o.
Slovakia
100%
100%
CTPark \u010cierny Les, spol. s r.o.
Slovakia
100%
100%
CTPark Hlohovec, spol. s r.o.
Slovakia
100%
100%
Subsidiaries
Country
2024
2023
Note
CTPark Ko\u0161ice II, spol. s r.o.
Slovakia
100%
100%
(former CTPark \u017dilina Airport II, spol. s r.o.)
CTPark Ko\u0161ice, spol. s r. o.
Slovakia
100%
100%
CTPark Kr\u00e1sno nad Kysucou, spol. s r.o.
Slovakia
100%
100%
CTPark Land SK 1, spol. s r.o.
Slovakia
100%
100%
CTPark N\u00e1mestovo, spol. s r.o.
Slovakia
100%
100%
CTPark Nitra, spol. s r. o.
Slovakia
100%
100%
CTPark Nove Mesto, spol. s.r.o.
Slovakia
100%
100%
CTPark Pre\u0161ov North, spol. s r.o.
Slovakia
100%
100%
CTPark Pre\u0161ov s. r. o.
Slovakia
100%
100%
CTPark Trnava II, spol. s r.o.
Slovakia
100%
100%
CTPark \u017dilina Airport, spol. s r. o.
Slovakia
100%
100%
CTPark Alpha, d.o.o.
Slovenia
0%
100%
3/
Global Guanaco, S.L.U.
Spain
100%
100%
CTP ALPHA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP BETA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP GAMMA GAYR\u0130MENKUL VE \u0130N\u015eAAT L\u0130M\u0130TED \u015e\u0130RKET\u0130
Turkey
100%
100%
CTP Alpha Ltd
United Kingdom
0%
100%
3/
CTP Beta Ltd
United Kingdom
0%
100%
3/
CTP Invest Ltd
United Kingdom
100%
100%
1/ Newly acquired subsidiaries in 2024 2/ Newly established subsidiaries in 2024 3/ Disposed subsidiaries in 2024 4/ Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2024 5/ Subsidiaries merged with existing subsidiary in 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-47": { "value": "35. RELATED PARTIES CTP has a related party relationship with its key management personnel and other entities of which Mul- tivest B.V. is an equity holder (immediate parent company). In 2024 and 2023, CTP had the following income and expense with related parties:
2024
2023
In EUR million
Revenues
Expenses
Revenues
Expenses
Multivest B.V.
0.6
-
0.6
-
CTP Holding B.V.
-
-
1.1
-
Other
-
-
-
-0.5
Total
0.6
-
1.7
-0.5
As at 31 December 2024 and 2023, CTP had the following short-term receivables/payables from/to related parties:
2024
2023
In EUR million
Receivables
Payables
Receivables
Payables
Remon Vos
0.3
-
0.3
-
Multivest B.V.
-
-
0.6
-
Other
-
-
-
-0.3
Total
0.3
-
0.9
-0.3
As at 31 December 2024 and 2023, CTP had the following long-term receivables/payables from/to related parties:
2024
2023
In EUR million
Receivables
Payables
Receivables
Payables
CTP Holding B.V.
-
-
-
-
Other
-
-
0.6
-
Total
-
-
0.6
-
In 2023, the loan provided to CTP Holding B.V. was fully repaid. 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 2024 (2023 \u2013 7). Key management personnel compensation comprises the following (current year amount includes a release of prior year accruals):
In EUR million
2024
2023
Short-term employee benefits
1.5
2.3
Total
1.5
2.3
In addition, the Group granted 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):
Number of Price Value
shares
per
1 share
in EUR million
2024
345,681,795
14.88
5,143.7
2023
337,487,293
15.28
5,156.8
In the Number of shares held by Board of Directors are included also shares held by CTP Holding B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "
36. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES
Exposure to various risks arises in the normal course of CTP\u2019s business. These risks include credit risk,
capital risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk.
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a
financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an
on-going basis. Credit evaluations are performed for all customers requiring credit over a certain amount.
CTP usually does not require collateral from its tenants. For most of the tenants, a parent company guar-
antee, or a solvent tenant group company guarantee is in place.
Investments can be made only in liquid securities and only with counterparties that have a credit rating
equal to or better than CTP. Given their high credit ratings, the management does not expect any counter-
party to fail to meet its obligations.
As at the reporting date there were no significant concentrations of credit risk towards third parties. The
maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state-
ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is
expected. CTP monitors regularly the financial position of the related parties and the related credit risk.
Credit risk concentration:
In EUR million
2024
2023
Amounts due from banks
861.1
691.9
Amounts due from financial derivatives
30.6
48.7
Amounts due from related parties
0.3
1.5
Amounts due from third parties
131.4
64.7
Amounts due from tax institutions
56.4
84.6
Total
1,079.8
891.4
Amounts due from banks include cash and cash equivalents, including restricted cash reported under
non-current trade and other receivables, as at 31 December of the respective year.
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers.
The carrying amounts of financial assets and contract assets represent the maximum credit exposure.
Impairment losses on financial assets recognised in profit or loss were as follows:
In EUR million
2024
2023
Impairment to trade receivables
9.9
5.2
Total
9.9
5.2
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
In EUR million
2024
2023
Balance as at 1 January
5.2
5.6
Net remeasurement of loss allowance
4.7
-0.4
Balance at 31 December
9.9
5.2
The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2024 and 2023 respectively:
Weighted Impairment
In EUR million average Gross loss
for the year 2024
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
855.4
0.0
855.4
Restricted cash
Low risk
0%
5.7
0.0
5.7
Receivables due from related
Low risk
0%
0.3
0.0
0.3
parties
Trade receivables*
Low to Fair
7%
141.3
-9.9
131.4
risk
Total
1,002.7
-9.9
992.8
Weighted Impairment
In EUR million average Gross loss
for the year 2023
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
690.6
-
690.6
Restricted cash
Low risk
0%
1.3
-
1.3
Receivables due from related
Low risk
0%
1.5
-
1.5
parties
Trade receivables*
Low to Fair
7%
69.9
-5.2
64.7
risk
Total
763.3
-5.2
758.1
* Weighted average loss rate related to Trade receivables is calculated in Note 23. Capital risk CTP\u2019s policy is to maintain a strong capital base, to maintain creditor and market confidence and to sustain future development of the business. CTP manages its capital to ensure that entities in CTP will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. CTP\u2019s overall strategy remains unchanged compared to 2023. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP\u2019s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 28 and bonds disclosed in Note 29. 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 in- terest-bearing loans and borrowings and bonds, and assets includes total consolidated assets of the Group.
In EUR million
2024
2023
Debt
8,099.6
6,968.2
Total assets
17,381.2
14,873.2
Leverage ratio
46.6%
46.9%
The net loan to value (value is the fair value of the properties) ratio of CTP properties (calculated as a share of interest-bearing loans from financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45.3% at 31 December 2024 (2023 \u2013 46.0%), which is seen as appropriate within CTP\u2019s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial covenants in the future. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect CTP\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns.
Foreign currency risk
Currency risk is managed mainly by making, when possible, investments in the same currency as the financ-
ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually
offset by generating revenues denominated in the same underlying currency. CTP pays for construction of
buildings in local currency and therefore has foreign currency risk during the construction period.
As at 31 December 2024, CTP analysed the impact of the foreign exchange rate variances on its assets
and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most
financial instruments are denominated in EUR.
Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Cur-
rency risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries.
2024
In EUR million
CZK
RON
PLN
HUF
RSD
BGN
Total
Trade and other receivables
70.2
11.5
9.4
1.0
2.5
0.9
95.5
Cash and cash equivalents
10.9
33.1
6.3
1.9
4.2
3.5
59.9
Trade and other receivables from related parties
0.3
-
-
-
-
-
0.3
Total financial assets
81.4
44.6
15.7
2.9
6.7
4.4
155.7
Trade and other payables
-79.4
-25.4
-24.4
-21.9
-15.1
-4.0
-170.2
Total financial liabilities
-79.4
-25.4
-24.4
-21.9
-15.1
-4.0
-170.2
Net position
2.0
19.2
-8.7
-19.0
-8.4
0.4
-14.5
FX hedge
-
-
-
-
-
-
-
Net position after FX hedge
2.0
19.2
-8.7
-19.0
-8.4
0.4
-14.5
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
Sensitivity analysis
A strengthening/(weakening) of EUR, as indicated below, against other currencies at the reporting date
would have increased/(decreased) the equity by the amounts shown in the following table. This analysis is
based on foreign currency exchange rate variances that the Group considers reasonably likely at the end
of the reporting period. The analysis assumes that all other variables remain constant, including interest
rates.
2024
2023
Net position on financial assets and liabilities denominated in EUR
-14.5
-11.2
Effect on profit or loss and on equity of:
CZK weakening by 5%
0.1
-3.1
CZK strengthening by 5%
-0.1
3.1
RON weakening by 5%
1.0
2.1
RON strengthening by 5%
-1.0
-2.1
PLN weakening by 5%
-0.4
0.8
PLN strengthening by 5%
0.4
-0.8
HUF weakening by 5%
-0.9
0.3
HUF strengthening by 5%
0.9
-0.3
RSD weakening by 5%
-0.4
-0.5
RSD strengthening by 5%
0.4
0.5
BGN weakening by 5%
-
-0.1
BGN strengthening by 5%
-
0.1
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 2024 and 2023, CTP entered transactions with financial institutions
to hedge the interest rate risk (refer to Note 32). CTP mitigated the interest rate risk by holding interest
rate swaps in 2024 and 2023.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows.
Fixed-rate instruments
2024
2023
Receivables due from related parties
0.3
1.5
Loans owed to related parties
0.0
-0.3
Bonds issued
-4,043.1
-3,590.0
Bank loans with fixed interest rate
-2,753.1
-2,533.6
Bank loans covered by IRS
-1,313.2
-821.2
Variable-rate instruments
2024
2023
Loans not covered by IRS
-8.7
-34.0
Sensitivity analysis
A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased
(decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular
foreign currency exchange rates, remain constant.
1.1.2024 - 31.12.2024
Interest rate sensitivity analysis of bank loans and borrowings
Covered Effect on result Effect on result
by
interest
Loans in case of in case of
Bank rate swaps % with variable interest rate interest rate
In EUR million loans and fixed rate hedge interest increase by 25bp decrease by 25bp
Interest-bearing loans and borrowings
4,075.0
4,066.3
99,8%
8.7
0
0
Total
4,075.0
4,066.3
99,8%
8.7
0
0
1.1.2023 - 31.12.2023
Interest rate sensitivity analysis of bank loans and borrowings
Covered Effect on result Effect on result
by
interest
Loans in case of in case of
Bank
rate
swaps
% with variable interest rate interest rate
In EUR million loans
and
fixed rate
hedge interest increase by 25bp 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
Cash flow hedges
Current financial year
At 31 December 2024, the Group held the following instruments to hedge exposures to changes in interest rates.
Interest rate swaps
Exposure
Exposure paid Average fixed received Average fixed Net exposure
2024 (in EUR million) interest rate (in EUR million) interest rate (in EUR million)
0 - 12 months
550.0
2.38%
308.0
2.67%
242.0
More than one year
1,403.5
2.76%
400.0
2.90%
1,003.5
Total
1,953.5
708.0
1,245.5
Of which prehedges
750.0
2.33%
708.0
2.80%
42.0
The amounts at the reporting date relating to items designated as hedged items were as follows.
31 December 2024
Balances
remaining in
the cash flow
hedge reserve
Change in from hedging
value used for relationships
calculating Costs of for which hedge
hedge Cash flow hedging accounting is no
In EUR million ineffectiveness hedge reserve hedge reserve longer applied
Interest rate risk
Variable-rate instruments
-
-31.7
-
-
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows.
2024
Carrying amount
Change in
the value of Amount Amount
the hedging Hedge reclassified reclassified
instrument ineffectiveness 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
2,655.6
27.6
-60.3
-42.4
-
-
-
-
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.
2024
Hedging Cost of hedging
In EUR million reserve reserve
Cash flow hedges \u2013 interest rate risk
Balance at 1 January 2024
0.1
-
Changes in fair value
-42.4
-
Tax on movements on reserves during the year
10.6
-
Balance at 31 December 2024
-31.7
-
Prior financial year
At 31 December 2023, the Group held the following instruments to hedge exposures to changes in interest rates.
2023
Interest rate swaps
Exposure
Exposure paid Average fixed received Average fixed Net exposure
(in EUR million) interest rate (in EUR million) interest rate (in EUR million)
0 - 12 months
200.0
2.66%
-
-
200.0
More than one year
1,053.0
2.55%
708.0
2.95%
345.0
Total
1,253.0
708.0
545.0
Of which prehedges at 2.33%
750.0
The amounts at the reporting date relating to items designated as hedged items were as follows.
31 December 2023
Balances
remaining in
the cash flow
hedge reserve
from hedging
Change in value relationships
used for Costs of for which hedge
calculating hedge Cash flow hedging accounting is no
In EUR million ineffectiveness 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 ineffectiveness Cost of from from costs of
recognised recognised in hedging hedging reserve hedging reserve
In EUR million
Nominal amount
Assets
Liabilities
in OCI profit or loss recognised in OCI to 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
Cost of
Hedging hedging
In EUR million reserve reserve
Cash flow hedges \u2013 interest rate risk
Balance at 1 January 2023
23.7
-
Changes in fair value
-31.8
-
Tax on movements on reserves during the year
8.2
-
Balance at 31 December 2023
0.1
-
Hedged risk
The Company\u2019s risk management strategy is to hedge variability in interest payments due to changes in
EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the
period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge.
Hedge effectiveness measurement
Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative.
This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with-
in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the
parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the
hypothetical derivative is a mirror to the hedging instrument.
At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first
expected issuance date and maturity date 5-30 years later.
This hypothetical derivative will be adjusted at any time the hedged cash flows change.
Potential sources of ineffectiveness
\u2022 Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg.
\u2022 The hedged interest expenses are no more highly probable.
Liquidity risk
Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re-
spect to the nature of its business and its assets, CTP is naturally exposed to a certain amount of liquidity
risk. CTP manages liquidity risk by constantly monitoring forecast and actual cash flow, financing its in-
vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income
to settle short-term liabilities.
The table below shows liabilities at 31 December 2024 and 31 December 2023 by their remaining contrac-
tual maturity. The amounts are gross and undiscounted and include contractual interest payments and
exclude the impact of netting agreements.
2024
Contractual cash flows
Between
Until 3 - 12 1 -5 Over
In EUR million 3 months Months years
5 years
Total
Interest-bearing loans and
borrowings
53.0
202.5
2,180.5
2,411.8
4,847.8
Bonds issued
44.8
500.5
1,898.6
1,971.0
4,415.0
Derivative financial liabilities
24.5
1.2
33.4
5.0
64.1
Lease liabilities
3.1
4.9
21.8
37.9
67.7
Trade and other payables incl.
320.8
48.3
55.9
37.1
462.1
corporate income tax liability
Total
446.2
757.5
4,190.1
4,462.9
9,856.7
2023
Contractual cash flows
Between
Until 3 - 12 1 -5 Over
In EUR million 3 months Months years
5 years
Total
Interest-bearing loans and
borrowings
43.7
134.9
1,200.7
2,899.6
4,278.9
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
Fair value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. Fair values are obtained, as
appropriate, from quoted market prices, discounted cash-flow projections and other valuation models.
To estimate the fair value of individual classes of financial instruments, the following methods and assump-
tions are used:
Cash and cash equivalents, short-term investments
The book value of cash and other short-term investments approximates their fair value, as these financial
instruments have a relatively short maturity.
Receivables and payables
The book value of short-term receivables and payables approximates their fair value, as these financial
instruments have a short maturity.
Short-term loans
The book value approximates their fair value, as these instruments have a floating interest rate and a short
maturity.
Long-term loans
The fair value of long-term loans as at 31 December 2024 is EUR 4,000.0 million (2023 \u2013 EUR 3,112.3 mil-
lion). For details refer to Note 28.
Bonds
The fair value of bonds issued as at 31 December 2024 is EUR 3,949.6 million (2023 \u2013 EUR 3,194.1 million).
For details refer to Note 29.
Derivatives
The fair value of derivatives is based on fair value quotes from counterparties which are compared to the
results of the internal valuation model using market data from an independent recognized market data
agency.
Investment property and investment property under development
Investment property and investment property under development are stated at fair value (refer to Note 18
and Note 19).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-48": { "value": "Credit risk Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an on-going basis. Credit evaluations are performed for all customers requiring credit over a certain amount. CTP usually does not require collateral from its tenants. For most of the tenants, a parent company guar- antee, or a solvent tenant group company guarantee is in place. Investments can be made only in liquid securities and only with counterparties that have a credit rating equal to or better than CTP. Given their high credit ratings, the management does not expect any counter- party to fail to meet its obligations. As at the reporting date there were no significant concentrations of credit risk towards third parties. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state- ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration:
In EUR million
2024
2023
Amounts due from banks
861.1
691.9
Amounts due from financial derivatives
30.6
48.7
Amounts due from related parties
0.3
1.5
Amounts due from third parties
131.4
64.7
Amounts due from tax institutions
56.4
84.6
Total
1,079.8
891.4
Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-current trade and other receivables, as at 31 December of the respective year. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows:
In EUR million
2024
2023
Impairment to trade receivables
9.9
5.2
Total
9.9
5.2
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
In EUR million
2024
2023
Balance as at 1 January
5.2
5.6
Net remeasurement of loss allowance
4.7
-0.4
Balance at 31 December
9.9
5.2
The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2024 and 2023 respectively:
Weighted Impairment
In EUR million average Gross loss
for the year 2024
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
855.4
0.0
855.4
Restricted cash
Low risk
0%
5.7
0.0
5.7
Receivables due from related
Low risk
0%
0.3
0.0
0.3
parties
Trade receivables*
Low to Fair
7%
141.3
-9.9
131.4
risk
Total
1,002.7
-9.9
992.8
Weighted Impairment
In EUR million average Gross loss
for the year 2023
Stage
loss rate amount
allowance
Net amount
Cash and cash equivalents
Low risk
0%
690.6
-
690.6
Restricted cash
Low risk
0%
1.3
-
1.3
Receivables due from related
Low risk
0%
1.5
-
1.5
parties
Trade receivables*
Low to Fair
7%
69.9
-5.2
64.7
risk
Total
763.3
-5.2
758.1
* Weighted average loss rate related to Trade receivables is calculated in Note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-49": { "value": "Capital risk CTP\u2019s policy is to maintain a strong capital base, to maintain creditor and market confidence and to sustain future development of the business. CTP manages its capital to ensure that entities in CTP will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. CTP\u2019s overall strategy remains unchanged compared to 2023. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP\u2019s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 28 and bonds disclosed in Note 29. 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 in- terest-bearing loans and borrowings and bonds, and assets includes total consolidated assets of the Group.
In EUR million
2024
2023
Debt
8,099.6
6,968.2
Total assets
17,381.2
14,873.2
Leverage ratio
46.6%
46.9%
The net loan to value (value is the fair value of the properties) ratio of CTP properties (calculated as a share of interest-bearing loans from financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45.3% at 31 December 2024 (2023 \u2013 46.0%), which is seen as appropriate within CTP\u2019s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial covenants in the future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-50": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect CTP\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns. Foreign currency risk Currency risk is managed mainly by making, when possible, investments in the same currency as the financ- ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually offset by generating revenues denominated in the same underlying currency. CTP pays for construction of buildings in local currency and therefore has foreign currency risk during the construction period. As at 31 December 2024, CTP analysed the impact of the foreign exchange rate variances on its assets and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most financial instruments are denominated in EUR. Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Cur- rency risk disclosed is based on the functional currency (EUR) of the Group\u2019s operating subsidiaries.
2024
In EUR million
CZK
RON
PLN
HUF
RSD
BGN
Total
Trade and other receivables
70.2
11.5
9.4
1.0
2.5
0.9
95.5
Cash and cash equivalents
10.9
33.1
6.3
1.9
4.2
3.5
59.9
Trade and other receivables from related parties
0.3
-
-
-
-
-
0.3
Total financial assets
81.4
44.6
15.7
2.9
6.7
4.4
155.7
Trade and other payables
-79.4
-25.4
-24.4
-21.9
-15.1
-4.0
-170.2
Total financial liabilities
-79.4
-25.4
-24.4
-21.9
-15.1
-4.0
-170.2
Net position
2.0
19.2
-8.7
-19.0
-8.4
0.4
-14.5
FX hedge
-
-
-
-
-
-
-
Net position after FX hedge
2.0
19.2
-8.7
-19.0
-8.4
0.4
-14.5
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
Sensitivity analysis A strengthening/(weakening) of EUR, as indicated below, against other currencies at the reporting date would have increased/(decreased) the equity by the amounts shown in the following table. This analysis is based on foreign currency exchange rate variances that the Group considers reasonably likely at the end of the reporting period. The analysis assumes that all other variables remain constant, including interest rates.
2024
2023
Net position on financial assets and liabilities denominated in EUR
-14.5
-11.2
Effect on profit or loss and on equity of:
CZK weakening by 5%
0.1
-3.1
CZK strengthening by 5%
-0.1
3.1
RON weakening by 5%
1.0
2.1
RON strengthening by 5%
-1.0
-2.1
PLN weakening by 5%
-0.4
0.8
PLN strengthening by 5%
0.4
-0.8
HUF weakening by 5%
-0.9
0.3
HUF strengthening by 5%
0.9
-0.3
RSD weakening by 5%
-0.4
-0.5
RSD strengthening by 5%
0.4
0.5
BGN weakening by 5%
-
-0.1
BGN strengthening by 5%
-
0.1
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 2024 and 2023, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 32). CTP mitigated the interest rate risk by holding interest rate swaps in 2024 and 2023. The interest rate profile of the Group\u2019s interest-bearing financial instruments is as follows.
Fixed-rate instruments
2024
2023
Receivables due from related parties
0.3
1.5
Loans owed to related parties
0.0
-0.3
Bonds issued
-4,043.1
-3,590.0
Bank loans with fixed interest rate
-2,753.1
-2,533.6
Bank loans covered by IRS
-1,313.2
-821.2
Variable-rate instruments
2024
2023
Loans not covered by IRS
-8.7
-34.0
Sensitivity analysis A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased (decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.
1.1.2024 - 31.12.2024
Interest rate sensitivity analysis of bank loans and borrowings
Covered Effect on result Effect on result
by
interest
Loans in case of in case of
Bank rate swaps % with variable interest rate interest rate
In EUR million loans and fixed rate hedge interest increase by 25bp decrease by 25bp
Interest-bearing loans and borrowings
4,075.0
4,066.3
99,8%
8.7
0
0
Total
4,075.0
4,066.3
99,8%
8.7
0
0
1.1.2023 - 31.12.2023
Interest rate sensitivity analysis of bank loans and borrowings
Covered Effect on result Effect on result
by
interest
Loans in case of in case of
Bank
rate
swaps
% with variable interest rate interest rate
In EUR million loans
and
fixed rate
hedge interest increase by 25bp 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
Cash flow hedges Current financial year At 31 December 2024, the Group held the following instruments to hedge exposures to changes in interest rates.
Interest rate swaps
Exposure
Exposure paid Average fixed received Average fixed Net exposure
2024 (in EUR million) interest rate (in EUR million) interest rate (in EUR million)
0 - 12 months
550.0
2.38%
308.0
2.67%
242.0
More than one year
1,403.5
2.76%
400.0
2.90%
1,003.5
Total
1,953.5
708.0
1,245.5
Of which prehedges
750.0
2.33%
708.0
2.80%
42.0
The amounts at the reporting date relating to items designated as hedged items were as follows.
31 December 2024
Balances
remaining in
the cash flow
hedge reserve
Change in from hedging
value used for relationships
calculating Costs of for which hedge
hedge Cash flow hedging accounting is no
In EUR million ineffectiveness hedge reserve hedge reserve longer applied
Interest rate risk
Variable-rate instruments
-
-31.7
-
-
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows.
2024
Carrying amount
Change in
the value of Amount Amount
the hedging Hedge reclassified reclassified
instrument ineffectiveness 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
2,655.6
27.6
-60.3
-42.4
-
-
-
-
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.
2024
Hedging Cost of hedging
In EUR million reserve reserve
Cash flow hedges \u2013 interest rate risk
Balance at 1 January 2024
0.1
-
Changes in fair value
-42.4
-
Tax on movements on reserves during the year
10.6
-
Balance at 31 December 2024
-31.7
-
Prior financial year At 31 December 2023, the Group held the following instruments to hedge exposures to changes in interest rates.
2023
Interest rate swaps
Exposure
Exposure paid Average fixed received Average fixed Net exposure
(in EUR million) interest rate (in EUR million) interest rate (in EUR million)
0 - 12 months
200.0
2.66%
-
-
200.0
More than one year
1,053.0
2.55%
708.0
2.95%
345.0
Total
1,253.0
708.0
545.0
Of which prehedges at 2.33%
750.0
The amounts at the reporting date relating to items designated as hedged items were as follows.
31 December 2023
Balances
remaining in
the cash flow
hedge reserve
from hedging
Change in value relationships
used for Costs of for which hedge
calculating hedge Cash flow hedging accounting is no
In EUR million ineffectiveness 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 ineffectiveness Cost of from from costs of
recognised recognised in hedging hedging reserve hedging reserve
In EUR million
Nominal amount
Assets
Liabilities
in OCI profit or loss recognised in OCI to 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
Cost of
Hedging hedging
In EUR million reserve reserve
Cash flow hedges \u2013 interest rate risk
Balance at 1 January 2023
23.7
-
Changes in fair value
-31.8
-
Tax on movements on reserves during the year
8.2
-
Balance at 31 December 2023
0.1
-
Hedged risk The Company\u2019s risk management strategy is to hedge variability in interest payments due to changes in EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge. Hedge effectiveness measurement Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with- in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first expected issuance date and maturity date 5-30 years later. This hypothetical derivative will be adjusted at any time the hedged cash flows change. Potential sources of ineffectiveness \u2022 Difference in timing of hedged cash flows compared to timing of payments on the swaps\u2019 floating leg. \u2022 The hedged interest expenses are no more highly probable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-51": { "value": "Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re- spect to the nature of its business and its assets, CTP is naturally exposed to a certain amount of liquidity risk. CTP manages liquidity risk by constantly monitoring forecast and actual cash flow, financing its in- vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income to settle short-term liabilities. The table below shows liabilities at 31 December 2024 and 31 December 2023 by their remaining contrac- tual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements.
2024
Contractual cash flows
Between
Until 3 - 12 1 -5 Over
In EUR million 3 months Months years
5 years
Total
Interest-bearing loans and
borrowings
53.0
202.5
2,180.5
2,411.8
4,847.8
Bonds issued
44.8
500.5
1,898.6
1,971.0
4,415.0
Derivative financial liabilities
24.5
1.2
33.4
5.0
64.1
Lease liabilities
3.1
4.9
21.8
37.9
67.7
Trade and other payables incl.
320.8
48.3
55.9
37.1
462.1
corporate income tax liability
Total
446.2
757.5
4,190.1
4,462.9
9,856.7
2023
Contractual cash flows
Between
Until 3 - 12 1 -5 Over
In EUR million 3 months Months years
5 years
Total
Interest-bearing loans and
borrowings
43.7
134.9
1,200.7
2,899.6
4,278.9
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "
37. CONTINGENT LIABILITIES
Contracted work
As at 31 December 2024, the Group had contracted work with external suppliers relating to realising a
construction project, which was not performed as at the year end, with a value of EUR 303.0 million (2023
\u2013 EUR 381.2 million).
Guarantee provided
Under guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP
CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies
established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft f\u00fcr Investmentfonds GmbH.
The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant
Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar-
antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement.
In 2022, CTP N.V. issued a guarantee in favour of Co\u00f6peratieve Rabobank U.A. connected with the financing
of development activities of CTP ALC B.V. The guaranteed obligations represent:
\u2022 any amount due by CTP ALC B.V. under and in connection with the Finance Documents for a maximum
amount of the Commitment minus the Reserve Amount,
\u2022 any interest, fees (including for the avoidance of doubt any default interest) and any amount payable
under any Hedging Agreement due by CTP ALC B.V. under and in connection with the Facility Agree-
ment.
The Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Co\u00f6peratieve Rabo-
bank U.A. and CTP ALC B.V.
In 2023, CTP N.V. issued a guarantee in favour of Co\u00f6peratieve Rabobank U.A. connected with financing
of CTP Beta B.V. Guaranteed obligations represents any amount due by the CTP Beta B.V. under and in
connection with the Finance Documents. Facility agreement is agreed of EUR 33.5 million between Co\u00f6per-
atieve Rabobank U.A. and CTP Beta B.V.
In 2024, CTP N.V. issued:
\u2022 a guarantee in favour of Tatra banka, a.s. up to the maximum amount of EUR 25.0 million. Guaranteed
obligations represent any amount due by the CTP Invest SK, spol. s r.o. under and in connection with
the Framework Agreement on Issuance of Bank Guarantees.
\u2022 a guarantee in favour of ING Bank N.V. up to the maximum amount of EUR 25.0 million. Guaranteed
obligations represent any amount due by CTP N.V. under and in connection with the EUR 25.0 million
Uncommitted Guarantee Facility Agreement.
In 2024, CTP Invest, spol. s r.o. issued:
\u2022 a guarantee to the tenant EuroService Pilsen s.r.o. to secure the obligations of the landlord, CTP Pilsen
Region, spol. s r.o., under the lease agreement in the amount of EUR 3.1 million.
\u2022 a guarantee to the tenant Hitachi Energy Czech Republic s.r.o. to secure the obligations of the landlord,
CTPark Brno III, spol. s r.o., under the lease agreement in the amount of EUR 11.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-52": { "value": "37. CONTINGENT LIABILITIES Contracted work As at 31 December 2024, the Group had contracted work with external suppliers relating to realising a construction project, which was not performed as at the year end, with a value of EUR 303.0 million (2023 \u2013 EUR 381.2 million). Guarantee provided Under guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft f\u00fcr Investmentfonds GmbH. The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar- antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement. In 2022, CTP N.V. issued a guarantee in favour of Co\u00f6peratieve Rabobank U.A. connected with the financing of development activities of CTP ALC B.V. The guaranteed obligations represent: \u2022 any amount due by CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount, \u2022 any interest, fees (including for the avoidance of doubt any default interest) and any amount payable under any Hedging Agreement due by CTP ALC B.V. under and in connection with the Facility Agree- ment. The Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Co\u00f6peratieve Rabo- bank U.A. and CTP ALC B.V. In 2023, CTP N.V. issued a guarantee in favour of Co\u00f6peratieve Rabobank U.A. connected with financing of CTP Beta B.V. Guaranteed obligations represents any amount due by the CTP Beta B.V. under and in connection with the Finance Documents. Facility agreement is agreed of EUR 33.5 million between Co\u00f6per- atieve Rabobank U.A. and CTP Beta B.V. In 2024, CTP N.V. issued: \u2022 a guarantee in favour of Tatra banka, a.s. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by the CTP Invest SK, spol. s r.o. under and in connection with the Framework Agreement on Issuance of Bank Guarantees. \u2022 a guarantee in favour of ING Bank N.V. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by CTP N.V. under and in connection with the EUR 25.0 million Uncommitted Guarantee Facility Agreement. In 2024, CTP Invest, spol. s r.o. issued: \u2022 a guarantee to the tenant EuroService Pilsen s.r.o. to secure the obligations of the landlord, CTP Pilsen Region, spol. s r.o., under the lease agreement in the amount of EUR 3.1 million. \u2022 a guarantee to the tenant Hitachi Energy Czech Republic s.r.o. to secure the obligations of the landlord, CTPark Brno III, spol. s r.o., under the lease agreement in the amount of EUR 11.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-53": { "value": "38. 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 28). As at the date of these financial statements, the assets in the following companies are pledged:
Company
Pledge in favour of
CTP ALC B.V.
COOPERATIEVE RABOBANK U.A. (as agent) + others
CTP Alpha SK, spol. s r.o.
Tatra banka, a.s. (as agent) + others
CTP Beta B.V.
COOPERATIEVE RABOBANK U.A.
CTP Bohemia North, spol. s r.o
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Bohemia South, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTP Bohemia West, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Borsk\u00e1 Pole, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTP Deutschland B.V.
Sparkasse UnnaKamen
CTP Deutschland B.V.
Berliner Sparkasse
CTP Deutschland B.V.
Volksbank Th\u00fcringen Mitte eG
CTP Deutschland B.V.
Stadtsparkasse D\u00fcsseldorf
CTP Deutschland B.V.
VR Bank Mecklenburg / Volks- und Raiffeisenbank eG
CTP Deutschland B.V.
Kreissparkasse Ostalb
CTP Deutschland B.V.
Sparkasse D\u00fcren
CTP Deutschland B.V.
Berliner Volksbank
CTP Deutschland B.V.
Kreissparkasse St. Wendel
CTP Deutschland B.V.
Landessparkasse zu Oldenburg
CTP Deutschland B.V.
VerbundVolksbank OWL eG
CTP Deutschland B.V.
Volksbank Main-Tauber
CTP Deutschland B.V.
Hypo Vorarlberg Bank AG
CTP Deutschland B.V.
VR Bank eG Rosenheim
CTP Deutschland B.V.
Sparkasse Ingolstadt Eichst\u00e4tt
CTP Deutschland B.V.
Sparkasse Esslingen-N\u00fcrtingen
CTP Deutschland B.V.
Austrian Anadi Bank AG
CTP Deutschland B.V.
Volksbank Mittweida eG
CTP Germany II GmbH
Volksbank Jever eG
CTP Moravia South, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Portfolio Finance Czech B.V.
Aareal Bank AG
CTP Slovakia, s. r. o.
Tatra banka, a.s. (as agent) + others
CTP Vln\u011bna Business Park, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP Vyso\u010dina, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTP XXIII, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTPark Alpha Kft.
Unicredit Bank Hungary Zrt.
CTPark Arrabona Kft.
Unicredit Bank Hungary Zrt.
CTPark Bor, spol. s.r.o.
Aareal Bank AG
CTPark Bratislava, spol. s r.o.
Erste Group Bank AG
Company
Pledge in favour of
CTPark Brno, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Bucharest A1 S.R.L
Alpha Bank Romania S.A. (as agent) + others
CTPark Bucharest II S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Bucharest S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Bucharest Upsilon S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Cerhovice, spol. s r.o.
Deutsche Pfandbriefbank AG
CTPark Eleven Kft.
Erste Bank Hungary Zrt.
CTPark Gamma S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Chrastava, a.s.
Landesbank Hessen - Thuringen Girozentrale
CTPark Kappa S.R.L.
Alpha Bank Romania S.A. (as agent) + others
CTPark Ko\u0161ice, spol. s r.o.
Erste Group Bank AG
CTPark Mlad\u00e1 Boleslav, spol. s r.o.
\u010ceskoslovenska obchodn\u00ed banka, a.s.
CTPark Mod\u0159ice, spol. s.r.o.
Aareal Bank AG
CTPark N\u00e1mestovo, spol. s r.o.
Tatra banka, a.s. (as agent) + others
CTPark Nine Kft.
Erste Bank Hungary Zrt.
CTPark Nitra, spol. s r.o.
Tatra banka, a.s. (as agent) + others
CTPark Nove M\u011bsto, spol. s r.o.
Tatra banka, a.s. (as agent) + others
CTPARK OSTRAVA PORUBA
Deutsche Pfandbriefbank AG
CTPark Ostrava, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Plze\u0148, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTPark Prague East, spol. s r.o.
Komer\u010dn\u00ed banka, a.s. (as agent) + others
CTPark Prague West, spol. s r.o.
Landesbank Hessen - Thuringen Girozentrale
CTPark Pre\u0161ov s.r.o.
Tatra banka, a.s. (as agent) + others
CTPark Seven Kft.
Unicredit Bank Hungary Zrt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-54": { "value": "39. SUBSEQUENT EVENTS On 27 January 2025, the Group entered into a conditional purchase agreement in relation to a 100% share into 6 Romanian companies, owners of investment properties in Bucharest. In March 2025, the Group issued a dual tranche of green bonds: i) bonds of EUR 500.0 million with 6-year maturity and 3.625% fixed coupon and ii) bonds of EUR 500.0 million with 10-year maturity and 4.25% fixed coupon. 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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:3157000YTVO4TN65UM14", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }